The Romanian Government approved in its meeting earlier today (June 23rd) the emergency ordinance which expands the taxation base, according to Mediafax, quoting sources within the Government. The ordinance includes taxes for meal vouchers, gift and holiday vouchers starting July 1st this year. This is when the deductible expenses quota for intellectual property rights will go down to 20 percent of the gross revenues, half of the current quota. Revenues from gambling (including revenues from the lottery) will be taxed by 25 percent.

Media owner and journalist Dan Diaconescu has been taken into police custody for 29 days after having been accused of blackmail and threat by the Romanian Anti Corruption Body (DNA).

Dan Diaconescu, who owns OTV TV station, was accused of blackmailing and threating the mayor of Zarand locality in Arad county, Ion Mot. Diaconescu was previously a witness in a file submitted by Ion Mot against OTV anchor Doru Parv. Parv and Diaconescu had allegedly asked for EUR 200,000 not to broadcast compromising footage for Ion Mot. According to DNA, Mot has paid EUR 30,000 of this amount.

Former Economy minister Codrut Seres, member of the Conservative Party (PC) is the new president of media companies Antena 1 SA and Intact Production SA, according to Mediafax newswire. Seres is also a member of the board of Antena 3 SA. Seres has a four-year mandate at Antena 1 SA and joins other four members of the board: Sorin Oancea, George-Sorin Alexandrescu, Pompiliu-Sorin Stoian and Gabriel-Cristian Arsene.

A recent article published in the Financial Times points out the severe austerity measures which will be taken by the Romanian government and the social response to these measures, by comparison to EU standards. “Romania's austerity measures are severe, even by current European Union standards: a 25 per cent pay cut for the country's 1.4m public sector workers, 200,000 civil service job cuts, and a 15 per cent reduction in pensions and unemployment benefits,” writes the Financial Times.

Romanian media

Bechtel and Enka, EUR 800 mln revenues, EUR 60 mln profits for 42 km of highway - in Ziarul Financiar...

Telecom operator Vodafone has recently signed an agreement with local telecom dealer Fonomat, which used to be a dealer for competitor Orange until April this year and which will now become an exclusive Vodafone dealer. Fonomat, which runs 167 stores in Romania, will still run under its existing brand but will change the signage in its stores accordingly in the following period.

Fonomat's shareholder in private equity fund GED, which bought four GSM retail companies – Dasimpex, Plus GSM, GSM Land and Puls and re-united them under a new brand. Fonomat used to be the largest Orange dealer since April 2008.

The International Monetary Fund will evaluate Romania's economic performances as part of the ongoing stand-by agreement on its board meeting on June 28, according to the fund. The IMF board will decide whether Romania will get the fifth loan installment, pending on the implementation of the cost cutting measures the country has pledged to take. The state clerk salary and pensions cuts were among those measures. These cost cutting measures are expected to lead to a budget deficit of 6.8 percent of the GDP this year, higher than the previously agreed target of 5.9 percent.

Norwegian energy company Statkraft, which was looking for investment opportunities in Romania, has decided to pursue its investment plans elsewhere due to the unfavorable investment climate in Romania. Statkraft has chosen Albaine and Turkey for its up to EUR 1.3 billion investment projects, according to Mediafax quoting local company representatives.

Johann Lurf is the new president of Volksbank Romania, after having recently received the ok from the Romanian Central Bank (BNR). BNR has also given green light for Udo Birkner, who will be the bank's vice president.
Johann Lurf was named president of Volksbank in March this year, replacing Gerald Schreiner. Lurf used to head Volksbank's subsidiary in the Czech Republic. Schreiner had been at the helm of Volksbank Romania since 2006, after being the bank's VP for three years.

One of the early books, and for now, the first translated into English, of a wonderful Romanian writer, which was first published under the name “The Dream”- such a title as “Nostalgia” being unacceptable during Communism. The first edition also lacks an important short story, ”The Roulette Player”, for the same reasons of censorship. It also contains what is probably one of Cartarescu's best writings: REM.

The Romanian Government approved in its meeting earlier today (June 23rd) the emergency ordinance which expands the taxation base, according to Mediafax, quoting sources within the Government. The ordinance includes taxes for meal vouchers, gift and holiday vouchers starting July 1st this year. This is when the deductible expenses quota for intellectual property rights will go down to 20 percent of the gross revenues, half of the current quota. Revenues from gambling (including revenues from the lottery) will be taxed by 25 percent.

Media owner and journalist Dan Diaconescu has been taken into police custody for 29 days after having been accused of blackmail and threat by the Romanian Anti Corruption Body (DNA).

Dan Diaconescu, who owns OTV TV station, was accused of blackmailing and threating the mayor of Zarand locality in Arad county, Ion Mot. Diaconescu was previously a witness in a file submitted by Ion Mot against OTV anchor Doru Parv. Parv and Diaconescu had allegedly asked for EUR 200,000 not to broadcast compromising footage for Ion Mot. According to DNA, Mot has paid EUR 30,000 of this amount.

Former Economy minister Codrut Seres, member of the Conservative Party (PC) is the new president of media companies Antena 1 SA and Intact Production SA, according to Mediafax newswire. Seres is also a member of the board of Antena 3 SA. Seres has a four-year mandate at Antena 1 SA and joins other four members of the board: Sorin Oancea, George-Sorin Alexandrescu, Pompiliu-Sorin Stoian and Gabriel-Cristian Arsene.

A recent article published in the Financial Times points out the severe austerity measures which will be taken by the Romanian government and the social response to these measures, by comparison to EU standards. “Romania's austerity measures are severe, even by current European Union standards: a 25 per cent pay cut for the country's 1.4m public sector workers, 200,000 civil service job cuts, and a 15 per cent reduction in pensions and unemployment benefits,” writes the Financial Times.

Romanian media

Bechtel and Enka, EUR 800 mln revenues, EUR 60 mln profits for 42 km of highway - in Ziarul Financiar...

Telecom operator Vodafone has recently signed an agreement with local telecom dealer Fonomat, which used to be a dealer for competitor Orange until April this year and which will now become an exclusive Vodafone dealer. Fonomat, which runs 167 stores in Romania, will still run under its existing brand but will change the signage in its stores accordingly in the following period.

Fonomat's shareholder in private equity fund GED, which bought four GSM retail companies – Dasimpex, Plus GSM, GSM Land and Puls and re-united them under a new brand. Fonomat used to be the largest Orange dealer since April 2008.

The International Monetary Fund will evaluate Romania's economic performances as part of the ongoing stand-by agreement on its board meeting on June 28, according to the fund. The IMF board will decide whether Romania will get the fifth loan installment, pending on the implementation of the cost cutting measures the country has pledged to take. The state clerk salary and pensions cuts were among those measures. These cost cutting measures are expected to lead to a budget deficit of 6.8 percent of the GDP this year, higher than the previously agreed target of 5.9 percent.

Norwegian energy company Statkraft, which was looking for investment opportunities in Romania, has decided to pursue its investment plans elsewhere due to the unfavorable investment climate in Romania. Statkraft has chosen Albaine and Turkey for its up to EUR 1.3 billion investment projects, according to Mediafax quoting local company representatives.

Johann Lurf is the new president of Volksbank Romania, after having recently received the ok from the Romanian Central Bank (BNR). BNR has also given green light for Udo Birkner, who will be the bank's vice president.
Johann Lurf was named president of Volksbank in March this year, replacing Gerald Schreiner. Lurf used to head Volksbank's subsidiary in the Czech Republic. Schreiner had been at the helm of Volksbank Romania since 2006, after being the bank's VP for three years.

One of the early books, and for now, the first translated into English, of a wonderful Romanian writer, which was first published under the name “The Dream”- such a title as “Nostalgia” being unacceptable during Communism. The first edition also lacks an important short story, ”The Roulette Player”, for the same reasons of censorship. It also contains what is probably one of Cartarescu's best writings: REM.