3 August, 2016

Romania plans mourning day for Queen Anne, Romanian banks show record profitability

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Florentin Căpitănescu, 03.08.2016, 11:59

MOURNING — The government in Bucharest discusses today a draft executive order to declare August 13 a national day of mourning. This is the day when Queen Anne will be laid to rest. She was the consort of King Michael I, the last king of Romania. According to the schedule issued by the Romanian royal house, the coffin will first be taken to Peles Caste in Sinaia, the former royal summer residence, then to Bucharest, to the Throne Room of the former Royal Palace. The funeral is scheduled for 13 August at the Curtea de Arges Monastery, the necropolis of Romanian royalty. The royal family has announced they would be in deep mourning for seven days after the funeral, and mourning for 40 days. Three books for mourners will be available for 40 days. One is at Peles Castle, and two in Bucharest. President Iohannis and premier Ciolos, Patriarch Daniel, head of the Orthodox Church, as well as political leaders and public figures, have transmitted condolences. Former president Emil Constantinescu has also sent condolences. Back in 1996, he was the first Romanian leader to issue the royal couple passports.

ECONOMY — Retail in Romania is up 16% in June as compared to the same month in 2015, the highest growth in an EU member country, according to Eurostat. Retail has grown in the EU by 2.4%. At the same time, Romanian banks are among the most profitable in Europe. According to the European Banking Authority, Romanian banks in the first quarter registered an average profitability of 13.5%, as compared to the European average of almost 6%. Economists say this happens because guarantees and interest rates are 50% higher in Romania than in the rest of Europe. Romanian banks have registered profits of over one billion lei in the first three months of the year, the equivalent of 222 million Euro.

TRANSPORTATION — Road transporters in Romania hold talks with the government about insurance costs. Employer associations in transportation have called on the government to freeze rates at the level they were in June, 8,500 lei per year for a truck (around 2000 Euro) and 3,000 lei per year (around 700 Euro) for a coach. If an agreement is not reached, transporters threaten national protests in September. In related news, 155 employers working in two mines in western Romania, which are set to close in two years time, were announced they would be laid off. The miners will receive compensation in various forms for two years, in addition to unemployment benefits.

FOOTBALL – Romanian champions Astra Giurgiu and vice-champions Steaua Bucharest today play their fixtures, which are crucial in the Champions League’s third preliminary round. Astra travel to Denmark for their fixture against FC Copenhagen, following a 1-all draw on home turf, while in Bucharest, Steaua take on Czech contenders Sparta Prague, after a 1-all draw in the first leg of the tie, away from home. In Europa League’s third preliminary round, Pandurii Targu Jiu and Viitorul Constanta sustained severe first leg defeats. On home ground, Israel’s Maccabi Tel Aviv overpowered Steaua, 3-1, while Belgium’s Gent trounced Viitorul Constanta, 5-nil. Another Romanian squad, CSMS Iasi was ousted from the Europe League’ s second preliminary round by Croatia’s Hajduk Split.

US MEETING — The interim speaker of the Chamber of Deputies in Bucharest, Florin Iordache, and Romanian Ambassador to Bucharest, Hans Klemm, discussed on Tuesday the Strategic Partnership between the two countries. On this occasion, Iordache said that the partnership, in place since 1997, could expand to cover the economy, cybersecurity and science. The Romanian official said that Romania was a staunch ally of the US, and a pillar of security in the region. The American diplomat saluted Romanias contribution to regional and global security, its economic growth, and the increasingly successful fight against corruption. According to the US Embassy, the two officials have scheduled periodic meetings.