● MONDAY, October 27

 Fuel prices go down 

A number of filling stations in Chisinau have posted lower prices for fuel. Gsoline and diesel oil were cheapened by about 0.50 lei. The gasoline coded 92 costs 17.92 lei per liter, while that coded 95 – 18.15 lei. The diesel fuel is sold for 17.05 lei per liter. The price of liquefied petroleum gas remained at the same level – 10.50 lei.

European Investment Bank opens office in Moldova 

The European Investment Bank (EIB) on October 27 opened an office in Chisinau to support business, develop contacts with the public and private sectors, and strengthen relations with promoters, partner banks and other international financial institutions in Moldova. EIB Vice-President Wilhelm Molterer said the opening of the EIB office in Moldova is the result of intense cooperation with the Moldovan Government. “Moldova is the No. 1 recipient of EIB loans among the Eastern Partnership countries in per capita terms and this is due to the fact that the Government of Moldova has a clear orientation, a set of clear principles: where investments are needed, where progress is necessary, where support for the economy is required,” he stated.

● TUESDAY, October 28

Tax discrepancy rose to 9% of GDP, “Expert-Grup” 

The share of the underground economy in Moldova has increased over the last decade, to 28% of the GDP in 2013. The tax discrepancy, which is the difference between the potential incomes from taxes and the real incomes collected by the competent authorities, last year rose to about 9% of the GDP or US$9 billion, shows the study “Tax Discrepancy – an invisible reality” that was presented by the Independent Analytical Center “Expert-Grup” on October 28. According to the independent experts, the tax collection role of the Sate Tax Service is not well-defined. “The Tax Code does not ensure the optimal regulation of taxation. The Code should cover all the taxes and duties, not only some of them. On the other hand, the State Tax Service does not have powers to investigate fiscal offenses and most of the materials sent by it to the law enforcement bodies produce no result,” said Dumitru Budeanschi, program director at “Expert-Grup”.

Farmers from northern Moldova stricken by frost 

The farmers from the northern districts of the country sustained considerable losses as a result of the severe frost of the last few days. While on a visit made to northern Moldova, Minister of Agriculture and Food Industry Vasile Bumacov ascertained that hundreds of hectares of apple orchards were affected by frost. Near Rudi village of Soroca district, fruit growers told the official that the apples in practically all the orchards where the harvest hasn’t been yet gathered got frozen. In one orchard alone, 1,500 tonnes of apples remained on the trees. In Ocnita district, in the agricultural farmstead that owns the largest areas of orchards, 120 hectares of apples were affected by frost. The losses amount to millions of lei.

● WEDNESDAY, October 29

 Moldova climbs to 63rd spot in Doing Business report 

A new World Bank Group report finds that in the past year Moldova made it easier for local entrepreneurs to do business by implementing regulatory reforms in the areas of starting a business and paying taxes. This year’s report ranks Moldova 63 out of 189 economies, a significant improvement of 19 places compared to the previous year. Romania is ranked 48th, while Ukraine – 96th. According to a press release of the World Bank, Moldova made starting a business easier by abolishing the minimum capital requirement. In addition, it made paying taxes easier for companies by introducing an electronic system for filing and paying social security contributions. On the other hand, it increased the minimum salary used for calculating the environmental tax liability, increased the employers’ health insurance contribution rate and introduced new filing requirements for value added tax. Areas where Moldova’s indicators are less favorable include construction permits, trade across borders and getting electricity.

Citizen intends to purchase over 50% of capital of EuroCreditBank 

Citizen Emmanuil Grinshpun asked the National Bank of Moldova to authorize him to purchase over 50% of the registered capital of BC EuroCreditBank SA. In a communiqué, the central bank says they haven’t yet started to examine the package because the applicant submitted not all the required documents. The potential buyer must prove that his financial situation allows him to contribute to ensuring the prudent and healthy management of the bank.

● THURSDAY, October 30

Entrepreneurs from Moldova and Romania meet at Crossborder Forum in Iasi 

Economic entities from Moldova and Romania came together at the Crossborder Business Forum in Iasi, where they were familiarized with the sectors with increased investment potential in the border region and business financing and supporting possibilities and took part in a business-to-business (B2B) session to establish new business contacts. Ana Mardare, project manager at the Business Consulting Institute, said this forum is the second one organized within the Competitiveness Enhancement through Human Synergy in the Border Region Project, the previous one being hosted by Chisinau on September 8. As part of the project, there were carried out sector studies in agriculture and food industry, transport, tourism, and consultancy. Based on these studies, there was worked out a strategy for attracting investments and an investor’s guide in the border area that was distributed to the participants in the event free.

Moldova is successfully implementing reform in energy sector with EU support 

Moldova needs to reform its energy sector in order to offset the lack of major internal resources. The projects supported and financed by the EU are implemented successfuly, reason for which some of them are extended with additional financing. The ways of modernizing the energy sector of the country include the integration into the European system, development of the national renewable sources of energy and improvement of energy efficiency. The issue was developed in a press club meeting entitled “EU assistance for Moldova in the energy sector – accomplishments, challenges and progress” that was staged by the EU Delegation to Moldova. Marina Botezatu, director general of the Economy Ministry’s Department for Energy Security and Efficiency, said that among the Government’s priorities are to integrate Moldova into the European energy market, to diversify the sources of natural gas and to increase the share of renewable sources of energy.

● FRIDAY, October 31

First biomass boiler of those intended for schools and nurseries tested 

Twenty-five schools and nurseries will be heated with biomass. On October 31, there was tested the first biomass boiler that was assembled at a company in Chisinau, with the assistance of engineers from Japan. The boilers are assembled within a project to the value of over US$12 million that is supported by the Government of Japan. The boilers will be delivered to schools and nurseries next spring. Attending the event, Prime Minister Iurie Leanca said that such projects help improve the living conditions in rural areas. “This grant will lead to enhanced conditions in 25 schools and nurseries of the country. The project contributes to the transformation, modernization and improvement of the conditions for children. By such modern equipment, we can see what renewable energy is and can reduce the dependence on traditional energy resources,” he stated.

● SATURDAY,  November 1

 Vasile Bumacov: Demand for biomass is not satisfied and continues to rise 

The demand for pellets in Moldova is not satisfied, while in the EU it increased owing to the crisis in Ukraine, which can cause an energy crisis, Minister of Agriculture and Food Industry Vasile Bumacov said in an event held to test the first biomass boiler assembled in Chisinau. The minister informed that a pellet plant will be built in Porumbeni village by next spring. Several more such plants will be probably erected because more households in Moldova decide to install biomass boilers, which are at least two times cheaper than the natural gas boilers.