31.03.2010 Business | Romania
The bank has revised downwards its estimate on the inflation rate this year, from 4.5 pc to 4 pc.
‘Although uncertainty level is high, the economy could return to growth in 2010 in the context of a more than moderate resumption of investments in the private sector, a resumption mainly backed by FDI,’ Anghel said in a press conference. At the same time, the population’s consumption could see low growth, mainly because of a good agricultural production and of a powerful base effect.
31.03.2010 Business | Politics | Romania | World Business
IMF Managing Director Dominique Strauss-Kahn seems certain Romania will overcome crisis but not so fast. While greeting Strauss-Kahn at Cotroceni, Traian Basescu admitted he considers signing new stand-by assistance deal, or taking flexible credit line in the future.
31.03.2010 Business | Politics | Romania
The premier on Saturday called upon MPs to urgently discuss draft laws tabled by executive. Heads of county directorates who delay salary payments to be dismissed.
31.03.2010 Politics | Romania
PSD leader Victor Ponta attacked the education minister and urged him to resign: “Funeriu is plainly incapable of managing Education reform.” Liberals too will file Wednesday a regular motion against the minister.
31.03.2010 Business | Romania
Social Democrats plan to challenge vote with the Constitutional Court.
Parliament’s joint chambers yesterday rejected the public television company’s 2008 activity report, with 195 votes against the document, 78 in favour and three abstentions, Agerpres reported. The move leads to the immediate removal of the state-run television’s Administrative Council and its general director, Alexandru Sassu. MPs also rejected a Social Democrat deputy’s proposal that the current TVR management board’s term be extended until a new leadership is named. The head of the Chamber of Deputies’ culture committee, Democrat Liberal Raluca Turcan, insisted there was no need for a special Parliament vote on the matter, since current legislation allows the board to go on as caretaker for 15 days until its successor is appointed.
25.03.2010 Business | Politics | Romania | World Business
The World Bank Country Director, Central European and Baltic Countries Peter Harrold, reaffirmed the institution’s support for Romania’s reform agenda and expressed optimism with the process outcome, after a visit to our country. “This is about how the Government can deliver better services to the population,” said Harrold. “It is critically important to continue with structural reforms in order to ensure fiscal sustainability and economic growth in Romania”, he said in a press release. The Romanian counterparts agreed the World Bank partnership with Romania must be continued and discussed the scope for collaboration in a number of areas in the coming years. These priority areas will be determined by the World Bank in close cooperation with the Government and other partners, notably the EU, and might include administrative reforms and monitoring of sector policies, social sector reforms for inclusive growth, and support for the key agricultural sector. Involvement in other pillars mentioned by the national reform plan and by the EU 2020 strategy (for example knowledge economy, or regional development) will also be considered, Peter Harrold said. These are areas where the World Bank has significant experience and accumulated knowledge. An increased engagement of the Bank with regional and local governments and a gradual phasing-in of World Bank fee based services for the Romanian Government, particularly in relation to increasing Romania’s capacity of absorbing EU funds, were also envisaged. The World Bank has provided support to Romania in the context of the financial crisis, as part of a package of support from the IMF, EU and the Bank. The first Development Policy Loan (DPL) for Euro 300 MLN, which is part of a series of three totaling Euro 1 bln, was disbursed on October 2009.
25.03.2010 Business | Politics | Romania
Asesoft International will provide the Romanian Gendarmerie with an e-learning platform deployed to the 62 units of the institutions situated in a total of 53 areas. The value of the contract awarded on March 15 is RON 19.12 mln including VAT, Mediafax informs. Only one other bidder participated, apart from Asesoft International. The new project is for the development of training courses consisting of a total of 690 four-hour training sessions broken down into seven different specializations on five levels of difficulty, addressing specific themes such as induction, career development (change of specialisation, specialisation, improvement, promotion in rank), foreign languages and other lines of training (psychology, project management). The programme will be financed through the European Regional Development Fund.
25.03.2010 Business | Romania
National Bank (BNR) governor’s advisor Adrian Vasilescu believes RON appreciation on Tuesday is a good sign but it is only a fortunate occurrence, not a trend. Vasilescu said one of the reasons why RON showed such a consistent appreciation is that one of the foreign-capital banks in Romania received money from its mother-bank, Realitatea.net reports.
The BNR advisor explained that the said money was exchanged from EUR so a considerable sum entered the foreign exchange market. Nevertheless, analysts believe the RON could see further appreciation in the upcoming period because of remittances sent by Romanians working abroad. “Last year analysts were saying that the EUR will reach a level of RON 4.75. This year the same analysts took the RON’s side,” Vasilescu said. The reference exchange rate posted by the National Bank yesterday – RON 4.0716/EUR – represents a new minimum after January 2009.
25.03.2010 Business | Reports and Analyses | Romania
Romania’s mid term economic growth hindered by ageing population. According to the European Commission, Romania’s budget deficit this year could exceed the target adopted by the Government because some expenditure reduction measures could be difficult to implement from a social and political point of view. EC also notes that the Convergence Program does not contain sufficient measures for 2011 and 2012, Mediafax informs. ‘In 2010 the deficit could be more unfavorable than the one projected by the program, considering that some of the measures meant to reduce expenditures, such as public sector layoffs, are difficult to implement from a social and political point of view,’ a document published yesterday and containing the European Commission’s (EC) comments on Romania’s Convergence Program for 2009-2012 points out.
23.03.2010 Business | Politics | SE Countries in EU | Turkey
The privatization of energy distribution systems in Turkey is seeing radical changes, putting the focus on the satisfaction of millions of consumers of electricity and natural gas throughout Turkey while also lowering prices in the long run, Hasan Köktaş, president of the Energy Market Regulatory Agency (EPDK), has said.
In an interview with Today’s Zaman, Köktaş noted that the EPDK is still keeping watch over energy distribution companies even though many of them have been privatized. He stated that distribution firms are kept under close scrutiny so consumers do not become victims when the companies’ services go awry.