English

Romania Ctrl Bk To Leave Key Rate Unchanged After VAT Hike – Analysts

14:59, 28 Iun. 2010
Romania’s central bank is bound to leave its key rate unchanged at 6.25% during its monetary policy meeting June 20, as the government’s recent decision to increase the value added tax level has made a rate cut highly unlikely, analysts said Monday.

Romanian Opp Social Democrats To Challenge Govt’s VAT Hike Decree With Ombudsman

14:34, 28 Iun. 2010
Romania’s opposition Social Democratic Party will challenge with the Ombudsman the Government’s emergency decree that hikes the value added tax (VAT) from 19% to 24%, Adrian Nastase, head of the party’s national council, said Monday.

Romtelecom: VAT Increase To Also Reduce Consumption On Telecom Market

14:11, 28 Iun. 2010
The upcoming increase in the value added tax in Romania will trigger a reduction in the consumption of goods and services, including on the telecom market, Yorgos Ioannidis, general manager of Romania’s hard-line telecom operator Romtelecom, told a news conference Monday.

Romanian Justice System Marred By Large No. Of Files, Shallowness – Justice Min

13:32, 28 Iun. 2010
The efficiency of Romania’s justice system is mainly marred by the large number of cases, the magistrates’ sluggishness, the superficial manner in which files are instrumented and the slowness of the legal system, Justice Minister Catalin Predoiu said Monday.

Romanian Leu Falls To All-Time Low Vs Euro, At 4.3257

13:32, 28 Iun. 2010
Romania's leu extended early losses against the euro in mid-trade Monday after a government decision to hike the value added tax raised concerns about inflationary pressures, while the central bank’s reference hit an all-time low at 4.3257 to the European currency.

Romania Indus, Constructions Seen Stable In Jun-Aug – INS

11:03, 28 Iun. 2010
Romanian managers expect relative stability in activity on the industrial and construction segments between June and August 2010, while retail and services are expected to decrease slightly, the National Institute for Statistics, or INS, said Monday.

Meteorologists Issue Code Yellow Alert For Rain In N, NE Romania

09:36, 28 Iun. 2010
Romanian meteorologists issued a new code yellow alert for rainfall valid for 13 counties in the northern and northeastern parts of the country, from Monday morning until Tuesday morning.

Hydrologists Issue Code Red Flood Warning For Rivers In NE, C Romania

17:51, 27 Iun. 2010
Romanian hydrologists issued a code red flood warning for the river Prut, Botosani County, and the river Negru, Covasna County, valid from Sunday 4 p.m. until the same time Tuesday.

Romanian Tennis Player Victor Hanescu Fined $15,000 After Wimbledon Spitting Incident

15:22, 27 Iun. 2010
Romanian tennis player Victor Hanescu was fined $15,000 on Saturday for “unsportsmanlike conduct” and “not using best efforts,” after he spat at the crowd Friday at a match against Germany’s Daniel Brands, in the third round of the Wimbledon tournament, organizers said.

Romania To Receive Next IMF Loan Tranche On July 1 Or 2 – Finance Min

14:55, 27 Iun. 2010
Romania will receive the next tranche of the loan from the International Monetary Fund on July 1 or 2, Finance Minister Sebastian Vladescu said Saturday.

Romanian Govt Agencies Not Required By EU Or Created Through Laws To Be Downgraded

17:21, 26 Iun. 2010
Romanian government agencies which were not created on the basis of European Union directives or through organic laws will be converted into ministry departments, while public bodies under the authority of ministries will be directed by a single structure.

VAT Hike To Be Directly Felt By Population – Romanian Central Bank

16:51, 26 Iun. 2010
Increasing VAT in Romania will affect the rate of inflation, which could reach 10% in the next few months, as suppliers and distributors will transfer most of the tax directly to the end-price, said Lucian Croitoru, advisor to the governor of the National Bank of Romania.

VAT Hike Accepted By IMF, Will Add RON3.5-4B To Budget – Romanian Fin Min

14:34, 26 Iun. 2010
Romanian Finance Minister Sebastian Vladescu said Saturday the VAT hike has already been agreed upon with the International Monetary Fund and is expected to provide 3.5-4 billion lei (EUR1=RON4.2808) to the state budget, allowing the country to meet the 6.8% of GDP budget deficit target.

Romanian PM Urges Ministers To Restructure Public Bodies, Use Emergency Decrees – Sources

13:43, 26 Iun. 2010
Romanian Prime Minister Emil Boc urged the ministers to begin the procedures to restructure the public bodies they lead, pointing out that this process, which could include layoffs, can be initiated through emergency decrees, if the law allows it, people close to the matter told MEDIAFAX.

IMF Board Postpones Meeting On Loan Agreement With Romania

13:23, 26 Iun. 2010
The International Monetary Fund board meeting to analyze the stand-by agreement with Romania, initially scheduled for June 28, has been postponed as the IMF is evaluating the impact of the Constitutional Court’s ruling on the Government’s program of public spending cuts.

Romanian Govt To Hike VAT To 24%, From 19% – Sources

13:07, 26 Iun. 2010
Romania’s Government has decided to increase VAT from 19% to 24%, leaving the flat tax as it is, and will also ask the Parliament to hurry the application of the bills reducing public sector salaries and recalculating special pensions, people close to the matter told MEDIAFAX on Saturday.

ING: Court Ruling To Plunge Romania Into Political Turmoil

23:37, 25 Iun. 2010
Romania is likely to face a period of political uncertainty after the Constitutional Court rejected part of the government’s austerity plans to slash public spending, putting downward pressure on the leu and increasing financing costs, an official at ING Romania said Friday.

IMF Could Halt Tranche If Romania Unable To Make Fiscal Adjustments – RBS

23:32, 25 Iun. 2010
Romania’s EUR13 billion loan agreement with the International Monetary Fund could come to a halt unless the government is able to legislate fiscal adjustments in time for a new disbursement, RBS analyst Timothy Ash told MEDIAFAX Friday.

Romanian TV Station Owner Released From Custody, TV Producer Remains Under Preventive Arrest

20:57, 25 Iun. 2010
The Bucharest Court ruled Friday to release from custody Romanian television station owner Dan Diaconescu, who was placed under 29-day preventive arrest along with Doru Parv, his TV producer, on charges of blackmailing and threatening a mayor.

Censorship, Threats – Common Practice Among Romanian Democrat Liberals: Romanian MEP

20:26, 25 Iun. 2010
Romanian democrat liberal MEP Cristian Preda said Friday that censorship, the lack of respect for dialogue, threats, double-meaning statements, defiance towards certain forms of expressing opinions, such as blogs, are a common practice within the country’s Democratic Liberal Party.

Romanian Transporters Fear Potential Tax Hike May Cause Layoffs, Tax Evasion

19:17, 25 Iun. 2010
Romanian transport operator representatives said Friday that the sector will see layoffs, wage cuts and an increase of tax evasion, should the Government decide to lower the budget deficit by increasing the VAT and the flat tax.

Floods Affect 28 Romanian Counties From Wednesday Until Friday

18:55, 25 Iun. 2010
About 156 localities in 28 Romanian counties were affected by heavy rainfall and floods from Wednesday until Friday, and four people died following freshets in Alba, Cluj and Suceava counties, the General Inspectorate for Emergency Situations, or IGSU, said Friday.

Romania’s Govt To Disclose Alternative Austerity Plan After Talks With IMF, WB – Interior Min

18:08, 25 Iun. 2010
Romanian Interior Minister Vasile Blaga said Friday that the Government will bring out its alternative austerity plan after discussions with the International Monetary Fund and the World Bank.

Romania Ctrl Bk: Tax Hikes Not Enough To Reduce Deficit

17:12, 25 Iun. 2010
Romanian economy may temporarily benefit from raised taxes, but such a measure will be insufficient to reduce the budget deficit to 6.8% of the gross domestic product, a central bank official said Friday.

Romanian Car Dealers Fear Potential Tax Hike May Cause Bankruptcies

17:09, 25 Iun. 2010
Representatives of Romanian car dealers told MEDIAFAX Friday that a VAT and flat tax increase would cause several businesses to close down and investments to stop.

Moody’s Says Romania Rating Endangered If Budget Gap Exceeds Target

16:14, 25 Iun. 2010
Romania’s sovereign outlook could come under downward pressure if the government fails to lower the budget deficit to 6.8% of the gross domestic product in 2010, Moody’s Investors Service said Friday.

Romania CDS Higher After Court Ruling On Austerity Measures

15:36, 25 Iun. 2010
Credit default swaps (CDS) to insure Romanian sovereign debt against default inched higher Friday, after the country’s Constitutional Court rejected part of the austerity measures proposed by the government to slash spending.

Romania Moves To Plan B After Court Rejects Austerity Measures – PM

15:10, 25 Iun. 2010
Romania has prepared an alternate plan to lower the budget deficit and keep a EUR20 billion IMF-led foreign loan package on track, Prime Minister Emil Boc said Friday after the Constitutional Court fended off a 15% cut in pensions.

Romanian Opp Social Democrats Might Try To Oust Govt Against During Current Parliament Session

14:59, 25 Iun. 2010
Romanian social democrat leader Victor Ponta said Friday that he considers submitting a second no-confidence motion against the Government during the current Parliament session, if there is no other way to “free” Romania from Prime Minister Emil Boc’s “scourge”.

Romanian Media Poses No Threat To National Security – EFJ

14:25, 25 Iun. 2010
Romanian mass-media are not a threat to the country’s national security, says the European Federation of Journalists, or EFJ, in a press release posted Friday on its website.

Romania Collected About EUR350,000 In Fines For Medical Leave Condition Breaches – Health Min

14:12, 25 Iun. 2010
Romania collected about EUR350,000 in just one month from fines applied to employees who took groundless sick leaves, and a total EUR140,000 were collected only in the June 7 to June 11 interval, the Health Ministry said in a press release Friday.

Romanian Deputy PM Says Govt Likely To Hike Flat Tax, VAT

13:30, 25 Iun. 2010
Romanian deputy prime minister Marko Bela said Friday the Government must conform with the Constitutional Court ruling on its austerity measures and seek other ways to keep the deficit in check, likely by hiking the flat tax and the VAT.

Constitutional Court Ruling Blocks Implementation Of Govt Austerity Plan

13:18, 25 Iun. 2010
The Romanian Constitutional Court’s Friday ruling, rejecting certain articles of the austerity plan, leaves the Government unable to apply any of the measures provided by the bills, as they must return to Parliament to be made to agree with the Constitution.

Romania Fin Ministry Eyes More Debt Sales On Foreign Markets

13:18, 25 Iun. 2010
Romania’s Finance Ministry wants to extend to three years the period during which the ministry can sell debt on foreign markets, so that the eastern European country may borrow money “at any given moment,” acting Minister Sebastian Vladescu said Friday.

Romania GDP Likely To Grow In 2Q – ING

12:24, 25 Iun. 2010
Romanian gross domestic product is likely to post growth for the second quarter, supported by increased local demand, but the improvement will be only temporary, ING Bank said in a survey.

Romanian Govt Mulls Tax Raises After Court Rules Pension Cuts Unconstitutional – Sources

12:18, 25 Iun. 2010
Romania’s Government is considering other ways to keep its budget deficit below the IMF-agreed cap of 6.8%, which mainly entails tax raises, including the VAT and flat tax, after the Constitution Court ruled pension cuts unconstitutional, people close to the matter told MEDIAFAX.

Romania Leu Hits 7-Mo Low Vs Euro After Court Ruling On Austerity Pack

11:57, 25 Iun. 2010
Romania’s leu jumped to a near seven months low against the euro in mid trade Friday, after the Constitutional Court ruled some of the government’s austerity measures are not constitutional.

Romanian Constitutional Court Rules Govt Austerity Plan Partially Unconstitutional – Sources

11:40, 25 Iun. 2010
Romania’s Constitutional Court ruled Friday that some of the austerity measures for which the Government received a confidence vote in Parliament are unconstitutional, people close to the matter said.

Romania Keeps Pvt Pension Contribution At 2.5% Till Yearend, Raises It At 3% In 2011

11:32, 25 Iun. 2010
Romanians’ contributions to the mandatory private pension system (Pillar II) will b kept at 2.5% of their gross wage until the end of the year and will rise to 3% in 2011, Cornelia Coman, vice-president of the country’s association for private pensions APAPR, said Friday.

Hydrologists Issue Code Orange Flood Warning For Rivers In NE Romania

11:24, 25 Iun. 2010
Romanian hydrologists on Friday issued a code orange flood warning for rivers in the counties of Bacau, Buzau, Vaslui, Galati, Botosani and Harghita, as well as a code yellow warning for 12 other counties, valid from 4 p.m. Friday to 4 p.m. Sunday.