GOVERNANCE | VAT reduction from 24% to 9% for basic foods will lead to lower prices for those products by 15% and significantly reduce tax evasion, according to representatives of employers in the industry. “The first effect would be to increase budget revenues. It will reduce tax evasion bread from 60%, as is currently at 15-20%”, Aurel Popescu, president of Rompan bakery told the Mediafax. Continue reading
ATHENS | The posibility of Greece leaving the euro area is actual in the beginning of the IMF mission, the EC and the ECB, if missing fiscal targets agreed by the Greek State will lead to blocking of external financing and bankruptcy. A mission from the European Commission, IMF and European Central Bank will arrive in Athens on Tuesday to determine how much Greece has deviated from the fiscal targets of the bailout agreement. Continue reading
BUCHAREST | Bucharest-Ploiesti motorway (A3) will not be open to traffic Saturday, the date set after several delays, according to the Minister of Transport, Ovidiu Silaghi, the new deadline being August 1, advanced by the authorities. On this date the authorities will allow traffic, but with speed restrictions until after some problems will be repaired. “Traffic safety does not allow us to let go of the traffic”, said Silaghi while visiting the construction site. Continue reading
PITESTI | Renault Group will invest this year over 250 million Euros in Romania and Dacia prepares Logan 2 launch in February, in a down market with zero profitability. Preparations for “Logan 2” are on track, the car will be launched later this year, said Constantin Stroe, vice president of Automobile Dacia.
Asked to what extent “Logan 2” will be similar to the current model, Stroe said he doesn’t like the term “Logan 2” and that there will be elements of resemblance, especially the mechanics, but “it is another car”. He said that to build a car requires a technological cycle of at least three years and a half.
BUCHAREST | The Bucharest Court admitted on Wednesday the opening of the general insolvency procedure for Hidroelectrica, lawyer Remus Borza, adding that the solution can be challenged to the Court of Appeal, but that it is enforceable. Continue reading
ATHENS | Greek citizens are closing their bank accounts, stocks on fuel and some have hired security guards before Sunday’s parliamentary elections, a vote considered crucial for the remaining of the country in the Eurozone, reports of the Wall Street Journal online edition wrote. Continue reading
HELSINKI | Finnish mobile phone maker Nokia plans to terminate up to 10,000 jobs and close new units, following a restructuring that stops advance losses. The units to be closed are located in Finland, Germany and Canada. The number of posts to be abolished is only about a fifth of the total, excluding a joint venture owned in partnership with Siemens. Continue reading