Romanian Business News - ACTMedia

Greece’s PPC working on 727 MW solar power project in Romania

Thu, 14 Nov 2024 00:00:00 +0200

PPC Renewables Romania applied for a technical grid connection approval for a 727 MW photovoltaic project. Upon a current acquisition, the Greek company will top 1.3 GW in installed capacity in Romania. It is targeting 2 GW by the end of 2026, https://balkangreenenergynews.com/ informs. A year and a half since launching its operations in Romania by agreeing to acquire Enel’s businesses, Public Power Corp. (PPC) still isn’t taking its foot off the gas. Namely, electricity transmission system operator Transelectrica has received an application for a 727 MW solar power plant from a project firm. The site is in Dolj county in Romania’s south. According to De Rock Int’l, the developer, the facility will be commissioned by the end of 2026. The firm owned by PPC Renewables Romania has submitted a request for technical grid connection terms (APR). It means the project is in a very early stage. As of a recent update, Transelectrica’s list of proposed investments in the same status included 8.5 GW of wind power and 16.6 GW. Moreover, projects for renewable electricity plants with APRs accounted for a whopping 51.3 GW in total two months ago, the Romanian Energy Regulatory Authority (ANRE) said. At the time, it expected 716 MW to come online in the final third of 2024. PPC Renewables’ purchase from Macquarie Assed Management in Romania gets green light PPC Renewables Romania has also purchased a wind park from Lukoil and minority stakes in Enel’s power distribution and supply portfolio in the country from Fondul Proprietatea. It took over solar power projects of an overall 516 MW from Mytilineos (which changed its name to Metlen Energy and Metals). The Greek utility, controlled by the government in Athens through a minority stake, recently got regulatory clearance for an acquisition from Macquarie Asset Management in Romania. The package includes the Fântânele-Cogealac-Gradina wind park. It is the largest in Southeastern and Eastern Europe and beyond. PPC conducted a series of takeovers in Romania in just one and a half years The company’s operational portfolio in Romania amounts to more than 1.3 GW already. Already the biggest wind and solar power producer in the country, it targets 2 GW by the end of 2026. On top of it all, PPC’s clean energy division started the construction earlier this year of a 140 MW wind power plant in Romania’s east. Dolj PV project is country’s third-biggest The facility planned in Dolj would currently be the biggest in the country. The R?te?ti PV plant of 154.7 MW is at the top of the chart. Its owners are Nofar Energy and Econergy. However, there are several larger projects in Romania. PPC’s new one is the third in size overall and the largest one on the said list of requests for ATRs. Like most European countries, Romania is undergoing a solar power boom. Prosumers are in the driver’s seat, with more than half of total capacity. The sector is experiencing a surge in investments in big photovoltaic plants in various segments: from local authorities to fossil fuel companies such as Romgaz and OMV Petrom, and even the largest IKEA franchisee company. Importantly, the Ministry of Energy is planning to roll out mandatory cybersecurity checks for solar power plants.

OMV Petrom's first large photovoltaic project execution begins

Thu, 14 Nov 2024 00:00:00 +0200

OMV petrom begins the execution of its first photovoltaic project, as the company awarded the EPPCC contract for the photovoltaic plant in Isalnita to an association of Romanian companies, according to an OMV Petrom press release.OMV Petrom, the largest integrated energy producer in Southeastern Europe, signed an EPCC - Engineering & Design, Procurement, Execution & Commissioning - type contract for the Isalnita solar project. The contract includes the construction of the photovoltaic park, the 110 kV power station for connection to the grid, as well as the operation and maintenance for a period of 2 years from commissioning.The contract was awarded to the association of Romanian companies Actual Connect S.R.L., Global Technical Systems S.A., Bit Invest S.R.L. and Alpin Sun S.R.L. following a competitive selection process. The association of companies accumulates an experience of over 700 MW installed in photovoltaic systems in countries such as Belgium, the Netherlands, Germany, Austria, Hungary and Romania, the press release reads."The signing of this contract marks a significant moment for our company, the start of the actual construction of the first large photovoltaic project fully developed by OMV Petrom. This project underlines our commitment to the renewable energy sector and demonstrates our ability to be leaders in the energy transition in Romania," said Franck Neel, OMV Petrom Executive Board Member responsible for Gas & Power, as quoted in the release.The Isalnita photovoltaic project, for which the final investment decision was taken in June of this year, is the first large-scale photovoltaic project fully developed by OMV Petrom. The park will have an installed capacity of approximately 89 MWp and is located in Isalnita commune, Dolj county. The estimated annual production will be approximately 130 GWh.The next step in this project is the start of construction, with completion and commissioning expected to take place in the first half of 2026.This project supports OMV Petrom's goal of having a portfolio of 2.5 GW of renewable energy projects, together with partners. The Isalnita photovoltaic power plant can develop strong synergies with other projects already in the portfolio, strengthening the security of electricity supply from renewable sources, the release also shows.Also, as part of the call for projects within Romania's National Recovery and Resilience Plan (PNRR), OMV Petrom has submitted a project to build a Battery Energy Storage System with a storage capacity of 36 MWh and a power injection into the grid of 18 MW. If successful, the system is to be installed within the Isalnita park, the company points out.

EnergyMin Burduja: Vertical Gas Corridor has a vital role in strengthening energy security,

Thu, 14 Nov 2024 00:00:00 +0200

The Vertical Gas Corridor has a vital role in strengthening energy security and eliminating Europe's dependence on Russian gas, the Minister of Energy, Sebastian Burduja, said on Wednesday at COP 29, the UN conference on climate change in Baku (Azerbaijan).According to a press release from the relevant ministry, Romania, Greece and Bulgaria organized a high-level event for the Vertical Gas Corridor and initiated a cooperation document in the field of interconnectivity."The Vertical Gas Corridor has a vital role in strengthening energy security and eliminating Europe's dependence on Russian gas. At the same time, Romania supports a fair European market for all, with rapidly developed interconnections," said Burduja, quoted in the press release.The Romanian Minister of Energy, together with Theodoros Skylakakis, the Minister of Environment and Energy from Greece and Vladimir Malinov, the Minister of Energy from Bulgaria, participated as a guest of honor at COP 29, at a high-level event on the Vertical Gas Corridor, with the participation of Kyriakos Mitsotakis, the Prime Minister of Greece, Rumen Georgiev Radev, the President of Bulgaria, and Victor Parlicov, the Minister of Energy from the Republic of Moldova.According to the cited source, the dignitaries agreed that natural gas remains indispensable as a transition fuel. In order to ensure Europe's security of supply and competitive energy prices, the urgent diversification of import sources is crucial. The Vertical Corridor plays a central role in this process, especially in the context where the Russian gas transit agreement through Ukraine expires at the end of the year.Currently, Romania is the largest gas producer in the European Union. Once the Neptun Deep project goes into operation, Romania's gas production will double, the ministry said in the press release.The Vertical Corridor, together with BRUA and the other infrastructure and interconnection projects, positions Romania not only as the main producer of gas, but also as a gas transport node to Europe. Larger volumes, from different sources, lead to lower gas prices and market efficiency. Moreover, this route significantly strengthens the energy security of Ukraine and the Republic of Moldova."The Vertical Gas Corridor is a symbol of good collaboration and our commitment to regional energy security. More gas means lower prices and greater safety for consumers. It is also a regional initiative in which Romania, through Transgaz and the Ministry of Energy, assumed a leadership role," added Burduja.The Romanian Minister of Energy also supported a joint position document for strengthening energy cooperation and interconnections in Europe."No country can manage the energy trilemma alone: safe, cheap and clean energy. Europe must work together. The lack of interconnection infrastructure between some countries in Central and Western Europe is not a bilateral problem, but a European one, in principle. We do not agree that some do what they want and others do what they have to. Romania is interconnected with the neighbouring states at a level of 38% of the effective production capacity, far above the European target of 15%. Other transit states from central Europe are unable or unwilling to connect with their neighbours.Romania will not remain silent in the face of this reality, in which the European energy market is no longer single, but decoupled and profoundly unfair. How can our companies compete when the prices on the energy exchange are 3-5 times higher than those in Western Europe? How can we talk about European solidarity and competitiveness? Romania supports three solutions, which we also presented in the Council of Ministers of Energy: (1) analysis of the existing interconnection capacities and their degree of use; (2) the coordination at the European level of the maintenance works of the interconnection lines; (3) acceleration of cross-border energy infrastructure development plans, based on a calendar assumed at the European level," emphasized Sebastian Burduja.At the same time, he reiterated Romania's firm commitment to ensure the energy security of the Republic of Moldova and support Ukraine. (Photo:https://tsoua.com/)

Works start for new energy group at Oradea Electric Heating Plant on investment of 48 million euros

Thu, 14 Nov 2024 00:00:00 +0200

The mayor of Oradea, Florin Birta, announced on Wednesday the start of works on a major investment in the city's heating system, by replacing the existing energy group 1 with a modern one, a project worth about 48 million euros, financed from the state budget (85%) and from the local budget (15%)."Until the end of next year, all the thermal energy produced in Oradea will come from new, efficient installations, which reduce losses and pollution and ensure a much better quality of the heating agent for the population. It is an essential investment for the health and comfort of our community", mayor Florin Birta told a press conference at the Electric Heating Plant (CET).The investment includes a production unit with four modern natural gas thermal engines, with an electrical capacity of 30.16 MWe and a thermal capacity of 25.98 MWt, as well as two hot water boilers (CAFs) of 25 MWt each each, a pumping station and a modernized electrical station, the decommissioning of the old cooling towers and the modernization of the infrastructure, including the adaptation of the gas and heating networks.The four high-efficiency thermal engines for cogeneration will produce electricity and heating and will be connected to the national grid through an electrical discharge station.The builders - the association between the companies Loial Impex from Suceava (leader), Engul SRO from Slovakia and Moldproiect ASD from Suceava - have a completion date of October 2025.The implementation of the project will bring direct benefits for the inhabitants of Oradea by reducing CO2 emissions by approximately 18,815.6 tons annually and an energy saving of over 8,012 toe."This heating system modernization project represents a firm commitment of the Oradea administration to transform Oradea into a sustainable and efficient city, offering citizens public services at the highest European standards", the press release states.

Foreign direct investment up 3.69pct, to EUR 5,362 million, in first nine months

Thu, 14 Nov 2024 00:00:00 +0200

Non-residents' direct investments in Romania in the first nine months of 2024 totalled EUR 5,362 million, up 3.69% from the EUR 5,171 million in the similar period one year before, the National Bank of Romania (BNR) informs in a press release sent on Wednesday."Non-residents' direct investments in Romania totalled EUR 5,362 million (compared with EUR 5,171 million in January - September 2023), of which equity (including the estimated reinvestment of earnings) and intercompany lending recorded net values of EUR 4,288 million and EUR 1,074 million, respectively," the release reads.A total of 4,392 companies running on foreign capital were established in Romania in the first nine months of 2024, marking a 16.22% decrease compared to the same period in 2023, according to data compiled by the National Trade Registry Office (ONRC).These 4,392 new companies had a total subscribed share capital of 16.902 million dollars, down by 85.44% compared to the subscribed capital of firms registered in the first nine months of 2023, which amounted to 116.079 million dollars.In September 2024, 428 companies with foreign participation were registered (-29.26% compared to the same month in 2023), with a subscribed capital of 161,200 dollars (-98.08%). In terms of business sectors, the largest number of registrations were in wholesale and retail trade, and auto and motorcycle repair (37.85% of the total), professional, administrative, scientific, and technical activities (17.29% of the total), and transport, storage, and communications (16.12%).At the end of September 2024, there were 269,386 companies with foreign participation in the social capital in Romania. The value of the subscribed capital was over 71.526 billion dollars.The highest number of foreign capital companies was from Italy, with 53,411 companies (subscribed capital of 3.644 billion dollars), but the largest share capital belonged to Dutch companies, with 13.114 billion dollars in 6,186 firms.

Romanian and Bulgarian officials discuss lifting checks at internal land borders

Thu, 14 Nov 2024 00:00:00 +0200

Delegates from the Ministry of Internal Affairs (MAI) from Romania and the Republic of Bulgaria had a meeting, on Wednesday, in videoconference format, to discuss the measures and activities carried out by both countries as part of the efforts to achieve the common objective regarding the lifting of checks at internal land borders.The meeting took place under the coordination of the Quaestor General of Police Bogdan Despescu, Secretary of State for Order and Public Safety, and Miroslav Rashkov, Secretary General of the Bulgarian Ministry of the Interior and Director of the General Directorate of the National Police."The meeting represents a continuation of the bilateral meetings at the level of the secretary of state whose objective is to evaluate the implementation of the operative measures from the Joint Action Plan signed in June 2024, with an emphasis on the last two calendar months, respectively September and October 2024", informs a press release of the Ministry of Internal Affairs sent on Wednesday.The discussions highlighted the excellent cooperation carried out by the operative structures of the Ministries of the Interior of the two countries and the need to continue it by exchanging information in real time, by organizing joint patrols at the border, including road patrols carried out by the national police, as well as by cooperation at EU level within EUROPOL, EUROJUST - Joint Investigation Teams or Common Action Day actions.In the field of anti-corruption, the good collaboration between the DGA and the Department of Internal Security in Bulgaria was emphasized, as well as the role of the Joint Action Plan in order to make the efforts to combat the acts of corruption more efficient in which the MAI staff from Romania and Bulgaria can be involved."In terms of immigration, the actions of the competent authorities were primarily of a preventive nature, intended to contribute to deterring and reducing the numbers of illegal migration. In addition to the activities already carried out by the territorial structures for immigration and border police from the two countries, the cooperation will be intensified through the exchange of good practices and experience, activities that will continue in the coming months", the quoted source says.As to the facilitation of traffic at the common border, the delegations agreed to continue to pay more attention to cross-border road traffic, especially at the road border crossing Giurgiu-Ruse, in the context of the repair works of the Giurgiu-Ruse Bridge.The sides agreed to supplement, as the case may be, the personnel and the traffic lines depending on the operational situation.

U.S. Ambassador Kathleen Kavalec at the Romanian Military Thinking International Conference

Thu, 14 Nov 2024 00:00:00 +0200

November 13, 2024 It is a pleasure to be here for the sixth edition of the Romanian Military Thinking Conference. My sincere thanks to the Defense Staff for the invitation to speak here today at such a timely event. The United States has long recognized the geostrategic importance of the Black Sea Region. The Black Sea is vital to the security, trade, and economic interests of its littoral states, as well as the world beyond. It provides a vital outlet for Ukrainian grain shipments, which are critical to global food supplies. We are grateful to Romania for the role it has played to ensure the flow of Ukrainian grain to the world, enabling the shipment of more than 52 million tons of grain since Russia’s unprovoked and illegal invasion. These grain shipments have helped Ukraine pay for the war and enabled grain to reach the counties that need it most. Romania has also received millions of refugees forced to flee Ukraine with open arms, with ceai and cozonac, offering help to its neighbors in their time of greatest need. Thank you to Romania for that as well. Next month will mark 1,000 days since Russia began its terrible war of aggression. Hundreds of thousands have died. Russian forces in Ukraine have continued to engage in shocking war crimes, including torture of civilians and prisoners of war. Russia’s actions are the single greatest threat to a peaceful and secure Black Sea. Russia continues to launch drone and missile attacks, including against Ukraine’s civilian infrastructure and grain facilities. Some of these drones have ended up on Romanian soil. Russia has targeted commercial ships in the Black Sea, threatening regional security and freedom of navigation. We all have a stake in thwarting Putin’s efforts to control the Black Sea and destroy Ukraine’s economy. Fortunately, we can rely on strong alliances and partnerships, represented by many of the people in the room today, to respond to the security challenges posed by Russia. Together we have the capability and the resolve to ensure the Black Sea region remains secure, prosperous and interconnected, and to protect it from military aggression, economic coercion, and malign influence. In 2023, the Biden Administration published its Black Sea Security Strategy, which outlines the U.S. approach to addressing security challenges in the Black Sea across five pillars: increasing political engagement; strengthening regional security cooperation; enhancing economic cooperation; promoting regional energy security; and fostering democratic resilience. NATO plays a key role in helping to achieve these objectives. Within the Alliance, Black Sea states have recognized the importance of banding together to address common interests. This year Romania, Bulgaria, and Türkiye established a trilateral Black Sea Task Group to clear untethered mines that have been floating in the Black Sea since Russia’s invasion. Just this week, this Task Group completed its third activation period with Exercise POSEIDON. During this exercise, mine clearing experts from the United States and Canada deployed on Romanian, Turkish, and Bulgarian MCM ships, gaining valuable experience in a key theater and increasing allied interoperability. Romania, Bulgaria, and Türkiye also recently signed off on a plan to establish a trilateral military mobility corridor, further increasing regional integration. Ambassadors, we commend all three countries for these vital collaborative efforts. In June, troops from Germany and across NATO conducted the successful RAMSTEIN LEGACY air and missile defense exercise – engaging live targets with the PATRIOT missile system in Romania’s Capu Midia training range. This capstone NATP missile defense exercise allows member countries to test command and control, airborne early warning, and air defense system weapon firing. This spring France will deploy thousands of troops to Romania for the “DACIAN SPRING 25” military exercise, as part of a wider NATO initiative to improve readiness and ensure member states can respond swiftly to an attack on a NATO ally. Exercises like these send an important strategic message, reinforcing the Alliance’s resolve and capabilities. We thank Germany and France for their leadership in these and other Alliance activities. NATO’s show of renewed strength has already had ripple effects beyond the Alliance. Most recently, Maia Sandu overcame an unprecedented level of attempted Kremlin interference to win reelection as President of Moldova. We congratulate the people of Moldova for their commitment to a democracy that reflects the will of the people and for protecting their election from malign Russian influence. Meanwhile, Ukraine, a nation of indomitable spirit, has defied expectations and proven its resilience against a brutal and unprovoked invasion. The Ukrainian people have shown extraordinary courage and determination, fighting for their freedom and sovereignty. In the Black Sea their cutting-edge drone strikes crippled Russia’s Black Sea Fleet. Robbed of sea dominance, Russia has been reduced to disruptive and illegal hybrid strikes on civilian shipping, including a missile strike in September on a commercial shipping vessel in Romania’s exclusive economic zone. With continued U.S., Romanian, and NATO support, I am confident that Ukraine can and will prevail in this brutal conflict. As we stand united against shared threats, NATO’s enduring mission to protect our common future is more critical than ever. To that end, our shared values of democracy, individual liberty, and the rule of law bind us together, and strengthen our collective resolve. Working together, I am confident that we will continue to overcome our greatest security challenges, creating a secure and prosperous future for the Black Sea region and beyond. Thank you. (By U.S. Mission Romania) (Photo:https://ro.usembassy.gov/)

UK's Defence treaty with Romania deepens relations and supports collective security

Thu, 14 Nov 2024 00:00:00 +0200

*Defence Secretary, John Healey MP, signed the new agreement in London with his Romanian counterpart, https://www.gov.uk/ reports. The UK’s defence relationship with Romania has been expanded following the signing today of a new treaty promoting greater cooperation between the two countries’ armed forces. Defence Secretary, John Healey MP, hosted his Romanian counterpart, Angel Tilvar, at the Ministry of Defence in London this morning to sign the treaty. United as NATO allies and in steadfast support of Ukraine, the defence relationship between the UK and Romania continues to grow. Both ministers agreed to enhance bilateral defence cooperation to maintain peace and security in Europe, improve the effectiveness and efficiency of each nation’s armed forces when operating together, and develop information sharing. The UK and Romania both share a steadfast support for Ukraine. Romania has sent military personnel to the UK to help train more than 45,000 Ukrainian recruits as part of Operation Interflex, which teaches basic infantry and combat skills. Defence Secretary John Healey MP said: ? This agreement demonstrates how quickly the UK’s defence relationship with Romania is growing and it shows our shared commitment to peace and security in Europe. This Government is resetting Britain’s relations across Europe, and this agreement builds on that commitment as we continue to deepen our ties. The UK’s security starts in Ukraine and, together with Romania as our NATO allies, we will continue to support Ukraine against Putin’s illegal invasion. The treaty agrees to establish a joint defence committee, which will provide a framework through which we can reinforce our relationship with a key NATO Ally and European partner, and better work together to combat the shared threats we face. The UK Armed Forces have worked closely alongside Romania’s Armed Forces for many years – earlier this year, a Royal Air Force fighter squadron of six Typhoons and around 200 personnel deployed to Romania to fly NATO air policing missions for four months. Since then, numerous exercises have seen the UK and Romania operate alongside each other, including a British Army deployment to the Carpathian Mountains in Romania through September and October to practice training in difficult terrain alongside NATO allies as part of Exercise Sarmis. (Photo:https://armed.mapn.ro/)

City of London Lord Mayor: Romania, UK have extremely strong basis to further strenghten their partnerships

Thu, 14 Nov 2024 00:00:00 +0200

City of London Lord Mayor Alastair King declared on Wednesday in the opening of the Romania - UK Economic Forum that Romania and the United Kingdom have a mutually beneficial partnership built on strong diplomatic, military and economic ties, as well as on the values of peace, friendship and free trade.The relationship between Romania and the United Kingdom dates back hundreds of years - indeed, thousands of years if we consider that the Dacian troops on the territory of today's Romania were part of the Roman forces stationed here 18 centuries ago. Moving forward to the present, we have a mutually beneficial partnership built on strong diplomatic, military and economic ties, as well as on the shared values of peace, friendship and free trade. These economic ties have led to the rise in the amount of trade between our nations to 9.5 billion GBP over the last year, while interpersonal ties that connect the two nations along the direction of common efforts reflect in the fact that Romanian is currently the second most spoken foreign language in the United Kingdom, Alastair King said in the opening of the Forum, which he attended together with Prime Minister Marcel Ciolacu.He also mentioned that the two countries have an extremely strong basis to strengthen their partnerships further on.As we approach the 30th anniversary of the re-establishment of the Bucharest Stock Exchange, my message to our Romanian friends here today is simple: we want to work and trade with you and we want to see many areas ready for cooperation. From using British expertise for expanding and increasing equity to looking at Romanian know-how in areas such as software development, we can learn and benefit from each other. Famous Romanian philosopher Emil Cioran said that we are all 'afraid of the enormity of the possible'. The dialogue initiated today is about exploring the enormity of the possible when our nations work together, he concluded.In turn, Prime Minister Marcel Ciolacu said that Romania is a safe destination where you can bring your money and make a profit. "I am particularly honoured to open this Forum together with the Lord Mayor and the representatives of the Romanian and British business environment. It is the perfect moment, after 17 years since the last visit of a Romanian prime minister to the United Kingdom, to send a strong signal that we are ready to give a new dimension to our strategic dialogue. The organisation of this Bilateral Economic Forum must be the turning point for the Romanian-British Strategic Partnership, which started more than 20 years ago, to find a much more concrete application in terms of investments and joint economic projects," said Marcel Ciolacu.He emphasised that the excellent bilateral dialogue at all levels is based on the long and deep Romanian-British friendship, built up over time and strengthened through permanent dialogue."There are solid historical ties, but I believe that the most important connection today is undoubtedly the large Romanian community here. Over 1.2 million Romanians have chosen to live, study or work in the United Kingdom. They are people who actively contribute to the development of British society and economy. People who excel both academically and professionally, the Romanian community being well integrated in many important sectors, such as: the financial-banking system, the business environment, the health system, construction or IT. Thus, the Romanian language has reached the top three most spoken languages in England and Wales," said Ciolacu.The Romanian prime minister pointed out that it is in his interest to reduce the number of Romanians who go abroad to work, given that Romania's economy needs professional, serious and reliable people, on whom any company can rely."This is why I say it directly, as you say to friends: my interest as prime minister is to reduce the number of Romanians who go abroad to work. And, in order for that to happen, I would like us to succeed today in convincing more and more heads of large British companies that Romania is a very good country for investment. In this way, we have a win-win relationship: you find new development opportunities in Romania, and we keep our workforce at home and grow the local economy," Ciolacu said.As an argument, he specified that in recent years the development of the Romanian economy has brought the level of income in many industries close to the European average."There are areas where we have even exceeded this level. We have salaries of 2-3,000 euros for engineers, but also for other professional categories. We are building motorways, hospitals and modern schools, we are increasing the quality of public services," Ciolacu emphasised.In the same context, the prime minister highlighted the potential of cooperation in the field of energy."For example, bilateral trade increased by about 9 percent in the first seven months of the year. Moreover, in the current very complex global context related to sustainable energy production, I cannot but welcome the UK's interest in Romania. Among the major investments in the Romanian market, I would give the example of Rezolv Energy which, through the investment in Arad, will build the largest solar energy park in Europe. We are the second energy independent country in the EU, with only 28 percent imports, compared to the EU average of 57 percent. In addition, Romania is the second largest gas producer in the EU and our objective is to become energy independent by 2030. This is a major advantage for any investor. So - my message to you is simple and clear: Romania is a safe destination where you can bring your money and make profit!," said Ciolacu.The prime minister added that the government in Bucharest would like Romania to be a key partner of the United Kingdom in the Black Sea region in economic and energy terms."We wish to turn Romania into a regional hub at the Black Sea, a provider of stability, a promoter of democracy, as well as a key player in areas such as energy, digitalisation and defence. We thus want to be a key partner of the UK in the Black Sea region in economic and energy terms. This is also true in the light of the future reconstruction process in Ukraine," Marcel Ciolacu affirmed.The prime minister also pointed out the importance of projects aimed at the transition to green economy and innovative technologies."Romania is in the process of transition towards a green economy, which implies changes in business models by putting the emphasis on investments in innovative technologies. We see significant potential for cooperation, for example, in developing support for SMEs. We can build business incubators together and exchange best practices in the field of financing and support policies for the entrepreneurial sector, technology transfer and digitalisation," premier Ciolacu went on to say.At the end of his speech, he conveyed the firm message of the Romanian Government to work together more concretely."I want us to identify the best solutions, adapted both to today's challenges and opportunities. So I wish you much success for today's work. I am convinced that the debates at this Economic Forum will be pragmatic, generating innovative ideas and opening up new opportunities of common interest!," Prime minister Ciolacu added. (Photo:https://gov.ro/)

PM Ciolacu, in London: Talks with British counterpart focused mainly on security and economy

Thu, 14 Nov 2024 00:00:00 +0200

Romanian Prime Minister Marcel Ciolacu was welcomed on Wednesday by Prime Minister of the United Kingdom of Great Britain and Northern Ireland Keir Starmer at his London residence, for a one-on-one meeting which was followed by a plenary meeting of the two official delegations, according to the program released by the government. Prime Minister Marcel Ciolacu said on Wednesday that talks at his meeting in London with British Prime Minister Keir Starmer focused mainly on security and the economic area."I would like to tell you that the UK accommodates the largest community of Romanian expats. (. ..) Together with the Foreign Affairs Ministry, with Mrs. Ambassador, we are preparing for the new rules the Romanians living, working or studying in Great Britain will have to meet due to the Brexit. From my point of view, politics will continue to predominantly be about security and economy. These are the European priorities in the coming years and, last but not least, Romania's priorities as well, and I believe that they should also be the priorities of the future president and of the future government of Romania," the prime minister told a press conference at the Romanian Cultural Institute in London.He mentioned that the British prime minister told him that the local Romanian community is highly respected by the British authorities."We will initiate some agreements regarding the import of traditional products so high in demand by the Romanian community, they are not of major commercial significance, but they are significant for the Romanians and for strengthening our national identity in Great Britain. We also had talks on renewable energy and even nuclear energy. Also, we discussed the fact that we need security in the Black Sea region and you know that we have already bought two mine-clearing vessels for the Black Sea. One has been delivered and is already operating. We have a very good relationship in the area of intelligence, as Mr. Prime Minister also said, and this will continue," Ciolacu stated. (Photo:https://gov.ro/)

ELECTROPLAST: Over EUR 9 million investments to modernize the factory

Thu, 14 Nov 2024 00:00:00 +0200

ELECTROPLAST, one of Romania’s leading electrical cable manufacturers, marks a new development phase through the implementation of an investment project worth over 9 million euro, aimed at technological modernization of the factory and through expanding its presence in major railway infrastructure projects. Through current investments and strategic partnerships, the company continues to strengthen its position in the production of high-performance electrical cables, supporting both energy transition and modernization of national transport infrastructure. The electrical cable market in Romania is estimated at approximately 8 billion lei. In the first half of 2023, the company, with over 30 years of market expertise, joined the portfolio of construction materials holding ROCA Industry, listed on the BVB main market. Financial results from H1 2024 show that ELECTROPLAST achieved a turnover of 80 million RON, increasing by approximately 3% compared to the similar period in 2023. EBITDA increased by 56% compared to the previous year’s level, reaching 4.7 million RON, due to balancing the mix of clients and products sold, along with the unblocking of railway infrastructure projects financed through PNRR. Additionally, production digitalization and operational efficiency measures have led to a more energy-efficient production process, increased productivity, and ultimately lower operating costs. “Investments in advanced technology and our involvement in railway infrastructure projects are strategic steps that ensure increased production capacity and energy efficiency, as well as positioning ELECTROPLAST as a key player in projects that set the direction for a sustainable and high-performing future. We are proud to contribute, through the expertise accumulated over more than 30 years of activity, to the modernization of national industry and infrastructure,” stated Dan Burian, CEO of ELECTROPLAST. The investment project, totaling over 9 million euro, aims at operational modernization of the ELECTROPLAST factory and includes the acquisition of advanced technological equipment, expansion of production halls, and implementation of innovative energy efficiency solutions. As part of the project, the company signed a contract with the Ministry of Energy for the acquisition of two state-of-the-art pieces of equipment, worth 10.9 million lei in total, of which 4.6 million lei represents funding granted by the Ministry of Energy. The investment project will lead to tripling ELECTROPLAST’s production capacity and will ensure superior product quality, offering durable electrical cables that will contribute to increased energy efficiency and reduced carbon footprint. These initiatives align with global trends, which indicate a 50% increase in energy consumption by 2040, requiring sustainable and efficient technological solutions. Additionally, by 2030, the low-voltage distribution network lines in Europe will exceed 40 years of operation, approaching the end of their useful life and necessitating replacement. ELECTROPLAST is strengthening its position in the railway infrastructure market by supplying cables for major modernization and electrification projects of the national network. The projects include modernization of the railway line between Caransebes – Timisoara – Arad, Cluj Napoca – Episcopia Bihor, Craiova – Caransebes, and Apata – Cata, as part of Lot ACC4. These projects reflect ELECTROPLAST’s commitment to supporting the modernization of Romania’s railway transport networks and contributing to the development of sustainable solutions for national infrastructure. ROCA Industry is Romania’s first industrial holding company for construction materials listed on the main market of the Bucharest Stock Exchange under the symbol ROC1. ROCA Industry directly and indirectly owns 8 players with significant presence in the construction market: ELECTROPLAST, one of Romania’s main electrical cable producers, and the companies BICO INDUSTRIES, EVOLOR, ECO EURO DOORS, WORKSHOP DOORS, DIAL, as well as fiberglass manufacturers Terra and Iranga, through BICO INDUSTRIES.

Aerostar records net profit of almost 59 mln RON in first nine months of 2024

Thu, 14 Nov 2024 00:00:00 +0200

Aviation company Aerostar recorded in the first nine months of 2024 a net profit of 58.814 million RON, slightly down by 3.7% compared to the one obtained in the same period of 2023, of 61.09 million RON, according to the unaudited results sent to the Bucharest Stock Exchange (BVB) on Friday.The company's revenues amounted to 464.9 million RON, and expenditures to 397.77 million RON. The gross profit was, in the mentioned period, 67.16 million RON.From the turnover of 419.51 million RON achieved in the first nine months of 2024, the company sold products and services on the domestic market for 79.176 million RON, and on the foreign market for 340.334 million RON, equivalent."During the reporting period, Aerostar registered an upward trend of sales on the outlet markets. The share of exports in the turnover during the reporting period is 81%", the report sent to BVB reads.Until the end of September 2024, Aerostar made and put into operation investments worth 22.168 million RON.Aerostar, a company with over 70 years of experience in the aviation and defense industry, is a significant supplier of aerostructures, components, assemblies and hydraulic systems for global manufacturing programs. The equipment, assemblies and parts produced by Aerostar are part of a large number of commercial aircraft: Airbus A320, A321, A330, A350, Boeing B737, B787, B767, Gulfstream G650, Dassault F7X, Bombardier Challenger 600 series and Global 5000/6000.The company provides products and services in Europe, Asia, Africa, USA and Canada. In Europe it provides maintenance services for civil aviation, aviation products (landing gear systems, mechanical parts, assemblies and subassemblies), electronic equipment and ground equipment. In Asia and Africa it provides civil aviation maintenance services and in Canada - aviation products. In Romania, it provides repair services for military aircraft and repair of electronic parts and components for military aircraft, upgrades, integrations and maintenance for military aviation systems, systems and launchers repair services.Aerostar is listed on the Bucharest Stock Exchange's Standard category. The main shareholder is IAROM, with 71.49% of the shares.

Over 120 Romanian agricultural companies file for insolvency in 2024

Thu, 14 Nov 2024 00:00:00 +0200

At least 123 agricultural companies in Romania have filed for insolvency so far in 2024, and their number will increase significantly in 2025, according to business restructuring and financing specialists.According to them, we will witness major imbalances in the agricultural industry in 2025 due to an expected surge in the number of companies that will no longer be able to pay their debt."Although the agricultural sector has been severely affected by the droughts, the economic consequences as a result of government and commercial moratoriums - which only suspended corporate debts, not written it off - are still not seen. On August 1, 2025, however, the ordinances will expire and all those who have benefited from the aid are in danger of insolvency. Therefore, we will witness a significant increase in the number of insolvencies in agriculture. This year, half of the companies with problems went straight into bankruptcy," according to Radu Tudor, senior partner Infinexa, a Romanian company specialised in restructuring and financing troubled companies.According to Infinexa statistics, between January 1 and September 30, 2024, 123 applications for the opening of collective insolvency proceedings against companies in the agricultural sector were filed; 66 of them have already been taken up by the court and concern companies with assets of over EUR 300 million (EUR 193 million in fixed assets and EUR 112 million in current assets). Almost half of the companies whose applications were taken up went directly into bankruptcy, as. they had no chance to recover; 38 follows the general insolvency procedure and only one is reaching out for an agreement with creditors.This year, the Romanian government has set up measures to protect companies in the agricultural sector amidst drought affecting crops. Emergency Ordinance (OUG) 4/2024 establishing temporary support measures for agricultural producers in order to manage the effects of the soil drought in the agricultural year October 2023 - September 2024 and as a result of Russia's aggression against Ukraine, will cease its effects on December 31, 2024, which is why a new piece of legislation was approved to supplement it, OUG 118/2024, which suspends the servicing of outstanding debts owed in 2024 to creditors, at the request of the agricultural producer debtor, until August 1, 2025.Concomitantly, under OUG 120/2024, the Romanian government has established a state aid scheme in the form of a grant in the amount of RON 1,000 ha for agricultural producers who established agricultural crops in the autumn of 2023 and/or in the spring of 2024 whose damage is assessed in reports for areas larger than 30% and up to 100%, with an unspecified expiry date."In order to avoid major financial imbalances, companies that qualified for government moratoriums could, until their expiry, maximise their efforts to stabilise the current commercial activity, that is prioritise the current debt situation; as for the debts of 2023-2024, the recommendation is to start informal negotiations with creditors now, in order to fit all these amounts into a future collective recovery procedure, which, properly planned, could be written down as costs in the budgets of the following years," says Radu Tudor.Infinexa is a Romanian entrepreneurial company specialising in restructuring and financing distressed companies. Established in 2022, it manages assets worth over EUR 150 million, judicially manages companies such as Blue Air, Hidroconstructia, Angst, HP Tower (Infinexa Restructuring) and offers customised financing services to companies in need of capital (Infinexa Finance).

“2023 Cultural Barometer. Consumption communities in context of social changes” launched

Thu, 14 Nov 2024 00:00:00 +0200

The National Institute for Cultural Research and Training launched the “2023 Cultural Barometer. Consumption communities in context of social changes”, the most comprehensive study at national level, measuring practices of culture consumers. The barometer points out, in point of book consumption, that in 2023, 59% of respndents read printed or digital books. Of them, 22% read between 1 and 5 books, 13% between 6 and 10 books, 10% read an average of one book per month. 19% of respondents went to libraries to read or loan books, at least once in 2023, while 16% of Romanians participated in a bok fair at least once, last year. In 2023, 49% of respondents preferred to listen to folk music, 18% to rock music, 17% to foreign pop, 14% to classical music, a.s.o. As for public cultural activities, the main results point out that 34% of respondents went to cinema at least once in 2023, a figure close to that before the pandemic, and only 10% can be considered faithful cinema goers. About 14% of respondents watched a film at a festival at least once in 2023. As for home cultural activities, 53% of respondents accessed streaming platforms to watch movies and under 50% of households at national level have subscriptions to various platforms. About 29% of respondents watch series movies for several hours a day, practising “binging”, which indicates the public preference for episodes in a series, as well as compulsive consumption. Analyses results point out the fact that modifying film consmption practices is connected not only to technological development, but also to changes in contemporary life style. The study of 2023 Cultural Consumption Barometer is based on an opinion poll made th Romanian Institute for Evaluation and Strategy, over September-October 2023 on a representative national sample for people 18 years of age or older. The sample volume is about 1035 people, with a maximum error of +/- 3.1%, a confidence level of 95%. Questionnaires were applied through CATI method, on a simple, random sample, by generating phone numbers valid in Romania through Randm Digit Dialing.

Net average salary increases by 70 RON in September, up to 5,228 Ron

Thu, 14 Nov 2024 00:00:00 +0200

The net average salary increased by 70 RON (1.4pct) in September this year, up to 5,228 RON, according to data published on Tuesday by the National Institute of Statistics (INS).The gross average salary was 8,553 lei, by 110 RON (+1.3pct) higher than in August 2024.The highest values of the net average salary were recorded in information technology services (11,626 RON), and the lowest in manufacture of clothing (3,016 RON).In September 2024, in most activities in the economic sector the level of the average net salary increased compared to August 2024, as a result of the granting of occasional bonuses (quarterly, annual bonuses, for special performances or for "Oilman's Day"), rights in kind and monetary aid, amounts from the net profit and from other funds (including securities). Also, the increases in the net average salary were due to production achievements or higher receipts (depending on the contracts/projects), according to the INS.The most significant increases in the net average salary earnings were recorded in the extraction of crude oil and natural gas, by 13.3pct, and in the manufacture of coke oven products and products obtained from crude oil processing, by 12.7pct.At the opposite side of the scale, the decreases in the average net salary were determined by the granting, in the previous months, of occasional bonuses, rights in kind and monetary aid, amounts from the net profit and from other funds (including securities). Also, the decreases in the average net salary were determined by production failures or lower receipts (depending on the contracts/projects).The most significant decreases in the net average salary earnings were recorded in activities auxiliary to financial services, insurance activities and pension funds - minus 11.6pct.Compared to September of the previous year, the net average salary increased by 13.8pct.The real salary earnings index was 108.8pct in September 2024 compared to September 2023 and 101.1pct compared to August 2024.Compared to October 1990, the index of real salary earnings was 251.2pct, 2.5 percentage points higher than the one recorded in August 2024.

Candidates for the Cotroceni seat, in the 9th election since 1989

Thu, 14 Nov 2024 00:00:00 +0200

In two weeks’ time, the Romanians in the country and abroad are expected at the polls to elect the future president, for a mandate of five years.14 candidates are vying for the Cotroceni seat in the first round of the presidential elections scheduled for 24 November. This is the same number of candidates as in the first round of the 2014 and 2019 elections. Of the 14, only two will go through to the second round, scheduled for 8 December. This is the 9th presidential election since the December 1989 Revolution, and voter turnout in the first round has fallen in each presidential election round: 1990 - 86.19%, 1992 - 76.29%, 1996 - 76.01%, 2000 - 65.31%, 2004 - 58.51%, 2009 - 54.37%, 2014 - 53.18%, 2019 - 51.18%.* The candidates, in the 30 days of campaign have to convince the voters that they are ready to occupy the highest position in the Romanian state. After many years, there were organized debates among the supporters, meetings with the voters and presentation of electoral programmes. The 14 competitors in the first round of presidential elections, as they are included on the ballot paper are:****position 1 – ELENA LASCONI – Uniunea Salvati Romania (Save Romania Union)Elena Lasconi is at present mayor of Campulung Muscel. She was born on 20th April 1972 in Hateg. She graduated from the Pedagogical Highschool ‘Sabin Dragoi’ in Deva (1990), the BBC Television School (1999) and ASE Bucuresti as licensed economist in Tourism and Commerce Management(2001). She attended courses in the domain of harmonization, legislation, European Funds regulations in the country and in Brussels.She was a radio producer and programme manager with Radio T5 ABC (1995 – 1996) then journalist with PRO TV (1996 – 2020).She won the 2020 elections for the Town Hall of Campulung Muscel as a representative of USR Plus and was re-elected with about 70% votes in June 2024, as a representative of Alianta Dreapta Unita.Her electoral slogan is “ A Romania for all not only for some’.*** position no.2 – GEORGE SIMION – Alianta pentru Unirea Romanilor (Alliance for the Union of Romanians)George Simion is a deputy in the Romanian Parliament. He was born on 21st September 1986 in Focsani. He graduated from the National College’ Gheorghe Lazar’ Bucarest (2005) and holds a degree from the University of Bucharest, Faculty Administration and Business (2008). He got his master degree in ‘The crimes of communism’ with the University ‘ Alexadru Ioan Cuza’ Iasi.He was, in 2006, leader of the group ‘The new Hooligans’ (Noii Golani) as a continuation of the street movements of 1990 and promoted the message ‘ Bessarabia is Romania’ He set up in 2011 the Unionist Platform Action 2012 and in 2017 ‘ Alliance for the Centenary’ together with other organisations in Romania, the Republic of Moldova and the diaspora.On 1st December 2019 he founded the party Alliance for the Union of the Romanians whose president he became on 27th March 2022.After the parliamentary elections of 2020 he won a seat as deputy.He is running under the slogan ‘ We make history through courage’.*** position no.3 – MARCEL CIOLACU – Partidul Social Democrat (Social Democrat Party)Marcel Ciolacu is at present the prime-minister of Romania. He was born on 28th November 1967 in Buzau. He graduated from the Law School with the Universitatea Ecologica Bucuresti (1991 – 1995), postgraduate courses in Management and Local Finances with the Ecological University Bucuresti (2004) and ‘Security and good governance’ with the National College for Defense, Bucuresti (2008 – 2009) as well as a master degree in Management of public finances with SNSPA Bucuresti (2010 – 2012).He has been the chairman of PSD (since August 2020) and a party member since 1990.He occupied the position of legal adviser with ALCOM SRL (1998 -2007), interim prefect of Buzau county (November 2004), county councillor (2004 – 2008), executive manager with URBIS SERV SRL (2007 – 2008), vice-mayor of Buzau (2008 – 2012). He won a seat as deputy, representative of PSD in the electoral constituency no.10 Buzau for the elections of 2012, 2016 and 2020.Ciolacu was Deputy Prime Minister without portfolio (2017 - 2018) and also held the position of interim Minister of Defence (6 - 12 September 2017). On 13 June 2023, President Klaus Iohannis nominated him for the post of Prime Minister.He is running under the slogan ‘Vision for the nation’.*** position no.4 – NICOLAE CIUCA – Partidul National Liberal (National Liberal Party) Nicolae Ciuca is at present the President of the Romanian Senate. He was born on 7th February 1967 in Plenita, Dolj county. He graduated from the military highschool ‘Tudor Vladimirescu’ Craiova (1985), the Military School for Officers ‘ Nicolae Balcescu’ Sibiu (1988), Research Company Commanders Refresher Course, Fagaras (1990), Academy of Advanced Military Studies, specialty Combined Arms (1995) and several courses at the PfP centres in Bucharest and Ankara (1997). In the Army, he rose from platoon commander (26th Mechanised Regiment "Rovine", Craiova, 1988 - 1989), staff officer (Operations Office, Craiova, 1992 - 1996 and 1997 - 1998, "UNAVEM III" mission, Angola, 1996 - 1997), chief of staff (26th Infantry Battalion "Neagoe Basarab", Craiova, 1998 - 2001, 26th Infantry Battalion - SACEUR strategic reserve, 2000), Commander (2004 - 2014) to Chief of the Land Forces General Staff (2014), Deputy Chief of the General Staff (2014 - 2015) and Chief of the Defence Staff (2015 - 2019). He was minister of National Defence (4 November 2019 – 14 March 2020), interim prime-minister (2020) and minister of National Defence (December 2020; 2020 – 2021).After the parliamentary elections of 6 December 2020, he won a seat as senator representative of the PNL.He served as Prime Minister of Romania (December 2021 - 12 June 2023) and was elected President of the Senate on 13 June 2023. He has been president of the PNL since 10 April 2022. He is running under the slogan "With honour and faith in the service of the country". *** position no 5 – HUNOR KELEMEN Uniunea Democrata Maghiara din Romania(Hungarian Democratic Union from Romania) Hunor Kelemen is a deputy. He was born on 18th October 1967 in Cira, Harghita county. He graduated from the Veterinary Medicine with the University for Agricultural Sciences Cluj-Napoca (1993) as well as the Faculty of Philosophy with University Babes-Bolyai (1998).Between 1990 and 1997, he was editor of the Hungarian-language programme of Radio Cluj, and between 1993 and 1997 he was editor of the cultural magazine "Korunk".He became a member of the UDMR in 1997 and has been its president since 2011. He was Secretary of State in the Ministry of Culture (1997 - 2000), Minister of Culture and National Heritage (23 December 2009 - 6 February 2012; 9 February 2012 - 7 May 2012); Deputy Prime Minister, Minister of Culture and National Heritage (March - October 2014), Deputy Prime Minister (23 December 2020 - 25 November 2021; 25 November 2021 - June 2023). He has been an RMDSZ MP since 2000. He has run for President of Romania in the 2009, 2014 and 2019 elections. He is running under the slogan ‘Respekt for everybody’. *** position no.6 – MIRCEA GEOANA - independent candidateMircea Geoana was Deputy Secretary General of NATO (2019 - 2024). He was born on 14 July 1958 in Bucharest. He graduated from the Faculty of Mechanics at the Bucharest Polytechnic Institute and worked as an engineer at the Energomontaj Trust in Bucharest (1983 - 1990). Since 1987 he attended the Faculty of Law at the University of Bucharest.He joined the diplomatic corps in 1990, being assigned as a referent in Romania's relations with France. In 1991, he was appointed Director of the Department of European Affairs. In 1994, he completed the NATO course on democratic institutions. In 1995, he was appointed Director of the Directorate General for Europe, North America, Latin America, Asia, Africa and the Middle East. He was also spokesperson of the MFA (1993 - 1995). In February 1996, he was appointed Ambassador Extraordinary and Plenipotentiary of Romania to the United States of America.He was Minister of Foreign Affairs (2000 - 2004) and President of the Senate (December 2008 - November 2011). From his position as President of the Social Democratic Party (2005 - 2010), he ran in the 2009 presidential elections, but lost in the second round to Traian Basescu.He is running under the slogan ‘ Vision.Respect’.*** position no.7 – ANA BIRCHALL - independent candidateAna Birchall is a lawyer. She was born on 30th August 1973 in Mizil, Prahova county. She graduated from the Faculty of Law and International Relations’ Nicolae Titulescu’ (1996) and holds a licentiate in Legal Sciences from the University of Bucharest.She completed her Master’s (2000) and PhD (2002)at Yale Law School, USA.She was Head of the Legal Office at Omniasig S.A. (1996 - 1998); lawyer at White & Case LLP New York (2002 - 2003) and at the Bucharest representative office (2008 - 2010), Biris Goran (2010 - 2012), Musat and Associates (2012); advisor to the Ministry of Foreign Affairs (2003 - 2004), lecturer at the "Dimitrie Cantemir" University of Bucharest (since 2005), advisor to the Prime Minister (July - December 2012). She was a PSD member (2005 – 2019) being elected in the electoral constituency no.39 Vaslui in the elections of 2012 and 2016. She was special representative for strategic projects and international relations at Nuclearelectrica (2022 - 2024). She is running under the slogan ‘We build Romania of trust’.***position no.8 – ALEXANDRA BERTALAN-PACURARU – Partidul Alternativa pentru Demnitate Nationala (Alternative for National Dignity Party)Alexandra Bertalan-Pacuraru is a co-founder and national coordinator of the Party Alternative for National Dignity. She was born on 30th June 1987, in Galati.She presented the show ‘8 in a boat’ broadcast by TVR2. She was a producer and moderator of the shows ‘Sovereign Romania’ and ‘Sovereign Romania Caravan’ with the Realitatea channel.She is a partner in ABP Consulting, Geopol International, Grup Financiar SA, Prestige Media Phg, Strategies Research Investments International and Strategic Metals Investments. She is running under the slogan ‘Romania rises with dignity’.*** position no.9 – SEBASTIAN CONSTANTIN POPESCU- Partidul Noua Romanie ( the New Romania Party)Sebastian-Constantin Popescu is the president of the New Romania Party. He was born on 12th February 1982 in Bals, Olt county. He graduated from the Faculty for Veterinary Medicine with the University for Agricultural Sciences and Veterinary Medicine of Banat,Timisoara (2006).He practiced for five years as a veterinarian in Bucharest before he moved to the media domain. He is an administrator of PR Media RTP and president of the Romanian Premium Tenis Association.In 2015 he founded PNR. He ran for the 2019 presidential elections.His electoral slogan is :’ A president in the service of Romania’. *** position no.10 – LUDOVIC ORBAN – Forta Dreptei (The force of the Right Wing)Ludovic Orban is an MP and president of the For?a Dreptei party. He was born on 25 May 1963 in Brasov. He is a graduate of the Faculty of Machine Construction Technology at the University of Brasov (1988) and postgraduate studies at the Faculty of Political Science at the National School of Political and Administrative Studies (1993). He started as a trainee engineer at Izolatorul Targu Secuiesc (1988 - 1990), then he was a technologist engineer at "Tractorul Brasov" (1990 - 1991); editor at the daily newspaper "Viitorul Romanesc" (1991 - 1992); Public Relations Director at the Romanian Energy Policy Agency (1997 - 1998); Secretary General at the Secretariat of State for Persons with Disabilities (1998 - 1999); Secretary of State, Head of the Public Information Department of the Government (1999 - 2000); Secretary of State, President of the National Agency of Civil Servants (2000 - 2001); Deputy Mayor of the Capital (2004 - 2007), Minister of Transport (2007 - 2008). In 1992 he became member of PNL holding the positions of president of PNL Bucharest (2002 – 2010), first vice-president of PNL (2009 – 2010) and president of PNL (2017 – 2021).Starting with 2008, he won three consecutive mandates as deputy in the electoral constituency no.42 Bucharest. He was president of the Deputies’ Chamber (2020 – 2021).He was prime-minister of Romania (November 2019 – March 2020; March – December 2020).In December 2021, he founded the Forta Dreptei party.He is running under the slogan ‘Honest with the Romanians’.*** position no.11 – CALIN GEORGESCU – independent candidateCalin Georgescu is associate professo rat the University of Pitesti (since September 2021). He was born on 26th March 1962 in Bucharest. He graduated with a master’s degree at the Faculty of Land Improvement and Environmental Engineering (1986)and a doctorate in Pedology (1999) at the University of Agronomic Sciences and Veterinary Medicine in Bucharest, following studies in national security and defence at the National Defense College (2007).Former engineer at IEELIF Fagaras (1986 - 1990) and at the National Research and Development Institute for Land Improvement (1990 - 1991); Head of the Romanian Parliament's Senate Office for the Environment (1991); Advisor to the Minister of the Environment (1992); President of the Young Ecologist Association of Romania (1993 - 1996); Secretary General in the Ministry of the Environment (1997 - 1998); Director of the International Economic Organisations Department of the Ministry of Foreign Affairs (2004 - 2005); Project Manager in the United Nations Development Programme (1996 - 1997, 1998 - 2008); Executive Director of the Institute of Projects for Innovation and Development, coordinator of the project ''Reprofessionalisation of Romania'' (2006 - 2012) and of the National Centre for Sustainable Development (2000 - 2011), UN Special Rapporteur on the adverse effects of the transport of toxic and dangerous products and wastes on human rights at OHCHR Geneva (2011 - 2013), President of the European Research Centre of the Club of Rome (2013 - 2015), Special Adviser to the UN Director-General (2015 - 2016). Starting with 2016, he has been international adviser on environment protection and sustainable development.His electoral slogan is : ‘ Remake Romania’. **** position no.12 – CRISTIAN DIACONESCU – independent candidateCristian Diaconescu is a lawyer. He was born on 2 July 1959 in Bucharest. He graduated from the Faculty of Law of the University of Bucharest (1983), attended the Centre for Conflict Prevention's specialisation courses in the field of Confidence and Security Building Measures in Europe (1992) and later PhD studies in Legal Sciences (2007). He was a judge at the Ilfov Agricultural District Court, the 4th District Court and the Bucharest Tribunal (1983 - 1990). Diplomat at the Ministry of Foreign Affairs, including at the Permanent Mission of Romania to the OSCE (1990 - 2004), he was Deputy Secretary General and Ambassador to the Organisation of the Black Sea Economic Cooperation (2000 - 2001). He obtained a mandate as senator for Constanta on the lists of the National Union PSD+PUR after the elections of 2004.In 2004, he was appointed Minister of Justice, finalising the Justice and Home Affairs negotiations for Romania's accession to the European Union; he then held the portfolio of Minister of Foreign Affairs (2008 - 2009; 2012). He also served as Foreign Relations Advisor and Head of the Chancellery of the Presidential Administration (2012 - 2014). He was vice-president of the PSD (2005 - 2010), honorary president of the UNPR (2010 - 2012). In 2013, he was among the initiators of the Popular Movement Foundation project, and in 2014 he joined the People's Movement Party. Since 2013, he has been a member of the UN's Eminent Group of CTBTO and a professor of International Law, and since 2016 a visiting professor at the American University in Kuwait. In April 2024 he founded the independent platform ‘Respect for Romania’ as president.He is running under the slogan: ‘President for respected Romania’.*** position no.13 – CRISTIAN TERHES – Partidul National Conservator Roman (Romanian National Conservative Party). Cristian Terhes is an MEP in the European Conservatives and Reformists Group. He was born on 4 December 1978 in Zalau. By profession a theologian and communications specialist, Cristian Terhes was a priest and a business intelligence director. In 2019, he was elected MEP on the PSD list, and in 2024 - on the AUR list. He was a member of the Social Democratic Party (2019 - 2020) and of the National Peasants' Christian Democratic Party (2020 - 2023), and since 1 December 2023 he is a member of the Romanian National Conservative Party. He was a member of the Group of the Progressive Alliance of Socialists and Democrats in the European Parliament (2019 – 2020). His electoral slogan is "Faithful to the Romanian Nation". **** position no.14 – SILVIU PREDOIU - Partidul Liga Actiunii Nationale ( National Action League Party)Silviu Predoiu is a former foreign intelligence officer. He was born in 1958 in Bucharest. He graduated in Geology-Geography at the University of Bucharest. He began his managerial career in 1998 as head of office and then head of service; he was appointed head of directorate for Combating Organised Cross-Border Crime (2000); after 11 September 2001 he headed the Anti-Terrorism Directorate and since 2003 he was head of directorate in the security structure of the SIE. In 2005, he was appointed by a CSAT decision as First Deputy to the Director of the SIE, a position he held until his retirement in 2018, during which time he served for a period as Acting Director of the SIE. He founded the association 'Romania get involved' and later the National Action League Party (PLAN), running under the slogan 'You deserve a president at your service!'. XXXAccording to the Romanian Constitution (Article 80), the President represents the Romanian State and is the guarantor of national independence, unity and territorial integrity of the country. The President of Romania ensures that the Constitution is respected and that the public authorities function properly. To this end, the President mediates between the powers of the State and between the State and society. The President of Romania is elected by universal, equal, direct, secret and freely expressed vote. The candidate who received, in the first round of voting, the majority of votes of the voters registered in the electoral lists is declared elected. If none of the candidates has met the majority, the second voting round is organized, between the first two candidates established in the order of the number of votes obtained in the first round. The candidate who obtained the highest number of votes is declared elected.No person can serve as president of Romania for a maximum of two terms. These can be also successive, the Basic Law states.XXX In the last 35 years of free elections, in the first round of the presidential elections, the following candidates ran:*** 1990 - Ion Iliescu, Ion Ratiu, Radu Campeanu*** 1992 - Ion Iliescu, Emil Constantinescu, Gheorghe Funar, Ioan Manzatu, Caius Traian Dragomir, Mircea Druc*** 1996 - Ion Iliescu, Emil Constantinescu, Petre Roman, Corneliu Vadim Tudor, Gheorghe Funar, Gyorgy Frunda, Nicolae Manolescu, Radu Campeanu, Adrian Paunescu, Ioan Pop de Popa, Tudor Mohora, George Muntean, Constantin Niculescu, Constantin Mudava, Nutu Anghelina, Nicolae Militaru*** 2000 - Ion Iliescu, Corneliu Vadim Tudor, Theodor Stolojan, Mugur Isarescu, Gyorgy Frunda, Petre Roman, Teodor Melescanu, Gheorghe Eduard Manole, Graziela-Elena Birla, Paul-Philippe Hohenzollern, Ion Sasu, Niculae Cerveni*** 2004 - Adrian Nastase, Traian Basescu, Corneliu Vadim Tudor, Marko Bela, Gheorghe C. Ciuhandu, George Becali, Petre Roman, Gheorghe Dinu, Marian Petre Milut, Ovidiu Tudorici, Aurel Radulescu, Raj Tunaru*** 2009 - Crin Antonescu, Mircea Geoana, Kelemen Hunor, Traian Basescu, Sorin Oprescu, George Becali, Ovidiu Iane, Eduard Manole, Corneliu Vadim Tudor, Remus Cernea, Constantin Potarca, Constantin Rotaru*** 2014 - Victor Ponta, Klaus Iohannis, Calin Popescu-Tariceanu, Elena Udrea, Monica Macovei, Dan Diaconescu, Corneliu Vadim Tudor, Kelemen Hunor, Teodor Melescanu, Szilagyi Zsolt, Gheorghe Funar, William Brinza, Constantin Rotaru, Mirel Mircea Amaritei*** 2019 - Klaus Iohannis, Theodor Paleologu, Dan Barna, Kelemen Hunor, Viorica Dancila, Catalin Ivan, Ninel Peia, Sebastian-Constantin Popescu, John-Ion Banu, Mircea Diaconu, Bogdan Stanoevici, Ramona-Ioana Bruynseels, Viorel Catarama, Alexandru Cumpanasu.

Romanian Intelligence Confirms Existence of Troll Farms and Fake Accounts in Romania

Thu, 14 Nov 2024 00:00:00 +0200

The Romanian Intelligence Service (SRI) has confirmed that there are troll farms, bots and fake accounts in Romania, but says that the scale of the phenomenon does not endanger national security. However, the SRI denied external involvement in the manipulation of the electoral campaign, according to the answer received by the Parliamentary Commission for Control of the Service. The Service Control Commission requested information about the existence on the territory of Romania of some state or non-state entities that may affect or influence the democratic process of the presidential and parliamentary elections. “Until now, no content elements specific to propaganda or disinformation campaigns orchestrated by external actors hostile to Romania have been identified. In an electoral context, troll/bot farms are generally tools used to increase the popularity of candidates or attacks on counter-candidates (respectively on online entities, web pages or accounts opened on social media platforms that belong to them), aspects specific to electoral campaigns online or offline. The analysis carried out highlighted the existence and use of fake accounts at the level of social media platforms aimed at artificially increasing the popularity of certain competitors, as well as the promotion of content directed against counter-candidates.Regarding the fake accounts, they were created and activated during this year, the accounts being oriented towards the release of messages denigrating the counter-candidates. Online platforms will initiate advanced analysis efforts in order to identify similar accounts and action patterns that outline the real extent of the so-called «troll networks». In order to maintain a climate of security in the virtual space, in the exercise of legal responsibilities, the Romanian Information Service cooperates with the relevant institutions and authorities at the national level, taking into account the use of all the tools and mechanisms provided by the European and national normative framework. Considering the fact that, by scale and impact, compared to the extremely low degree of interactions and content generated by the false accounts identified as active, national security was not affected, the data obtained being transmitted to the Ministry of Internal Affairs, for their management according to legal responsibilities. Based on an order issued by a national authority and the finding of violation of the provisions of the terms of use, the platforms can decide to remove the content and/or close the accounts,” SRI replied. The Romanian Intelligence Service does not “undertake any action that promotes or harms the interests of any political party or natural or legal person, except for those actions by them that contravene national security”, the press release of the SRI Control Commission also stated.

Manfred Weber: After hearing of Commissioner-designate Minzatu, still questions related to her property needing clarification

Thu, 14 Nov 2024 00:00:00 +0200

Leader of the European People's Party (EPP) group in the European Parliament Manfred Weber said in a press release on Tuesday evening that after the hearing of Romanian Commissioner-designate Roxana Minzatu there are still questions about her property in Brasov that need clarification."Europe faces big challenges in the next five years: we need a strong and united Commission ready to act and deliver. Our criteria throughout the hearings was and is clear: We have to assess the candidates objectively based on their performance and also based on their ability to deliver without any obstacles related to their past or current activities," Weber is quoted as saying in the press release the EPP spokesperson sent on Tuesday."After today's hearing of Commissioner-designate Minzatu, there are still questions related to her property that need clarification. It is important for us to have a Commission free from any allegations and for which the integrity is not questioned at any time. We need clear political and legal certainty about that," added the leader of the EPP group in the EP, who is also the president of the pan-European formation.During the evening, National Liberal Party MEP Siegfrid Muresan, who is EPP group vice president, sent a similar message in a briefing for the Romanian media."MEPs in the employment and culture committees on behalf of the EPP group told us at the end of the hearing that they have questions to clarify, including in what concerns the property of Mrs Minzatu and that tomorrow [Wednesday] we shall have more talks among the EPP group leadership and the EPP MEPs in the employment and culture committees. This is where we are at right now," Muresan said.Asked about whether there will be additional written questions from the relevant committees for the hearing, Muresan has not ruled out this possibility."We have a few modalities we can act in. We can address written questions, we can invite her to a second hearing, we can give a negative vote now, we can give a positive vote with a majority of two thirds on the level of coordinators or we can cast a positive vote in the plenum of the committee in question with a simple majority," he explained.During her hearing in Brussels on Tuesday before the European Parliament's joint committees on employment and social affairs and on culture and education, Romania's candidate to the EC's Vice-President for the People, Skills and Preparedness portfolio Roxana Minzatu had to provide explanations about the legality of the addition to her house in Brasov, on the grounds of suspicions of having intervened without an authorisation on the building that would be labelled as historical monument.Roxana Minzatu maintained that the building is not a historical monument and that she is in possession of documents from the Culture Ministry that attest to this. "In two documents, one of 2011 and one issued yesterday [Monday] by the Culture Ministry it is mentioned that this house that I have lived all my life in is not a historical monument," Roxana Minzatu told MEPs.After the hearings, she put at the disposal of the Romanian journalists present in Brussels photocopies of the documents she referred to during the hearing, which would confirm that the house in question is not a historical monument.

Under Secretary Jenkins Travels to Romania

Thu, 14 Nov 2024 00:00:00 +0200

Under Secretary for Arms Control and International Security Bonnie Jenkins will travel to Romania from November 12-14, United States Department of State informs. While in Romania, she will lead the U.S. Delegation for the Global Forum to Prevent Radiological and Nuclear Terrorism (Global FTPRNT). The Global FTPRNT fills a current gap in international fora to address radiological and nuclear terrorism since all official activities under the United States and Russian Federation co-chaired Global Initiative to Combat Nuclear Terrorism were paused in 2022 following Russia’s full-scale invasion of Ukraine. Discussions at Global FTPRNT will include cooperation to improve the detection, response, and mitigation to a radiological event. Under Secretary Jenkins will also provide opening remarks on the impact of emerging technologies to combat nuclear and radiological terrorism. (Photo:https://www.state.gov/)

Defense Chief of Staff : Peace is no longer a certainty

Thu, 14 Nov 2024 00:00:00 +0200

The present security situation shows that peace is no longer a certainty in Europe, said general Gheorghita Vlad, the Defense Chief of Staff, in his speech held on the occasion of the 165th celebration of the General Staff. “Contrary to norms of humanitarian international law, the actions of the Russian Federation are feeding the negative development of the threat potential and security risks. At the level of the Black Sea region, of strategic interest for NATO, we have a defense crisis situation,”said general Gheorghita Vlad. He pointed out that the Romanian Army has reconsidered its defensive architecture by adapting procedures, recalibrating the reaction capacity of forces and has consolidated structures of permanent combat service, air police and strengthening vigilence. “At the same time, capacities of knowing situations and early warning have improved. Our defensive capacity, Euro-Atlantic relations and Strategic Partnership with the US remain vectors of the national discouraging and defense position in the Black Sea area,” said the official of the National Defense Ministry. He mentioned that Romanian militaries are participating in NATO and EU operations in the West Balkans, Africa, the Mediterranea Sea and Indian Ocean. As host nation, Romania ensures the conditions needed to operate and pre-positiion allied forces and capabilities in Romania, according to Regional Plans.

Telecom.IT: ANCOM : There are still many people who do not have access to high-speed Internet in Romania

Thu, 14 Nov 2024 00:00:00 +0200

Covering the "white zones" should be a priority for the telecommunications market in Romania, because there are still many people who do not have access to high-speed Internet, deputy chairman of the National Authority for Communications Administration and Regulation (ANCOM) Pavel Popescu told a specialist conference on Monday."I think that some important steps have been taken in recent years. Today, the market does not look bad at all in Romania. Of course, if you look at what connectivity means in Romania in the European ranking, I could say that we are at a much better point than we were 12-13 years ago. We are much better off than many other European countries. If you look at fixed fibre connections, today, at over 93% of postal addresses in Romania, compared to Norway, Romania is very, very good. Of course, we can do much more in the area of detail, for example to bring fibre to people's homes. You all know the great national infrastructure projects that have taken fibre to a certain address or to the centre of a village, a small town and have not managed to extend it. I think we are at the point where we should put all these pieces of the puzzle - of course also mobile connectivity through 5G, and fixed fibre - so that we can also look to the future, which means other types of networks, to be able to cover the ?white areas' of this country. I think it should be a priority for the telecommunications market. There are still very, very many people who do not have access to high-speed internet in Romania," Popescu said.According to the ANCOM official, although there is this fear of a fulminant evolution regarding what new technologies mean, "we must realise that the traditional way of communication will maintain its extraordinarily important role.""Looking at the new technologies, I can boast of the fact that ANCOM, today, is one of the institutions that not only looks over the fence at what is happening, but we are hands-on. We even have partnerships with companies of international prestige, of course religiously respecting impartiality in the area of new types of networks (...) It is impossible to make a major leap from what traditional communications mean to satellite communications. I could say that none of them are mutually exclusive, but complement each other."The positive effects of the adoption of tools based on Artificial Intelligence (AI) and Generative Artificial Intelligence (GenAI) on the local market, as well as the main negative sides of the boom in these technologies were addressed on Monday during a new edition of the "ZF Digital Summit" conference.

Romania, Bulgaria consider creating joint sightseeing routes for Japanese tourists

Thu, 14 Nov 2024 00:00:00 +0200

Romania and Bulgaria are planning to create a series of joint sightseeing routes for Japanese tourists who want to visit the region, announced Minister of Economy, Entrepreneurship and Tourism Stefan-Radu Oprea, who met on Wednesday with a Japanese delegation led by Vice-Minister of Economy, Trade and Industry Shinji Takeuchi. The talks were aimed at deepening bilateral relations between the two states through partnerships and strategic investments in fields such as industry, renewable energy, new technologies and tourism."Tourism is perhaps the most satisfying field that I coordinate and I think it is important that we also lay back. I discussed with my Bulgarian counterpart and we intend to create a series of joint routes for Japanese tourists who want to visit the region, so that they have the opportunity to see more than just one country. We have a host of beautiful places in Romania, such as the Danube Delta, which is unique in Europe. Beyond the fact that this is our responsibility as a ministry, promoting Romanian destinations it's also a joy," Oprea said, as cited in a release.Speaking about the dimension of the Romania - Japan strategic relationship, as well as about the opportunities Romania has to offer to companies interested in investing, Oprea emphasized the important presence of Japanese companies, mainly in the automotive area, pointing out that the Japanese investors already present in Romania are its best promoters, because they can confirm the existence of a favorable business environment."Romania benefits from a unique energy mix, a very good geographical position, we have the port of Constanta which gives us access to the Black Sea, we have resources, we have creative minds. We want, just like Japan, to have clean energy and to capitalize on all these resources. We can capture carbon in depleted natural gas reservoirs, produce blue ammonia, we have a tradition in the oil industry, we have offshore legislation, so Romania is the ideal place for investments! The partnership between Romanian and Japanese companies can benefit both sides, because our role is complementary," declared the Minister of Economy, Entrepreneurship and Tourism.The Romanian official also suggested other fields of cooperation, such as entrepreneurship, where Romania can already boast technological research ecosystems.In his turn, Japanese Vice-Minister of Economy, Trade and Industry Shinji Takeuchi welcomed the strategic partnership between Japan and Romania and declared that it also reflects the rising interest of Japanese investors in Romania. He underscored that his visit to Romania at the head of a delegation of government officials and representatives of 16 companies such as IHI, Mitsubishi Heavy Industries, Mizuho Bank, Kawasaki Heavy Industries, Sustech Inc., ENEOS, Marubeni Corporation from sectors such as energy, research and technology, industry, infrastructure and banking, is proof of the growing investment interest in Romania.Also, Minister Takeuchi reiterated support for Romania's joining the OECD, praised Romania's contribution to the organization of the World Expo 2025 Osaka, Kansai, and invited Minister Stefan-Radu Oprea to participate in this event.The meeting ended with the signing by the two officials of a joint declaration reaffirming the commitment to strengthen cooperation between the two nations.According to the statistics mentioned in the cited release, Japan ranks 21st by the amount of foreign investor participation in trading companies with foreign capital. In the first half of 2024, there were 410 trading companies with Japanese capital active in Romania, with a total paid-up capital equal to the equivalent of 430.2 million dollars, and the total volume of trade between Romania and Japan in the same period stood at 619.2 million dollars.

Over 1.2 billion RON approved by Government for purchase of new trains and locomotives

Thu, 14 Nov 2024 00:00:00 +0200

New purchases of trains and locomotives were approved on Thursday in the Government meeting, the amount required for the investments amounting to 1.21 billion RON, including VAT.According to a press release from the Ministry of Transport and Infrastructure, the Executive has approved the Government Decision for the approval of the substantiation note regarding the necessity and opportunity of making the expenses related to the investment project "Acquisition of 23 new electric locomotives with ERTMS systems, capable of reaching a speed of 160 km/h and to pull up to 16 passenger cars".The amount required for the purchase of the 23 locomotives intended for railway passenger transport is 760.27 million lei, including VAT.The purchase of the 23 new electric locomotives, called LE2, aims at increasing the efficiency of the operation of passenger rail transport services and reducing pollution on a series of routes on the electrified public railway network or in the process of being electrified: Bucharest - Craiova - Drobeta Turnu Severin - Timisoara - Arad; Bucharest - Craiova - Simeria - Deva - Arad; Bucharest - Brasov - Sighisoara - Arad - Curtici; Bucharest - Brasov - Sighisoara - Cluj Napoca - Oradea; Bucharest - Brasov - Miercurea Ciuc - Dej; Bucharest - Buzau - Pascani - Suceava - Vatra Dornei; Bucharest - Buzau - Tecuci - Iasi; Bucharest - Buzau - Pascani - Iasi; Bucharest -Giurgiu North; Iasi - Constanta/(Mangalia) via Tecuci; Suceava - Constanta/(Mangalia) via Buzau; Galati - Constanta/(Mangalia), Bucharest - Constanta/(Mangalia).At the same time, the Executive also approved the Government Decision for the approval of the substantiation Note regarding the necessity and opportunity of carrying out the expenses related to the investment project "Purchase of 9 long-distance interregional electrical frames RE-IR-2"."The purpose of the investment objective 'Purchase of 9 long-distance interregional electric frames RE-IR-2' is to renew the rolling stock fleet, because the existing rolling stock in Romania does not have the level of quality required by the traveling public, and the manufacturing technologies that were used are exceeded, as it is not possible to ensure the fulfillment of the quality standards provided for in the public service contracts," the press release reads.The amount required for the purchase of the nine long-distance interregional electric frames, intended for railway passenger transport (RE-IR-2) is 447.41 million RON, including VAT.The trains will be equipped with ERTMS On-Board installations, composed of GSM equipment (radio and antenna), EVC equipment (European Vital Computer), DMI equipment (Driver Man Interface), train interface unit (TIU), radar equipment, accelerometer, eurobalise antenna, recording unit (JRU).The addition of the 9 RE-IR2 long-distance electric frames aims to increase the efficiency of the mode of operation of railway passenger transport services, reduce pollution and increase comfort on a series of routes on the electrified public railway network or in the process of electrification: Oradea - Cluj Napoca - Sighisoara - Brasov; Cluj Napoca - Alba Iulia - Simeria (Deva) - Targu Jiu - Craiova - Calafat.The financing of the two investment projects is carried out from non-refundable external funds, through the Modernization Fund and from the state budget, through the budget of the Ministry of Transport and Infrastructure, within the limits of the amounts approved annually for this purpose, according to the public investment programs approved according to the law.The purchase of new rolling stock for public rail passenger transport will have a significant impact on the level of quality of services offered, passenger safety and the improvement of environmental conditions, as well as on the costs and economic benefits of rail passenger transport.The new offers of public passenger rail transport services, developed on the basis of the new rolling stock that will be purchased, will take into account both the increase of mobility around the country's major socio-economic centers, as well as the achievement of fast connections between important territorial administrative units of the country, the Ministry said.

Cars: New registrations of road vehicles for passenger transport increase 4.7% in Q3

Thu, 14 Nov 2024 00:00:00 +0200

New registrations of road vehicles for passenger transport increased 4.7% in the third quarter compared to the same period in 2023, according to data the National Institute of Statistics (INS) published on Monday.According to the statistics, during the analysed period, new registrations of vehicles for freight transport rose 6% compared to the third quarter of the previous year.At the same time, the share of new registrations of imported second-hand cars in the total new car registrations increased 5.3 percentage points compared to the same quarter of 2023, reaching 73.2%.INS data shows that, in the third quarter of 2024, compared to the third quarter of 2023, new registrations of road vehicles for passenger transport recorded increases in the category of mopeds and motorcycles by 33.3% and in the category of cars by 3.5%, while registrations in the category of buses and minibuses decreased 22.7%.Regarding new registrations of new road vehicles for passenger transport, there was an increase in the category of mopeds and motorcycles by 46%, and decreases in the category of buses and minibuses by 22.5% and in the category of cars by 13.7%.Concerning new registrations of road vehicles for freight transport, increases were recorded in the category of trucks (including road vehicles for special purposes) by 8.8% and in the category of trailers and semi-trailers by 5.1%, while a decrease was noted in the category of tractors by 1.5%.New registrations of new road vehicles for freight transport recorded an increase in the category of trailers and semi-trailers by 7.1% and decreases in the category of tractors by 22.2% and in the category of trucks (including vehicles for special purposes) by 2.7%.Compared to the second quarter of 2024, in the third quarter of 2024, new registrations of road vehicles decreased by 7% for passenger transport vehicles and by 8.6% for freight transport vehicles.Road vehicles classified according to European pollution standards, registered for circulation, included, at the end of the third quarter of 2024, 63.4% vehicles meeting Euro 4, Euro 5, or Euro 6 standards, while 10.3% vehicles classified as Non-Euro.For the category of cars, the largest share was held by vehicles compliant with the Euro 4 standard, at 33.6%; for the category of buses and minibuses, the majority of vehicles, 23%, were classified under Euro 3, while for mopeds and motorcycles, the most vehicles, 24.4%, were classified as Non-Euro.Vehicles compliant with the Euro 3 standard predominated in the category of trucks at 27.6%, while those compliant with the Euro 6 standard were predominant in the category of tractors at 43.1%. In the category of road vehicles for special purposes, the majority of vehicles, 22.9%, were classified as Non-Euro.

EY Study: Cost of Living Crisis Anticipates a Hunt for Holiday Shopping Deals

Thu, 14 Nov 2024 00:00:00 +0200

Consumers’ continued passion for seasonal sales is being fueled by the global cost of living crisis, driving shoppers to seek out more bargains as they try to make their disposable income stretch further. But despite the popularity of sales, there is a growing sense among savvy sales seekers of mistrust towards the real value of the discount or promotion on offer – according to the latest EY Holiday Shopping Survey. Canvassing 13,000 global consumers on their views and attitudes towards the upcoming holiday sales season revealed that 69% say they enjoy sales events such as Singles Day and Black Friday and look forward to them (rising to 76% for those under 27 years old and 79% for those who have children). However, almost two-thirds (64%) are skeptical of festive sales, questioning the real value of the discount/promotion, with a similar number (58%) finding that the actual items they want to buy are not part of the promotion. Highlighting the squeeze on disposable incomes, 45% of consumers surveyed globally are concerned about being able to pay for this festive season, rising to 49% of Gen Z consumers (18–27-year-olds), and 57% are planning to participate in sales because of their financial situation. Reflecting the highly competitive market, the festive promotions started earlier this year, with many companies opening their seasonal sales window in September or October. Despite this, more than half of global consumers surveyed (52%) say they won’t start spending their holiday budget until later in the season. Looking at country variations, the data suggests that many are trusting that better deals will emerge as the seasonal sales unfold and retailers become increasingly motivated to move inventory in preparation for the new year. In fact, six out of 10 consumer respondents say they will only be buying products that are on sale or promotion this year, and 67% are actively tracking the offers in the market to make sure they get the best possible deals –?rising to 73% for consumers with children. Shoppers are also being more intentional about when and how they spend, reflecting for many the concerns about the cost of the season. Four out of five (41%) of those surveyed will be using loans or credit cards to fund their spending and buy-now-pay-later solutions will be an increasingly important way of deferring shopping costs, both online and in-store. More consumers are determined to spend their money well this year. Overall, they are more interested in buying items that promise value that lasts beyond the season. For example, 34% of respondents plan to spend more on technology and 58% plan to reuse last-year’s festive décor. They are also making their holiday budgets go further by, for example, skipping holiday foods and beverages that feel a little too indulgent. For many consumers festive shopping behavior has nothing to do with bargain hunting. For example, 48% of global consumer respondents say if they find the ideal priority gift they will buy it, whether it is on sale or not. Georgiana Iancu, Partner, coordinator of the Indirect Tax practice and leader of the Retail and Consumer Products sector, EY Romania: “In the context of the current cost of living crisis, consumers are becoming increasingly cautious and skeptical about the real value of discounts and promotions. We are observing a significant shift in purchasing behavior, where the focus is on finding the best deals and maximizing the value of every amount spent. Despite the enthusiasm for discount events, consumers are more calculated and attentive to the authenticity of the offers. It is essential for retailers to meet these expectations through transparency and genuine offers to gain consumers’ trust and loyalty.” The survey reveals that physical stores are still where most consumer respondents (68%) plan to shop this festive season. Many consumers want to see, touch and physically experience a product before they commit to a purchase. In that regard, stores provide a level of confidence that is hard to replicate in the digital space. However, the digital experience is evolving fast and shrewd, savvy consumers will happily switch between channels to get the optimal deal. Social media platforms will be significant sales channels in their own right this season, with Chinese consumers leading the way – 50% of Chinese consumer respondents plan to make purchases via shoppable social media, compared with 24% in the US, and 17% worldwide. Younger consumers are likely to be the most active shoppers this festive season. In fact, about 40% of Gen Z respondents are planning to increase their spending across nearly every category, from clothing to technology to experiences. The younger generations are prioritizing products that are organic or sustainably sourced, because more than any other generation they actively seek out brands that align with their values. More than a third of Gen Z respondents (35%) plan to purchase second-hand goods as gifts, either to stretch their budgets further or to invest in higher-quality goods that they couldn’t afford new. Some brands are already capitalizing on this trend by establishing or investing more in resale platforms for their own goods. One opportunity for companies this festive season is to meet Gen Z’s expectations for convenience. They are more likely to value faster options, free shipping and flexible delivery windows compared to other generations. For example: 40% of Gen Z consumer respondents value two-hour or same-day delivery, compared to just 25% of baby boomers (60–65-year-olds). While these expectations are challenging to meet in a way that is profitable, they also present opportunities. Nearly half of Gen Z respondents shared that they would buy something for themselves when shopping online to meet a shipping threshold, compared with 35% of those over 60 years old. Companies that fine tune their shipping thresholds with this in mind can drive additional purchases and increase their margins.

Trade balance deficit up 15pct 9 months into 2024

Thu, 14 Nov 2024 00:00:00 +0200

Romania's trade balance (FOB/CIF) deficit for the first nine months of the current year increased 15% compared to the same period in 2023, reaching 23.485 billion euro, according to data published the National Institute of Statistics (INS) on Monday.According to the source, in September 2024, FOB exports totaled 8.148 billion euros, while CIF imports amounted to 10.719 billion euros, resulting in a deficit of 2.571 billion euros.Compared to September 2023, exports in September 2024 increased 0.3%, while imports rose 4.2%.From January 1 to September 30, 2024, FOB exports amounted to 69.285 billion euros, down 1.4%, while CIF imports totaled 92.770 billion euros, up 2.3%, compared to the same period last year.According to INS, in the first nine months of this year, significant shares in the structure of exports and imports were held by the following product groups: machinery and transport equipment (46.9% for exports and 36.4% for imports) and other manufactured products (28.9% for exports and 28.7% for imports).The value of intra-EU27 trade in goods from January 1 to September 30 was 50.057 billion euro for exports and 67.147 billion euro for imports, representing 72.2% of total exports and 72.4% of total imports.The value of extra-EU27 trade in goods was 19.227 billion euro for exports and 25.623 billion euro for imports, representing 27.8% of total exports and 27.6% of total imports.According to INS, the trade balance FOB/CIF is calculated based on the value of FOB exports and CIF imports, as the difference between the two. A negative balance is called a deficit, while a positive balance is called a surplus.The FOB price (Free on Board) refers to the price at the border of the exporting country, including the value of the goods, all transport costs up to the point of shipment, and all fees that the goods must bear to be loaded onto the ship.The CIF price (Cost, Insurance, Freight) refers to the price at the border of the importing country, which includes both the components of the FOB price as well as the cost of insurance and international transport.

BNR upwardly revises its year-end inflation forecast to 4.9%

Thu, 14 Nov 2024 00:00:00 +0200

The National Bank of Romania (BNR) has upwardly revised its inflation forecast for the end of 2024 to 4.9% from previously 4%, and expects it to reach 3.5% at the end of 2025, shows data presented on Monday by BNR governor Mugur Isarescu.According to the presentation, oscillations in the CPI inflation rate are generated by the basic effects associated with past developments: the removal from the calculation of the annual inflation rate of the January 2024 indirect tax increases, as well as of the Q2 gas and unprocessed food price cuts etc.Re-entry into the inflation target range is expected to happen in the first part of 2026. The upward revision from the numbers projected in the previous Inflation Report, notably in the first part of the projection range, yet with a persistent effect in the medium-term too, is mainly linked to the worse than anticipated recent developments in the food segment."What we know for sure is that a fiscal-budgetary correction is in store, which will also result in an external adjustment. Both twin deficits are around 8%, so it is difficult to say that the non-governmental sector would contribute too much or significantly to the external deficit. The public deficit is roughly equal to the external deficit. The corrections that will be made to the public deficit will of course reflect in the external deficit too. We do not have hard data regarding the manner in which these corrections will be done, and consequently this forecast is based only on what we know at present. It does not include the fiscal-budgetary correction measures that will be implemented next year, and depending on them the inflation rate may be higher or lower," the BNR governor explained.

ForMin Odobescu is optimistic that talks for Romania's full Schengen accession are making progress

Thu, 14 Nov 2024 00:00:00 +0200

Talks on Romania's full Schengen accession are making progress, Foreign Affairs Minister Luminita Odobescu told a press conference on Monday, stating that she is "optimistic" about the outcomes."An official decision regarding the final, full entry to the Schengen Area must go through a series of mandatory institutional steps. We are optimistic, but we are still working in this direction and I can say that the outlooks are positive due to Romania's readiness not only in what concerns the fulfillment of the accession criteria, something that is already known, but also thanks to what we did in terms of protecting the EU's external borders, to the permanent and constant dialogue we had with the other states, and to our contribution to ensuring the security of the external borders," the Romanian top diplomat said.Odobescu said that "the last months' results in considerably reducing and, in particular cases, even in eliminating illegal migration in the region are also due to the considerable efforts put in by Romania together with its external partners."The foreign minister said that at his meeting on November 22 in Budapest with his Bulgarian and Austrian counterparts, the Romanian minister of the interior will discuss the exact Schengen accession calendar and the technical details."It's encouraging that the new European Commissioner for Migration has set himself as a goal for his term the completion of this process," Odobescu pointed out.Regarding Romania's inclusion in the Visa Waiver program, the foreign minister said that there is "significant progress"."We are optimistic, the signals are positive, but there are still a number of procedural steps. This month we will receive an assessment mission of the American authorities, after which the Department of State, the Department of Homeland Security and the American Congress must go through a series of internal procedures, which we hope will be completed in a reasonable time, so that next year the Romanian citizens can enjoy Romania's full Visa Waiver status," detailed Odobescu. (Photo: www.mae.ro)

PM Ciolacu on a two-day working visit to London, scheduled to meet British counterpart, local Romanian community

Thu, 14 Nov 2024 00:00:00 +0200

Prime Minister Marcel Ciolacu will be on Tuesday and Wednesday on a working visit to Great Britain, having meetings with British Prime Minister Keir Starmer, House of Commons Speaker, Sir Lindsay Hoyle, and City of London Lord Mayor Alastair King on the agenda, the government said in a release. Also, the prime minister will participate in the Romania - UK Economic Forum due on November 13.His program also includes a visit to a Romanian local church and meeting with members of the Romanian community in Great Britain."The government of Romania is interested in strengthening the Strategic Partnership with the United Kingdom of Great Britain and Northern Ireland on all levels of bilateral interest, adjusted according to the current challenges and opportunities. The Romanian community in the United Kingdom is quite a strong one, and the promotion of the rights of our fellow nationals represents a vital pillar of bilateral cooperation," said Ciolacu, as cited in the release.This is the first visit of a Romanian prime minister to the United Kingdom of Great Britain and Northern Ireland in 17 years, the Executive notes.The official delegation will include Foreign Affairs Minister Luminita Odobescu, National Defense Minister Angel Tilvar, Minister of Economy, Entrepreneurship and Tourism Radu Oprea, Energy Minister Sebastian Burduja, honorary advisor and EP Vice-President Victor Negrescu, and state advisor Nicolae Comanescu.***The Romania - UK bilateral relationship is governed by the Strategic Partnership launched on June 26, 2003, revised in 2011 and updated on March 23, 2023 by a Joint Declaration signed by the two states' Foreign Affairs ministers.The Romanian community in the United Kingdom of Great Britain and Northern Ireland is estimated at over 1.2 million.Romania is represented in the United Kingdom through the Embassy in London and three Consulates General in London, Manchester and Edinburgh. Steps are currently being taken to operationalize the Consulate General in Birmingham and a consular office in Belfast, to serve Northern Ireland.According to the release, the United Kingdom of Great Britain and Northern Ireland is one of Romania's most important trading partners, and the first in the ranking of the countries with which Romania is running a trade surplus (1.6 billion euros in 2023, and one billion euros in the first seven months of 2024).Total trade exchanges in 2024 are estimated at over 4 billion euros. In the first seven months of 2024, provisional data indicate a trade amount of 2.42 billion euros, marking an 8.84% increase in bilateral trade. According to the National Trade Registry Office, as of June 30, 2024, there were 7,011 trading companies with British capital registered in Romania.

Russia Allegedly Interfering in Romanian Elections, Including Presidential Candidates

Thu, 14 Nov 2024 00:00:00 +0200

In a fresh warning over the integrity of Romania’s electoral process, political sources have suggested that Russia is actively attempting to influence the nation’s upcoming elections, potentially by supporting certain presidential candidates. This development, reported by Digi24, comes amid increasing concern over foreign interference in Romanian politics, with implications for both the presidential and parliamentary elections set for later this year. Elena Crangasu, a journalist with Digi24, stated that sources within Romania suggest that Russian proxies and intermediaries are working to manipulate the election. “They are leveraging affiliated organisations and entities, some of which are reportedly financed by Russian interests,” Crangasu noted. This could include support for specific candidates, although no details about these individuals were disclosed. The implication is that Moscow’s influence may reach beyond general interference, potentially impacting the outcome of the presidential race itself. The Romanian Intelligence Service (SRI) is actively monitoring Russian nationals within Romania and is particularly vigilant regarding any individuals or entities challenging Romania’s alliance with the European Union and NATO. The SRI, with a dedicated unit focused on constitutional defence, is also tracking whether any organisations or actors are undermining Romania’s geopolitical position. In addition to Russia, Romanian officials are examining possible influence from other countries, including China and North Korea. Parliament has specifically tasked SRI with investigating whether foreign states or actors could be launching cyberattacks against state institutions or spreading disinformation. The head of the parliamentary SRI committee stressed the importance of vigilance, noting that if threats are identified, the SRI is required to inform the government. Further complicating the election landscape, Romania’s Minister of Digitalisation has raised alarms over well-organised networks of social media trolls. These groups are reportedly operating through accounts created to promote certain candidates or political agendas. The Romanian police are also involved, having launched a criminal investigation into the activities of these alleged “troll farms.” According to government officials, some of these accounts are part of a sophisticated network aimed at influencing public opinion and shaping the election narrative. With the elections just weeks away, both state officials and intelligence agencies are stepping up their monitoring efforts. The SRI and Romanian police are particularly focused on preventing external actors from undermining the electoral process. (Source : https://eutoday.net/)

SIGNAL IDUNA acquires the majority stake in the company Garanta Asigurari

Thu, 14 Nov 2024 00:00:00 +0200

SIGNAL IDUNA continues its expansion on the Romanian market and announces the signing on 1 November 2024 of the agreement for the acquisition of a majority stake in the Garanta Asigurari company, whose main shareholder is The Ethniki, Hellenic General Insurance Company, the no. 1 composite insurer in Greece. The acquisition of the majority stake in Garanta Asigurari company marks a significant step in SIGNAL IDUNA’s development strategy and makes a major contribution to strengthening its position on the local market. This transaction also underscores the strong sign of confidence of the German SIGNAL IDUNA Group’s confidence in the Romanian insurance market and in the activity carried out by the management team, focused on sustainable development and innovation within the insurance sector. The transaction will be completed following the receipt of the necessary approvals from the Financial Supervisory Authority (ASF) and the Romanian Competition Council, as well as the fulfillment of the conditions of sale agreed by the parties. Following the success recorded in 2021 through the acquisition and integration of the two ERGO companies, SIGNAL IDUNA continues and expands the repositioning process as an insurer that offers suitable insurance solutions for any need of Romanians. Tiberiu Maier, CEO of SIGNAL IDUNA ASIGURARE REASIGURARE: “With this recent acquisition, we mark a new significant stage in our journey, which rewards the success and positive results we have achieved in over 16 years of activity in Romania. We are thus taking another firm step towards consolidating SIGNAL IDUNA’s position among the top insurers. In an economic and social landscape characterized by major transformations, insurance has become an essential pillar for the stability and financial security of both individuals and companies. This paradigm shift requires a proactive approach and quick adaptation to market dynamics. In the business environment, agility and anticipation of changes are essential elements for success. With a strong team and diverse expertise, we are ready to continue our strategic plans toward a digital future. We reconfirm our commitment to customers, offering complete insurance solutions and to partners, through the contribution we want to bring together to the development of the insurance market in Romania.” SIGNAL IDUNA reported at the end of 2023 a volume of gross written premiums of over 274 million lei for health and life insurance and over 93 million lei for general insurance.

Four months after launching online lending process, Garanti BBVA reports significant results

Thu, 14 Nov 2024 00:00:00 +0200

Garanti BBVA reports significant results four months after introducing new functionalities in the Mobile Banking app, enabling clients to quickly and easily apply for personal loans and Bonus Cards, without visiting branches. As a result, after 4 months from the launch, we have reached to a point that in October, 13% of loan applications and 21% of Bonus Card requests have been now submitted exclusively online, directly through the app. The bank aims to have the majority of the applications via online channel, considering that money transfers and lending options in the mobile banking application save significant costs and time for customers. Launched in June, the online lending feature allows existing clients to apply for personal loans or Bonus Cards 24/7, from anywhere in the world, using just a smartphone and an internet connection. The fully digitalized process eliminates the need for branch visits and offers a fast response time, providing convenient access to the financial solutions clients need. “We are pleased with the increased interest in our online services and the performance of our digital platform. In just four months, we have seen a significant rise in online applications, which reflects our clients’ trust in our digital solutions. Simplifying access to finance is a key part of our commitment to improving the experience for our existing clients. We are inviting you to be a part of Garanti BBVA’s customer family and experience from first hand our innovations, while comfortably sitting in your homes”, stated Tolga Banyocu, Deputy General Manager, Client Solutions Area, Garanti BBVA. To encourage the use of online services, Garanti BBVA has introduced additional benefits for clients. Those applying for a Bonus Card through Mobile Banking will receive 300 lei in bonus points upon approval, while applicants for personal loans will benefit from zero application analysis commission. This functionality is part of Garanti BBVA’s digitalization strategy, aimed at offering clients greater flexibility and helping them resume their postponed plans. The advantages offered by the app are currently available for existing clients. Other individuals interested in applying online for a personal loan or Bonus Card can do so after initially becoming clients of the bank. Garanti BBVA is currently running an extensive media campaign to promote the new benefits offered to existing customers through the Mobile Banking app. The campaign features the Romanian acapella band Blue Noise, it focuses on communicating the bank’s support in helping customers resume their postponed plans, and will broadcast across all communication channels – TV, cinema, radio, print, and social media. The initiative was joined as well by local influencers Denis Hanganu and Adrian Nartea.

7 key factors Romanian stock market investors should consider in November–December

Thu, 14 Nov 2024 00:00:00 +0200

As the year draws to a close, several critical factors beyond the U.S. presidential election are expected to influence stock market dynamics and shape companies’ performances. Analysts at Freedom24, the trading platform that provides access to the world’s largest stock exchanges, have highlighted 7 key aspects Romanian investors should consider this November and December when making strategic stock investment decisions. Monetary policy and interest rates Federal Reserve decisions: with inflation a persistent concern, the Fed may adjust rates based on year-end 2024 economic data; another hike could pressure growth sectors like tech, while easing could boost stocks in technology, consumer goods, and real estate. Global Central Banks: investors should also monitor the European Central Bank and Bank of England, as higher rates there could affect global markets, especially emerging and debt-sensitive sectors. Corporate income and profitability Q4 earnings report season: the release of Q4 corporate earnings will signal market sentiment. Key sectors like technology, energy, and consumer staples will be in focus as investors evaluate how well companies manage inflation, high interest rates, and geopolitical uncertainty. Profit margins under pressure: high input costs, especially for companies heavily reliant on global supply chains (e.g. semiconductors and industrials), could undermine profit margins. Investors should keep an eye on large companies’ financial projections. Economic downturn in China China's continuing recession: companies dependent on China's growth, such as luxury goods, technology and industrial companies may face performance risks. Investors should also consider the ripple effects of China's slowdown on commodities, particularly oil, copper and iron ore. China's housing market crisis: the ongoing property crisis, with companies such as Evergrande and Country Garden struggling financially, could worsen market instability, affecting global commodity prices and weakening developing economies dependent on Chinese demand. Supply chain disruptions and commodities Oil price volatility: given the conflicts in the Middle East and OPEC+ production cuts, oil prices may stay volatile, with further regional disruptions likely pushing prices higher. This would benefit energy companies but also affect the profitability of oil-dependent sectors such as airlines and transport. Critical Commodities: investors should monitor copper (green energy, tech), lithium (EV production), and uranium (nuclear power)—as supply disruptions or geopolitical issues in key producing regions like South America, Africa, or Australia could drive prices up, impacting market sentiment and sector earnings. Holiday season and consumer spending Retail sector performance: although inflation in the US is slowing, high borrowing costs and stagnant wages could curb consumer holidays spending, which could impact companies in the retail and e-commerce sectors such as Amazon, Walmart and Target. E-commerce growth: e-commerce companies could grow as online shopping increases during the festive season, though increasing shipping costs and logistical challenges may impact profits. Geopolitical risks Conflict between Russia and Ukraine: the ongoing Russia-Ukraine conflict continues to strain global markets, particularly in energy and agriculture, as disruptions in Russian energy supplies could drive up natural gas and oil prices, affecting the European economy. Tensions in the Middle East: escalating tensions between Israel and Hamas, along with Iran, may lead to energy market volatility and impact defence stocks, with potential for further instability and supply chain disruptions in oil and natural gas. Risks of US debt and government shutdown Government Shutdown: the risk of a U.S. government shutdown, due to budget negotiation struggles in Congress, could trigger layoffs, reduced production, and delayed government contract payments, impacting defence, healthcare, and infrastructure sectors. US debt levels: high U.S. debt levels and political gridlock could increase investor uncertainty, potentially raising bond yields and weakening interest-rate-sensitive sectors like utilities and real estate.

Official: Romania's business community is very polarised

Thu, 14 Nov 2024 00:00:00 +0200

Romania's business community is very polarised, given that very few players are burdened with this economy and, last but not least, so is the country, Chairman of Romania's Chamber of Commerce and Industry (CCIR) Mihai Daraban said on Thursday at the Gala of the National Ranking of Companies 2024."This ranking of companies shows us, fortunately or unfortunately, the polarisation of the Romanian economy. We had 866,601 financial report submitters as of August 1 of this year, 2024. 334,870 were processed for this ranking, and on the first 10 places there are 12,897 companies, 12,870 companies that have a total business turnover of EUR 270.15 billion, or 55.14% of the total turnover from the 866,601, whose turnover is EUR 490.66 billion. We are shown once again that the business community in Romania is very polarised. There are very few players who carry this economy and, last but not least, this country. (...) For us, this top is a reflection of the Romanian economy. We draw conclusions, unlike the government - and for years we have been trying to convey to the government that they cannot create economic policies without knowing who the patients on the field, the players, are," said Mihai Daraban.He mentioned that there was "a spectacular growth, from the pandemic year 2021, to the fiscal year 2022.""There was a surge from EUR 392 billion to EUR 494 billion euros, so practically the turnover increased by EUR 102 billion. This year we have reached a plateau. It is a level that, in my opinion - leaving aside the fact that it has fallen slightly from 494 to 490.66 (EUR billion ) is a level that will last longer in the future history of Romania. I don't see any spectacular things, I don't see something wow that will increase this turnover," added Daraban.In his opinion, the business community needs lower taxation, which can be achieved against the background of decreases in public spending."We need a permissive fiscal code. Paradoxically, I know that I am embarrassed to say today that we need a reduced taxation, but this can also be achieved amidst decreases in public spending. I would like us to get to the Tax Code implemented by Victor Ponta, which was probably the most liberal Tax Code after the Revolution, but I don't know to what extent he will be able to have the power of persuasion to introduce it. In any case, we need that permissive tax legislative framework (...) We have to see what the consumer in Romania wants - and try to support - and I am glad to hear the word reindustrialisation - to bring those production entities to meet the requirements of the Romanian consumers," said Daraban. (Photo:https://www.facebook.com/)

National Bank of Romania decides to maintain key interest rate at 6.5% per year

Thu, 14 Nov 2024 00:00:00 +0200

The Board of Directors of the National Bank of Romania (BNR) decided on Friday to maintain the monetary policy interest rate at the level of 6.5% per year, the central bank announced.Also, the CA of the BNR decided to maintain the interest rate for the lending facility (Lombard) at 7.50 percent per annum and the interest rate for the deposit facility at 5.50 percent per annum and to maintain the current levels of the minimum reserve rates mandatory for liabilities in lei and in foreign currency of credit institutions.This year, the central bank decided twice to lower the key interest rate, in July, from 7% per year to 6.75% per year, and in August to 6.5% per year. The key interest rate was unchanged from January 2023.

Report on “Migration of parliamentarians in the 2024 elections”

Thu, 14 Nov 2024 00:00:00 +0200

Most candidates in the parliamentary elections labeled as party-switchers are on the lists of the Alliance for the Union of Romanians (AUR) and S.O.S. Romania, according to a report published Friday by Expert Forum. At the opposite end, the fewest party-switchers are found on the lists of the Save Romania Union (USR). Expert Forum and the Center for Democracy and Good Governance published on Friday, November 8, the report on “Migration of parliamentarians in the 2024 elections”, which analyzes the electoral process of the candidates. “We tried to see, first of all, how much the candidates change, how much the political class renews, if they are the same candidates as in the last elections, if they belong to the same parties. Practically, one of the important questions was whether he walks from one party to another”, explained Septimius Parvu, expert in elections and financing of political parties and Expert Forum representative, for Digi24.ro. The analysis is limited to the parties that have the greatest chances of entering Parliament: AUR, PNL, PSD, SOS Romania, UDMR and USR. 71.33% of the candidates proposed by the parties in the parliamentary elections on December 1 are in their first candidacy. Around 18% of those running in 2024 have run for another round of parliamentary elections in the past (2020 or 2016), while 9% are running for the third time, according to the quoted source. “The classic parties (n.r. PNL, PSD, UDMR) have a lower rate of both party-switching and new candidates. There is a lower rate, we don’t see the same thing as in AUR, SOS, which practically gathered candidates from many parties”, explained the Expert Forum representative. AUR and SOS have the highest number of candidates labeled as party-switchers, with 11% of each party’s electoral lists made up of such candidates, according to Septimius Parvu. “You want many candidates because it’s a show of strength. Having many candidates signals that you’re a party that could matter. For a new party—like we saw with AUR in the last elections—you start small and need to gather candidates from all around. Many who joined come from parties with a populist or sovereigntist message, or from parties that have lost traction,” Parvu explained. Notably, SOS Romania’s founder, Diana Sosoaca, initially won her Senate seat on AUR’s list, only to leave in 2021 and establish SOS. “AUR also appears to have seen internal splits and disagreements, which led to many new candidates. Some members left AUR disillusioned after realizing it wasn’t as expected. Many migrated from AUR to SOS Romania. In sovereigntist parties, we see the highest rate of party-switching,” the expert added. Among traditional parties, the highest percentage of party-switchers is found on the lists of the Social Democratic Party (6.57%). Most of these party-switchers, on average, come from smaller parties that failed to pass the electoral threshold in previous elections, such as PMP, ALDE, or PRO Romania, according to the cited report. However, traditional parties also contribute party-switchers. Nearly 2% of AUR’s candidates come from the National Liberal Party (PNL), while another 2% of former AUR candidates now appear on SOS lists. Another conclusion from the Expert Forum report is that parties like USR, AUR, and SOS are fielding more “new” candidates compared to traditional parties such as PNL, PSD, and UDMR. However, these “new” candidates are often placed at the bottom of the lists, giving them minimal chances of securing seats as deputies or senators. “These findings suggest that parties prefer candidates with experience and the electoral capital they bring over newcomers. However, between a loyal candidate and a party-switcher, loyalty is clearly prioritized by all parties,” the report adds. (Photo:https://expertforum.ro/)

At informal European Council meeting, President Iohannis advocates genuine Energy Union

Thu, 14 Nov 2024 00:00:00 +0200

President Klaus Iohannis participated November 7 - 8 in Budapest in the European Council's informal meeting whose agenda included in-depth discussions on ways to strengthen EU's competitiveness, with the reports 'Much more than a market' by Enrico Letta and 'The future of European competitiveness' by Mario Draghi providing a solid foundation for taking this work forward.According to a release from the Presidential Administration, the EU leaders adopted a political declaration on a new competitiveness deal, which sets forth a series of objectives to boost competitiveness, and which will guide the activity of the European institutions in the coming period.The Budapest Declaration outlines a series of key principles and areas of action in the overall efforts to strengthen European competitiveness, with an emphasis on ensuring economic, social and territorial cohesion, convergence, as well as fair competition conditions within the EU and globally, respectively the commitment to act in unity and solidarity to the benefit of all EU citizens, the business environment and the member states.In accordance with these principles, the declaration highlights the importance of harnessing all instruments and policies in a comprehensive and coherent manner at both EU and member state level, and underlines the role of the Single Market as a driver for innovation, investment, convergence, economic growth, connectivity and economic resilience.Also, the declaration refers to the need for decisive progress towards a Savings and Investments Union, especially by expediting the completion of the Capital Markets Union. Furthermore, the document mentions the need for an industrial renewal of the EU, allowing the bloc to remain an industrial and technological powerhouse, noting that the growth of tomorrow's key technologies must be pursued, while also paying particular attention to traditional industries in transition.Another point of the declaration highlights the importance of defense readiness, including by strengthening the technological and industrial base capabilities in this sector, of research and innovation, strategic energy sovereignty, and working towards the goal of climate neutrality, promoting circular economy, digital transformation, an ambitious, strong and open commercial policy, as well as a competitive, sustainable and resilient agricultural sector capable of ensuring a stable and predictable framework for farmers.In support of these objectives, the declaration refers to the need for a simplification revolution, which will lead to the reduction of the administrative, regulatory and reporting burdens, in particular for SMEs.According to the Presidential Administration, during the discussions, President Klaus Iohannis pointed out the significant role of competitiveness in the future actions of the EU, in the new legislative cycle, as the Union wants to position itself as a global leader in the new geopolitical context marked by increasingly complex challenges. The head of the state also referred to the importance of a comprehensive vision in defining the priority directions for strengthening competitiveness, taking into account the role of European action in all areas: economic growth and investments, industry, connectivity (with all its components - energy, transport, digital), defense, education, or the combat of climate change."President Klaus Iohannis drew attention to the importance of a balanced approach, by establishing feasible targets and deadlines, taking into account the specificities of all member states," the cited source said.The head of the state emphasized that the cohesion policy represents one of the successful European policies, that produced concrete results, and is at the same time a key factor for competitiveness. In this thread, he insisted that the cohesion policy and convergence must remain the guiding lines for the future actions to strengthen the Union's competitiveness.President Iohannis also pointed out the need to fully unlock the potential of the Single Market, as a driver for European cohesion and competitiveness, advocating the removal of all barriers and full freedom of movement for all components, for a fully functional Single Market.The head of the state pleaded for the consolidation of connectivity, including interconnectivity with neighboring EU states, as a strategic priority of the Union, and welcomed the focus on the revitalization and modernization of European industry, stressing in this context the importance of supporting efforts to increase the competitiveness of large energy-intensive industries and ensure favorable conditions for a unitary and balanced development of the EU production capacities. He dwelled on the need to consolidate the defense industrial base in an inclusive manner, which should take into account the role of the member states in the vicinity of the Ukraine war, such as Romania.Highlighting the regional disparities in energy prices, Iohannis said that this remains an important challenge that requires attention to ensure a fair green transition, as a stable, integrated and resilient energy system is essential for increasing the EU's global competitiveness.President Klaus Iohannis expressed support for the goal of creating a true Energy Union that would ensure access to energy at affordable, safe and clean prices for all its citizens and businesses, as well as increased connectivity. In this context, Iohannis pointed out the benefits the inclusion of partner countries such as Ukraine and the Republic of Moldova in border interconnection projects can bring, not only from the perspective of security, but also in terms of competitiveness of the EU and its neighborhood. As far as financing for competitiveness-boosting actions is concerned, he spoke of a mix of public and private sources, which remains the main engine of European competitiveness.President Iohannis also highlighted the fact that achieving the goals of increased competitiveness and double transition will depend on the Union's ability to ensure their coherence with the social policy and to offer tangible benefits and well-being to European citizens.According to the head of state, the agri-food sector represents an integral part of increasing the EU's competitiveness overall, and the farmers' position in the food supply chain must remain a priority.The discussions at the Budapest meeting also tackled the outcome of the U.S. elections, with European leaders welcoming the results and underlining the importance of the Strategic Partnership between the EU and the United States, which is vital for the security and well-being of citizens on both continents and beyond. The EU leaders also showed that, in the current context, strengthening the resilience and competitiveness of the EU is all the more necessary and relevant, including for achieving the common strategic objectives in the relationship with the U.S. (Photo:https://www.presidency.ro/)

IBC Focus Study: 6 out of 10 builders estimate business increase in 2024

Thu, 14 Nov 2024 00:00:00 +0200

Six out of ten important builders in Romania estimate a business increase this year, according to IBC Focus study, active in the market monitoring building sites and construction projects in Romania. According to the company, over half of the big constructors faced financial blocking for large projects, and their biggest problems concern labor force. One out of five builders see a business stagnation and 20% consider they will register income drops at the end of 2024. The optimism of big constructors is also seen in the hiring intentions of building companies: 62% of managers and entrepreneurs say the number of employees has risen in 2024 compared to 2023. Builders in Romania are counting especially on public works as growth engine this year: infrastructure – 86%, medical- 40%, equal to works represented by social units and buildings (30%). In the private area, industrial investments rank second as growth engine – 51%, followed by the retail domain- 18% and the residential one -16%. Not all is pink in the construction market and there are challenges which must be faced by big builders. Thus, over half og big builders have been faced with financial blocking for large projects. In the last 12 months, delays in construction works were caused by several dactors. Financial blockings are the main cause, representing 56% of problems reported,”said Andrei Spataru, CEO IBC Focus. Thus, financial problems have seriously affected the companies' capacity pay subcontractors, to purchase essential materials and to maintain the planned work rate. Two out of three builders consider that competition will grow in the next years. According to available data, ost entrepreneurs anticipate an increase of competition because of new players entering the market, this opinion being expressed by 44.90% of respondents. Another important factor which contributes to changes in competition dynamics is technological innovation, mentioned by 21.43% of respondents. For the first time in Romania's history, the number of companies in the construction field exceeds 90,000 companies which shows us that the construction sector is attracting more players. The biggest problems of big constructors concern labor force. The increase of direct costs with labor force is the problem most often indicated by big constructors (69%). Ranking third, after project delays is education and insufficent training in the construction field. Thus, 7 out 10 builders declare they continue to have a deficit of specialized labor force. Employing foreign workers is already a pactice often seen in the construction area. However, 45% of big builders prefer to work and still find human resources from Romania exclusively. The market analysis is made by IBC Focus following quality questionnaires applied to the biggest 100 builders in Romania. The complete picture of the construction market as well as the list with profiles of the most powerful 100 builders in Romania is available on a yearly basis in TOP 100 General Entrepreneurs in constructions year book. (Photo: https://www.facebook.com/IBCFocus/)

Coface’s CEE TOP 500 COMPANIES: Poland ranks first, followed by the Czech Republic and Hungary

Thu, 14 Nov 2024 00:00:00 +0200

The CEE region recorded its weakest growth rate this century, with GDP growth at just 0.7% in 2023; Only half of the CEE countries saw an increase in turnover among the top 500 companies, revealing disparities in economic performance; The automotive and transport sector regained its position as the largest sector, growing its turnover by 16.8%; Net profits among the 500 declined by 17.4% due to rising operational costs and weaker demand. The CEE Top 500 study highlights a turbulent economic environment for Central and Eastern Europe’s largest companies in 2023. After years of resilience, businesses in the region faced significant challenges from contracting domestic and external demand, high inflation, rising costs, and geopolitical tensions. This trend persists into this year, although domestic demand has largely rebounded, and inflation has eased to a lower level. The 16th annual study by Coface ranks the region´s biggest 500 companies by turnover and analyses additional indicators, including number of employees, the business frameworks, sectors, and the Coface company credit assessments. The economic performance of the CEE Top 500 provides a valuable indicator of regional market trends. Top 500 players show increased turnover and workforce, but decrease in net profit “The CEE region faced unprecedented economic challenges in 2023 with a combination of high inflation and weakened consumer demand affecting even the largest companies,” said Jaros?aw Jaworski, CEO Coface Central and Eastern Europe, “Despite these obstacles, many companies managed to sustain their turnover, showcasing resilience in a difficult environment.” The overall turnover of all 500 companies increased slightly by 2.5% to 1.1 trillion euros. Aggregated net profits dropped by -17.4% to 44,909 million euros. In addition, these companies employed 2.4 million people (+1% vs. the previous year). Poland leads the way and the automotive excels Poland continues to dominate, with PKN Orlen strengthening its top position thanks to a 34% increase in turnover, following accelerating by 111% in the previous year. The top ten also includes well-established names like Czech Skoda Auto (2nd), the multinational oil and gas company MOL Hungary (3rdrd), retailer Jeronimo Polska (4th), the Polish energy company PGE (5th) and Hungarian MVM Energetika (6th). From these, only Hungarian companies recorded the decline in turnover, while others generated higher revenues than in the previous year. Volkswagen Slovakia (8th) returned to the top 10, while other high-ranking automotive companies also saw higher turnover in the environment of increasing prices and improved their positions. Except of the Slovak branch of Volkswagen mentioned above, newcomers to the top 10 also include Volkswagen, the Polish State-owned gambling company Totalizator Sportowy (7th) as well as Polish electricity traders ENEA (9th) and Tauron Polska Energia (10th), each achieving double-digit turnover growth, a welcome benefit of the current market situation. Top Performers Several companies stand out for their remarkable growth in 2023, representing various sectors due to the diverse economic and business environment. The biggest progress was achieved by the Polish electricity company ENIQ, which moved up 315 places thanks to the surge of turnover by 183%. Similarly, Bulgaria's Lukoil and BYD Smart Device Hungary, a producer of electronic components for one of China’s largest car manufacturers, also saw impressive gains. Romania ranks 4th with 54 companies The fourth most significant country in the ranking is Romania with 54 companies, i.e. six fewer than previously. Compared to 2022, revenues at Romania’s largest companies decreased by 6.9%, while net profits dropped by 21.5%. Aggregated turnover amounted to 97.8 billion euros in 2023, while the average Coface assessment reached 7.0, the highest level among analysed CEE countries that Romania shares with Croatia. Minerals, chemicals, petroleum, plastics & pharma constitute the largest sector among the largest Romanian companies as it accounts for the biggest share in terms of generated turnover (27%). Next up is non-specialised trade as well as automotive and transports, with the share in turnover reaching 20.8% and 17.0%, respectively. Minerals and automotive are also sectors with the highest representation of Romanian companies in the current ranking. Sector Analysis: The Automotive Rebound Making a shift from previous years, not all sectors recorded turnover increases in 2023. Sectors that struggled included energy-intensive industries like metals, paper, and wood as well as utilities & public services. After three years, the automotive and transport sector reclaimed the top spot, with a 16.8% increase in turnover and a 40.8% rise in net profits, buoyed by improved car sales. The year 2023 was challenging for households and businesses and, as a result, they limited their spendings for durable goods, but not for vehicles. EU car sales climbed for the first time since 2019. The minerals, chemicals, petroleum, plastics & pharma sector, traditionally the largest, dropped down to second place this year, with modest turnover growth but a 42.8% drop in net profits, as CEE oil & gas companies faced challenging refining margins amid fluctuating oil prices and decreasing natural gas prices. Non-specialized trade entered the top three, supported by rebounding consumer demand driven by low unemployment and rising wages. “Turnover growth of largest companies in the CEE region was moderate (+2.5%) last year, yet still stronger than weak GDP growth (+0.7%). In 2024 and 2025 regional economies are improving thanks to recovering household consumption. That being said, challenges loom large for companies, even the biggest ones. While tight domestic labour markets make job vacancies hard to fill even with higher wages, the external situation remains the main threat, limiting CEE’s output and exports”, explains Grzegorz Sielewicz, Regional Chief Economist Central and Eastern Europe.

Romanian entrepreneurs support keeping individual flat tax in place, caution against looming over-indebtedness

Thu, 14 Nov 2024 00:00:00 +0200

Romanian Business Leaders (RBL), the representative foundation of Romanian private businesses, supports keeping in place the flat tax for individuals, without exceptions, doubled by state efforts to reduce and render its own expenses more efficient, RBL said in a release on Thursday.The businesspeople draw attention to the fact that the 2025 - 2031 medium-term national structural budget plan presented by the government to the European Commission for reducing the budget deficit is not clear about how the gap will be concretely narrowed and consider that over-indebtedness is looming as the only way to support, in addition to public investments, an inefficient state apparatus, unable of truly reforming itself."At the end of October 2024, the government of Romania unveiled the medium-term national structural budget plan for 2025 - 2031, a plan intended to reduce the budget deficit and which was tabled to the European Commission. Through this document, the government undertakes to ensure a budget-adjusting trajectory from 7.9% (estimated for 2024) to 2.5% of GDP in 2031. However, the plan does not provide clarity on how this reduction will be achieved in real terms. As representatives of the Romanian business environment, we are actively concerned about the lack of financial sustainability of the electoral promises. We are truly worried about the cost that will ultimately affect the economic milieu," the document reads.As the end of the year is the time for devising business plans for the future, the Romanian businesspeople point out that, in a context marked by unpredictability, their development plans are now replaced by strategies to adapt to the most pessimistic scenarios, noting that the government's plan provides for an increase of just 0.5% of GDP for the improvement of collection (where the fight with tax evasion really resides) starting in 2026, followed by an increase of 0.2% of GDP in 2031.Also, the plan foresees a cut of public personnel expenditures from 9.3% of GDP in 2024 to 8.9% of GDP in 2025, and 8.3% of GDP in 2031, yet without providing details about a true shake-up of the public apparatus.Instead, the assumed interest rates will increase from 2% of GDP in 2024 to 3.5% of GDP in 2031.The estimate of cuts in social assistance expenses from 12.5% of GDP in 2024 to 10.7% of GDP in 2031 is also unclear, as nothing is specified about a reform of pensions, social assistance or the health system, RBL notes. Forecasts regarding the increase in the public debt's GDP share start from 48.9% in 2023, follow a continuous upward trend to over 60% of GDP in 2026 - 2031, and subsequently decrease to 47.9% of GDP in 2041, the cited document underlines.In Romania's current electoral context, RBL compares the electoral programs of PSD, PNL and USR, noting that "We look at these political platforms with a sentiment of concern, since none of them clearly indicates how the budget deficit will be slashed, as shown by the downward trajectory outlined in the medium-term national structural budget plan for 2025 - 2031. Besides the need to cover the budget deficit for the expenses already included in this plan, in the current election campaign the politicians continue to promise tax cut or tax facilities, showing a lack of economic coherence. And, then, we ask ourselves: Who actually takes responsibility for this plan to reduce the budget deficit, who will actually implement it and who will ultimately bear the related costs? As the current government announces that it will not increase taxes and fees, just as all the electioneering political parties declare in unison, and, moreover, with promises of tax reductions being tossed about while expenditure-cutting structural changes are nowhere clearly announced, borrowing remains the only logical way to bring the necessary money to the budget," the entrepreneurs argue.In their opinion, this repetitive behavior, doubled by the lack of a vision of the current global economic and geopolitical context denotes heedlessness and lack of political responsibility, and they reference the recent example of Greece as a grim reminder in such a geopolitical setting.The Romanian Business Leaders Foundation (RBL) is an impartial, apolitical organization, serving as the the voice and the action vehicle of the leaders from the private business milieu.

American, Romanian experts discuss trends in complex financial investigations, money laundering mechanisms

Thu, 14 Nov 2024 00:00:00 +0200

American and Romanian experts from the public and the private sector met on November 6 and 7 in Brasov to discuss the key trends in complex financial investigations and money laundering mechanisms, in an event organized by the U.S. Department of Justice's Office of Overseas Prosecutorial Development, Assistance and Training (OPDAT) and the National Anticorruption Directorate, the U.S. Embassy informed in a release.According to the cited source, the meeting highlighted the cooperation between the United States of America and Romania in combating transnational financial crimes, and identified possible areas of cooperation with the law enforcement agencies from both countries.U.S. ambassador Kathleen Kavalec expressed appreciation for the high level of cooperation between the U.S. and Romania in combating financial crime, for the effective prevention of fraud and for strengthening citizen security, emphasizing that law enforcement cooperation represents a consolidation of the shared democratic values, especially of the rule of law.The United States and Romania are committed to working together to combat transnational financial crime and corruption and to ensure that the proceeds of crime are returned to victims, regardless of whether they are individuals or citizens of our nations, said Peter Halpern, Resident Legal Advisor with the U.S. Embassy, U.S. Department of Justice/OPDAT.The conference program included six sessions in which experts discussed financial crime patterns, money laundering included, participated in interactive debates, and also presented case studies and real work scenarios. The participants exchanged best practices, shared key lessons learned and identified current trends in complex financial investigations. (Photo:https://www.facebook.com/bucharest.usembassy)

Aligning with OECD’s Pillar 2: Romania and Türkiye are implementing the global minimum tax to promote fairer business practices

Thu, 14 Nov 2024 00:00:00 +0200

The Pillar 2 Global Anti-Base Erosion (GloBE) rules have been developed by the Organisation for Economic Co-operation and Development (OECD) to provide a common system of taxation that ensures multinational enterprises (MNEs) pay a global minimum tax (GMT) of 15% in each jurisdiction where they operate and generate income. In a significant step towards global tax fairness, both Romania and Türkiye have adopted these rules to create a level playing field for businesses in the market. In Romania, the Pillar 2 initiative was transposed into the domestic tax legislation through Law no. 431/2023, ensuring that multinational enterprises (MNEs) operating in Romania will pay a minimum effective tax rate of 15%. The key rules under this initiative include: Income Inclusion Rule (IIR): This applies when the top-up tax is due in the jurisdiction of the group parent entity. Under Taxed Profits Rule (UTPR): When IIR is not applicable in the jurisdiction of the group parent entity, this rule imposes top-up taxes in another under-taxed jurisdiction. According to Liviu Gheorghiu, Tax Partner at Forvis Mazars in Romania, “Multinational entities should begin collecting data for the first reporting covering FY 2024 which will be due in June 2026. The introduction of the global minimum tax brings Romania in line with international standards and ensures a fairer competitive environment for businesses operating here.” Türkiye has also embraced Pillar 2 in alignment with the OECD/G20 BEPS framework. The Turkish authorities adopted a two-tiered approach, introducing both the global Pillar 2 rules and a Domestic Minimum Tax (DMT), which ensures that corporate income tax cannot be less than 10% of corporate earnings. The Pillar 2 measure will come into effect for fiscal years starting from January 2024, while the DMT will come into effect for fiscal years starting from January 2025. Key aspects of Türkiye’s approach include: Qualified Domestic Minimum Top-up Tax (QDMTT): Ensures MNEs pay at least 15% tax. Transitional CbCR Safe Harbour: Provides relief for entities with low revenues or simplified effective tax rates, allowing certain jurisdictions to avoid top-up taxes. Romania's improved tax rules and transparency efforts In addition to the global minimum tax, Romania has moved towards VAT digitalisation through the introduction of e-VAT, a pre-filled VAT return system designed to enhance tax collection and reduce errors. The e-VAT system became operational on 1 August 2024, and covers economic activities conducted from 1 July 2024. The system integrates data from various sources, including e-Invoice, e-Transport, and e-SAF-T, and is designed to simplify VAT returns for taxable entities. Once the pre-filled VAT returns are submitted to the registered entities via the Virtual Private Space, they must verify the data and address any discrepancies identified by the ANAF. „Notably, if a business fails to respond to discrepancies - defined as differences of at least 20% or a minimum of RON 5,000 - within 20 days, it will face fines ranging from RON 1,000 to RON 10,000, depending on the company’s size. Failure to provide or correct information by January 2025 also places entities at risk for tax inspections or improper VAT refunds.”, mentioned Mihaela Hampu, Senior Tax Manager, Forvis Mazars in Romania. Key features include: Pre-filled returns: Automatically generated from economic activities reported in the national tax systems, accessible to VAT-registered entities by the 5th of each month. Compliance monitoring: If discrepancies of at least 20% or a minimum of RON 5,000 exist between filed and pre-filled returns, the tax authority (NAFA) will notify taxpayers, allowing 20 days to respond before potential fines. Moreover,ANAF has intensified its tax audit activities. In June 2024 alone, over 4,200 inspections and 1,700 anti-fraud controls were conducted, targeting sectors like transport, retail, and manufacturing. The VAT remains a central focus of these inspections, underscoring the authority’s commitment to reducing Romania’s VAT gap. Noteworthy aspects of tax audits include: Fines for non-compliance: From January 2025, large taxpayers face fines ranging between RON 5,000 and 10,000 if discrepancies in VAT returns aren't resolved in time. Focus on VAT refunds: Entities at risk of improper VAT refunds face potential tax audits and anti-fraud investigations. As both Romania and Türkiye tighten their fiscal controls and introduce more stringent tax frameworks, businesses will need to proactively manage their compliance strategies to ensure they meet both domestic and international tax standards. Preparing now for these sweeping changes will not only help avoid penalties but also support long-term financial planning and stability in an increasingly regulated global market.

Gov't approves bill for purchase of 32 F-35 fighter jets

Thu, 14 Nov 2024 00:00:00 +0200

The government approved on Thursday a bill for the purchase of 32 F-35 fighter jets, the Executive's spokesman Mihai Constantin announced."A bill was approved and sent to Parliament in a fast-track procedure, proposing that the Government of Romania award the Government of the United States of America the 'Offer and Acceptance' contracts for the purchase of 32 F-35 aircraft, engines, munitions, initial logistic support, permanent access to the F-35 global support chain, equipment and aircrew training services, support staff and aviation technical staff, special regime cryptographic equipment, specialized assistance, as well as the realization of industrial cooperation projects consisting in the transfer of technology or products. The necessary funds shall be provided from the state budget, through the budget of the National Defense Ministry, through loans or loan guarantees offered by the U.S. Government, or through a combination of these options," Mihai Constantin told a press conference at the Victoria Palace of Government.Also, the proposal was made for the National Defense Ministry and the Ministry of Economy, Entrepreneurship and Tourism to conclude specific industrial cooperation agreements with the manufacturer of the F-35 aircraft, Constantin added.

At EPC round-table meeting on migration, President Iohannis advises short- and long-term solutions

Thu, 14 Nov 2024 00:00:00 +0200

President Klaus Iohannis drew attention on Thursday, at the fifth Summit of the European Political Community (EPC), to the fact that migration remains an important challenge at the European level, which requests a common and comprehensive response and reiterated that for Romania accession to Schengen is not only a political objective, but a firm commitment to the European project.The agenda of the meeting in Budapest included, according to a press release from the Presidential Administration, a plenary session dedicated to the security challenges facing Europe, with an emphasis on the situation in Ukraine, as well as discussions in working groups, in a restricted format, on issues related to migration and economic security."The discussions of the leaders during the plenary session evoked the significant impact of the Russian aggression against Ukraine on the entire continent, but also at the global level, underlining the need for a coordinated action at the European level to continue supporting Ukraine, which is fighting for the defense of independence, sovereignty and its territorial integrity. The President of Romania participated in the discussions in a restricted format on the subject of migration. In his intervention, President Klaus Iohannis drew attention to the fact that migration remains an important challenge at the European level, which requires an answer common and comprehensive, both internally and in relation to the countries of origin and transit. The President of Romania emphasized the need for a constant approach to this challenge which is at the center of political debates in many European states, as developments regarding migration continue to be worrisome against the background of the conflict in the Middle East and the continuation of the war in Ukraine", the cited source informs.President Klaus Iohannis evoked a series of important priorities in the European action in the management of migration for the next period."Thus, the President of Romania emphasized the importance of an effective implementation at the EU level of the Pact on migration, a tool that can also prove useful in the relationship with partners outside the EU. At the same time, he mentioned that Romania is already implementing some of the provisions of the Pact, through the pilot-project carried out at the border with Serbia, which proved to be an example of good practices in terms of returns, asylum procedures and the prevention of illegal migration. Also, President Klaus Iohannis referred to the importance of regional operational cooperation, which proves to be equally measure, an effective instrument of action, highlighting the recent experience of the projects that Romania carries out together with other European partners (Bulgaria, Greece, Austria, Hungary and Slovakia) and with the European Commission, with a view to the efficient management of migration", the Presidential Administration reports.Iohannis emphasized that Romania remains engaged both in the implementation of effective measures in terms of migration management, as well as in ensuring the security of the external borders of the EU and in fully assuming its role as a member state that applies the Schengen acquis.As to the methods of long-term approach to the phenomenon of migration, the President referred to the importance of using in a coherent and coordinated manner all the tools available to the EU and the member states, including through the development of common methods of action in areas such as development assistance, combating organized crime, early warning mechanisms and monitoring."The President of Romania said that it is essential to manage migration in connection with internal security and thus emphasized that our country ensures a consolidated protection of the external borders of the EU, with substantial results in controlling and preventing illegal migration. In this context, President Klaus Iohannis pointed out the need to restore trust in the successful projects of the Union, such as the Schengen area, through a common and efficient action of the member states. In this sense, he reiterated that for Romania the completion of the Schengen accession process is not only a political objective important at the national level, but also reflects the firm commitment to the European project", according to the cited source.On the sidelines of the EPC Summit, a meeting dedicated to supporting the Republic of Moldova was held, attended by the President of the Republic of Moldova, Maia Sandu, the leaders from Romania, France, Italy, Poland, Great Britain, as well as the President of the European Council and the President of the European Commission.The President of Romania congratulated Sandu, together with the other leaders, for the result in the recent elections, expressing his appreciation for the reform efforts of the last period, materialized in constant progress, despite the challenges generated by threats and interferences from Russia, which intensified in the electoral context. President Klaus Iohannis also emphasized the need to maintain the alert pace of reforms, the high degree of institutional vigilance, as well as the application of the lessons learned during the current elections and in the perspective of the 2025 parliamentary elections."Also, Romania once again expressed its appreciation for the positive result of the constitutional referendum, which will allow the inclusion of the objective of joining the European Union in the Constitution of the Republic of Moldova. The President of Romania pleaded for continued support from the EU and the states members and partners in favor of the Republic of Moldova, the participating European leaders reaffirming their commitment to continue this support for the Republic of Moldova to achieve its goals of peace and democracy. President Klaus Iohannis referred, in a broader context, to maintaining support for the European democracies that are subject to outside interference, visible including in the case of electoral processes such as those recently carried out in the Republic of Moldova or Georgia", the press release also states.At the end of the meeting, the participating leaders adopted a joint statement by which they welcome the results of the referendum and the presidential elections in the Republic of Moldova, pledging, at the same time, to the continuation of the necessary support so that the country can continue the reforms and the fight against external interference.The President of Romania had, on the sidelines of the EPC Summit, a bilateral meeting with the new Secretary General of the Council of Europe (CoE), Alain Berset, who took over the mandate in September 2024. During the discussions, the Secretary General of the CoE presented the priorities of his mandate, with emphasis on the revitalization of democracy and support for Ukraine in the fight against Russian aggression. President Klaus Iohannis assured that our country fully supports the Organization and its values and will remain actively involved on all levels of priority actions, for effective multilateralism. (Photo:https://www.presidency.ro/)

Gross energy consumption, down by 3.5% in 2023, petroleum products import, up by 29.3%

Thu, 14 Nov 2024 00:00:00 +0200

Imports of energy resources decreased by 5.5% in 2023 compared to the previous year, while gross domestic energy consumption decreased by 3.5% and final energy consumption recorded a 3.2% decline, it shows provisional data published on Friday by the National Institute of Statistics (INS).According to the quoted source, at a general level, the total energy resources available in 2023 have decreased compared to those in 2022, up to 42 million tons of oil equivalent (toe), during which the primary energy production decreased by 1.5%.Also, more significant decreases in resources were recorded for imported coke (-49.5%), coal (-21.6%) and crude oil (-11.1%).On the other hand, the resources of imported petroleum products (+29.3%), hydroelectric, wind, solar photovoltaic and nuclear heat (+10.0%) and natural gas (+6%) increased.The INS data reveal the fact that, in 2023, primary energy production (21.918 million toe) decreased by 344,000 toe compared to the similar period in 2022, against the background of the decrease in coal and soot production. In contrast, the production of electricity from renewable sources increased by 437,000 tep (+21.8%) and the production of usable natural gas by 129,000 tep (+1.7%).Regarding the import of energy products, it decreased, in the analyzed period, by 5.5%, due to the decrease in imports of coal and coke (-49%), coal (-15.3%) and usable natural gas (-6.2%). At the opposite pole was the import of petroleum products, with a jump of 29.3%.From one year to another, in 2023, the final energy consumption, for the total economy, decreased by 3.2%, as a result of the activities in industry (-13.8%), for the population (-4.3%) and from agriculture and forestry (-2.7%). Consumption from transport and other branches of the economy increased by 3.9% and 3.8%, respectively.At the same time, in the total final energy consumption, transport consumption has the largest share (33.7%), followed by population consumption (32.5%) and industry consumption (21.3%).

Hidroelectrica, Norwegian company SINTEF launch joint project in electricity production

Thu, 14 Nov 2024 00:00:00 +0200

The companies Hidroelectrica (from Romania) and SINTEF (from Norway) have started the implementation of the project "Networking, Exchange, Sharing and Transfer of Knowledge, Technology, Experience and Practices in the field of electricity production in hydropower plants," Hidroelectrica informs in a press release sent on Monday.In March 2024, the first information regarding the opening of the "Open Call for Bilateral Cooperation in the Green Transition" got published. The presentation workshop took place on April 23, 2024, with the allocated budget being of 1,250 million euros, granted through the EEA & Norway Grants 2014 - 2021 financing instrument.The EEA and Norwegian grants are funded by Iceland, Liechtenstein and Norway. The grants have two objectives - to contribute to an equal Europe, both socially and economically - and to strengthen the relations between Iceland, Liechtenstein and Norway and the 15 beneficiary states in Europe. The objective of the grants is to reduce social and economic disparities and to strengthen bilateral relations. This strengthens the internal market, leading to a more prosperous Europe."Considering that applying to this call is an opportunity to better contribute to the energy transition in Europe by strengthening the collaboration with one of the most important representatives of the Norwegian and global hydropower sector, by carrying out well-defined activities related to our common needs of improvement and development, benefiting from financing under the EEA & Norway Grants Programme, the team of specialists in accessing financing at Hidroelectrica developed and submitted the financing application within the requested deadline, on May 31, 2024," the press release reads.According to the conditions mentioned in the call documents, Hidroelectrica and SINTEF were considered eligible to access this financing instrument, which represents an opportunity for Hidroelectrica to obtain specialized support from a company with European experience, for the development of the knowledge and skills of its own specialists in the implementation at the company level of modern solutions to optimize the programming of the operation of hydroelectric power plants that will lead to the efficiency of production and subsequently of the trading of electricity produced from renewable sources in the capacities in the portfolio.Hidroelectrica, the most important Romanian electricity production company with a long history in the operation of hydropower plants, aiming at the further development of a sustainable energy system, will carry out this project together with the Norwegian company SINTEF, recognized as a world leader in solutions to optimize operation programming hydroelectric power plants.Hidroelectrica operates 187 hydropower plants with a total capacity of 6.3 GW and owns a wind farm with an installed power of 108 MW, covering 13.9% of the competitive electricity market in the country.

Rompetrol Quality Control, 20 years of excellence in the field of technical analysis

Thu, 14 Nov 2024 00:00:00 +0200

Rompetrol Quality Control (RQC), the laboratory division of the KMG International Group, celebrates 20 years since its establishment. Since 2004, the company has carried out over 12.5 million technical analyses, directly supporting the Petromidia Navodari and Vega Ploiesti refineries, as well as the only petrochemical division in Romania. The company, which employs 215 employees, 80% of whom are women, is a landmark in the market of providers of complete testing services on environmental factors (water, air, soil), petroleum products (liquid, soil, and gas), biofuels, petrochemical products, ecological solvents, bitumen, waste, professional noxes, mask and breathing apparatus checks. “In the laboratories of the Petromidia and Vega refineries, we have a young group of experts who are always bettering themselves and educating the next generation of laboratory testing specialists for the hundreds of test types we are proud to offer. We have grown steadily over the past 20 years and are now among the top companies performing specialized technical testing and analysis”, said Laura Munteanu, Commercial Manager Rompetrol Quality Control. Rompetrol Quality Control is the only company in Romania that can carry out complete tests on gasoline and diesel, under RENAR (Romanian Accreditation Association) accreditation. It is certified by the Romanian Automobile Register, for tests on biodiesel. Moreover, the tests carried out by RQC are recognized worldwide, as RENAR is a signatory of the ILAC-MRA (International Laboratory Accreditation Cooperation - Mutual Recognition Agreement). The company owns the only laboratory in the country specialized in specific polymer testing and is authorized as a “Laboratory for Construction Material Analysis and Testing” in the MD – Road materials and MP – Protective materials against corrosive agents profiles. Niche products, such as hexane, solvent for polymerization, and food grade for the extraction of vegetable oils, are also tested in a specialized laboratory located on the Vega Ploiesti platform. For interventions in case of accidental pollution, Rompetrol Quality Control is equipped with a mobile laboratory that measures specific indicators for pollutant emissions into the atmosphere, the system used is compliant with European Union requirements. Over the years, RQC has participated in several environmental projects, contributing to the free monitoring of air, water, and soil quality in major cities and monitoring parameters in the coastal area. Rompetrol Quality Control was founded following the outsourcing of the petroleum products and environmental laboratories from the Petromidia refinery, the takeover of the Vega refinery laboratories (2006), and, later, of the Petrochemicals laboratory (in 2013). Just one year after its establishment, RQC laboratories have received recognition from the Ministry of Economy and Trade, within the “National Gasoline and Diesel Fuel Quality Monitoring Program”. Initially set up as a laboratory division for the Group's refineries, RQC provided services to the other member companies of KMG International (Rompetrol) and soon expanded its activities nationwide. It has thus become a major player in petroleum product, environmental, and petrochemical product analysis, with contracts and collaborations with more than 350 private companies and state authorities. Rompetrol Quality Control was the first company in Romania to complete the implementation of a Laboratory Information Management System (LIMS) in 2008 as part of its strategy to automate and optimize laboratory processes and operations and continues to improve its functionality. KMG International (Rompetrol), the Group of which Rompetrol Quality Control is part, has major operations in refining and petrochemicals, retail, trading, and industrial services in 11 main markets. In Romania, the Group operates the Petromidia Navodari refinery, the largest and one of the most modern in the Black Sea region, Vega Ploiesti, the longest operating refinery in the country (1905), the only producer of bitumen and hexane in Romania and the Petrochemicals Division, the only domestic producer of polymers.

Margareta of Romania Royal Foundation - Nedland Kultur, Norway to launch

Thu, 14 Nov 2024 00:00:00 +0200

A project to support contemporary art and emerging artists will be launched on Thursday by the Margareta of Romania Royal Foundation, a cultural initiative developed in partnership with Nedland Kultur from Norway.''The Margareta of Romania Royal Foundation, as promoter, is launching "Talent 35 - Supporting and promoting emerging artists and contemporary art", a bilateral cultural initiative developed in partnership with Nedland Kultur from Norway. The initiative will contribute to supporting contemporary art and emerging artists, raising awareness of cultural diversity and strengthening cooperation and cultural exchange between Romania and Norway," reads a press release sent on Wednesday.The launch conference of the bilateral initiative ''Talent 35'' will take place on Thursday, from 12:00, in an online session.Emerging artists, cultural institutions, stakeholders and other key target groups will have the opportunity to find out about the proposed objectives and planned activities and how they will be realized.Through this initiative, the experts involved in the project and 60 young emerging artists from Romania and Norway will exchange know-how, best practices and creative and cultural experiences. A classical music concert and an exhibition of contemporary visual art will be organized with the participation of 35 artists, and an album of selected works will be published.The project will run from November 2024 to February 2025 and contributes to supporting contemporary art and emerging artists, as well as to promoting cultural diversity, cooperation and cultural exchange between Romania and Norway to an audience of 1,000 people, the cited source specifies."Talent 35" pursues the following activities: an exchange of know-how and best practices in the creative and cultural field in Norway by three experts from the project team; an exchange of creative and cultural experiences between emerging artists from Romania and Norway for 60 participants, through online sessions; organization of a concert involving 10 young emerging young musical artists and the participation of an audience of 800 people; realization of a contemporary visual art exhibition involving 25 young emerging visual artists and the participation of an audience of 200 people; publication of a contemporary art album in 400 copies.The bilateral initiative "Talent 35 - Supporting and promoting emerging artists and contemporary art" is implemented by the Project Management Unit of the Ministry of Culture, as RO-CULTURA Program Operator, in partnership with Arts and Culture Norway, as program partner, and financed with the support of EEA Grants 2014 - 2021 through the National Bilateral Fund, managed by the National Contact Point of the Ministry of European Investments and Projects.The total value of the bilateral initiative is 618.840,41 RON (124.355,03 EUR). (Photo:https://www.frmr.ro/stiri-fundatia-principesa-margareta-a-romaniei/)

Romania among EU countries with biggest falls in industrial producer prices in September

Thu, 14 Nov 2024 00:00:00 +0200

Prices of products leaving the factory gates registered, in September 2024 as compared to the previous month, a drop of 0.6% both in the EU and in the euro zone, but Romania is among the EU member states with the highest drops of the prices of industrial production, show the data published on Wednesday by Eurostat.According to these data, from month to month, the prices of the industrial production dropped in half of the member states, but the most important drops were registered in Estonia (minus 3.6), Spain (minus 2.4%) and Romania (minus 2.2%). Eurostat says that the evolution of the industrial production prices in the EU was influenced especially by the drop by 1.8% of the prices for energy.Annually, the prices of industrial production registered a drop of 3.4% in the euro zone and a decline of 3.3% in the EU. The most important drops were registered in Slovakia (minus 18.5%), Luxembourg (minus 9.9%) and Latvia (minus 7.4%).Romania is among the member states where the prices of industrial production dropped annually, with a decline of 2.7%.Annually, the prices of industrial production in the EU were influenced mainly by the prices for energy, which registered a decline of 10.6%.The changes in the prices at factory gates is due mainly to end consumers and that is why it can be an indicator of the evolution of inflation which the Central European Bank targets through its monetary policy.Previously, the National Institute for Statistics (INS) published its own data according to which the prices of industrial production ( domestic and foreign market) dropped in September 2024 by 1.7% as compared to the similar period of 2023. The prices of industrial production dropped against August 2024 by 1.8%.For the big industrial groups, prices in the industry of capital goods increased, in September 2024, as compared to September 2023 by 6.11%, those in the industry of consumer goods went up by 3.93% and prices in the industry of durable goods had a plus of 1.51%. The drop was registered in the prices in the energy industry, by 9.7% and in the industry of intermediate goods by 0.11%. As compared to the previous month, slight increases of the prices of industrial production per total ( domestic and foreign market) were made, in September 2024, in the industry of consumer goods (0.45%) and in the industry of capital goods (0.06%) while in the industry of intermediary goods stagnated. Dropes were in the energy industry – 5.48% and in the industry of durable goods – 0.28%.Depending on industrial sections and divisions, in September 2024, as compared to the similar month of 2023, the indicator of prices of industrial production (domestic and foreign market) increased significantly in the distribution of water, sanitation, waste management, decontamination activities by 13.38% and slightly in the manufacturing industry by 0.47%. Drops were in the production and supply of electricity and thermal energy, hot water and air conditioning by 7,2 % and extracting industry by 2.86%.In September against August, the indicator of prices of industrial production (domestic and foreign market) increased in the extracting industry – by 2.74% and in water distribution, sanitation, waste management, decontamination activities by 0.58%. Drops were mentioned in the production and supply of electricity and thermal energy, gas, hot water and air conditioning by 5.64% and manufacturing industry by 0.41%.

Romania and Pakistan need to get involved in joint-venture projects through export-import banks

Thu, 14 Nov 2024 00:00:00 +0200

Indragra&Indagra Food, the largest event of the agricultural industry and the food industry in the Eastern Europe region, can represent a platform for Pakistani companies in the field to identify potential business partners, from Romania and Europe, said the chair of the Romanian Chamber of Commerce (CCIR), Mihai Daraban.The President of the CCIR had, on November 5, an official meeting with the new ambassador of the Islamic Republic of Pakistan in Romania, Muhammad Arshad Jan Pathan, on the occasion of the latter's presentation visit.During the meeting, Mihai Daraban emphasised the importance of expanding economic cooperation in strategic sectors, with an emphasis on agriculture and the food industry, mentioning the fact that Romania presents a deficiency in the export of processed food products, while preferring the export of raw materials."Recently, the Indragra&Indagra Food fair ended, the largest event of the agricultural and food industry in the Eastern European region. In the future, it can represent a platform for Pakistani profile companies to identify potential business partners from Romania and Europe, meaning that the two states should identify the optimal framework for information exchange and financing of some joint venture projects, capitalizing for example on the relationship between Exim Banca Româneasca and the corresponding Pakistani organization. Equally, we consider economic fields in which Romania is performing, which CCIR has constantly promoted in recent years, which have a significant potential in Romania's bilateral relationship with Pakistan," Mihai Daraban said.For his part, the ambassador of the Islamic Republic of Pakistan in Romania, Muhammad Arshad Jan Pathan, emphasised that the agricultural sector represents a business opportunity for Pakistani entrepreneurs."Obviously, the agricultural sector represents a business opportunity for Pakistani entrepreneurs, considering the fact that we have experience in this field, as well as a qualified workforce. Equally, we are interested in other areas of cooperation with bilateral impact, like the field of defence, the aeronautical, as well as the energy field. Like your country, Pakistan produces nuclear energy, having a capacity of 20,000 MW, and as Romania is going to become a regional energy hub both in terms of the exploitation of oil and natural gas resources, as well as through investments in the Cernavoda nuclear power plant and modular reactors, there is an increased interest on our part to collaborate in major joint projects in this field," stated the ambassador of the Islamic Republic of Pakistan in Romania. (Photo:https://ccir.ro/)

European Commissioner Wojciechowski: Romania has all problems in agriculture in Western Europe and specific ones in Eastern Europe

Thu, 14 Nov 2024 00:00:00 +0200

We have in Romania all the problems which we have in agriculture in Western Europe, but we have also specific problems which we have in Eastern Europe, such as those generated by the conflict in Ukraine, European Commissioner for Agriculture Janusz Wojciechowski said in Bucharest on Wednesday.While on an official visit to Romania, the commissioner participated in the National Conference of the Romanian Farmers' Club."I'd like to use this opportunity and to express my, first of all, thank you for the invitation to understand the problems of the European agriculture. There is no country in which there is a bigger accumulation of the all European problems than Romania. We have in Romania all the problems which we have in agriculture in Western Europe, but we have also specific problems which we have in Eastern Europe, like questions of external convergence, like questions of the situation that is all time we say new member states after 20 years, in case of Romania 18 years, after enlargement, and also the problems after the Russian aggression against Ukraine and the consequences especially for five frontline member states and among them the most important, the most heavy impact is in Romania," Wojciechowski said in the conference opening.The European official also mentioned that the agricultural trade balance with third countries reached a record surplus worth 70 billion euro in the EU in 2023."I'd like to use once again the opportunity to express my thanks for all Romanian farmers, for you, ladies and gentlemen, for your huge contribution in this very difficult time to ensure food security for all European citizens and also for your contribution that in this difficult time we achieved in the European Union record level of the surplus in our trade balance, agri-food trade balance with third country. 70 billion euro in 2023, huge achievement, huge success, thank you, thank you very much for that, this is good to express at the beginning of our meeting," he showed.The European Commissioner for Agriculture pointed out he is at the end of his mandate, nonetheless he mentioned the visit to Romania is not the last, but he is also planning on going to Lithuania."We are in a very important time. As you know, this is end of the first mandate of the President Von der Leyen Commission, also for me. This is not the last country visit. I am planning also the visit to Lithuania. But thank you very much. To be in Romania is very, very important and a good opportunity to summarise our cooperation and to present which should be the vision of agriculture in the future, taking into account the specific of the countries, especially in Romania. Thank you. It is a great opportunity to meet you and to discuss," Janusz Wojciechowski also said.European Commissioner for Agriculture Janusz Wojciechowski is attending the Romanian Farmers' Club National Conference on Wednesday.According to a press release from the European Commission, the commissioner was invited as a special guest to participate in the EU-Romania Interactive Dialogue on the Future of Agriculture, where he will discuss the perspectives of European farmers in light of environmental, geopolitical, and EU enlargement challenges. Additionally, the European commissioner will make an intervention during the plenary session on the topic "Vision and Action for the Sustainable Transformation of Agriculture."The Romanian Farmers' Club National Conference is attended by successful Romanian farmers, alongside high-ranking Romanian and European officials in charge with developing agricultural policies and strategies, leaders in agricultural technologies, as well as leaders of representative farmer associations at both the European and national levels. (Photo:https://commissioners.ec.europa.eu/janusz-wojciechowski_en)

Foreign minister Odobescu met her Serbian counterpart, Marko Djuric, on a visit to Bucharest

Thu, 14 Nov 2024 00:00:00 +0200

The European path is worth "every effort", and Romania can offer Serbia "full support" and expertise in its EU accession steps, Foreign Affairs Minister Luminita Odobescu said Wednesday in a joint press statement with her counterpart in Belgrade, Marko Djuric, on a visit to Bucharest."We can say in all sincerity and looking at Romania's progress in recent years that the European path is worth every effort," the head of diplomacy said.Odobescu reiterated that the Western Balkans is a region of "strategic importance" for Romania.As far as bilateral economic relations are concerned, the Romanian minister pointed out that "there is still an important untapped potential"."We have reconfirmed our common will to contribute to boosting and diversifying bilateral economic cooperation in a way that will be felt by our societies," Luminita Odobescu mentioned.According to her, interconnection is the key word in the Romania - Serbia relationship."A positive example in the field of energy infrastructure is the signing of the memorandum on the implementation of the natural gas project," she said. The Timisoara - Belgrade motorway will have a "relevant" economic impact, Odobescu added. "Serbia has received and is receiving an extra impetus when it comes to European integration from Romania, for which I thank you very much," said Marko Duric, according to the official translation.He also stressed the importance of the motorway project that will link the two neighboring countries."For us, the construction of the motorway through Varset to Timisoara is very important and this motorway will facilitate the better integration of our societies," the Serbian minister said.He declared that accession to the European Union is "a basic priority" for his country. The two ministers signed a memorandum of understanding between the Romanian and Serbian diplomatic institutes. (Photo:www.mae.ro)

European Commissioner-designate for home affairs hopes in a full Schengen integration of Romania and Bulgaria

Thu, 14 Nov 2024 00:00:00 +0200

European Commissioner-designate for internal affairs and migration, Magnus Brunner, on Tuesday evening expressed his hope that Romania and Bulgaria will fully enter Schengen Area, as decision belongs to member states [of the Justice and Home Affairs Council - editor's note]."Of course that the member states are to decide who enter Schengen and who doesn't. There has been made extraordinary progress, if I may say so, in the cases of Romania and Bulgaria, and they are already in the Schengen Area, although just partially. However, as I've found out this morning, Austria is maintaining a very good dialogue with Romania and Bulgaria. Discussions continue and I am positive, or at least this is my approach, that this dialogue will bring a full integration of Romania and Bulgaria as soon as possible. Of course that there is much talk in my country on this topic too, but this is my opinion. And I am glad that discussions were increasingly frequent between the foreign affairs ministers and the presidents," the Austrian Commissioner said at his hearing in the European Parliament's Committee on Civil Liberties, Justice and Home Affairs (LIBE).He answered thus to a question addressed to him by a Bulgarian MEP related to the decisions taken in the recent month by several Schengen states to reintroduce border control."A better management of migration means a balanced and determined approach, which means that we decide who comes in Europe and under what circumstances, and not the so called guides," underscored Brunner. He mentioned that a priority would be to apply the European Pact on Migration and Asylum, which is scheduled to come into force in 2026, with the EU member states to play an important role in its adoption.According to the Commissioner, some of this Pact's elements are to be implemented even before 2026, while observing the balance between "responsibility and solidarity."The Austrian politician announced that, if he would be validated as Commissioner, in the first half of next year he will draft a new European Internal Security Strategy, with the European Union Agency for Law Enforcement Cooperation Europol, which needs to be consolidated, to play an essential part in it.Another topic he tackled was that related to the external border, as Magnus Brunner underscored the need for strengthening the European Border and Coast Guard Agency Frontex, and informed the EU Executive that he is going to propose tripling the number of Frontex employees, up to 30,000.

President Iohannis to attend 5th Summit of the European Political Community, informal European summit

Thu, 14 Nov 2024 00:00:00 +0200

Romania's President Klaus Iohannis will participate, November 7-8, in the fifth Summit of the European Political Community (EPC) and in an informal European summit that will take place in Budapest, Hungary, the Presidential Administration reported on Wednesday.The European Political Community is an intergovernmental forum for political and strategic discussions about the future of Europe."The EPC Summit in Budapest will include a plenary session, where discussions will focus on the security challenges facing Europe, with emphasis on the situation in Ukraine, and roundtable conferences where leaders will address specific topics of shared interest, such as migration and economic security. During the debates, President Klaus Iohannis will reiterate the need for a united and firm position of the leaders regarding the security situation in the region, as well as continuation of support for Ukraine's sovereignty, independence and territorial integrity amidst Russia's war of aggression."Iohannis will also attend a roundtable conference touching on migration, where he is expected to plead for finding illegal migration management solutions at European level in the short term, but also through a more comprehensive long-term approach, which will allow greater cohesion and efficiency at European level in addressing the issue.The informal meeting of the European Council, hosted in Budapest by the Hungarian Presidency of the Council of the European Union, includes an in-depth debate on European competitiveness, a priority on the EU agenda in the coming years."EU leaders aim to adopt a political declaration on a new European pact for competitiveness to guide the work of the European institutions in the field, given the urgency to act decisively at EU level in addressing the current challenges. During the debates, the President of Romania will underline the major role of cohesion and convergence as instruments for achieving the European Union's competitiveness objectives. He will also plead for the elimination of all barriers on the single market and for the full assurance of freedom of movement on all its components," according to the Presidential Administration.

New STADA facility in Romania for sustainable medicines supply in Europe

Thu, 14 Nov 2024 00:00:00 +0200

STADA has opened a major new production site and supply-chain hub in Turda, Romania, that will contribute to security of medicines supply in Europe by supplying more than 150 million packs per year. Following a total investment of more than €70 million (US$75 million), the facility is now fully validated and approved, with initial shipments underway. The Turda facility supports the sustainable supply of prescription medicines such as antidepressants, antihistamines and anti-inflammatory agents, as well as medicines to treat diabetes, high cholesterol levels and hypertension. Furthermore, it is shipping a wide assortment of consumer healthcare products to enable self-care from its automated warehouse that has capacity for 7,400 pallets. The 100,000 sq m greenfield site, on which construction started in late 2022, offers room for expansion in the future. By leveraging industry-leading design concepts and technologies, the production and supply-chain hub located in Cluj County reinforces STADA’s commitment to sustainable medicines provision in Europe. Ecologically-friendly packaging materials are a key focus, while photovoltaic solar panels and low-energy lighting minimize carbon emissions. Already, around 45% of STADA’s electricity consumption comes from renewable sources, helping STADA to rank among the top 6% of pharma companies worldwide on sustainability. “Amid the ongoing discussions about how best to secure a sustainable supply of critical medicines in Europe, STADA is proud to make this major EU investment that will help to ensure patients can access the medicines they need,” stated STADA’s Chief Technical Officer, Miguel Pagan. “Having implemented industry-leading concepts in design, construction and energy conservation, the group is also playing its part on environmental sustainability.” The site in Turda’s Aries Industrial Park is strategically located at the heart of STADA’s European markets, and within the European Union, offering close connections and synergies with testing laboratories in Timisoara, Romania, as well as several key production facilities in the Western Balkans region and the group’s consumer healthcare center of excellence in T?inec, Czech Republic. “Working closely with national and local authorities, this state-of-the-art facility has created almost 400 jobs in Cluj County,” explained Mihai Fugarevici, general manager of STADA Romania. ”The Turda site further enhances our capacity to deliver quality healthcare products, not only in Romania, but throughout Europe.” STADA Arzneimittel AG is headquartered in Bad Vilbel, Germany. The company focuses on a three-pillar strategy consisting of consumer healthcare products, generics and specialty pharma. Worldwide, STADA Arzneimittel AG sells its products in more than 100 countries. In financial year 2023, STADA achieved group revenues of EUR 3,734.8 million and reported earnings before interest, taxes, depreciation and amortization (EBITDA) of EUR 802.1 million. As of 31 December 2023, STADA employed 11,667 people worldwide.

4,392 companies with foreign capital, established in first 9 months of 2024

Thu, 14 Nov 2024 00:00:00 +0200

A number of 4,392 companies with foreign capital were established in Romania in the first nine months of 2024, down by 16.22% compared to the same period in 2023, according to the data centralized by the National Trade Registry Office (ONRC).The 4,392 new companies had a subscribed capital in the total amount of 16,902 million dollars, down 85.44% compared to the subscribed capital of companies registered in the first nine months of 2023, of 116,079 million dollars.In September 2024, 428 companies with foreign participation were registered (-29.26% compared to the same month in 2023), with a subscribed capital of 161,200 dollars (-98.08%). Depending on the fields of activity, most registrations were registered in wholesale and retail trade, car and motorcycle repair (37.85% of the total), professional, administrative, scientific and technical activities (17.29% of the total) and transport, storage and communications (16.12%).At the end of September 2024, there were 269,386 companies with foreign participation in the share capital in Romania. The value of the subscribed capital was over 71.526 billion dollars.The largest number of companies with foreign participation was with investors from Italy, respectively 53,411 (subscribed capital of 3.644 billion dollars), but the highest value of social capital belongs to Dutch companies, respectively 13.114 billion dollars, in 6,186 companies.

Freedom24 selects Pi2 as communication partner in Romania and Hungary

Thu, 14 Nov 2024 00:00:00 +0200

Freedom24 is the European subsidiary of Freedom Holding Corp., an international investment group listed on the NASDAQ stock exchange with a market capitalization of approximately $6.6 billion. Pi2 will be responsible for developing and implementing Freedom24's communication strategy in the Romanian and Hungarian markets, focusing on corporate reputation, media relations, and influencer marketing. The independent communication agency Pi2, with offices and branches across Central and Eastern Europe, has been selected as the communication partner of the investment broker Freedom24 in Romania and Hungary. Freedom24 is the European branch of Freedom Holding Corp., an international investment group listed on the NASDAQ stock exchange, with a market capitalization of $6 billion. Within this partnership, Pi2 will provide market entry strategy, corporate reputation, media relations, and influencer marketing services. Pi2 will support Freedom24's regional expansion by creating and implementing the brand's communication strategy in Romania and Hungary. The main objective of this partnership is to increase brand awareness in the region, strengthen its position in the Central and Eastern European markets, and showcase the advantages the platform offers to clients interested in stock investments. Additionally, the partnership will focus on educating the public about the capital market and familiarizing them with Freedom24's platform and services, as more people seek to invest in international stock exchanges to grow their savings. „We are honored that Freedom24, an innovative company in the investment industry, has chosen Pi2 as its communication partner for Romania and Hungary, two key markets in Central and Eastern Europe. We are excited to bring our strategic and creative contributions to increase the brand's visibility in the region”, said Mirela Pitu, Founder & CEO of Pi2. „Romania and Hungary are two of our most promising markets in the CEE region, which is why we have chosen a partner with solid experience in this area. Collaborating with Pi2 PR gives us the confidence that we can effectively communicate the unique advantages our platform offers — from cutting-edge technology and access to the world’s major stock exchanges to dedicated support in the users' native language. We believe this partnership will significantly strengthen our presence in the region and help educate the public about investment opportunities”, said Bulat Latypov, PR & Communications Director at Freedom24. Freedom24 operates within the European Union, allowing clients to trade over 1,000,000 financial instruments (stocks, ETFs, futures, etc.) on major global stock exchanges, such as NASDAQ, NYSE, CME, HKEX, Euronext, LSE, and Deutsche Börse. Freedom24 has grown rapidly, currently serving over 300,000 clients (users) and operating a network of representative offices across Europe. In 2024, Freedom24 was named "Best Multi-Product Broker" in Italy and "Best ETF Broker" in Portugal by the esteemed global financial community, Rankia Awards.

Vodafone Romania signs Memorandum of Understanding for acquisition of Telekom Romania Mobile Communications

Thu, 14 Nov 2024 00:00:00 +0200

Vodafone Romania has signed a Memorandum of Understanding for the acquisition of Telekom Romania Mobile Communications, including a significant part of its assets from the Hellenic Telecommunications Organization (OTE), Vodafone announced in a press release on last Thursday.Digi Romania will also take over part of the assets."This is an important moment for the Romanian telecommunications market, with significant growth potential once this transaction is finalized. Ever since I took office as CEO of Vodafone Romania, I believed that the industry needs conditions that support the high level of 5G investments and the promotion of innovation. I am delighted with today's announcement, which proves once again that Vodafone is keeping its promise to Romania. We continue to invest and provide Romanians with services of the highest standards," said Achilleas Kanaris, CEO of Vodafone Romania, quoted in the press release.The finalization of the transaction is conditional on a number of legal procedures, including the completion of due diligence and obtaining prior approvals from the competent authorities. At this stage, there are no further details on the final approval of the acquisition, given the early stage of the process, the source said.At the same time, Vodafone says it will finalize investments of more than 200 million euros in Romania this year. The total investments over the 27 years of Vodafone's presence in Romania amount to more than 6.5 billion euros.

Study: Success of organizations in Romania largely depends on leaders' adaptation to labour market changes

Thu, 14 Nov 2024 00:00:00 +0200

The success of organizations in Romania largely depends on the adaptation of leaders to the ever-changing labour market (81%), with more than half of the organizations (57%) saying that they are not prepared in this sense, according to the results of Deloitte 2024 Global Human Capital Trends for Romania, published on Tuesday.The main barriers that hold back the initiatives related to the preparation of leaders for the changes in the labour market are related to the difficulty of prioritizing this topic, due to the multiple other changes and priorities of the organization (37%), to the insufficient understanding of the problem, and of the risks and opportunities involved (36%), or other internal constraints (32%).The success of organizations in Romania also depends on the search for better ways to assess the performance and value of employees, beyond traditional productivity (77%), the study also shows, but companies face obstacles such as internal constraints (41%), insufficient understanding of the problem, and of the risks and opportunities involved (37%) and the lack of involvement of leaders (32%).Another important aspect for the success of organizations identified by the study is the rethinking of the way of working, the workplace and the workforce, simultaneously with the technological developments (67%). However, progress in this direction is hampered by similar challenges - insufficient understanding of the problem and associated risks and opportunities (40%), lack of leadership involvement (36%) and internal constraints (31%).At the same time, the participants in the study believe that, for the success of a company, it is very important that the imagination and curiosity of employees keep pace with the technological innovations (68%). However, only 38% of the participants say that their employers are in advanced stages of addressing this aspect, with the main barrier being the insufficient understanding of the problem and the associated risks and opportunities.In the medium term (the next three years), the factors that will most influence the success of organizations in Romania are trust and transparency in the relationship between employees and the organization (26%), rethinking the way of working, the workplace and the workforce, by considering the technological developments (14%) and the impact that the interaction with the organization has on each person (13%), the research also reveals.The Deloitte 2024 Global Human Capital Trends report for Romania was conducted among over 450 business and human resources leaders from various industries, including financial services, consumer products and energy and resources, from organizations of various sizes, including large companies large, with up to 10,000 employees.

Investors in opened funds exceed 755,000 in quarter 3, 2024

Thu, 14 Nov 2024 00:00:00 +0200

Over 755,000 people are investors in opened investment funds in Romania, in quarter 3, 2024, 200,000 more than in the same period of 2023, while active stock reached 26 billion lei, said Horia Gusta, the president of the Association of Fund Administrators (AAF). In his turn, Jan Pricop, AAF CEO, pointed out the investment fund market in Romania had grown in quarter 3, 2024 compared to the same period of 2023, to 46 billion lei. “At present, we are in a recovery period compared to the end of 2022, especially in the segment of open investment funds. The market reached, at the end of quarter 3, 2024, 46 billion lei, of which about 26 billion of net active stock of open investment funds. Quarterly, compared to 2023, we had a 37% increase, compared to the previous quarter, we have an increase of at least 6%, with active stock of 26 billion lei, starting quarter 3 with 1.27 billion lei, which are by 300% higher than in the same period of 2023. Another important increase, of 52.4% was at the level of diversified funds. Bond funds and instruments with fixed income had an important rise, as they had the highest share in the whole segment. Their rise was 24.4% in total, while the market level increase of funds opened was 37% against quarter 3, 2023 in the segment of open investment funds, stock funds representing 25%. At European level, this segment has a share of 33%, while in the US it is 55%. Somehow we are going towards the European percentage and maybe we will also get close to the US market structure,” Pricop said. The number of investors, in quarterly evolution in Romania recorded an additional 37% from one year to another, with a notable increase of 74.25% with stock investment funds, where the level of 100,000 investors was reached, from 64,000, in quarter 3, 2023. “Another notable increase is at the level of diversified investment funds, where we have a plus of 42% and a total number of 184,000 investors.Bond funds and fixed income instruments remained popular. We have about 279,000 investors. There is also an absolute increase at diversified fund level, with a plus of over 54,000 investors, about 48,000 additional investors in bond shares, compared to last year , while we have over 71,000 investors in other funds. As for net quarterly subscriptions there is a drop against quarter 2, 2024. At the same time we notice that compared to quarter 3, 2023, we have four times higher net subscriptions of 1.27 billion lei”, he added. BVB and the Association of Fund Administrators (AAF), organized on Tuesday, a debate on the performance of investment funds at the end of quarter 3, 2024 and 2025 prospects.

Romania: EPPO charges seven individuals and two companies for misuse of agricultural funds

Thu, 14 Nov 2024 00:00:00 +0200

The European Public Prosecutor’s Office (EPPO) in Timisoara (Romania) has accused seven individuals and two companies of subsidy fraud and forgery, involving three projects regarding the development of fruit harvesting and processing, with a value of over €1.4 million. According to the investigation, between February 2019 and June 2024, the suspects, including a mayor, successfully applied in the name of two companies for three projects financed by the European Agricultural Fund for Rural Development (EAFRD). They allegedly falsified documents regarding the information of the beneficiary of the projects and the employees of the companies to proof their eligibility to apply for the projects. In the early stages of the investigation, a lawyer, who is also a suspect in this investigation, encouraged certain witnesses to provide false statements, helping the main suspects and obstructing the investigation. The European Delegated Prosecutor in charge of the investigation ordered the detention of the seven suspects and he will request their pre-trial detention. EPPO has seized buildings, lands and money belonging to the suspects. The investigation and searches counted on the support of the EPPO Support Structure in Romania: Timisoara and Iasi EPPO Offices (Structura de sprijin a procurorilor europeni delegati în Romania – Birourile Teritoriale Timisoara si Iasi), Timis County Police Inspectorate – Economic Crime Investigation Service (Inspectoratul de Politie Judetean Timis – Serviciul de investigare a criminalit?tii economice), Special Operations Brigade Timisoara (Brigada de Operatiuni Speciale Timis), Organised Crime Brigade Timisoara (Brigada de combatere a criminalit?tii organizate Timisoara) and the Mobile Group of Gendarmes Timisoara (Gruparea mobile de jandarmi Timisoara). The EPPO is the independent public prosecution office of the European Union. It?is responsible for investigating, prosecuting and bringing to judgment crimes against the financial interests of the EU. (Source:https://www.eppo.europa.eu/)

PM Marcel Ciolacu, meeting with Japanese delegation

Thu, 14 Nov 2024 00:00:00 +0200

Prime Minister Marcel Ciolacu declared on Tuesday that Romania's role as a factor of stability in Europe and in the region, as well as its geostrategic, economic and political advantages qualify our country as a destination for investors.The Head of Government had, at the Victoria Palace, a meeting with a delegation of Japanese investors from the fields of energy, research and technology, industry, infrastructure and banking, led by the Japanese Deputy Minister of Economy, Trade and Industry, Shinji Takeuchi.The Prime Minister appreciated the level of Romanian-Japanese bilateral relations, developed on the basis of the Strategic Partnership, the common values promoted by the two states and the economic opportunities offered by the current international context, according to a Government press release sent on Tuesday.The Head of the Executive emphasized the role of Romania as a factor of stability in Europe and in the region, as well as the geostrategic, economic and political advantages that qualify it as a destination for investors."The Romanian government has modernized the legislative framework in key areas for attracting foreign investments, such as the public-private partnership. We now have a new law that brings high-quality investors to Romania, we have major projects in the fields of energy, road, railway and maritime infrastructure, in the logistics sector, as well as a Plan for the Reindustrialization of the Country, doubled by a measure through which we financially support, from the state budget, investments with a significant impact on the economy and those carried out in the processing industries," PM Ciolacu said.He also mentioned the state aid schemes, as well as investments in new technologies so that Romania becomes a real technological hub in the center and south-east of Europe."We have ambitious plans in the nuclear area. The experience and professionalism of Japanese companies represent solid arguments for the achievement of our objectives to re-engineer the Candu type nuclear reactors from Cernavoda and to realize the SMR project, the first in Europe. Also, in the area of green energy we have a new law that allows investments in the offshore wind energy area, in a motivating and predictable long-term fiscal framework," said Ciolacu.According to the Prime Minister, Romania has the necessary logistics, expertise, human capital and projects to become one of the main hubs for the reconstruction of Ukraine. In this context, the prime minister recalled Romania's interest in developing the Port of Constanta, as well as in supporting regional interconnection projects.The Japanese economic delegation conveyed its interest in strengthening financial support for Romania in projects in the areas of transport infrastructure, energy, digitization and high technology, the press release reads."The investment opportunities offered by Romania are particularly important and offer new perspectives to develop our bilateral relations," said Deputy Minister Shinji Takeuchi.Also, the Japanese official appreciated Romania's contribution to the organization of the world exhibition Expo Osaka, Kansai 2025, and addressed to Prime Minister Marcel Ciolacu the invitation to participate in this event.On behalf of the Romanian Government, the Prime Minister's meeting with the Japanese economic delegation was attended by the Minister of Economy, Entrepreneurship and Tourism, Radu Oprea, the Minister of Energy, Sebastian Burduja, the Minister of Research, Innovation and Digitization, Bogdan Ivan, the head of the Chancellery of the Prime Minister, Alexandru - Mihai Ghigiu. (Photo:https://gov.ro/)

Israel-Hamas/WHO will evacuate 100 patients from Gaza Strip. 30 to be transferred to Romania

Thu, 14 Nov 2024 00:00:00 +0200

The World Health Organization (WHO) announced its intention to evacuate over 100 patients from Gaza Strip on Wednesday, the first similar operation in five weeks in Palestine devastated by the war between Israel and Hamas. 30 patients will be transferred to Romania, dpa informed on Tuesday. The evacuated people include the wounded in Gaza war and patients with chronic diseases, WHO informed. Initially, patients will be taken to Egypt via Kerem Shalom border crossing between Israel and Gaza. Most of them will be sent by plane to UAE, said Rik Peeperkorn, WHO representative in Palestinian territories, in a video conference. About 30 patients will be taken to Romania, he added. When the border crossing point between Gaza and Egypt closed down at Rafah city, in early May, only 282 patients were evacuated from Gaza Strip, Peeperkorn said. However, between 12,000 and 14,000 patients, suffering from burns, spine injuries, amputations or cancer, must also receive medical treatment abroad, he added. The WHO official asked Israel to offer security guarantees to allow the permanent transfer of patients, instead of occasional medical evacuations. “We cannot continue in the way we do it now,” Pepperkorn also said.

ForMin Odobescu, discussion with French counterpart regarding France's contribution to consolidate NATO's Eastern Flank

Thu, 14 Nov 2024 00:00:00 +0200

The Minister of Foreign Affairs, Luminita Odobescu, had, on Monday, in Paris, a meeting with the Minister for Europe and Foreign Affairs of France, Jean-Noel Barrot, on the sidelines of the working visit undertaken in the French capital by the Prime Minister of Romania, Marcel Ciolacu, MAE informs.According to the cited source, Luminita Odobescu highlighted the special relevance of the cooperation of the two countries in the field of Defense, reiterating the appreciation of the Romanian side for the solid contribution of France to the consolidation of the security of the Eastern Flank, especially by assuming the role of the framework nation of the NATO Battle Group deployed to Five.He also emphasized the importance that Romania attaches to shaping a strategic EU approach to the Black Sea, in complementarity with NATO's vision, considering the strategic importance of the region in terms of security, energy and connectivity.The Romanian minister also highlighted the importance of continuing united and solidary action at the level of the European Union, Romania and France being both firm supporters of the Union's advancement on these bases....The Romanian official thanked France for its support both for the completion of the process of Romania's accession to the Schengen area and for our country to obtain the status of a member of the OECD.During the discussions, the solid support of the two countries for the independence, sovereignty and territorial integrity of Ukraine was reiterated. Also, special attention was paid to developments in the Republic of Moldova, including in the post-election context in Chisinau, welcoming the victory of President Maia Sandu in the recent presidential elections. In this context, it was agreed to continue close cooperation and coordination in support of Chisinau in an essential stage for democracy, resilience and the European future of the Republic of Moldova. (Photo:https://www.mae.ro/)

Telecom. IT: Overall IT industry business figure exceeded 15.5 billion euros in 2023, on the rise by 12.16%

Thu, 14 Nov 2024 00:00:00 +0200

The total business figure of the IT industry exceeded 15.5 billion euros in 2023, on the rise by 12.26% compared to 2022, according to a study launched on Wednesday by the Patron Association of Software Industry and Services (ANIS), made with the support of a research group from the Academy of Economic Studies, Bucharest. According to an ANIS press release, this performance points out the resilience of industry, despite a difficult global economic context. “The industry continues to be characterized by a wide variety of types of activity, technologies and operational models. We have 48,405 companies in the IT&C sector, of which 45,467 in the IT segment and 2,938 in telecommunications,” said the authors of the study. The main component, software development on command, makes 40.24% of the total business figure and recorded an increase of 19.92% in 2023, contributing to generating a gross VAT of 50.9 billion lei, on the rise by 19.5% against 2022, the study shows. In the same period, the telecommunications industry reached VAT of 12.4 billion lei, on the rise by 20.4% against 2022. “The overall impact of industry on GDP in 2021 was 14.16%. Direct impact represents the contribution generates strictly from activities of IT&C companies, that is 7.99% of GDP. That includes the development and delivery of software solutions and technological services. Indirect impact refers to the additional demand of goods and services generated in other industries to support IT&C activities. In Romania, this indirect impact represents 2.74% of GDP. Practically, the increase of IT&C activities generates demand for suppliers in other domains, such as logistic, professional services or hardware manufacture. Induced impact comes from the consumption of employees in this sector and annex industries, which contributes with 3.42% of GDP,” the study shows. The total impact of IT&C sector was 45.3 billion euros, reported to 2023 GDP, which consolidates its position as essential engine of Romanian economy. Also, the study shows that over 880,000 of jobs were directly and indirectly created by the IT&C industry in 2021. The study points put the importance of fiscal incentives, such as income tax exemption for IT professionals, in order to maintain sector competitiveness. In 2023, fiscal contributions of IT employees were the highest in economy, reaching 55,777 lei per employee. “The sector was the seconf largest contributor to the budget in terms of paid taxes, with an average of 76,992 lei/employee. The study isolates direct impact in the case of eliminating this facility, that is an estimated drop of 26.7% in the profitability of companies in this sector, considering that all the other conditions of economy remain unchanged, which does not meet a composite effect of the other changes such as price increases with energy and human capital, inflation, evolution of global markets, etc.”, the study shows. The analysis on the sector impact in Romanian economy is accompanied by a quantity and quality study on the innovation degree in IT&C sector, the barriers and favorable factors for innovation acceleration. The study was made over June-July 2024, on a sample of 1,042 companies which reflect industry structure according to size and activity type. “Innovation is a main part of IT&C sector in Romania. Data show that, while 78.8% of respondents reported innovation initiatives in the last three years, only 5.7% of them launched their own products in the market. In other words, although there are many initiatives, their conversion from the stage of idea to products effectively launched in the market is limited. Responding companies pointed out a series of structural barriers against innovation, such as the lack of fiscal facilities specific to research-development (R&D) and/or difficult access to existing mechanisms, the lack of innovation centers and scientific parks, as well as compentence of recording intellectual property. Average and large companies allocate up to 12% of their budgets for R&D, thus feeding a continuous cycle of increase and competitive differentiation,”the authors of the study show. The Employers' Association of Software and Service Industry (ANIS) is the representative association of IT industry in Romania. ANIS has over 150 member companies, it is a promoter of digitization and has represented the interests of the IT industry for 25 years, being a credible dialogue partner which can contribute to creating public policies to facilitate the turning to account of technology for socia-economic development.

Agriculture: Gov't approves de minimis scheme to support vegetable farming in protected areas

Thu, 14 Nov 2024 00:00:00 +0200

A de minimis aid scheme to support vegetable farming in protected areas in the period 2024-2025 was approved on Wednesday by the government, with the total funds allocated to this programme standing EUR 25 million."By approving this piece of legislation, it is envisaged to grant de minimis aid for the application of the support programme for the production of vegetables in protected areas, for the period 2024-2025, for: tomatoes, bell peppers, cucumbers, beans, lettuce, spinach, green onions. Qualifying for this support are enterprises/single enterprises that carry out their activity in the field of primary production of agricultural products, to support the production of vegetables in protected areas," according to a press release of the Ministry of Agriculture and Rural Development (MADR).The amount of the de minimis aid is capped at EUR 1,000 /1,000 sqm/beneficiary.The submission of applications and supporting documents will be made within 10 days from the date of entry into force of the decision, and the valorisation of production will be carried out throughout January 31, 2025.As for the field checks, they will be carried out by mixed teams of and will aim at the field trip to establish the cultivated areas and evaluate the vegetable production.The budgetary impact of this form of support, financed from the national budget, within the limits of the provisions approved for 2025, is a maximum of RON124,337,500, representing the equivalent of EUR 25,000,000. If the total amount of payment to be granted to the beneficiaries, exceeds the total financial resources allocated to the de minimis aid scheme, the amount due to each beneficiary is reduced proportionally.Passing the draft government decision is said to contribute to keeping up the interest of agricultural producers in the production of vegetables in protected areas, partial compensation of the expenses necessary for these crops and the delivery of domestic vegetables to the market, including ensuring jobs in rural areas.The measure is based on Commission Regulation (EU) No 1408/2013 of 18 December 2013 on the application of Articles 107 and 108 of the Treaty on the Functioning of the European Union to de minimis aid in the agriculture sector.

Real estate : Analysis: About 63% of people who neet mortgages choose houses built after 2010

Thu, 14 Nov 2024 00:00:00 +0200

About 63% of people who want to apply for mortgages choose houses completed after 2010 or in construction and 40% are working in a multinational company, according to an analysis made by online broker Ipotecare.ro and the financial consulting and mortgage credit SVN Credit Romania. According to a press release, most people who buy houses using martgages (about 42%), are woring in small companies or obtain incomes from alternate source, such as royalties, or dividends, while 18% are working in state owned companies or in the budget system. While most people want new houses, about 23% focus on houses completed between 1978 and 2010, while 11% of those who apply for mortgages choose a house finished before 1977. People who buy houses by means of mortgages are mostly born between 1980 and 1999, while people under 25 represent only 3.1% of buyers by means of morgages. At the same time, people over 45, born before 1980, represent 13% of buyers through mortgages and access financing with the highest values, the analysis shows. The average value of a mortgage granted in the first 8 months in Romania was about 62,000 euros, according to the Central Bank (BNR) statistics and data of the banking market, 98% being held by credits with fixed interest rates. Mortgages of 5.5 billion euros were granted in the first 8 months at national level, on the rise by 49%, compared to the same period of 2023, which also incldued refinancing, conversions, transfers and restructuring. The overall level of mortgages in payment went up at the end of August, to 21.6 billion euros, on the rise by 2.1% compared to the level recorded in August 2023. Mortgages recorded a rising level of 21.3 billion euros, 0.5% lower than the total level at the end of 2022, according to BNR data. Ipotecare.ro is an online credit broker, which uses many algorithms to generate the best financing option for each specific situation. SVN Romania/Credit and Financial Solutions is one of the most important mortgage credits in Romania, with a volume of credits in 2023 of 91 million euros.

Budget prepared by Romanians intending to buy on Black Friday 2024, up to over 3,100 RON

Thu, 14 Nov 2024 00:00:00 +0200

The budget set aside by Romanians who intend to buy on Black Friday 2024 is 3,116 RON, up 231 RON from last year, with TVs, small appliances, clothes, mobile phones and washing machines being the top favorites, informs an expert study sent on Monday by Kantar Romania, the world's leading marketing data and analytics business and an indispensable brand partner to the world's top companies, including 96 of the world's 100 biggest advertisers.Black Friday remains one of the most popular events in Romania. 93% of Romanians are familiar with this shopping event, and of these about 60% have planned purchases on this occasion, shows the study carried out on a nationally representative sample of adults in rural and urban areas.Black Friday shopping budgets also continue to grow. In particular, there has been a significant increase in the percentage of those who plan to spend more than 3,000 RON. If in 2022 the percentage of buyers with budgets above this threshold was 21%, in 2024 it rose to 30%.The study also shows that TV sets (36%), small appliances (36%), clothes (26%), mobile phones (26%) and washing machines (19%) lead the top of favorite product categories planned for Black Friday purchases. Preferences vary by age, however: compared to the general level, 18 to 24-year-olds are most likely to buy clothes (40%) and mobile phones (40%) or laptops (17%).For the 25-34 age group, there is a higher than average interest in clothes (34%) and cosmetics (15%). 35 to 44-year-olds are more interested in large appliances, while the 45-55 age group is more interested in TVs (42%) and cookers (13%). The 56-65 year-old age group are more interested than other categories in home & deco (16%), but also food and drinks (14%)."Black Friday continues to be a huge phenomenon in Romania, 9 out of 10 people aged between 18 and 55 are familiar with this event and more than half want to buy something. This underlines the importance of the event for the economy and for the e-commerce sector, which benefits from this peak sales period. Our survey shows that TVs and small appliances are the top Black Friday favorites, followed by mobile phones and clothes. These categories of products are essential for Romanian consumers, who are looking to improve their standard of living (comfort and increased functionality for their homes, entertainment and connection with others through new technologies) and the way they express themselves, present themselves to the world. Black Friday is a unique opportunity for companies to significantly increase their sales and brand exposure. But they need to be prepared to effectively manage the increased demand during this period (with all the operational challenges) and focus on creating experiences that are meaningfully different for shoppers, so that they develop positive associations with the brand," said Gabriela Georgescu, Senior Client Service, Kantar Romania, quoted in the press release.The interest in cosmetics has seen the highest growth in recent years, especially among women and segments aged 25-34 and 45-55 and people in rural areas, where access to physical stores with such products is lower.The study was conducted from October 14 to October 21, 2024, on a nationally representative sample of 2001 respondents aged 18 to 65 years, interviews were conducted using the CATI method, with a maximum permissible margin of error of 2.2% at a 95% confidence level.

IMF mission paying visit to Bucharest to analyse latest economic developments, update forecasts

Thu, 14 Nov 2024 00:00:00 +0200

A mission from the International Monetary Fund (IMF), led by Jan Kees Martijn, will pay a visit to Bucharest from November 5 to 8 to analyse latest economic and financial developments and to update macroeconomic forecasts.An IMF mission, led by Jan Kees Martijn, will visit Bucharest from November 5 to 8 for a routine visit. The IMF team will analyse the latest economic and financial developments and will update the macroeconomic outlook, according to the IMF announcement signed by Geoff Gottlieb, IMF Regional Representative for Central, Eastern, and Southeastern Europe.In its latest "World Economic Outlook" report, recently published, the IMF revised down its forecast for Romania's economic growth this year to 1.9%, from the 2.8% projected in April.According to the new figures published by the IMF, after a 2.1% growth last year, Romania's economy will slow down to 1.9% this year, and is expected to accelerate to 3.3% in 2025. In the spring, the IMF had forecast a 2.8% growth for Romania's GDP in 2024, which has also been revised down from the 3.8% growth projected last autumn.At the same time, the international financial institution expects a continued worsening of Romania's current account deficit, to 7.5% of GDP in 2024, up from 7.1% of GDP forecast in April. The IMF predicts a slight reduction in the current account deficit, to 7% of GDP in 2025, compared to a previous forecast of 6.8% estimated in the spring. According to the IMF's forecasts, Romania's current account deficit will remain at a high level, even in 2029, when it is expected to reach 5.9% of GDP.Currently, Romania does not have a financing agreement with the International Monetary Fund, but the IMF evaluates the development of the Romanian economy annually, based on consultations under Article IV.The consultations represent a mandatory surveillance exercise for all member states. The purpose of the consultations under Article IV is to examine the national financial and economic situation and to provide general recommendations regarding monetary, fiscal, and economic policies to ensure stability and positive development of the economy.

Air alert in northern area of Tulcea County

Thu, 14 Nov 2024 00:00:00 +0200

The northern area of Tulcea County has once again been under air alert after groups of drones were detected heading towards Ukrainian airspace, near Romania's airspace, on Sunday evening."The armed forces of the Russian Federation have carried out a new series of drone attacks on civilian and infrastructure targets in Ukraine, close to the river border with Romania. As a result of detecting groups of drones over the Black Sea heading towards Ukrainian airspace, near Romania's airspace, the National Military Command Centre (nucleus) notified the Inspectorate General for Emergency Situations at 23:34 about the establishment of an air alert in the northern area of Tulcea County. To monitor the situation in the airspace, two F-16 aircraft from the Romanian Air Force, on active combat duty for Air Police, took off from the 86th Borcea Air Base," the Defence Ministry informed in a press release .According to the source, the air alert ended around 00:45, and the F-16 aircraft returned to their base airfield.Romania's radar surveillance system, which continuously monitored the situation generated by these attacks, did not detect the intrusion of any aerial vehicles involved in the attack on Ukrainian targets into national airspace.Starting Monday morning, according to established procedures for these situations, the National Defence Ministry (MApN) forces will conduct searches in areas of national territory near the targets that were illegally attacked by Russian forces, to identify any potential impacts from aerial vehicles or debris.MApN has informed and continues to provide real-time updates to allied structures regarding the situations generated by the attacks, maintaining permanent contact with them.The Ministry reiterates its strong condemnation of these attacks carried out by the Russian Federation against Ukrainian civilian infrastructure targets, which are unjustified and in grave contradiction with international law norms.

PM Ciolacu: Increasing defence budget to 3 pct of GDP is not a necessity

Thu, 14 Nov 2024 00:00:00 +0200

Increasing the defence budget to 3% of GDP in the coming period is not a necessity, as the number one priority for Romania at the moment is to cover infrastructure investments through European funds and the National Recovery and Resilience Plan, Prime Minister Marcel Ciolacu said on Monday, during his working visit to EURONAVAL 2024, the world's leading naval defence exhibition taking place at the Paris Nord Villepinte Exhibition Centre in Paris, Monday 4 to Thursday 7 November."It is not a necessity, I believe that the number one priority for Romania at the moment is to cover investments in infrastructure through European funds and through the PNRR. Moreover, you have seen a new approach and with a new direct loan from the US Government and after the gesture made by Romania with the donation of a Patriot system, several countries have already come to Romania's aid to cover that amount, and I think it is covered at the moment. So, we have a much better approach," emphasized Marcel Ciolacu, after his visit at EURONAVAL 2024.Asked whether he will increase the defence budget to 3% of GDP in 2026, Ciolacu expressed his conviction that the future prime minister will give an answer on this issue."I firmly believe that the future prime minister will have his own vision. What I would like from the future prime minister is to have a multiannual budget, for all four years, based on the European Commission's budget system," Ciolacu said.Prime minister Marcel Ciolacu, accompanied by Defence minister Angel Tilvar, deputy prime minister Marian Neacsu, Foreign Affairs minister Luminita Odobescu, Labour minister Simona Bucura-Oprescu, and MEP Victor Negrescu, vice-president of the European Parliament, as honorary advisor to the Prime Minister visited the 29th edition of EURONAVAL 2024, organized by SOGENA (Naval Events Organisation and Management Company), a subsidiary of GICAN. (Photo: www.gov.ro)

PM Ciolacu, in working visit to the French Republic at the invitation of his French counterpart , Michel Barnier

Thu, 14 Nov 2024 00:00:00 +0200

Prime Minister Marcel Ciolacu was received, on Monday evening, at the seat of the French Republic's Government, by Prime Minister Michel Barnier.After the welcome at the Hotel de Matignon, followed by the welcome photo, the two high officials have a bilateral meeting. The current international context makes even more important the strengthening of the economic component of the Strategic Partnership between Romania and France, PM Marcel Ciolacu stated on Monday, after meeting in Paris his French counterpart, Michel Barnier.The head of Executive and his French counterpart had an official meeting in Paris on Monday, occasioned by Romania's PM working visit to the French Republic at the invitation of Michel Barnier."The current international context makes even more important the strengthening of the economic component of the Strategic Partnership between Romania and France, especially in such fields that bring added value as: IT&C, aeronautics, energy, defence industry. The doubling of the bilateral trade in the sixteen years of Strategic Partnership, its upward trend and such economic partnerships that already have a tradition like Dacia-Renault are all strong arguments for us to continue our cooperation in a heightened manner," prime minister Ciolacu said in a press release sent on Monday.He underscored that he appreciated the excellent cooperation existing between the two countries both at bilateral level and within the multilateral organizations - EU, NATO, UN, and institutional Francophony."The rich relationship between Romania and France represents one of the main pillars of Romanian diplomacy. Romania and France are connected by a deep friendship, a long partnership in promoting our common values and vision at bilateral, European and international level, as well as a strong economic cooperation," said Marcel Ciolacu.In 2025, Romania and France are going to celebrate 145 years of diplomatic relations through events meant to show the citizens the richness of the two cultures and their interactions, which contributed to the definition of the bilateral relation of today."With this in mind, prime minister Marcel Ciolacu appreciated that it would be opportune at this point to update the road map that guides our strategic partnership, a process initiated at the diplomatic level. During the talks, the Romanian prime minister remarked the significant and strong cooperation in terms of security, appreciating the fact that France took on the role of a framework-nation for the NATO Battle Group in Romania, which is an essential element in strengthening the NATO posture on the Eastern Flank, and he assured that Romania will offer all its support as a host-nation for this mission," reads the press release of the Government's press office.Another important topic discussed by the two high officials was cooperation in the fields of education, culture and science.A major point of interest for Romania is to preserve the mother tongue among the Romanian communities abroad, especially among the children who are integrated with the local education systems."We appreciate the openness of the local authorities in France with respect to the implementation of the Romanian language, culture and civilisation programme. We want to continue our collaboration to expand this vital programme for the Romanian communities abroad," underscored the Romanian PM.In this context, he mentioned that Romania is a traditional promoter of Francophony and its values.Thus, prime minister Marcel Ciolacu underscored that the recent referendum in the Republic of Moldova showed that this country's citizens are willing to join the European family, despite the persistent disinformation campaigns and manipulation they had to handle."It is our duty to support them on their path to EU accession. We support the advancement of the European accession process of Ukraine and the Republic of Moldova," said the PM.Moreover, he thanked France for supporting Romania's accession process to the OECD, a cross-party country project that remains a major priority of the Government.On the same occasion, Ciolacu offered his French counterpart a T-shirt signed by Romanian champion David Popovici.The Romanian head of Executive was accompanied to France by deputy PM Marian Neacsu, the minister of foreign affairs, Luminita Odobescu, the minister of national defence, Angel Tilvar, the minister of labour and social solidarity, Simona Bucura-Oprescu, the honorary adviser to the PM, Victor Negrescu, vice-president of the European Parliament, and the Hidroelectrica CEO, Borbely Karoly.

Raiffeisen Group’s results in Romania for first 9 months: solid growth across all business segments

Thu, 14 Nov 2024 00:00:00 +0200

Raiffeisen Bank continues to redefine the banking experience in Romania. The results of the first 9 months of the year support personal financial planning performance through Raiffeisen Smart Finance tablet, as well as significant developments in daily banking activities. The bank continued investments to develop easy, intuitive, and secure digital experiences for customers’ interactions with the bank. The new 100% digital flow in the Smart Mobile banking app has led to a 5-fold increase in digitally enrolled customers within just a few months of launch compared to the same period in 2023. All these customers have become holders of ”The Yellow Card that Does Good”, a new financial tool through which Raiffeisen Bank donates, from its own funds to D?ruie?te Via?? Association for the construction of a medical campus with every POS or online transaction made by customers, regardless of the amount. ”In the first 9 months of the year, we have continued our mission to support clients in building a stable financial future, whether through savings products, investments, pensions, or insurance products. The number of clients who benefited from financial planning, simulated directly on a tablet, has increased nearly fourfold compared to the same period last year. We also have excellent results in mobile banking. We have accelerated the development of a complex ecosystem of fully digitalized services and products designed to make our clients’ lives easier, and the number of clients enrolled 100% digitally has increased 5 times compared to the first three quarters of last year.” – Zdenek Romanek, President & CEO, Raiffeisen Bank Romania. KEY DEVELOPMENTS IN THE FIRST 9 MONTHS OF 2024 Raiffeisen Bank Romania’s assets exceeded 74.3 billion RON in the first 9 months of the year, marking an increase of 10% compared to the same period last year. The bank’s financial performance remained solid, with a profit of 1,265 million RON, while operating expenses increased by 12% year-over-year due to significant investments in staff training and retention, as well as expanding the team in key areas and modernizing infrastructure. The liabilities stock continued to consolidate, registering an 8% increase, with positive variations across all customer segments. Deposits from individuals grew by 11%, and those from SMEs by 10%. This significant growth underscores customers’ confidence in the safety and attractiveness of Raiffeisen’s savings products. The loans stock granted to customers increased by 3% compared to the previous year. Loans for individuals grew by 2%. Meanwhile, legal entities loans stock increased by 3%, fuelled by corporate clients and our participation in government programs such as IMM Invest and Invest EU. In the Mid-Corporate segment, the loan balance grew by 13% in the first three quarters of the year as compared to the same time span last year, demonstrating Raiffeisen Bank’s commitment to supporting the development of Romania’s business sector. The total balance of loans granted in the SME segment in the first 9 months of the current year is 7% higher compared to the same period last year. New loan volumes under the IMM INVEST PLUS program granted in the first quarters of the year amount to 143 million euros, while new loan volumes granted under the EIF Microfinance and Competitiveness program in the SME segment have reached approximately 90 million euros. At the end of the third quarter, financing provided through the program for start-ups, factory by Raiffeisen Bank, exceeded 30 million euros. Digital Solutions for SMEs Digital lending continues to support the growth of the SME loan portfolio, with over 1,100 Micro clients benefiting this year from quick and easy access to loans worth more than 20 million euros, without additional documents or trips to the bank. A further step towards digitizing local companies was the successful implementation of the “3rd party integration” solution, which integrates the RaiPOS solution with the client’s ticketing application. This solution provides a safe and fast experience, significantly reducing the time needed for transactions. Nearly four times more financial plans The number of clients who received financial planning in 2024, simulated directly on the Raiffeisen Smart Finance tablet, increased by more than 3.7 times compared to the same period last year. The subscription process for investment funds has been fully digitized, providing clients with a seamless experience for savings or investment products. New clients and those who transfer or receive their salary at Raiffeisen Bank benefit from preferential interest rates on savings products. Additionally, the insurance portfolio has been expanded, with life insurance attached to mortgage loans doubling. At the same time, the insurance portfolio increased, with the main achievements including the doubling of the portfolio of life insurance on mortgage loans. Five times more clients enrolled 100% digitally In Q3, over 50% more new individual clients chose Raiffeisen Bank compared to the first two quarters of the year. In July, Raiffeisen Bank launched an improved remote enrollment solution through Smart Mobile. The new design and simplified process allow enrollment and opening of a current account package in less than 8 minutes, with 100% digital documentation. This launch resulted in 5 times increase in digitally acquired clients in Q3 compared to the same period last year (Q3 2023). This process is also available for in-branch colleagues to assist clients who opt for assisted enrollment. App usage and Loyalty Program Over 1.4 million clients log into their Smart Mobile app monthly, with approximately 80% logging in at least five times each month. In Q3 2024, over 70,000 individual clients chose to update their data using the digital flow in Smart Mobile. The Smart Market loyalty app recorded over 900,000 new users two years after its launch, with 90,000 joining in the last three months alone. Through the app, individual clients were rewarded in Q3 with cashback and points worth 130,000 euros and over 450,000 discount vouchers from more than 150 partner merchants. 1 billion euros in investment products in The Private Banking segment Raiffeisen Private Banking has reached 1-billion-euro milestone in investment products. Additionally, at the beginning of last year, the Raiffeisen Private Banking Division also started overseeing the Premium Invest client segment, which involves clients with personal assets of at least 60,000 euros under management. These clients now have access to dedicated services, a wide range of financial products, and high-level investment expertise through a new team of personal bankers. The total value of assets managed in the two client segments, Private Banking and Premium Invest, exceeded 3.1 billion euros in the first nine months of the year. Raiffeisen Private Banking continued to expand its offering of financial instruments this year, attracting significant interest from clients. This year, Raiffeisen Bank Romania’s Private Banking Division added U.S. dollar-denominated corporate bonds, and two new international investment funds focused on sustainability: Raiffeisen Smart Energy: A euro-denominated equity fund that invests globally in companies providing smart energy solutions or products aimed at reducing greenhouse gas emissions or classified as sustainable. Raiffeisen Dollar-ShortTerm: A U.S. dollar-denominated international short- to medium-term bond fund. Awarded multiple times by some of the most prestigious international publications, Raiffeisen Private Banking once again received the confirmation of its status as Romania’s Best International Private Bank at the Euromoney Global Private Banking Awards 2024. Raiffeisen Leasing: doubling of new business volumes and stable portfolio performance From January to September 2024, Raiffeisen Leasing IFN SA saw a 110% increase in new business volumes compared to the same period last year. The main categories of financed assets contributing to this growth were those for domestic and international transport activities, as well as vehicles and equipment in the “green” assets category, demonstrating a commitment to sustainable financing. Furthermore, the non-performing loan rate remains low, reflecting the stability of the financed portfolio. By the end of Q3 2024, Raiffeisen Leasing achieved total assets of over 385 million euros, and the financing portfolio granted to clients grew by 35% compared to the level recorded on December 31, 2023. RAM: Over 1 billion euros in assets SAI Raiffeisen Asset Management (RAM), the investment fund management company of the Raiffeisen group in Romania, has surpassed 1.06 billion euros in total assets under management. Of this, the Raiffeisen Romania Dividend fund, which primarily invests in local stocks listed on the Bucharest Stock Exchange, exceeded 134 million euros.

Garanti BBVA and EIF partner to offer a minimum €30 million in guarantees, to support Romanian companies

Thu, 14 Nov 2024 00:00:00 +0200

Garanti BBVA and the European Investment Fund (EIF) have signed a strategic agreement to provide guarantees of a minimum of 30 million euros, to enhance Romanian companies` competitiveness and sustainability. The InvestEU guarantees will enable Garanti BBVA to facilitate a minimum of €42 million in financing for small and medium-sized enterprises (SMEs) across Romania, driving growth and supporting the country’s transition to a sustainable economy. Through this collaboration with EIF, Garanti BBVA is launching two new guarantee programs designed to address key challenges for Romanian enterprises. The SME Competitiveness Guarantee Program aims to increase access to financing and stimulate lending, which faced significant obstacles during and after the COVID-19 crisis. Meanwhile, the Sustainability program supports companies transitioning towards greener, more sustainable investments, which is essential to the sustainable transformation of Romania’s economy. “This partnership with the European Investment Fund marks an important step in Garanti BBVA’s mission to support Romanian companies in their effort toward increased competitiveness and sustainability. The financing opportunities we bring to the market with the InvestEU guarantee reflect our commitment to facilitating Romania’s economic growth while contributing to its transition to a greener economy. By improving access to capital and promoting sustainable projects, Garanti BBVA confirms its role as a reliable partner for Romanian businesses in every stage of their development”, said Bilge Demirer, Deputy General Manager, Enterprise Banking Area, Garanti BBVA Romania. In the framework of these programs, Garanti BBVA is focused on delivering advantageous financing solutions to Romanian businesses. Eligible companies will benefit from more advantageous terms, including access to larger loan amounts, extended financing periods, and preferential interest rates. These conditions are designed to facilitate access to finance and improve the competitiveness and sustainability of Romanian companies. Through the SME Competitiveness Guarantee Program, companies can expect a guarantee rate of 50% to 70%, depending on specific eligibility criteria, enabling Garanti BBVA to extend financing to companies with reduced collateral. The sustainability Guarantee Component, with a guarantee percentage of 70%, is exclusively dedicated to companies developing green and sustainable projects. The guarantee is backed by InvestEU, the European Union’s funding program and by Romania’s National Recovery and Resilience Plan (PNRR). The collaboration between Garanti BBVA and the EIF represents a strong effort to help Romanian businesses thrive in a challenging economic environment, opening pathways for long-term growth and resilience. Through the dual focus on competitiveness and sustainability, the bank aims to provide SMEs with the resources and incentives they need to stay competitive and embrace the green economy.

BRD records net profit of RON 1.1 billion in 9M 2024

Thu, 14 Nov 2024 00:00:00 +0200

During the first nine months of 2024, BRD materialized solid commercial performance across all its business segments, marking significant growth in net loans outstanding, of +15% compared to the same period in 2023. The corporate segment was particularly strong, expanding by +23% YoY, while the retail segment improved notably. Individuals’ loan origination reached record levels, totaling RON 8.4 billion, representing a remarkable +48% increase, benefitting from solid demand on both consumer and housing products. ”BRD remains highly committed in building a sustainable economy and continues to finance projects and engage in initiatives with positive impact. For the first nine months of the year, BRD new sustainable financing reached almost RON 1 billion, leading the cumulative production over the last 3 years to over EUR 1.1 billion, well above the target initially set for end of 2025. The deposit base showed steady progress, reaching +8% YoY by September 2024, underpinned by both retail and corporate deposits growth. We also work on further developing our digital capabilities which supports and translates in increasing penetration of e-banking application, with YouBRD reaching 1.65 million users at September 2024 end, +24% YoY. In addition, BRD is among the first banks which very soon will roll-out in production, RoPay, an instant mobile, proximity and payments service, via QR code, which is simple, secured and free of charge. Financially, the growth in revenues, driven by higher volumes across all business segments, coupled with a disciplined costs and risks management, translated into high ROE and improved cost-to-income ratio, if we exclude the impact of the new tax on turnover. Asset quality indicators are at sound level, liquidity and capital remain strong, positioning BRD well for future growth. As the year progresses, BRD remains focused on balancing robust lending activity with sustainable practices and digital innovation to meet the evolving needs of its customers”, said Maria ROUSSEVA, CEO of BRD Groupe Société Générale. Net loans outstanding, including leasing financing, reached RON 47.6 billion, marking a +15.1% YoY increase compared to September 30, 2023, driven by strong lending activity across all segments. The corporate segment continued to be a key driver of growth, advancing by +23.0% YoY, while the dynamic on retail segment saw a notable improvement, from +4.1% YoY growth pace at the end of September 2023 to +10.0% YoY at end of September 2024. Loan origination on individuals segment achieved record-breaking volumes in each of the three quarters and also on a nine-month period, reaching RON 8.4 billion during 9M 2024, +48.4% YoY vs 9M 2023, with very good performance in both consumer and housing loans. Consumer loans production totaled RON 5.4 billion, up +40.4% YoY, while new housing loans surged by +65.7% YoY, nearing RON 3 billion in 9M 2024. These results highlight the continuous customer focus to be the first-choice financing partner. At end of September 2024, individuals’ loans outstanding increased by +8.5% YoY. Additionally, small businesses brought a consistent contribution, with net loans outstanding rising by +40.0% YoY, supported by improved lending processes and effective participation in government programs. Corporate financing showed robust growth, with net loans outstanding increasing by +23.0% YoY as of September 2024 end. Large corporates led in volumes growth (+22.4% YoY vs September 2023 end), followed by SMEs (+23.9% YoY vs September 2023 end), propelled also by governmental supporting programs. Throughout the first nine months of 2024, BRD actively supported Romanian businesses by engaging in various SMEs and mid-market capitalization financing initiatives, including programs like IMM Plus, Rural Plus, Farmer’s Credit, APIA, Construct Plus or Prod Plus programs, being present in sectors like agriculture, construction or manufacturing. Additionally, over 600 companies from the State Aid scheme under the National Recovery and Resilience Plan “Digitization of SMEs” have selected BRD as their banking partner for investment projects. BRD also provides specialized services to these SMEs, ensuring compliance with program requirements alongside with competitive offer in terms of daily banking and lending. Leasing activity continued its strong growth trend, with net outstanding of leasing financing up by +18.5% YoY as of September 2024. BRD further demonstrated its strong dedication to support sustainability transitions. During 9M 2024, BRD sustainable financing reached almost RON 1 billion, emphasizing support for renewable energy and socially responsible projects, leading the cumulative production over the last 3 years, to over EUR 1.1 billion, well above the target initially set for end of 2025. To further promote and support green investments, BRD established a new partnership with European Investment Fund (EIF) in August 2024 to implement a sustainability financial instrument with the purpose to provide support for SMEs and business processes in adapting to climate change, and facilitating the green transition. Additionally, the women entrepreneurship remains one of the Bank’s areas of interest in 2024 thanks to the collaboration with the Ministry of Economy, Entrepreneurship and Tourism in the implementation of the “Women Entrepreneur” program 2024 edition, and the recent partnership with the International Finance Corporation (SRT transaction concluded in Q1 2024). The deposit base continued to grow steadily, +7.9% YoY as of September 2024 end. Retail deposits, a key funding source, increased by +9.9% YoY, still driven by growing inflows of individuals’ term deposits (+28% YoY). Corporate deposits saw a moderate growth, +4.5% YoY, mainly supported by net inflows from SMEs (+10.2% YoY). BRD saving offer is diverse, incorporating also an extensive range of investment solutions through the 12 investment funds managed by its subsidiary BRD Asset Management, which marked a solid increase of +59.4% YoY in AuM (to RON 5.8 billion), maintaining its first position on the UCITS market and reaching 22.3% market share as of September 2024 end. BRD ensures the distribution of its products and services through a combination of on-site and remote presence. As at September 30, 2024, the Bank’s network reached 388 branches (vs. 432 as of September 30, 2023) and an increasing number of 24/7 self service areas, covering almost 60% of its network (222 vs. 172 as of September 30, 2023). BRD is further developing its digital capabilities and continues the advancement on its digital roadmap with the implementation of a new credential setup process to enhance customer security. Another important facility, soon to be launched, is RoPay – an instant mobile proximity and secured payment service via QR code, available 24/7/365 days p.a. This service, simple and easy to use and free of charge, is a national alternative to cash and other existing payment methods, BRD being among the first banks in Romania to roll-out this service. Clients’ digital activity is further increasing, as evidenced by the growing number of YouBRD mobile application users to 1.65 million (+24% YoY as of September 2024 end), higher number of transactions done through the application (+29% YoY) and 500k clients enrolled into the cashback loyalty program. During the first nine months of the year, BRD Group net banking income increased by +5.4% YoY compared to the same period in 2023, amounting to RON 2,984 million. Net interest income, the key contributor to growth, marked an advance of +7.1% YoY during 9M 2024, given a dynamic commercial activity across all business segments, somewhat tempered by higher cost of funding. Net fees and commissions were up +6.4% YoY, mainly driven by increasing clients’ activity on transfers and cards, combined with higher penetration of package of services. Lending and insurance activities also brought a positive contribution to the yearly dynamic. Other banking income (-9.9% YoY) was mainly impacted by a one-off limited provision booked in Q1 2024, and the sale of BRD Finance loan portfolio, partially compensated by a positive contribution of trading activity. Operating expenses were up by 8.8% YoY in 9M 2024, mainly driven by the new tax on turnover and staff costs. In a persistently competitive labour market, staff costs increased by +6.9% YoY compared to 9M 2023, driven by higher fixed salaries and other compensation package adjustments, under the new labour agreement signed in June 2024. The evolution of non-staff expenses (+0.5%, excl. contribution to the Deposit Guarantee Fund and Resolution Fund and the new tax on turnover) reflects mainly the combined effect of increased IT expenditures to support our digital initiatives, gains from sale of real estate and cost savings linked to the closure of BRD Finance activity. For 2024, the cumulated contribution to Deposit Guarantee Fund and Resolution Fund was reduced to RON 43.5 million, from RON 68.1 million in 2023. However, the positive impact of this cost reduction was offset by far by the new 2% tax on turnover, in amount of RON 94.8 million for 9M 2024. BRD Group gross operating income reached RON 1,472 million in 9M 2024 (+2.2% YoY and +8.8% YoY, excluding the tax on turnover, compared to 9M 2023) and cost to income ratio increased fully as a result of the new revenue tax (50.7% in 9M 2024 vs 49.1% in 9M 2023). Excluding the impact of the tax, C/I improved to 47.5% in 9M 2024 from 49.1% in 9M 2023. The quality of the loan book remained solid during the first nine months of the year, with NPL ratio* around record low level, reaching 2.37% at September 2024 end (increase from the historical low of 1.9% at 2023 end, mostly from the retail portfolio and still below the banking system average), while NPL coverage stands at a comfortable level (78.55% at September 2024 end vs 75.96% at 2023 end). Net cost of risk registered RON 136m net provision allocation during 9M 2024, compared to RON 35m net provision release in 9M 2023, reflecting a closer to “through the cycle” level. BRD Group net result amounted to RON 1,094 million (vs RON 1,227 million in 9M 2023), while ROE reached 16.1% in 9M 2024. BRD standalone capital adequacy ratio, reached 27.6% as of September 2024 end. Excluding the impact of the new regulatory temporary treatments (implemented through art 468 and art 500a of CRR3 in July 2024), BRD standalone capital adequacy ratio stands just below 23%. Main commercial trends and financial indicators of BRD Groupe Société Générale at September 30, 2024 at consolidated level, according to the International Financial Reporting Standards (IFRS): Broad-based business growth significant corporate financing activity (+23.0% YoY), fueled by strong performance on both SMEs (+23.9% YoY) and large corporates (+22.4% YoY) strong loan origination on individuals segment, reaching new record levels, RON 8.4 billion in 9M 2024, +48% YoY steady increase in deposit base, +8% YoY BRD Asset Management, leader on UCITS market, marked significant growth of assets under management to RON 5.8 billion, +59.4% YoY and ~22.3% MS further developed digital capabilities supporting increasing penetration of e-banking application, with YouBRD reaching 1.65 million users at September 2024 end, +24% YoY Financing sustainable projects production of sustainable financing reached ~ RON 1bn in 9M 2024, while the cumulated production target envisaged for 2025 was well exceeded in advance Operating performance built on robust volume growth and rigorous cost discipline Solid quality of loan book, low level of NPL ratio (2.37%) and comfortable NPL coverage (78.55%) at September 2024 end Cost of risk evolution reflecting a closer to “through the cycle” level Net profit of RON 1,094 million (vs. RON 1,227 million in 9M 2023), ROE 16%

Average net salary in Cluj 40-45% higher than in other counties in North-West Region

Thu, 14 Nov 2024 00:00:00 +0200

The average net salary in Cluj County is 40-45% higher than in other counties in the North-West Region, according to data released on Friday by the Bistrita-Nasaud Regional Directorate of Statistics.The North-West Region includes the counties of Bihor, Bistrita-Nasaud, Cluj, Maramures, Satu Mare, and Salaj.The published statistics refer to the average salary recorded from January to August, both at the regional level and in each of the six counties.In August, for example, the average monthly income in Cluj County was close to 6,100 lei, while in Bihor, which ranked second in the regional standings, it was 4,322 lei, and in Bistrita-Nasaud, the lowest-ranked county, the average net salary was 4,186 lei.Compared to August 2023, the average net salary in Cluj increased by 8.64%, while in Bistrita-Nasaud, the increase was 16%.At the end of August, there were over 804,000 employees registered in the North-West Region, with 60% working in services, 38% in industry and construction, and the remaining 2% in agriculture, forestry, and fishing.The number of unemployed persons at the same time was approximately 28,800, with a regional unemployment rate of 2.6%, an increase of 0.5 percentage points compared to August 2023.Regarding industrial production in the first eight months, the North-West Region experienced a slight decline compared to the same period in 2023.Industrial production increased in Cluj County (up 10%) and Satu Mare (approximately 6%), while declines were noted in the other counties, particularly in Bistrita-Nasaud (down 12%) and Maramures (down 11.6%).The Bistrita-Nasaud Regional Directorate of Statistics also published data on international trade in goods for the first six months of the year, indicating that imports, estimated at nearly 5.86 billion euro, exceeded exports by about 400 million euro.The counties with the most significant share in foreign trade are Cluj (exports of 1.5 billion euro and imports of 2.35 billion euro) and Bihor (exports of 1.46 billion euro and imports of 1.49 billion euro).Maramures, Salaj, and Satu Mare are the only counties in the region that export more than they import, with their exports in the first semestre of the year accounting for about 40% of the regional total.

Romania's forex reserves dip to EUR 62.841 bln at the end of October

Thu, 14 Nov 2024 00:00:00 +0200

As of end-October 2024, the forex reserves of the National Bank of Romania (BNR) stood at 62.841 billion euros, 4.46 percent down from 65.778 billion euros as of the end of September 2024, the central bank announced in a release on Friday.Inflows recorded in October 2024 amounted to 2.801 billion euros, representing changes in the foreign exchange reserve requirements of the credit institutions, inflows into the accounts of the Ministry of Public Finance, other.Outflows stood at 5.738 billion euros, representing changes in the foreign exchange reserve requirements of the credit institutions, interest and principal payments on the foreign currency public debt (some 1.850 billion euros), payments from the European Commission's account, other.Romania's gold holdings remained unchanged at 103.6 tonnes worth 7.136 billion euros, as per the current international prices.Romania's international reserves (foreign currencies and gold) as of October 31, 2024 stood at 71.361 billion euros, compared to 73.663 billion euros as of end-September 2024.Payments due this November on the public and publicly guaranteed foreign currency-denominated debt amount to roughly 649 million euros.

U.S. Ambassador: Delivery of Fargo Jet cloud seeding aircraft, proof of strong U.S.-Romania strategic partnership

Thu, 14 Nov 2024 00:00:00 +0200

The delivery to Romania by North Dakota-based Fargo Jet of the first precipitation enhancement aircraft is yet another example of the strategic partnership between the United States of America and Romania, as well as of the two countries' ever growing bilateral trade and investment relationship, U.S. ambassador in Bucharest Kathleen Kavalec said on Friday, as she opened the event that marked the commissioning of Romania's first cloud seeding airplane, delivered by Fargo Jet and purchased by the Active Atmospheric Intervention (IAA) company.Kavalec said that this is an exceptional moment for Romania's aviation, which showcases the power of innovation in supporting the development of Romanian agriculture, and which also opens a new chapter in the fight against climate change, aimed at protecting one of Romania's most important resources, the farming community. The diplomat went on to note that the aircraft will contribute to increasing precipitation, protecting produce against hailstorms, saving crops from devastating drought in agricultural areas without access to irrigation, but also helping shield agriculture from climate change.The U.S. ambassador congratulated Fargo Jet and its sister company, Weather Modification International (WMI), for the work put in in order to bring this extremely important aircraft type to this region, noting that Fargo Jet and WMI thus demonstrate real commitment. The diplomat also voiced hopes that the delivery will be just one of many proofs of American support to Romanian farmers in the vital agricultural sector.I want to emphasize how much we appreciate Romania's choice of this American solution. The Romanian government has been a long-time supporter of American aerospace technologies, she said, also referencing the Fargo Jet Learjet 75 air ambulance aircraft delivered last year to the Romanian Ministry of the Interior.A year ago, I was at the Baneasa Airport to celebrate the delivery of the Fargo Jet air ambulance aircraft to the Romanian Ministry of the Interior, it is clear that Fargo Jet aircraft represent a standard of excellence for Romania's aircraft needs. I therefore want to congratulate again Fargo Jet and IAA for this important partnership. Through innovation and strategic foresight, we are laying the foundations for a better aerospace cooperation and support sustainable agricultural development in a climate change resistant future, the diplomat said.In his turn, Fargo Jet Center president James Sweeney emphasized the importance of the partnership of the company he represents with IAA for bringing the "best technology" to the region, specifically the first cloud seeding plane.Our cooperation with the local company IAA will improve their work and will bring anti-hail aircraft to the country to protect crops and increase agricultural output. It is such an important step, and we are confident that this is only the beginning of what we will achieve in the future, said Sweeney, adding that the two sister companies, Fargo Jet Center and Weather Modification International, are also looking forward to share in Romania their globally accumulated knowledge. (Photo:https://foto.agerpres.ro/foto/getOriginal/17767653)

Turkish Minister of Trade: Turkish-Romanian bilateral economic relations have evolved in all fields

Thu, 14 Nov 2024 00:00:00 +0200

Bilateral economic relations have evolved in all areas, trade, investment, tourism, transportation and services, with many large Turkish companies and small and medium-sized enterprises investing directly in Romania, with around 19. 000 such companies, Turkish Minister of Trade Omer Bolat said on Friday, after the conclusion of the second session of the Joint Economic Trade Cooperation Committee (JETCO), which he chaired together with Romanian Economy Minister Stefan-Radu Oprea."As far as energy cooperation is concerned, there are many ongoing projects. There are also projects on the transportation of gas from Romania to Western Europe, with Turkish companies contracted to provide services. In the defence industry, we see greatThe functioning regulation was signed on 8 February 2019 in Bucharest, by the two ministers of commerce (and co-presidents of JETCO) and the first session JETCO took place in Istanbul on 19 April 2019. opportunities for both countries for joint production and cooperation in defence procurement for land, naval and air forces. Turkey has made a major leap in the defence industry. Turkish defence products are sold in 138 countries. We sell about 220 different defence products," said the Turkish minister of Trade.The Turkish official appreciated Romania's support for his country within the European Union, for the modernization of the customs union. "Turkey has a customs union relationship with the European Union, where Romania is a full member, and both countries have excellent political relations, very close and warm neighborly relations in the economic field," Omer Bolat said.According to him, Turkey appreciates the "lifting the road quotas between the two countries". "We have just started a new ferry line between Turkey's northern Black Sea coast and Constanta, which will improve and boost transport between the two countries," the Turkish minister of Trade explained. În turn, Economy, Entrepreneurship and Tourism Minister Stefan-Radu Oprea on Friday said that there is evident progress in the value of bilateral trade between Romania and Türkiye, as he led the second session of the Joint Economic and Trade Commission (JETCO) between Romania and the Republic of Türkiye, alongside Turkish Minister of Trade Omer Bolat."The first meeting took place in 2019 in Istanbul, when I initiated it as minister of Trade at that time. Today, together with my Turkish counterpart, we had very good, practical discussions on how to enhance bilateral economic relations. We had a target of 10 billion dollars; we are already at 11.5 billion dollars (in trade - editor's note). When I visited Ankara with Prime Minister Marcel Ciolacu and President Erdogan, we set a new target of 15 billion dollars for the value of bilateral trade, and progress is already evident," said the Romanian minister after the JETCO meeting.He acknowledged that there is a certain imbalance in Romania's trade balance with Turkey. "However, let's look a bit broader at this trade balance and also consider the value of Turkish investments in Romania," Stefan-Radu Oprea noted. According to him, there are nearly 19,000 Turkish companies investing in Romania, many of which are among Romania's main exporters, "with Ford Otosan currently in second place.""When we look at the trade balance, we must consider, on one hand, the trade exchanges between Türkiye and Romania, and on the other hand, the value of Turkish investments in Romania and the value of exports these companies generate. If we see things from this perspective, we will find that the very good government-level relations translate into good relations among businesspeople," Oprea added.He explained that during the JETCO meeting, discussions primarily focused on resolving recent difficulties regarding the export of poultry and live animals."We also discussed the tobacco industry and the paper industry. These are issues that the Romanian industry has brought to our attention recently. Additionally, from Türkiye's side, there is the issue of visas. How can we open up tourism more for Turkish tourists? How can we also have longer-duration visas for business?," Oprea said.Moreover, they discussed bringing Turkish specialists from construction companies in Turkey, "which have already won many contracts." The minister gave the development of road infrastructure as an example.He mentioned that on Friday, there would be bilateral meetings in the business sector between entrepreneurs.According to him, it was decided during the meeting that JETCO meetings will be held at least annually. In fact, the third session of the Economic and Trade Commission between Romania and the Republic of Türkiye will take place in 2025, either in Ankara or Istanbul. *** JETCO ( Joint Economic and Trade Commission) is an instrument for bilateral dialogue centered on the economic and commercial dimension of the bilateral relation, according to the site of the Romanian embassy in Ankara. The declaration of establishment of JETCO Romania – the Republic of Turkey was signed by the ministries of economy in the two countries on the margin of the visit to Romania of the president of the Republic of Turkey, Recep Tayyip Erdogan on 1 April2015. The functioning regulation was signed on 8 February 2019 in Bucharest, by the two ministers of commerce (and co-presidents of JETCO) and the first session JETCO took place in Istanbul on 19 April 2019. (https://economie.gov.ro/)

ForMin Odobescu: President Zelenskiy's formula, only viable option for comprehensive, just, lasting peace

Thu, 14 Nov 2024 00:00:00 +0200

President Volodymyr Zelenskiy's Peace Formula is the only viable option for a comprehensive, just and lasting peace in Ukraine, Romania's Foreign Minister Luminita Odobescu said on Friday.She had a virtual appearance at the Ministerial Conference on the Human Dimension of Zelenskiy's Peace Formula. The meeting, held in Montreal in a hybrid format, was co-organised by Canada, Ukraine and Norway.The head of the Romanian diplomacy talked about the sacred nature of human life and dignity.She said that there are so many tragic stories and each of them happened pointlessly and is unfair. Each of these is a war crime of Russia. The tragic stories of Ukrainian children, of Ukrainian civilians, compel us to demand full accountability for all war crimes and crimes against humanity committed in Ukraine. That is the only way to achieve peace and, with our help, Ukraine will achieve exactly that, said Odobescu.She spoke in favour of international law being observed.While we are making efforts to develop Ukraine's Peace Formula, others call themselves friends of peace, said Odobescu, wondering how can you call yourself a friend of peace when you forget about the UN Charter, the territorial integrity of states, or about the many tragedies caused by Russian forces in Ukraine.The head of the Romanian diplomacy called for efforts for a just and not imposed peace.All of Ukraine's friends are friends of peace, friends of just peace, not of imposed peace, they are friends of the UN Charter, not of power politics, she said.As we see now, as on another occasion, Ukraine has many friends. With so many good friends and with the well-known resilience of the Ukrainian people, Ukraine will achieve peace and justice, added Odobescu.As part of the process of implementing the decisions of the Summit on Peace in Ukraine, the objective of the ministerial conference was to identify practical solutions to speed up the efforts of the international community to return Ukrainian minors deported to the Russian Federation or to the territories temporarily occupied by Russian forces in Ukraine. The agenda of the talks also included the situation of prisoners of war, as well as the repeated violations of human rights by the Russian armed forces. (Photo:https://www.president.gov.ua/)

Presidential election Moldova/Iohannis: Congratulations, Maia Sandu, the Romanian people is celebrating alongside your people

Thu, 14 Nov 2024 00:00:00 +0200

President Klaus Iohannis on Monday morning congratulated Maia Sandu for her victory in the presidential election in the Republic of Moldova."Congratulations, Maia Sandu, for your historic victory! The Romanian people is celebrating alongside your people this victory that irreversibly places your country's destiny in Europe.After counting 99.68pct of the votes, Maia Sandu received 55.35pct of the votes, while her counter-candidate, Alexandr Stoianoglo, got 44.65pct, according to the website of the Central Electoral Bureau of the Republic of Moldova.

Romanian space mission aboard International Space Station

Thu, 14 Nov 2024 00:00:00 +0200

The Romanian InSpace Engineering (RISE) company will launch, at the beginning of November, the Drop Coal mission to the International Space Station, a scientific experiment developed entirely in Romania, within a project financed by the European Space Agency (ESA).According to a company's press release, the launch is expected between November 4-6 from the NASA Kennedy Space Center, aboard the Dragon cargo capsule within the CRS-31 mission."DropCoal was designed to study the coalescence and mixing of liquids during a 6-month mission aboard the International Space Station. Specifically, during an experiment, the device generates two droplets of different substances, filming with an ultra-fast camera how they come together and mixes in microgravity. DropCoal was designed to run 560 such experiments throughout the mission," the release reads.The findings resulting from this experiment are of particular importance for space exploration, as they will help scientists improve the way of administering medicine to astronauts or the fuel supply of various spacecraft.The DropCoal project marks several firsts: the first payload designed and manufactured entirely in Romania that will arrive on board the International Space Station, Romanian InSpace Engineering SRL being the first entity in Romania to develop an experiment validated by the safety commissions of ESA and NASA for use on board the ISS (manned flight).Also, DropCoal represents the first payload that is fully tested for flight in Romania through partnerships with different research institutes and national companies."The development and preparation for the launch of the DropCoal experiment gave us the chance to coagulate at the company level both a team of experts from complementary fields who can solve complex technological problems, as well as the logistical basis for the implementation of large-scale projects in the space field", said Mugurel Balan, project manager and co-founder of Romanian InSpace Engineering (RISE).The RISE company has been operating in the field of aerospace engineering since 2017 and has many projects in the field of space technology developed for the European Space Agency and the Romanian Space Agency. The company has successfully completed or is in various stages of implementation many other projects in the space field from precise positioning systems in orbit to terrestrial systems for monitoring GNSS interference. (Photohttps://www.facebook.com/RomanianInSpaceEngineering/)

Survey: Three quarters of Romanians do not trust recommendations made by influencers

Thu, 14 Nov 2024 00:00:00 +0200

Almost three quarters of Romanians (73.74%) say, on the eve of Black Friday, that they do not trust recommendations of products and services made by influencers, according to a specialized survey, released on Thursday.Moreover, to be convinced to make a purchase from an online store, 55.62% of respondents want the product to have more than 10 reviews, while 17.15% are satisfied with 5 to 10 reviews.For 11.92% of respondents it matters that a product has 3-5 reviews, 5.52% are satisfied with 1-3 reviews, while for 9.79% this aspect is irrelevant, according to the analysis conducted by Prora through the iVox Research platform.When it comes to being informed by mail about online shops' promotions, opinions are divided in terms of frequency: 32.85% consider that one mail per week is enough, 30.72% expect to be notified every time there are new promotions, 22.77% want a maximum of one mail per month, and 13.66% do not want any correspondence at all.According to the survey, for 41.67% of Romanians, transportation should be free of charge for orders worth more than RON 100, while 30.62% would like this service to be free of charge, regardless of the value of the order. 9.69% prefer free transportation for orders between RON 101-150; 8.04% for orders worth RON 151 - 200 and 9.98% for orders worth more than RON 200.Most often, products are returned because they do not meet specifications, according to 48.26% of respondents who chose this option. The next most common reason for return is incorrect size for 33.62%. The fact that the product arrived too late or damaged is the reason for return for 13.86% of those surveyed. 3.49% admit that they simply regretted it, while 0.78% admit that they have already worn the product and no longer need it.The Prora study provides a detailed insight into the online shopping behavior of consumers, highlighting current trends and preferences in e-commerce. The methodology used to collect statistical data is CAWI - Computer Assisted Web Interviewing, applied through the online platform iVox Research. The studied sample of 1,043 respondents reproduces, in terms of main characteristics, the socio-demographic structure of the population of Internet users in Romania, over the age of 18, and the results of this survey can be extrapolated with a minimum margin of error.In terms of socio-demographic structure, 52.92% of the respondents are men, and 89.36% reside in urban areas. 77.11% of the respondents are currently employed.

Study: Revenue of Romanian companies increased 6.5 times and profits 10 times, in last 15 years

Thu, 14 Nov 2024 00:00:00 +0200

The total revenues of Romanian companies have increased 6.5 times in the last 15 years, from 400 billion RON in 2008 to over 2,600 billion RON in 2023, according to the "Entrepreneur Profile 2024" study conducted for ING Bank Romania by Datable and Impact Hub Bucharest, with the support of Startarium.The biggest increase, over 60%, was observed in the period 2021-2023.On the contrary, the growth rate of the total net profit of Romanian companies was higher than that of the income growth. Thus, the net profit of the companies reached 223 billion RON in 2023, 10 times higher than the value recorded at the end of 2008.ING Bank Romania celebrates 30 years of local activity in 2024, and the study "Entrepreneur Profile 2024" offers a detailed x-ray of the entrepreneurial climate in Romania. The research is based, for the first time, on the analysis of data at the territorial level, in order to provide as clear a picture as possible of the evolution of the entrepreneurial environment, especially in the second half of the last three decades, it is shown in a press release from the bank."The "Entrepreneur Profile" study confirms the remarkable progress recorded in this period both at the macro and microeconomic level, especially in the years following the accession to the European Union. At the same time, the problem of the polarization of economic development remains evident, which must be addressed in the coming years. We recently launched the 30 x 30 report, 30 years of ING, in which we show that Romania's economy has the potential to double in the next decade, and our country could enter the top 10. economies from the European Union," said Mihaela Bitu, CEO, ING Bank Romania, quoted in the press release.In the last 15 years, the net profit in the urban environment increased by 57%, significantly faster than in the rural environment, where the increase was only 39%. This gap highlights the difficulty of the rural environment in transforming revenues into net profit, having higher operating costs and lower efficiency than in urban areas, the quoted source claims.Bucharest continues to concentrate the largest share of net profit, 37% of the total profits obtained by businesses in Romania. However, this share has decreased in recent years, in 2014, for example, being 45%.Regarding the revenues of the last 15 years, the average annual increase was 148 billion RON. Urban centers accounted for more than 60% of the companies' total revenues. Along with Bucharest and Ilfov, Arges, Cluj and Timis counties stand out."The Entrepreneur Profile 2024 report shows that, despite the challenges, Romanian entrepreneurs demonstrate remarkable resilience and significant growth potential. International expansion, increasing the customer base and adopting advanced technologies are considered essential priorities. To achieve these goals, it is necessary an improvement of the entrepreneurial ecosystem, through better access to financing, continuous educational support and policies favorable to business development," said Vlad Craioveanu, CEO & Co-founder, Impact Hub Bucharest.

Romania: EPPO dismantles criminal scheme that obtained €2.2 million for pastures involving public officials

Thu, 14 Nov 2024 00:00:00 +0200

The European Public Prosecutor’s Office (EPPO) in Timisoara (Romania) arrested three suspects yesterday, including two public officials, in an investigation into a criminal scheme that obtained €2.2 million in EU funds for pastures, https://www.eppo.europa.eu/ informs. One of the individuals detained is a sheep breeder who owns a large estate in Romania. According to the investigation, he set up a criminal scheme to obtain EU subsidies for pastures that were ineligible for funds, using public officials from Romania’s paying agency to facilitate the process. Based on the evidence, between 2018 and 2023, the sheep breeder used employees to identify pastures which he did not own and to lease them in the name of his parents and of a commercial company controlled by him, in order to fraudulently obtain EU funds. It is understood that public officials from Romania’s Agency for Payments and Intervention in Agriculture (APIA) – Hunedoara County Centre colluded in the scheme. According to the investigation, the sheep breeder submitted requests for subsidies regarding land that he did not own, or requested support to larger areas than the ones submitted. In addition, he is alleged to have submitted requests for forested areas that are not eligible for support, by enlisting the help of public officials from the APIA. In this manner, the suspect obtained approximately €2.2 million (RON 11 211 935.22) in agricultural EU funds. An additional request for approximately €1.6 million (RON 8 293 626 ) was submitted to the APIA, but the funds were not disbursed, thanks to the timely investigation of the EPPO. The European Delegated Prosecutor in charge of the investigation ordered the detention of the three suspects for 24 hours, and he will request their preventive arrest. In addition, eight more individuals were charged, including another five public officials. In order to compensate the damage to the EU budget, a freezing order was issued. The investigative measures counted on the support of the Anticorruption General Directorate - County Anticorruption Service Timis (Directia Generala Anticoruptie – Serviciul Judetean Anticoruptie Timis) and the Arad County Police Inspectorate - Economic Crimes Investigation Service (Inspectoratul de Politie Judetean Arad – Serviciul de Investigare a Criminalitatii Economice). The investigation is ongoing, in order to ascertain the extent of the suspected criminal activities. All persons involved are presumed innocent until proven guilty by the competent Romanian courts of law.

Managements of Romanian, Moldovan, Ukrainian customs authorities hold trilateral meeting in Chisinau

Thu, 14 Nov 2024 00:00:00 +0200

The managements of the Romanian, Moldovan and Ukrainian customs authorities met on Wednesday in Chisinau to discuss topics such as boosting customs cooperation in the fields of trade facilitation and anti-fraud, and the implementation of joint measures to render inter-institutional interaction more efficient, the Romanian Customs Authority said in a release.Representatives of the three customs authorities and of the European Union High-Level Advisers Mission (EUHLAM) participated in the trilateral meeting, that also saw an exchange of information and best practices.Director of the Republic of Moldova's Customs Service Alexandru Iacub emphasized the importance of this trilateral format for strengthening regional customs cooperation, in line with best international practices and commitments to implement the European agenda in the customs field."Through constant dialogue and trilateral cooperation we ensure that joint measures effectively contribute to the achievement of our strategic goals of securing borders and facilitating international trade. Activity synchronization and inter-institutional cooperation, both on the anti-fraud component and for boosting the capacities of the customs personnel, by creating a joint training platform adjusted to the EU best practices are essential for reinforcing a body of personnel that are well prepared and capable to face the current challenges. We remain firmly committed to the values of integrity and professionalism, and the projects set forth today will help us achieve the proposed objectives for a modern and safe customs service," said Alexandru Iacub as cited in the release.President of the Romanian Customs Authority Marcel Mutescu mentioned that this cooperation represents the key to a future in which the borders of the three countries will be better protected and prepared for challenges."Today's trilateral meeting has once again proven the commitment undertaken by Romania, the Republic of Moldova and Ukraine for the improvement and rendering efficient cross-border customs operations. We want this form of cooperation to become a recurring one, a platform for dialogue and action, allowing the fast exchange of information and ensuring a safer trade flow for all parties involved. This active cooperation is the key to a future in which our borders will be better protected and prepared for the economic and security challenges in the region," said Marcel Mutescu.Deputy head of the Ukrainian State Customs Service, Vladyslav Suvorov, said that important projects are envisaged in order to ensure a regular flow at the crossing points, and that the organization of joint control, the automated exchange of information and the implementation of joint actions to combat violations of customs regulations will require mutual efforts for implementation."Our meeting today is a new step towards our joint customs future in the European Union," Suvorov pointed out.The sides also exchanged opinions on the current situation in the customs offices, the prospects for expanding coordinated control at the border between Romania and the Republic of Moldova, and the joint control at the Moldovan-Ukrainian border, infrastructure modernization projects, as well as the improvement of the coordinated action mechanism in crisis situations.The initiatives discussed included the creation of a regional training platform for the three customs authorities, which would facilitate the provision of expertise in the enforcement of European customs legislation and the consolidation of professional capacities, the implementation of the New Computerized Transit System and of the AEO System, the use of AI, strengthening the climate of integrity and conducting common anti-fraud operations.Opportunities to intensify trilateral cooperation in the fields of canine assistance, mobile teams, risk analysis and law enforcement were also explored, as well as the organization of joint professional development events for the effective harmonization of national legislation with the EU law.The agenda of the meeting included visits to the Customs Laboratory, the Training Center, and the Anti-Fraud and Compliance Department of the Republic of Moldova's Customs Service, where the Romanian and Ukrainian officials were introduced to the activity and technical equipment of their Moldovan colleagues. The Training Center's team presented the training and improvement programs for customs officials, and the mobile teams made a demonstration with the special control technique provided.At the end of the meeting, the leaders of the Romanian, Moldovan and Ukrainian customs authorities reiterated their commitment to an active cross-border cooperation, by the coordination of joint actions and boosting their efforts to ensure border protection. Concrete actions were decided, including the signing, by the end of the current year, of the Operational Plan for the trilateral anti-fraud customs operation, the development of the regional capacity building platform, and the improvement of the joint intervention mechanism in crisis situations.

Ambassador Kathleen Kavalec Statement on International Black Sea Day

Thu, 14 Nov 2024 00:00:00 +0200

October 31, 2024 The Black Sea is of critical geostrategic importance – a key sea lane for global trade, security, energy and humanitarian efforts. On International Black Sea Day, we reaffirm United States support for a Black Sea that is secure, prosperous, interconnected, and free from threats of military aggression, economic coercion, and malign influence, including those posed by Russia’s unprovoked and illegal war against Ukraine. United States engagement in the Black Sea region is based on deep ties of friendship, shared values, and recognition of its strategic importance. Together with Allies and partners in the region, we support efforts to reinforce the free flow of trade in the Black Sea, to develop new energy sources, and to protect the region’s rich cultural heritage. U.S. engagement in regional groupings – including the Bucharest Nine (B9), the Three Seas Initiative (3SI), and NATO – along with a persistent U.S. military presence at Mihail Kogalniceanu Air Base and in Deveselu, contribute to regional security, stability and prosperity. Romania has played a vital role in fostering greater international cooperation in the Black Sea, working to create safe shipping lanes for the export of Ukrainian grain, partnering with Bulgaria and Türkiye to clear mines, and collaborating with the United States and other partners to combat foreign information manipulation in the area. We look forward to continuing our close cooperation with Romania in support of a secure and prosperous Black Sea region. By U.S.Mission Romania (Photo:https://x.com/ambasadasua)

AEP head announces start of legislative election campaign on Nov 1, wrap-up on Nov 30

Thu, 14 Nov 2024 00:00:00 +0200

President of the Permanent Electoral Authority (AEP) Toni Grebla announced that the campaign for Romania's legislative elections starts on Friday, November 1, and will end on November 30 at 7:00 a.m., noting that all candidates must replace their pre-campaign promotional materials with those accepted by the law for this period.According to Grebla, approximately 21,000,000 ballot papers for each the Chamber of Deputies and the Senate will be printed for the vote in the country, and 3,069,600 for overseas voting. There will also be 6,656 postal ballot papers for each chamber of Parliament.Grebla specified that the Central Electoral Bureau approved on Wednesday all the candidate lists submitted by the political contenders, so that the drawing of lots are next to be organized at the county electoral offices to determine the candidates' order on the ballots, and the electoral ballot templates be finalized."The list of the 950 polling stations approved for out-of-country voting is available on the website of the Permanent Electoral Authority and, probably, during the day it will be published in the Official Journal; it will also be posted for certain on the website of the Foreign Affairs Ministry," Grebla added.The AEP head also specified that over 7,000 electoral experts are entered in the dedicated Roster, and that there are sufficient human resources for election activities to unfold smoothly.Grebla said that AEP owns the entire IT infrastructure for running the elections and the necessary measures were duly taken to install "the latest equipment for filtering out cyber fraud attempts."

PATRES: Balancing market electricity prices excessively high compared to day-ahead market

Thu, 14 Nov 2024 00:00:00 +0200

Electricity prices in the balancing market have become excessively high compared to those in the day-ahead market, even unbearable for producers in the renewable sector, especially for the small, deregulated ones, as well as for other market participants, cautions the Employers' Organization of Romania's Energy Producers from Renewable Sources (PATRES).In a release on Monday, the industry's umbrella organization expresses concern over the alarming situation in the balancing market throughout the year 2024, and over the negative impact it has on renewable energy producers and the National Energy System.According to the release, the major imbalances faced by renewable energy producers, along with the non-transparent price formation mechanism, revenue limitation and the just partial recognition of imbalances, trigger ever higher costs, that hit even unbearable peaks. Practically, the balancing costs are so high that they can take any electricity purchase contract out of the profitability zone, the PATRES members argue."With the exception of large adjustable producers, all actors stand do lose, namely suppliers, who cannot adjust because they do not have access to real-time data; the producers of energy from renewable sources, which are volatile by default; and industrial consumers. For small-sized, deregulated renewable energy producers, balancing costs are almost as high as their monthly revenues. And the larger producers are forced to voluntarily limit production almost every day," said PATRES first vice-president Martin Moise."On October 17, for a certain hourly interval, the price in the energy balancing market reached the exorbitant amount of RON 187,614 per MWh, shows data on the platform of the European Network of Transmission System Operators, ENTSO-E. Unbelievable, but it happens in Romania's balancing market! And the authorities refuse to provide explanations and take measures to stop this situation. One month after Transelectrica justified an exorbitant price in the energy balancing market as being caused by a technical malfunction, the situation repeats itself, but in a much more serious way. The balancing price recorded on October 17 exceeded by far RON 100,000 per MWh, it was almost double the values registered a month ago, in the apparently same 'exceptional' context. In September, Transelectrica claimed that the price of RON 102,000 per MWh was caused by an error of the DAMAS II market management platform. One month later, the situation is escalating again, and we have no concrete explanations for these anomalies," the release notes.PATRES draws attention to the fact that the repeated occurrence of such incidents calls into question the integrity of the balancing process and the transparency of the energy market, affecting not only market participants, but also consumers, who, in the end, bear the costs."The balancing market should be competitive, based on an order of merit. There is a high degree of concentration in the market, with just one actor, the state, which is majority stakeholder. It's not healthy, and Romania keeps postponing the coupling of the balancing markets. It is imperative that authorities act quickly to correct this situation and to ensure a fairer and more sustainable environment for renewable energy producers and other market participants," said PATRES president Viorel Lefter, as cited in the release.PATRES announced having sent notes to all responsible institutions and put forward a set of proposals for a correct management of the balancing market for the benefit of all actors and consumers, as well as the National Energy System.The proposals include: the opening, by the Competition Council, of an investigation into the way of bidding and price formation, but also into the existence of a potential concentration on the balancing market; the full recognition of costs with imbalances in the calculation of capping and compensation for producers and suppliers; establishing a price-formation mechanism based on the 'pay as bid' and not 'pay as cleared' principle, as proposed by the National Energy Regulatory Authority in the first version of the amendment to the order regarding the balancing market, even if this means a deviation from European regulations; setting a maximum price for services specific to the balancing market (this measure can be implemented immediately and applied temporarily, considering the critical situation of renewable energy suppliers and producers); the publication of balancing prices and final offers (under total transparency regarding the mechanisms for the formation of balancing prices and the regular publication of data according to legal requirements).The Employers' Organization of Romania's Energy Producers from Renewable Sources, counting 119 members - producers of energy from renewable sources, with a total installed capacity of approximately 3,000 MW - represents investments in the Romanian energy sector of approximately 4.5 billion euros.

Romania imported by 6.2pct less natural gas in January-August 2024 against the same interval in 2023

Thu, 14 Nov 2024 00:00:00 +0200

Romania imported a quantity of natural gas of 1.186 million tonnes of oil equivalent (toe), in January-August 2024, by 6.2pct (-77,900 toe) less than in the similar period last year, according to the data centralized by the National Institute of Statistics (INS).The domestic production of natural gas totaled, in the mentioned period, 5.056 million toe, being 1.4% above that of the period January-August 2023 (+69,000 toe).According to the estimates of the National Commission for Strategy and Prognosis, the production of natural gas would increase in Romania, between 2024 and 2027, with an average annual rate of 1.7%, after an advance of 1.4% recorded in 2023.Thus, according to the latest Forecast of the energy balance, Romania will have a production of 7.675 million tonnes of oil equivalent in 2024, up by 0.6%, 7.79 million toe (plus 1.5%) in 2025, 7.907 million toe (plus 1.5%) in 2026, and 8.176 million toe (plus 3.4%) in 2027.As far as imports are concerned, Romania is forecasted to have an increase of over 10% in 2024, after which a downward trend is expected, with a more pronounced rhythm in the horizon of 2027 (-6%), in concordance with the advance of production through the entry into operation of new capacities, but also taking into account the transit to be maintained to foreign markets.CNSP estimates for 2024 imports of 2.392 million toe (plus 11.1%), for 2025 imports of 2.211 million toe (minus 7.6%), for 2026 imports of 2.150 million toe (minus 2.7%) and for 2027 imports of of 2.022 million toe (minus 6%).

Rompetrol Rafinare implements new public alarm system on Petromidia platform

Thu, 14 Nov 2024 00:00:00 +0200

Rompetrol Rafinare, a member company of the KMG International Group (Rompetrol), has implemented a new alarm system at the Petromidia Navodari platform through an investment of approximately $700,000, the company said in a release."Continuous investments and the development of projects with an impact on safety, including the implementation of new protection systems, both for our employees and for the nearby population, are major priorities for Rompetrol Rafinare. The main benefit of the new system is the possibility of an efficient, real-time response in emergency situations, allowing us to maintain a high standard of safety in all sectors," said Rompetrol Rafinare CEO Florian Daniel Pop, as cited in the release.The new system consists of 22 sirens of various capacities and a central station for their operation and control. 9 sirens are installed within the precincts of the Petromidia platform, and 13 are outside the refinery, in such locations as Mamaia, Navodari, Lumina, Corbu, Sibioara and Piatra.Their location was established on the basis of a study carried out by an expert company and approved by the "Dobrogea" Constanta Emergency Management Inspectorate, so as to allow the alarm to cover a radius of 10 km around the site of the refinery.The new equipment can be operated in a centralized system both by specially trained Rompetrol Rafinare personnel in cases of necessity that concern the company, as well as by the Emergency Management Inspectorate, for situations unrelated to the activity of the Petromidia platform and that concern the entire population.The new sirens have a much wider range than the old ones, which only covered the perimeter of the Petromidia platform. In addition to acoustic signals, the new system makes it possible to transmit voice messages announcing the reason why the alarm was triggered and how the population must act.The works were coordinated by Rompetrol Rafinare experts through Rominserv, the general contractor of KMG International Group (Rompetrol), with the support of the Emergency Management Inspectorate, and were carried out by a specialized company.In 2024 Rompetrol Rafinare carried out projects for the development and modernization of operational assets worth a total of about $85 million, plus other investments in maintenance and compliance.

Romanian, Moldovan energy ministers sign Memorandum of Understanding

Thu, 14 Nov 2024 00:00:00 +0200

The minister of energy, Sebastian Burduja, on Thursday signed in Chisinau a memorandum of understanding with his counterpart from the Republic of Moldova, Victor Parlicov, on the development of joint projects and partnerships to promote innovation in the energy field, in the two countries, informs a press release of the Ministry of Energy sent on last Friday."This step means the continuation of a process that Romania has been dedicated to: that of being a partner of the Republic of Moldova, for the consolidation of its energy security and its integration into the European energy market. Within this process, Romania is already concretely and constantly supporting the Republic of Moldova in the energy field, through ongoing strategic projects, such as the Iasi-Ungheni-Chisinau gas pipeline, the Suceava-Balti power line, but also through the supply of energy when Moldova needed it more and more in recent years. Romania now has a new opportunity through the access of Romanian start-ups to the testing ecosystem in the Republic of Moldova, where there is already a sandbox-type legislative framework that allows companies to apply new solutions in a controlled environment," said the minister of energy, Sebastian Burduja, quoted in the press release.The memorandum aims to identify the needs of the industry at the national and regional level from the perspective of green technologies and innovation, as well as the identification and development of programmes or pilot projects in which the priorities in the field of energy innovation and the development of green technologies can be addressed in a sustained manner.At the same time, the document refers to the analysis and identification of options to support investments in significant technological solutions, which will propel the clean technologies industry and influence the energy sector at a regional level, as well as the creation of strategies based on good practices from Romania and the EU, which resulted in the financing of investments in the field of green energy.To this end, the participants will collaborate with priority in order to develop projects and initiatives that support innovation, in particular, for the following areas: digital and intelligent solutions for Cleantech; advanced renewable energy; comprehensive ecosystem for green hydrogen; the next generation of technologies for the management of carbon emissions (CCU/CCS); energy storage; Urban Eco-Friendly infrastructure; energy efficiency; green and energy efficient heating-cooling systems; CyberSec projects for energy infrastructure; advanced biofuels; biomass and nuclear energy.The new memorandum continues the two memorandums of understanding signed between the governments of the two countries, the one of February 11, 2022, regarding cooperation in the field of energy security, and the one of December 11, 2023, regarding the realization of the projects necessary to interconnect the natural gas and electricity networks between Romania and the Republic Moldova, both signed also in Chisinau. (Photo:https://www.facebook.com/)

CONAF: Fiscal Code underwent 78 changes in first 9 months, most SME write-offs in 2024

Thu, 14 Nov 2024 00:00:00 +0200

The Fiscal Code underwent 78 changes in the first nine months of the year, and from here you can draw your own conclusions about how quickly an entrepreneur can adapt, said on Wednesday, the president of the National Confederation of Women's Entrepreneurship (CONAF), Cristina Chiriac. "I listened very carefully to what was discussed before, I can tell you how the Romanian economy looks, from the perspective of a representative of the business environment. I will tell you that, in 2024, we had 78 changes to the Fiscal Code, in the first nine months. From here you can draw your own conclusions about how quickly an entrepreneur can adapt in terms of not only fiscal changes, because they also have social repercussions, in the area of competitiveness, etc. Then, I will tell you that In this economic spectrum, SMEs, from our point of view, represent the backbone of the Romanian economy, and I will give you some figures of employees, while we have 3.1 million employees in the SME sector. Calculate how big the impact is when we refer to the frequency with which the minimum wage changes, practically over a million of Romanian employees have guaranteed minimum incomes. It is clear that there is concern in the area of the business environment, because we are looking very carefully at what the budget deficit means. We notice that this is among the largest in the European Union and there are only a few countries that surpass us," stated Chiriac, at the "Competition in key sectors" conference.In the view of the CONAF representative, Romania and Europe, in particular, face extremely low competitiveness."If we keep looking at the SME market, I will tell you that this year saw the most write-offs, terminations of activity and suspensions of activities in the last five years. This means a very low resilience, in especially in the area of micro-enterprises, to adapt to negative equity. These things are not due, for example, to inflation, one of the highest in the European Union, but to the fact that there were many external factors that negatively impacted their economic activity Here I am referring to the impact of prices on the energy sector, where we are looking extremely carefully, knowing that, from March or April, this ceiling may change. We are facing an area of extremely low competitiveness and we cannot ignore what is happening in Germany, where at the last exhibition fair attended by Romanian entrepreneurs, in September, more than 70% of the exhibitors were from China, something that we also feel in Romania," said the CONAF chairwoman.

CIS: Direct investments in Romania down by 21.3pct January through July

Thu, 14 Nov 2024 00:00:00 +0200

Foreign direct investments in Romania decreased by 21.3%, in the first seven months of the year, compared to the record year 2022, when their value was 10 billion euros, the head of the Council of Foreign Investors (CIS), Daniel Anghel, informs on Wednesday."I think it is obvious to all those present at this conference and not only that, that foreign direct investments are extremely important both for economic development and for a fairer, stronger competitive competition, whose main impact is economic development. We see that we are still facing extremely high inflation rates, but also with large deficits and increasing public debt. Romania has proven to be resilient in the face of economic challenge. Already, the figure of 7.5% seems to be optimistic in the current context. We see a slowdown after a record year in 2022, in which we attracted approximately 10 billion euros, in foreign direct investments. The synthesis of foreign direct investments and their existing stock shows a decrease of 21.3%, in the first seven months, at 3.12 billion euros. This decrease is related to the year 2022, in which foreign direct investments totaled 10 billion euros. The stock at the moment is somewhere at 118 billion, but it is extremely diversified, with a very large contribution in the manufacturing industry and with three countries on the podium - The Netherlands, Germany and Austria," said Anghel, at the "Competition in Key Sectors - 2024" conference.The data presented by the CIS president show that only a third of the companies active in Romania have planned investment increases in the next year, with this being the lowest level in the last four years."Only 36% of investors have planned investment increases for the next 12 months. It is the lowest level recorded since 2020 to date. Also, 43% of the companies will maintain investments as in the previous year, and 22% will reduce them (...) We also see a positive side. The majority of respondents (65%) expect that the revenues from businesses in Romania will increase year compared to the previous year, and 66% of the respondents expect an increase on the domestic market, while on the export market 50% expect growth and 44% stagnation. If we refer to what makes investors reluctant, as I said, the macroeconomic framework and fiscal-budgetary policies, I would insist on this Fiscal Pact, something that comes with a lot of fiscal changes. Romania, which entered the excessive deficit procedure in 2019, benefits from a more preferential regime, I would say, because other countries also entered the excessive deficit race and then Romania benefits somewhat from leniency in relation to this fiscal plan, which will be divided over 7 years, so that at the end we have a budget deficit of only 3%. And we will start from approximately 8% this year. In 2025, approximately 23 billion RON must be added to the state budget from tax revenues," stated Daniel Anghel.The Competition Council is organizing, on Wednesday, the conference "Competition in Key Sectors - 2024", in which topics are addressed regarding the importance of ensuring a functional and stable competitive environment, as well as the positive effects that the correct implementation of competition rules has on the environment economically and on consumers.

INSCOP Research: Kamala Harris would be a better friend of Romania - PNL, PSD, USR voters say

Thu, 14 Nov 2024 00:00:00 +0200

The democrat Kamala Harris would be ‘a better friend’ of Romania consider the PNL, PSD and USR voters while George Simion and AUR supporters prefer Donald Trump, according to the Libertatea- INSCOP barometer.According to the survey, made between 11 and 18 October, the Romanians have divided opinions regarding who of the two candidates to the US Presidency, Kamala Harris or Donald Trump would be a better friend for Romania.Asked who of the two candidates to the presidential elections in the US they think would be a better friend for Romania, 43.4% indicate Kamala Harris and 38.4% Donald Trump, 1.3% choose the variant’ both the same’ and 3.8% neither. 12% say they don’t know and 1.1% do not answer this question, according to the survey. "I think that Democrat Kamala Harris would be a better friend of Romania in particular: the voters of PNL, PSD and USR, the highly educated, the inhabitants of Bucharest and the big urban centres. I think Donald Trump would be a better friend of Romania in particular: voters of George Simion and AUR, those under 30, private employees, TikTok and Instagram users," reads an INSCOP Research press release issued on Wednesday. The INSCOP Research manager, Remus Stefureac considers that ‘ the Romanians’ divided opinions reflect both uncertainty and lack of knowledge with regard to the relation which the future president of the US would have with Romania’.‘The results of the elections in the US could influence elections in our country, but the impact will be minor taking into consideration the balanced involvement of the Romanians in the competition in the US’ says Stefureac.The opinion poll was conducted by INSCOP Research, a corporate member of ESOMAR, commissioned by the daily Libertatea. The data were collected between 11 and 18 October, the research method being questionnaire interviews (telephone interviews), on a simple, stratified sample of 1,106 people, representative of the significant socio-demographic categories (gender, age, occupation) for Romania's non-institutionalised population aged 18 and over. The maximum permissible error of the data is ¢ 2.95% at a 95% confidence level.

Updated agreement on Romania - UK defense cooperation

Thu, 14 Nov 2024 00:00:00 +0200

The government approved on Wednesday a memorandum on the negotiation and signing of an agreement between the Government of Romania and the Government of the United Kingdom of Great Britain and Northern Ireland regarding defense cooperation, which updates the legal framework for the two states' cooperation, given that the United Kingdom is no longer a member of the European Union, the government said in a statement."The agreement introduces new regulations, especially with regard to the administrative procedure for entering the territory of one of the parties, but also with regard to certain tax exemptions" the cited source mentions.

Exercise DACIAN FALL 2024

Thu, 14 Nov 2024 00:00:00 +0200

The Chief of the Defence Staff, General Gheorghi?a Vlad, was on Wednesday 30 October at the Getica National Joint Training Centre in Cincu, where he witnessed the operational sequences of the DACIAN FALL 2024 (DAFA24) exercise. According to the press release of the ministry of national defence, the Training event DAFA24 of Multinational Division Command South-East is attended by almost 1,500 militaries from Belgium, France, Luxembourg, North Macedonia, Poland, Romania and the US between 14 and 31 October, simultaneously on the polygons in Cincu, Smardan, Capu Midia and Bogata. The training aims to increase of interoperability of the structures for the joint conduct of military operations and to practice the integration at division level of NATO forces and assets deployed on Romanian territory. The Chief of Defence said that DAFA24 is a preliminary stage of the DACIAN SPRING 2025 exercise, for which France will deploy brigade-level forces and assets in our country for the first time. "Moreover, for the Romanian Army, the next year promises to be full of large-scale allied training events. Together with our allied colleagues, we will practise action plans and mutual support in order to be able to successfully deal with any type of military threat scenario", said General Gheorghi?a Vlad. DAFA24 trained forces from Multinational Brigade Command Southeast, French Rapid Reaction Brigade Command (7th Armoured Brigade), French Brigade Forward Command Element, NATO Battle Group Romania, 52 Mixed Artillery Regiment and 83 Tactical Operational Missile Battalion. The exercise was also attended by IAR 330 Puma Socat and F-16 Fighting Falcon aircraft of the 71st Air Base and the F-18 Hornet of the Spanish Air Force, deployed in our country for the Enhanced Air Policing service. The exercise is part of a series of training events aimed at strengthening NATO's deterrence and defence posture on the Eastern flank.

Romania welcomes the publication by the European Commission of the Annual Package on the enlargement of EU

Thu, 14 Nov 2024 00:00:00 +0200

Romani's Foreign Ministry (MAE) welcomes the publication by the European Commission of the Annual Package on the enlargement of the European Union, noting the emphasis by the EU executive on the fact that, twenty years after the largest wave of accession to the EU, accession remains a key instrument to project stability, peace and security on the continent.At the same time, the European Commission reiterates that the enlargement process must continue on the merits of each of the partners, which requires determination in the implementation of irreversible reforms in all areas.Also, MAE says that obtaining the status of EU member is a strategic option, for which the partners must firmly pledge to and promote European values, and their alignment with the common foreign and security policy is, more than ever, a significant indicator of shared values and strategic orientation in the new geopolitical context."Romania pays special attention to the continuation of the enlargement process, which it sees as a fundamental option that implies a common responsibility, both for the partners and for the European Union. Advancing the enlargement at a sustained pace and based on the progress of the candidates in the reform process remains a priority objective for our country," says MAE.The ministry welcomes the European Commission's assessment of the significant progress made in the last year by the Republic of Moldova and Ukraine on the path of reforms necessary for accession to the European Union, despite the particularly difficult context they continued to face in 2023."We share the positive assessment of the European Commission, which highlights that the efforts made by the pro-European authorities in Chisinau have resulted in significant progress with implementing the essential reforms necessary for the European integration process and rapprochement with the EU and traces the way forward for their completion."According to MAE, in line with the assessment of the EU, these reforms, "carried out in a particularly complicated period at regional level and in the context in which the Republic of Moldova is facing unprecedented hybrid attacks carried out by the Russian Federation against it, prove the real political commitment of the Moldovan authorities to European integration, the only strategic option capable of bringing economic development and democratic consolidation and ensuring citizens prosperity, security and freedom that they want."MAE appreciates the fact that this year's opening of accession negotiations is an important recognition of the commitment displayed by Moldova to implementing reforms on the path to European integration, achieved even in the very difficult context given by Russia's interference attempts and the impact on the country of Russia's war of aggression against Ukraine.Romania will remain "firmly committed", at bilateral and European level, to supporting the pro-European authorities in Chisinau in the European integration process.At the same time, MAE welcomes the significant progress made by Ukraine on the path to accession to the European Union and reaffirms Romania's "firm" support for Kyiv's European path.In full agreement with the EC recommendations, Romania "firmly" supports the objective of opening negotiations with the Republic of Moldova and Ukraine on cluster 1 - Fundamental elements, as soon as possible in 2025, after the presentation by the commission of the report on the analytical examination of the application of the acquis communautaire (the so-called screening). "The opening of negotiations on this group of chapters will mean recognition of the special efforts and cooperation of the two countries throughout the technical process that is currently underway."At the same time, MAE welcomes the EU's commitment to strengthening the partnership with Georgia in line with the pro-European aspirations of the Georgian population.It also welcomes the European Commission's assessments of the progress made by the Western Balkan partners and supports the advancement of the European perspective of the region. It mentions in that regard the proposals made regarding the progress in the negotiations with Albania and Montenegro, as well as of the relevant findings of the commission regarding the advancement of the European path of Serbia, the Republic of North Macedonia and of Bosnia and Herzegovina, reiterating the fact that the pace of negotiations is set by own merits in terms of fulfilling the necessary accession criteria.At the same time, MAE supports the proposals aimed at intensifying cooperation with Turkey, as a candidate state and key partner of the EU, in multiple areas of common interest, in line with the conclusions of the European Council meeting in April 2024."The commission's recommendations is an extremely important landmark in terms of discussions at the level of the Council of the EU, which will outline the next steps in the European journey of the partners engaged on the European path," MAE also reports.The enlargement package contains evaluation reports on the six partners in the Western Balkans and Turkey, as well as country reports on Ukraine, Moldova and Georgia.

Aon Romania presents business perspectives for 2025: Risk management systems as a solution for stability in an uncertain environment

Thu, 14 Nov 2024 00:00:00 +0200

Aon Romania, one of the global leaders in corporate insurance brokerage, organized the event “Trade Credit - Perspectives for 2025” on Thursday, October 24, aiming to discuss current challenges in the Romanian business environment and specific tools for risk mitigation. Difficulties in debt recovery, economic uncertainty, and rising operational costs are among the most pressing challenges Romanian companies face. At the event, targeted at decision-makers from major Romanian companies, experts like Eugen Anicescu - CEO of Aon Romania, Gary Lorimer - Global Growth Leader of Aon, and Iancu Guda - Producer of IQ Financial, Observer & Owner of MiM Money in Movement, discussed the local and global economic context. The event also featured a panel discussion with participants such as Mihai Moraru - Founder & Partner of Agro-EST Muntenia, Carmela Negulescu - Country Manager of Alfasigma Romania and Addenda Pharmaceuticals, Petronela Prentu - CFO of Intertranscom Impex SRL, and Elena Nuta - Trade Credit Practice Leader Aon Romania. The discussions addressed Romanian companies' current state and their challenges. “Locally, Romania’s economic context is complex. On one hand, we are experiencing the highest salary growth in the European Union at 30%, significantly boosting Romania’s purchasing power. On the other hand, the economy is slowing down, putting pressure on companies across various sectors. This is also reflected in the increase of the trade deficit to alarming levels, over 10% of the country's GDP, driven by high imports which account for 70% of internal consumption growth,” explained Iancu Guda, Producer of IQ Financial, Observer & Owner of MiM Money in Movement, on the Romanian economic situation. Various challenges affect company operations The economic context has driven up operational costs, pressuring company profit margins. Rising energy and raw material costs impact various sectors, making implementing specific risk mitigation measures essential. In agriculture, economic instability and climate risks reduce profitability and pressure farmers, distributors, and financiers alike. “Agricultural companies are going through a tough period marked by various challenges. First, climate change has significantly affected production, increasing the need for government subsidies. In the last five years, four have been characterized by drought, limiting farmers’ ability to forecast and maintain the financial resources necessary for investment. Second, both agricultural input distributors and specialized financiers assume greater risks than banks, granting supplier credit for up to 12 months. These companies require specialized solutions, such as trade credit insurance, to mitigate risks and avoid uncollected debts,” said Mihai Moraru, Founder & Partner of Agro-EST Muntenia. Furthermore, companies are facing delays in collecting receivables, which creates cash flow pressures. This situation is caused by long payment cycles, impacting current operations management and cost coverage capacity. "In the pharmaceutical field, there is a close relationship between manufacturers, distributors, and pharmacies. When there are delays in payment from the Health Insurance House for reimbursed prescriptions, a domino effect is created: pharmacies are unable to pay suppliers, and distributors face difficulties in making payments to manufacturers, which can sometimes lead to significant market blockages. In this context, trade credit insurance becomes an essential tool, providing stability against non-payment risks," says Carmela Negulescu, Country Manager of Alfasigma Romania and Addenda Pharmaceuticals. This trend is also observed in the industrial sector: “Regarding short-term assets, there is an increase in uncollected receivables. Compared to previous years, we see growing interest in trade credit as the receivables collection rate deteriorates, correlated with the uncertainty in the construction sector,” explained Petronela Prentu, CFO of Intertranscom Impex SRL. Economic uncertainty and the difficulty of forecasting risks remain a constant trend that companies face globally, necessitating the use of specific solutions and tools. “From the pandemic period to the ongoing conflict nearby and the variable economic context, the business environment has been exposed to diverse risks. Uncertainty is the only certainty, and forecasting the business context has become increasingly difficult. Therefore, the only solution is to use specific tools that can contribute to risk mitigation,” stated Eugen Anicescu, CEO of Aon Romania. Opportunities and risk management solutions Despite challenges, there is a noticeable increase in the global appetite for risk, with a two-percentage-point rise in the third quarter of 2024 compared to the previous year. Furthermore, the global credit limit approval rate reached 78%, indicating insurers’ support for global trade. "We place a special emphasis on our relationship with our clients. This involves analyzing our clients' needs through the lens of our sector expertise and understanding risk assessment, ensuring that we fully comprehend our clients' objectives so we can provide them with optimal solutions. For this purpose, we use a 360-degree evaluation of each project, which allows for a comprehensive understanding of risks and opportunities. Whether clients are involved in factoring, supply chain financing, or political risk protection, our company offers solutions that cover the full range of their operations," explains Gary Lorimer, Global Growth Leader at Aon. The event emphasized that understanding the business context, specific decision optimization methods, and risk mitigation tools can contribute to performance growth and stability for companies, even in uncertain conditions. Through this framework, Aon aims to offer solutions and strategies to help companies navigate the significant challenges they face, promoting an exchange of ideas and best practices among participants. Discussions focused on identifying proactive measures that can be implemented to manage risks and optimize resources in difficult economic conditions. ### About Aon Aon is a global consulting company specializing in risk management, pensions, and health. With data-driven expertise delivered by experts, Aon helps clients reduce volatility and maximize performance in a dynamic global economy. Aon Romania, part of Aon plc, is a leader in insurance brokerage and risk management consulting, providing high-quality and innovative services for industrial and commercial companies, public authorities, interest groups, NGOs, and individuals.

Schoenherr advises Trans-Oil Group on acquisition of Frial Terminal

Thu, 14 Nov 2024 00:00:00 +0200

Schoenherr si Asociatii SCA advised Trans-Oil Group, a leading agribusiness operator in the Black Sea region, on the acquisition of Frial Terminal, located in the Port of Constanta, Romania. The transaction marks a key milestone in Trans-Oil’s long-term strategy to expand its presence in the Black Sea, allowing the group to streamline its logistics and distribution of goods across multiple continents. Schoenherr provided buy-side legal advice in connection with the recently signed M&A transaction. Closing is expected to take place later in Q4 2024, subject to merger clearance. "With this acquisition, Trans-Oil strengthens its strategic position in the Port of Constanta, the largest seaport in the Black Sea. We are glad to have contributed to getting this deal done, supporting Trans-Oil in reinforcing its role as a leading player in the agricultural commodities market," said partner Madalina Neagu, who led the Schoenherr team advising the buyer in this matter. Frial Terminal, which boasts a transshipment capacity of 1.5m tons of cereals and 500,000 tons of vegetable oil, becomes part of Trans-Oil export terminals portfolio, which already includes terminals in Reni (Ukraine), Giurgiulesti (Republic of Moldova), Pancevo and Backa Palanka (Serbia). Trans-Oil Group has announced it contemplates a significant expansion of the storage capacities of Frial Terminal. The Trans-Oil Group is a leading agribusiness operator in the Black Sea region, specializing in the production, processing, and trading of agricultural commodities. The group covers a wide range of activities, including oilseed crushing, grain handling and storage, international commodities trading, vegetable oil in bulk, bottled oil, and flour production. It owns and operates five oilseed crushing facilities and 46 storage facilities in the Republic of Moldova, Romania and Serbia. Frial is a seaport terminal operator active in the Port of Constanta, Romania. It provides vessel and terminal operations for general goods and liquid products, as well as storage solutions both in covered spaces and uncovered areas with a total storage capacity of over 70,000 tons. The Schoenherr team advising Trans-Oil Group in this transaction was led by Madalina Neagu (partner) and included Mihaela Popescu (managing attorney at law), Andrei Muresan (managing attorney at law), and Madalina Mitan (partner). Schoenherr is a leading regional law firm, with 15 offices and four country desks in Central and Eastern Europe and South-Eastern Europe. The firm has been active in Romania since 1996, providing full-service legal advice to local and multinational companies. Schoenherr Romania is ranked in by all major legal directories that survey the legal market (Chambers and Partners, Legal500, IFLR1000) for its activity in corporate/M&A.

Golin Romania named PR Agency of the Year at the 2024 Biz PR Awards

Thu, 14 Nov 2024 00:00:00 +0200

Golin Romania has been awarded PR Agency of the Year at the 2024 Biz PR Awards, a top event in the local communications industry. This award reinforces Golin’s leadership and consistent performance, marking the seventh time the agency has achieved the top spot in the ranking’s 13-year history. The Biz PR Awards ranking, curated by Biz Magazine in partnership with Unlock, is based on the annual Top PR Romania study. It uses a comprehensive evaluation system that combines business performance, agency reputation, and client feedback. "This award truly belongs to our team, reflecting the trust our partners place in Golin and the value we bring to every project. Our team always prioritizes an earned-first approach, bringing creativity and dedication to each project, big or small, with the same commitment and passion," said Cristina Butunoi, Executive Director, Golin Romania. In addition to this achievement, Golin also celebrated another highlight at the 2024 Biz PR Awards: Hortensia Nastase, Vice President of Creative Services at Lowe Group, was recognized as one of the year’s most esteemed PR professionals *** About Golin Romania Golin Romania is affiliated with one of the most valuable international PR networks, Golin Worldwide, a Public Relations agency that aligns its creative and data efforts with its clients' business to deliver impactful results. Together we reach the most valuable insights and collaborate in an inclusive environment, we create with a lot of courage and results-oriented. Golin's 1,700 employees globally operate in more than 50 offices around the world, enabling us to come up with comprehensive solutions for multiple markets and regional or global communication programs. Golin was named Global Agency of the Year in PR Week 2021, 2020 and 2019 and PRWeek U.S. 2024. It was also named Agency of the Year in the North America region in PRovoke Media 2021, Midsize Consultancy of the Year at 2023 SABRE EMEA, and Research & Measurement Team of the Year at 2023, 2022, 2021, 2020 & 2019 AMEC Awards. Golin is the first PR agency to receive Gold and Silver for creativity at the Cannes Lions Festival in 2019, and in 2024 became the first PR agency to win Grand Prix awards at Cannes Lions. In Romania, Golin is part of one of the most important communication groups, Lowe Group, along with MullenLowe Romania (integrated marketing communications agency), Initiative Romania (media), Medic One (medical communication) and Path (the unit specialized in data analysis and interpretation).

Indagra & Indagra Food kicks off at Romexpo, with over 500 companies from 25 countries

Thu, 14 Nov 2024 00:00:00 +0200

The best-known event in the agricultural and food industry in Romania - Indagra & Indagra Food - opens on Wednesday at the Romexpo Exhibition Center, and over 500 companies from 25 countries will participate and over 150 innovations and new products will be presented.Indagra & Indagra Food represents a benchmark networking concept for professionals in the agricultural and food industry and will bring together, between October 30 and November 3, 2024, at the 20 conferences and workshops organized, opinion leaders, innovators and experts in the field, offering a unique opportunity to explore cutting-edge technologies and sustainable solutions that are transforming these fields, informs Romexpo, the event organizer.According to the source, 25 countries will be represented at the two fairs, namely Austria, Belgium, Bulgaria, Bulgaria, Canada, China, Czech Republic, Denmark, France, Germany, Greece, Greece, Hungary, Indonesia, Italy, Lithuania, Netherlands, the Republic of Moldova, Poland, Portugal, Romania, San Marino, Serbia, Slovakia, Spain, Turkey, Ukraine, Hungary."The international fair of products and equipment for agriculture, horticulture, viticulture and zootechnics - Indagra 2024 - brings to the forefront the innovations that are shaping the agriculture of the future. From state-of-the-art equipment to technological solutions that improve productivity, the event is the place where farmers, entrepreneurs and agricultural enthusiasts can find concrete solutions for a sustainable future. At this year's edition, we are launching the Indagra Networking Hub, an exclusive space dedicated exclusively to agricultural specialists. There will be conferences, workshops and interactive discussion sessions designed to stimulate collaborations and the exchange of ideas between experts in the field. It is the perfect opportunity to expand your professional network, learn from the best and identify new opportunities for development," say the organizers.At Indagra & Indagra Food, specialists will have the opportunity to discover the latest innovations: agricultural drones for crop monitoring and management, advanced irrigation systems for optimizing water resources, bio fertilizers that support sustainable agricultural practices, energy efficient equipment and machinery, intelligent farm management systems, food industry machinery that improves production and distribution processes and much more.As for the Indagra Food 2024 International Trade Fair for the Food Industry, it will bring together top exhibitors showcasing solutions that fundamentally change the way production and distribution processes are managed in the food sector. Professionals will discover the latest technologies and sustainable strategies designed to improve business efficiency and reduce environmental impact.In addition to the exhibition part, the Indagra & Indagra Food 2024 concept offers participants a thematic program of related activities.According to the organizers, Indagra & Indagra Food 2024 also has a side dedicated to the general public, with visitors invited, over a period of five days, to admire the most beautiful specimens of animals and taste traditional Romanian cuisine.Visiting hours are from October 30 - November 2, 2024, from 9:00 - 18:00, and on November 3, from 9:00 - 16:00. Tickets cost 20 RON.

Study: Europeans' purchase power went up to 18,768 euros in 2024

Thu, 14 Nov 2024 00:00:00 +0200

The Europeans' purchase power went up to 18,768 euros in 2024 but the amount available to consumers for expenses and saving varies a lot from one country to another and also depends on the way in which consumer prices evolve, according to the NIQ Gfk Purchasing Power Europe 2024 study. People from Liechtenstein, Switzerland and Luxembourg have a net income higher than the rest of Europe, while the purchase power is lower in Kosovo, Belarus and Ukraine. As in previous years, Liechtenstein is now first in the purchase power top with a clear margin. Liechtenstein inhabitants have a per capita purchase power of 70,180 euros, 3.7 times higher than the European average. Switzerland and Luxembourg follow, ranking second and third. In general, 16 out of the 42 countries analyzed are over the European average. On the other hand, 26 countries have a per capita purchase power below the average, including Spain which is slightly below the average, of 18,018 euros per capita. As in previous years, Ukraine is at the back, its inhabitants haing only 2,878 euros per capita, which represents a little over 15% of the European average. In Romania, the purchase power is 9092 euros. “At 3.9%, the nominal increase of the purchase power in Europe is significantly more moderate than in the two previous years. At the same time, the inflation rate is also dropping, which means that at least the increase of consumer prices should be absorbed. Fortunately, the tendency of countries with lower purchase power is recording a higher increase rate of the purchase power, which means that the difference of purchase power in Europe continues to drop, while incomes slowly converge. However, differences between countries and within countries are still big in 2024,”said Markus Frank, an expert in the field of geomarketing solutions of NIQ-Gfk, quoted in the press release. The study “NIQ Gfk Purchasing Power Europe 2024” is available for 42 European countries at detailed regional levels, such as municipalities and postal codes, together with data about inhabitants and households, as well as digital maps. The study indicates purchase power levels per person, per year in euros and as index. The NIQ Gfk purchase power is based on the people's nominal income available, which means that values are not adjusted for inflation, the authors mentioned.

U.S. Ambassador Kathleen Kavalec: Romania has become a leader in Europe in reducing its carbon dependence

Thu, 14 Nov 2024 00:00:00 +0200

October 29, 2024 As prepared for delivery Thank you for the invitation to join you today. This is an excellent opportunity to discuss the significant role that clean energy plays in bolstering energy security and fostering a prosperous future. In the United States, our companies have created over 330,000 new clean energy jobs over the last two years. This has given consumers more access to clean energy, including wind and solar, contributing to our economic prosperity. Here in Europe, I have been struck the remarkable progress Romania has made in reducing its dependence on fossil fuels, becoming a leader in Europe in reducing its carbon dependence since it joined the EU. In 2008, coal accounted for 39.5% of the country’s energy mix and more than half of Romania’s energy came from coal and hydrocarbons. In 2023, the share of coal was 13.44%, and nearly two-thirds of the energy output was carbon-free. Romania is of course blessed with a wealth of energy resources, including in the Black Sea. Offshore natural gas and wind will bolster Romania’s status as a regional energy hub, a pillar of energy security in the region. Unfortunately, Russia’s illegal and unprovoked war of aggression against Ukraine has created significant challenges in the Black Sea region. These issues include physical security for offshore energy projects, and security of supply for electricity and natural gas for the countries in the region. I want to commend Romania for the sustained support provided to Ukraine, including through emergency assistance in the energy sector. Moreoever, the interconnector projects that Transelectrica is building, in partnership with the system operator from the Republic of Moldova, will help reduce Moldova’s dependence on electricity based on Russian gas. We appreciate also the cooperation between Transelectrica and Moldelectrica, which Romania has encouraged, with USAID support. This engagement is helping to prepare the integration of the Moldovan electricity market with the EU single market. The United States supports a Black Sea region that is secure, prosperous, interconnected, and free from threats to territorial integrity, economic coercion, and malign influence. To this end, the United States government created a Black Sea strategy in 2023, with input from Romania and others in the region. The Strategy is part of the United States’ approach to addressing the immediate and long-term repercussions brought upon the region by Russia’s brutal invasion of Ukraine. One of the five pillars of the Black Sea Strategy is promoting regional energy security and clean energy. Specifically on energy security, we support Black Sea and partner and Ally countries to diversify energy routes, resources, and suppliers. Case in point: Romania enjoyed technical assistance from the U.S. government in drafting its Offshore Wind Law, that became Law 121/2024. Discussions are ongoing regarding possible technical assistance for the secondary legislation. Additionally, we are organizing the Southeastern Europe Energy Transition and Energy Security Business Trade Mission to Bulgaria, Romania, and Serbia from March 17-21, 2025. This mission will provide a platform for U.S. businesses to jointly explore opportunities in the region’s growing energy market and contribute to the region’s energy transition. We also cooperate with international financial institutions, EXIM, DFC, and the private sector to secure financing for low-carbon energy projects including solar, wind, geothermal, and civil nuclear power. We are confident this strategy will help create a better environment for the future security and prosperity of Romania and the Black Sea region. For investors, it is important to have a stable and predictable business climate, with legislative and fiscal decisions made in consultation with the businesses and stakeholders. Now, renewable energy is a visible component of the steady and resilient progress towards prosperity. As we cooperate to address the complexities of global and Black Sea security, and as the government consults with the businesses, the words of Romanian historian Nicolae Iorga come to mind: “Never say <> always say <>”. Paraphrasing American investor Henry Ford, I would say “Working together is success.” This stands true regarding our cooperation to address the issues facing the Black Sea region. It also stands true regarding the cooperation and consultation between the government and the businesses to reap the energy resources in the Black Sea and those onshore. And so, energy security will blend with progress towards decarbonization and prosperity. Rest assured that the United States will continue to support this progress as Romania’s partner and ally. Thank you for your attention. By U.S. Mission Romania (Photo:https://ro.usembassy.gov/ro/)

950 polling stations proposed for out-of-country voting in presidential and parliamentary elections

Thu, 14 Nov 2024 00:00:00 +0200

The Foreign Affairs Ministry sent the Permanent Electoral Authority (AEP) the proposals for the locations of 950 polling stations organized for Romania's upcoming presidential and parliamentary elections, a list drafted based on the information received from Romania's diplomatic missions and consular offices, the Ministry said in a release.Compared to the June 9 European Parliament election, for which 915 polling stations were organized, 35 additional stations were proposed for the new voting exercise.The most polling stations will be organized in Italy (and Malta) - 158; Spain - 147; the United Kingdom - 107; France (and the Principality of Monaco) - 68; the Republic of Moldova - 59; the U.S.A. - 48; Belgium - 29; the Netherlands - 21.Just like in the case of the EP election this June, for objective reasons, it won't be possible to organize balloting places in: Afghanistan (the Romanian troops have been withdrawn from the said theaters of operations), Rostov-on-Don (the consular office is about to be closed), Odessa (the activity of the consular office is temporarily suspended), Sudan (the mission's activity was taken over by the Romanian Embassy in Addis Ababa), Venezuela (the diplomatic mission was closed), Libya (the diplomatic mission was relocated to Tunis), and Pyongyang (the activity of mission is temporarily suspended).Also, two polling stations that were active at the EP election this year (Freising and Ludwigsburg in Germany) will no longer be available due to the lack of an adequate space to allow elections to be held for three consecutive voting rounds. Voters from the two areas will be able to opt for alternative voting facilities, located some 50 km away.Compared to the situation at the June EP elections, for the presidential and parliamentary elections, 51 stations were relocated to nearby localities or areas following consultations with representatives of the Romanian communities, due to the fact that no suitable buildings were available during all eight days in which elections will be held abroad. At the same time, in the case of 11 polling stations in Finland, France, Spain and the United Kingdom, different addresses will be used between the first round of the presidential ballot and the parliamentary elections, respectively the second round of the presidential election.Voting abroad in the presidential election takes place over three days in each voting round (November 22, 23 and 24, respectively December 6, 7 and 8). All enfranchised Romanian citizens who are out of the country at that time can vote at the precincts organized abroad, based on a valid identity document issued by the Romanian authorities.In the parliamentary election, voting abroad takes place over two days (November 30 and December 1), with only enfranchised citizens who have their domicile or residence abroad allowed to cast their ballot.More details about exercising the right to vote in the 2024 presidential and parliamentary elections can be found on the website of the Foreign Affairs Ministry at https://www.mae.ro/node/64178.In no more than three days from receiving the Foreign Ministry's proposals, the Permanent Electoral Authority approves by decision the proposals for the locations of polling stations abroad and publicly releases the final list of the said precincts.

INSCOP Poll: Over 83% Romanians consider debates among presidential candidates are important

Thu, 14 Nov 2024 00:00:00 +0200

Over 83% of Romanians consider important that debates among candidates should be organized before presidential elections, according to data of an INSCOP Research opinion poll. Thus, 83.5% of Romanians think it is very important or important enough that debates should be organized among candidates before presidential elections (56.1% of Romanians consider it is very important that debates among the main candidates should be organized and 27.4% think it is important enough). Only 14.6% of Romanians consider debates are not important or not important at all (3.9% that it is not important enougn and 10.7% that it is not important at all). 1.9% do not know or would not answer that question. At the same time, 92% of Elena Lasconi's voters, 90% of Marcel Ciplacu's voters, 87% of Mircea Geoana's voters and 77% of George Simion sympathizers think debates are important. “Debates between candidates to various representative positions (president, mayors) have been rather rare of late.For that reson, and in order to better know the abilities of participants in the election race, most Romanians (83.5%) think that debates before the presidential elections of Nove,ber 24 are very important or important enough, while voters of the main candidates expect them with more enthusiasm,”said INSCOP Research director Remus Stefureac. The sociological study was made following the request of “Libertates”daily over October 11-18, through CATI method (phone interviews), the volume of the simple sample being 1,106 persone , representative for significant socio-demographic categories (sex,age,occupation) for Romania's non-institutionalized population, aged 18 and over. The maximum data error admitted is plus/minus 2.95%, at a confidence degree of 95%. (Photo:https://www.inscop.ro/octombrie-2024-sondaj-de-opinie-inscop-research-partea-a-vii-a/)

DefMin Tilvar: Norway's contribution to Romania's Patriot system acquisition proves its commitment to NATO

Thu, 14 Nov 2024 00:00:00 +0200

Norway's contribution of USD 127 million towards the purchase of a Patriot system for Romania demonstrates "not only its firm support for Romania, but also its commitment to allied security," Romania's Defence Minister Angel Tilvar said on Tuesday.The Norwegian government's decision to contribute significantly toward this acquisition was announced at the Meeting of the Council of Nordic States in Reykjavik, which takes place until Thursday, according to Romania's Ministry of National Defence (MApN)."We continue to stand together with Ukraine in these critical moments," Tilvar is quoted as saying.This financial contribution is part of the Immediate Action on Air Defence Initiative coordinated by Germany and will allow Romania to strengthen the security and defence of the Euro-Atlantic space by renewing and expanding its air defence capabilities.MApN says that this close cooperation between Romania and Norway reflects the common and unwavering commitment of both nations in the face of current security challenges, as well as their continued support of Ukraine against the Russian Federation's unjustified aggression.Romania recently donated a Patriot system to Ukraine.

Agriculture: EU approves EUR 400 million Romanian state-aid scheme for farmers affected by severe drought

Thu, 14 Nov 2024 00:00:00 +0200

The European Commission on Thursday approved, an EUR 400 million (RON 2 billion) Romanian scheme to compensate farmers for damages suffered due to the severe drought in the period between September 2023 and August 2024, according to a press statement released by the commission on Thursday.The scheme is open to agricultural producers of 39 selected crops (such as wheat, triticale, rye, barley, oats, rapeseed, peas, sunflower and maize) that were directly affected by the severe drought. To benefit from the aid, the agricultural producers must have lost more than 30% of their autumn 2023 - summer 2024 crops as a result of the drought.Under the scheme, the aid will take the form of direct grants. The maximum amount of aid is EUR 200 (RON 1,000) per hectare for a 100% loss, not exceeding 30% of the eligible costs. The scheme will run until December 31, 2024.The commission found that the scheme is necessary and appropriate to compensate Romanian farmers for the losses incurred due to this extreme climatic event.Furthermore, the commission found that the scheme is proportionate, as it is limited to the minimum necessary, and has a limited impact on competition and trade between member states. On this basis, the commission approved the Romanian scheme under EU state aid rules.

Infrastructure : Aeroitalia temporarily suspends flights to Romania – focus on the Italian domestic market

Thu, 14 Nov 2024 00:00:00 +0200

As part of a growth strategy, Italian airline Aeroitalia has announced that it will temporarily suspend its connections to Romania from November 2024, https://aviation.direct/ informs. This measure comes after an expansion in the Italian domestic market, particularly in the two important regions of Sardinia and Sicily, where the company recorded a 60% increase in its presence. With this strategic decision, Aeroitalia aims to use its resources more efficiently and meet the growing demand in the domestic market. The affected connections, which are now temporarily suspended, include flights from Rome Fiumicino (FCO) to Bucharest Otopeni (OTP), to Bacau (BCM), as well as the routes from Bergamo Orio al Serio (BGY) to Bacau and from Cuneo Levaldigi (CUF) to Bacau. This change in flight schedules is part of a broader strategy aimed at further expanding and optimising domestic Italian routes. Aeroitalia, founded in 2021, has made a name for itself in a short time. The airline benefits from a rapidly growing travel market in Italy, which has been reflected in increasing demand for domestic flights in recent years. This demand is driven not only by tourism, but also by increased mobility among the Italian population, who are increasingly opting for flights within the country. This is also confirmed by recent data from the Italian National Statistics Institute (ISTAT), which show an increase in passenger numbers on domestic routes. Only temporary suspension of flights to Romania planned The decision to discontinue connections to Romania is seen by industry experts as a logical consequence. "The airline must ensure that it can adapt to market conditions. The temporary suspension of these international connections allows Aeroitalia to concentrate its capacity on the domestic routes that are in high demand," explains aviation expert Dr. Klaus V. Hübner from the University of Applied Sciences in Frankfurt. The focus on the Italian market is not only important for Aeroitalia, but also reflects a general trend in the aviation industry, where many airlines are trying to improve their profitability by focusing on profitable routes. Resumption announced for the end of March 2025 Although flights to Romania will be suspended from November 2024, Aeroitalia plans to resume these connections regularly at the end of March 2025. This temporary measure will give the company time to focus on internal expansion and better meet the needs of customers in Italy. The re-entry into the Romanian market will thus be accompanied by a possible strengthening of the brand and a broader offer when demand increases again. The economic impact of these decisions should not be underestimated. In a market that is highly competitive, airlines must constantly look for ways to consolidate their position. The temporary suspension of international connections could prove to be a strategic move to secure and expand market share in Italy in the long term. "The aviation industry is facing numerous challenges, from rising fuel costs to changing passenger travel behavior. Therefore, such decisions are often necessary," says Hübner. In summary, Aeroitalia has taken a bold but strategically sound decision by temporarily suspending its Romanian connections and simultaneously expanding in the domestic market. The coming months will show how these measures will affect the airline's competitiveness and market position.

Telecom. IT: Internet connections increase 2.4% in 2023

Thu, 14 Nov 2024 00:00:00 +0200

The number of Internet connections increased 2.4% in 2023 compared to the previous year, the number of mobile phone connections advanced 0.4%, while the number of fixed telephone connections decreased 9.1%, according to data centralised by the National Institute of Statistics (INS).According to the (INS), last year, voice traffic (telephone calls) in the fixed telephone network fell both in total, 14.3%, and in each traffic component. The most significant decrease was in the fixed-to-fixed traffic component, with 28.4%. International traffic and fixed-to-mobile traffic dropped 8.3% and 7.8% respectively, while national own-network traffic declined 19.2%.Telephone calls in the mobile network went down 6% in 2023 compared to 2022. All traffic components recorded decreases, the most significant being the international traffic category, with 17.6%.Bucharest-Ilfov was the region with the highest share in the total number of fixed telephony connections (25.6% of the total), followed by the Centre (13%) and North-West - 12.6%.On December 31, there were 15,8000 leased lines (including international leased lines), 300 more than in 2022.

Large Trade Networks Association rejects any foodstuff capping

Thu, 14 Nov 2024 00:00:00 +0200

The Large Trade Networks Association of Romania (AMRCR) rejects any capping measures for foodstuff, as such interventions negatively affect markets in the whole food chain and will set up major imbalances on the lng run, association representatives say. AMRCR communicated its stand towards the recent statements of the minister of agriculture about a possible capping of markup for all products processed in Romania. “Mention should be made that a government order for capping markups for several categories of foodstuff has been extended several times and has already affected markets for a long time, is still in force until December 31, 2024. Until now, AMRCR has not been consulted about such a possible measure. According to Romania's engagement when signing the EU Accession Treaty and OECD accession negotiations, the freedom of trade must be guaranteed and product prices should be the result of demand and offer, of free market competition, and any intervention measures on economic price mechanisms will seriously distort the market and will create major long term imbalances,”the AMRCR press release mentions. According to the source, public intervention policies in the mechanism of price creation can lead to investors' distrust in the future of Romanian economy and can determine the reevaluation of investment or expansion plans for the following years, starting with 2025. At the same time, AMRCR reasserts its decision to make sure that the way of establishing prices for foodstuff is only the result of free competition, of demand and offer. In this respect, AMRCR says it will closely collaborate with national and European organizations it is part of and if needed, will promptly react at national and European levels with legal measures “to defend the freedom of trade”. Florin Barbu, the minister of agriculture, declared on Tuesday, at a press conference, that all products processed in Romania will benefit from markup clapping and the draft order will be launched for debate soon, and then approved by the government. “At present, we are talking to retailers and processors and the draft will be soon launched for public debate and then approved by the government. I cannot give you an exact deadline because it must be transparent. There are certain legal procedures, we must get approval from the Legislative Council, many approvals are needed for this order. It must be approved by the Finance Ministry, the Ministry of Economy and of Justice. We are talking about tens of thousand products, all procuts processed in Romania,”said the minister of agriculture after being asked about the coming into force or the order concerning all Romanian produce. Barbu pointed put that the draft order is 90% ready, needing just the evaluation of retailers and processors for certain produce.

Violinist Sarah Nemtanu, Polish conductor Jacek Rogala to open 2024 Royal Season at Romanian Athenaeum

Thu, 14 Nov 2024 00:00:00 +0200

Violinist Sarah Nemtanu and Polish conductor Jacek Rogala are set to open the 2024 Royal Season with an extraordinary concert at the Romanian Athenaeum, on November 3.According to a press release sent on Monday, the opening of the 12th Royal Season, which became a traditional event in Bucharest, takes place under the auspices of the Romania-Poland Cultural Season 2024-2025, a bilateral programme aimed at strengthening cultural relations between the two countries and promoting artistic exchanges.The concert will offer a unique opportunity to explore Polish music through the overture to the opera "Jadwiga, Queen of Poland" by Karol Kurpinski - for the first time programmed in Romania by the Royal Chamber, but also to rediscover masterpieces such as the "Violin Concerto" by Jean Sibelius, performed by French violinist of Romanian origin Sarah Nemtanu, and the well-known "Symphony VI in F major op.68 'Pastoral'" by Ludwig van Beethoven.Over the years, the Royal Season presented exceptional concerts of the Royal Camerata with renowned conductors such as Horia Andreescu, Cristian Mandeal, Tito Ceccherini, Constantin Grigore, Sabin Pautza, Jin Wang, Kah Chun Wong, Tiberiu Soare or Leo Hussain, and also with great soloists such as violinists Shlomo Mintz, Alexandra Conunova, Remus Azoitei, Gabriel, Florin and Simina Crotioru, Alexandru Tomescu, Cristina Anghelescu, pianist Alexandra Dariescu, sopranos Nelly Miricioiu, Cellia Costea, Valentina Nafornita, Irina Iordachescu, mezzo-soprano Ruxandra Donose, tenors Teodor Ilincai, Florin Guzga.The "Royal Season" is a series of concerts performed at the Romanian Athenaeum, under the High Patronage of His Royal Highness, Prince Radu.The concert is organized with the support of the Romanian Ministry of Culture and the Adam Mickiewicz Institute in Poland, under the auspices of the Romania-Poland Cultural Season 2024-2025.

Romgaz's Chirca: We are ready for the winter of 2024-2025

Thu, 14 Nov 2024 00:00:00 +0200

Romgaz, the largest natural gas producer and the main supplier in Romania, is prepared for the winter season and can ensure the continuity of activity in terms of natural gas production, Robert Chirca, Romgaz production and exploitation director, said on Monday at a specialist event."For this winter, I can tell you that for the 137 on-shore fields in our portfolio their 54 drying stations and 16 compression stations have undergone the annual revision process, capital repairs to ensure continuity in natural gas production. I can tell you that for the 2,900 wells in our portfolio, the works planned to happen - I mean the capital repairs and necessary works to keep up production and to fit into the strategic decline of 2.5% - are on schedule and will be completed by the end of this year. I can tell you, statistically, several hundred capital repairs, revisions and technological revisions have been carried out at company level and we are ready for the wintertime," said the Romgaz official.According to him, the company faced challenges during the year, but no problems are foreseen in the coming period."There were challenges. Throughout the year, we have had to deal with challenges in terms of establishing and also supplying safety stocks in terms of spare parts for the compression and drying part, but 95% of them are completed. I don't see or at least we don't see any problems moving forward. From our point of view, we are ready for the winter of 2024 - 2025 and we are waiting for the next challenges," Chirica told an Energy Focus conference on the winter challenges 2024 - 2025 for the national energy grid.He added that Romgaz produces on average, somewhere around 83,000 boe or 12.5 million cubic meters per day.

IMF to arrive in Bucharest on Nov 5 to analyze recent economic developments and update forecasts

Thu, 14 Nov 2024 00:00:00 +0200

A delegation of the International Monetary Fund (IMF), led by Jan Kees Martijn, will visit Bucharest between November 5-8 to analyze recent economic and financial developments and to review macroeconomic forecasts."An IMF mission, led by Jan Kees Martijn, will visit Bucharest between November 5 and 8, for a regular visit. The Fund's team will analyze recent economic and financial developments and update the macroeconomic outlook," reads the IMF announcement signed by Geoff Gottlieb, IMF regional representative for Central, Eastern and South-Eastern Europe.In the latest "World Economic Outlook" report, recently published, the International Monetary Fund (IMF) has revised downwards to 1.9% the estimates regarding the advance of the Romanian economy this year, from 2.8% as forecast in April.According to the new figures published by the IMF, after an increase of 2.1% last year, the advance of the Romanian economy will slow down to 1.9% this year, and will accelerate to 3.3% in 2025. In the spring, the IMF estimated an advance of 2.8% of Romania's GDP in 2024, compared to a 3.8% advance forecast last fall.Also, the international financial institution expects a further worsening of Romania's current account deficit, up to 7.5% of GDP in 2024, from a level of 7.1% of GDP, forecast in April. The IMF predicts a slight reduction in the current account deficit, up to 7% of GDP in 2025, compared to a decrease up to 6.8% as it was estimated in the spring. According to IMF forecasts, Romania's current account deficit will remain at a high level even in 2029, when it will stand at 5.9% of GDP.Currently, Romania does not have a financing agreement with the International Monetary Fund, but the financial institution annually evaluates the development of the Romanian economy, based on consultations under Article IV of the IMF's Articles of Agreement.The consultations are an oversight exercise that is mandatory for all member states. The purpose of the consultations based on Article IV is to examine the financial and economic situation at the national level and formulate some general recommendations regarding monetary policies, financial and economic policies to be followed to ensure stability and a positive development at the level of the economy.

INSCOP opinion poll: 65.7pct of Romanians would prefer an experienced, pro-Western president

Thu, 14 Nov 2024 00:00:00 +0200

More than 67% of Romanians would prefer the future president of the country to be a pro-Western candidate, according to an INSCOP opinion poll conducted between October 11 and 18.At the same time, more than 70.6% of the interviewees declared that they would rather prefer a candidate with experience, while 44.5% of the survey participants would prefer that the future president be someone independent of the parties, according to Inscop Research."The vast majority of Romanians declare that they would like a pro-Western president with experience. Regarding the relationship with the political parties, Romanians are divided into two relatively equal camps, half declaring that they would prefer a president independent of parties, while the other half said that they would prefer a party's representative as president. The generic options of the Romanians that define the main traits of the president's profile are relevant especially for the second round of the presidential elections," stated the head of INSCOP Research, Remus Stefureac.According to the collected data, 67.5% of Romanians would prefer the future president to be a pro-Western candidate, while 17.1% would rather prefer an anti-Western candidate. Also, 3.9% of the respondents say that this aspect does not matter, while 11.5% did not know or did not answer.Respondents who would rather prefer a pro-Western candidate are those who would vote especially for Mircea Geoana and Elena Lasconi, the USR (Save Romania Union) voters, young people under 30, people with higher education, residents of Bucharest or large urban areas. The respondents who would rather prefer an anti-Western candidate are those who would vote for George Simion, AUR (Alliance for the Union of Romanians) voters, those with primary education and TikTok users.At the same time, 70.6% of the respondents said that they would rather prefer someone with experience, while 24.5% say that they would rather prefer someone younger. Also, 3.7% of the interviewees say that this aspect does not matter, and 1.2% did not know or did not answer.Also, 44.5% of the survey participants would prefer the future president of Romania to be someone independent of parties, while 41.9% would rather prefer the representative of a political party for the first position in the state. 7.1% said that this aspect does not matter, and 6.5% did not know or did not answer.The opinion poll was commissioned by the daily newspaper 'Libertatea,' using the CATI method, based on a simple stratified sample of 1,106 people, representative of the significant socio-demographic categories (sex, age, occupation) for the non-institutionalized population of Romania, aged 18 years and over. The maximum allowed error of the data is plus/minus 2.95%, at a confidence level of 95%.

DefMin Tilvar and Jordanian Armed Forces' head discuss situation in Middle East

Thu, 14 Nov 2024 00:00:00 +0200

The Minister of National Defense, Angel Tilvar, had a meeting with the president of the Joint Committee of the Chiefs of Staff of the Jordanian Armed Forces, Major General Yousef Ahmed Al-Hunaity, at the headquarters of the Romanian Ministry of Defense (MapN) on Monday.According to a MApN press release, the discussions focused on the status and perspectives of bilateral cooperation relations in the field of defense in the context of developments in the global security environment, with emphasis on the current situation in the regions of the Black Sea and the Middle East.The Romanian minister of defense emphasized the important role of cooperation in the field of defense between the two states, the Hashemite Kingdom of Jordan being one of the most important partners of Romania in the Middle East region, the cited source informs.In this context, the Romanian dignitary reiterated Romania's commitment regarding the continuation of jointly developed projects, both bilaterally and within the initiatives and programs dedicated to cooperation between NATO and the Hashemite Kingdom of Jordan.Finally, the two officials shared the need to continue bilateral cooperation in the field of defense within the formats established for this purpose and to explore new fields of cooperation, for the benefit of the training of the armed forces of the two countries. (Photo: https://armed.mapn.ro/)

Romania's full Schengen membership is in Hungary's national interest, says Szijjarto

Thu, 14 Nov 2024 00:00:00 +0200

Romania’s accession to Schengen (land borders) as soon as possible is in Hungary’s national interest, stated the head of diplomacy in Budapest, Peter Szijjarto on Monday in front of the commission for national cohesion of the parliament adding that the government he is part of hopes that this will happen before the end of the Hungarian presidency of the EU Council (31st December), says the Hungarian news agency MTI.He showed the difficulties resulting from the fact that Romania is not fully part of the Schengen area, Szijjarto saying that ‘Romania took all necessary preparation measures’ in order to be accepted, as the Brussels experts’ evaluation showed, and the almost unanimous support of the EU members. When referring to Austria’s refusal to support Romania’s accession to the Schengen area, the Hungarian minister said that this is an exemple of applying double standards. ‘ Usually, when we refuse to support something, this is immediately seen as a breach of the ideals of the founding fathers and a shocking dissidence towards the European unity (…) but, when a Western European country does the same thing, it is considered the legitimate implementation of the rights coming from the EU treaties’ stated Peter Szijjarto.He said that the Hungarian government is in permanent consultations with Austria, but ‘the domestic situation in Austria has become unstable after the recent elections which were not won by the forces governing until now.Even so, the winner is not given the chance to form a government’ he added.Szijjarto stated that Hungary is among the supporters of the European action for Romania and Bulgaria to access fully the Schengen area as soon as possible. Romania’s accession would be, similarly, ‘in complete accordance’ with the interests of the Hungarian community of Romania, the Hungarian minister said.

New bank loans in Romania up 28pct eight months into 2024

Thu, 14 Nov 2024 00:00:00 +0200

Banks in Romania granted personal and corporate loans to the tune of almost RON 114 billion in the first eight months of 2024, up 28% year-on-year, according to data gathered under #Dreptullabanking.ro campaign conducted by banks in Romania.The value of new personal and corporate loans in the first eight months of 2024 made up 27.9% of the August 2024 balance of non-governmental credit. The balance of non-governmental credit, which totalled RON 407.89 billion at the end of August, is calculated as the difference between the total new personal and corporate loans and partial and total repayments, as well as credit sales."Developments in non-governmental credit in the first part of the year confirm a growing public appetite for loans as it accessed 56.4% of the value of new loans, and a constant support that banks in Romania provide to companies. Thus, in the first eight months of 2024, loans of almost RON 50 billion were granted to companies. The breakdown by currencies reveals that in the first eight months of this year, 82.7% of the loans were denominated in the local currency, the leu (RON), 16.38% in euros and 0.92% in US dollars, which shows confidence in the national currency and contributes to reducing currency risk," according to a #Dreptullabanking.ro press statement released on Monday.The banking system in Romania is in an adequate prudential and financial state, with most of its indicators being above the averages of the banking sectors elsewhere in the European Union. The banks in Romania are solid and well capitalised, the solvency ratio reached 24.05% in June 2024, three times above the required minimum. In terms of liquidity, indicators are at comfortable levels and, in addition, the balance sheet structure of banks is oriented towards liquid assets. The liquidity coverage ratio stood at 286.05%, according to March 2024 data, while the European average was 167.1% in December 2023.The provision coverage of non-performing loans was 65.94% in March 2024, much higher than the December 2023 European average of 42.3%, thus securing stability and resilience. The NPL ratio was 2.49% in June 2024, a small difference from the European average of 1.9%.Banks have enough room for manoeuvre to increase lending on a sustainable basis, with all indicators indicating stability, liquidity and resilience being adequate.

Raiffeisen Bank launches My Financial Mission game in Romania

Thu, 14 Nov 2024 00:00:00 +0200

Raiffeisen Bank launches in Romania the My Financial Mission game, to prepare young people between the ages of 11 and 15 to understand and use complex financial concepts, such as money management, responsible financial planning, online security and the role of banks in keeping money safe, according to a bank statement.To present these concepts in an interactive and engaging way, the game proposes four interconnected scenario modules, developed on the Minecraft Education platform, through which users help characters accumulate gold nuggets and game-specific coins and make decisions for managing, using and keeping them safe. Each module includes interactive missions, information and recommendations regarding the management of accumulated coins, but also quizzes that contribute to the understanding of how real-life money can be saved, multiplied by interest, invested and kept safe."We are happy to support the launch in Romania, together with Junior Achievement, of the My Financial Mission game. We believe that familiarizing children, even in school, with financial concepts explained in their own way, gives them a solid basis for the efficient management of resources when they become adults. Through the game, children learn in a natural and fun way about saving, responsible spending, investments and develop their ability to make informed decisions about money and its value", said Vladimir Kalinov, Vice President of Retail, Raiffeisen Bank Romania, quoted in the press release.From this autumn, the My Financial Mission game will be used free of charge in schools throughout the country, through the partnership between Raiffeisen Bank and Junior Achievement (JA) Romania. More than 3,500 secondary school pupils and their teachers will benefit from an edutainment type tool that complements traditional lessons and proposes a learning method adapted to their age and the way in which pupils tend to spend their time with friends, colleagues or family.The partnership between Raiffeisen Bank and JA Romania has thus reached its 15th edition and includes, in addition to the development component of financial planning knowledge and skills, a component addressed to high school students, to encourage responsible attitudes in resource management and the formation of impactful behaviors on the quality of life and the environment.Thus, during the 2024-2025 school year, more than 50,000 pupils will benefit from applied learning activities and interactions with volunteers that help them understand the direct connection between money management and the sustainability of environmental resources, as well as how the choices they make as consumers they can help families, communities and the environment.Launched in 2010, the partnership between JA Romania and Raiffeisen Bank has so far offered free financial education activities, resources and kits for 313,400 students and over 9,400 teachers, and 48 high schools have benefited from funding to improve learning conditions and access to online education.Raiffeisen Bank, a universal bank, operates on the banking market in Romania, serving more than 2.2 million clients, individuals and legal entities.Junior Achievement (JA) Romania, a non-profit organization, was founded in 1993 and is part of JA Worldwide USA and JA Europe.

Mandatory private pension funds had assets of 149.95 billion RON in September

Thu, 14 Nov 2024 00:00:00 +0200

Mandatory private pension funds had assets worth 149.95 billion RON at the end of September 2024, up 28% compared to the level recorded at the same date in 2023, according to statistics of the Financial Supervisory Authority (ASF)."Investments by privately managed pension funds were 94% in Romanian assets, most of which were denominated in RON. A large part of the Romanian instruments are represented by government securities or shares listed on the BVB," says ASF.According to the cited source, contributions collected in September 2024 amounted to 1.58 billion RON, while the average contribution was 383 RON.At the end of August, government securities held the largest share of assets, at 100.16 billion RON, or 66.8%. Ranking second were equities, with 35.75 billion RON (23.8%), and third corporate bonds, with 6.48 billion RON (4.3% of total assets).According to ASF, mandatory private pension funds had 8,239,012 participants in September 2024.The following pension funds are active in Pillar II: Metropolitan Life, Aripi, AZT Viitorul tau, BCR, BRD, NN and Vital.

EIB Investment Survey 2024: More than 60% of European companies have invested in climate mitigation and adaptation

Thu, 14 Nov 2024 00:00:00 +0200

EU businesses lead way in investments in climate mitigation and adaptation, with 61% having already invested and 53% planning to do so. Use of advanced digital technologies on the rise as 74% of European firms embrace advanced technologies to enhance competitiveness. Faced with trade shocks, firms are investing in more resilient and secure supply chains. Companies in the European Union weathered relatively well the health, price and trade shocks of the last four years and have increased their ambitions for green and digital transformation, according to a survey by the European Investment Bank (EIB). The EIB’s Investment Survey 2024 , released today at the World Bank-IMF Annual Meetings in Washington, paints a picture of leadership of EU businesses in the green transition and the reinforcement of their supply chains in the face of heightened geopolitical risks and supply-chain disruptions. Many firms in Europe are satisfied with their investment levels over the past three years and are committed to tackling climate change and embracing digital technologies, the survey shows. It covers a total of around 12,000 companies in all EU countries as well as a comparison sample in the United States. While the share of EU companies expecting to increase rather than decrease investment has halved to a net balance of 7% in 2024, compared with last year, businesses in Europe continue to outpace their US counterparts and lead in investments to slash emissions that cause climate change or cope with the impact of severe weather. The latest Investment Survey shows that 61% of EU firms have invested in tackling climate change, compared to 56% in 2023 and 53% in 2022. The green transition impose transformation, but also brings opportunities. More than a quarter of EU firms –27%– view the transition to a net-zero economy, as an opportunity over the next five years. “The commitment of EU firms to the green and digital transitions illustrates the potential of the European economy,” said EIB President Nadia Calviño. “The survey confirms that public-private partnership is at the heart of strategic investments to sustain the competitiveness, security and autonomy of the EU in global markets.” Around 90% of EU and US firms have taken measures to reduce greenhouse gas emissions. Key strategies adopted include investment in waste reduction and recycling and energy efficiency. EU companies are more likely than US ones to have enacted sustainable transport options, opted for renewable-energy generation and set emissions-reduction targets. One in three EU companies –34%– sees the green transition as a business risk compared with 42% in the US. In the EU, 37% of total investments by businesses are directed towards intangible assets such as research, skills and know-how, highlighting a strategic focus on innovation and digital solutions.74% of EU businesses reported using digital technologies, marking a 4% increase from last year. Meanwhile, the US continues to lead at 81%. Looking ahead to the next three years, however, many European companies are prioritising replacement investments over capacity expansion, with only 26% of EU firms planning to expand operations in the next three years compared with 47% of US firms. “The focus of EU companies on innovation is welcome and must be supported”, added EIB President Nadia Calviño. “That is why the EIB Group is working on new Action Plan to reinforce the integration of Europe´s Capital Markets and thereby channel private savings into productive investment in Europe”. The business environment remains a concern for firms in the European Union and the United States, with lack of skilled labour and uncertainty about the future as one of the key concerns in both regions. Business investment is still hindered by high energy costs, which pose significant obstacles for 46% of EU businesses. The majority (60%) of EU exporters report that they still have to comply with different standards and consumer protection rules from one Member State to the next, highlighting that market fragmentation persists. “European firms are making strides in addressing both climate change and the digital transformation,” said EIB Chief Economist Debora Revoltella. “But boosting EU investment requires a less fragmented EU single market.” The survey also underscores the importance of robust supply chains. Concerns about trade disruptions have eased compared to last year, but firms did not see improvements in terms of new regulations, tariffs or trade restriction. EU companies are well integrated into global trade and substantially benefited from it in the past. In a new world with rising geopolitical tensions, EU firms are reacting by enhancing the resilience of their supply chains in looking at economic security and efficiency. The 2024 report serves policymakers, economists and business leaders by providing insights into the investment landscape and identifying actions needed to foster economic growth and resilience. For more information and the full report, visit our website here. Background information The European Investment Bank (EIB) is the long-term lending institution of the European Union and is owned by its Member States. It provides finance and expertise for projects that contribute to the EU's policy objectives. The EIB works closely with public and private-sector partners to support sustainable investment, job creation, economic growth and innovation across Europe. On October 7th, European Union Finance ministers have welcomed an Action Plan to be deployed by the European Investment Bank (EIB) Group, to support the development of the EU’s Capital Markets Union. One key objective of the Action Plan is closing the funding gap throughout the company and innovation cycle; the EIB Group plans to scale up support for the EU venture capital and private equity markets, to help retain the most innovative scale-ups in Europe. About the report The EIB Group Survey on Investment, which has been carried out since 2016, is a unique annual survey of some 12,000 firms. Data for the latest edition was collected in mid-2024 from companies in all EU Member States. The survey also includes a sample of businesses in the United States. The survey collects data on company characteristics and performance, past investment activities and future plans, sources of finance, financing hurdles and other business challenges such as climate change, digitalisation and international trade.

Romanian banks to get an additional €500 million in financing under new EIF guarantee agreements

Thu, 14 Nov 2024 00:00:00 +0200

EIF reaches deals with seven banks to bolster business competitiveness and sustainability Agreements to improve financing terms for SMEs including lower interest rates InvestEU Member State Compartment in Romania is supporting sustainable growth, as a national priority European Investment Fund’s (EIF) approximately €500 million in guarantees to banks will catalyze a minimum of €700 million in funding for Romanian SMEs. Romanian companies will have access to extra financing under a series of new EIF agreements with banks in the country. The EIF is offering seven banks in Romania – UniCredit Bank, Alpha Bank, Libra Internet Bank, BRD Groupe Société Générale, Patria Bank, Intesa Sanpaolo Bank and Garanti BBVA – guarantees totalling €477.75 million. The agreements aim to increase the financial firepower of banks with a guarantee volume of €309 million for competitiveness and €168.75 million for sustainability, allowing them to offer better terms to Romanian SMEs, including lower interest rates. The deals come on top of EIF’s guarantees in 2023 totalling €1 billion for five banks in Romania. The EIF’s new uncapped direct guarantees are backed by the European Commission-led InvestEU programme and Recovery and Resilience Facility. The improved loan terms for SMEs will also include longer maturities and reduced collateral and down-payment requirements. “Today's agreements will improve access to finance for SMEs in Romania, thus contributing to growth, competitiveness and a greener future,” said EIF Chief Executive Marjut Falkstedt. “This builds on the close cooperation between the Romanian government, the European Commission and the EIF to make sure that Romanian businesses get the support they need.” The seven banks will be able to facilitate access to finance for a broader range of companies – including startups – and industries, with loan terms that would be unavailable in the absence of the EIF guarantees. This in turn will bolster the bottom lines of businesses, strengthen the Romanian economy and accelerate the country’s With financing to be available both in Romanian lei and in euros, the new accords will also bolster cohesion regions in Romania by fostering business expansion, promoting clean transport and supporting value chains. Background information As of 2 May 2024 the EIF aligns its logo to the EU family, reinforcing its role as a key EU player. The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, the EIF contributes to the pursuit of key EU policy objectives such as competitiveness and growth, innovation and digitalisation, social impact, skills and human capital, climate action and environmental sustainability and more. About the InvestEU Member State Compartment The InvestEU Member State Compartment enables the Member States to contribute part of their shared management funds, resources from the Recovery and Resilience Facility, and national resources to the InvestEU Fund by setting up a dedicated Member State Compartment. With this voluntary contribution, Member States can leverage on the InvestEU guarantee to support specific national priorities. Under the Member State Compartment, loans, guarantees or equity investments can be offered as a complement to other public and private investments.

Deloitte Study: Seven out of ten multinationals expect an increase in public reporting on tax as a result of recent regulations

Thu, 14 Nov 2024 00:00:00 +0200

* Nearly 60% of respondents see the potential of e-invoicing and digital reporting for trade to simplify compliance, https://www2.deloitte.com/ reads More than two thirds of companies worldwide (70%) expect an increase in public reporting on tax, as a result of the numerous regulations adopted in recent years, making data transparency and compliance with authority requirements the main challenge they currently face, according to Deloitte 2024 Global Tax Policy Survey. Digitalization of tax was ranked as the second most significant challenge, but expectations are optimistic regarding this matter - 59% of participants in the survey see the potential of e-invoicing and digital reporting for trade to simplify tax compliance, even with the need for significant investment. However, 10% believe the effect will be the opposite. The third major challenge for multinationals is related to the international tax reform, comprising the two-pillar agreement signed under the coordination of the Organization for Economic Co-operation and Development (OECD), but also the digital service taxes and the United Nations (UN) initiative for international tax cooperation, recently launched in response to the developing countries’ request. Thus, 54% of participants in the survey expect more complexity in tax reporting under Pillar II of the OECD reform (the global minimum corporate tax), which will be implemented over the next three years. In addition, as Pillar II eliminates the advantage of countries that previously competed for investment based on low corporate tax rates, 77% of participants anticipate those states to develop alternative tax incentive measures for this purpose, compatible with the Pillar II rules. On the other hand, the implementation of Pillar I of the OECD reform (partial redistribution of taxing rights on profits among the countries in which the revenues are obtained) remains uncertain, as the signatory countries failed to reach a final agreement by the deadline of June 30, 2024. Under these conditions, the participants in the study expect the UN initiative to focus mainly on the taxation of digital services, on issues related to ESG considerations (environmental, social, governance), ensuring an equitable fiscal approach across developed and developing economies, but also on the relocation of taxing rights from residence jurisdictions to the source countries. "The trends highlighted in the study are also valid in Romania, as the new reporting requirements, such as those imposed by the GloBE information return (the global anti-base erosion rules) related to Pillar II of the OECD reform or by the EU Corporate Sustainability Reporting Directive (CSRD), also target companies operating on the local market. And these reporting requirements involve the transfer of a very large volume of data between taxpayers and authorities, so the digitalization process, which has started in Romania several years ago and already is in an advanced stage of implementation of electronic reporting systems, such as SAF-T, RO e-Invoice and RO e-Transport, must continue. To this end , the tax authorities are to develop appropriate tools to analyze the data they receive through these systems, so that the digitalization benefits can become visible both for taxpayers, by simplifying reporting procedures and tax controls, and for authorities, by streamlining tax audits, reducing tax evasion and, finally, by collecting higher revenues to the state budget," said Dan Badin, Tax Partner, Deloitte Romania. Although the use of artificial intelligence (AI) in tax compliance is in its very early stage, about two-thirds of respondents (66%) expect it to be widely used in the next three years, but under significant human oversight. The expected benefits of using AI-enabled solutions are improved accuracy in tax reporting (34%), reduced costs (23%), greater consistency in tax strategy across the company (15%), greater compliance with current regulations (14%), more time/focus to spend on core functions (14%). On climate and sustainability, taxes on energy consumption have the most significant impact on companies’ activity (40%), followed by carbon tax (33%). On specific measures, around 80% of participants reported being affected by the EU Carbon Border Adjustment Mechanism (CBAM - carbon tax) directly or indirectly. Deloitte 2024 Global Tax Policy Survey, now at its 11th edition, was conducted among tax managers and CFOs, in order to analyze the impact of the international tax regulations on companies worldwide. This year's survey involved more than 1,000 tax leaders in 28 countries. Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its approximately 460,000 people worldwide. Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,200 professionals.

The budget deficit is estimated at 7.9% of GDP in 2024, according to ESA methodology

Thu, 14 Nov 2024 00:00:00 +0200

The budget deficit estimated for 2024, according to the ESA method will be 7.9% of GDP, level at which the adjusting route will be established, according to the project regarding the National budget structural plan on medium term 2025 – 2031, published on Friday night by the ministry of finances.According to the quoted source, the impact of the adopted measures last year is materialized in collections, current income being growing by 1.1percentage point of GDP for the first eight months, and at the level of Q4 the collections will reflect the impact of the fiscal measures adopted recently, namely the increase of the monthly non-taxable ceiling, from 2,000 lei to 3,000 lei in the case of the pensions income, starting with the October income.Thus, over the period 2024-2026, current budget revenues are projected to increase from 29.6% of GDP in 2024 to 30.5% of GDP in 2025, reaching 31% of GDP in 2026. Tax revenues are projected to increase by 1.1 percentage points in 2025 as a share of GDP compared to 2024, reaching 17.23% of GDP, including the impact of the Tax Reform. From 2026 onwards, revenues are projected to increase by 0.5 per cent of GDP and from 2028 by 0.7 per cent of GDP compared to 2025. Against this background, tax revenues are projected to reach about 18% of GDP by the end of the forecast period. As regards the budget expenses, the estimates at the basis of the projection are : gradual reduction as a percentage of GDP of personnel expenditure from 9.3% of GDP in 2025 to 8.3% of GDP in 2031, this being possible through a strong moderation of the growth of personnel expenditure without exceeding the limits of personnel expenditure that are foreseen in the plan for the forecasting period 2025-2031 as well as with the observance of the legislation on fiscal-budgetary responsibility, the introduction of performance indicators in the field of wages, expenditure norms, but also through the restructuring of the system of incentives granted to certain categories of public sector staff; maintaining a share of about 5 per cent of expenditure on goods and services over the period 2025-2031, i.e. a slight reduction as a share of GDP of these expenditure categories over the entire forecast period; reducing the share of social assistance expenditure by 12.7% of GDP in 2025 at 10.7% of GDP in 20231 through the implementation of the provisions of the new law of public pensions, as well as the legal provisions in the domain of special pensions; the increase of the share of expenditure with investments in GDP at 7.9% of GDP in 2025 and 7.7% of GDP in 2026, 6.5% in 2027, followed by a share in GDP at over 5%, taking into consideration that in 2027 the period of implementation for the PNRR is over; the expenses with interests grow from a share of 2% of GDP in 2025 to a share of 3.5% of GDP in 2031 as a result of the increase of the share of the public debt in GDP during the period of adjustment of the budget deficit necessary to finance the projects of public investments. Thus, total expenditure is estimated to reach a maximum in 2025, of 41.2% of GDP mainly due to the increase of public investments at a record level, estimated at 7.9% of GDP. Later, the share of public investments is gradually reduced to the level of under 35.9% of GDP at the end of the prognosis horizon.The document shows the rate of foreign exchange EUR/dollar is kept constant during the period of prognosis under analysis, while the hypothesis regarding the evolution of the interest rate for long term are kept at a constant level of 6.9% of GDP and the rate of interests on short term have a slight trend of going down from 5.0% of GDP in 2025 to 4.4% of GDP in 2031.The estimates for the public debt-to-GDP ratio indicate an upward trend until 2029 (62.6% of GDP), corresponding to the period of implementation of reforms and investment projects, including those realised under the National Recovery and Resilience Plan, followed by a downward trend thereafter as a result of a more marked fiscal consolidation in ESA deficit terms, falling below the 60% of GDP threshold by the end of the analysis horizon. At the same time with the adjustment of the budget deficit the deficit of the current account will gradually be reduced at 5.6% at the level of 2028, namely by 2.1 percentage points in GDP as compared to 2024.Since April 2020, Romania has been in the excessive deficit procedure (EDP), as a result of exceeding the 3% budget deficit limit set in the Stability and Growth Pact (SGP) in 2019. According to the EU Council recommendation of June 2021, Romania was to exit the excessive deficit procedure by 2024 at the latest. The budgetary adjustment over the period 2021-2022 was in line with the Council recommendation.

Princess Muna al-Hussein, decorated by Romanian Crown Custodian at Elisabeta Palace

Thu, 14 Nov 2024 00:00:00 +0200

Her Royal Highness Princess Muna al-Hussein, mother of the Hashemite Sovereign of Jordan, King Abdullah II of Jordan, was decorated with the "Custodian of the Romanian Crown" Royal Family Order on Thursday evening.The ceremony took place in the Hall of Kings of the Elisabeta Palace, in the presence of Her Majesty Margareta, His Royal Highness Prince Radu, Her Royal Highness Princess Sofia and Her Royal Highness Princess Maria. His Royal Highness Prince Radu praised Romania's relationship with Jordan, one of our most important allies in the past, present and future, as well as the soul motivation of the country to be close to the Hashemite Kingdom.Romania also has a spiritual motivation to be close to Jordan, because for five decades now, thousands, if not tens of thousands of Jordanian intellectuals have been fluent in Romanian, some of them have founded families that include Romanians and are as patriotic and as attached to our country as they are to their motherland. There is also a very strong family bond, from King Mihai and King Hussein, to Crown Custodian Margareta and King Abdullah II, the royal families have made a permanent effort to bring the Middle East closer to South-Eastern Europe and to make our countries a model of cooperation, said Prince Radu. He paid tribute to the presence in Romania of Her Royal Highness Princess Muna al-Hussein, mother of the Hashemite Sovereign of Jordan, who will soon celebrate 20 years of visiting our country for generous projects related to vocational education, defence, health and social projects.The Decoration of the Royal Family Order - Custodian of the Romanian Crown - was presented by Her Majesty Margareta. The Jordanian high guest characterised the event as a true moment of pride.Not only for me, but for all those with whom I have had the privilege to work together throughout my career, receiving this award is a reflection of the strong ties of friendship between Jordan and Romania. The two nations have a history of cooperation, mutual respect and cultural exchanges, through which, over the years, we have built bridges between different fields: economic, educational, cultural, which have enriched us as we move forward, said Her Royal Highness Princess Muna al-Hussein. She voiced her confidence that these ties will continue to flourish, allowing us to work towards a future that benefits both nations.I am deeply honored to play a role, however small, in furthering this relationship (...) and I look forward to continuing to develop the relationship between Jordan and Romania into a partnership, the mother of the Hashemite Sovereign of Jordan also said. At the invitation of the Romanian authorities, Her Royal Highness Princess Muna al-Hussein is paying a visit to Romania from Monday, October 21 to Friday, October 25.On Thursday evening, Crown Custodian Her Majesty Margareta hosted an official dinner in honour of Her Royal Highness Princess Muna al-Hussein of Jordan. Attending the event were Foreign Affairs Minister Luminita Odobescu, presidential advisor Diana Loreta Paun, secretary of state Raed Arafat, Apostolic Nuncio, Monsignor Giampiero Gloder, Ambassador of Jordan in Bucharest Mutaz Khasawneh, Patriarchal Bishop-Vicar Varlaam Ploiesteanul, representatives of the Diplomatic Corps, representatives of the Muftiate of the Muslim Cult in Romania, representatives of the Order of Nurses in Romania, high guests from the Hashemite Kingdom of Jordan, as well as members of Her Majesty's House. (Photo:https://casamajestatiisale.ro/)

ForMin Odobescu: Romania to participate in reflection processes on EU internal reform

Thu, 14 Nov 2024 00:00:00 +0200

Romania will promote an "ambitious" European agenda and will participate in the reflection processes on the internal reform of the European Union, Minister Luminita Odobescu said, according to a press release sent by the Ministry of Foreign Affairs (MAE)."As we are at the beginning of a new European institutional cycle, I am convinced that our joint efforts will contribute to harnessing the real potential of the European Union. In this respect, Romania will make all necessary efforts to promote an ambitious European agenda and will actively participate in the reflection processes on the internal reform of the Union," the foreign minister told the International Conference "Future of Europe", organised by the Faculty of International Relations of the University of Economic Studies in Bucharest.Luminita Odobescu emphasised the current "particularly complicated" context, marked by "multiple crises and major challenges", as well as the need to implement an "ambitious European agenda that will contribute to increasing the EU's global role and ensure the security, prosperity and well-being" of its citizens in a sustainable manner.At the same time, she reiterated Romania's commitment to promoting European solidarity and emphasised the relevance of the reflection process on the internal reform of the EU, including in the perspective of the future enlargement."Thus, she pointed out the importance of the signal sent by the start of accession negotiations with Ukraine and the Republic of Moldova, as well as the need to provide the necessary support for the successful completion of these processes," reads the MAE press release.The Romanian Minister of Foreign Affairs highlighted the need to strengthen economic "resilience and competitiveness" in a way that targets European values, education, demography, migration, the green and digital transitions, value chains, critical infrastructures and economic, energy and food security. In this context, she emphasized the major role of universities in human capital development."The Future of Europe" International Conference, now in its 15th edition, brings together academics, researchers, business experts and government representatives to discuss international economic relations, with a focus on the implications for the European Union.

Iohannis: We must remain firmly committed to supporting Ukraine's right to self-defence

Thu, 14 Nov 2024 00:00:00 +0200

Romania is today a safe country and a pillar of stability in Eastern Europe, President Klaus Iohannis said on Friday, adding that the country must remain firmly committed to supporting Ukraine's right to self-defence against the aggressor for as long as it takes.Iohannis added that Romania is in a process of optimising its national legislative framework to prevent and combat the risk of failed drones used by Russian forces against Ukrainian targets, falling on national soil."We are going through difficult times, marked by multiple challenges, which increase the instability and unpredictability of security developments at regional, European and global level, a context in which military power acquires even greater relevance, both as a means of strengthening and projecting force, and as an essential factor of deterrence and defence. Russia's war of aggression against Ukraine has shaken the security architecture on the European continent and is a serious violation of international law and a challenge to the rules-based international order, which has ensured peace and stability in the world since WWII," the head of state said in remarks to a military ceremony at the Tomb of the Unknown Warrior in Carol I Park in Bucharest on Romanian Armed Forces Day.Iohannis added that Romania must remain vigilant and continue national efforts, in cooperation with NATO allies, to further strengthen NATO's deterrence and defence posture in the Black Sea region."We must remain firmly committed to supporting Ukraine's right to self-defence against the aggressor, for as long as it takes, together with NATO allies and European and international partners. Russian forces continue their aggressions causing civilian casualties and significant damage to the Ukrainian port infrastructure, including in the vicinity of the river border with Romania. In the face of these challenges, we remain vigilant and continue the combined national efforts and close cooperation with our allies to further strengthen NATO's deterrence and defence posture in the Black Sea region, which is an area of strategic importance to Euro-Atlantic security."At the same time, we are in a process of optimising the national legislative framework in order to be able to prevent and combat the risk of failed drones used by Russian forces against Ukrainian targets, or fragments thereof falling on our national soil."The President added that Romania is a safe country and a pillar of stability in Eastern Europe, and Romanian citizens enjoy the most solid security guarantees in their history."At this year's NATO summit in Washington, NATO leaders underlined that they remain firmly committed to the security and stability of the Black Sea region, and that is largely due to Romania's political, diplomatic and military efforts over the past 10 years. In fact, facts speak for themselves. We host on our national soil a series of important NATO structures and commands, and about 5,000 allied soldiers are training together with the Romanian military," Iohannis said.In his remarks, the President thanked the soldiers of the United States of America, France, Spain, Portugal, Poland, Belgium, UK, the Netherlands, Italy, Norway, Bulgaria, Turkey, Luxembourg, Germany, Canada, Greece, North Macedonia and Hungary for their presence in Romania. (Photohttps://www.presidency.ro/)

EY: The fiscal environment in Romania will have to change

Thu, 14 Nov 2024 00:00:00 +0200

The fiscal environment in Romania will have to cha ge, not only because the European Union has our country in its sights as a result of the excessive deficit procedure, but also because a European state cannot function in the current system that Romania has, declared on Tuesday, Alex Milcev, the leader of the Fiscal and Legal Assistance department within the consulting company EY. 'One thing is sure, the fiscal environment needs to change. From different reasons, not only due to the pressure of the European Union, which is clear has Romania under scrutiny together with the other thirteen states out of 27 which got into the procedure of excessive deficit, but because in 2024 and 2025 a European state cannot function in the present system which functions in Romania at present. I am talking about collection to the state budget, of 27 - 28% of GDP, as the European average is 40%. Let aloe the fact that the average hides extremes and extremes are closer to 50% even above. We are talking about France, Germanyand so on. So, clearly Romania is at the other end, I don't have the right word, the wrong end but clearly it is something that can't go on and I think everybody knows that. Probably the only reason for this not to be discussed is that we are in electoral campaign and probably such discussions when you discuss openly such matters can be considered damaging for the campaing', explained Alex Milcev during a meeting with the journalists. He said that we should be careful about the political statements mentioned for some time ' as we will not have increased taxes'. ' What I see when we look at the nuance of the political statements it feels like not an absolute statement but ' we will live and see what happens' and if something must be done and we will have some pressure about what we have to let go, justified or not, we will have to change some things' said the specialist. According to him, Romania had a system that seemed to work, the flat rate, and this should be reintroduced, saying that there should be no exceptions. ' The question is if there any chances for this system to be reintroduced. From the latest discussions with the political leaders it seems the chances are very high, despite the centre-left doctrine which speaks about the introduction of progressive taxing, namely the PSD platform and about which I think we are going to hear more, especially after the elections. Their colleagues from the government, whether they leave or not, depending on how we approach the problem, of course they stick to this unique quota, but according to the political arrangements after the elections I think it is quite likely that the discussions can turn seriously in the area of the progressive tax. Now, ti isnot only the desire of a party, there are also some studies done by the World Bank last year and the IMFthat do not necessarily impose such an idea but the promotied - quite persistent in the public space and in the government and in the business environment. So, ti's not something we haven't heard, it won't be a surprise. So, we should not exclude the option of introducting the progressive tax in 2025 adn 2026. Of course, in what form, what are the percentages, only simulations are made and certain discussions behind closed doors, let's say. It's not something immediately related to this system, but it's certainly not just a matter of talk, analyses are made in this matter' said Alex Milcev. In his opinion, the introduction of this taxation system would be a regression compared to what we had until now. Milcev mentioned that if we study the experience of other countries, the progressive tax is not ' a suitable answer for Romania in this state of development' . Regarding the budget deficit, the representative of the company EY claimed that it is large and regardless of what the European Commission says, certain taxes and fees must be increased. In this context, he added that the VAT in Romania is approaching the average in the EU and a speculation that he heard unofficially including from the members of the governing coalition is to increase the tax by one or two percentage points. According to the quoted source, the measure is extremely efective, as it brings money to the budget immediately, but it will influence inflation. Another solution, in his opinion, would be the elimination of differentiated quotas or the reduction of their applicability. At the same time, Milcev spoke about the reform of the local taxes, considering that this should have been done years ago. If more taxes are colected at the local level, then less money is redirected from the centre, meaning money that could be used elsewhere. 'If I had to bet, I would say VAT, maybe not January 1, but sometime during the year. It's very easy to do and after the elections it will be regardless of the reaction of the society or the economy, it really won't matter, the tax on income and if it was personal choice I would have insisted on the reform of local taxes. But if the political decision is not going to be reversed after the elections, in the sense that we will still keep January 1, 2025, we will see in 2026' the department leader of Fiscal and Judicial Assistance of the EY consultancy company, Alex Milcev.

Romania is progressing in implementing the OECD Anti-Bribery Convention

Thu, 14 Nov 2024 00:00:00 +0200

As one of the newest Parties to the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (OECD Anti-Bribery Convention), Romania has already begun to demonstrate its commitment to fighting foreign bribery, https://www.oecd.org/ informs. Nevertheless, it should follow through on its efforts to expand the scope of its foreign bribery offence and to increase the applicable sanctions. It should also take further measures to ensure that foreign bribery is promptly reported to law enforcement for investigation and prosecution, according to a new report by the OECD Working Group on Bribery. The 46-country OECD Working Group on Bribery has just completed its Phase 2 evaluation of Romania’s implementation of the OECD Anti-Bribery Convention and recommends that Romania: amend its foreign bribery offence to fully align it with the Convention increase sanctions available in foreign bribery cases and ensure that proceeds can be confiscated develop a strategy for detecting and reporting foreign bribery cases clarify and enhance its foreign bribery whistleblowing framework consider whether additional non-trial resolution mechanisms or incentives can be used to encourage reporting raise awareness about the importance of internal controls, ethics, and compliance programmes, and ensure that the National Anti-Corruption Directorate has sufficient resources and training for foreign bribery and that it remains insulated from the risk of improper political interference. Even before Romania adhered to the Convention, it commenced its first ever foreign bribery prosecution. It has begun debating a draft law to address issues raised within the report, which the Working Group considers to be a welcome step. Romanian stakeholders from the public and private sectors have also demonstrated their strong interest in sharing experiences with, and learning from, their counterparts in other Working Group member countries. The Working Group adopted its Phase 2 evaluation report on Romania on 10 October 2024. The report provides an overview of Romania’s legal and institutional frameworks for fighting foreign bribery and how those frameworks are applied in practice. Based on those findings, the Working Group has made targeted recommendations on how Romania can enhance its implementation of the Convention by engaging various stakeholders from the public and private sectors. In two years (no earlier than October 2026), Romania will submit a written report to the Working Group describing its efforts to implement those recommendations as well as its foreign bribery enforcement actions.

INSCOP survey: Ciolacu, Simion and Geoana - in the first places in the intention to vote in the presidential elections

Thu, 14 Nov 2024 00:00:00 +0200

Marcel Ciolacu, the PSD candidate for the position of President of Romania, is leading in the voting intention ranking for the first round of the presidential elections, according to a survey conducted by INSCOP Research between October 11-18, 2024. He is followed by George Simion, the AUR candidate, and Mircea Geoana, an independent candidate. According to the INSCOP research, in relation to those who have expressed their preference for a candidate from the list, regardless of whether they declare they will definitely vote or not (78.1% of the total sample, error +/-3.3%), the voting intention ranking is as follows: Marcel Ciolacu (PSD) - 24.1% George Simion (AUR) - 20.7% Mircea Geoana (independent) - 18.1% Elena Lasconi (USR) - 15% Nicolae Ciuca (PNL) 8.2% Cristian Diaconescu (independent) - 5.1% Kelemen Hunor (UDMR) - 3.8% Cristian Terhes (Romanian National Conservative Party) - 1.9% Ludovic Orban (PMP and FD) - 1.9% Ana Birchall (independent) - 0.9% Other candidate - 0.4% For the second round of the presidential elections, INSCOP presents the following scenarios: Marcel Ciolacu vs. George Simion. If Marcel Ciolacu and George Simion were to reach the second round of the presidential elections, 56% of respondents who have chosen a candidate would vote for the current Prime Minister, and 44% for the AUR leader. Marcel Ciolacu vs. Mircea Geoana. If Marcel Ciolacu and Mircea Geoana were to reach the second round of the presidential elections, 55.6% of respondents who have chosen a candidate say they would vote for the former NATO Deputy Secretary General, and 44.4% for the current Prime Minister. Marcel Ciolacu vs. Elena Lasconi. If Marcel Ciolacu and Elena Lasconi were to reach the second round of the presidential elections, 53% of respondents who have chosen a candidate would vote for the current Prime Minister, and 47% for the USR leader. Marcel Ciolacu vs. Nicolae Ciuca. If Marcel Ciolacu and Nicolae Ciuca were to reach the second round of the presidential elections, 63.1% of respondents who have chosen a candidate say they would vote for the current Prime Minister, and 36.9% for the PNL leader. The INSCOP opinion poll was commissioned by the newspaper Libertatea. The data was collected between October 11-18, 2024, using the CATI method (telephone interviews), with a simple, stratified sample volume of 1106 individuals, representative of significant socio-demographic categories (gender, age, occupation) for the non-institutionalized population of Romania, aged 18 and over. The maximum allowable data error is +/-2.95%, with a confidence level of 95%.

Presidentials 2024: Election campaign starts today

Thu, 14 Nov 2024 00:00:00 +0200

The election campaign for the first tour of presidential elections starts on Friday, October 25 at 12 a.m and will end on November 23, 7 a.m. Presidential elections will take place on November 24, the first round and December 8, second round. On November 24, the Romanians can vote the future president of Romania from among the 14 candidati included in the election race – 10 candidates proposed by political parties and citizen organizaions belonging to national minorities and 4 independent candidates.

New batch of three F-16 Fighting Falcon aircraft has arrived in Campia Turzii

Thu, 14 Nov 2024 00:00:00 +0200

The Ministry of National Defence (MApN) announced on Thursday that three F-16 Fighting Falcon aircraft purchased by Romania from the Kingdom of Norway have landed at the General Emanoil Ionescu Air Base 71 in Campia Turzii in order to equip the 48th Fighter Squadron."This is the fourth series of three F-16 aircraft to arrive in the country, of those purchased by Romania from the Kingdom of Norway, together with the related package of goods and services. The finalization of the reception of the entire batch is estimated for the end of 2025," shows a MApN press release.According to the cited source, the acquisition of the aircraft and the package of goods and services will increase Romania's security by defending the national airspace and the eastern flank of the North Atlantic Alliance.The Romanian Air Force has previously received nine of the 32 airplanes that were purchased by Romania from the Kingdom of Norway.According to the Concept of the gradual realisation of the air defence capability, under the framework of the Multirole Aircraft of the Air Force programme, the Romanian Government has awarded the Government of the Kingdom of Norway the contract for the acquisition of 32 F-16 aircraft, with initial logistic support, and a complementary package of goods and services (from the Government of the United States of America). The aircraft will be delivered in operational condition, their available resources ensuring their operation for a transition period of at least 10 years to the fifth-generation F-35, the purchase of the Norwegian fighter jets becoming in fact a transfer of capability between two allied NATO countries, MApN said, on the occasion of the reception of the previous series of three F-16 Fighting Falcon from Norway in June. (Photo:https://ro.wikipedia.org/)

Russian court decides to arrest in absentia a Romanian journalist who went to Kursk, occupied by Ukraine

Thu, 14 Nov 2024 00:00:00 +0200

A Russian court ordered on Thursday the arrest in absentia of the Romanian journalist Mircea Barbu, accused of entering together with the Ukrainian troops in the Russian province of Kursk, where the Ukrainian army occupied a territory in a surprise offensive launched on August 6."The Romanian citizen Mircea Barbu, together with unidentified persons from the territory of Ukraine, entered the Russian Federation with the objective of making a report about the Ukrainian invasion of August 6, 2024 in the Sudja district of the Kursk region," reports the Leninski court in Kursk in a statement.Against the Romanian journalist, already placed under domestic and international prosecution by the Russian authorities, the accusation of illegal crossing of the Russian state border was formulated, for which he is liable to a sentence of up to five years in prison in Russia. The preventive arrest measure will be applied following detention on Russian territory or extradition from a third country, the same court also mentions.Mircea Barbu, who works for HotNews.ro, is the 15th journalist on whose name the Russian authorities issued an arrest warrant after the launch of the Ukrainian offensive in the Russian border province of Kursk.The most recent case of this kind was announced on October 11, when the Russian Federal Security Service (FSB) opened a criminal case against journalist Nick Paton Walsh, an employee of the American television station CNN.Moscow has previously warned that it keeps track of all illegal border crossings by foreign journalists and that it will not let these actions go unanswered, while reminding foreign media representatives that they need accreditation from the Russian Foreign Ministry to report from Russia. The President of the Senate, PNL leader Nicolae Ciuca, declared on Thursday that "the freedom of the press suffers a new blow", noting that the Romanian journalist Mircea Barbu was convicted by a Russian court, in absentia, for his courage to tell the truth from Kursk.Ciuca said that he joins those who condemn the blatant violation of human and media rights."When I said that Romania is, after the Republic of Moldova, the next target of the propaganda and the hybrid war led by the Kremlin, I was referring to such cases. Today, the freedom of the press suffers a new blow! The Romanian journalist Mircea Barbu was sentenced by a Russian court, in absentia, for the courage to report the truth in Kursk. Such decisions are not only a threat to individual freedom, but also a cynical attempt to silence the voices that denounce the abuses", Ciuca wrote on Facebook.He conveyed that the right to truth and freedom must be defended.

Greenpeace Romania seeks clarifications about Energy minister's alleged criminal complaint against environmental NGOs

Thu, 14 Nov 2024 00:00:00 +0200

Greenpeace Romania representatives express their disappointment at the decision of Energy Minister Sebastian Burduja to challenge and restrict the "peaceful and legitimate activity of environmental organizations", despite his claims to share the common goals of strengthening Romania's energy security, accessibility and sustainability.In an open letter this Thursday, Greenpeace called for clarifications from Energy Minister Sebastian Burduja and Justice Minister Alina Gorghiu, requesting transparent answers regarding a potential criminal case initiated against several environmental protection organizations. According to recent media reports, the Directorate for Investigating Organised Crime and Terrorism (DIICOT) received a complaint and consequently moved to criminal proceedings, shows a release from the organization.According to the cited source, the accusations come as a result of Greenpeace's vocal campaign against the Neptun Deep fossil gas exploitation project planned by Austrian oil and gas company OMV in the Romanian sector of the Black Sea."When asked about his supposed involvement, the Energy minister publicly criticized the legal and legitimate avenues that challenge the approval procedures of energy projects that are controversial and destructive for people and nature. He also refused to clarify the existence of this criminal complaint and his involvement in the initiation of the potential investigation, thus obstructing all constructive dialogue with Greenpeace and other organizations. (...) We will not be intimidated and we will certainly not remain silent in the face of these undemocratic, anachronistic attacks. We will continue to take legal action and seek accountability for the problematic decisions that endanger the environment and our future. We demand answers and clear solutions from the ministers of Energy and Justice regarding the way the Romanian government will protect our fundamental rights to a healthy environment and to protest," said Greenpeace Romania executive director Elena Ionescu in the release.In recent months, Greenpeace has initiated several lawsuits against the controversial Neptun Deep project over the risk of unknown toxic substances being dumped into the sea and huge amounts of CO2 being released into the atmosphere.Last week, Energy Minister Sebastian Burduja took to Facebook to note that he and Environment Minister Mircea Fechet have come under fire from several environmental organizations "for allegedly notifying the criminal prosecution authorities about the actions of several NGOs that have been sabotaging energy projects for years. (...) Those who break the law must be held accountable. All pressures, threats and negative campaigns do not intimidate us, but motivate us. And truth and justice always win, sooner or later. Romania must be independent and secure in and through its energy sector, without ever depending on those who have for decades used energy as a blackmail weapon."

Rompetrol Downstream launched “hei Truck Caravan”

Thu, 14 Nov 2024 00:00:00 +0200

Rompetrol Downstream launches “hei Truck Caravan”, a new concept aimed at promoting the hei brand and creating a “mobile laboratory” for the gastro segment in Rompetrol gas stations. Depending on customer preferences, selected assortments could be found nationwide. “This is a premiere for Romania, being the first initiative of its kind by a company specialized in fuel distribution. Customers have the opportunity to find us at street food festivals, concerts, and events, and, in addition, they can contribute to the development of menus in the gastro area of gas stations by testing new assortments proposed by a chef with over 10 years of experience in international cuisine”, said Baurzhan Nugumanov, General Manager of Rompetrol Downstream. The “hei Truck Caravan” concept includes a fleet of three food trucks equipped at the highest sanitary and safety standards, ensuring a quality culinary experience. The first truck focuses on reinvented street food products, with a diversity of tastes inspired from around the world. The second truck is dedicated to coffee lovers and quick snacks that cover a wide range of preferences, while the third truck has a logistical role, being used to store food in a controlled environment, ensuring the freshness and quality of the products. Developed in partnership with a major company in the HoReCa sector, the concept benefited from the insights of famous chefs who contributed to a nutritionally balanced menu, combining authentic Romanian flavors with influences from international cuisine. Rompetrol Downstream put the accent on the use of quality products, including ingredients with a controlled designation of origin and protected geographical indication, which guarantees the quality and traceability of the products. Thus, customers have at their disposal a wide range of products, from panini with pork confit, a Romanian specialty, to Peking Duck Bao or Prague-style sausage. Among the available products is also New York Pastrami, a symbol of American gastronomy, which originated in Romania and was taken overseas by immigrants at the end of the 19th century. Also, the caravan includes Mortadella Focaccia or Schnitzel Panini, some of the dishes being available in Rompetrol stations as well. Until now, “hei Truck Caravan” successfully participated in nine major events, and in the coming period, it will be present at events in Cluj and Bucharest. Based on the feedback received from food truck customers and careful analysis, certain assortments may also be found in gas stations, with Rompetrol Downstream’s strategy including an important component of service/product development in the gastro sector. Rompetrol Downstream started a general rebranding campaign in fuel stations in 2013, with the exterior design significantly modified. At that time, the Mogo?oaia station was Rompetrol's “laboratory” where new product recipes were developed, and high-capacity solar panels were installed for the first time. Then, in 2017, the first hei restaurant outside a gas station was opened at the headquarters of the KMG International (Rompetrol) Group in Bucharest. This aimed to identify and test new assortments in a dynamic environment before being introduced into the retail distribution network. Through the 12 stations opened in 2023 on the A1 (Sibiu-Nadlac section), Rompetrol Downstream introduced a new “umbrella” concept with distinct service lines - hei coffee & gourmet for assisted service with restaurant-type dishes and hei & coffee for coffee, pastry, and sandwich products. The “hei coffee&gourmet” concept emphasizes freshness, naturalness, and taste, pillars found both in the design and in the varied menu of drinks and dishes. The restaurant was created using natural materials, neutral colors, and discreet lighting, for a unique gastronomic experience, from Romanian culinary dishes to international specialties. At the same time, “hei&coffee” offers an incursion into the world of senses, from pastry products to a wide range of coffee-based drinks, supported by the 7 origins assortments (Guatemala, Brazil, Mexico, Honduras, India, Rwanda, Ethiopia) or the authentic Single-Origin Rwanda taste with its citrus and floral notes.

Retele Electrice companies buy transformers worth about 55 million lei for grid modernization projects

Thu, 14 Nov 2024 00:00:00 +0200

Retele Electrice companies have initiated a public tender on the SEAP platform, with a maximum cumulative value of about 55 million lei (excluding VAT), for the purchase of transformers from medium voltage to low voltage, so that they can carry out modernization projects to increase the resilience and reliability of their distribution networks. "With this purchase, we want to ensure that our electricity grid will become more resilient in the long term. In addition to modernizing the network, these transformers will help increase the grid's ability to integrate renewable energy sources", stated Mihai Pe?te, Director General of Retele Electrice companies. These transformers will replace old equipment and will bring significant improvements both in terms of the quality of distributed energy, grid stability and in reducing own technological consumption. Once installed, they will allow more efficient distribution of electricity, thus contributing to lower operational costs, reducing the number of interruptions in the grid and improving the overall functioning of the system. One of the selection criteria in the specifications is the sustainability factor, underlining once again the company's commitment to protecting the environment. This means that bidders who can bring environmentally friendly packaged materials can receive extra points based on the evaluation grid. The contract will have a validity period of 2 years. Retele Electrice companies operate networks with a total length of aproximately 134,000 kilometers in three important areas of the country: South Muntenia (including Bucharest), Banat and Dobrogea, covering a third of the local distribution market, and are developing an investment program to improve quality services, safety and performance of networks and local implementation of environmental standards of the PPC group. The electrical networks operated by the three companies Retele Electrice count 289 transformer stations and over 25,000 transformer stations.

Brasov city, Via Transilvanica listed among National Geographic's top 25 not-to-miss world destinations in 2025

Thu, 14 Nov 2024 00:00:00 +0200

The Via Transilvanica long-distance hiking trail is listed along with Brasov city among the National Geographic's 25 best destinations in the world to travel to in 2025, the Tasuleasa Social Association announced on Wednesday."The latest ranking by National Geographic magazine with the world's top 25 unmissable destinations for 2025 includes, among extraordinary locations in Guatemala, Mexico or Thailand, a city from Romania! Brasov is on the list and shares the place with Via Transilvanica as must-visit destinations in the coming year. We are extremely happy that increasingly more dedicated publications recommend our route internationally, and this is already visible on site, in the growing number of foreign hikers who come to get to know our country," reads the message posted on the Via Transilvanica Facebook page.National Geographic recommends Brasov city as a tourist destination for 2025 and mentions that the region can be explored along the Via Transilvanica, a hiking trail completed in 2022, which starts from Putna and runs across ten counties to the Danube's entry to Romania.The text mentions two of the Via Transilvanica sections: Terra Saxonum, which passes through Saxon hamlets and the 12th-century town of Sighisoara, and Terra Dacica, which winds among vineyards and ancient Dacian fortresses.Via Transilvanica - "The throughline road" - is a project initiated in 2018 by the Tasuleasa Social Association based in Bistrita-Nasaud County, and consists of a 1,400 kilometers long hiking trail that crosses Romania diagonally, from the northern Putna to the south-western Drobeta - Turnu Severin.The route can be traveled on foot, by bike or on horseback and is signposted with painted markers, direction poles and individually carved andesite bollards. (Photo:https://ro.wikipedia.org/wiki/Via_Transilvanica)

Romania: Three charged with €1.2 million fraud involving irrigation systems

Thu, 14 Nov 2024 00:00:00 +0200

Last week, the European Public Prosecutor’s Office (EPPO) in Bucharest (Romania) charged three individuals with fraud, following an investigation into projects for the modernisation of irrigation systems, supported by the EU, https://www.eppo.europa.eu/ informs. The suspects, who are accused of unduly receiving an advance of €1.2 million, were informed of the charges and of their rights and obligations. At issue are three organisations, which obtained support from Romania’s Agency for Financing Rural Investments (AFIR) for four projects to modernise existing irrigation systems in the municipalities of Buc?ani, Galicea and Olanu, in Vâlcea County. The total amount of the grants for the four projects was approximately €4 million euros (RON 18 575 634,53), in non-reimbursable funds. An advance payment of €300 000 euro (RON 1 399 050.50) was made for each of the four projects. Our investigation showed that false or inaccurate documents were used for the four projects, both when they were submitted to obtain funding and during their execution. Moreover, based on the evidence, the beneficiaries of the funds used the majority of the advance payment for their own benefit, and not for the purpose for which they had been granted. The investigation is ongoing, in order to ascertain the extent of the suspected criminal activities. The European Public Prosecutor’s Office (EPPO) is the independent public prosecution office of the European Union. It?is responsible for investigating, prosecuting and bringing to judgment crimes against the financial interests of the EU.?

Current building tax, land tax calculation system to be maintained until start-2026

Thu, 14 Nov 2024 00:00:00 +0200

The Government decided on Wednesday, through an emergency ordinance, that the current system of calculating the tax on buildings and the tax on land will be maintained until the beginning of 2026.Thus, the Government approved the extension of the entry into force of the provisions relating to the tax on buildings and the tax on land provided by OG no. 16/2022 for the amendment and completion of Law no. 227/2015 on the Fiscal Code, the repeal of some normative acts and other financial-fiscal measures, from January 1, 2025 to January 1, 2026."For the implementation of the real estate tax reform, a specialized structure will be established within the Ministry of Finance, according to the recommendations of the international institutions that provided technical assistance - the World Bank and the IMF. The implementation of the real estate tax reform represents a commitment assumed by the National Reform and Resilience Plan (PNRR)", the release reads.

Gov't approves raise of public debt ceiling to 53 pct of GDP as of end-2024

Thu, 14 Nov 2024 00:00:00 +0200

The government approved on Wednesday an emergency ordinance that raises the public debt ceiling, calculated by the EU methodology, to 53 percent of GDP for the end of 2024, the Executive said in a release.This amendment is intended to ensure flexibility in attracting the necessary financial resources for covering the 2024 financing plan, but also to pre-finance the needs for 2025, and maintain the State Treasury's foreign exchange reserve at a comfortable level.Through the same emergency ordinance, the government amended and supplemented Law No. 96/2000 on the organization and operation of the Romanian Export-Import Bank EXIMBANK - S.A., including in the institution's scope certain activities carried out in the portfolio of the Investment and Development Bank, whereby both public and private resources will be mobilized for the purpose of financing investment projects that support the country's sustainable development.The respective activities include: supporting the development of infrastructure, utilities of public interest, regional development, research and development, environmental protection, etc. As part of the activity carried out on behalf of the state, Exim will strengthen its ability to support Romanian exports, international transactions and Romanian investments abroad, through all types of financial instruments specific to an export credit agency - ECA - (financing, guarantees and insurance) in accordance with the practice of other EU export agencies," the release states.Also, starting from September 30, 2025, Exim will no longer grant new guarantee products and financing in the name and on behalf of the state, other than those related to its activity as ECA, but will continue to ensure the administration of existing commitments throughout their duration."The portfolio management methodology shall be referred to the approval of the Interministerial Committee on Financing, Guarantees and Insurance until 31.12.2024 and subsequently subjected to the government's approval by Memorandum. Following the amendment of the Exim scope of activity, the current funds under Exim's management are consolidated as follows: the fund for supporting export credits, international transactions and Romanian investments abroad (ECA activity), and the fund for the administration of financing and guarantee commitments that are ongoing as of September 30, 2025," the release shows.Taking into account the role of the BID as a national development institution, this regulatory act proposes its participation and representation, based on a mandate granted by the Government of Romania, to initiatives and new investment funds that are promoted at regional level, such as the Innovation Fund currently proposed by the FEI, or the successor fund to the 3SIIF, with the contribution covered from the state budget or other legally constituted sources.Given that the European funds received as pre-financing from the European Commission for the 2021 - 2027 programs have been used up, and considering the current budgetary context, the emergency ordinance renders the current legal framework more flexible to allow either the use of non-reimbursable European funds available under the NRRP (representing installments received from the EC based on the expenses incurred to meet the targets and milestones), or of the funds allocated from the state budget according to OUG No. 133/2021.The same mechanism shall be applied to ensure the necessary funding for the reimbursement of eligible expenses for the closing of the 2014 - 2020 programming period.

INSCOP Poll: PSD - 30.2%, AUR - 21.4%, PNL - 13.2%, USR 12.7% of voting intentions

Thu, 14 Nov 2024 00:00:00 +0200

Social-democratic party (PSD – at rule) is in first place in voting intention for the parliamentary elections with 30.2%, followed by the Alliance for the Union of Romanians (AUR-opposition) with 21.4%,the National Liberal Party (PNL – partner în ruling coalition ) with 13.2%, and the Save Romania Union (USR - opposition), with 12.7%, according to an INSCOP opinion poll conducted between October 11 and 18. According to the sociological research, the SOS Romania Party would receive 8.1% of the votes, the Hungarian Democratic Union of Romania (UDMR) – 3.7%, the Romania's European Project Renew Party (REPER) – 2.5%, PNCR (Romanian National Conservative Party) – 2.3%, the Romanian Green Party (PER)– 2.1%, the People's Movement Party (PMP )– 1.4%, and Forta Dreptei – 0.6%. Additionally, 1.3% of respondents indicated they would vote for an independent candidate, and 0.5% for another party. Regarding voter turnout, the poll shows that 68% of those interviewed stated they will definitely vote, while 10.5% said they definitely will not vote. INSCOP Research Director, Remus ?tefureac, says that "the voting intention of Romanians for the parliamentary elections could lead to a veritable political earthquake, as parties with radical, populist, and sovereignist profiles (AUR, SOS Romania, PNCR) achieve a combined score of over 30%, triple compared to the results of the elections four years ago." "The way voices from this trend resonate with the subversive narratives of Russia hostile to the Euro-Atlantic space of freedom, security, and development could create systemic difficulties for Romania in the case of an exaggerated parliamentary representation. Furthermore, the results of the presidential elections in the first round held a week before the parliamentary elections will massively influence the mobilization of loyal voters of the political parties that have candidates qualified for the second round. In this context, the voting intention for radical, populist, and sovereignist parties could increase due to the qualification of their main candidate for the presidential final. Beyond current estimates, the final results of the parliamentary elections are marked by uncertainties caused by the electoral calendar and issues related to voter turnout on December 1," he added. The INSCOP opinion poll was commissioned by the newspaper Libertatea. The data was collected between October 11 and 18, 2024, through interviews using a questionnaire, in the CATI method (telephone interviews). The simple, stratified sample volume is 1,106 individuals, representative of significant socio-demographic categories for the non-institutionalized population of Romania, aged 18 and over. The maximum allowable data error is plus/minus 2.95%, with a confidence level of 95%.

President of Montenegro voices appreciation for Romania's continued support in the European integration process

Thu, 14 Nov 2024 00:00:00 +0200

President of Montenegro Jakov Milatovic thanked Romania, at the end of an official meeting with President Klaus Iohannis, for its support in the European integration process."I would like to express my sincere thanks for his visit to Montenegro just a few months after my official visit to Bucharest. This visit is of great importance, as it is the first official visit of a Romanian President to Montenegro since the restoration of independence, thus being a strong sign of friendship and partnership between our countries. We greatly appreciate Romania's continued support for our European integration and support for the European Union's enlargement policy. Your support, Mr. President, gives us an additional impetus on our accession path, with the aim of becoming the 28th member by 2028," said the Montenegrin head of state.He thanked, at the same time, the Romanian Government for its contribution in this regard, emphasising that, owing to the partnership with countries such as Romania, Montenegro has managed to make evident progress towards a united, safe and prosperous Europe."I hope that President Iohannis will not mind if I mention what he told me during my stay in Romania: not to continue the enlargement process would be a big strategic mistake for the European Union. I fully agree with this assessment and I believe that if anyone truly understands the geopolitical complexities and potential threats it is our friends in Romania. Despite its demanding and sensitive geopolitical position, Romania has made the most of the opportunities offered and used the enormous potential of its people to also build a strong state in the European Union," president Jakov Milatovic said.He expressed his deep respect for the impressive progress Romania has made."Your successes are indeed an inspiration and motivation not only for Montenegro, but also for the rest of the countries in the region. What is particularly important is the way you have managed to balance the preservation of Romania's rich tradition and cultural specificity, while at the same time preserving and upholding the sovereignty not only of your country, but of the whole of Europe. As a NATO ally, we are grateful for this," Jakov Milatovic said.When it comes to economic cooperation, he added, there is a great opportunity for both countries."Although current trade is below potential, I am convinced that we can open new chapters in our economic relations. Foreign direct investment and joint projects are a way to further connect our economies and strengthen ties between our peoples. As NATO allies, we share common values of security and stability. (...) Romania has shown its commitment to preserving peace and stability on our continent. Montenegro remains firmly committed to these objectives, supporting the Alliance and the principles of collective security on which it is based," the Montenegrin president said. (Photo:https://www.presidency.ro/)

War in Ukraine/ Tulcea: RO-ALERT message for the population in the north of the county

Thu, 14 Nov 2024 00:00:00 +0200

The National Defence Ministry (MApN) on Wednesday evening provided clarifications following the RO-ALERT message sent to the residents in the northeast of Tulcea County in the context of the war in Ukraine.According to MApN, on Wednesday, around 20:45, the Romanian Army's radar surveillance system indicated an air target in the vicinity of the border between Romania and Ukraine, in the Chilia Arm area, near the town of Chilia Veche, Tulcea County.According to the procedures, the structures of the Air Police Combat Service under national command were activated and the General Inspectorate for Emergency Situations was notified to establish measures to alert the population of Tulcea County.To monitor the situation, two F-16 aircraft of the Romanian Air Force took off from the 86th Borcea Air Base.''The radars constantly followed the course of the target, which went towards Tulcea municipality, the radar signal with this target being lost around 21:00hrs, 12 km northeast of the mentioned locality," MApN showed.According to the quoted source, at around 21:20, radar surveillance systems again showed an airborne altitude signal in an area 2 km northwest of Razim Lake.''The target, most likely different from the first one, evolved on a route towards Mihai Viteazu, Constanta County, and then towards Jurilovca, Tulcea County, where it disappeared from the radar, 9 km north-west of this town, around 21:40," says the Defence Ministry.The combat aircraft had no visual contact with the air targets at any point on the evolution paths indicated by the radar surveillance system, MApN said.The cessation of the air alert was transmitted starting at 22:16, and the F-16 aircraft returned to the deployment base.''From the data available at this time, it has not been indicated the likelihood of the existence of an impact zone on the national territory. The relevant structures of the National Defence Ministry will analyse the available data and information in order to establish the circumstances of this event," the source mentions.Also, starting Thursday morning, searches will be carried out in the two areas where radar signals were lost.MApN informed the allied structures about the situation in real time and is in permanent contact with them.

Casa Rusu: One of Romania’s Oldest Furniture Retailers Bankrupt

Thu, 14 Nov 2024 00:00:00 +0200

Casa Rusu, one of the oldest furniture manufacturers and retailers in Romania, enters insolvency through a simplified procedure, according to a decision taken by the Timis Court. The Rus Savitar Group – Casa Rusu was founded in 1994 by the Rusu family, which is also the owner of Rus Savitar SA, the company through which they produce furniture, and at the same time the creditor in this process through which Casa was declared insolvent through a simplified procedure Rusu SRL. In 2019, the Rusu family sold the business to the Greenbridge investment fund, to buy it back in 2023. “The solution in short: Accept the request. Open the simplified insolvency procedure against the debtor. The Banta? Romana – Diana Individual Insolvency Cabinet is appointed provisional judicial liquidator”, the court’s decision states. The legislation provides that “the simplified insolvency procedure represents the insolvency procedure through which the debtor who meets the conditions provided by law enters directly into the bankruptcy procedure, either with the opening of the insolvency procedure, or after an observation period of a maximum of 20 days, during which analyzes the fulfillment of the legal conditions”. According to listafirme.ro, CASA RUSU SRL had a turnover of just over 65 million lei in 2023 and losses of 7.4 million lei, with an average number of employees of 142. The turnover is 11 million lei lower than in 2022, when the company had 246 employees and recorded similar losses. In 2016, it recorded the highest profit, i.e. just over 3 million lei, on a turnover of 75 million lei. In 2023, another Romanian online furniture retailer Vivre, founded in 2013, entered insolvency.

Hisky concludes another growth quarter, with a 28% increase in passengers, compared to 2023

Thu, 14 Nov 2024 00:00:00 +0200

HiSky is expected to close 2024 with 1.9 million passengers, according to estimates at the end of the third quarter. In the first nine months of the year, the company registered over 1.5 million passengers, marking a 28% increase compared to the same period last year. These results reflect the upward trajectory in both flight numbers and load factor that the company has been experiencing since the lifting of travel restrictions imposed during the pandemic. Romania remains the main market driving traffic volumes, with 64% of passengers traveling from airports within the country, compared to 36% from Moldova’s airport. As in the previous quarter, the most popular routes were domestic, connecting Bucharest with western cities like Cluj Napoca and Timisoara. "The results of this season are the best yet. This is what we hope to say after every quarterly report for a long time to come. We are still in a growth phase, and we are pleased that the numbers support and confirm this direction. After three years in the market, we are undoubtedly among the most dynamic airlines in the region, but more importantly, we’ve earned a top spot in passengers' trust. It's the same trust we offer when choosing to open routes where not many airlines are willing to invest. This is the case with domestic destinations like Cluj Napoca and Timisoara, which have become some of the most sought-after routes today. We are also confident that Oradea, our third domestic route launching this October from Bucharest, will follow the same path," said Iulian Scorpan, CEO of HiSky. This summer's highlight in Romanian aviation, the launch of direct flights between Bucharest and New York after a 21-year hiatus, has proven to be a winning choice for the airline. In less than four months since the route's inauguration, 18,000 passengers chose to fly nonstop from Romania to the United States. Supporting its growth strategy and market share expansion, HiSky opened three new regular routes this fall. As of October, passengers can travel from Oradea to Bucharest and London, and from Bucharest Otopeni Airport to Paris Charles de Gaulle, France’s main airport. HiSky now operates 34 direct routes from airports in Bucharest, Cluj Napoca, Timisoara, Satu Mare, Iasi, Oradea, and Chisinau, with a fleet of ten Airbus aircraft.

FlixBus reports strong passenger growth in summer season

Thu, 14 Nov 2024 00:00:00 +0200

- FlixBus reports a 28% increase in the number of passengers traveling by its coaches to and from Romania this summer compared to the same period last year - The most popular international destinations for Romanian passengers this summer were Budapest, Vienna, Istanbul, Varna and Sofia - International passengers chose FlixBus to travel mainly to Bucharest, Cluj-Napoca, Timisoara, Brasov, Oradea, Arad and Constanta FlixBus, the travel-tech company operating Europe's largest intercity coach network, announces a significant increase in passenger numbers for the summer season. Between June and September, the company reports a 28% increase in the Bulgaria-Romania region compared to the same period in 2023, with more and more Romanians choosing coach during their vacation. This summer, FlixBus recorded its highest number of passengers traveling from Romania to international destinations ever. The company has expanded its services to popular coastal holiday destinations in Bulgaria and Greece, ensuring passengers have access to convenient travel options during peak season. "Amid rising living costs, the demand for affordable travel is growing. At local level, these results are a clear indicator that more and more people are considering coach as a travel option for vacations. The latest Eurostat figures, show that more than 60% of Romanians have given up holidays for economic reasons, similar to the situation in Bulgaria (44%) and Hungary (43%). In the EU, around a third of people aged 16 and over could not afford a week-long trip in 2023. In this context it is more important than ever that people have affordable alternatives to travel," said Adrian Rasoiu, FlixBus Romania representative. The most popular FlixBus destinations in the summer season The most popular international destinations for Romanian passengers this summer included nearby cities such as Budapest, Vienna, Istanbul, Varna, Sofia, Golden Sands, Sunny Beach, Thessaloniki and Warsaw. On the other hand, Romania was also an attractive vacation destination for foreign tourists traveling with FlixBus. The most popular destinations in the FlixBus network are Bucharest, Cluj-Napoca, Timisoara, Brasov, Oradea, Arad, Constanta, Constanta, Targu-Mures, Sibiu and Iasi. "The geographical proximity of destinations such as Vienna, Istanbul or Thessaloniki contributes significantly to their popularity among Romanian passengers. In addition, Bulgarian coastal resorts such as Golden Sands and Sunny Beach have become favorite summer attractions for many passengers from Romania also due to their affordable prices," added Adrian Rasoiu. In the summer season, FlixBus has introduced seasonal daily flights to popular holiday destinations in Bulgaria and Greece such as Athens, Thessaloniki, Varna, Albena, Sunny Beach, Balchik, Golden Sands, Beala and Obzor. "The expansion of our network reflects the growing trend towards collective travel, which helps reduce environmental impact and CO2 emissions. By offering affordable and sustainable travel options, we encourage passengers to make choices that protect the environment and we are happy to support bringing more foreign tourists to Romania," added Adrian Rasoiu. This summer FlixBus also entered into partnerships with two major local players, Christian Tour and Self-Pay. Thus, FlixBus coach tickets can be purchased in the more than 10,500 SelfPay payment stations in Romania, as well as in the entire network of Christian Tour agencies. Sustainability at the heart of Flix's growth In 2024, the company launched electric coaches in the UK and Portugal, achieving a 100% reduction in CO2 emissions. Similar projects were initiated in Chile, marking the first electric coaches in South America, and biofuel-powered coaches were tested in France and Italy. These initiatives are part of Flix's long-term commitment to achieve Net Zero operations by 2040 in Europe and globally by 2050. Globally, in 2023, more than 1 million tons of CO2 were avoided thanks to travelers choosing FlixBus over cars or planes. In the Romania-Bulgaria region alone, Flix passengers avoided a total of 18,310 tons of CO2 emissions by choosing coach. According to recent data, FlixBus coaches emit 27.8g CO2 per passenger kilometer, significantly less than airplanes (238g CO2 per passenger kilometer) and private cars (166g CO2 per passenger kilometer). FlixBus to start operations in Mexico in 2025 In early 2025, FlixBus will expand its network by adding Mexico, the world's third-largest bus market, marking a major milestone in its expansion into Latin America. Flix's entry into Mexico follows its successful launches in Brazil and Chile. In July 2024, Flix secured a major investment from EQT Future and Kühne Holding, which acquired a 35% minority stake in the company. This partnership will accelerate Flix's expansion plans, including entry into the Mexican market, and enhance existing operations. Towards the end of the year, Flix expects to see network expansions in Finland, Ukraine, India and the South America region adding new lines and destinations in the coming months. Last year, 81 million passengers traveled to more than 5,600 destinations in 43 countries using FlixBus, FlixTrain, Greyhound and Kamil Koç services. The company has been present on the Romanian market since 2017 and offers direct international flights from over 80 cities in Romania to 16 countries in Europe.

2024 Goncourt Prize finalists unveiled in Bucharest

Thu, 14 Nov 2024 00:00:00 +0200

The Goncourt Prize jury announced in Bucharest the four finalist authors for the prestigious 2024 literary distinction. They are Sandrine Collette (with Madelaine Before Dawn), Kamel Daoud (Houris), Gael Faye (Jacaranda), and Helene Gaudy (Archipels), jury president Philippe Claudel told a press conference held on Tuesday at the National Museum of Romanian Literature in Bucharest.Claudel said that it is "an honor for Goncourt" to unveil the shortlist in Bucharest, pointing out that France and Romania are connected by "very strong ties"."Reading a book means joy, but for us, the jury, it also means a great responsibility, not just towards the readers, not just towards the authors, but toward the publishers too, because it depends on us that this book, the sole recipient of the prize this year, just like always, is representative for each of us. The Goncourt Prize means this: recognition, but also embedding in a national and international trend. Reading a book means (...) to sit opposite the other, to get closer to them, get in contact with their ideas, with their sensitivity. (...) And this also means meeting other cultures that bring us closer to other fellow people through translation and enrich us. And if the young people, alongside the other readers, will look at literature, at these now four books like this, the battle to keep our audience is won. We'll meet on November 4, when we will make the final choice," said Philippe Claudel before announcing the four titles entered in the final of France's oldest and most important literary award.In Madelaine Before Dawn, Sandrine Collette challenges the order of things, examines the instinct to revolt, and offers the reader - served with mind-blowing writing - an ode to family bonds, a brief description of the novel shows.Houris takes a critical look at the official management of the memory of the 90s violent events in Alegeria, which deeply traumatized the country's society, exploring the themes of religion, freedom and identity. Daoud continues to discuss existential and societal problems, offering his readers a deep reflection on the contemporary world, reads the presentation of the novel.Jacaranda paints a five-generation picture of Rwanda's history and tries to break the silence of the country after the genocide against the Tutsi. Gael Faye's gently narrates the terrible story of a country that tries, against all odds, to dialogue and forgive, it is shown in the presentation.Archipels approaches the theme of exploration and perfectly illustrates the author's unique narrative style, which combines fiction and reality. The book is a poetic reflection on memory and family ties, reads the presentation of the book.Attending the Bucharest presentation of the four Goncourt Prize finalists were seven of the ten jury members, namely Pascal Bruckner, Tahar Ben Jelloun, Camille Laurens, Paule Constant, Pierre Assouline, Philippe Claudel, and Didier Decoin.Also present at the event were French ambassador to Romania Nicolas Warnery, executive president of the French Institute in Paris Eva Nguyen Binh, and Julien Chiappone-Lucchesi - the director of the French Institute in Romania.Ambassador Warnery emphasized the importance of the event taking place in Bucharest, as the French Institute in Romania celebrates 100 years of cultural, artistic, academic, educational and scientific cooperation."It's a wonderful opportunity to celebrate French literature this year, when the French Institute in Romania marks its centennial anniversary," said Nicolas Warnery.The name of this year's Goncourt winner will be announced in Paris on November 4, at the famous Drouant restaurant, which has been home to the deliberations of the Prix Goncourt jury since 1914.The value of the prize is symbolic, at just 10 euros, but it guarantees celebrity and massive sales for the chosen novel.Previous winners include Marcel Proust, André Malraux, Elsa Triolet, Simone de Beauvoir and Marguerite Duras.

Abdulrazak Gurnah, Nobel Prize winner for Literature in 2021 visits Romania

Thu, 14 Nov 2024 00:00:00 +0200

Writer Abdulrazak Gurnah, the winner of the Nobel Prize for Literature 2021 will be in Romania ovwe October 22-25, at the invitation of Ltera Publishing House and the International Festival for Literature and Translations from Iasi. According to a Tuesday press release, the writer will meet the Romaian public at two events held in Bucharest and Iasi. The Swedish Academy granted Abdulrazak Gurnah in 2021 the most important literary prize for the uncompromised approach full of compassion of the effects of colonialism and destiny of refugees at the crossroad between cultures and continents. (Nobel Jury Motivation). The author of numerous stories and essays and of ten novels, he wrote about exile, about important historic moements and devastating social ruptures. His novels take place in intimate family and friendly areas, areas fed by love and duty, but which are vulnerable by their very nature.

Study: About nine in ten Romanians choose private sector for jobs, whether or not employed

Thu, 14 Nov 2024 00:00:00 +0200

About nine in ten Romanians would choose to work in the private sector, regardless of whether or not they are currently employed, with the trend being even more pronounced among young people from Generation Z, with 93% of them currently gainfully employed choosing a private sector organisation, according to the latest survey "Most Wanted Employers 2024" conducted by a market research agency.According to a press statement released on Tuesday, the survey signals that the IT & Technology and Retail sectors stand out as the most attractive for Romanian professionals, while the preferences of Generation Z redefine the criteria for choosing the employer.Thus, the IT & Technology sector dominates the preferences with 18% of the options and attracts not only IT professionals, but also specialists in the Financial-Accounting field. The giants Google and Microsoft lead the top of the preferred employers in this sector."Competitive salaries (40%) and flexibility (15%) are the main reasons why employees are attracted to the IT field, while for those looking for a job, professional development is the main asset (36%)," according to Cori Cimpoca, founder of the MKOR research agency that conducted the study.Retail ranks second with 10% of preferences, especially in the case of professions working in manufacturing, accounting and operations. Dedeman and eMAG stand out as leaders in this field.The sector attracts both women and rural dwellers, an indication that it offers career opportunities in places where they may be more limited.Although salary and benefits remain paramount (33%), one in five Romanian employees consider the work environment and organisational culture decisive in choosing their employer. Contrary to post-pandemic expectations, only 6% of employees consider flexibility important in choosing a job. That matters more contextually, for example, more in the case of women.Professional and personal development is the main reason why those who do not have a job would go to work. The Tech and FMCG sectors are seen as beneficial areas to evolve in.According to the survey, by 2034, Generation Z will represent about 40% of the workforce, which makes it essential for organisations to adjust for the preferences of this generation."Data provide a clear picture of a labour market in full transformation. Employers who will be able to adapt to these new preferences, offering not only competitive salaries, but also a positive work environment and development opportunities, will be the ones who will attract and retain the best talent in the years to come," said Cimpoca.Romania's GenZ are said to bring new priorities to the employers' landscape, giving increased importance to the company's standing and development opportunities. More connected to employer branding through social media, they evaluate not only the salary package, but also the company's image and values. Adapting to these preferences becomes essential for long-term organisational success, according to the survey.The study is representative of the Romanian population and was conducted as an online opinion survey on a sample of 1,244 people, of which 953 gainfully employed people, 214 unemployed and 77 entrepreneurs, aged between 18 and 65 years.MKOR is a market research agency that combines practical business experience, MBA-level know-how and expertise to provide an in-depth understanding of the business environment. In its activity, MKOR covers all types of research and offers increased flexibility to its clients, in order to understand and deliver the most detailed market insights. It also develops a series of its own research projects.

World leading energy and national security experts to attend in Bucharest EnergIntell conference, Oct 24 - 25

Thu, 14 Nov 2024 00:00:00 +0200

World leading energy and national security experts will gather on Thursday and Friday in Bucharest at the EnergIntell conference titled "Energy Concerns in National Security and Business Intelligence", the organizers said in a release.The conference will explore critical aspects of energy resilience and the use of business information in the context of national security, particularly in times of conflict; the sections of the event are slated at landmark venues in Bucharest, such as the 'Carol I' Central University Library, or the Parliament Palace.The first part of the conference works on October 24 consists of a series of presentations by internationally famed experts. The keynote speakers include Ditte Juul Jorgensen, DG Energy Director General; Kristian Ruby, Eurelectric Secretary General; Professor Christian Doonan from the University of Adelaide-Australia; Environmental Business International Principal Andrew Paterson; Professor Mariya Trifonova from the University of Sofia.In the second part of the day, the participants will attend three thematic panels, and at the end of the works on October 24, Senior Associate Fellow at the Egmont Royal Institute in Brussels Bernard Siman will take a detailed look at hybrid threats and financial influences on energy security.On Friday, October 25, president of the National Energy Regulatory Authority George Niculescu will deliver a lecture at the Parliament Palace. The works will end at the headquarters of the Romanian Energy Center, where Vice-President Frank Hajdinjak will give a presentation about Romania's role in South-Eastern European energy security."Energy is the backbone of an economy, social welfare and development of a country or region. This is why it is vital to have correct and timely information about the key players in the energy markets, about trends and the implications of technological changes in order to stay competitive. We therefore created a conference that explores the connection between these two fields," declared Mireille Radoi, EnergIntell initiator and coordinator.The conference is organized by the Bucharest University of Economic Studies, through the Faculty of Business Administration (with English/French/German-taught curriculum), with the support of the 'Mihai Viteazul' National Intelligence Academy, the 'Carol I' Central University Library, and the Romanian Energy Center, and "promises to be a major forum of debate on the challenges and opportunities related to local and global energy security."

IMF downgrades estimates of Romania's economic growth to 1.9 pct in 2024

Thu, 14 Nov 2024 00:00:00 +0200

The International Monetary Fund (IMF) has downgraded its estimate of Romania's economic growth this year to 1.9%, from 2.8% in April, according to the latest World Economic Outlook report, published by the international financial institution on Tuesday.According to the new IMF forecasts, after a 2.1% growth last year, the Romanian economy will slow down to 1.9% this year, and then accelerate to 3.3% in 2025. In the spring, the IMF estimated a 2.8% increase in Romania's GDP in 2024, figures also revised downwards from the 3.8% advance forecast last autumn.The international financial institution also expects Romania's current account deficit to widen further to 7.5% of GDP in 2024, from 7.1% of GDP, as forecast in April. Moreover, the IMF estimates a slight reduction in the current account deficit to 7% of GDP in 2025, down from the 6.8% it estimated in spring. According to IMF forecasts, Romania's current account deficit will remain at a high level even in 2029, when it will stand at 5.9% of GDP.As regards inflation, the IMF foresees that Romania will record an average annual price increase of 5.3% this year, followed by 3.6% in 2025, after a 10.4% rise in 2023. By comparison, in April, the IMF was estimating an average annual inflation of 6% in 2024 and 4% in 2025.As for the unemployment rate, the IMF expects it to remain stable at 5.6% in 2024 and to fall slightly to 5.4% in 2025.The forecasts were released on the occasion of the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB), which are taking place this week in Washington.In Bucharest, in September, the National Commission for Strategy and Prognosis (CNSP) revised downwards to 2.8% the economic growth projection for this year, from 3.4% previously, with the Gross Domestic Product expected to reach nearly 1,769 billion RON.

Ciuca: Big attemtp to include PSD and AUR leaders in second round. It is also Russia's will

Thu, 14 Nov 2024 00:00:00 +0200

Liberal president Nicolae Ciuca (PNL) said on Tuesday, that action is taken to have the Social Democratic Party (PSD – ruling party) leader Marcel Ciolacu and the Alliance for the Union of Romanians (AUR - opposition) leader George Simion in confrontation in the second round of presidential elections. According to Ciuca, such a situation is not only the wish of PSD , but also that of Russia. “We can see what happened following the deicison of the Constitutional Court to eliminate a counter candidate on the electoral line of AUR. At present, efforts are made to include PSD and AUR leaders in the second round. It is the option and wish of PSD , as they think they could win in this formula. Unfortunately, after seeing what happened in Moldova, it is not just their wish but also that of Russia. For that reason I consider Romania's citizens must pay attention to what they want from now on,” said Ciuca in a statement to the press. Asked about the information that there are foreign interferences in Romanian elections, Ciuca said that Russia was applying in East European countries instruments specific of hybrid war. “This set of instruments specific of hybrid war, used by Russia in Moldova, is applied wherever it is interested, especially in east European countries and not only. Such actions took place in other European countries and for that we do not need other arguments,” the PNL president explained. Asked whether he had concrete information that a secnd round of elections between Marcel Ciolacu and George Simion would by imposed by force, the PNL leader invoked the Constitutional Court (CCR) decision. “At present, what was imposed by force at CCR decision is obvious. I do not think we need another proof” he mentioned. Ciuca reiterated he wanted a coalition of right wing forces after elections and mentioned he had discussed with UDMR leader Kelemen Hunor.

Industrial partnerships, technology transfer, discussed by Defence Minister Tilvar with Turkish defence industry leaders

Thu, 14 Nov 2024 00:00:00 +0200

Minister of National Defence Angel Tilvar met on Tuesday in Istanbul with Haluk Gorgun, the president of the Turkish Defence Industry Agency, context in which they discussed industrial partnerships and technology transfer, informs a MApN press release sent on Tuesday.Minister Tilvar also highlighted recent achievements in the field, including the acquisition of Bayraktar TB2 systems and the collaboration with the Turkish defence company Otokar."We appreciate and support the expansion of technological and industrial collaboration between Romania and Turkey in the defence field. We want to strengthen these relations by implementing projects that will benefit both countries," said Angel Tilvar, quoted in the press release.Also on Tuesday, the minister participated in the fourth edition of SAHA EXPO 2024, an event dedicated to the promotion of military equipment, reads the cited source."With over 1,200 exhibitors and 500 official and trade delegations, the exhibition offers significant opportunities for cooperation in the defence, maritime, aeronautics and space fields," the source said.Minister Tilvar's delegation included Romania's ambassador to the Republic of Turkey, Stefan Tinca, the Chief of the Romanian Naval Forces, Vice Admiral Mihai Panait, the head of the Directorate General for Armaments, Lieutenant General Teodor Incicas, and the deputy head of the Department for Defence Policy and Planning, Major General Mihai Iancu. (Photo:https://armed.mapn.ro/)

Healthcare: Romania's national cardiovascular, cerebrovascular health strategy put up for public debate

Thu, 14 Nov 2024 00:00:00 +0200

The Ministry of Health on Friday put up for public consultation a draft government decision approving Romania's National Strategy for Combatting Cardiovascular and Cerebrovascular Diseases 2024-2030.According to the document's substantiation note, the strategy emphasises a deep understanding of the health problems of the population and barriers to access healthcare services related to cardiovascular and cerebrovascular pathologies, continuing with solutions for the prevention, diagnosis, treatment and recovery of these diseases in order to secure optimal care pathways and equitable access to medical services, in compliance with the recommendations of international guidelines.Priority is attached to the development of a healthcare information system, research programmes and innovation initiatives in cardiovascular and cerebrovascular diseases, all of which are evaluated and monitored through reliable and transparent indicators."The National Strategy for Combating Cardiovascular and Cerebrovascular Diseases 2024-2030 aims to define and implement evidence-based healthcare policies that guide the use of health resources, and also of pathologies with a significant burden on Romania's healthcare system, by addressing essential issues at national level: the epidemiological and social reality of these diseases at national level; the safest, most efficient, effective and cost-effective responses to reduce the burden; clinical tools needed by healthcare professionals to improve healthcare quality, along with public policies needed to improve public health," reads the explanatory note.The general objectives of the strategy are: developing an integrated healthcare information system for the prevention and care of cardiovascular and cerebrovascular diseases; securing an integrated framework for the prevention, early detection, diagnosis, treatment and monitoring of cardiovascular and cerebrovascular diseases; treating of cardiovascular diseases; treating cerebrovascular diseases; developing cardiovascular and cerebrovascular rehabilitation in Romania; diagnosing and treating rare cardiovascular and cerebrovascular diseases; common measures for cardiology and neurology regarding the development of specialist human resources for the prevention, diagnosis, treatment and rehabilitation of cardiovascular and cerebrovascular diseases; promoting research, development and innovation (RDI) activities in the area of cardiovascular and cerebrovascular diseases in Romania, through grants and national and/or international public-private partnerships. (Photo:https://www.facebook.com/)

Agriculture: Agricultural production value reaches almost 110 billion lei in 2023

Thu, 14 Nov 2024 00:00:00 +0200

The value of agricultural production increased 0.6% in 2023 compared to the previous year, totaling 109.89 billion lei in current prices, according to final data the National Institute of Statistics (INS) published on Tuesday.Crop production in 2023 increased 2.1% to 66.26 billion lei in comparable prices, while livestock production fell 2.5% to 40.65 billion lei.According to the statistics, in 2023 as well, crop production held the largest share (60.3%) in the structure of the value of agricultural production, down 5.3 percentage points (pp) compared to the previous year.The value of crop production, in 2023 compared to 2022, increased in the development regions West (+15 pp), North-West (+10.7 pp), North-East (+9 pp), South-East (+5.2 pp), South-West Oltenia (+3.3 pp), Centre (+2.3 pp). Decreases were recorded in the development regions: South-Muntenia (-11.7 pp) and Bucharest-Ilfov (-5.4 pp).In 2023, compared to 2022, the value of livestock production increased in the Centre and West development regions (+1 pp), while in the other development regions the value of livestock production decreased between 22 pp and 3.1 pp.The value of agricultural services recorded increases in the development regions Centre (+41.3 pp), North-West (+30,6 pp), West (+18.7 pp), Bucharest-Ilfov (+13.5 pp), while in the other development regions it recorded decreases ranging from 22.2 pp to 1.6 pp.According to the statistics, crop production has the highest share in the agricultural production in all development regions of the country, with values ranging from 53.1% (Centre development region) to 69.3% (South-West Oltenia development region).The INS points out that the Bucharest-Ilfov development region is not included in the analysis, as it is insignificant in terms of its share in the value of agricultural production at national level.In 2023 compared to 2022, the structure of the value of production of the agricultural branch registered the main increases in the North-West, Centre, North-East (+1.1 pp) and West (+0.8 pp) development regions. The most important decreases were recorded in the development regions South-Muntenia (-3.4 pp) and South-East Oltenia (-0.5 pp).In the structure of crop production in the year 2023, the largest share belongs to the development regions: South-Muntenia (21.5%), South-East (16.5%) and North-East (14.8%), while in the structure of livestock production of the same year, the largest share is held by the development regions: North-East (20%), North-West and Centre (15.3%), South-Muntenia (14.8%) and South-East (12.6%).

Cars: Trade in motorcycles and motor vehicles registers 2.2pct gross turnover increase in August

Thu, 14 Nov 2024 00:00:00 +0200

Trade in motorcycles and motor vehicles contributed to a 2.2% increase in the turnover volume of wholesale and retail trade, maintenance and repair of motor vehicles and motorcycles, as gross series, in the first eight months of this year compared to the same period in 2023, according to data the National Institute of Statistics (INS) released on Friday.The official data reveal that, in the period January 1 - August 31, 2024, as gross series, increases in business were reported in: trade in motorcycles, related parts and accessories; maintenance and repair of motorcycles (+18.8%), trade in motor vehicle parts and accessories (+7.8%) and trade in motor vehicles (+2.7%). On the other hand, activities in the maintenance and repair of motor vehicles decreased 15.4%.In the same period, the volume of turnover in wholesale and retail trade, maintenance and repair of motor vehicles and motorcycles, as series adjusted for the number of working days and seasonality, increased 2.2%.According to the source, in August this year compared to August 2023, the turnover in wholesale and retail trade, maintenance and repair of motor vehicles and motorcycles, as a gross series, increased 0.1%, due to the results of trade in motorcycles, related parts and accessories; maintenance and repair of motorcycles (+21.9%), trade of parts and accessories for motor vehicles (+1.7%) and trade of motor vehicles (+1.4%). In contrast, maintenance and repair of motor vehicles decreased 13.7%.On an adjusted basis, during the same comparison period, total turnover in wholesale and retail trade, maintenance and repair of motor vehicles and motorcycles increased 2.7%.On a month-on-month basis (August vs July 2024), turnover in trade in motor vehicles fell 11.5% on gross series, but was on an upward trend (+0.3%) on adjusted series.

Tourism : Sipot Villa, part of Peles Royal Domain, re-enters cultural and tourist circuit of Romania

Thu, 14 Nov 2024 00:00:00 +0200

The Sipot Villa, part of the Royal Peles Estate in Sinaia, officially re-enters the cultural and tourist circuit of Romania with the opening of the Peles Architects Gallery, announced the Association for the Royal Peles Heritage.According to the information posted on the association's Facebook page, the Sipot Villa, also known as the "House of the Architects" and as the place where the Peles Castle project was born, has undergone renovations and consolidation works, and at the end of this year, it will officially re-enter the cultural and tourist circuit of Romania.The main attraction of the historical monument is the Peles Architects Gallery, a unique exhibition space dedicated to the architects who built and developed the royal domain, shows the source.As part of the restoration project, the consolidation works of the building have been completed, as well as the replacement of the thermal and electrical plumbing installations, and the restoration of the structural frame of the space of the Peles Architects Gallery.Some 50,000 tourists are expected to visit the Sipot Villa each year, in addition to the students who come to Peles under the workshop programmes organized by prestigious universities in the country.The Sipot Villa also offers accommodation for those who want to spend a vacation in the heart of the Peles Royal Domain. (Photo:https://www.vilasipot.ro/despre/)

Gabriel Biris: The tax plan indicates an increase in the flat rate to 16% from 2025; VAT to 21% from 2026

Thu, 14 Nov 2024 00:00:00 +0200

Romania's Medium-Term Structural Medium-Term Fiscal Plan indicates an increase in the single tax rate to 16% from 2025, from 10% at present, and in the Value Added Tax (VAT) to 21% from 2026, said Gabriel Biris, tax specialist, partner at Biris Goran and founder of The Tax Institute. ‘We are in a very delicate situation, we the taxpayers who have to stand any amendments of the fiscal legislation as we do not know what to expect. None of the main parties came with concrete measures. They talk about general things: we will reduce expenses, we will improve collection, we will reduce the deficit. At present, it is hard to speculate. It is possible to finish the year with a deficit towards 8% which means that the discussions in Brussels, a gradual decrease of the deficit for a period of seven years, with 0.7% per year could generate the need for adjustment in 2025 and the discussion we could have is if it could be done through tax increase only. An adjustment of the deficit by 0.7% of GDP and even over 1% of GDP may be easily made without any increase of the taxes’ Gabriel Biris said. He says that an adjustment by 0.7% of the deficit and even a doubling of this figure could diminish the fear that there will be extraordinary amendments as well as the increase of the VAT. "If we look at the material that has appeared in the press, which is not official, because it has not been officially recognised, at the indicators on budget revenue and its structure, on page 14, we see that in total tax revenue we have 16.2% of GDP estimated this year, we have 17.2% next year. It's not an increase that we need to worry about, it's just a bit shocking that we have an increase from 2.8 per cent to 4 per cent of GDP, that's 1.2 per cent of GDP, that's a 40 per cent increase in revenue on the payroll and income tax. Should they prepare to increase the flat rate? Because I don't think they have the capacity to introduce a progressive rate from next year. I think that becomes the main fear, the income tax increase. Let's not forget that until 2017 we had 16 per cent. It was lowered by Dragnea to 10%, but it was lowered to compensate for the increase in contributions. The transfer of contributions was also done then. And for the transfer of contributions from the employer to the employee to have been neutral, the CSA had to be 21% and they made it 25%. CASS should have been 8.8% and they made it 10%. And to compensate for this transfer from the state budget to the pension budget, in particular, to show that they have the money to increase pensions, they lowered income tax. The total burden on labour remained the same", explained Gabriel Biris. Besides this, the specialist in fiscality mentioned that there is ‘ a weird increase’ seen in the Fiscal Plan for VAT, starting with 2026. "In 2024 VAT is 6.8 per cent of GDP, in 2025 it stays the same, so we don't expect any change, but in 2026 it increases to 7.3 per cent. Why? We have an increase of 0.5 percentage points, which if we relate it to 6.8% is 8%. Year on year you can't really do it, in the current context, except through tax increases. Why do I say that in the current context? We can see that none of the measures taken in the so-called fight against evasion, nor the recent various RO-e-e, such as RO e-TVA, have led to a reduction in the VAT gap, it has been constant, over 33%, sometimes towards 40%. 6.8% represents two thirds of what can theoretically be collected. I believe that from 2026 VAT is increasing. The VAT gap can only be reduced by reverse charge. The minister (Finance Minister Marcel Bolos, editor's note) told us at the last meeting that 35% of the VAT gap comes from carousel fraud, i.e. 3 billion euros, and another 3 billion euros from insolvencies", Gabriel Biris added. In this context, Biris considers that we can expect increase of the flat rate of 16% starting with 2025 and VAT increase at 21% starting with 2026 and the impact of these two measures will be felt by consumption mostly. The specialist calculates the impact of VAT increase with a percentage point on consumption and three percentage points on income tax. The effect will be felt especially with people with small and medium income, but less with those with high income, he says. Similarly, he added that he does not see a problem in implementing these measures as the introduction of the flat rate of 16% was done through an emergency ordnance on 29 December.

Romania applying for extension of Temporary Crisis & Transition Framework in agriculture until June 30, 2025

Thu, 14 Nov 2024 00:00:00 +0200

At the ongoing Agriculture and Fisheries Council meeting, Romania applied with the European Commission for the extension of the Temporary Crisis and Transition Framework in the sector of agriculture until June 30, 2025, as well for the increase of the individual aid amount to EUR 560,000 per agricultural enterprise, the Ministry of Agriculture and Rural Development said in a release on Monday.The ministry's Secretary of State Sorin Moise participates in the meeting of the Agriculture and Fisheries Council taking place in Luxembourg between October 21 - 22.An important point on the Council's agenda is represented by the conclusions regarding a post-2027 Common Agricultural Policy (CAP) oriented towards farmers, and in this sense the Agriculture ministers will seek to approve a set of conclusions regarding the future post-2027 CAP.Also, based on the information provided by the EU Presidency, the Council will discuss the main challenges facing the EU food chain."Romania reiterates the need to extend the application of the Temporary Crisis and Transition Framework in the agricultural sector, as well as to increase the individual aid amount per agricultural enterprise. Thus, Romania and its partners request the European Commission to urgently analyze the realities faced by farmers and put up the individual ceiling applicable to the primary agricultural sector to EUR 560,000 per beneficiary. In order to prevent the farmers' bankruptcy and support the sector's recovery, Romania suggests the extension of the timeframe of this aid until at least June 30, 2025," the release states.The Hungarian EU Presidency will publicly provide the Council with information on: the outcome of the conference on the prevention of food waste (Budapest, October 1, 2024), the outcome of the meeting of the CAP directors (Budapest, September 10 - 12, 2024), and the outcome of the conference of the directors of EU payment agencies (Budapest, October 16 - 18, 2024).

Egypt, Romania FMs open training course on post-conflict reconstruction, development, stability in Sahel region

Thu, 14 Nov 2024 00:00:00 +0200

Minister of Foreign Affairs, Emigration and Egyptian Expatriates Badr Abdelatty and his Romanian counterpart Luminita-Teodora Odobescu inaugurated Sunday a training course on post-conflict reconstruction, development and stability in the Sahel region, https://www.mena.org.eg/ informs.The event is organized by the Cairo International Center for Conflict Resolution, Peacekeeping and Peacebuilding in Africa (CCCPA), an affiliate of the Ministry of Foreign Affairs, in cooperation with the Romanian Ministry of Foreign Affairs and the Romanian Agency for Development.Minister of Culture Ahmed Hano was also present.Abdelatty said in a speech that the training course is the first of its kind held between the Egyptian and Romanian sides on the subject of reconstruction, reflecting the existing coordination on files of mutual interest.The holding of this course reflects the great interest that Egypt and Romania attach to relations with African countries, especially the Sahel region, as well as to the file of post-conflict reconstruction and development, he added.Abdelatty pointed out that this training program coincides with Egypt's presidency of the African Peace and Security Council, during which Egypt is keen to increase its contributions to efforts to prevent and resolve crises in Africa.The two officials held a discussion session today at Tahrir Palace, to discuss ways to enhance cooperation between the two friendly countries.The meeting witnessed a discussion of the most prominent developments related to issues of mutual interest in the regional and international arenas. (Photo: www.mae.ro)

Elena Lasconi and Roberta Metsola discuss Schengen and Republic of Moldova

Thu, 14 Nov 2024 00:00:00 +0200

The President of Save Romania Union (USR), Elena Lasconi, met, on Monday, with the President of the European Parliament, Roberta Metsola and during their discussion Romania's accession to Schengen and the situation of the Republic of Moldova were tackled."I thanked Roberta Metsola for being an honest friend of Romania whose voice strongly supported our country's accession to Schengen, clearly stating that we have met all the necessary technical criteria and that it is unfair to delay this recognition. I know that we share the same conviction: Romania's integration into Schengen is not a symbolic step, but an essential one for the consolidation of the European Union. As president of the USR and a candidate for the presidential elections, I consider that our European path is the correct and natural option for Romania's future," Lasconi said, according to a USR press release.The two discussed the situation in the Republic of Moldova and the fight against authoritarianism and propaganda."I discussed with Mrs. Metsola also about the Republic of Moldova, which we want together irrevocably placed on the road to the European Union. We all see, these days, how great the power of each vote is and how fragile the border between democracy and authoritarianism is especially when Russian propaganda is working intensively. The European Union must not only understand these threats, but also find the most effective methods to deal with them. I assured Roberta Metsola that I will work with her so that Romania can brings more stability and solidarity to Europe. Together, we will find the best solutions for whatever problems the future may bring. A united Europe is a strong Europe," says Lasconi.She adds that she appreciates Metsola not only because she "managed to be an extremely relevant politician" in Europe, but also for the values she supports: unity, freedom of expression, a strong European Union."I am very glad that we are on the same page when it comes to the institutions of a state, which can only be strong as long as the politicians do not take over them, do not impose their people in their positions and do not make decisions without arguments", says the USR leader. (Photo:https://www.facebook.com/)

MAE denounces massive, systematic interference coordinated by Russia in the elections in the Republic of Moldova

Thu, 14 Nov 2024 00:00:00 +0200

Romania will continue to invest energy and expertise to support the Republic of Moldova fulfill its European destiny, as well as strengthen its resilience in the face of interference by the Russian Federation, said the Romanian Ministry of Foreign Affairs (MAE) , which welcomes the organization at high democratic standards of the presidential election and the constitutional referendum in the neighboring country."The advance to the second round of the presidential ballot, with a solid score, of the candidate with the most authentic and deepest pro-European commitment - incumbent President Maia Sandu - as well as the result of the constitutional referendum prove, despite all challenges, the citizens' attachment to the European, democratic future of the Republic of Moldova," the Ministry said in a release on Monday.Also, the Foreign Ministry expresses its strong concern about the massive, systematic interferences coordinated by proxies of the Russian Federation, recorded ever since the pre-electoral period."These interferences of an unprecedented scope, complexity and toxicity were intended to thwart the integrity of elections, undermine democracy, spread anti-democratic and anti-European theories, and directly influence the voters by illegal means. The information exposed in the last few days by the relevant Moldovan authorities laid bare the unprecedented scale of these phenomena, backed by considerable financial resources," the cited source said.Democracy and trust in the success of the European project are built over time, through permanent and consistent efforts, the Foreign Affairs Ministry also shows."In the end, democracy, the natural aspiration for freedom, stability and prosperity will always prevail against artificially raised obstacles and hindrances. The October 20 vote of the Republic of Moldova was testament to this. Furthermore, it is the duty of all partners in the international democratic community to continue their support for the Republic of Moldova, including as regards the combat of foreign actions aimed at undermining essential democratic processes, such as the exercise of voting," the cited source added.

Presidential election/Moldova: Maia Sandu wins 1st round 15 per cent ahead socialist Alexandr Stoianoglo

Thu, 14 Nov 2024 00:00:00 +0200

Incumbent president of the Republic of Moldova, Maia Sandu, who is running for a new term, seems to win the 1st round of the presidential election that took place on Sunday in this country 15 per cent ahead of socialist Alexandr Stoianoglo.According to the preliminary results presented by the Central Electoral Committee after counting 98.15pct of the votes coming from the 2,219 voting stations, Sandu, who is supported by the Action and Solidarity Party [Partidul Actiunii si Solidaritatii] at rule, won 41.83pct of the votes (633,403), while the candidate backed by the Party of Socialists in the Republic of Moldova, Alexandr Stoianoglo, won 26.40pct of the votes (399,740).Third came Renato Usatii, who is the candidate of the Partidul Nostru political entity, receiving 13.75pct of the votes (208,257).There were 1,561,726 electors recorded on Sunday in the Republic of Moldova, 51,65pct of the citizens with a right to vote in this country. (Photo:https://mfa.gov.md/)

Fidelis Bond Issue Sets Record with RON 3.5bn and 26,000 Orders

Thu, 14 Nov 2024 00:00:00 +0200

The Ministry of Finance (MF) raised over RON 1.5 billion and nearly EUR 387 million (totaling over RON 3.46 billion – EUR 697.2 million) through its fifth primary offer for government bonds targeting retail investors (FIDELIS), conducted via the Bucharest Stock Exchange (BVB) systems this year. “A new edition of FIDELIS concluded with an outstanding result: 6,500 lives saved by donor-investors. From the bottom of my heart, I thank all donor-investors on behalf of those given a second chance. Beyond that, we’re pleased with the overall success of the offer: more than RON 3.5 billion invested by 26,000 Romanians. They have chosen a safe, tax-exempt instrument that helps grow their savings, while the state gains the resources to fund essential projects and support economic development. FIDELIS proves it fits perfectly within the dynamics of individual investments in the capital market,” said Marcel Bolos, Minister of Finance. “We congratulate the Ministry of Finance on the historic success of the latest Fidelis government bond issuance, raising an impressive RON 3.5 billion and attracting over 26,000 subscription orders from retail investors. These achievements demonstrate the growing trust that Romanian citizens have in government-backed investments, as well as the maturity and depth of the Romanian capital market. The success highlights the strong partnership between the Ministry and the capital market in creating accessible, attractive financial instruments. This collaboration strengthens the national economy and underscores the critical role retail investors play, with their numbers reaching over 202,000 in the first half of the year,” said Radu Hanga, President of the Bucharest Stock Exchange. “The records achieved in this issuance reflect increasing confidence in government securities and the growing strength of Romania’s capital market. Since 2020, retail investors have traded more than RON 3.2 billion in Fidelis bonds on the secondary market, accounting for around 10% of the total raised by the Ministry in the past 18 issuances. This highlights the growing activity and liquidity in the market. Congratulations also go to the partners involved in the Fidelis program, including the broker syndicate and Rock FM, whose collaboration made these results possible. Their efforts continue to enhance the accessibility and appeal of Fidelis bonds, contributing to the stability and growth of the national economy,” said Adrian Tanase, CEO of the Bucharest Stock Exchange. The primary offer was managed by a syndicate led by BT Capital Partners (Lead Manager and Intermediary), Banca Transilvania (Distribution Group), and intermediaries Alpha Bank Romania, Banca Comerciala Româna, and BRD – Groupe Société Générale. The bonds were also available through 10 other eligible participants. “A new Fidelis issuance sets another record, both in terms of subscriptions and the number of investors. Amid a market that has witnessed several successful issuances of government and corporate bonds and ahead of an uncertain period with major macroeconomic and political decisions looming, we see a strong investor preference for attractive, low-risk government bonds. The maturity of previous issuances has increased available funds, pushing this offering’s total above the record set in the last edition,” stated Daniela Secara, CEO of BT Capital Partners. “The Fidelis program remains a trusted pillar for retail investors in Romania. The consistent participation and growing interest show that Romanians appreciate the benefits of this financial instrument, which continues to offer attractive returns in a volatile economic context. Fidelis is not just a success story but also a symbol of the development of the local capital market,” said Nicoleta Ruxandescu, Director of Investment and Capital Markets at Alpha Bank Romania. “Fidelis bonds have become an essential tool for retail investors looking to optimize their portfolios, particularly for individuals with advanced knowledge of personal investments. Additionally, Fidelis bonds represent the first contact with the capital market for some subscribers, marking their initial investment in listed securities. These bonds help expand the retail segment on the Bucharest Stock Exchange in a gradual and sustainable manner. That’s why the Fidelis program is a long-term priority for the BVB,” said Irina Neacsu, Executive Director of Corporate Finance at BRD – Groupe Société Générale. “The Fidelis government bonds exemplify a collaborative effort between the Ministry of Finance, BVB, and the banks in the consortium to promote investment education and engagement in Romania’s economy. Each bond issued is more than a savings tool; it is an investment in our collective future and the country’s sustainable development. With every issuance, we attract more investors, signaling greater interest in savings investment and confidence in the economy. It also highlights trust in our role at BCR to help Romanians make informed financial decisions for the present and future,” said Andrei Ionut Popescu, Executive Director of Financial Markets at BCR. During this offering, held between October 2 and 11, Romanians placed a record 26,396 subscription orders for both RON- and EUR-denominated bonds. (Photo:https://www.facebook.com/bursadevaloribucuresti)

Visa And Raiffeisen Bank Launched The Visa Signature Card, A Premiere In Central And Eastern Europe

Thu, 14 Nov 2024 00:00:00 +0200

Visa and Raiffeisen Bank have launched for the first time in Central and Eastern Europe the Visa Signature card (debit and credit), expanding exclusive benefits for super-premium cardholders in the Romanian market. This initiative reinforces both companies’ commitment to providing innovative financial products and services, offering clients significant advantages and an enhanced experience with Visa Premium cards. Made from 99% recycled plastic, the new card has been added to the bank’s product portfolio and is accessible to a significant segment of premium clients. Visa Signature stands out with a flexible structure and multiple benefits designed to offer a superior level of comfort and extended access to a range of exclusive services. These include personalized concierge services, access to the Visa Luxury Hotel Collection, special offers through the Visa Merchant Offers Centre, and 24/7 Global Customer Assistance Services (GCAS). “Visa Signature represents an important step in expanding our relationship with premium segment clients, providing them access to a wide range of exclusive benefits. The new Visa Signature card comes with a series of advantages specifically designed to meet their mobility and flexibility needs, while also allowing secure payments, globally accepted, enhanced with premium benefits and a more seamless digital integration. We are thrilled to partner with Raiffeisen Bank to bring this regional premiere to Romania. This continues the strategic partnership extended this year through the issuance of all the bank’s cards under the Visa brand, once again confirming once again that together we can constantly innovate and take the digital payments in Romania to the next level,” stated Elena Ungureanu, Visa Country Manager for Romania. “Visa has been a trusted partner of Raiffeisen Bank since our early presence in the Romanian market, and with the exclusive partnership announced this year, we have entered a new phase of collaboration. The launch of Visa Signature reinforces our commitment to delivering solutions that add value to both our premium product portfolio and the customer experience”, said Vladimir Kalinov, Vice President of Retail at Raiffeisen Bank Romania. The new Visa Signature card complements the Visa Premium universe, joining the Infinite, Platinum, and Gold cards. Designed to meet the high standards of affluent clients seeking personalized services and exclusive experiences, Visa Signature expands the range of lifestyle benefits for cardholders, offering enhanced convenience in everyday life, such as full travel insurance, extended access to national and international airport lounges, and global emergency assistance services. The local benefits of premium cards particularly target transportation, roadside and home assistance services: discounts on BlackCab rides, safe transportation for children, private drivers for personal car transport and airport transfers. Additionally, Visa Premium cardholders enjoy discounts at restaurants, dental clinics, beauty salons, and fitness centers. They also have free access to airport lounges in Bucharest, Cluj, Timisoara, and Vienna, and discounts on mobility packages, including replacement car and towing services in case of accidents or technical malfunctions. International privileges within the Visa Premium universe include global assistance, preferential access to international airport lounges, and significant discounts on car rentals and hotel bookings. The Visa Luxury Hotel Collection provides access to over 900 locations, ranging from boutique hotels to major luxury hotel chains, with best-guaranteed booking rates, automatic room upgrades based on availability, VIP Guest status, and other benefits. The platform is available in 10 languages and offers a dedicated concierge service. Furthermore, cardholders have access to Air Refund, a service that simplifies and speeds up the claiming compensation for delayed or canceled flights, offering up to 600 euros depending on the flight distance and delay duration, with no commission charged for unresolved cases.

Turnover in market services rendered to the population down by 1.5 pct in the first eight months

Thu, 14 Nov 2024 00:00:00 +0200

The turnover volume of market services rendered to the population decreased, in the period January 1 - August 31, 2024, compared to the same period last year, by 1.9% as unadjusted series, and by 1.5% as working days and seasonally adjusted series.Market services activities provided to the population, unadjusted series, recorded a lower turnover due to a decrease in turnover in: tourist agencies and tour operators (-8.7%), hairdressing and other beauty activities (-7%), gambling and other recreational activities (-2.5%) and hotels and restaurants (-2.4%). Washing and (dry-)cleaning of textiles and fur products increased by 11.8%.Turnover volume in market services supplied to the population increased in August 2024 compared to July 2024 both as unadjusted series by 6.9% and as working-day and seasonally adjusted series by 2.1%, on the back of increases in tourist agencies and tour operators (+11%), gambling and other recreational activities (+7.8%) and hotels and restaurants (+7.4%). Decreases were recorded in: washing and (dry-)cleaning of textile and fur products (-4.1%) and hairdressing and other beauty services (-3.1%).Turnover volume in market services supplied to the population decreased in August 2024, year-over-year, both as unadjusted series by 1.9% and as working-day and seasonally adjusted series, by 1.8%.Market services activities provided to the population, unadjusted series, recorded a lower turnover in August 2024 due to decreases in hotels and restaurants (-3.9%) and gambling and other recreational activities (-3.8%). Increases were recorded in washing and dry-cleaning of textiles and fur products (+15.3%), tourist agencies and tour operators (+8.4%) and hairdressing and other beauty services (+0.6%).

European Commission publishes Romania's National Integrated Energy, Climate Change Plan

Thu, 14 Nov 2024 00:00:00 +0200

The European Commission has published Romania's National Integrated Energy and Climate Change Plan (PNIESC) for 2025 - 2040, Romania's Ministry of Energy announced on Friday in a press statement.Based on Romania's request, the document includes 89 additional policies and measures aimed at increasing the share of renewable energy sources, significantly reducing greenhouse gas emissions and implementing innovative solutions in all economic sectors.Also, the "With Additional Measures" (WAM) scenario proposed in this plan provides for more ambitious targets than those previously set."The plan reflects our commitment to becoming climate neutral before 2045 and to contributing to a safer, more competitive and greener future for Romania and Europe (...) Romania is now among the countries in the European Union that have submitted a final version of a national energy and climate change plan. Thus, we are fulfilling an important European obligation and taking a decisive step in the fight against climate change, without compromising on the objectives of safe, accessible and competitive energy for all Romanians and the Romanian private sector. We have raised the standards and taken up ambitious targets, through a vision of sustainable development that integrates innovative technologies and massive investments in renewable energy," Energy Minister Sebastian Burduja is quoted as saying in the statement.He also mentioned the financing of new facilities for the production of energy from renewable sources."Green transition includes challenges, but also opportunities that we are condemned to take advantage of. In the area of clean energy production, Romania must develop the Romanian civil nuclear programme, with over 2,200MW in two new CANDU reactors at Cernavoda and the first six small reactor modules at Cernavoda. In the Black Sea, more than 3000MW of new wind power plants can be developed by 2032. We also finance over 10,000MW in onshore solar and wind farms from non-repayable funds and we have launched new initiatives in other future technologies (geothermal, biofuels, hydrogen, etc.). Moreover, we encourage prosumers, who have exceeded 2000MW of installed power, from less than 200MW a few years ago. Last but not least, we are investing unprecedented non-repayable funds in the storage and modernisation of electricity transmission and distribution system."Among the key objectives of the plan are reducing net GHG emissions by 85% by 2030, compared with the 1990 levels, and achieving climate neutrality before 2045, thus bringing forward the previous deadline set for 2050.In addition, by 2030, Romania aims for 38% of the gross final energy consumption to come from renewable sources, with the main drivers being wind, solar and biomass."It is also vital to develop industry and supply chains to support the green transition. From national recovery and resilience funds, we signed this week the first contract for the production of photovoltaic panels in Romania, and other contracts for the production of Romanian batteries for electricity storage are to follow."In September, Burduja said, regarding the new version of the plan, that "we must be careful when we take up targets in the environmental area, because there is a fine balance, and we do not want to jeopardy Romania's competitiveness."Consultations with public stockholders on the revision of the National Integrated Energy and Climate Change Plan took place between 15 February and 15 March 2024.

ForMin Odobescu in Jordan: Romania's humanitarian efforts for Palestinian refugees will continue

Thu, 14 Nov 2024 00:00:00 +0200

On an official visit to Jordan, Romania's Foreign Minister Luminita Odobescu on Thursday went to the Al Hussein Co-Educational Girls School, managed by UNRWA (United Nations Relief and Works Agency).According to the Romanian Foreign Ministry (MAE), during talks with UNRWA Jordan Director Olaf Becker on Friday, Odobescu said that Romania has traditionally supported the agency, given the importance of its mandate for the Middle East.She also underlined the importance of fully implementing the recommendations of the Colonna Report in order to reassure the international donor community to the benefit of the organisation.The Romanian dignitary presented Romania's constant humanitarian efforts to the benefit of Palestinian civilians affected by the recurrent crises in the region, namely the instalments of humanitarian aid sent by Romania to the Gaza Strip since the beginning of the crisis, as well as the taking over for treatment in Romania of eight paediatric patients from the enclave. Next, Odobescu announced a humanitarian contribution from Romania, intended for UNRWA operations in Jordan, assuring that Romania's humanitarian efforts to the benefit of Palestinian refugees will continue in the future.The Romanian minister also had a meeting with members of the Romanian community in Jordan, members of Romanian cultural associations, as well as of the associations of students having graduated from universities in Romania, whom he thanked for the valuable contribution to the development of the Romania-Jordan relationship. She assured them of the firm support, customised to meet specific needs, from the Romanian government, including through the Romanian Embassy in Jordan. (Photo:https://www.mae.ro/0

US ambassador Kavalec: Many of the refugees from Ukraine are vulnerable people

Thu, 14 Nov 2024 00:00:00 +0200

Millions of Ukrainians had to flee their homes following Russia's war of aggression against Ukraine, and many of them are vulnerable persons, members of religious and ethnic minorities, women and children, elderly, and persons with disabilities, US ambassador to Romania Kathleen Kavalec said on Friday.She drew attention on Friday at a donor meetup event that Ukrainians are vulnerable to trafficking, sexual and gender-based violence, hate crimes, discrimination, and other forms of abuse.Kavalec added that some of them struggle with war-related trauma. Others focus on the fate of their loved ones who couldn't flee the war or are fighting on the frontline. She said that starting with February 2022, every sector of Romanian society made extraordinary efforts to assist their neighbours from Ukraine."Unfortunately, the senseless war against Ukraine and the ensuing Ukrainian refugee plight is not over. Approximately 100,000 refugees are currently staying in Romania, most of them women, children, and elderly with vulnerabilities," added the US ambassador.In his turn, French ambassador in Bucharest Nicolas Warnery said that France's support for Ukraine has been constant since the first day of Russia's aggression. He added that the support covers all possible areas, including training Ukrainian soldiers, and civilian aid.He pointed out that together with the European partners, France has taken decisive political steps, recognising Ukraine's status as a candidate state for accession to the European Union. He added that Ukrainians continue to flee the war and drew attention to their needs.German Ambassador in Bucharest Peer Gebauer commended Romania for its response to the refugee situation, for the efforts of the entire society to support them. He said that Germany is one of the actors interested in the humanitarian response to the refugee crisis, that it hosts Ukrainians who have fled the war and that it is one of the major contributors to humanitarian aid.Italian ambassador to Romania Alfredo Maria Durante Mangoni said that his country is the fourth destination in Europe for the flows of Ukrainians fleeing the war.He commended Romanians for their support to refugees from Ukraine, saying that by helping Ukraine, Romania is making an investment in its future and that of the region. (Photo:https://ro.usembassy.gov/)

Romania joins Pan-European Military Mobility Corridor initiative

Thu, 14 Nov 2024 00:00:00 +0200

National Defense Minister Angel Tilvar signed on Friday, on the sidelines of the NATO Defense Ministerial in Brussels, the document for Romania's accession to the letter of intent regarding Pan-European Military Mobility Corridor No. 8, together with Albania, Bulgaria, Italy and North Macedonia, an initiative which aims to simplify and speed up the movement of military forces and equipment, both in peacetime and in crisis or conflict situations."Romania prioritizes all allied efforts in the field of military mobility and makes constant efforts to connect to important corridors. I would like to take this opportunity to emphasize our country's solid commitment to regional cooperation and increased interoperability, while ensuring that together we strengthen security in the Black Sea area, which is so important in the current complex and unpredictable security context," said Defense Minister Angel Tilvar as cited in a Ministry release.Harmonized Military Mobility Corridors are designed as a network of main routes intended to simplify and accelerate the movement of military forces, equipment and materials, both in peacetime and in crisis or conflict situations. The cut of bureaucratic obstacles and the harmonization of regulations and infrastructure will allow the rapid and efficient deployment of forces, contributing to a fast response capacity and to strengthening collective security.Romania's joining this military mobility corridor, in addition to the two NATO projects it is already a part to, together with Bulgaria and Greece, and with Turkey and Bulgaria, respectively, will boost efforts to ensure the transit of troops and military equipment and strengthen the response capacity in the Black Sea region, in order to ensure stability and security, the National Defense Ministry said. (Photo:https://armed.mapn.ro/)

President Iohannis calls on EU to send firm support message for Moldova's European integration

Thu, 14 Nov 2024 00:00:00 +0200

President Klaus Iohannis called on Thursday at the European Council meeting for a firm message from the EU to support the Republic of Moldova in the process of European integration, especially in the context of the elections to be held at the end of this week, condemning the interference and destabilisation attempts of the Russian Federation."The president of Romania called for the EU to send a strong message of support for the Republic of Moldova in the process of European integration, especially in the context of the elections in Chisinau, condemning the interference and destabilisation attempts of the Russian Federation," the Presidential Administration said in a press release.European support for Moldova must be carried out by all necessary means, in the economic, financial and security areas, the source points out.The head of state welcomed the recent visit of European Commission President Ursula von der Leyen to Chisinau and the launch of a Growth Plan for the Republic of Moldova.The main topics on the European Council meeting agenda were the situation in Ukraine, developments in the Middle East, the European Union's competitiveness and migration management.Leaders also discussed the Republic of Moldova, Georgia, support for the multilateral system and the rule-based international order, high energy prices and other topics related to the EU's external relations.The European Council reaffirmed its full support for the European course of the Republic of Moldova and its progress on the path of reforms and settlement. It also reiterated its support for the sovereignty and territorial integrity of the Republic of Moldova.European Union heads of state and government condemned the Russian Federation's interference in democratic processes in the Republic of Moldova and welcomed the adoption of the third package of sanctions against those responsible for actions aimed at undermining the sovereignty and independence of the Republic of Moldova. (Photo:https://www.consilium.europa.eu/en/meetings/european-council/2024/10/17-18/)

Air target detected in Dobrogea area; four fighter jets have been sent

Thu, 14 Nov 2024 00:00:00 +0200

The Ministry of National Defense (MApN) informs that on Saturday, around 2:30 a.m., the Romanian Army's radar surveillance system indicated a small air target in an area off the Black Sea, about 45 kilometers east of Sfantu Gheorghe, Tulcea County."Due to the fact that the detected target was heading towards Romania's state border, the structures of the NATO-led enhanced Air Policing Combat Service and, later, the Air Policing under national command were activated, according to procedures. Thus, to monitor the situation, two F-18 aircraft of the Spanish Air Force took off successively from Mihail Kogalniceanu Air Base 57, and two F-16 aircraft of the Romanian Air Force from Borcea Air Base 86," reads a MApN press release.According to the same source, the radar signal indicated the crossing of Romania's land border at around 4.00 am, in the Gura Portitei area. At that moment, the National Military Command Center notified the General Inspectorate for Emergency Situations regarding the introduction of measures to alert the population in the northeastern area of Constanta County.The air surveillance radars constantly followed the target's route, which was headed towards Cogealac in Constanta County, with a maximum penetration depth of 19 kilometers. The combat aircraft did not have visual contact with the target at any point on the evolution route.The surveillance system lost the radar signal south of Cogealac, around 4:30 a.m.."The cessation of the air alert was transmitted at around 5:10 a.m., and the combat aircraft returned to their deployment bases. From the data available at this time, it was not indicated the probability of the existence of an impact zone on the national territory. The forces of the Ministry of National Defence will carry out, starting this morning, searches in the area," the press release further mentions.MApN said that it has informed in real time the allied structures about the situation, remaining in permanent contact with them.

Presidential election/Moldova: Maia Sandu wins 1st round 15 per cent ahead socialist Alexandr Stoianoglo

Thu, 14 Nov 2024 00:00:00 +0200

National Theatre Festival #34 starts Friday in Bucharest

Thu, 14 Nov 2024 00:00:00 +0200

The 34th edition of the National Theatre Festival, constructed under the umbrella of 'Dramaturgies of the possible', will take place from October 18 to October 28."The performances that will be presented this year in Bucharest are not a "showcase" of Romanian theatre in the 2023-2024 season, but rather represent options resulting from curatorial criteria. Beyond the choice of performances, we were concerned to propose an extended curatorial concept, focused on 'Dramaturgies of the possible', which would become visibly articulated on other intersecting levels as well, said the three curators of this year's edition of the FNT, Mihaela Michailov, Calin Ciobotari and Ionut Sociu.The 34th edition of the National Theatre Festival will open on Friday, at the Studio Hall of the I.L. Caragiale National Theatre of Bucharest, with the concert-show Cári Tibor & Folktronica Orchestra.In the official selection of the edition there will be over 30 performances from Bucharest and the country.Among them are "Anthology of Disappearance", directed by Radu Afrim; "Twelfth Night" by William Shakespeare, directed by Andrei Serban; "Hedda Gabler" by Henrik Ibsen, directed by Thomas Ostermeier; "Hamlet" by William Shakespeare, artistic direction and stage adaptation by Declan Donnellan; "The Misunderstanding" by Albert Camus, directed by Bobi Pricop; "THEOREM" by Pier Paolo Pasolini, dramatization and adaptation by Yann Verburgh, directed by Eugen Jebeleanu.This year's edition will feature five guest performances from abroad - Germany, Ireland, Poland (two) and Belgium. These are "Dance me!" produced by She She Pop and co-producers HAU Hebbel am Ufer Berlin, Kampnagel Hamburg, Kunstler innenhaus Mousonturm, FFT Dusseldorf, HELLERAU - Europaisches Zentrum der Kunste; "Lippy" produced by Dead Centre; "Meme" co-produced by Kunstenfestivaldesarts (Brussels), Kaaitheater (Brussels), Wiener Festwochen (Vienna), HAU Hebbel am Ufer (Berlin), De Grote Post (Oostende), Théâtre de la Bastille (Paris), Festival d'Automne in Paris; "Stories of Grandmothers whispered by Mothers to their daughters" - Szczecin Contemporary Theater, Poland; and, under the Romanian-Polish Season, "The Last Days of Elena and Nicolae Ceausescu", produced by Teatr Polski Bydgoszcz.This year, FNT is a partner of the events initiated by the National Center for Dance Bucharest, dedicated to the artist Miriam Raducanu, whose 100th birthday was celebrated on October 17.Under the suggestive title "Miriam Raducanu. 100 years", events will be organized to highlight the creation of the artist-researcher, creator of a deeply personal vocabulary of movement, influenced by German expressionism, local folklore, poetry and contemporary prose, says UNITER.The Romanian Theatre Union (UNITER) and FNT celebrate Silviu Purcarete's 50 years of work for theatre, 50 years of nationally and internationally recognized artistic activity. His most recent stagings, an adaptation A Venomous Tragedy after "Women Beware Women" by Thomas Middleton - a production of the National Theater "Vasile Alecsandri" Iasi and The Bitter lexicon by Sebastian-Vlad Popa and Laur Cavachi, adapted after "Youth without Age and Life without Death", by Petre Ispirescu - a production of the Odeon Theatre, Bucharest will be presented during the festival. Related events will also mark the prodigious activity of the director: an exhibition and the presentation of volumes dedicated to his creation.This year's edition of the National Theater Festival continues the module of performances and workshops dedicated to young people.Each performance in the educational FNT will be presented in collaboration with a kindergarten, school, high school or university in Bucharest and will be followed by a discussion with audiences and a condensed workshop on the following day, organized at the respective kindergarten/school/high school/university.UNITER and FNT support the cultural collaboration and creative exchange of artistic initiatives between Romania and the Republic of Moldova by inviting, in the current edition, the performance "Miss Iulia" by August Strindberg, directed by Luminita Ticu, a production of the National Theater "Mihai Eminescu" in Chisinau.The organizers of FNT #34 are also supporting the construction of a new theatrical space in Bucharest - Grivita 53 - by organizing a special guest performance of "Nora" by Henrik Ibsen, directed by Chris Simion-Mercurian, co-production of the National Theatre "I.L. Caragiale" in Bucharest - Cultural Association "Grivita 53". All the proceeds will be directed to the Grivita 53 space.Under the module Performing Austria & Romania, a dialogue of the performing arts from the two countries will be presented co-productions, performances, interdisciplinary artistic formulas conceived and realized together by Austrian and Romanian artists and their European colleagues - Union Place (text by Elise Wilk, directed by Alexandru Weinberger-Bara, co-production Schauspielhaus Salzburg, National Theatre of Timisoara, Escher Theater in Luxembourg), Holy Hydra @ Timisoara (multimedia performance by the Holy Hydra collective, in collaboration with artists from Romania), Only Violins Remain (exhibition of the Museum of Contemporary History of Austria, with a multimedia intervention by Ioana Mischie).Continuing the successful tradition of events organized in partnership with the Romanian Center OISTAT, FNT 34 creates a new landmark in the cultural landscape: the Bucharest Scenography Biennale. .The 34th edition of the National Theatre Festival takes place in Bucharest between October 18 and 28. The event is produced by UNITER - The Romanian Association of Theatre Artists. FNT is a cultural project funded by the Ministry of Culture. (Photo:https://fnt.ro/)

PM Ciolacu: Gov't support to automotive industry, vital, as it plays crucial role in Romania's exports

Thu, 14 Nov 2024 00:00:00 +0200

It is vital for the Government to support the automotive industry, which contributes significantly to our country's GDP and plays a crucial role in Romania's exports, Prime Minister Marcel Ciolacu told the Sustainable and Accessible Mobility Forum on Thursday, an event organised by the Association of Automobile Manufacturers and Importers of Romania."Over the years, the Romanian automotive industry has demonstrated an extraordinary capacity for adaptation and innovation. And today we are here to celebrate these achievements and to discuss the sustainable future of mobility. In this context, I believe that our 'Reindustrialisation of the Economy' plan, which we are about to launch, comes to support this strategic industry of the country. This plan aims to transform Romania into a technology and innovation hub in South East Europe within the next 10 years. We aim to attract significant investment in the automotive sector, develop the necessary infrastructure and support research and development in electric and autonomous vehicles. It is vital to support our automotive industry, which contributes significantly to our country's GDP and plays a crucial role in the volume of Romania's exports," said Marcel Ciolacu.He highlighted that automobile production increased spectacularly this year, with "over 600,000 units produced annually by the Dacia and Ford Otosan plants," achievements which not only support national economy, but also place Romania as an important player on the European car market.He went on detailing the government commitment to modernise the automotive industry sector, mentioning the 'Rabla' car scrappage scheme or the incentives for hybrid or electric cars.At the same time, he pointed out the need of dedicated programmes to support the car industry from the European Commission, stressing that, without intervention and support from the EC, the automotive industry in Romania and the EU could face massive layoffs in the coming years.In conclusion, the prime minister reiterated Romania's commitment to green projects and to decarbonising the economy."However, we must be aware that the transition to a green economy must not become a brake on the economic development of our country and the automotive industry in particular. It is essential to strike a balance between environmental protection and economic growth, so as to ensure a prosperous and sustainable future for all our citizens," said Prime Minister Ciolacu.

Eurostat: Inflation in Romania is highest in Europe for seven months in a row

Thu, 14 Nov 2024 00:00:00 +0200

EU annual inflation rate dropped in September to 2.1% from 2.4% in August, but Romania is the country with the highest inflation rate in EU for the seventh month in a row and an annual price growth of 4.8%, according to data released by Eurostat on Thursday. In September, EU member states with the lowest annual inflation rate were Ireland (0%), Lithuania (0.4%), Slovenia and Italy (borht with 0.7%). At the opposite pole the EU member states with the highest inflation rates were Romania (4.8%), Belgium (4.3%) and Poland (4.2%). Compared to August 2024 data, the annula inflation rate dropped in 20 member states, Romania included, from 5.3% to 4.8% , remained stable in 2 countries and went up in 5 member states. In the euro zone, the annual inflation rate dropped from 2.2% in August to 1.7% in September. Also, Eurostat sata show that core inflation dropped slightly from 2.8% to 2.7%. Another indicator which, besides prices for energy and food, excludes prices for cigarettes and alcohol, dropped slightly from 2.8% to 2.7%. Core inflation is the indicator attentively monitored by CEB in elaborating its monetary policy decisions. In Romania's case, the National Statistics Institute (INS) informed last week, that the annual inflation rate went down to 4.62% in September 2024 from 5.1% in August, in conditions in which food prices went up by 4.72%, non food by 3.3% and services by 7.88%. “Consumer price prices in September 2024 against August 2024 was 100.33%. The inflation rate at the beginning of the year (September 2024 compared to December 2023) was 3.8%. The annual inflation rate in September 2024 compared to September 2023 was 4.6%. The average rate of consume price change in the last 12 mo ths (October 2023-September 2024) against the previous 12 months (October 2022- September 2023) was 6.1%, INS informs. According to the mentioned source, the consumer price index in September 2024 compared to August 2024 was 100.40%. The annual inflation rate in September 2024 compared to September 2023 calculated based on the consumer price index was 4.8%. The average rate of consumer price changes in the last 12 months (October 2023-September 2024) against the previous 12 months (October 2022 -September 2023) was 5.4%. The National Bank of Romania (BNR) reviewed as dropping the inflation prognosis for the end of 2024 from 4.9% to 4%and anticipates it will reach 3.4% at the end of 2025, according to data presented in August by BNR governor Mugur Isarescu. According to the presentation, the tendency of dropping inflation rate will continue , but the disinflation rate is anticipated to slow down visibly. “The trajectory is marked by variations, induced by basic effects associated to past evolutions: indirect tax increases in January 2024 with favorable effect in January 2025; corrections of natural gas prices and those of vegetables, fruit, eggs in quarter 2, 2024, with unfavorable effect in quarter 2, 2025; fuel excise increase in July 2024 with favorable effect in July 2025,” the quarterly report on inflation shows.

Prime Minister Marcel Ciolacu had a meeting on Thursday with NASA Administrator Bill Nelson

Thu, 14 Nov 2024 00:00:00 +0200

Prime Minister Marcel Ciolacu had a meeting on Thursday with NASA Administrator Bill Nelson, with talks focusing on the Romania - U.S. Strategic Partnership, as well as on the long-term outer space & atmospheric cooperation with the U.S."Romania advocates the peaceful use of extra-atmospheric space and the development of responsible behavior regulations for the space," the head of the Romanian Executive said as cited in a government release, referencing also Romania's signing on March 1, 2022 of the Artemis Accords - the principles of cooperation for the civil exploration and peaceful use of the Moon, Mars, comets and asteroids in the context of the Artemis space exploration program led by NASA.Prime minister Ciolacu affirmed the need for increased cooperation in the field of outer space security, in the current international context marked by Russia's aggression against Ukraine, adding that Romania advocates the peaceful use of outer space, as well as rules for the states' responsible conduct in this realm of essential importance in the current international environment."I believe that space as a human activity field will continue to inspire young people to pursue careers in science, technology, engineering and mathematics and will motivate young researchers to work in high-tech program development projects," Ciolacu said.Minister of Research, Innovation and Digital transformation Bogdan-Gruia Ivan, head of the Prime Minister's Chancellery Alexandru-Mihai Ghigiu, president of the Romanian Space Agency (ROSA) Daniel Cruteanu, and U.S. ambassador to Romania Kathleen Kavalec also participated in the meeting at the Victoria Palace of Government. (Photo:https://gov.ro/)

Romanian government creates state-run rail company for defence needs

Thu, 14 Nov 2024 00:00:00 +0200

*The company will also facilitate the delivery of humanitarian aid to conflict zones, https://www.euractiv.com/ reads. The Romanian government approved the creation of a state-run railway company to meet the country's defence needs on Wednesday, bringing the country in line with the EU's new military mobility initiative. The new company will be legally obliged to handle Romania's strategic transport, ensuring that the state has a reliable option in situations where private transport companies may refuse or be unable to provide certain rail services, especially in times of crisis. The "extraordinary events" of 2020-2023 highlighted the Romanian state's need for a reliable rail freight operator capable of transporting troops, equipment, machinery, and armaments in the event of military mobilisation either for Romania or for its strategic partners. The company will also facilitate the delivery of humanitarian aid to conflict zones, supporting international cooperation efforts. Beyond military needs, the company will play a critical role in transporting essential goods such as grain, raw materials, and fuel, helping to prevent potential food or energy crises. In addition to its strategic role, the state-owned company will also operate in the rail freight market, complementing existing services to meet wider market needs. Military Mobility, introduced by the European Commission for the 2021-2027 programming period, is also part of the Regulation on the Connecting Europe Facility 2021-2027. According to the Commission, military mobility is vital for the security and defence of Europe, as the armies of EU member states should be able to respond quickly and on a large scale to crises at the EU's external borders and beyond. Romania has committed to improving military mobility through its participation in the Permanent Structured Cooperation (PESCO) and reaffirmed this commitment at the NATO Summit in June 2018.

Minister Tilvar, at the meeting of NATO Defence Ministers in Brussels

Thu, 14 Nov 2024 00:00:00 +0200

Minister of National Defense Angel Tilvar is taking part, on Thursday and Friday, in the meeting of NATO Defence Ministers, in Brussels.According to MApN, the agenda is centered on topics of importance to the Alliance, with a view to implementing the decisions adopted by the heads of state and government at the NATO Anniversary Summit, which took place in Washington in July this year.The ministerial event includes three discussion sessions - one in the Allied format, dedicated to strengthening the Allied deterrence and defence posture, one in the NATO-Ukraine Council format, and another, for the first time, with the partner states from the Indo-Pacific/IP4 region (Australia, Japan, South Korea and New Zealand).Minister Tilvar will also attend the ministerial meeting of the Global Coalition to Defeat Daesh/ISIS. (Photo:https://armed.mapn.ro/)

President Iohannis at the European Council: Support for Rep. of Moldova's European path to be discussed

Thu, 14 Nov 2024 00:00:00 +0200

President Klaus Iohannis is participating in the European Council meeting in Brussels, where support for the Republic of Moldova's European path ahead of the presidential elections and the referendum on Sunday will be discussed, among other topics."I am here today at the European Council in Brussels to discuss the European Union's support for Ukraine, the situation in the Middle East, migration, competitiveness, foreign affairs and our support for the Republic of Moldova's European path ahead of the presidential elections and the referendum on EU accession," the head of state wrote on Thursday on the X platform.The agenda of the European Council meeting includes topics such as Ukraine, the situation in the Middle East, EU competitiveness, migration, foreign affairs and the Republic of Moldova."At Romania's proposal, the agenda of the meeting will also include discussions on the situation in the Republic of Moldova, as well as on support for EU accession, aimed in particular at internal reforms and strengthening resilience and stability. In the perspective of the upcoming elections and the referendum on the Republic of Moldova's European integration, the issue of Russian interference in the electoral process will also be discussed," the Presidential Administration informed. (Photo:https://www.presidency.ro/)

Two F-18 and two F-16 aircraft scrambled due to air target off Black Sea

Thu, 14 Nov 2024 00:00:00 +0200

The Ministry of National Defense (MapN) informed that on Thursday, at around 5:00 p.m., the radar surveillance system of the Romanian Army indicated a small aerial target in an area off the Black Sea, approximately 150 km east of Mihail Kogalniceanu, Constanya county."In line with procedures, the structures in the Extended Air Police Combat Service under NATO command, and later the Air Police under national command, were activated. As a result of the evolution of the aerial target on a route towards the Romanian state border, in order to monitor the situation, two F-18 aircraft of the Spanish Air Force and two F-16 aircraft of the Romanian Air Force were scrambled successively. The radar signal indicated the crossing of Romania's land border around 7:00 p.m., in the area of the Eforie Nord locality, later going in the direction of Topraisar", the MApN informed in a release.The MApN mentioned that the air surveillance radars continuously followed the target's route which penetrated into the national territory for a maximum distance of 14 km.The fighter aircraft did not have visual contact with it at any point on its path.The surveillance system lost the radar signal east of the town of Amzacea, around 7:20 p.m., the quoted source said.The termination of the air alert was transmitted at 8:15 p.m., and the combat aircraft returned to their bases."From the data available at this moment, the probability of the existence of an impact zone on the national territory was not indicated. The forces of the Ministry of National Defense will carry out searches in the area during the morning. The MApN informed the allied structures in real time about this situation, staying in permanent contact with them", the quoted press release emphasizes. An Info South-East analysis made at the end of 2022 showed that less than 3% of Romanians would find place in civil protection shelters in case of need, according to data collected from all emergency situation inspectorates in the country. According to data collected from mayoralties, 4.8% of people living in residence cities in Romania would find room in refuge places. In Constanta and Tulcea, about 3-4% of people could find place in protection shelters.

WWF: Romania did not complete energy and climate plan it was supposed to send to EC by June 20

Thu, 14 Nov 2024 00:00:00 +0200

Romania failed to complete an energy and climate plan that it should have submitted to the European Commission by June 30, 2024, claim WWF-Romania experts, in a press release sent on Friday.According to this source, the member states of the European Union (EU) must present an energy and climate plan that aims to reduce greenhouse gas emissions by at least 55% by 2030 and, although the deadline for submitting the plan was June 30, 2024, Romania has not yet completed this plan.The alarm signal raised by environmental activists comes against the backdrop of the recent launch of the 15th edition of the "Living Planet 2024" report, published by WWF (World Wide Fund for Nature), according to which populations of wild species had a catastrophic decline of 73% in just 50 years.The document, released on October 10, 2024, warns of the beginning of the sixth mass extinction of biodiversity, "this time caused by man."In what concerns Romania, the specialists argue that the excessive use of pesticides, intensive agriculture, poaching, the development of an unsustainable infrastructure without taking into account the long-term impact on the environment, illegal logging over time or plastic pollution, to which are added the decisions who put political interest before science-based recommendations, as in the case of the recently adopted law allowing trophy hunting for the bear species, do a serious disservice to the species and the health of the ecosystems."If worldwide deforestation intensified in 2023, despite the global commitment to stop deforestation and forest degradation until the end of the decade, in Romania the fight is to preserve what already exists: High Conservation Values. Our country has made a commitment to protect 10% of its entire forested area and it is currently in the process of identifying these areas. Furthermore, WWF supports a real reform of the system to combat legal exploitation and a responsible use of wood, therefore the organization is involved in the development of the new Forestry Code which is now under parliamentary debate. Also, in the past 100 years, the authorities have dammed and drained vast areas of the meadow and the Danube Delta, so that 85% of the meadow and a third of the Danube Delta have been lost. The consequences of these actions accentuated by climate change are visible: more catastrophic consequences of floods, much more severe effects of droughts, desertification, poverty in the Danube communities," the specialist report states.At the same time, environmental activists remind the fact that, on the Danube, the big infrastructure projects "seriously endanger the ecosystem balance, calling into question all the efforts of WWF Romania to restore the sturgeon populations.WWF Romania - The World Wide Fund for Nature is one of the most important organizations specialized in environmental conservation, which works to reduce the effects of climate change.The priority conservation areas of WWF Romania are: Maramures, Transylvania, the south-western part of the Carpathians, Apuseni, Lunca and the Danube Delta. (Photo:https://wwf.ro/)

Romgaz, E.ON Energie Romania conclude sales-purchase agreement for natural gas worth 3.84 M RON

Thu, 14 Nov 2024 00:00:00 +0200

National gas company Romgaz on Thursday concluded with E.ON Energie Romania a sales and purchase agreement for natural gas worth 3.845 million RON (without VAT), according to a report submitted to the Bucharest Stock Exchange (BVB) on Friday.The agreement provides for the sale and purchase of natural gas for the period November 1, 2024-April 1, 2025, and a Bank Guarantee Letter was established as a guarantee.The payment must be made within 30 days of invoicing, and penalties in case of delay will be 0.10% per day.SNGN Romgaz is the largest producer and main supplier of natural gas in Romania. The company is admitted to trading on the Bucharest Stock Exchange (BVB). The main shareholder is the Romanian State, with a 70% stake. The company has a vast experience in the field of natural gas exploration and production, its history starting more than 100 years ago, in 1909.Romgaz carries out geological exploration in order to discover new gas deposits, produces methane gas by exploiting deposits from the company's portfolio, stores natural gas underground, performs interventions, capital repairs and special operations at wells and provides professional technological transport services.In 2013, Romgaz expanded its field of activity by assimilating the thermal power plant from Iernut, thus becoming a producer and supplier of electricity.On August 1, 2022, Romgaz became the sole shareholder of Romgaz Black Sea Limited (established ExxonMobil Exploration and Production Romania Limited), following the completion of the acquisition and the transfer of all shares issued by (representing 100% of the share capital of) ExxonMobil Exploration and Production Romania Limited, which owns 50% of the rights acquired and the obligations assumed by the Oil Agreement for the deep water area of the XIX Neptun offshore perimeter in the Black Sea.

Energy production in photovoltaic solar power plants up 60.5% in first eight months

Thu, 14 Nov 2024 00:00:00 +0200

Energy production in photovoltaic solar power plants amounted to 2.57 billion kWh in the first eight months of this year, up 60.5% compared to the same period last year, according to data the National Institute of Statistics (INS) published on Monday.The figures for solar energy produced in photovoltaic installations include prosumers.On the other hand, output from wind power plants totaled 4.10 billion kWh, down 16.9% (835.9 million kWh) compared to the January-August 2023 period.Production from hydropower plants amounted to 10.59 billion kWh, down 24.7% (3.48 billion kWh), and production from nuclear power plants amounted to 7 billion kWh, dropping 4.2% (308.1 million kWh).Production from thermal power stations amounted to 11.37 billion kWh, up 1.1% (127.8 million kWh).In the first eight months of the year, domestic energy production amounted to 11.33 million tonnes of oil equivalent (toe), down 644,700 toe (-5.4%) compared to the same period last year, while imports amounted to 10.02 million toe, up 85,200 toe (+0.9%).Primary energy resources diminished 2.6% to 21.35 million toe and electricity resources decreased 0.9% to 43.99 billion kWh.Final electricity consumption in this period was 33.56 billion kWh, 1.4% higher than in the first eight months of 2023. Final electricity consumption in the economy increased 1.1%, population consumption increased 2.9% and public lighting decreased 3.4%.Own technological consumption in grids and stations amounted to 3.26 billion kWh, down 134.1 million kWh.Electricity exports amounted to 7.17 billion kWh, down 9.2% (725.8 million kWh).

Romania needs many heat pumps to reach decarbonisation target

Thu, 14 Nov 2024 00:00:00 +0200

Romania needs a lot of heat pumps in the coming years to achieve its decarbonisation target in the heating and cooling sector, Sorin Elisei, director general at the Ministry of Energy, told a specialist event on Wednesday."On the electricity side, we are starting to do well. In 2030, Romania has an 87% reduction in emissions in the energy sector as against 1990 - and that is largely due to the "coal fault", so to speak, the elimination of coal, just as we set our targets under the National Recovery and Resilience Plan (PNNR)," Elisei told a ZF ESG 2024 conference on the pillars that underpin sustainable investments and how to build sustainable businesses.In his opinion, carbon capture and storage could be something that Romania could take advantage of, offshore rather than on-shore, but also an opportunity that is directly linked, for example, to the cement industry."We will need a lot of heat pumps in the coming years to be able to achieve our decarbonisation target in the heating and cooling sector. We see how other countries have attracted investment in factories - and that's what I think we should be moving towards. As Mr Fechet [environmental minister] said about investing in a glass factory, we should reach out to producers of net zero technologies. The renewable part for which billions and billions of euros have been allocated is on a good track."Minister Fechet said on Wednesday that funding sources are currently being sought at government level in order to attract investment to Romania for glass processing, given that the glass industry is one with a high added value that involves very high investments and operating costs. (Photo:https://www.myclimate.org/)

Companies ranked in top 10 positions in 2024 National Ranking of Companies provide 1.34 million jobs

Thu, 14 Nov 2024 00:00:00 +0200

The 12,897 companies ranked in the top 10 positions in the 2024 National Ranking of Companies provide 1.34 million jobs, the Romania's Chamber of Commerce and Industry (CCIR) announced on Wednesday."According to the statistical data, which were the basis for the 2024 National Ranking of Companies, the 12,897 companies ranked in the top 10 positions offer 1,342,380 jobs. Broken down by economic sectors, the data show that industry offers the most jobs (543,457), followed by services (335,258), trade (265,706), tourism (29,683), research and development and high-tech (85,141), agriculture, forestry, fishing (34,377), construction (48,758)," reads a CCIR press release.The 2024 National Ranking of Companies analysed 866,601 financial-accounting balance sheets of companies active in Romania. Out of these, 334,870 balance sheets competed for the top 10 positions in the national ranking, in accordance with the methodology for the creation of the companies chart implemented by the chambers of commerce in all counties of the country.The National Ranking of Companies is based on the following economic indicators: net turnover; operating profit; operating profit rate; efficiency of human resources use and efficiency of capital employed use.The Romanian Chamber of Commerce and Industry has been making this ranking since 1994, being the only institution empowered under organic law to establish such a hierarchy nationwide, the organisation points out. The 31st edition of the National Ranking of Companies Gala will take place at the Romexpo exhibition centre on November 7.

Gold prices hit an all-time high of 393.9593 lei/gram on Wednesday; the leu depreciated against major currencies

Thu, 14 Nov 2024 00:00:00 +0200

The gold gram went up in price on Wednesday by 4.7284 lei (1.21%) getting to a quotation of 393.9593 lei from 389.2309 lei as they announced on Tuesday the National Bank of Romania (BNR), having a new record value.The national currency depreciated on Wednesday by comparison to the euro which was calculated by the BNR at 4.9758 lei up by 0.03 bani (0.01%) against the previous quotation, of 4.9755 lei.The leu lost ground against the American dollar, which was quoted at 4.5675 lei up by 0.72 bani (0.16%) as compared to Tuesday, when it was situated at 4.5603 lei.The national currency was depreciated against the Swiss Franc, calculated by BNR at 5.3002 lei, up by 0.51 bani (0.10%) against 5.2951 lei, the previous quotation.

The authorities propose to reduce the deficit by 0.74% of GDP per year; by 2031, the deficit would fall to 2.4% of GDP

Thu, 14 Nov 2024 00:00:00 +0200

The Bucharest authorities aim to reduce the budget deficit by 0.74% of GDP per year so that by 2031, the negative balance will fall to 2.4% of GDP, government sources said. This is included in the Fiscal Plan which should be lodged in Brussels until 25th October.‘The consolidation of the sustainability of the public finances for the period 2025 to 2031 will be made by getting within the values of the macroeconomic values included in TFEU, namely a budget deficit of 3% of GDP and a public debt under 60% of GDP” said the quoted sources.According to them, the plan envisages maintaining the single tax rate, an approach that ensures the continuity of a simplified, manageable and predictable tax system for taxpayers, without introducing progressive taxation. The plan does not involve lowering the tax threshold for micro-enterprises, allowing them to maintain their existing tax benefits, the sources said. On the other hand, the document includes the annual rhythm of public investments to ensure the complete absorption of European funds allocated through Cohesion Policy of 46 billion euro as well through the Mechanism for Recovery and Resilience of over 29.7 billion euro which correspond to the implementation of a volume of investments of over 7.9% of GDP in 2025, 7.7% of GDP in 2026, 6.6% of GDP in 2027 so that in the last part of the PFTM the average annual environment of investments be over 5% of GDP.Estimated investment expenditure for the period 2024-2031 amounts to over 1. 147 billion lei, as follows: RON 120bn (6.79% of GDP) in this year, RON 149.9bn (7.87% of GDP) in 2025, RON 158.3bn (7.73% of GDP) in 2026, RON 144.5bn (6.58% of GDP) in 2027, RON 143.1 billion (6.09% of GDP) in 2028, RON 144.7 billion (5.77% of GDP) in 2029, RON 144 billion (5.38% of GDP) in 2030 and RON 142.8 billion (5.02% of GDP) in 2031. The plan for seven years for the reduction of the budget deficit means the creation of the legal framework for the support of strategic investments in the economy for the manufacturing industry, the purpose being to ensure the green and digital transition for the manufacturing industry of Romania as well as access to the grants allocated from the state budget depending on the specific of the investments, to fiscal facilities, access to public utilities and access to authorization of the necessary investments through the deblocking of the system of offering agreements specific for those categories of investments surpassing the value of 150 million euro. The authorities take into consideration the creation of a data basis which follows the average costs of the public institutions and which will help with the identification of the deviants and excessive expenditure.’ Through the implementation of a control mechanism for increasing of costs of over 20% against the average, the reform limits waste and imposes a rigorous justification for every significant surpass’ shows the quoted source.The plan means the reduction of subsidies and other forms of aid on the part of the state budget for the state companies which will be encouraged to improve their efficiency and generate the necessary income to function automatously without depending on public funds.Among the measures proposed for the reduction of operational expenses in the state companies is the reduction of useless consumption and renegociation of contracts with suppliers.Moreover, a centralised system of public acquisitions which will allow contract more favourable conditions through the consolidation of demands at national level. ‘This will lead to the reduction of risks connected to corruption and inefficiency. There will be norms for expenses which will observe the reduction/stabilization of expenses for the functioning of the main categories of public services, on the basis of the average costs for goods and services calculated on the basis of the data covering information from Ro e-factura’ the quoted sources said.Premier Marcel Ciolacu stated on Wednesday that the government ‘reached an understanding’ with the European Commission with regards to the fiscal plan for the reduction of deficit and said that it is essential that the EC experts agreed that Romania needed a period of seven years to make major projects of investments in the economy.A spokesperson of the European Commission said, for Reuters, that the community executive agreed with Romania the postponement until 31 January 2025 of the limit term until the country could present the plan for the reduction of the budgetary deficit.Romania is subject to an excessive deficit procedure as early as 2020, under which it has to present to the European Commission a multiannual plan to bring the deficit back below the 3% of GDP threshold.

PM Marcel Ciolacu: We have reached agreement with European Commission on fiscal plan to reduce deficit

Thu, 14 Nov 2024 00:00:00 +0200

The Government "has reached an agreement" with the European Commission on the fiscal plan to reduce the deficit, Prime Minister Marcel Ciolacu said on Wednesday, stressing that it is essential that the EC experts agreed that Romania needs the required period of 7 years to carry out major investment projects in the economy."We have reached an agreement with the European Commission on the fiscal plan. It is essential that the Commission experts agreed that Romania needs a period of 7 years to make massive investments in the economy. This is the only way we will reach the EU average in terms of development, citizens' incomes and living standard in general. There is also an agreement on the idea that if the deficit is lower than investments, then we are on a healthy trajectory," Ciolacu said at the beginning of the Government meeting.He added that, obviously, in parallel, the state "must make an effort to reduce spending, so that the economic balance be consolidated in the coming years.""Therefore, investments will grow in the coming years and we will continue to invest massively in the economy and in infrastructure," the prime minister said.But a Commission spokesperson for economic affairs told Reuters that it has agreed with Romania to extend its deadline to file the medium-term plan to Jan. 31."Since we have not received Romania's plan yet, we cannot comment on its content," the spokesperson said."Ahead of the submission of the plan, the Commission is engaging in technical dialogues with member states, including with Romania, with the objective of ensuring that the plans comply with all the requirements set out in the legislation."Romania has yet to unveil a 2025 budget plan, but analysts and ratings agencies expect some measure of tax hikes to be enforced to shore up public finances.The coalition government has raised the minimum wage and has raised state pensions twice this year.Romania has the EU's fastest rise in wage costs and its widening budget deficit is limiting the central bank's room to cut interest rates.

President Iohannis to first EU-Gulf Cooperation Council Summit

Thu, 14 Nov 2024 00:00:00 +0200

President Klaus Iohannis attended the EU-Gulf Cooperation Council (GCC) Summit, on Wednesday, during which he emphasized that Romania is interested in better connectivity between the two regions."President of Romania, Klaus Iohannis emphasized the importance of the EU-Gulf Cooperation Council strategic partnership at present, as well as the potential of multi-sectoral economic cooperation. He called for updating and extending the contractual framework in the field of trade and investment, while also supporting progress on visa liberalization. Romania is interested in better connectivity between the two regions, through the development and expansion of projects, such as the India-Middle East-Europe Economic Corridor (IMEC) and under the aegis of the Global Gateway, which would allow for more efficient and partnership-based use of new technologies, energy sources and critical materials. Referring to the interdependencies between the two regions, including in terms of security, the Romanian President emphasized the security threats to our country resulting from Russia's aggression against Ukraine, as well as the importance of fully implementing sanctions against Russia," the Presidential Administration said in a press release sent on Thursday.According to the cited source, this first edition of the Summit was a defining moment for the advancement of the Strategic Partnership between the two regions and laid the foundations for deepened cooperation in the coming period. On this occasion, the leaders adopted a Joint Declaration, which affirms in binding terms the interest in strengthening bilateral political ties, taking them to a higher level and the need to overcome together the regional challenges to international peace, security and stability, based on international law and the principles of the UN Charter.The EU-Gulf Cooperation Council joint partnership is aimed at the security, sustainable development and prosperity of the two regions, by boosting bilateral trade and investment, energy cooperation and combating climate change, increased connectivity, including in the digital and interpersonal exchanges fields.According to the cited source, "The Summit provided an opportunity for an in-depth dialogue on the current security challenges both in the Middle East region and Russia's war of aggression against Ukraine, which are of concern to European and Gulf leaders alike".With regard to Russia's aggression against Ukraine, the adopted Declaration recalls the need to respect the sovereignty and territorial integrity of Ukraine, the need for immediate, complete and unconditional withdrawal of Russian military forces from its internationally recognized territory. At the same time, the attacks on civilians as well as on civilian and critical infrastructure, in particular energy infrastructure, are condemned, and the need for a comprehensive, just and lasting peace in line with the principles of the UN Charter is emphasized.Summit leaders also expressed growing concern about developments in the Middle East, calling on all parties to contain and de-escalate the situation. In particular, the situation in Gaza was emphasized, calling for an immediate and full implementation of ceasefire, the release of all hostages and humanitarian access for the distribution of support to the civilian population. At the same time, concern was expressed about the danger of an escalation of the conflict in Lebanon, calling for a ceasefire and the implementation of UN Security Council Resolution 1701. Iran's conduct in the field of ballistic missile and drone proliferation impacting the security of both regions was discussed. Joint messages were also agreed on the situation in the Red Sea, Yemen, Iraq, Syria, Sudan and Somalia.On Thursday and Friday, President Klaus Iohannis will attend the European Council meeting. The meeting agenda includes topics such as Ukraine, the situation in the Middle East, EU competitiveness, migration, foreign affairs and the Republic of Moldova.Featuring on the agenda of the European Council meeting are Ukraine, the situation in the Middle East, EU competitiveness, migration, foreign affairs, as well as the Republic of Moldova.The European leaders will discuss the latest developments in Russia's war of aggression against Ukraine, as well as continued comprehensive support for Ukraine and its people.As for the Middle East, the "alarming" situation and the "risks of escalation of violence in the region" will be discussed. During the meeting, the calls for the cessation of hostilities and the observance of international rules, including in the field of humanitarian law, will be reiterated.The European Council will also review the progress made with strengthening the EU's competitiveness, economic resilience and the single market."At Romania's proposal, the agenda of the meeting will also include discussions on the situation in the Republic of Moldova, as well as on support for accession to the European Union, especially for supporting internal reforms and strengthening resilience and stability. In view of the upcoming elections and the referendum on the European integration of the Republic of Moldova, the issue of Russian interference in the electoral process will also be discussed."Migration is another important topic on the agenda of European leaders, who will take stock of the implementation of the comprehensive approach on migration, which they agreed on at the special European Council meeting on February 9, 2023. (Photohttps://www.presidency.ro/)

Palestinian state minister, in Romania: War must end; Palestinians need future that gives hope

Thu, 14 Nov 2024 00:00:00 +0200

The Palestinians who went through despair and agony in the last year need a future in which they have something to hope for, and not to look back at what happened after the start of the war between Israel and Hamas and to think about things that prolong the endless cycle of violence in the region, pleaded on Wednesday, in Bucharest, the Minister of State for Foreign Affairs and Expatriates within the Palestinian National Authority, Varsen Ohannes Vartan Aghabekian.The Palestinian secretary of state told a press conference that she is on her first visit to a capital city of an EU member state since he took office six months ago, and that he opted to visit Romania in appreciation the "historical ties between Romania and Palestine that started decades ago", recalling that the first meeting between the former Palestinian leader Yasser Arafat and the former Israeli Prime Minister and President Shimon Peres took place in our country."Romania has a special place and a special position with both Palestine and Israel and if need be can play an important role in pushing forward probably a political horizon that we as Palestinians especially are looking for, especially after this very whole year of horrendous brutality to which our people were subjected and were burdened with", she explained, without elaborating on whether she expects any concrete action from Romanian diplomacy apart from the reiteration of support for the two-state solution to the Israeli-Palestinian conflict, which also represents the EU line.However, the Palestinian state minister said, "Romania can play a role in the future in reconciling the differences" between Israel and the Palestinians due to its good relations with both sides.Asked what the message will be at the meeting at the secretary of state level that she will have in Romania, the Palestinian diplomat replied that she will plead for international efforts to end the war, which threatens to spread throughout the region, and for a political solution to the 75-year conflict in the Middle East."We would like to have this war stopped because this war is doing nothing but killing more civilians by the day. It will get us nowhere nearer to peace and security, neither for Israel nor for Palestine nor for the whole region. We need the world to rally behind international law and we need to think of a better future for everyone in the area not just one on the account of the other and we need to think of the Palestinians who after what happened in the last year would want to see a future that would bring something they can look forward to and hope to see and hope to achieve rather than a future where they look back at a whole year of agony, despair, suffering, killing, helplessness, hopelessness, and think of more things that will take us more into the cycle of never-ending violence in the area," Varsen Ohannes Vartan Aghabekian said in Bucharest.The Palestinian minister of state will not visit several EU states during this trip, but she stated that this will represent her mission in the months to come. When asked what she specifically expects from the EU states, she said that she would like, for example, that the member states "hold Israel accountable for violating international law and humanitarian law, as stipulated in the Association Agreement" between it the country and the community bloc. She welcomed the labeling of settler products and settlements are a step in the right direction.''Putting settlers who commit violence against Palestinians on the blacklist of the country, that's also important. Any small step, regardless of how small, will make a difference, and collectively will make a big difference," Aghabekian emphasized.Asked if she sees a time horizon for the restart of the peace process and the peaceful resolution of the conflict, she said that she remains optimistic even though it should have happened "yesterday". "Would it happen in 12 months? That's another question. But as long as the process starts, I think we're in the right direction," she said."It's time for the international community to wake up, to see the plight of the Palestinians, to see us as human beings, because we are human beings. We're not of a lesser god. And we are not less human than anybody else on this earth. And our rights are the same as the rights of people in the United States, in Romania, in whatever you want on this globe and it's time for the creation of the second state which is the state of Palestine", the state minister also pleaded.

Alro, prepared for new EU carbon footprint regulations

Thu, 14 Nov 2024 00:00:00 +0200

The Romanian aluminium producer from Slatina has reduced its carbon footprint below the European average, and the outlook is optimistic for it, especially in the context of new European regulations targeting imports of carbon-intensive goods, according to Alro representatives present at the Aluminium 2024 fair in Dusseldorf.The Aluminium 2024 event, which took place in Dusseldorf, Germany, October 8-10, brought together 819 exhibitors and partners from 50 countries, aluminium producers and processors as well as recycling experts, including Alro, one of the largest vertically integrated aluminium producers in Europe by production capacity.After participating at the fair in Dusseldorf, one of the representatives of the aluminium producing company from Slatina, Vimetco Trading general manager Florin Verboncu, showed that the trend of customers is to turn more towards European aluminium producers in the context that the Carbon Border Adjustment Mechanism (CBAM) will become mandatory as of 2026."Demand is going well. The trend is that next year customers, who until now were buying from exotic sources, Malaysia, India, the Middle East, are moving even closer to European producers. Why? First of all, they are afraid of CBAM (Carbon Border Adjustment Mechanism), a mechanism that will be mandatory for implementation from January 1, 2026, and taxes will be paid. We have already started discussions with clients in the early stages of the project. Basically, it is a protectionist measure in the sense that it will somehow restrict the European import market from imports from cheap and polluting areas," said the representative of the Romanian aluminium producer.Verboncu points out that Alro has a lower carbon footprint than the European average and this can be further reduced by increasing the amount of waste processed.

TeraPlast Group Acquires 70% Of Optiplast Packaging Manufacturer In Croatia

Thu, 14 Nov 2024 00:00:00 +0200

TeraPlast Group announces the signing of a purchase agreement to acquire 70% of the share capital of Optiplast, the third largest flexible packaging manufacturer in Croatia. Optiplast is a company with a similar product range and technology to TeraBio Pack, adding 35 years of experience in the flexible packaging market. “Through the acquisition of Optiplast, we are expanding our geographical footprint, and our production capacity now exceeds 10,000 tons of flexible packaging annually. We will be closer to clients in countries such as Italy, Greece, and Austria, and we will be better positioned to focus on the dynamic and mature markets in the Western Balkans. The synergies between Optiplast and TeraBio Pack provide access to clients who value and pay the right price for quality packaging, which will lead to better utilization of our production capacities. Moreover, we will serve Western European markets more easily, which have been harder to reach from Bistri?a due to logistical costs. Thus, we will increase profitability while offering the market complete and sustainable solutions.We have taken another step in developing TeraPlast Group at the European level, a step made possible with the support of our shareholders through the EUR 20 million capital increase, which was recently completed successfully.” said Dorel Goia, Chairman of TeraPlast’s Board of Directors. “I am incredibly proud of what we have built over the past 35 years in Croatia and neighboring markets. I believe that Optiplast has reached a pivotal point where we must take the next step forward, and we are doing so by joining forces with TeraPlast Group. Together, I am sure we will grow into a strong regional leader, delivering top-quality packaging products to the regional market.” said Danijel Dr?i?, owner and CEO of Optiplast. The equity value will be determined at the closing date of the transaction, starting from the base value of EUR 13.000.000 adjusted with net working capital, cash and debt at the closing date. Based on this formula the final price shall be established for the 70% of the shares TeraPlast is to acquire from Optiplast. The agreement includes a projected purchase price, considering adjustment elements from Optiplast’s financial statements as of June 30, 2024. If the final price had been determined on June 30, 2024, it would have been of EUR 9.5 million. The agreement also includes a price adjustment mechanism depending on the grants that Optiplast is to receive for a project for the installation of photovoltaic panels which is ongoing. The transaction will be subject to approval by the General Meeting of TeraPlast shareholders, and upon approval, the transaction will be finalized shortly after the EGMS’ resolution. (Photo:https://www.teraplast.ro/)

Romanian M&A market rebounds in Q3

Thu, 14 Nov 2024 00:00:00 +0200

Activity in the Romanian M&A market rebounded in the third quarter of 2024, despite a drop in the number of transactions in the first half of the year, with 77 deals announced in the July-September period, compared to 53 in the similar period in 2023, according to a PwC analysis.The real estate, consumer goods and renewable energy sectors were the main catalysts for this growth, generating more than 65% of the additional number of deals announced in the third quarter, a release from the consultancy firm said."If the beginning of the year offered uncertain signals regarding this year's dynamics of the M&A market, the third quarter brought a significant rebound that leads us to believe that many of the transactions announced now were in full negotiation in the first part of the year. The Romanian market is proving more and more attractive for strategic investors who wish to consolidate their position and benefit from the evolution of a significant market, in terms of size, in Central and Eastern Europe, whose development is causing important structural changes in the business environment," said George Ureche, M&A Partner, PwC Romania.In terms of value, the Romanian M&A market grew more than 2.7 times compared to the third quarter of last year, excluding the impact of the Hidroelectrica IPO in July 2023. Thus, the 77 announced transactions totaled more than EUR 2 billion, compared to just EUR 750 million in the third quarter of 2023, not counting the EUR 1.9 billion from the Hidroelectrica listing. The two deals announced in August by PPC and Nala Renewables, respectively, with the wind farms acquired from Evryo Power and OX2, contributed more than EUR 900 million to the total market value, and were the two largest deals of the quarter.In the first nine months of the year, the Romanian M&A market recorded a total of 192 announced transactions, with a cumulative value of almost EUR 4.4 billion, up by 6% year-on-year (excluding the Hidroelectrica IPO)."The development of the local M&A market and the high attractiveness of Romanian companies subject to transactions is visible in the third quarter of this year by the increase in the average value of announced transactions to EUR 27 million compared to only EUR 14 million in the same period in 2023. Both the increasing size of the businesses operated by target companies and rising valuations have contributed significantly to this dynamic. If in Q3 2023 only three reported transactions exceeded EUR 40 million, in the third quarter of this year we have 10 such transactions. The energy and real estate sectors remain representative in this sample as well," the release points out.According to the quoted source, small transactions, below EUR 5 million, have become increasingly rare in the Romanian market, with a share of less than 10% in Q3 of 2024, compared to 56% in the same period last year.

Study: Craving, the main reason why Romanians love snacks between meals (65%)

Thu, 14 Nov 2024 00:00:00 +0200

The latest study conducted by Reveal Marketing Research aimed to provide a detailed analysis of Romanians’ habits and preferences regarding snack consumption between meals, a common dietary behavior in their daily lives. 39% of Romanians regularly consume snacks between meals on a daily basis, while 41% opt for them several times a week. The most popular snacks consumed between meals are sweet ones (58%), followed by salty snacks (56%) and healthy snacks (37%). The main reasons why Romanians buy such products are cravings (65%), the desire for extra energy (31%), or the need to satisfy their hunger (28%). 39% of Romanians snack between meals daily, while 41% choose to do so several times a week According to the latest study conducted by Reveal Marketing Research, Romanians are big snack lovers, with 39% consuming them daily, especially women (45% compared to 33% for men), while 41% enjoy them several times a week. Turning our attention to preferred snacks, the most popular are sweet snacks (58%), followed by salty snacks (56%) and healthy snacks (37%). Healthy snacks are more favored by people over 55 (46%), a group known for its greater interest in a healthier lifestyle, as well as by those living in urban areas (40% compared to 32% in rural areas). Craving is the main reason Romanians choose to snack between meals (65%) Regarding snacking purchasing habits, 60% of Romanians plan their snacks when going shopping, while 40% buy them spontaneously or on impulse. Additionally, most prefer to purchase snacks from supermarkets/hypermarkets (72%), with a smaller percentage buying them from proximity stores (20%). The main reasons why Romanians purchase such products are cravings (65%), the desire to gain extra energy (31%), the need to satisfy hunger (28%), or the habit of buying them (19%). A detailed analysis shows that cravings are a much stronger motivation for Generation Z, aged 18-24 (79%), while individuals aged 35-44 are more focused on functional aspects, such as the need for extra energy throughout the day (35%). 34% of Romanians are very interested in snacks with specific benefits, such as energy, immunity, or mental health In the perception of Romanians, the healthiest snacks are fresh fruits (73%), mixed nuts and dried fruits (49%), Greek yogurt with nuts or seeds (33%), smoothies (20%), and baked vegetable chips (17%). A significant trend is the growing interest among Romanians for snacks with specific benefits, such as energy, immunity, or mental health, with 34% of them rating these snacks as highly or very highly appealing. The most interested in this category are people aged 35-44 (38%), those with incomes over 4000 RON (44%), and urban residents (37% compared to 30% in rural areas). This trend can be explained by an increasing awareness of the importance of a healthy lifestyle, particularly among those with higher incomes and city dwellers, where access to health-related information and products is easier. *** About Reveal Marketing Research Reveal Marketing Research is a full-service market research company specializing in marketing research, sociological studies, customer insight, business strategy, market development. With expertise in over 20 industries, Reveal Marketing Research believes that market research is the basis for good decisions and brand positioning. The qualitative and quantitative solutions have been helping companies in Romania and other European countries for 16 years. Reveal Market Resources, study no. 172 Reveal Market Resources is a data hub of free studies offered to audiences, with the aim of supporting the marketing and communication market in Romania. Methodology: The Reveal Marketing Research study was conducted online during 27.09-02.10.2024, on a representative sample of individuals aged 18 and above, internet users, from urban and rural areas. The sample size was 1029 respondents, with a maximum sampling error of +/-3.1% at a 95% confidence level.

Cluj County, Galati city and Bucharest Sector 6 - awardees of 6th edition of

Thu, 14 Nov 2024 00:00:00 +0200

Cluj County, Galati city and Bucharest Sector 6 are the winners of the 6th edition of the "Sustainable Cities" competition organized by the French Embassy in Romania in partnership with the French Chamber of Commerce and Industry in Romania (CCIFER), the French Institute, and Business France, a release informs on Tuesday.The winners of the 2024 edition were announced on Monday, in a ceremony that saw French ambassador to Romania Nicolas Warnery, the jury chaired by president of the Senate of the Bucharest Technical University of Construction Alexandru Aldea, many partners from the public and private sector attending.The urban regeneration of Gherla city's New Quarter earned Cluj County the award. The project relies on the development of balance-keeping urban poles in the Cluj metropolitan area, aiming to promote an integrated and sustainable approach to urban development.Galati city was awarded for the revitalization project of the Micro 16 Neighborhood, a project standing out for the active involvement of the residents in the transformation of the neighborhood, and aimed at improving the quality of life, while also respecting the principles of sustainable development.Bucharest Sector 6 was rewarded for its ambitious project for the ecological revamping of the Drumul Taberei Neighborhood by the sustainable renovation of buildings, the promotion of green mobility and the rehabilitation of public space, the release states.I would like to congratulate all the communities that submitted projects in this competition for their approach and commitment. All the projects I saw are relevant in the context of the current problems and demonstrate the initiative capacity and the driving role local authorities in Romania, and in the rest of Europe, have as far as these subjects are concerned, French ambassador Warnery said, according to the cited source.The winning local governments will benefit from technical support financed by the French Ministry of Ecological Transition in partnership with the French Center for Studies and Expertise on Risks, the Environment, Mobility and Urban Planning (CEREMA), allowing the EcoQuartier methodology to be integrated into the implementation of their projects.The EcoQuartier approach, backed by the French Ministry of Ecological Transition, promotes new sustainable city design, building and management methods. An EcoQuartier is a development project that integrates the problems and principles of the city and sustainable communities.Launched in 2017, the "Sustainable Cities" contest aims to promote Romanian sustainable development local initiatives. The approach is an integral part of the Franco-Romanian cooperation intended to support local authorities in the ecological transition, also favoring the exchange of best practices between France and Romania. (Photo:https://ro.ambafrance.org/)

Romania, EU country where industrial output grew in August against July

Thu, 14 Nov 2024 00:00:00 +0200

Industrial output in EU and the euro zone grew in August 2024, compared to July 2024, and Romania is a member cuntry where industrial output grew from one month to the other, according to data released on Tuesday by Eurostat. According to those data, in August, compared to July grew by1.8% in the euro zone and by 1.2% in EU. Romania is among member countries where industrial output grew by 1.2%. The biggest increases of industrial output were recorded in Ireland (4.5%), Germany and Lithuania (both with 3.3%) and Malta (2.7%). In August 2024 against August 2023, industrial output grew by 0.1% in the eurozone and by 0.2% in EU. Romania is among member states with drops of annual industrial output, with a decline of 2.1%. However, the August drop is lower than 4% recorded in Romania in July 2024 compared to July 2023. Data released previously by the National Institute of Statistics (INS) show that in Romania, at August 2024 level, industrial output dropped by 12.8% the previous month, because of the processing industry (-14.3%), production and supply of electric and thermal energy, gas, warn water and air conditioning (-7.8%) and extractive industry (-1.2%). At the same time, there is a 1.1% increase of industrial output from one month to the other, due to activities in the processing industry (+1.7%). On the other hand, the production and supply of electric and thermal energy, gas, warm water and air conditioning, as well as the extractive industry dropped by 4.5% and 1.2% respectively. Compared to August 2023, in August 2024, industria output dropped by 4.3%, on the background of reducing results in the production and supply of elecgric and thermal energy, gas, warm water and air conditioning (-5%), processing industry (-4.5%) and extractive industry (-0.4%). As adjusted series, the decline of industrial output was 2%, an effect of drops recorded by the production and supply of electric and thermal energy, gas, warm water and air conditioning (-4.7%) and processing industry (-2%). In exchange, the extractive industry remained at the same level in August, 2024 compared to the same month of 2023.

Romania's EBRD capital subscription increases by EUR 19.36 million

Thu, 14 Nov 2024 00:00:00 +0200

President Klaus Iohannis on Tuesday promulgated a law that provides for an increase in Romania's capital subscription in the European Bank for Reconstruction and Development by 1,936 shares worth EUR 19,360,000.The paid-up capital of EUR 19,360,000 is paid starting with 2025 by bank transfer in euros in equal annual instalments until April 30, 2029.Romania has been a member of the EBRD since 1991.According to the explanatory memorandum of the law initiated by the government, as of December 31, 2023, the EBRD's share capital was standing at EUR 29.760 billion.

EC endorses preliminary assessment of Romania's third payment request under Recovery, Resilience Facility

Thu, 14 Nov 2024 00:00:00 +0200

The European Commission (EC) on Tuesday endorsed a positive preliminary assessment of the six targets and 62 out of 68 milestones linked to Romania's third payment request for EUR 2 billion (net of pre-financing) under the Recovery and Resilience Facility, the centrepiece of NextGenerationEU.The commission found that six milestones have not been fulfilled at this stage: reforms of the governance of state-owned enterprises; investments in transport, and a reform of the tax regime for microenterprises, according to an EC press statement released on Tuesday.The commission therefore proposes to suspend part of the payment as foreseen by Article 24(6) of the RRF Regulation. This procedure gives member states additional time to fulfil outstanding milestones or targets, while receiving a partial payment linked to the milestones and targets that have been satisfactorily fulfilled.The third payment request covers important steps in the delivery of 37 reforms and 17 investments that will drive positive change for citizens and businesses in Romania in the areas of the green and digital transitions, sustainable transport, energy renovation, tax and pension regimes, the business environment, urban mobility, tourism and culture, healthcare, social reforms, good governance, education, and water, waste and forestry management.Flagship measures in this payment request include boosting energy efficiency in industry. The legislative framework introducing measures to facilitate investment in energy efficiency in the industry entered into force. Among other things, this reform removes obstacles to energy performance contracting, introduces market surveillance and the application of standards for energy efficiency, and introduces new standards for green financial instruments.As far as the reform of the public pension system is concerned, a new legislative framework entered into force, establishing that special pensions will be calculated based on the contributory principle, seniority in the profession and readjustment of the percentage related to the obtained income. The contributory principle requires that pension benefits will depend on the sum of contributions paid during working life.Moreover, there will be investments to improve the energy efficiency of existing building stock: Contracts were signed for the energy efficiency renovation and integrated renovation (seismic consolidation and energy efficiency) of residential and public buildings.The commission has now sent its positive preliminary assessment of the milestones and targets that it considers satisfactorily fulfilled to the Economic and Financial Committee (EFC), which has four weeks to deliver its opinion.Concomitantly, the commission has communicated to Romania the reasons why it considers the respective milestones related to investments and reforms not to be satisfactorily fulfilled. Romania now has one month to submit its observations to the commission.Following the EFC's opinion on the positive preliminary assessment and after assessing the observations submitted by Romania, the commission will adopt a payment decision, after which the payment to Romania can take place.Should the commission, following Romania's observations, confirm its assessment that the milestones in question have not been satisfactorily fulfilled, it will suspend part of the payment. The suspended amount will be determined by applying the commission's methodology for payment suspensions that applies to all member states.From that moment, Romania will have a period of six months to fulfil the outstanding milestones. At the end of this period, the commission will assess whether these milestones have been satisfactorily fulfilled. If so, it will lift the suspension and proceed with the payment of the suspended amount.Romania's recovery and resilience plan includes a wide range of investment and reform measures. The plan will be financed by EUR 28.5 billion, of which EUR13.6 billion in grants and EUR14.9 billion in loans.

Parliament sends Defense Ministry preliminary approval decision for purchase of 44 amphibious assault vehicles

Thu, 14 Nov 2024 00:00:00 +0200

The standing bureaus of the two Chambers of the Parliament decided, on Tuesday, to send the Ministry of National Defense (MApN) the preliminary approval decision for the initiation of the procedure for awarding the purchase contracts for 44 amphibious assault vehicles type AAV-7.The MApN requested that Parliament grant, in line with legal procedures, the preliminary approval to start the procedures for awarding the purchase contract for the 44 amphibious assault vehicles type AAV-7, and the Parliamentary Defense Committees decided on October 1 to approve this request."Through the Decision of the Country's Supreme Defense Council No. S-82 of May 16, 2024, the Memorandum regarding the addition of amphibious assault vehicles type AAV-7 was approved. (...) According to the request, in order to implement the Endowment Plan of the Romanian Army, the Ministry of National Defense continues the steps for the acquisition of new military hardware that will contribute to the modernization of the army and the improvement of operational capabilities, having as its essential objective the fulfillment of its missions and obligations", reads the address to the parliamentary defense committees, sent to the joint standing bureaus.At the same time, the endowment with military hardware for the creation of flexible force structures, with means to ensure survival in the tactical field, with mobility and extended situational knowledge and increased firepower has in view the operationalization of the capability targets assumed within the NATO process and EU defense planning for the achievement of the objectives of the Program related to the transformation of the Army until the year 2040, the document reads.According to the quoted source, the program consists in the acquisition of 44 amphibious assault vehicles type AAV-7 from the inventory of the United States Marine Corps, through the Foreign Military Sales (FMS) security assistance program. The value of the presented purchase contract was estimated at 270 million dollars, without VAT, based on the supporting data collected, the exact value to be determined after the purchase procedure.

Healthcare: 45% of Romanians have taken vitamins and food supplements frequently in the past year

Thu, 14 Nov 2024 00:00:00 +0200

A percentage of 94% of the Romanians consumed, over the last twelve months, vitamins, minerals and food supplements, out of whom 45% frequently and 49% occasionally, according to a study carried out by IPSOS Digital, for the Romanian Patronage of the Food Supplements (PRISA).According to the same research, the main sources for information used when deciding to take food supplements are: the family doctor or the specialist doctor mentioned by 75% of the interviewees and the pharmacist mentioned by 54% of them. 49% of the participants in the study stated they rely on information read online – news, articles, advertisements, posts from social media and reviews in forums.Out of the Romanians who answered the main source for information is the specialist doctor, 60% said they were recommended vitamins, minerals and food supplements by the General practitioner, 17% by the cardiologists and the same number by the gastroenterologist. 13% received recommendation from the neurologist, 12% from endocrinologist and 11% from diabetologist.According to the IPSOS survey, the doctor and the pharmacist are the most reliable sources of information for the Romanians, together with research and scientific data, the medical journals or clinical studies.Over the last twelve months, the most used supplements were those for immunity (66%) and minerals (66%), followed by vitamins, as well as those in the B –complex or multivitamins (55%) and the third position was covered by supplements with probiotics as well as fish oil/Omega-3, both mentioned by 31% of the interviewees. Over the last year, the users had on average 3.7 types of supplements. The forms of administration preferred by the Romanians are capsules (67%), tablets (66%) and effervescent tablets (46%).The study shows that 84% of the interviewees consider that the vitamins, the minerals and the food supplements contribute to a large extent to a healthy life style. Thus, 56% of the Romanians specified that they consumed these products to support their immunity system, 54% for keeping the general state of health and 43% used for a plus of energy. Other reasons mentioned by the participants to the study were: to support the health of the brain mentioned by 20% of them, 19% took them for the health of the heart (for example, blood pressure, cholesterol) and 18% for digestive health. As regards the method for administration, 41% of the interviewees stated they follow the instructions of the doctor or the pharmacist, 40%read the information on the label/the prospectus and 19% administer them depending on the way they feel, adjusting or stopping administration.Out of the Romanians who answered that they have no or not enough information to choose vitamins, minerals or food supplements adequate to their needs, 63% specified they would need guiding to identify what supplements are necessary, individually, 49% would like to find out which are the selection criteria they should take into account when the want to buy good quality products and 32% want to know how to verify if the supplement is approved for the Romanian market as well how to interpret the label (22%).The survey was made in September and answered 1,000 people from Romania, a sample representative at national level.The Romanian Patronage for Food Supplements Industry (PRISA) set up in 2000 as a first association in the domain of food supplements, so that starting with 2011 it has functioned as a patronage. At present, PRISA has the quality of patronage organization with auto-regulation role on the market for food supplements through the two codes they established and approved: the Code of Ethics and the Code for good practice in labeling and advertising food supplements. The PRISA members are: Alevia, Queisser Pharma, Secom, Stada Romania, Sun Wave Pharma, Republica Bio,Nestle, Zdrovit, Bioeel Manufacturing, Naturpharma Products, Pharma Brands, Pro Teleshop Expert.PRISA is an active partner of the state institutions, as well as a member of the international bodies in the sector: Food Supplements Europe (FSE) and International Alliance of Dietary/Food Supplement Association (IADSA).

Real Estate: eToro survey: Romanian investors lack confidence in the property market and fear inflation

Thu, 14 Nov 2024 00:00:00 +0200

Market commentary by eToro analyst for Romania, Bogdan Maioreanu Investors' attention is focused today on the Consumer Price Index data coming from the US in an attempt to assess the possibility that the Fed will continue with a higher pace of interest rate decreases in the next period. The markets are also trying to assess if the possibility of a recession of the US economy, that can influence the global outlook, is still on the table or not. This is consistent with the main retail investors' concerns as shown by the latest eToro Retail Investor Beat survey. At the global level, the survey shows that the possibility of a recession for the global economy is the top concern for retail investors (23%) closely followed by inflation (22%), and an international conflict (17%). In fact, the concern about a recession in the global economy increased from 18% in the previous quarter while the worries about an international conflict that made a steady rise in the past two quarters from 14% to 20% decreased in this latest poll. For Romanian retail investors inflation remains the top concern, according to the poll. About 30% of respondents consider inflation as the main external risk for their investments followed by a potential recession of the global economy (24%) and the state of the Romanian economy (14%). While the percentage seeing inflation as the main risk remained unchanged from last quarter, the one for a possible recession increased from 19% to 24%. A notable decrease appears in the percentage of investors that see an international conflict as the main risk for their portfolio, from 18% to 13%. While a possible recession of the Romanian economy raises concerns for 14% of Romanian investors, only 8% of investors worry about new tax hikes, despite the recent analysts' estimates that after elections the new Romanian government will have to find new income sources to decrease the budgetary deficit, including by modifying the VAT and increasing other taxes. A fear that the global and local economies are not working well is also apparent from the low level of confidence of the Romanian investors in the current macroeconomic situation. Two-thirds of the surveyed investors (66%) do not believe in a positive evolution of the Romanian economy. Despite this, 70% of respondents are confident in their income and living standards, decreasing slightly from 71% the previous quarter, which still shows great trust in their own skills and personal situation. The eToro Retail Investor Beat survey is also showing that over three quarters (76%) of Romanian retail investors are having high confidence in their job security, also a slight decrease from the 77% last quarter. An interesting result is coming from the investors' confidence in the Romanian property market, where this quarter we are seeing a significant change. Over 55% of investors said that they lack confidence in this market, which is a 20% increase compared with the previous quarter where the majority of investors showed confidence. When it comes to their portfolios, 80% of the polled Romanian investors have a high level of confidence in their investment choices. This figure has decreased from 82% in the last quarter. Still, over 91% of Romanian investors expect a positive return on their investments this year with over 57% expecting profits in excess of 10%. The US markets are seen as the best performers of the year by 32% of the Romanian investors questioned by the eToro Retail Investors Beat survey, while Europe is next with 25% and China is third (13%) closely followed by Emerging markets like the ones in Eastern Europe, South America or Asia (12%). And so far the markets showed them right with the S&P 500 index up over 21% this year and reaching new all-time highs and Nasdaq up 22%. Also, the BET index of the Bucharest Stock Exchange has a 15% rise from the beginning of the year.

Cars : Dacia Presented Its New SUV, Bigster

Thu, 14 Nov 2024 00:00:00 +0200

Dacia presented information and images of the largest and most expensive model in the brand’s history, a C-class SUV that is produced in Mioveni. Bigster is 23 cm longer than Duster 3, comes with new engines and a lot of space inside. Dacia thus announces the second SUV of the range, the Bigster model which is the “big brother” of the Duster. The Bigster had been shown in concept form in 2021 when it was said to reach customers in 2025. The company did not release details about the prices, but the press wrote that they will start from approximately 25,000 euros and will exceed 30,000 euros for the hybrid variants with maximum equipment. Dacia claims that no other model in the segment does as well in terms of available headroom (distance to the ceiling). Dacia Bigster is 4.57 m long. For comparison, Duster is 4.34 m long, Logan is 4.39 m long, Sandero is 4.10 m long and Jogger is 4.55 m long. “Dacia enters the C-SUV segment with a well-developed product strategy. Thus, in the future, Bigster will be joined by two other models”, the company’s press release states. The French press has been writing for the past two years about a project called C-Neo inside Renault, meaning the launch of a station wagon and a C-class sedan. Dacia describes this C-segment SUV as “robust”, a vehicle that can be used for customers’ daily business trips as well as for family activities or leisure outings. Depending on the equipment level, Bigster offers three types of central console for the front seats: low, intermediate or, for the first time on a Dacia model, a high console integrating an armrest (with refrigerator compartment), an induction charger and a space generous storage. The 10.1-inch central touchscreen is available on all trim levels of the Bigster model. The Bigster Essential and Expression versions feature the four-speaker Media Display multimedia system and Apple CarPlay/Android Auto wireless connectivity. (Photo:https://www.dacia.ro/)

Agriculture : Gov't adopts state aid measures for drought-hit farmers

Thu, 14 Nov 2024 00:00:00 +0200

The government adopted on last Wednesday two measures to support farm producers affected by drought, providing for financial compensation and the legal suspension of the repayment of current and outstanding loans until August 2025.The decision comes as more than 230,000 farm producers (individuals, companies or family businesses) were hit by drought between September 2023 and August 2024, and provides for drought relief grants in the amount of RON 1,000 for each affected hectare, government spokesman Mihai Constantin said. The aid is disbursable based on a damage assessment minute acknowledging that the affected area is at least 30%. The budget of this state aid scheme is RON two billion.Another measure adopted by the government to support farmers who had difficulties this year provides for the possibility of legally suspending the repayment of current and overdue loans due in 2024, until August 1, 2025. The facility applies provided that two requirements are met: the applicant for suspension must have a record ascertaining an extent of damage of at least 50%; the interest charged by the lender is higher than 2.5% plus ROBOR for loans in RON, and 2% plus EURIBOR for foreign currency loans, Agriculture Minister Florin Barbu explained.Another emergency ordinance adopted on Wednesday aims to expand the "Farmer's Loan" state aid scheme, so that advantageous state-guaranteed loans can also be accessed for the payment of outstanding debts to suppliers and input distributors."We are talking here about 100% state-backed loans with a fixed interest rate of 1.95, and the ROBOR and all other fees are borne by the Ministry of Agriculture and the Government of Romania. (...) Let me tell you one more thing: Romania's self-sufficiency rate for domestic products is 100%. This year's wheat production exceeds by 1.9 million tons the 2023 crop. Practically, we have the necessary output for both animal husbandry and for export," the minister emphasized.

First flight from Bucharest to Paris with HiSky

Thu, 14 Nov 2024 00:00:00 +0200

* The airline inaugurates its 13th regular route from Otopeni Airport On Monday, October 14th, the first passengers of HiSky's flight to Paris took off from Bucharest. With this launch, the airline introduced one of the most anticipated regular routes departing from the capital’s airport. HiSky now becomes the third airline, after Romania's and France's national carriers, to offer flights between Bucharest and Paris's main airport, Charles de Gaulle. Despite offering all the amenities of a full-service airline, ticket prices? to Paris start at just 59 euros for one-way travel. Furthermore, thanks to HiSky’s network connections, passengers from Cluj Napoca, Oradea, and Timi?oara can also easily reach this destination, with just a short stop in Bucharest on both outbound and return flights. "Until today, only four airlines offered direct flights from Bucharest to Paris, two of which are low-cost carriers with the significant drawback of landing at secondary airports far from the city. We believed passengers needed an affordable alternative for flying with a full-service airline. As we've done with all our regular routes, we analyzed both Romanians' interest in Paris and the profile and habits of passengers who choose this destination. For business travelers and those visiting Paris for a brief city break, we felt the main airport was the most efficient option for city access. Furthermore, Charles de Gaulle is also a key hub for connections to destinations currently not directly accessible from Romania. Today’s inauguration is just another step in delivering the high-quality services our passengers have come to expect, tailored exactly to their needs," said Iulian Scorpan, CEO of HiSky. Following the inaugural flight, Romanian passengers can now travel to the French capital aboard a HiSky aircraft three times a week—on Mondays, Wednesdays, and Fridays. Each flight lasts approximately three hours, departing from Henri Coand? Airport at 10:20 AM, with the return flight leaving Paris at 1:25 PM local time. According to passenger transport data, HiSky is the second most important full-service airline in Romania. With a fleet of eight Airbus aircraft, including one large aircraft capable of flying for up to 13 hours, the company operates regular flights from airports in Bucharest, Cluj Napoca, Timisoara, Oradea, Iasi, Baia Mare, and Chisinau, as well as charter flights in partnership with leading travel agencies. With the launch of the Paris route, passengers can now book direct HiSky flights from Bucharest to 13 destinations, namely New York, Dublin, Malaga, Barcelona, Brussels, Tel Aviv, Frankfurt, Bordeaux, Paris, Cluj Napoca, Timisoara, Oradea, and Chisinau.

Climate Change Summit 2024 kicks off in Bucharest on Tuesday

Thu, 14 Nov 2024 00:00:00 +0200

Green transition, renewable energies, public policies and ESG policies are among the most important topics to be discussed at the Climate Change Summit over October 15-17 in Bucharest.Debates in Bucharest bring together leaders from various fields of activity, from biodiversity and circular economy to public policies in managing natural resources, to collaborate and take action at the regional and global level. Tens of internationals experts and leaders of opinion from various fields will debate on essential topics, such as funding the energy transition, the vital role of technological innovation for sustainable cities, the importance of inter-sector collaboration between governments, the private sector and the civil society, and also the necessary public policies in combating climate change at the global level.According to the organizers, Social Innovation Solutions, on Tuesday, October 15, on the two stages (Blue Stage and Green Stage) to be arranged for the summit there will also be presented messages from the Romanian president, Klasu Iohannis, the president of the European Commission, Ursula von der Leyen (video message), the chief of the Representative Office of the European Commission in Bucharest, Ramona Chiriac, the minister of agriculture and rural development, Florin Barbu, the minister of economy, entrepreneurship and tourism, Radu Oprea, and the minister of environment, waters and forests, Mircea Fechet.During the summit, there will be scheduled related events in more than 30 locations in the Capital City and in the region.The National News Agency is one of the media partners of the Climate Change Summit 2024, organized by Social Innovation Solutions together with the BRD Groupe Societe Generale, as founding partner.

PwC Survey: Over three quarters of the companies expect that the budget for investments in cyber security increase in 2025

Thu, 14 Nov 2024 00:00:00 +0200

More than three-quarters (77%) of companies surveyed by PwC globally expect their cybersecurity investment budget to grow in the next year, due to the expansion of vulnerabilities in the use of generative artificial intelligence (GenAI), as well as cloud technology and the Internet of Things (connected devices). According to Global Digital Trust Insights 2025, almost one third (30%) of the organisations expect that the budget increase by 6 to 10% next year, while a fifth (19%) estimate an increase of 11% or more.‘Although there is expectation that the budgets to increase, the study confirms a well-known situation – many times, communication between the informatics security officers and the general managers of the companies where they work continues to be difficult where cyber priorities are not discussed in terms of costs, opportunity and risk. The results of the survey of this year show, for example, that there are significant differences in the perception of the two positions on the capacity of their company to comply with the regulations in the area of informatics security. Cyber security officers are on the front line. Their responses are less optimistic than the responses of CEOs in terms of their organisations' ability to meet compliance requirements on artificial intelligence, resilience and critical infrastructure," said Mircea Bozga, partner, PwC Romania, quoted in a company statement. Firms surveyed see investment in cybersecurity as a key differentiator to gain competitive advantage, with 57% citing customer trust and 49% citing brand integrity and loyalty as the main drivers for such investment. In parallel, cybersecurity regulations are also a driver of investment - with 96% reporting that such regulations have increased their investment budgets in the last 12 months.The top four cyber attacks considered most worrying are cloud threats, hacking and data leakage, third-party breaches and attacks on connected devices. As answer to the issues of cybersecurity they face, 78% of the interviewed companies say they increased investments in GenAI over the last twelve months, and 72% increased investments in managing AI governance risks. Although leveraging GenAI has become very important for cyber resilience strategies, organisations face several challenges when incorporating this technology, mainly stemming from the company's existing systems/processes (39%) and the lack of standardised internal policies governing its use (37%), the source cited. The PwC 2025 Global Digital Trust Insights is a survey of more than 4,000 business and technology executives in 77 countries and territories, conducted from May to July 2024. The regional distribution is as follows: Western Europe (30%), North America (25%), Asia Pacific (18%), Latin America (12%), Central and Eastern Europe (6%), Africa (5%) and the Middle East (3%). PwC is a network of firms in 151 countries with more than 360,000 professionals providing audit, tax and business advisory services.

Current account deficit up almost 30pct, to EUR 17,858 million

Thu, 14 Nov 2024 00:00:00 +0200

In January - August 2024, the balance-of-payments current account posted a deficit of EUR 17,858 million, compared with EUR 13,830 million in January - August 2023, the National Bank of Romania (BNR) informs in a press release on Monday.The breakdown shows that the deficit on trade in goods widened by EUR 2,634 million, the surplus on services fell by EUR 863 million, the primary income deficit increased by EUR 979 million, while the secondary income surplus grew by EUR 448 million.Non-residents' direct investments in Romania totalled EUR 4,139 million (compared with EUR 4,382 million in January - August 2023), of which equity (including the estimated reinvestment of earnings) and intercompany lending recorded net values of EUR 3,563 million and EUR 576 million, respectively.In January - August 2024, total external debt increased by EUR 14,189 million to EUR 182,524 million, of which: long-term external debt at end-August 2024 ran at EUR 133,389 million (73.1 percent of total external debt), up 9.2 percent against end-2023; short-term external debt at end-August 2024 amounted to EUR 49,135 million (26.9 percent of total external debt), up 6.3 percent from end-2023.Long-term external debt service ratio stood at 13.8 percent in August 2024 against 18 percent in 2023. At end-August 2024, goods and services import cover ran at 5.9 months, as compared to 5.6 months at end-2023.At end-August 2024, the ratio of the National Bank of Romania's foreign exchange reserves to short-term external debt by remaining maturity came in at 101.1 percent, as against 99.7 percent at end-2023, the central bank points out.

"Rebuilding Ukraine" forum on Monday and Tuesday in Bucharest

Thu, 14 Nov 2024 00:00:00 +0200

Romania will continue to provide emergency energy resources to Ukraine, but there is a problem of capacity and interconnectivity, because Europe, through its network of energy operators, has an export capacity to Ukraine of only 1, 7 GW, said Adrian Bazavan, advisor for international relations to the Minister of Energy, at a specialized event."Ukraine needs short-term emergency aid and long-term aid to rebuild a more resilient energy system. When we talk about rebuilding Ukraine, we're not just talking about the energy system, making it the way it was before the damage, but we talk about how to rebuild it better. Romania will continue to provide emergency energy resources to Ukraine, but we have a capacity and interconnectivity problem with Ukraine, because Europe, through its network of energy operators, has an export capacity to Ukraine of 1.7 GW, and we are thinking of increasing it to 2 GW. We need to find solutions much faster," said Adrian Bazavan, at the "Rebuilding Ukraine" forum, organized by the Romania-Ukraine Bilateral Chamber of Commerce (CCBRU).He mentioned that, before the war, it was not a priority for Romania or Ukraine to connect their energy systems, a vulnerability that everyone can see now."We have limited capacity when we talk about electricity and gas. In the long run, when we are looking at the reconstruction of Ukraine, we need to increase the interconnection capacity quickly. Ukraine is a candidate member of the European Union. We hope that it joins the Union as soon as possible and then the rules of the energy market will be the same for Ukraine," said Adrian Bazavan.At the same time, he specified that, on December 31, 2024, the gas transport contract between Russia and Ukraine will expire and will not be renewed."That is why we and the Republic of Moldova must find ways to supply gas to Ukraine through the trans-Balkan gas pipeline that carries gas from the GNL terminals in Qatar and Western Europe to Ukraine. We must make efforts so that neither Ukraine nor the Republic of Moldova suffer from cold during the winter. We must remain optimistic about the future and act very quickly, because winter is coming," added the official.According to him, 11 million people in Ukraine could be displaced because of the winter, not because of the war."It is our moral duty to support Ukraine. In addition to this moral duty that we have, we also have a pragmatic duty, from a national security point of view, to support and help Ukraine. We know that winter is coming and this news is important, especially when we talk about energy infrastructure, and Ukraine has an energy deficit because Russia has affected more than half of Ukraine's energy infrastructure, both production and distribution. We are talking about gas, we are talking about electricity, we are talking about thermal energy and, as winter approaches, these needs of Ukraine increase. 11 million people in Ukraine may end up displaced because of the winter, not because of the war," added Adrian Bazavan.The Romania - Ukraine Bilateral Chamber of Commerce (CCBRU) is organizing the "Rebuilding Ukraine" forum on Monday and Tuesday, in partnership with the Embassy of Ukraine in Romania.Among the main topics of discussion are the challenges posed by the reconstruction of Ukraine in the current context, options and challenges related to the financing process, considerations regarding the instruments that will be used for the implementation of the peace formula of president Volodymyr Zelensky, the interest of highly developed countries from an economic point of view in making investments that will create the foundation of the reconstruction process of Ukraine.

ForMin Odobescu: Military support solution for Ukraine from immobilized Russian assets, until the end of October

Thu, 14 Nov 2024 00:00:00 +0200

Romania supports the need to find a solution by the end of October for the military support measures for Ukraine financed from the profits from the administration of Russia's immobilized funds, the Minister of Foreign Affairs, Luminita Odobescu declared, on Monday after that participated in the meeting of the Foreign Affairs Council (FAC) in Luxembourg."Regarding Russia's aggression against Ukraine, I reiterated, first of all, the need for a strong message from the European Union of support not only politically, but also militarily, especially in the context in which Russia's attacks against civilian targets and civilian infrastructure have intensified in the last period. Several proposals have been presented for the unblocking of the European instrument for peace. We will continue to work to reach an agreement, but also for the strategic review of the European Union's military assistance mission for Ukraine that must meet better the training needs of the Ukrainian armed forces. It was discussed, and Romania supports this, the need to find a solution by the end of October for the military support measures financed from the profits from the management of Russia's immobilized funds," Odobescu said.The foreign minister specified that during the discussions she presented Romania's actions to support Ukraine, including the donation of a Patriot air defense system, which has already arrived in Kyiv."We have also discussed with our colleagues how we can better help Ukraine in the context of Russian attacks intensifying before the cold season, and we are doing this in a coordinated way in terms of support not only for Ukraine, but also for the Republic of Moldova", mentioned Luminita Odobescu.She reiterated the importance of maintaining pressure on Russia."We welcomed the adoption of the European Union's new regime of sanctions regarding Russia's destabilizing actions, and also today the foreign ministers adopted new measures against Iran for the transfer of ballistic missiles to Russia," said the Romanian foreign minister.According to Minister Luminita Odobescu, the discussions within the FAC concerned Russia's war of aggression against Ukraine, the Republic of Moldova in the context of the October 20 presidential elections and the referendum on joining the European Union and the situation in the Middle East.She also had a bilateral meeting with the Foreign Minister of the United Kingdom, David Lammy."On this occasion, we discussed the need to better coordinate our positions regarding the multiple crises we are facing, not only the war in Ukraine, but also the crisis in the Middle East. Romania supported from the beginning the importance of strengthening coordination and cooperation between the European Union and the United Kingdom, especially in the field of foreign policy, security, defense starting from the common values we share, but also from the crises we face, where we need to better coordinate our positions and we support each other", emphasized Odobescu. (Photo:www.mae.ro)