● MONDAY, August 1
Amounts collected by Customs Service up about 10%
The amounts collected by the Customs Service in the first half of this year rose by about 10%. Of the total sum collected, 7.602 billion lei represented import duties, which increased by 684 million lei compared with the corresponding period last year. The data were presented in a summing up meeting. The rise in the collected amounts and in the customs fraud discovery rate and the professionalization of the customs system employees are among the main reported results. The Customs Service also instituted rigorous control over brokerage activity and bonded warehouses where particular violations were discovered. More than 2,000 attempts to violate the customs legislation were discovered in the first six months of this year. The customs fraud discovery rate rose by 55% compared with the corresponding period last year. Among the most frequent violations are the smuggling of tobacco products, non-declaration of property or diminution of value of goods in customs.
● TUESDAY, August 2
Province from China interested in Moldova’s exports
A delegation of businessmen from the Chinese province Jiangsu expressed its interest in starting relations of cooperation with Moldovan entrepreneurs. Within a visit to the Chamber of Trade and Industry, the Chinese businessmen expressed interest in importing Moldovan wine products. The sides discussed the prospects of signing an inter-chamber agreement so as to facilitate the common activities such as economic missions, exhibitions and projects. The head of the Chamber of Trade and Industry Sergiu Harea underlined that the Chinese market is important for the export of Moldovan products. He invited the Chinese businessmen to take part in the exhibition “Made in Moldova” that is annually held in February, where products and services from all the sectors of the national economy are exhibited. Forums, discussions and bilateral business meetings are staged within it.
● WEDNESDAY, August 3
Foreign trade of Transnistria 25% down
According to the situation on August 1, 2016, the foreign trade of the Transnistrian region decreased by 25% compared with the similar period last year. Imports fell by 31%, while exports by 12%. The local press reported that the so-called leader of the Transnistrian executive Pavel Prokudin called an emergency meeting to discuss the economic situation. In this, it was announced that the industrial output declined by over 9% on last year.
Assets of IP companies with public capital to be sold by direct negotiations
The Government approved amendments to the regulations concerning the method of selling the unused assets of companies. These provide that the assets of commercial organizations with complete or majority public capital operating within Industrial Parks (IP), which are leased out to parks, will be sold by direct negotiations. The direct negotiations will be staged by the same special commission that deals with the organization of contests to choose resident companies and investment projects for the park.
Sugar beet harvest expected to be higher than last year
The State Hydrometeorological Service forecasts an average sugar beet harvest of 25-28 tonnes/ha this year, as opposed to 22-25 tone/ha last year. At the same time, the Ministry of Agriculture anticipates a higher harvest, of 31 tonnes per hectare. As many as 537,000 tonnes of sugar beet were harvested last year. The largest harvest was gathered in 2014, when it totaled over 1.3 million tones and 50 tonnes per hectare. The lowest sugar beet harvest was recorded in 2009, of about 300,000 tonnes overall and 17 tonne/ha. The average crop during the last ten years was 31 tonnes/ha.
● THURSDAY, August 4
Rankings of most transparent banks in Moldova
The most transparent commercial banks in Moldova in terms of shareholder composition are: BCR Chisinau, Eximbank - Gruppo Veneto Banca, Mobias Banca – Groupe Societe General and ProCredit Bank. These banks got by five stars, which is the highest level of share ownership transparency, shows the ratings compiled by the independent think tank “Expert Grup”. These were presented in a news conference by expert Natan Garstea. Based on the analysis of the information available on banks’ websites on July 31, a high level of transparency (which means that comprehensive information about most of the bank shareholders is available) was determined at Comertbank, FinComBank and Moldova Agroindbank.
Accounts of “MoldATSA” unblocked
The financial resources accumulated by the state-run company “MoldATSA” at the NGO “Eurocontrol” have been unblocked based on a decision by a Belgian court. The sequestration was annulled and “Eurocontrol”, which coordinates air traffic in 41 states, is to shortly release all the money. The court also obliged the company “Kemestroy”, which is the successor of the firm “Energoalians”, to pay €5,000 damages to Moldova.
“Expert-Grup”: Major risks in banking sector still persist
The Independent Analytical Center “Expert-Grup” analyzed the main actions taken to reform the financial-banking sector in April-July 2016 and established that a number of measures were carried out to stabilize the sector. However, the Center’s specialists warn about shortcomings related to shareholder transparency and quality, development of the intervention instruments of the National Bank of Moldova and the investigation into the bank frauds and restoration of the stolen money. In a news conference, expert Dumitru Pantea said that among the Government’s accomplishments of the last few months is the fulfillment of the priority reform action roadmap measures planned in the financial-banking sector, which are essential for resuming the external financial assistance. A proof is the two bills concerning the Central Securities Depository and the remedying of the situation in the banking sector, which were worked out swiftly even if they are rather complex and with major implications for the financial sector. The reaching of an expert-level agreement on a new program of economic and financial policies with the IMF represents considerable progress.
National Employers Confederation more knowledgeable about environmental problems for its members
The National Employers Confederation of Moldova will consult its members about problems related to environmental protection and their obligations in the ecological sector. The knowledge needed for consulting the members are obtained through a series of training seminars staged within the EU-funded East Invest 2 Project, implemented by Eurochambres based on the Moldovan-German Cooperation Agreement (National Employers Confutation of Moldova - SEQUA gGmbH and Bildungswerk der Wirtschaft Mecklenburg-Vorpommern). The Confederation’s staff took part in two of such seminars already. The Confederation’s executive director Vlad Caminschi said the Moldova – EU Association Agreement contains a large chapter about the environments. The Republic of Moldova pledged to transpose the EU environmental directives and these directives are closed connected with the business community that should respect these provisions and apply them daily.
● FRIDAY, August 5
QNET denies that it is a financial pyramid
The international company QNET denies the accusations that it is a financial pyramid working under the screen of a direct sales company, describing them as insinuations. Representatives of QNET said the company is a global one and has worked for 19 years, being a leader in Asia. Marketing manager Venu Johl, in a news conference, said a financial pyramid does not have products and deals only with the investment of money. QNET is a direct sales company that enjoys success in many states and that organizes all kinds of activities that bring together all its distributors from all over the world. In Moldova, QNET opened a representative office in October 2015.
International company QNET has about 3,000 distributors in Moldova
The international direct sales company QNET has about 3,000 distributors in Moldova. Though they say that the Moldovan market is a relatively new one for the company, the representatives of QNET have plans to extend the operations. The company, which started to work 19 years ago, opened a representative office in Chisinau last October. In a news conference , marketing manager Venu Johl said that QNET is a leading direct sales company in Asia, which is successful also in other parts of the world. Venu Johl has worked for the company for 16 year, including as distributor. According to him, each member of the company has prospects of professional development and the possibility of earning more, depending on the made efforts. The representatives of QNET presented a number of films with people who tell their success stories in the company.
Moldova, Belarus analyze possibilities of intensifying cooperation in agriculture
A delegation of the Ministry of Agriculture and Food Industry led by Minister Eduard Grama paid an official visit to Belarus where they discussed the cooperation relations in agriculture and the prospects of developing them. In a press release, the Ministry says the discussions centered on the import of wine products to Belarus, the studying of the experience of growing animals and of recycling waste in the animal-breeding sector, the supply of crop seeds to Belarus and cooperation in the selection and amelioration of seeds.
● SATURDAY, August 6
International company QNET intends to extend its operations into Moldova
The leading direct selling company QNET has a world market share of 20% and aims to double this share during the next one-two years, QNET marketing manager Venu Johl stated in a news conference. The manager noted that the company has worked in Asia for 19 years, being a leader there. In October 2015, it opened a representative office in Chisinau, through V.V.R. Consulting Service. This agency offers consultancy about the QNET products and services to the clients and distributors.
Direct flight to Brussels
Air Moldova launches the direct Chisinau – Brussels flight on October 11. The flight will be operated two times a week, on Tuesdays and Thursdays. In a press release, the airlines says the takeoff from Chisinau will be at 6:30am, while the landing in Brussels at 8:30am. The same day, the plane will take off in Brussels at 9:20am and will land in Chisinau at 1pm. On Thursdays, the takeoff from Chisinau will be at 7:30, while the landing in Brussels at 9:30am. In Brussels, the plane will set off at 10:20am and will land in Chisinau at 2pm.
Moldova’s exports in first half of 2016 down 8.8%
Moldova’s exports of goods in the first half of 2016 decreased by 8.8% compared with the corresponding period last year, totaling US$905.4 million. Exports to Cyprus, Kazakhstan and Sweden declined the most. In January-June 2016, exports to the EU member states came to US$573.6 million, a decrease of 8.3% on the same period last year. These exports represented 63.4% of the exports. Moldova’s exports to the countries of the Commonwealth of Independent States (CIS) represented 20.7% of the exports, amounting to US$ 187.7 million, a decline of 22.3% on the first half of last year.
Taxable income limit and personal exemption could be raised
The taxable income limit, annual personal exemption and exemption for maintained persons are to be adjusted to the rate of inflation of 5% forecast for the next year. The draft budgetary-fiscal policy for 2017 was proposed for public debates. Thus, it is suggested that in 2017 the private individuals and individual entrepreneurs should pay an income tax of 7% of the annual taxable income that does not exceed 31,140 lei, as opposed to 29,640 lei at present, and 18% of the annual taxable income that is higher than this sum. It is expected that the rise in the taxable income limit by 1,500 lei a year (or 125 lei a month) will leave by up to 165 lei a year in taxpayers’ pockets.
