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One year and a half ago the Romanian Government announced the first set of anti-crisis measures. I've considered them wrong and I estimated their effects will be opposite and will deepen the crisis, respectively I wrote several articles about it at that time. read more»
The European Union was born from a dream. Those who founded it were people with vision and high ideals, such as Robert Schumman, Kondrad Adenauer, Alcide de Gasperi or Jean Monnet. Their dream was continued by other visionaries: Edward Heath, Francois Mitterrand, Jacques Delors and Helmut Kohl.
The Europe they wanted was a Union of values, a strong area, united in diversity.
Is the Europe today the one they have dreamed to?
Last days news reveals us shocking information. Greece has publicly admitted that they provided false information to the European Union. Bulgaria succeeded in this series of disclosures, recognizing that they also provided false information to the Union regarding the actual level of its budgetary deficit. Certainly, in the coming weeks or months, other countries will be added to this list.
Trust between the Union states began to shake, and availability to offer support between the member states decreased substantially. read more»
Until few years ago, Romania was still full of tourists spending their holidays in Mamaia, Eforie, 1 Mai, and was welcoming them, in the specifically hospitality spirit with inflated prices, lowest quality service and forced smiles. We were enjoying it or, better, we had to enjoy it because we had no choice.
Today, the situation is different. Our Bulgarian neighbors saw that we have a problem and found a very suitable solution to our needs: they learn Romanian language or employed Romanian-speaking Bulgarians, they nicely smiled to foreign investors and now, the majority of Romanian tourists but not only, already changed the itinerary of their holiday to Bulgaria. Who has not heard of Golden Sands, Albena and Balchik? 1-0 for Bulgaria. read more»
Another turbulent year is closing. After a devastating 2009 for the economies of all countries in the region what interests us most now, as investors, is what will happen in 2010 and what evolution will have the economy of these countries in the year we're just about to enter.
The forecasts of the key financial and international institutions are not always in consensus and the estimations of the local governments are usually more optimistic than those of international institutions, mainly for elections PR reasons, so we will try to do a review as most complete as possible of these forecasts, including various points of view.
As average values, the contraction of the Eastern Europe economies in 2009 was estimated by BERD to 6.3%, respectively as by the estimations of the same international body, in 2010 we can expect an average increase of 2.5% of the Eastern European economies. read more»
As the global economic crisis was not enough for our economic situation, 2009 dealt a hard blow to all Romanian companies that are income tax payers, introducing a flat rate tax starting with 1st of May.
Due to this new legal provisions, each legal person has to pay a mandatory minimum income tax. In more concrete and less formal terms, "you must pay, no matter what". The reason why is very simple in the opinion of the people who proposed and voted this tax application law: read more»
Few months ago, the economic crisis was still, in the opinion of many, an excuse for companies to reduce costs, an "over-fed" issue by the press, a pretext for the Government not to increase the salaries in the budgetary sector, etc. Even among those who accepted the existence of a crisis, it dominated the view that it will be like a wave, which will last 5-6 months, will sweep some companies in the way, will sway some imbalances that were obvious to everybody, after which things will return "to normal" just as they were before.
Today no one doubts the reality and the depth of this crisis, that in fact affects all countries and all branches of economy at the same time, that it will be a lasting crisis and will take years for the things to return as they were in the summer of 2008. And in some fields maybe it will not ever return to those peaks. read more»
2009 started in Romania in force, with plenty of news.
Besides the economic crisis is being felt more and more, creating a turbulent economic environment, we have a new Government, which from the first steps took many decision, contested and generating multiple changes. Last but not least, from the 1st of January 2009 many legislative changes shall became effective, some already approved in previous years, but which take effect only after that date, others very fresh.
I will therefore try to review the main changes brought by the beginning of 2009 which are affecting the business environment. read more»
Already for many years now I handle negotiations with trade unions. Especially when related to renegotiations of collective labor agreements, but in many cases throughout the year. I had the opportunity to meet many representatives of trade unions and to negotiate with them. And I do not want to hide the fact that very often I felt frustration, because of the total unconstructive attitude of union's representatives, because the total lack of understanding of economic realities by some of these, but mostly because of a completely wrong understanding of the role that they should play as a Union…
The employer "must" give us! The employer "must" understand us! The employer was mostly for the trade unions the "black man" who should be charged for all our failures, who must solve all our problems, whether he has or not the capacity to do so. read more»
When this autumn began I wrote an article about “the news of the autumn”. And I was concluding that article saying that certainly it will not be a monotonous autumn, respectively that we will have many news, many challenges and most likely many opportunities well-matched to autumn’s colours.
Here we are, after just two months and this autumn has proven to be more different on economical level than previous ones. Moreover the crisis we have begun to enter has proven to be extreme and on global level, deeply shaking the entire international financial system and keeping to shake the global economy. Unfortunately this is not only an autumn crisis but a deeper one and with long-lasting effects. read more»
The summer just passed by, and we all prepare to enter in the autumn.
Autumn always inspires me a few words: plenty, wisdom, fulfillment… Still autumn means the beginning of the school, electoral campaigns, but also the main trends in the economy, those who we will give guidance for the upcoming year.
Therefore, let’s go to review what happened in the end of this summer, but also the main trends revealed by the beginning of the autumn.
Good news comes from the Ministry of Economy, who announce a record of the transitional period, namely: "Romania's economy grew by 8.6% in the first half of 2008, while the advance of the gross domestic product in the second quarter of the year was almost 9%”. read more»