The Romanian economy will drop by more than it was previously expected due to a series of decisions and measures taken this year, said Romanian Prime Minister Emil Boc. The VAT increase, the flooding and the international context have contributed to the slowdown. Emil Boc sees a revival of the Romanian economy next year. He is yet to put forward a value for both the GDP decrease expected this year and the increase for next year.

Ten insurance companies have together accumulated a loss of EUR 80 million last year, according to a report published by the Insurance Surveillance Commission (CSA). The ten companies which have posted losses last year are Ardaf, BCR Asigurari, Fata Asigurari, Groupama, OTP Garancia, Certasig, Eureko, KD Life, Omniasig Viata and Signal Iduna. There are 40 insurance companies on the Romanian market.

The Romanian Government will meet today in the afternoon to adopt the methodological norms for the Fiscal Code, which will be enforced immediately after. The norms introduce several changes in the taxation area, which are meant to increase the budget revenues.

The shareholders of real estate developer BelRom, Kris Henri Remi Carton and Steven Van Den Bossche have bought land on the premises of the Electroputere Craiova factory and plan to build a shopping center on some of the area. The mall will be called Electroputere Shopping Center and will require investments of EUR 45 million.

Peninsula Festival, which will take place for three days starting August 26 at Targu Mures, will include as many as 70 bands or singers playing in the festival's concerts (see list of all bands below). The event will also include movie screenings and other events organized by non-governmental institutions.

Ford's National Sales Company (CNV) for Romania has become operational and will sell the car maker's brands in Romania, as well as service and after sell services. Ford is thus ending the ten-year collaboration with Romcar, which used to sell the Ford cars in Romania.

A new online TV channel will broadcast from downtown Bucharest, the Lipscani area, which has become increasingly popular among locals and tourists alike. Lipscani TV will feature stories about the terraces and the entertainment in the old part of the town. The TV stations is called a summer station, bit the initiators of the project are planning to ask for the Bucharest City Hall support to continue the project.

The world-wide famous TED conferences and speeches have expanded to Romania under the TEDx independently organized events umbrella. The events, organized in several larger Romanian cities, which feature local and foreign speakers alike, who tackle local issues as well. (See below videos from TEDx events in Romania)

Events during the week August 2-5

The Hungarian state printing company Allami Nyomda has bought 50 percent of local GPV Mail Services from Hungarian company Díjbeszed. GPV Mail Services is also offering printing services. The value of the deal was estimated between EUR 1.5 million and EUR 2.2 million.

The consortium which has created Romania's tourism brand, included the logo which triggered questions due to its similarity to another logo which was sold on the Internet, has reacted quickly to the Romanian Tourism Ministry's request for explanations. THR offered to show all the paper drawings and the intermediary designs used in the creative process and even offered supplementary design works on the logo, should the Romanian tourism Ministry ask for it.

The Romanian Tourism Ministry has asked the consortium made of THR Asesores en Turismo, Hoteliere e Recreation and Taylor Nelson Sofres to come up with an answer to the recent media reports pointing out to the similarity between one of the elements of Romania's tourism logo and anotehr logo which was on sale on the Internet.