Annual Leave, Mandatory According To New Labor Code Provisions
Employees will be entitled to minimum 20 days of annual leave even if they had previously been subject to sick leaves, according to the new stipulations in the Labor Code, promulgated by President Klaus Iohannis.
Moreover, employees who do not manage to benefit from the entire annul leave will be able to recover it within the next 18 months. According to the legislation, the right to minimum 20 days of annual leave is guaranteed to all employees and cannot be subject to transfers, waivers or restrictions. (Puterea)
UniCredit Bank Austria Posted EUR1.6B Loss In 2013
Austrian banks’ ties with central and eastern European neighbors provided years of profits when they moved in quickly after the fall of the Soviet Union, according to a Reuters analysis.
But Ukraine’s conflict with Russia, political turmoil in Hungary and sluggish Romanian growth led to a series of profit warnings, exposing risk management failings.
UniCredit Bank Austria, the Austrian bank with the biggest exposure to CEE, posted a EUR1.6 billion loss in 2013, due to decline in Ukraine and Kazakhstan, and said it is starting to optimize its portfolios gradually, according to Reuters.
This month, Raiffeisen Bank International also said all its businesses were under review and it will decide by mid-2015 whether to exit a market or two. (Romania Libera)
BNR: A Conversion Of Swiss Franc Loans Into Leu, Not Beneficial
Romania’s central bank says a conversion of loans in Swiss francs into Romanian leu would not be beneficial under the current circumstances.
Adrian Vasilescu, counselor of BNR governor, told RFI that Romanians did not take into account the institution’s warnings and 75,000 people took loans in Swiss francs. Still, their number could have been higher but, starting with 2003, BNR issued annual regulations which hindered the soaring of Swiss franc loans. (Evenimentul Zilei)
Agriculture Specialists: Fruit Farming Needs Urgent Investments
Romanian agriculture specialists warn that fruit farming needs urgent investments, which might come from European funds.
According to statistics for Romania, European funds for agriculture were mainly spent by the viticulture sector. According to RFI, the funds were used for the planting of 32 hectares of internationally acknowledged vine. (Adevarul)
PNL Sues PM Victor Ponta For Abuse Of Office
Mihai Seplecan, executive co-president of National Liberal Party (PNL) Cluj on Tuesday sued Prime Minister Victor Ponta for abuse of office.
The PM is accused of not organizing elections for the presidency of Cluj County Council after the resignation of Horea Uioreanu. Seplecan said Ponta was already notified to observe the law and take the necessary steps to organize partial elections for the position of Cluj County Council president. (Puterea)