English

Romania Ctrl Bk: Govt Spoke Too Soon About Public Sector Pay Hikes

12:37, 06 Aug. 2010
Romanian authorities spoke too soon when they said public wages might increase by 10% on average in 2011, because there can be no pay raises without a reshuffling of the sector, central bank governor Mugur Isarescu said Friday.

Romanian Entrepreneurs Compelled To Return Funds If EU Projects Carried Out Illegally – PM

12:15, 06 Aug. 2010
Romanian Prime Minister Emil Boc Friday warned the representatives of small and medium enterprises (SMEs) that they will be compelled to return the money granted by the European Union if their EU-financed projects are not transparent and do not observe the law.

Romania Ctrl Bank Sees CPI Up By 3% After VAT Increase

12:03, 06 Aug. 2010
The Romanian Government’s recent move to raise the value added tax level by five percentage points will likely trigger a 3% increase in consumer prices, central bank governor Mugur Isarescu said Friday.

Romania To Use Any Future Intl Loans For Investments Only – PM

12:02, 06 Aug. 2010
Any future loan Romania might take will be used to fund investments and development projects only and money going into consumption will come from the country’s own economy, Prime Minister Emil Boc said Friday.

Romania Ctrl Bk Raises 2011 Inflation Forecast To 3.1%

11:53, 06 Aug. 2010
Romania's central bank revised upward its inflation forecast for 2011 to 3.1% from the previous 2.8%, central bank governor Mugur Isarescu said Friday.

Western Half Of Romania Under Heavy Rain Advisory Friday, Saturday

10:38, 06 Aug. 2010
Romanian weather authorities issued a yellow code advisory for heavy rain and thunderstorms expected in 17 counties in the western half of the country Friday afternoon through Saturday evening.

Romanian Pupils Win Gold, Bronze At International Geography Olympiad

19:43, 05 Aug. 2010
Romania’s team won two gold and one bronze medals at the International Geography Olympiad in Taiwan, which welcomed 108 contestants from 27 countries, Romania’s Education Ministry said Thursday.

Romanian Union Head: Raising Public Sector Wages By More Than 10% Impossible In 2011

17:39, 05 Aug. 2010
Cartel Alfa union leader Bogdan Hossu on Thursday said public sector wages in Romania won’t be raised more than 10% in 2011, considering that the salary fund will be lower by 15% - 20%, compared to 2010.

Gabriel Resources Spent EUR11.6 Million On Rosia Montana Project In 2010

15:53, 05 Aug. 2010
Gabriel Resources, the majority stakeholder in Rosia Montana Gold Corporation, reported CAD28.2 million (EUR21 million) in first semester losses, having spent CAD15.6 million (EUR11.6 million) on the development of its mining project in the Apuseni Mountains in western Romania.

Bread Price Could Rise 30% In Fall, Says Industry Union Leader

15:26, 05 Aug. 2010
The price of bread in Romania could increase by as much as 30% in fall this year on higher wheat prices, said Thursday Niculae Stefan, head of the National Federation of Unions in Agriculture, Agrostar.

Romanian Tourism Min Says Isn’t Considering Running For Bucharest Mayor

14:54, 05 Aug. 2010
Romania’s Tourism Minister and interim president of the Democratic Liberal Party’s branch in capital Bucharest, Elena Udrea, told a news conference Thursday that she si not yet considering running for general mayor of Bucharest.

One Third Of Romanians Want To Be Self-Employed Within Next 10 Years – PwC Study

13:55, 05 Aug. 2010
Almost a third of Romanians say they wish to start their own business in the next decade, significantly above the global average, while 40% would like to enjoy a better work-life balance, according to a study by PricewaterhouseCoopers (PwC) called “Managing Tomorrow's People”.

Romanian TV Producer Charged With Blackmail Released From Arrest

13:40, 05 Aug. 2010
Romanian TV producer, charged with blackmail along TV station owner Dan Diaconescu, has been released from custody after the Bucharest Court ruled Wednesday he may be investigated at large.

Romanian Govt Pledges To Annul Acts Cutting Wages In Ctrl Bk, Financial Regulators

13:14, 05 Aug. 2010
Romania’s Government pledged to annul its acts reducing the salaries of the central bank and other financial regulation authorities by 25%, according to the additional letter of intent to the stand-by agreement with the International Monetary Fund.

Romania To Select Broker For Petrom Stake Sell By Mid-Sept

13:06, 05 Aug. 2010
Romanian Economy Minister Adriean Videanu on Thursday said the ministry will select a broker by mid-September to sell nearly 10% in leading oil company OMV Petrom (SNP.RO).

Romania Banking Sector Might Close 2010 On Loss – BCR Head

12:56, 05 Aug. 2010
Romanian banks might post an aggregated loss this year, under local accounting standards, on increasing risk costs, said Thursday Dominic Bruynseels, chief executive officer at local lender Banca Comerciala Romana, or BCR.

Romanian Romtelecom’s 2Q Revenues Down 11.1%, To EUR178.7M

12:06, 05 Aug. 2010
Romanian hard-line telephony operator Romtelecom, owned by Greece’s OTE, reported operating revenue down 11.1% on the year in the second quarter, to EUR178.7 million, while its EBITDA dropped 59.7%, to EUR24.4 million on difficult economic conditions, OTE said in a statement Thursday.

Romania Must Maintain Austerity Measures In 2011 – President

09:32, 05 Aug. 2010
Romanian President Traian Basescu said Wednesday evening on public television that austerity measures must also be applied in 2011 to bring the country back on track, and criticized some of the political measures taken between 2007 and 2008.

Romania Engages To Raise Tariffs Of 10 Largest Loss-Making Public Cos

20:58, 04 Aug. 2010
Romania’s government promised the International Monetary Fund to raise the tariffs of the 10 largest loss-making state-run companies, inclusively passenger rail company CFR Calatori, electricity producer Termoelectrica and subway company Metrorex.

Romania’s June Arrears At RON2B, Double The Agreed Target

19:42, 04 Aug. 2010
Romania's government arrears stood at 2 billion lei (EUR1=RON4.2527) at the end of June, almost double compared with the target agreed with the International Monetary Fund, of RON1.09 billion, according to an official document obtained by MEDIAFAX.

Romania To Change Ordinance On Consumer Credit Contracts

19:15, 04 Aug. 2010
Romania’s government will change the ordinance on consumer credit contracts, so that the normative would comply with the European Union legislation, mainly as regards non-retroactivity.

Romania’s Govt To Freeze Pensions In 2011

18:50, 04 Aug. 2010
Romania’s Government will not increase pensions in 2011 and will eliminate the 13th salary, vacation bonuses and heating subsidies, according to an additional letter of intent to the stand-by agreement with the International Monetary Fund, obtained by MEDIAFAX.

Romanian Govt To Increase Minimum Turnover Threshold For Mandatory VAT Payment

18:50, 04 Aug. 2010
Romania’s Government will ask the Council of the EU for permission to increase the level of turnover or revenue after which the registration and payment of VAT becomes mandatory to EUR100,000, from EUR35,000 currently, according to a letter of intent to the stand-by agreement with the IMF.

Romanian Govt Pledges To Sack 74,000 State Employees In 2010, At Least 15,000 In 2011

17:49, 04 Aug. 2010
Romania’s Government pledged to lay off 74,000 state employees by the end of 2010 and at least 15,000 more in 2011, according to a letter of intent on the stand-by agreement with the International Monetary Fund, obtained by MEDIAFAX.

Romania Shouldn’t Cut Taxes For At Least Two Years – IMF

16:21, 04 Aug. 2010
Romania needs to keep the sales tax at its current level in order to reduce the budget deficit to below 3% of the gross domestic product in 2012, an official of the International Monetary Fund said Wednesday.

Oil Spill Detected In Black Sea, Close To Romanian, Bulgarian Seashore

15:38, 04 Aug. 2010
Several oil slicks have been detected via satellite in the Black Sea, close to the Romanian and Bulgarian seashore, Novinite.com reported on Wednesday.

Romanian Govt Expects EUR26M Savings By Cutting Illegal Social Aid

15:04, 04 Aug. 2010
Romanian Prime Minister Emil Boc said Wednesday that the government has managed to save EUR26 million per year by cutting social aid granted illegally, following partial investigations of files for minimum income, disability benefits and invalidity pensions.

Romanian Labor Committee Assigned To Complete Pension Bill Report By Sept 1

14:50, 04 Aug. 2010
The Standing Bureau of the Romanian Chamber of Deputies decided Wednesday to assign the labor committee to complete the report to the unitary pension law by September 1, said Chamber of Deputies Speaker Roberta Anastase.

Romania PM Says Govt Will Use Budget Revision Funds To Pay Some Of Its Largest Debts

14:33, 04 Aug. 2010
Romanian Prime Minister Emil Boc said Wednesday on public radio the Government will use funds earmarked at the budget revision due until August 20 in order to pay part of its largest debts, mainly debts amassed in the healthcare sector.

Romanian Public Sector Wages To Rise 10% Next Year, 13th Salary Scrapped – PM

14:29, 04 Aug. 2010
Public sector wages in Romania will increase about 10% next year compared to the slashed levels in July if the Government eliminates the 13th monthly salary, Prime Minister Emil Boc said Wednesday on public radio.

IMF: Romania Cut 30,000 Public Sector Jobs; Teachers Are Next

14:04, 04 Aug. 2010
Romania's Government has cut over 30,000 jobs in the public sector so far, nearly half of the 70,000 layoffs agreed with the International Monetary Fund, IMF mission chief Jeffrey Franks told MEDIAFAX Wednesday.

Hydrologists Issue Code Yellow Flood Alert For Rivers In C, S, W Romania

13:52, 04 Aug. 2010
Romanian hydrologists issued Wednesday a code yellow flood advisory for several rivers in the central, southern and western parts of the country and, due to precipitation expected in the upcoming 24 hours, waters could exceed alert levels by Thursday afternoon.

Romanian Lower Chamber To Convene In Special Session On Aug 16

13:50, 04 Aug. 2010
The Standing Bureau of the Romanian Chamber of Deputies decided Wednesday to call for a special plenary session on August 16, to debate a number of bills, including one regarding the National Integrity Agency.

Romania’s Employment Rate Among Lowest In EU – Eurostat

13:26, 04 Aug. 2010
Romania has one of the lowest employment rates in the European Union for people aged 15 to 64, of just 58.6% in 2009, while the European average is at 64.6%, the EU’s statistical office Eurostat said Wednesday.

IMF: Romania Should Wait Before Deciding On New Agreement

12:01, 04 Aug. 2010
Romania should not rush in to make a decision regarding a new agreement with the International Monetary Fund, as the opportunity of a new accord can’t be assessed without the economic figures for the next six months, IMF mission head Jeffrey Franks said Wednesday.

IMF Advises Against Romanian Public Sector Wage Hikes In ’11

11:57, 04 Aug. 2010
Romanian authorities could increase public sector wages next year, depending on the restructuring process, but the International Monetary Fund would recommend that salaries remain at current levels, Wednesday said Jeffrey Franks, head of the IMF mission to Bucharest.

IMF: Romania Can Meet 2011 Deficit Target Without New Budget Action

11:52, 04 Aug. 2010
The International Monetary Fund estimates Romania will reach its budget deficit target for 2011, provided the authorities are able to maintain current fiscal policy measures, IMF mission chief Jeffrey Franks said Wednesday.

IMF: Romania Needs No Monetary Policy Tightening After VAT Raise

11:41, 04 Aug. 2010
Romania’s recent increase in the value added tax rate will have a temporary negative impact on inflation, which should dissipate in the second half of 2011, and the central bank doesn't have to raise the rates, the International Monetary Fund said Wednesday.

IMF To Release New Funds To Romania Once Pre-Conditions Met

11:08, 04 Aug. 2010
The International Monetary Fund will release another EUR914 million of its EUR13 billion loan to Romania as soon as the government has fulfilled pre-conditions to reduce budget deficit, IMF mission chief Jeffrey Franks said Wednesday.

EU: Romania GDP To Shrink 1.9% In 2010

10:46, 04 Aug. 2010
Romania's economy will likely contract by 1.9% in 2010, hampered by weak domestic consumption and a bad agricultural year due to heavy flooding, a European Commission official said Wednesday.