Snowfall Expected In Mountain Areas
Weather authorities issued a code yellow warning for snowfall in mountain areas in 25 Romanian counties.From December 27, at 8 p.m., until December 29, at 10 a.m., it will snow in all mountain areas and there will be thick layers of snow in the counties of Caras-Severin, Hunedoara, Sibiu, Brasov, Covasna, Hargita, Neamt, Suceava, Bacau, Vrancea, Buzau, Prahova, Dambovita, Arges, Valcea, Gorj, Timis, Arad, Bihor, Salaj, Cluj, Alba, Maramures, Bistrita-Nasaud and Mures.
The wind will blow hard, reaching speeds above 60…70 km/h and even 80…90 km/h on mountain crests. (Adevarul)
ASF Fines City Insurance For Severe Breaches Of Regulation Romania’s Financial Supervisory Authority (ASF) on Tuesday said it fined insurance company City Insurance RON30,000 and the company’s general manager RON10,000.Fines came after sudden checkups by ASF which revealed severe irregularities, among which breaches of internal methodology regarding RCA damage claim files and the payment of compensations after exceeding the legal deadline.
City Insurance is run by Dan Odobescu, the brother-in-law of former prime minister Adrian Nastase.
ASF started the financial recovery procedure at City Insurance, the fourth largest insurer on the local market (RON502 million turnover), in April 2016. (Adevarul)
Leu Continues Downward Trend Vs Euro And US Dollar After ChristmasThe Romanian leu kept losing ground against the euro on Tuesday as well and the central bank set the leu’s reference rate versus the euro at 4.5363 units, from 4.5309 units on December 23, 2016.
On Tuesday, the central bank also set the leu’s reference rate versus the US dollar at 4.3397 units, from 4.3368 units at the end of last week.
On June 24, 2016, the leu traded at 4.5366 versus the euro, after Britons’ vote to leave the European Union. (Evenimentul Zilei)
Energy Holding CE Hunedoara In Collapse After Postponed Insolvency The management of state-run energy holding Complexul Energetic Hunedoara (CEH) and trade union representatives will convene on Wednesday for talks regarding the company’s economic situation and to find solutions to continue its activity.The Hunedoara Court decided on Tuesday to suspend the suit in which CE Hunedoara filed for insolvency.
End-November 2016, CE Hunedoara filed for insolvency again, proposing a new judicial administrator, after Alba Iulia Court of Appeals rejected a similar request on November 8.
On December 28, 2015, CE Hunedoara’s Board of Directors decided to file for voluntary insolvency of the company, in an attempt to avoid bankruptcy. At that time, CE Hunedoara’s debts totaled RON1.2 billion. Board members said at the time that the voluntary insolvency measure is a form of protection against creditors which require foreclosure proceedings. (Puterea)
PSD Head Liviu Dragnea Threatens To Suspend President Klaus Iohannis Liviu Dragnea, head of the Social Democratic Party (PSD), threatened to have President Klaus Iohannis suspended after the latter declined to appoint Sevil Shhaideh as prime minister, as proposed by PSD which gained a comfortable majority in Parliament. “Just like the entire country, we too watched with stupefaction the President’s announcement, actually his response to our proposition for Prime Minister. Together with my colleagues we looked into the matter, trying to find the honest or constitutional reasons that may have stood behind this decision. We weren’t able to find any constitutional grounds. (…) In our opinion, this man wants to trigger a political crisis in Romania,” said Dragnea.Shhaideh was nominated last week by Dragnea who was legally unable to claim the prime minister position for himself because he was convicted for electoral fraud and given a two-year suspended jail sentence. If approved by the head of state and parliament, Shhaideh would have been the first woman and the first Muslim to serve in that capacity.
Iohannis did not say why he declined Shhaideh for prime minister but called on social democrats to propose someone else. (Adevarul)