Financial Press Review, 9 March

The Ziarul Financiar publishes an article entitled "New Labour Code to become law in one week. The Boc Government has assumed responsibility."

"The draft could make the labour market more flexible and lead to the creation of nearly 90,000 jobs, according to estimates of the Foreign Investors Council", the newspaper writes.

"The Government accepted only 8 amendments of the 144 submitted by the MPs, and the opposition has submitted a censure motion" that will be put to the vote next week.

According to the same newspaper, "the trade unions, the parliamentary opposition (with members of PSD - Social Democratic Party - being the most vehement) and, unexpectedly, part of the employers" associations are challenging" the alterations made to the new Labour Code.

The Curierul Naţional quotes Prime Minister Boc "No-confidence motion against Labour Code stands little chance."

The daily Bursa writes that "the new Labour Code will be as adopted if the no-confidence motion proposed by the opposition will be rejected by the Parliament."

The Ziarul Financiar opens today's issue with an article entitled "Top 100 exporters: only 7 Romanian companies are on list."

"Last year the first 100 exporters on the local market represented 53 percent of the total of exports. The final products exported were Dacia vehicles, Nokia phones, Beko refrigerators, Ford vehicles. (…) The top 100 was dominated by motor vehicle components producers. (…) The top 100 did not include any food producer, only cereal traders."

"Although having registered a significant development in 2010, exports did not manage to help economy emerge from recession. The percentage of exports in GDP does not exceed 30 percent", the newspaper points out.

Under the headline "No earthquake approaching, but fines are on the way", the Curierul Naţional writes that people who have not insured their houses until 15 January 2011, by sealing either a compulsory policy or an optional one, risk fines between 100 and 500 RON.

"However, according to a press release issued by the Minister of Interior at the end of last year the deadline was extended for another six months. (…) The Natural Disaster Insurance Pool officials claim that the announcement made by the Minister of Interior has no judicial power taking into account that the initial provisions were not modified by a law or emergency ordinance", the Ziarul Financiar writes.

"At present, 95 percent of houses are not insured", the Curierul Naţional writes as well.

"Apart from being fined, owners that choose not to insure their houses will not benefit from any compensation from the state or local budget for house damages in the event of any of the natural disasters described in Law. No 260/2008 – earthquake, landslide or flood", the newspaper reminds people.

Translated by: Raluca Mizdrea
MA Student, MTTLC, Bucharest University