Press Review - December 20, 2017

12.20.2017 By Oana Gavrila

Bucharest’s Largest Park To Be Renamed After Former King Michael

Bucharest’s General Council on Tuesday decided to rename the city’s largest park, Herastrau, after former monarch King Michael.

The proposal to rename Herastrau to “King Michael Park” had been put forward by Mayor Gabriela Firea and received 39 favorable votes, while 12 councilors abstained.

The council further approved a similar proposal, in which a segment of the Pavel Dimitrievici – Kiseleff Road would be renamed to “Boulevard King Michael I of Romania”.

The liberal councilors argued the former monarch’s memory deserves to be honored due to the role he played in World War II.

Romania’s former monarch King Michael I was the country’s last king and died on December 5 at his residence in Switzerland aged 96. The former sovereign was suffering from leukemia and a form of skin cancer.

He was buried on December 16 at the New Cathedral in Curtea de Arges, a traditional burial place for Romanian monarchy.

Bucharest City Hall Borrows RON555M to Refinance Public Debt

The Bucharest City Hall will borrow RON555 million lei to refinance its local public debt from a bond issue launched in 2005.

The city council decided Tuesday to contract a loan for a 20-year period.

In 2005, Bucharest City Hall raised EUR500 million selling euro-bonds with ten-year maturity on international markets. It refinanced this debt in 2015.

European Commission to Investigate Ikea's Taxes

The European Commission is to open an in-depth investigation into Ikea's corporate tax structure.

The Commission said Dutch-based Inter Ikea, one of the Swedish giant's two divisions, may have been given unfair tax advantages by the Netherlands.

European Competition Commissioner Margrethe Vestager said all firms "big or small, multinational or not, should pay their fair share of tax".

The EU will look at whether Ikea's tax affairs breach EU rules on state aid.

Under EU law, member states cannot give selective tax benefits to multinational groups that are not available to other firms.

"The Commission has concerns that two [Dutch] tax rulings may have given Inter Ikea Systems an unfair advantage compared to other companies," it said.

A spokesman for Inter Ikea Group said the way it had been taxed "has in our view been in accordance with EU rules. "It is good if the investigation can bring clarity and confirm that." 

EU Court of Justice to Decide on Uber Status

The European Court of Justice is expected to rule whether Uber is merely a digital company or one providing transport services.

A potential ruling that Uber is a transport company would give local authorities in the EU a green light to regulate the company more like a traditional taxi company, with obligations ranging from licensing to insurance.

Uber, which has clashed with local and national regulators in Europe since its launch there six years ago, says it is simply a digital app which acts as an intermediary between drivers and customers looking for a ride.

“Any ruling will not change things in most EU countries where we already operate under transportation law,” a spokeswoman for Uber said.

Former Tel Drum Administrator Marian Fiscuci Indicted Alongside Ex-MP

Romania's anticorruption department on Tuesday indicted businessman Marian Fiscuci, former manager of Tel Drum, and former MP Adrian Simionescu for tax evasion.

Anticorruption prosecutors have frozen the suspects' assets and the case will be tried by the High Court of Justice.