Growth in Romania is now expected at only 1.8% in 2023 as a whole, considering the slowdown in the first half of the year, according to a report published on Wednesday (Sept. 27) by the European Bank for Reconstruction and Development (EBRD). The London-based financial institution’s projection was downwardly revised from an initial 2.5% one in May. Romania’s economy proved resilient in
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Romania’s government is set to invest approximately RON 1.44 billion (€290 million), primarily sourced from the European Union budget, to revamp the Black Sea Port of Constanta, the country’s maritime gateway, amid surging traffic demands. The strategic investment includes infrastructure enhancements, such as rehabilitation of existing roads, water and sewerage infrastructure, and development of electricity distribution. The initial phase of the investment includes around €145
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Romania’s foreign exchange reserves (excluding gold) stood at EUR53.90 billion at the end of August 2023, compared to EUR 53.93 billion on 31 July 2023, the National Bank of Romania (BNR) data showed on Friday (September 1). Foreign exchange inflows totaled EUR1.932 billion last month, representing: changes in credit institutions’ foreign currency-denominated required reserves with the BNR; inflows into the Ministry of
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Both deposits and loans in the Cypriot banking system experienced a decrease last month, according to the August 2023 edition of ‘Monetary and Financial Statistics,’ published this week by the Central Bank of Cyprus (CBC). Total deposits in July 2023 witnessed a net decrease of €301.1 million, compared with a net increase of €399.2 million in June 2023. This shift was primarily
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Total global military expenditure increased by 3.7% in real terms in 2022, to reach a new high of $2.24 trillion. Military expenditure in Europe saw its steepest year-on-year increase in at least 30 years. The three largest spenders in 2022—the United States, China and Russia—accounted for 56% of the world total, according to new data published today by the Stockholm International Peace
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UK bank Standard Chartered chief executive Bill Winters said on Monday (April 25) that the banking sector may face new problems even as the immediate risks from last month’s market turmoil have faded. “I think we can put the crisis behind us. I don’t think we can put the issue behind us,” he told CNBC’s Joumanna Bercetche. Winters also said other issues
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Romania, Hungary and the Czech Republic are the European economies most vulnerable to a new rise in energy prices, according to the latest EY European Economic Outlook. “Our analysis shows that Europe is more vulnerable to a renewed increase in energy prices than other major economies, in particular the US. In the event of another spike in energy costs, the most adversely
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A growing list of foreign Governments are evacuating their diplomatic personnel and nationals from war-ravaged Sudan as fighting has entered into the second week. The United States, Canada, U.K., France, Germany, Italy and Spain have been evacuating diplomats and other nationals from the north-eastern African country in response to the deteriorating security situation there. A vicious power struggle between the Sudanese army
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Swiss lawmakers rejected on Wednesday the government’s 109 billion Swiss francs ($120.82 billion) aid for Credit Suisse’s merger with UBS. The government invoked Swiss emergency law to sign it off to the ire of the almost 250 lawmakers left without a say. A shotgun marriage that saw banking giant Credit Suisse taken over by Zurich-based rival UBS for 3 billion Swiss francs
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Brazil announced on Friday (April 7) its official return to the Union of South American Nations (UNASUR), from which it formally withdrew in April 2019. “As Brazil resumes its main international alliances, it will once again join the Union of South American Nations,” the country’s foreign ministry said in a statement. It added that the measure will take effect on May 6
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