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Florin Spătaru, an adviser in the chancellery of Romanian prime minister Marcel Ciolacu and former minister of economy, speaking for B1 TV, rejected the European Commission’s fiscal slippage concerns and assured that the public deficit would remain close to the 5%-of-GDP target this year. He also assured the government will not hike the tax rates…

One of Romania’s two major opposition parties, Save Romania Union (USR), is electing new leadership, but none of the candidates in the race is likely to bring it back to its roots like the founder of Save Bucharest Union could have.  Cristian Seidler, one of the two frontrunners in the internal elections organised by USR,…

Romanian company Alu Menziken, which specialized in producing semi-finished products and components made from aluminum – part of the Montana group founded by the Austrian entrepreneur Michael Tojner – was bought beside the entire group by the Chinese group Inner Mongolia Mengtai Group, according to an announcement made by the law firm Nestor Nestor Diculescu…

The volume of construction works in Romania surged by 16.2% y/y in April after unexpectedly contracting by 7.0% y/y in Q1, according to data published by the statistics office INS. The sector of construction made a negative contribution to Romania’s GDP growth in Q1 after it propped up a modest 1.9% economic advance in 2023.…

Russia resumed the production of the station wagon model Lada Largus, designed and launched by Romania’s Dacia automobile factory some 20 years ago under the name Dacia Logan MCV and transferred by the Renault group to the AvtoVAZ factory in Russia, where the French group held the majority stake until last year, Newsweek.ro reported.  In…

Romania’s finance minister, Marcel Bolos, announced in a Facebook post that the e-VAT regulations, aimed at fighting tax evasion, will be enforced as of August 1 – prompting concerns among accountants who claim that the bill was not properly discussed in advance and may cause bottlenecks. Under the new regulations consulted by Profit.ro, each company…

Alior Bank, through its Romanian branch Alior Bank Warsaw – Bucharest Branch (Alior Romania), as the transferor, and Patria Bank, as the transferee, announced that on June 20, 2024, a contract was signed for the transfer of a portfolio of consumer loans with a net balance of RON 97 million (EUR 20 million) at April…

The European Commission (EC) drafted a new letter with observations regarding Romania’s third disbursement request under the Resilience Facility, in which the biggest point of divergence is represented by the micro-enterprise regime, according to Profit.ro.  Romania’s authorities still expect to have the third disbursement request, filed on December 15, 2023, cleared by the end of…

A recent blackout in the Western Balkans states, the heatwave, and the nuclear plant Nuclearelectriva operating only one of its reactors pushed up the average electricity price on Romania’s day-ahead market (DAM) above EUR 200 per MWh for the delivery day June 25. The hourly price peaked above EUR 420 per MWh in the evening hours,…

The city of Vancouver, in western Canada, recently proclaimed June 24 as the Universal Day of the Traditional Romanian Blouse.  On June 20, during a ceremony at the Vancouver City Hall, deputy mayor Lenny Zhou handed a Proclamation to Gabriel Rotaru, the Consul General of Romania. This proclamation, issued by mayor Ken Sim on behalf…