Bill: Teachers In Romania May Retire Earlier
A bill amending Romania’s education law, which allows teachers to retire earlier without being subject to penalties, is to be put up for debate and subsequently voted in the Senate, which is decider on the matter.
As per the bill, teachers may retire earlier than stipulated in the valid legislation, namely, the standard retirement age is 65 for men and 63 for women.
The initiative was put forward by social democrat senator Liviu Pop and was signed by other 20 lawmakers. (Evenimentul Zilei)
Romania’s M&A Market Reached EUR370-500M In 1Q/2017
The first quarter of 2017 has brought a correction on the Romanian mergers and acquisitions (M&A) market, as the number and value of transactions decreased versus the last three months of 2016, but, overall, the market is going through a favourable period and 2017 will see an evolution similar with last year’s, according to Deloitte Romania analysts.
In the first three months of 2017, a total 28 transactions, worth EUR368 million, were announced, after the value of transactions had reached a record high in the last quarter of 2016.
Compared with the previous quarter, the volume of transactions fell 10% and the value of transactions halved, even without considering the two mega-deals in the fourth quarter (Mid Europa – Profi and Asahi – Ursus Breweries). Compared with the first quarter of 2016, the number of transactions rose 40% and the value rose 11%.
Considering the transactions whose values were not disclosed, Deloitte estimates Romania’s M&A market reached EUR370-500 million in the first three months of 2017.
The largest transaction in the first quarter was the acquisition by Fortuna Entertainment Group of Hattrick Sports Group, which operates in Romania through Casa Pariurilor (Gambling House). Within the transaction, Deloitte carried out due diligence for then buyer. The second transaction by value targeted the takeover and capital increase by EUR50 million of City Insurance by specialized fund Berlin London Beteiligungs. (Adevarul)
Romania Boasts Some Of Europe’s Lowest Taxes On Crude Oil And Gas
In order to offset the decline in crude oil prices and uphold investments in the exploration and production of hydrocarbons, several European countries, such as Italy, Hungary, Germany and Great Britain, decided to relax the fiscal regime in the oil and gas sector.
In Romania, things took another turn. As oil prices were falling, the actual average rate of royalties and other similar taxes (the tax on additional revenue, the tax on special constructions, the tax on revenue obtained from exploiting crude oil) rose from 15% in 2014 to 16.9% in 2015 and to 17.5% of revenue, in 2016.
Figures are included in a study carried out by consulting and audit firm Deloitte. (Romania Libera)
Former Buzau Prefect George Sava Named Deputy Secretary-General At Agriculture Ministry
Former prefect of Buzau County, George Sava, was appointed deputy secretary-general at the Ministry of Agriculture and Rural Development.
The decision of Prime Minister Sorin Grindeanu was published in the Official Journal, on Wednesday.
Sava, a jurist, was prefect of Buzau County between May 2015 and July 2016. Previously, he had held the position of sub-prefect. (Adevarul)