Press Review - June 30, 2017

06.30.2017 By Oana Gavrila

Fin Min Says Romania to Eliminate Mandatory Private Pensions; PM Denies

Romania's proposed finance minister Ionut Misa said Thursday the government will eliminate the mandatory private pension system known as Pillar II. The prime minister later denied any such plans.

He said contributors will be able to choose whether to add their contributions to the state pension system or to a voluntary private pension fund (Pillar III).

Misa said the mandatory private pension system will be eliminated towards the end of this year.

Misa later took back his comments saying he misinterpreted the question.

Mandatory private pension funds in Romania (Pillar II) had assets of RON31.47 billion at the end of 2016.

Back in April, Romania's financial authority on fined perivate pension fund NN Pensii RON175,000 for e-mailing its clients to warn about potential political decisions that would affect their savings, such as freezing contributions and even nationalizing private pensions.

Transport Minister Promises 90 Km of Highway Ready this Year

Transport minister Razvan Cuc said Thursday he would personally supervise highway works this summer and ensure they are ready by the end of the year.

Cuc said 90 km of highway would be completed this year.

He added projects will start this year for the construction of 600 km of highways. (puterea.ro)

Bucharest Stocks Drop as Govt Reveals Plans to Change Taxation

The Bucharest Stock Exchange's blue-chip BET index dropped 2.7% Thursday after the social democrat government announced plans to overhaul the country's taxation system.

The government plans to do away with the 16%  tax on profit and replace it with a revenue tax, postpone a one-point VAT cut to 2019.

The finance minister said Thursday the government panned to ditch the mandatory private pension system by the end of the year, but later retracted that statement. (gandul.info)

Heatwave Crosses Romania This Weekend

Meteorologists announce extremely hot temperatures for Friday and Saturday throughout most of the country.

Temperatures are seen rising to 40 degrees Celsius and will not drop below 20 degrees Celsius at night.

Twenty-five counties and capital Bucharest are under orange code advisory for heat and seven other counties are under yellow code advisory Saturday. (puterea.ro)

Halep Loses to Wozniacki in Eastbourne Quarterfinal

Romanian tennis player Simona Halep on Thursday faltered in her quarterfinal match in Eastbourne.

Up a set and 3-0, she would lose the match, 5-7, 6-4, 6-1. All week long, the Romanian has been trying to find her feel on grass, dropping the opening sets in three-set wins over Ying-Ying Duan and Tsvetana Pironkova. 

The world No. 2's loss to Wozniacki went down a similar path to her heartbreaking loss to Jelena Ostapenko in the Roland Garros final.

Both Halep and Wozniacki were playing in their second matches of the day thanks to rain in Eastbourne. (gandul.info)