English

Romanian Court Sentences Businessman Corneliu Iacobov To 7 Years In Prison For Fraud

15:42, 18 Nov. 2010
The Bucharest Court of Appeals sentenced Corneliu Iacobov and Toader Gaurean to seven and six years in prison, respectively, for defrauding the RAFO Onesti oil refinery.

WB: 2.77 Million Romanians, 13.3% Of Population, Have Emigrated

15:02, 18 Nov. 2010
The number of Romanians who emigrated stands at 2.77 million this year, accounting for 13.1% of the population, but is expected to drop considerable on the long term, in 10 -15 years, as Romania converges toward Europe, the World Bank said Thursday.

HP Romania Eyes Hiring 600 People At Bucharest-Based Services Center GeBOC In 2011

14:37, 18 Nov. 2010
Hewlett Packard (HP) Romania plans to hire 600 people in 2011 at its Bucharest-based services center Global eBusiness Operations (GeBOC), which is similar to the number of people hired in 2010, GeBOC general manager Alexander Weigl said in a press conference Thursday.

Romanian Govt Freezes Hiring In 2011 Because Of Slow Economic Recovery

14:34, 18 Nov. 2010
Romania's Government has decided to keep public sector hiring frozen in 2011 and fill only one in seven vacant positions, as the economy is recovering "slowly," expecting savings of around 350 million lei (EUR1=RON4.2960) in personnel expenses, but also lower revenue from income taxes.

Romania Constitutional Court To Rule On Govt-Parl Conflict On Dec 1

13:42, 18 Nov. 2010
Romania’s Constitutional Court is to decide on December 1 on the legal conflict between the Government and Parliament over the education bill, the Court said Thursday.

Romania Slightly Revises Up Year-End Budget Revenue

13:34, 18 Nov. 2010
Romania's Government will slightly revise up its year-end estimate for budget revenues by 52.8 million lei (EUR1=RON4.296) to RON165.49 billion, according to the draft of the second budget revision for 2010.

Parliament May Not Stop Education Bill Adoption Procedure – Romanian PM

13:10, 18 Nov. 2010
Romanian Prime Minister Emil Boc said Thursday that the Parliament may not stop a current procedure and, if there was a supposed legal conflict on the education bill, it was resolved when the Government set the calendar for the vote of confidence on the bill.

EXCLUSIVE: Romanian Govt Slashes VAT Funds For Local Budgets

12:17, 18 Nov. 2010
Romania's Government will reduce the funds taken from VAT collections and transferred to local budgets to cover personnel expenses and bonuses in public schools, in addition to reducing the social aid budget.

Romanian Govt To OK Second Budget Revision This Year Monday

11:28, 18 Nov. 2010
Romania’s Government will approve this year’s second budget revision in a special Cabinet meeting Monday, when it will also approve the unitary wage bill which it seeks to adopt through a confidence vote, Government spokeswoman Ioana Muntean said late Wednesday.

Romanian Govt Set To Approve Public Sector Wage Bill Monday

11:19, 18 Nov. 2010
Romania’s Government will approve the IMF-required unitary wage law for the public sector in a Cabinet meeting Monday and will then be sent to Parliament before the Government seeks a confidence vote to pass it into legislation, Government spokeswoman Ioana Muntean said late Wednesday.

EXCLUSIVE: Romanian Govt Bans Financial Incentives For Public Sector Next Year

10:41, 18 Nov. 2010
Romanian state workers won’t get incentives, meal, gift or vacation vouchers next year either and overtime will be rewarded with days off instead of extra pay, according to the unitary wage bill obtained by MEDIAFAX.

EXCLUSIVE: Romania Public Sector Wages To Grow Next Year But Stay 13.75% Lower Than Before Pay Cut

10:20, 18 Nov. 2010
Base salaries in the Romanian public sector will increase by 15% in 2011 which means they will still be 13.75% lower than in June this year, when the Government slashed a quarter of state workers’ pay, according to the unitary wage bill obtained by MEDIAFAX.

Romania, IMF Set 1Q 2011 Budget Deficit Target At RON5.7B

20:03, 17 Nov. 2010
Romania and the International Monetary Fund have agreed on a budget deficit target of 5.7 billion lei (EUR1=RON4.295) for the first quarter of next year, one third lower compared to the same period of 2010.

Romania 3Q Foreign Card Payments At Record RON1B – Central Bank

19:44, 17 Nov. 2010
Romanians used cards to pay 966 million lei (EUR1=RON4.2950) in the third quarter to POS terminals abroad, the largest amount reported to date, and withdrew RON380 million from foreign ATMs, according to central bank data.

Romanian Suppliers To Disclose Sources Of Electricity Under New Bill

17:55, 17 Nov. 2010
Romania’s Economy Ministry has drafted a bill that would compel energy suppliers to inform consumers on the origins of the electricity they are selling.

Romanian Public Sector Unitary Wage Grid Won’t Apply In 2011 – Draft

17:52, 17 Nov. 2010
The salaries of Romanian public servants will not be pegged to a wage grid in 2011, the total value of bonuses and compensation may not exceed 30% of their salary and the monthly incentives given to high performers will be capped at two base salaries per year.

Romanian President Says Govt Debt Growth Must Be Stopped

16:16, 17 Nov. 2010
Romanian President Traian Basescu on Wednesday called on Cabinet members to put a cap on government debt growth, saying Europe is still struggling with the crisis and some states are likely to enter a downward spiral because of state debt.

EXCLUSIVE: Romania Says Tax Cuts Not An Option Unless Economy Recovers

14:51, 17 Nov. 2010
Romania agreed to limit changes to its taxation system over the next period to ensure fiscal stability and said potential tax cuts won’t be considered until the economy grows again, according to the country’s additional letter of intent to a EUR13 billion deal with the International Monetary Fund.

EXCLUSIVE: Romania To Launch First MTN Issue Late 2010/Early 2011

14:50, 17 Nov. 2010
Romania's Finance Ministry will launch the first bond issue of its planned EUR7 billion medium term notes (MTNs) program at the end of 2010 or early 2011, according to the government’s letter of intent that will be sent to the International Monetary Fund.

EXCLUSIVE: Romanian Govt Pledges To Reduce In-Hospital Treatment, Drug Markup

14:47, 17 Nov. 2010
Romania's Government plans to limit in-hospital treatment next year to 10% of its 2010 level and reduce the price markup paid for drugs used in treating cancer, diabetes, HIV/AIDS, TBC to 1.5% for retail and 4% for wholesale purchases.

EXCLUSIVE: Romania Govt To Ensure Consumer Loan Ordinance Won’t Affect Ongoing Contracts

14:07, 17 Nov. 2010
The Romanian government agreed to work with the parliament to ensure that its emergency ordinance 50/2010 on consumer loans protects both consumer and bank rights, according to the country’s additional letter of intent to a EUR13 billion loan agreement with the International Monetary Fund.

EXCLUSIVE: Romania Says Will Cut More Public Sector Jobs In 2011

14:03, 17 Nov. 2010
Romania's Government pledged to continue layoffs in the public sector in 2011 to meet the terms set under a EUR13 billion loan from the International Monetary Fund, according to the country’s additional letter of intent to the IMF.

Turkish Low-Cost Carrier Pegasus Might Enter Romanian Market In Jan 2011

14:03, 17 Nov. 2010
Turkish low-cost carrier Pegasus might enter the Romanian market in January 2011 with a return flight on the route Bucharest- Istanbul.

ING Says Romania May Reach 2010 Deficit Target, Sees Limited Mkt Impact

13:33, 17 Nov. 2010
Recent budgetary indicators suggest Romania may be able to reach its year-end fiscal objectives, but the positive evolution could have only a limited impact on the market, due to the government’s repeated failure to lower the general arrears, according to a report from ING Bank Romania.

Romanian Export-Oriented Industries Poised To Grow Further In 2011 – Survey

13:13, 17 Nov. 2010
Romanian export-oriented manufacturing industries will continue to grow in 2011, further supporting economic recovery, whereas sectors such as retail and constructions will be negatively impacted by low consumer confidence, according to consultancy firm Roland Berger.

Romanian Lower Chamber Sets Pension Bill Reexamination Calendar

12:37, 17 Nov. 2010
The standing office of Romania’s Camber of Deputies Wednesday set a calendar for the reexamination of the pension bill, a piece of legislation required by the IMF and sent back to Parliament by President Traian Basescu.

Romanian Graft-Indicted Senator Catalin Voicu Stays In Custody

11:58, 17 Nov. 2010
Romanian graft-indicted senator Catalin Voicu remains in custody after the Supreme Court rejected Wednesday his requests for release.

Romanian President To Attend Govt Meeting On Wage Law, IMF Agreement, Schengen Accession

11:13, 17 Nov. 2010
Romania’s President Traian Basescu has been invited to attend the Government meeting on Wednesday which will discuss the public sector wage law, the country’s agreement with the International Monetary Fund and Schengen accession.

Romanian Govt, Unions, Employers Fail To Agree On 2011 Minimum Wage

20:41, 16 Nov. 2010
Romanian Government officials, unionists and employers' representatives reached no consensus on the minimum wage level in 2011 during talks on Tuesday.

Romanian Senate Rejects Decree Cutting Heating Aid For Owners Of Multiple Homes

16:14, 16 Nov. 2010
Romania’s Senate on Tuesday rejected a government emergency decree that denied heating subsidies to people who own more than one home, cars with an engine capacity exceeding 1,600 cubic meters or hold bank deposits of over 3,000 lei (EUR1=RON4.2912).

Romanian Opp Lawmakers To Challenge Lower House Rule Change At Constitutional Court

16:03, 16 Nov. 2010
Romania’s opposition Social Democratic and Liberal parties will notify the Constitutional Court on the change in the Chamber of Deputies rulebook setting that quorum is no longer required for decisions made by the Chamber’s standing office.

Romanian Lawmakers Change Lower House Rules To Override Opposition Boycott

15:24, 16 Nov. 2010
Romania’s Chamber of Deputies Tuesday adopted an amendment to the institution’s Standing Office rulebook setting decisions can be made with the votes of the majority of office members present and no longer require quorum.

Romanian Child Mortality Triggered By Poverty, Lack Of Information, Health Sector Problems

15:08, 16 Nov. 2010
The death rate among children under five is double in Romania compared to the European Union average and poverty, lack of information and doctors’ migration are among the most obvious factors to be blamed for the large number of child deaths.

Romanians’ Foreign Financial Holdings At EUR3.2B In September

14:32, 16 Nov. 2010
Romanian residents’ financial holdings abroad stood at EUR3.2 billion in September, down 12% from December last year, central bank data showed Tuesday.

Romania-Moldova Border Treaty Unconstitutional – Moldovan Pres

13:54, 16 Nov. 2010
The signing, last week, of the Treaty on state borders between Romania and the Republic of Moldova, by Moldovan Prime Minister Vlad Filat and Romanian Foreign Minister Teodor Baconschi, is unconstitutional, said Moldovan President Mihai Ghimpu, cited by the online edition of Jurnal de Chisinau.

Schengen Experts Visit Romanian Henri Coanda Intl Airport

13:14, 16 Nov. 2010
Schengen Area evaluation committee experts Monday visited International Airport Henri Coanda in Otopeni, near capital Bucharest, to assess the country’s progress regarding airspace.

Romania’s October Annual Inflation, Highest In EU

13:10, 16 Nov. 2010
Romania posted the highest inflation in the European Union for the third consecutive month in October, while the EU average rate accelerated to 2.3%, from 2.2% in September, official data showed Tuesday.

Romanian Carmaker Dacia Continues Growth In EU In Jan-Oct

12:16, 16 Nov. 2010
New car registrations in Europe of Romanian carmaker Dacia increased 4% on the year in October, to 21,320 units, and 10.5% in the first ten months, to 213,964 units, but was overtaken by other brands in terms of growth pace, according to data released Tuesday by the Association of European Carmakers (ACEA).

Romania’s Auto Market Sees 5th Largest Decline In EU In Jan-Oct 2010

12:07, 16 Nov. 2010
Romania’s car market registered the fifth largest decline in the European Union in the first ten months of 2010, dropping three positions, down to the 17th spot, in terms of new car registrations, the Association of European Carmakers (ACEA) said in a press release Tuesday.

Romania’s Econ Min Launches Smart Grid Development Plan

12:01, 16 Nov. 2010
Romania’s Economy Minister Ion Ariton approved two days ago a plan of action aiming to introduce smart power grids in Romania, said Tuesday Claudiu Stafie, state secretary within the ministry.