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IMF Official: VAT Increase Up To Romanian Govt

16:32, 12 Aug. 2009

A possible increase of the value added tax in Romania may only be decided by the government, but tax hikes should be unnecessary if the economy recovers sooner than expected, a top official with the International Monetary Fund said Wednesday.

Romanian Nuclearelectrica Renews Another Insurance Contract For Nuclear Reactors

15:02, 12 Aug. 2009

Romanian state-owned nuclear energy company Nuclearelectrica, the operator of Cernavoda nuclear power plant, renewed with UK’s Nuclear Risk Insurers Limited the civil liability insurance contract for nuclear damage at reactors 1 and 2, for a premium of $672,000.

Some 2% Of Romanian Townspeople To Move To Villages In 2010 – Gfk Romania

14:52, 12 Aug. 2009

Nearly 2% of the people that have been living in urban areas moved in the past year to the countryside, according to a survey by research company GfK Romania, which also showed that the same percentage of people plan to move in a rural area next year.

Romania’s 1H Curr Acct Deficit Narrows 73.3% YY To EUR2.37B

13:08, 12 Aug. 2009

Romania's current account deficit narrowed 73.3% in the first six months to EUR2.37 billion, from EUR8.88 billion in the same period a year earlier, due largely to a lower trade deficit, the central bank said in a statement Wednesday.

Romania 1H FDI Down 42.9% YY To EUR2.89B

13:06, 12 Aug. 2009

Foreign direct investments, or FDI, in Romania fell 42.9% on the year to EUR2.894 billion in the first six months from EUR5.07 billion in the corresponding period a year earlier, the central bank said Wednesday.

Twleve Romanians Injured In Car Accident Near Szeged, Hungary

12:23, 12 Aug. 2009

A Romanian bus went off the road and overturned near Szeged, southern Hungary, injuring 12 people, a spokesperson of the local police said on Wednesday, cited by Hungarian news agency MTI.

Romanian 1H Real Estate Transactions Dn 35% On Yr, Total Taxes Dn 63% On Yr- Notary Union

11:51, 12 Aug. 2009

The number of real estate transactions was down 34.8% on the year in the first half, at 162,724, while the value of taxes on property deal revenues dropped 63%, to 214.3 million lei (EUR1=RON4.2143), according to the National Union of Notaries Public In Romania, or UNNPR.

Romanian Govt To Set Salary Fund For State-Owned Cos – Act

11:17, 12 Aug. 2009

The Romanian Government must set the total salary fund for state-owned companies that receive subsidies or other financing from the state budget and the measure must be applied until the end of June 2010, according to the additional letter the government will send to the International Monetary Fund.

Romanian Airline Co Tarom To Launch Two New Bucharest – Satu Mare Flights

19:24, 11 Aug. 2009

Romanian airline company Tarom will introduce, starting with next week, two new round trip flights from Satu Mare to Bucharest, operating Mondays and Wednesdays.

Romania Pledges ‘Drastic’ Spending Cuts By Yearend

19:16, 11 Aug. 2009

The Romanian government has pledged “drastic” spending cuts on goods and services in the public sector, by 0.5% of the gross domestic product, according to the additional letter to a EUR12.95 billion standby agreement with the International Monetary Fund.

Ford’s Stake In Automobile Craiova Up At 97.07% In Takeover Offer

16:06, 11 Aug. 2009

US automaker Ford Motor Company, the majority shareholder of Romania’s auto assembly plant Automobile Craiova (AUCS.RO), bought a 0.34% stake in the plant following the takeover offer, hiking its stake at 97.07%, and will start the delisting procedures.

Romanian Liberals To Present New Law Pack On Education, September 1

15:23, 11 Aug. 2009

Romanian National Liberal Party will present in Parliament on September 1, at the beginning of the parliamentary session, its own law pack on education, which was rejected in March, Horea Uireanu, liberal vice-president in the Chamber of Deputies, said Tuesday.

Romanian Budget To Lose RON140M On Tax-Free Reinvested Pft – Fin Min

15:13, 11 Aug. 2009

The tax exemption on reinvested profit will deprive Romania’s budget of 140 million lei (EUR1- RON4.2143) starting with October, Finance Minister Gheorghe Pogea said Tuesday.

Romanian CFR Calatori To Receive 30% Less Subsidy In’09

14:57, 11 Aug. 2009

The passenger division of Romanian national railroad company CFR could receive from the state budget subsidy worth 612.24 million lei (EUR1 = RON4.2143) this year, which spells a 30.3% decrease from the RON878.28 million granted last year.

Romanian Police Officers’ Rent Problem Remains Unsolved – Unionist

14:42, 11 Aug. 2009

Romanian interior minister Dan Nica promised unionists that there is enough money to cover wages until the end of the year, but the problem of rents remains clearly without a solution, Vasile Lincu, head of the police officers union “Pro Lex”, said on Tuesday.

Romanian Procurement Watchdog Refuses To Present Files To Parl Inquiry Committee

14:15, 11 Aug. 2009

The parliamentary committee investigating Romanian tourism minister Elena Udrea decided on Tuesday to inform Prime Minister Emil Boc that the president of the Authority for Public Procurement refused to present the file regarding the public procurements made by the Tourism Ministry.

Romania Subsidizes Diesel Fuel By RON1/Liter For Autumn Farm Works

13:38, 11 Aug. 2009

Romania’s Agriculture Ministry will grant farmers a subsidy of 1 leu (EUR1=RON4.2143) for one liter of diesel fuel, used in autumn seeding works, minister Ilie Sarbu said Tuesday.

Romania To Operate Massive Layoffs Until June 2010 – Fin Min

13:24, 11 Aug. 2009

Romania’s finance minister Gheorghe Pogea said Tuesday that, although Romania’s letter of intent to the International Monetary Fund (IMF) does not contain any figures with respect to future staff cuts, the country’s commitment to cut spending by 0.6% of GDP entails massive layoffs until June 2010.

Romania’s State Domain Agency Will Lose 20% Of Its Staff Amid Restructuring – Agr Min

12:51, 11 Aug. 2009

Romanian agriculture minister Ilie Sarbu on Tuesday said the State Domains Agency will not be disbanded but its staff will be reduced by 20%.

Romanian State Employees To Take Unpaid Vacations, Work Less To Cut Costs

12:45, 11 Aug. 2009

Romanian public sector employees will take unpaid vacations between September and November, will shorten working hours to six from eight per day or simply work ten days less to cut budget spending by 0.3% of GDP, finance minister Gheorghe Pogea said Tuesday.

Romanian Police, Customs Unionists Protest Over Unpaid Rents

11:53, 11 Aug. 2009

Some 350 members of the Romanian Union of Police Officers and Customs Workers "Pro Lex" are protesting on Tuesday in front of the Ministry of Interior over the funds assigned to the sector and the unpaid rents for the upcoming months of nearly 12,000 officers.

Romania’s July CPI -0.07% MM, Annual Inflation Narrows To 5.06%

11:53, 11 Aug. 2009

The rise in Romanian consumer price index slowed down by 0.07 percentage points in July compared with the previous month, on lower food prices, while the annual inflation narrowed to 5.06%, the National Statistics Institute, or INS, said Tuesday.

Romania Revises Dn GDP Forecast To RON497.3B – Fin Min

11:42, 11 Aug. 2009

Romania has revised its forecast on the gross domestic product growth to 497.3 billion lei (EUR1-RON 4.2088) from RON531 billion, based on an economic contraction of 8%-8.5% in 2009, Finance Minister Gheorghe Pogea said Tuesday.

Romanian TV Producer Valeriu Lazarov Dies At 73

11:17, 11 Aug. 2009

Romanian TV producer Valeriu Lazarov, 73, died Tuesday morning in Madrid, Spain, according to his son Valerio, cited by publico.es.

Romania’s Wage Expenses To Drop 0.5% Annually, To Below 6% Of GDP By 2015 – IMF

16:13, 10 Aug. 2009

Romania’s budget spending on wages in the public sector will be lowered by an annual 0.5% of GDP starting 2010, to end below 6% of GDP in the next four to five years, the International Monetary Fund said Monday.

Romania Registered Other 50 New Cases Of AH1N1 Infection In The 3-9 August Interval

16:08, 10 Aug. 2009

Romania's National Center for Prevention and Control of Infectious Diseases announced other 50 cases of infection with the AH1N1 virus in Romania, in the 3-9 August week.

Romania Might Use IMF Money To Cover Budget Gap – Official

16:04, 10 Aug. 2009

The International Monetary Fund’s mission will recommend its Board to allow Romania allocate part of the coming two tranches from a total EUR12.95 billion aid to cover the country’s budget deficit, a top fund official said Monday.

Romania, IMF Set 2010 Budget Def Below 6% – Sources

16:02, 10 Aug. 2009

Romanian authorities and the International Monetary Fund have agreed on a budget deficit below 6% of the gross domestic product in 2010, from a 7.2% cap allowed this year, people familiar with the talks said Monday.

IMF Sees Romanian Econ Contracting By 8.5% In ‘09

16:02, 10 Aug. 2009

The International Monetary Fund on Monday revised its forecast on Romania’s economic contraction to 8%-8.5% this year, double from its initial estimate of 4.1%, on a deepening recession.

Romanian Liberals Frown On Govt Taking Responsibility For Laws On Wages, Education, Pensions

15:53, 10 Aug. 2009

Romania’s opposition Liberal Party (PNL) disagrees with the government taking responsibility for the laws on pensions, education and unitary pay in the public sector, the party vice-president Ludovic Orban said Monday.

Five Romanians Died On The Spot In Car Crash Near Szeged, Hungary

15:51, 10 Aug. 2009

Five Romanians died in the collision between a car registered in Spain and a Romanian truck on a road in the south of Hungary, near Szeged, the spokesperson of the regional police said Monday.

Romania’s Letter Of Intent To IMF Includes No Figures Regarding Layoffs

15:48, 10 Aug. 2009

Romanian Prime Minister Emil Boc said Monday, that the letter of intent addressed to the International Monetary Fund (IMF) makes no reference to any number of layoffs and such measures will not be arbitrary but will depend on cost analyses made by the government.

Romanian Education Min Frowns On Govt Taking Responsibility For Education Laws

13:23, 10 Aug. 2009

Romania’s education minister Ecaterina Andronescu said she would submit Monday the draft law on education to rectors, school inspectorates and unions in the sector for further public debate.

Romanian Govt To Take Responsibility For Laws On Wages, Education, Restructuring On Sept 2

13:15, 10 Aug. 2009

The Romanian government will take responsibility in Parliament, on Sept 2, for the unitary pay law in the budget sector, the law restructuring government agencies, and the laws on pension-wage cumulus and on education, Prime Minister Emil Boc said Monday after the meeting of the ruling coalition.

Lump Sum Tax To Be Restricted By Domains As Of Jan 1 – Romanian PM

12:51, 10 Aug. 2009

Romanian Prime Minister Emil Boc announced that the Finance Ministry was authorized to support, during Monday’s talks with the IMF, the maintaining of the flat tax at 16%, the non-taxing of the reinvested profit and the introduction of the lump sum tax restricted by domains.

Romania Ups Pensions As Of Oct 1 – PM

12:45, 10 Aug. 2009

Romania will raise the pension point by 2% as of October 1, as stipulated in this year’s state budget law and in accordance with the government’s commitments to pensioners, Romanian Prime Minister Emil Boc said Monday.

IMF: Parent Bks Pledge To Keep Exposure To Romania

12:42, 10 Aug. 2009

The parent banks of Romania’s top nine lenders have signed last week bilateral agreements to keep exposure to Romania unchanged from March’s level and maintain solvency rates above 10%, the International Monetary Fund said in a statement Monday.

Romania’s 1H Trade Gap Narrows 63.4% YY To EUR4.34B

12:40, 10 Aug. 2009

Romania’s trade deficit narrowed by 63.4% in the first six months to EUR4.34 billion from EUR11.19 billion in the same period a year earlier, the National Statistics Institute said Monday.

IMF Agrees To Scrap Plan Forcing Romania To Sack 150,000 State Employees – Sources

11:54, 10 Aug. 2009

Romania’s Social Democratic Party obtained in talks with the International Monetary Fund the elimination of a plan to lay off 150,000 public sector employees and the reduction of unpaid vacation to ten days from a previosu three weeks, sources within the party told MEDIAFAX Monday.

Romanian Sailors Aboard Pirate-Seized Italian Ship Buccaneer Were Released -Foreign Min

11:24, 10 Aug. 2009

The five Romanian sailors aboard Italian ship Buccaneer, seized by Somali pirates on April 11 in the Gulf of Aden, were released Monday morning and will soon return home, Romania’s foreign affairs minister Cristian Diaconescu said Monday.