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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.

Romanian State-Run Cos Have Two Weeks To Submit Revised Budgets, Slashing 20% Of Costs

11:18, 25 Iun. 2010
Managers of Romanian state-run companies have two weeks to send the Government revised budget plans, in which protocol and advertising spending for the second half of the year must be 20% lower, according to an emergency decree the Government adopted.

Hundreds Picket Romania’s Presidential Palace Over Austerity Measures

10:26, 25 Iun. 2010
Over 600 people are picketing the presidential palace in Bucharest Friday calling on the president not to endorse the Government’s austerity measures, which they say “sentence workers, children and pensioners to death by starvation.”

Romanian Economy Ministry May Cut 10-15% Of Staff By Year-End – Sources

20:30, 24 Iun. 2010
The staff of Romania’s Ministry of Economy could be cut by 10-15% by the end of the year and the number of state secretaries may be reduced to three from five, people close to the matter told MEDIAFAX Thursday.

Interim Manager Reconfirmed For Three Months At CE Turceni

19:09, 24 Iun. 2010
Romanian Economy Minister Adriean Videanu reconfirmed Octavian Graure for another three months as general manager of thermal power producer CE Turceni.

Romania’s Constitutional Court Postpones Austerity Plan Constitutionality Ruling For Friday

18:33, 24 Iun. 2010
Romania’s Constitutional Court judges will rule Friday on the five unconstitutionality appeals issued against the austerity laws for which the country’s Government recently sought the Parliament’s confidence vote.

Romania April Indus Orders Rise At 7th Fastest Pace In EU

16:30, 24 Iun. 2010
Romanian industrial new orders rose 26.5% on the year in April, the seventh biggest increase in the European Union, official data showed Thursday.

No. Of Romanian Business Owners In Italy Rose Nearly Ten Times In 2003- 2009 Interval

16:26, 24 Iun. 2010
The number of Romanians running businesses in Italy is nearly ten times higher compared to 2003 and exceeded 28,000 in 2009, according to a research report presented Thursday by confederation Caritas Romania, which also says Romanians are the second largest group of foreign entrepreneurs in Italy.

Romanian Liberal MEP Calls On EP To React To Press Freedom Threats In Romania

15:59, 24 Iun. 2010
Romanian liberal MEP Norica Nicolai called on fellow European lawmakers to react to the threat to press freedom in Romania after the country’s highest defense body included the media among threats to national security, the Liberal Party’s delegation to the EP said in a press release Thursday.

Swiss Govt Approves CHF181M Non-Reimbursable Financial Aid For Romania

14:58, 24 Iun. 2010
The Swiss Government on Wednesday approved a frame agreement, whereby Romania will receive non-reimbursable funds worth CHF181 million (nearly EUR130 million) in the next five years.

Bucharest Court To Hear Appeal Of Blackmail-Charged TV Station Owner On Friday

14:25, 24 Iun. 2010
The Court of Bucharest will hear Friday the appeal of Romanian TV station owner Dan Diaconescu and TV producer Dorel Parv against the ruling placing them in preventive custody, on charges of blackmailing and threatening a mayor.

Ten Romanian Counties Still Affected By Floods – Report

14:19, 24 Iun. 2010
The number of Romanian counties still affected by floods dropped from 27 to ten Wednesday to Thursday night, but 147 people are still unable to return to their homes, most of them in northwestern county Arad, Romania’s General Inspectorate for Emergency Situations, or IGSU, said Thursday.

Romania-Russia Relations Could Be Improved By South Stream – Lukoil Official

13:55, 24 Iun. 2010
Romania’s involvement in the South Stream gas pipeline developed by Russia and Italy could improve relations between Bucharest and Moscow, according to Constantin Tampiza, development strategy coordinator at Lukoil Romania.

Lukoil Romania Might Expand Gas Station Network With 50 New Units

13:46, 24 Iun. 2010
Lukoil Romania might expand its gas station network with 50 new units, once new highways are built, said Thursday Constantin Tampiza, development strategy coordinator at Russian oil group’s local unit.

Romania May Be Split Into New Development Regions After 2013 – Minister

13:39, 24 Iun. 2010
Romania’s Development and Tourism Minister Elena Udrea on Thursday said Romania could face a new regional division after 2013 when new development regions are likely to be created, besides the country's current eight development regions.

Romania Remains Transit Route For Heroin Traffic Toward Western Europe- UN Report

12:48, 24 Iun. 2010
Romania remains a transit route used by traffickers transporting heroin from Afghanistan toward Western Europe, according to the United Nations Office on Drugs and Crime “World Drug Report 2010”, which notes numerous alleged Romanian traffickers have been arrested in Spain and Italy.