Economics
October 15, 2014 16:41
The Board of Directors of Electrica today held its first meeting, appointing Victor Cionga as Chairman of the Board with a mandate valid until the end of January 2016. Cionga has an extensive experience in the private sector, namely in the capital markets field where engaged in listings, mergers and acquisitions. In 1998, he joined Raiffeisen Financial Advisors Romania as General Manager, later serving as Deputy General Manager of Raiffeisen Capital&Investment. He occupied, temporarily, the General Manager position within the Bucharest Stock Exchange....more »
October 15, 2014 16:00
The state aid scheme aimed at supporting the large energy consumers by cutting down green certificates, reducing the contributions to the financing of renewable energy, has been approved by the European Commission which has found that it complies with EU state aid rules, and in particular with the Commission's new Energy and Environmental Aid Guidelines. According to a press release of the Commission, the partial compensation for the cost of financing renewable energy support is necessary to ensure the competitiveness of energy-intensive industries without unduly distorting competition in the Single Market....more »
October 15, 2014 13:27
The General Council of Bucharest approved the merger of RADET with ELCEN during yesterday’s meeting after two failed attempts due to not raising the necessary votes. According to the mayor, Sorin Oprescu, the merger should be carried out in March 2015, reads Mediafax. Thus, the Government’s request for issuing an act to enforce the transfer of ELCEN’s assets from the State’s ownership under the local authorities' control as provided by the Memorandum enacted by the Romanian Government in March 2013 was validated....more »
October 14, 2014 14:32
The home improvement retailer Kingfisher has completed the redecoration of six more former Bricostore units, their inauguration under the Brico Depot brand being scheduled this week, on October 17. The transformation of the six ‘deposits’ located in Arad, Brasov, Chiajna (Militari District), Oradea Ploiesti and Pitesti began in August and has been carried out in record time, hence bringing the retail network on the local market to eight units....more »
October 13, 2014 16:31
With the enaction of the Law No. 121/2014 on energy efficiency, Romania needs to establish a new plan of action in this sector for implementing measures aimed at improving energy efficiency which becomes a strategic goal of the national energy policy. The challenges and opportunities generated by following the directions set by the 2012/27/EU Directive have been debated during the Energy Efficiency Forum 2014 organized by the Romanian Association for Promoting Energy Efficiency (ARPEE) and GOVNET Conferences, attended by more than 30 speakers and about 180 decision-making delegates....more »
October 13, 2014 16:26
The new board of Romania’s National Bank has been officially appointed, as the former members ended their mandates on October 10, 2014. Mugur Isarescu will lead the board whose major goals are to join the euro-area and to adhere to the European Banking Union. Isarescu, who has been the BNR’s governor for the past 24 years maintains his position for another five years. As are Florin Georgescu who was re-confirmed as first deputy governor and Bogdan Olteanu, deputy governor, following the Parliament vote this June....more »
October 08, 2014 13:16
The International Monetary Fund has revised the latest estimation on Romania’s economic progress (2.8 percent in July 2014) to 2.4 as per the World Economic Outlook report released on 7 October. Although anticipating a slower growth rate, the estimation is improved compared to the initial prediction of 2.2 percent. For the next year, though, the IMF maintained the projection, expecting an advance by 2.5 percent of the GDP....more »
October 08, 2014 11:12
The much-expected ‘re-writing’ of the Fiscal Code is little likely be approved by the Parliament by the end of this year, hence, any amendments to the existing one will be eventually made through an emergency ordinance in 2015, explained Dan Badin, Tax&Legal Partner-in-Charge with Deloitte Romania, during the company’s annual Legal & Tax conference. A new deferral in updating the Fiscal Code is a result of the slow decision-making process within the Parliament, as most of the related tax issues have been discussed during the consultations held with the business environment, stated Badin. He further emphasized the necessity for Romania to have the old Fiscal Code rewritten, as an emergency ordinance issued by the Government can only partially fix the current shortcomings indicated frequently by the business environment....more »
October 07, 2014 16:50
The Ministry of Finance issued a draft law for amending the Law no. 297/2004 on the capital market. The bill, which can be checked on the ministry’s website, is aimed at aligning the current legislation to the existing standards in order for Romania be ranked as an emergent capital market, thus increasing external visibility and attracting new investors. This legislative approach is part of a broader initiative of a working group lead by the Bucharest Stock Exchange and which comprises representatives of the domestic capital market, the Financial Supervisory Authority and of the National Bank of Romania....more »
October 06, 2014 16:51
The Competition Council has imposed financial sanctions on 11 media companies, the fines amounting to about 3.2 million euro (14.5 million lei). Brand Programming Network, B.V. McCann-Erickson, Groupm Media Operations, Initiative Media, Mediaedgecia Romania, Mindshare Media, Opti Media, Starcom Mediavest Group, United Media Services, Zenith Media Communications are the companies affected, according to a press release of the competition authority....more »
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