Most Romanians Complain About Higher Food Prices
Over 85% of Romanians are affected by the increase in food prices and have become more cautious with their disposable income, according to the Shopper Trends 2012-2013 survey conducted by Nielsen.
Two thirds of Romanians say they buy only the things they need and go to four or five stores in search of affordable prices. (Curentul)
Integrity Agency Inspectors To Get Higher Wages
Romanian senators have approved a bill raising the minimum wage of inspectors within the National Integrity Agency (ANI).
The Senate adopted the bill approving emergency ordinance 5/2013, which amends Law 144/2007 regulating the functioning of the integrity agency.
According to the bill’s substantiation note, 16 inspectors have left the integrity agency since 2011, mainly due to low pay and heavy workload. In 2011, the agency had only 26 inspectors whose average net wage reaches around RON2,500.
Romania’s integrity agency, a EU-backed public anticorruption body, was established to screen politicians’ wealth and crack down top-level corruption. (Curentul)
Foreigners’ Stock Acquisitions Topped Sales On Bucharest Bourse In 2012
Foreign investors’ stock acquisitions exceeded sales on the Romanian Stock Exchange by RON492 million (EUR111 million) in 2012.
The largest net acquisitions were made by investors registered in Great Britain, while those from Luxembourg were the most active sellers.
Foreign investors’ net acquisitions in 2012 are nearly 35% higher than RON365 million (some EUR86 million) in 2011, according to the National Securities Commission (CNVM).
Last year, foreign investors acquired stocks worth RON2.031 billion (some EUR455 million) and sold stocks worth RON1.539 billion (EUR344 million). (Curentul)
Romania’s Shadow Economy Reaches EUR38.2B
Romania’s shadow economy has reached EUR38.2 billion, or 29.8% of the country’s gross domestic product, according to a study by Linz University professor Friedrich Schneider.
Experts say shadow economy causes Romania to lose between EUR15-EUR20 billion annually, namely 50% of what it could cash from taxes.
Romania rank second in Europe, after Bulgaria, among countries with the largest shadow economies, as weight in the GDP.
The shadow economy includes those economic activities and the income derived thereof that avoid government regulation or taxation. The major component (about two thirds) is undeclared work, which refers to the wages that workers and business don’t declare to avoid taxes or documentation. The rest is represented by business underreporting profits to avoid tax regulation. (Puterea)
Opposition PDL To File No-Confidence Motion Over Property Restitution Bill
Romania’s opposition Democratic Liberal Party (PDL) plans to submit a no-confidence motion targeting the bill regulating the restitution of property nationalized by the former communist regime.
The Government recently said it will seek a confidence vote in Parliament on the new bill Wednesday, April 17.
The bill, which was recently approved by the Cabinet and sent to Parliament in view of adoption via confidence vote, sets that former owners of nationalized homes in Romania who can’t get back their homes will receive points with a face value of 1 leu (EUR0.22), considering the value of the building, which they can use to buy other homes at auction or change them into currency after 2017.
Also, former owners whose claims have already been settled will receive cash compensation within five years starting January 2014, in equal annual tranches of no at least RON5,000. (Puterea)