Weather Stays Cold Until Friday
The weather remains cold until Friday morning (10 a.m.), according to a weather report issued by the National Meteorological Administration.
Between October 6 (10:30 a.m.) and 7 (10 a.m.), there will be rain on extended areas in the regions of Maramures, Crisana, and in north-western Transylvania. The amount of water is expected to exceed 15 liters per square meter, locally, and 25 — 30 liters per sqm in some areas.
Snow will be piling up in the mountains and the wind will blow hard in north-western regions, especially in mountainous areas, reaching 65 – 70 km per hour. (Adevarul)
Electricity And Thermal Power Producer ELCEN Goes Insolvent
Bucharest Court on Thursday admitted the insolvency request filed by state-run electricity and thermal power producer Electrocentrale Bucuresti (ELCEN); KPMG Restructuring was appointed as temporary judicial administrator.
The Board of Directors of Electrocentrale Bucuresti decided to file for insolvency on September 22, due to the financial situation of the company.
ELCEN debts total approximately RON1.6 billion, while the debts of heating distributor RADET to ELCEN exceed RON3.9 billion.
RADET, in charge with heating supply in capital Bucharest, also went insolvent Wednesday. (Adevarul)
Banks Obliged To Provide Transparent And Complete Offers To Customers
A European Directive transposed into Romanian legislation changes the rules between banks and customers.
Customers will have new rights regarding early loan repayment and the variation of interest rates and they must also get correct information.
The new regulations, which became effective a week ago, through Emergency Ordinance no. 52/2016, targets mortgage lending contracts. The law is not retroactive, which means it applies only for future contracts. However, banks will have to find solutions for existing clients as well, especially those who are facing payment difficulties.
The provisions forbid banks, among others, to raise fees or introduce new ones for ongoing contracts, to impose fees for the payment of loan instalments, the withdrawal of borrowed amounts or for rescheduling of payments. Banks are also banned from raising the interest margin or the fixed interest rates, for ongoing lending contracts. Customers have the right to fully or partially reimburse the loan before the contract expires and the creditor has no right to impose penalties or other compensations in case of early loan repayment. (Evenimentul Zilei)
Energy Ministry Says National Uranium Company Is On The Right Track
Romanian authorities found a way to save the National Uranium Company, one of Romania’s most important and precious resources.
Although a bit too late, the company, which is facing major economic and financial problems, will receive state aid of RON62 million for a six-month period.
„We are hoping this financial aid will revive the company. In the best case scenario, production will be resumed. We cannot say what will happen with the restructuring program, as regards the employees. Romania’s uranium ore deposits are close to depletion is it is necessary to set off a new project. One is for sure, however, that the company is on the right track,” Energy Ministry representatives stated.
The government said in a statement the state aid would be granted in two tranches of RON47.2 million and RON14.8 million, respectively, based on an economic-financial analysis. Financing for the state aid will be covered from the state budget, through the Energy Ministry’s budget. (Puterea)
PM Ciolos: It Hurts To See No One Trusts No One In Romania
Prime Minister Dacian Ciolos on Thursday said it ”hurts” to see that no one trusts no one in Romania and everybody starts from the presumption of lie.
“After four and a half years in Brussels, even if I wasn’t disconnected from what happens in the country, but after I came back home and especially since I assumed this responsibility, this is the thing that hurts me probably the most and which I felt the most – the lack of confidence. No one trusts no one, because too many times they were told one thing, those who said certain things changed their mind or didn’t even have the intention from the very beginning to do that job. And then everybody starts from the presumption of lie. The one who tells me something is lying, is not telling me the truth, therefore I must interpret otherwise what it is told,” Ciolos stated.
Ciolos pointed out that very much energy is lost “on all kind of disputes, doubts.” (Puterea)