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Zamolxis, Dacians and Romania

Romania’s ruling leftist alliance endorsed Prime Minister Victor Ponta’s candidacy in a Nov. 2 presidential election on Tuesday, with opinion polls showing him leading but not by enough to avoid a runoff ballot. Ponta, 41, the leader of the leftist Social Democrat Party, came to power in May 2012 in an alliance with the Liberal Party, toppling a centre-right government that undertook painful wage cuts and tax hikes at the height of the financial crisis. His liberal allies split from the coalition earlier this year to support their own presidential candidate. They then decided to merge with the Democrat Liberals, another centre-right opposition party. Analysts widely believe Liberal Party head Klaus Iohannis, 55, an ethnic German mayor of the Transylvanian city of Sibiu will emerge as the right’s candidate to face off with Ponta on Nov. 2. (via Reuters)

Romania’s ruling leftist alliance endorsed Prime Minister Victor Ponta’s candidacy in a Nov. 2 presidential election on Tuesday, with opinion polls showing him leading but not by enough to avoid a runoff ballot. Ponta, 41, the leader of the leftist Social Democrat Party, came to power in May 2012 in an alliance with the Liberal Party, toppling a centre-right government that undertook painful wage cuts and tax hikes at the height of the financial crisis. His liberal allies split from the coalition earlier this year to support their own presidential candidate. They then decided to merge with the Democrat Liberals, another centre-right opposition party. Analysts widely believe Liberal Party head Klaus Iohannis, 55, an ethnic German mayor of the Transylvanian city of Sibiu will emerge as the right’s candidate to face off with Ponta on Nov. 2. (via Reuters)

In a report published today, the Council of Europe’s anti-money laundering Committee (MONEYVAL) calls on the Romanian authorities to address important concerns in respect of key institutional players in the anti-money laundering field, notably the financial intelligence unit and supervisory authorities, and their enforcement results. (via Council of Europe: Romania doesn’t do enough against money laundering)

In a report published today, the Council of Europe’s anti-money laundering Committee (MONEYVAL) calls on the Romanian authorities to address important concerns in respect of key institutional players in the anti-money laundering field, notably the financial intelligence unit and supervisory authorities, and their enforcement results. (via Council of Europe: Romania doesn’t do enough against money laundering)

Online advertising will register a 14.6 percent compounded annual growth (CAGR) in the next four years, and could reach USD 141 million by 2018, according to PwC estimates. This makes online advertising the fastest growing segment of the Romanian media and entertainment market in the analyzed period. The internet access segment, which represents money spent by people and companies for internet access, including fixed broadband connections, mobile internet and internet apps, will have the second highest growth, with a 9.9 percent CAGR and could reach USD 1.18 billion by 2018. Internet access and online advertising will account for more than 40 percent of the Romanian media and entertainment market by 2014, with TV subscriptions trailing a distant second, with an estimated 612 million by 2018. Overall, the Romanian media and entertainment market will register a 5.2 percent CAGR, reaching USD 3.1 billion by 2018, according to this year’s edition of PwC’s study Entertainment and Media Outlook. (via ri)
“the smallest market in the region in terms of overall value, with USD 3.1 billion, compared with Russia (UAS 42 billion), Turkey (USD 17.5 bln), Poland (USD 12.6 bln), Czech Republic (6.5 USD bln), and Hungary (USD 3.2 bln).”

Online advertising will register a 14.6 percent compounded annual growth (CAGR) in the next four years, and could reach USD 141 million by 2018, according to PwC estimates. This makes online advertising the fastest growing segment of the Romanian media and entertainment market in the analyzed period. The internet access segment, which represents money spent by people and companies for internet access, including fixed broadband connections, mobile internet and internet apps, will have the second highest growth, with a 9.9 percent CAGR and could reach USD 1.18 billion by 2018. Internet access and online advertising will account for more than 40 percent of the Romanian media and entertainment market by 2014, with TV subscriptions trailing a distant second, with an estimated 612 million by 2018. Overall, the Romanian media and entertainment market will register a 5.2 percent CAGR, reaching USD 3.1 billion by 2018, according to this year’s edition of PwC’s study Entertainment and Media Outlook. (via ri)

the smallest market in the region in terms of overall value, with USD 3.1 billion, compared with Russia (UAS 42 billion), Turkey (USD 17.5 bln), Poland (USD 12.6 bln), Czech Republic (6.5 USD bln), and Hungary (USD 3.2 bln).”

In a well-lit office with red window frames in downtown Bucharest, Romania’s first bitcoin ATM attracts many who until it opened in May had to buy or sell the digital currency face-to-face or through wire transfers. The interest in bitcoin in Romania stands out in a region where national currencies are widely seen as poor substitutes for the euro. Tech-savvy and still deeply distrustful of officialdom 25 years after the end of communism, many Romanians are unfazed by warnings about the cryptocurrency. (via FEATURE-Bitcoin catches on in tech-savvy Romania | Reuters)
In the western town of Oradea, 370 miles (595 km) away from the capital, the first bitcoin exchange in the country has drawn more than 2,000 clients in the seven months since it opened, with transactions totalling 5.12 million lei ($1.57 million).
But Romania ranks as the European Union’s second-poorest state and among the weakest in collecting taxes and fighting fraud, making it poorly equipped to manage the bitcoin. Bitcoin is still an infant in Europe relative to the United States, where hundreds of start-ups backed by some Wall Street traders and venture capitalists have propelled consumer and media interest. Activity in virtual currencies around Europe is concentrated in London, Amsterdam and Berlin.
"It is an industry in its early stages," said George Rotariu, who opened the ATM in Bucharest in collaboration with Vancouver-based Bitcoiniacs and plans to expand to more Romanian cities. "You need a legislative framework to supply services or have a business in this field," he said. "We groped around in the legislation and interpreted some policies," said Horea Vuscan, a local politician who owns the Oradea bitcoin operator BTCXchange. "We are now in talks with officials because I don’t know where we fit in, a bourse, bank, money transfer firm."
In July, the European Banking Authority, the EU’s banking watchdog, urged national policymakers to discourage credit and payment institutions from buying, holding, or selling virtual currencies pending a regulatory framework. ”Using bitcoin in Romania is not regulated and carries very large risks,” said the Romanian Financial Supervision Authority (ASF). “The risk of fraud is also not to be ruled out.” It said the industry “would need to have a visible economic significance in Romania, which it does not”, before regulation is considered, adding it would enforce any EU-approved rules. Some EU states, including Finland, the United Kingdom, Germany or Poland have found ways to tax bitcoin transactions. But Romania collects just under 60 percent of its regular tax goal. That amounts to roughly 33 percent of economic output, well below the bloc’s 46 percent average.
"I want to bring bitcoin to street level, I want everyone to have a phone app where they keep their coins and use it everywhere, in coffee shops, restaurants, grocery shops, just like a regular wallet," BTCXchange owner Vuscan said. But before it can gain greater traction, bitcoin needs to address its volatility; it has swung from 1,170 lei ($370) to 3,406 lei ($1,100) this year, according to Oradea’s BTCXchange.
Bitcoin’s rise in Romania is partially due to its status as one of Europe’s active technology hubs. The country has attracted investors including Oracle, IBM and Intel. But while Romania boasts pockets of super-fast internet networks, only 58 percent of households have internet access, below the EU average. A 2012 Verizon report also said Romania was the world’s second-biggest hacking centre after China.

In a well-lit office with red window frames in downtown Bucharest, Romania’s first bitcoin ATM attracts many who until it opened in May had to buy or sell the digital currency face-to-face or through wire transfers. The interest in bitcoin in Romania stands out in a region where national currencies are widely seen as poor substitutes for the euro. Tech-savvy and still deeply distrustful of officialdom 25 years after the end of communism, many Romanians are unfazed by warnings about the cryptocurrency. (via FEATURE-Bitcoin catches on in tech-savvy Romania | Reuters)

  • In the western town of Oradea, 370 miles (595 km) away from the capital, the first bitcoin exchange in the country has drawn more than 2,000 clients in the seven months since it opened, with transactions totalling 5.12 million lei ($1.57 million).
  • But Romania ranks as the European Union’s second-poorest state and among the weakest in collecting taxes and fighting fraud, making it poorly equipped to manage the bitcoin. Bitcoin is still an infant in Europe relative to the United States, where hundreds of start-ups backed by some Wall Street traders and venture capitalists have propelled consumer and media interest. Activity in virtual currencies around Europe is concentrated in London, Amsterdam and Berlin.
  • "It is an industry in its early stages," said George Rotariu, who opened the ATM in Bucharest in collaboration with Vancouver-based Bitcoiniacs and plans to expand to more Romanian cities. "You need a legislative framework to supply services or have a business in this field," he said. "We groped around in the legislation and interpreted some policies," said Horea Vuscan, a local politician who owns the Oradea bitcoin operator BTCXchange. "We are now in talks with officials because I don’t know where we fit in, a bourse, bank, money transfer firm."
  • In July, the European Banking Authority, the EU’s banking watchdog, urged national policymakers to discourage credit and payment institutions from buying, holding, or selling virtual currencies pending a regulatory framework. ”Using bitcoin in Romania is not regulated and carries very large risks,” said the Romanian Financial Supervision Authority (ASF). “The risk of fraud is also not to be ruled out.” It said the industry “would need to have a visible economic significance in Romania, which it does not”, before regulation is considered, adding it would enforce any EU-approved rules. Some EU states, including Finland, the United Kingdom, Germany or Poland have found ways to tax bitcoin transactions. But Romania collects just under 60 percent of its regular tax goal. That amounts to roughly 33 percent of economic output, well below the bloc’s 46 percent average.
  • "I want to bring bitcoin to street level, I want everyone to have a phone app where they keep their coins and use it everywhere, in coffee shops, restaurants, grocery shops, just like a regular wallet," BTCXchange owner Vuscan said. But before it can gain greater traction, bitcoin needs to address its volatility; it has swung from 1,170 lei ($370) to 3,406 lei ($1,100) this year, according to Oradea’s BTCXchange.
  • Bitcoin’s rise in Romania is partially due to its status as one of Europe’s active technology hubs. The country has attracted investors including Oracle, IBM and Intel. But while Romania boasts pockets of super-fast internet networks, only 58 percent of households have internet access, below the EU average. A 2012 Verizon report also said Romania was the world’s second-biggest hacking centre after China.
Tagged with:  #romania  #bitcoin  #atm  #robocoin
Recent news that JP Morgan will include Romanian debt on an index for investment-grade states has fuelled demand at tenders this week and the last, and supported the Romanian leu currency. So far this year, Romania sold 25.8 billion lei and 700 million euros in domestic debt tenders, and tapped foreign markets in the first half. (via Romania plans to issue debt worth 2.9 bln lei in August | Reuters)

Recent news that JP Morgan will include Romanian debt on an index for investment-grade states has fuelled demand at tenders this week and the last, and supported the Romanian leu currency. So far this year, Romania sold 25.8 billion lei and 700 million euros in domestic debt tenders, and tapped foreign markets in the first half. (via Romania plans to issue debt worth 2.9 bln lei in August | Reuters)

Tagged with:  #jp morgan  #romania  #investment
The number of dwelling permits issued rose 7.3 percent year-over-year to 3,824 in June from the corresponding month of the previous year. From May, the number of permits grew 6.6 percent. The number of permits issued for urban dwellings increased to 1,597 in June from 1,351 in May. Meanwhile, permits for dwellings in rural areas decreased slightly to 2,227 in July from 2,235 in the previous month. Rural areas account for 58.2 percent of total dwelling permits issued in June. During the first half of the year, the number of residential building permits issued grew 2 percent annually to 17,749. (via Romania June, H1 Dwelling Permits Rise)

The number of dwelling permits issued rose 7.3 percent year-over-year to 3,824 in June from the corresponding month of the previous year. From May, the number of permits grew 6.6 percent. The number of permits issued for urban dwellings increased to 1,597 in June from 1,351 in May. Meanwhile, permits for dwellings in rural areas decreased slightly to 2,227 in July from 2,235 in the previous month. Rural areas account for 58.2 percent of total dwelling permits issued in June. During the first half of the year, the number of residential building permits issued grew 2 percent annually to 17,749. (via Romania June, H1 Dwelling Permits Rise)

The latest version of the Fiscal Code shows that the Government wants to increase its revenue from building taxes and will base them on market value as a result. (via Romania contemplates radical change in tax for company buildings)
The market for office space leases increased by 27 percent in the first half of 2014 compared to the same period last year in Romania, to a total of 132,000 sqm, according to data released by ESOP Consulting.
This is the second consecutive year when the market for office space leases sees an increase. The main driver for the market were relocations, which increased by 61 percent, to a total of 106,750 sqm, as opposed to the renewals of existing contracts, which dropped by 33 percent, to 25,260 sqm.
The largest volume was made in large transactions of more than 3,000 sqm, which represented 44 percent of the total market volume in the first six months, more than double compared to the same period last year when small transactions made the largest volumes.

The latest version of the Fiscal Code shows that the Government wants to increase its revenue from building taxes and will base them on market value as a result. (via Romania contemplates radical change in tax for company buildings)

  • The market for office space leases increased by 27 percent in the first half of 2014 compared to the same period last year in Romania, to a total of 132,000 sqm, according to data released by ESOP Consulting.
  • This is the second consecutive year when the market for office space leases sees an increase. The main driver for the market were relocations, which increased by 61 percent, to a total of 106,750 sqm, as opposed to the renewals of existing contracts, which dropped by 33 percent, to 25,260 sqm.
  • The largest volume was made in large transactions of more than 3,000 sqm, which represented 44 percent of the total market volume in the first six months, more than double compared to the same period last year when small transactions made the largest volumes.
Volksbank Romania, controlled by Austria’s partly nationalised lender Volksbanken AG , has sold 495 million euros ($664.98 million) worth of non-performing loans at an undisclosed discount, it said on Monday. The loans were sold to a consortium made of Deutsche Bank, AnaCap Financial Partners LLP, H.I.G Capital International Advisers and APS Holding SE. It lowered the loss-making bank’s ratio of non-performing loans to 8 percent, three times below the average in Romania’s banking system [22%]. The bank’s non-performing loans totalled about 599 million euros at the end of 2013. Parent Volksbanken AG needs to sell its 51 percent stake in its Romanian banking business - which it has entirely written down - by the end of 2015, as one condition of the state support it received at the height of the financial crisis. (via Volksbank Romania sells 495 mln euros of non-performing loans | Reuters)

Volksbank Romania, controlled by Austria’s partly nationalised lender Volksbanken AG , has sold 495 million euros ($664.98 million) worth of non-performing loans at an undisclosed discount, it said on Monday. The loans were sold to a consortium made of Deutsche Bank, AnaCap Financial Partners LLP, H.I.G Capital International Advisers and APS Holding SE. It lowered the loss-making bank’s ratio of non-performing loans to 8 percent, three times below the average in Romania’s banking system [22%]. The bank’s non-performing loans totalled about 599 million euros at the end of 2013. Parent Volksbanken AG needs to sell its 51 percent stake in its Romanian banking business - which it has entirely written down - by the end of 2015, as one condition of the state support it received at the height of the financial crisis. (via Volksbank Romania sells 495 mln euros of non-performing loans | Reuters)

A joint mission of Romanian and US inspectors is to make observation flights over the territory of Russia and Belarus in the period July 28 – August 1. The mission is conducted within the frame of the Open Skies Treaty. The observation flights will be done on a Romanian reconnaissance aircraft Antonov An-30, Sergei Ryzhkov, head of the Russian National Center for Reducing Nuclear Threat said, as cited by Itar-Tass. The aircraft and the installed monitoring devices received international certificate guaranteeing that all equipment is in accordance with the Treaty. The Open Skies Treaty was signed in 1992, and it currently has 34 member states. The key tasks of the Treaty are the development of transparency, monitoring the fulfillment of arms control agreements, the prevention and control of crisis situations within the Organization for Security and Cooperation in Europe (OSCE) and other international organizations. (via Romania, US to Launch Observation Flights over Russia, Belarus - Novinite.com - Sofia News Agency)

A joint mission of Romanian and US inspectors is to make observation flights over the territory of Russia and Belarus in the period July 28 – August 1. The mission is conducted within the frame of the Open Skies Treaty. The observation flights will be done on a Romanian reconnaissance aircraft Antonov An-30, Sergei Ryzhkov, head of the Russian National Center for Reducing Nuclear Threat said, as cited by Itar-Tass. The aircraft and the installed monitoring devices received international certificate guaranteeing that all equipment is in accordance with the Treaty. The Open Skies Treaty was signed in 1992, and it currently has 34 member states. The key tasks of the Treaty are the development of transparency, monitoring the fulfillment of arms control agreements, the prevention and control of crisis situations within the Organization for Security and Cooperation in Europe (OSCE) and other international organizations. (via Romania, US to Launch Observation Flights over Russia, Belarus - Novinite.com - Sofia News Agency)

Tagged with:  #open skies  #nato  #russia  #belarus  #romania
Bestjobs and Hipo.ro, two of the biggest online recruitment plafroms in Romania, report that companies posted 25 percent more wanted ads in the first six months of the year, while eJobs says that there hasn’t been that much of a change compared to the first semester of 2013. eJobs saw 70,000 job openings posted in 2014 so far, while Bestjobs reported 41,000 new ads and Hipo.ro over 5,000. (via Romania: Job sites see a 25% increase in job postings)

Bestjobs and Hipo.ro, two of the biggest online recruitment plafroms in Romania, report that companies posted 25 percent more wanted ads in the first six months of the year, while eJobs says that there hasn’t been that much of a change compared to the first semester of 2013.
eJobs saw 70,000 job openings posted in 2014 so far, while Bestjobs reported 41,000 new ads and Hipo.ro over 5,000. (via Romania: Job sites see a 25% increase in job postings)

Tagged with:  #romania  #ejobs  #job  #employment  #unemployment