“Nine O'Clock”

Posted: 12 Sep 2010 03:26 PM PDT

Agriculture Minister Valeriu Tabara said he talked with Ministry of Public Finances (MFP) representatives about hiking the budget earmarked for agriculture next year by RON 1 bln, Agerpres informs. He added that the budget hike could cover what is needed for the measures having to do with complementary direct payments within the vegetable and zootechnical sectors, diesel oil subsidy, but also for the measures having to do with pig and poultry sectors. In 2010 the Agriculture Ministry has a budget of RON 2.1 bln. Tabara added that the absorption of European funds is one of the most important issues.

"I can state that we're not doing badly when it comes to filing projects, but we have to have co-financing funds. However, we have to clarify why the funds are fewer from contracting to completion. There is this big difference caused by some dysfunctions that we have to solve in the following period," the agriculture minister explained. At the same time Tabara claims that owners of fallow land that fail to tend to it will be fined EUR 50-60 per hectare. He considers that the three million hectares of fallow land in Romania represent a great problem for agriculture....

VAT hike, number one cause of price rises.

The annual inflation rate has reached 7.58 per cent, a National Statistics Institute (INS) report says. Foodstuff prices and service tariffs have gone up by 0.4 per cent and non-food goods' prices have remained relatively steady.

"The VAT rate increase has made a crucial contribution to the rise of the annual inflation rate in Q3 this year and might also play a role in keeping it, in the next four quarters, above the higher limit of the variation interval set on both sides of the central target which is 3.5 per cent for the current year and 3 per cent for next year," representatives of the National Bank of Romania (BNR) told HotNews.ro. However, inflation is still below the central bank's forecast, expecting 8 per cent in September and 6.8 per cent for the end of the year. .

Central bank officials believe that, once the first round effect of the VAT hike has been worn out, next summer, more exactly starting with Q3, the annual inflation rate will be back within one percentage point margin traced around the central target. The first round effect is the direct impact the raised VAT rate had on consumer goods. While the effect on prices is permanent, the effect on...

Romania has confirmed its interest in taking part in the South Stream project during the talks on energy sector cooperation that took place in Bucharest and in which Gazprom representatives participated, the Russian group announced on Friday. A Russian delegation led by Leonid Chugunov, head of Gazprom's Project Management Department, met in Bucharest with representatives of Romania's Ministry of Economy, Ministry of Foreign Affairs but also with leading officials from the Romgaz, Transgaz and Conpet companies. The talks focused on energy sector cooperation, particularly on the outlook of collaborating on underground natural gas storage facilities and electricity production in Romania. "Moreover, the Romanian side confirmed its interest in taking part in the South Stream project," a Gazprom communiqué reads. The Gazprom representatives and Romanian officials agreed to organize a new meeting "shortly" in order to discuss the opportunities to develop bilateral cooperation in the energy sector. Former Economy Minister Adriean Videanu met with Gazprom representatives in Moscow in June in order to discuss collaboration opportunities within the energy sector. At that time the Romanian...

The government has promised the European Commission (EC) it would abide to permanent auditing by the Commission of figures dealing with the consolidated general budget, in order to 'maintain the trust' in the figures the executive reports to the European Union (EU), according to the final draft of the additional Memorandum for understanding agreed with the EU, Mediafax reports. Government also vowed during last summer's negotiations it would strengthen the financial stability of the banking sector by abstaining from passing a series of legislative acts including the personal insolvency law, as it would undermine crediting discipline. Under the Memorandum, government also pledged to clarify the regime of compensations to creditors of banks placed under special administration in order to provide the actual implementation of the recently-amended legislation on the liquidation of financially-troubled credit institutions.

Government promised to extend the taxation base also by gradual scrapping of income tax charged to IT programmers, to trim down the number of schools and hospitals and health co-payment exemptions would not exceed 40 per cent. Costs caused by unused loans...

According to BNR data, the foreign direct investments dropped 36 per cent in the first seven months of the year from EUR 2.9 bln in the same period last year to EUR 1.9 bln. Most of the FDI consisted of capital participations (EUR 1.33 bln), the difference representing intra-group credits. In the first seven months the FDI covered 50.3 per cent of the current account deficit that reached EUR 3.79 bln at the end of July. On the other hand, the current account deficit's level in the first seven months was 38.5 per cent higher than the level reported in the same period last year, with the current transfers' balance having a decisive influence by dropping 32 per cent compared to its January-July 2009 level. In the first seven months the services had a negative contribution of EUR 457 M, over four times the EUR 105 M level reported in the same period last year. The current level was mainly determined by the "other services" sector (- EUR 267 M). Totaling EUR 1.9 bln in the first seven months of the year, the FDI financed 50.3 per cent of the current account deficit reported in the same period. The medium and long term external debt stood at EUR 70.499 bln (80.5 per cent of total...

Minister of Transports Anca Boagiu met on Friday with Francois Rantrua, the World Bank's director for Romania, one of the topics on the agenda being a report of the bank on transports, which will be taken note of in restructuring companies under the ministry's command. The report contains a series of recommendations for the development of the transports sector and will be made public on October 5, alongside the plan for action and its conclusions. "The World Bank's report on the efficiency of the Ministry of Transports and Infrastructure will serve as a support in completing the plan for action for restructuring the ministry and companies under its command, particularly the National Company of National Roads and Highways (CNADNR) and those in the railway sector," Boagiu stated, in a...

Lufthansa Italy airways will suspend, once the winter calendar begins (November 1), the Bucharest-Milan flight which it had been operating since March 2009. The motive invoked by Lufthansa officials is the low number of planes the company owns at present. "The Bucharest-Milan flight will be reintroduced as of March 2011. The flight was in great demand, however, the low number of planes we own at present determined us to cancel it during the winter," company officials stated, quoted by 'Adevarul.' The Bucharest-Milan flight was introduced last year and operated seven times a...

Tax inspectors found, in the first eight months of the year, following activities to keep a watch on intra-community acquisitions, RON 189.4 M damages brought to the state budget by derogations in the payment of VAT, according to the National Tax Administration Agency (ANAF). The Agency approved in the first six months the extension of terms for payment for 7,109 companies, whose debts amount to RON 2.38 bln. At the same time, ANAF will set up, by the end of the year, a specialised structure to tax individuals who make high incomes, to avoid risks of defaulting, given that the richest Romanians owe a fifth of the annually set income tax at national...

From the previous editions...

His speech targets also French anti-Gypsy campaign.

Jose Manuel Barroso, President of the European Commission delivers his statement on the state of the Union at the European Parliament in Strasbourg. In his first State of the Union address to parliament, Barroso said economic reform in the wake of the crisis must be accelerated and added that he would propose taxes on financial activities in the next month or two. Economic recovery is gathering pace in the European Union and growth this year will be higher than initially forecast, European Commission President Jose Manuel Barroso said on Tuesday, Reuters informs. Delivering an annual "State of the Union" speech to the European Parliament in Strasbourg, the head of the EU executive said the 27-country bloc had come through the economic crisis strongly but risks remained. He said structural reforms must accelerate in the next 12 months and the 27 countries in the bloc of more than 500 million people must show solidarity. Barroso said the economic outlook was better than a year ago despite the bloc's struggles with a debt crisis. "The recovery is gathering pace, albeit unevenly within the Union. Growth this year will be higher than initially forecast. The unemployment rate,...

Employers see in this change the only chance to attract investors and restart economy.

The decision to cut the flat rate tax may be taken by the Ministry of Finance before next year, but only together with the International Monetary Fund. According to Hotnews.ro, the Ministry of Finance has even done a set of simulations in that respect. 'We are working on a number of options. There are many options, but a decision will only be made together with IMF representatives', Finance Minister Gheorghe Ialomitianu said. The flat tax decrease could be one of the 'accelerators' of economic recovery, but only if certain conditions are met, PM adviser Andreea Paul Vass was saying recently. She explained that a cut flat rate would lead to less money collected by the budget, and that is why revenues need to be supplemented by taking from other areas. It means that a lower flat rate tax could become possible only if revenues are enhanced by decreasing illegal labour, eliminating the abuse of early retirement for incapacitation (illness or disability) and by improving collection rates. Vass spoke about two different rates: 10 per cent and 12 per cent. 'A small flat tax of 10 per cent from 2011 onwards would generate immediate losses for the budget of around RON 3.4 bn from...

According to the working draft in the Finance and Labour Ministries' laboratories, those who benefit from royalties may be left with paying a 16.5 per cent social security contribution, while authorised natural persons or those enlisted under liberal professions may end up paying contributions which are the double of those paid under present provisions, 'Evenimentul Zilei' informs. A thing is clear: contributions owed by the beneficiaries should be paid by the employer. From this point onwards, several scenarios unfold, and a preliminary decision will be made in today's Cabinet meeting. For now, the new ministers are acrimonious in their explanations, deferring statements until the decision is made. Doina Parcalabu, the director of the National Pensions Home, who attended the talks between the two ministers, at the Labour Ministry, also refused to comment on the new provisions which may adopted today, without being discussed beforehand with the social partners, 'Jurnalul National' reports. As regards the proposed modification of the Emergency Ordinance 58/2010 by which the payment of contributions corresponding to royalties should be incumbent on the employer, the deputy...

Romania's construction works fell 22.5 pc in adjusted data in July compared with the same month a year earlier, a National Institute for Statistics study points out, Mediafax informs. In adjusted data for number of working days and seasonality, residential construction works were down 52.7 pc on the year in July, non-residential constructions decreased by 24 pc while civil engineering works saw a 4 pc fall. Also, Romania's power output dropped by 1.3 pc on the year in January-July, while the country's total power resources rose 1.1 pc on the year in the same period. Moreover, Romanian industrial new orders fell 13.3% on the month in July, due to declines in most...

Total exposure of EximBank on the segment of activity on behalf of the state amounted, at the end of June 2010, to almost RON 832 M, which is over triple the amount reported on June 30, 2009. Actually, the guarantees brought a major contribution to such results, with an amount thriving four times year to year, June 2009 – June 2010. "Beyond the major boost owing to the rise in guarantees, these results are also due to the other two categories of products, namely, financing with subsidised interest and insurances, and the bank's contracts on the latter sector are more than double the amount reported at the end of June 2009," Ionut Costea, the president of EximBank, stated. Specific products allotted to priority domains claim the lion's share out of the guarantees portfolio (62.4 pc out of the total of guarantees in balance by June 30, 2010), followed by guarantees for exports (20.8 pc) and those for SMEs (12.5 pc). "The economic and financial situation in the past months has put a heavier strain on trading companies which were forced to diversify the range of guarantees to accede to loans. Thus, our offer on this sector acted as a viable alternative both to firms and to...

Dollar weaker vs. euro and yen.

Encouraging news about the U.S. employment picture continued to spill over onto financial markets on Monday, lifting world stocks on hopes that a slip back into recession could be avoided. The mood continued despite a relatively gloomy outlook from Olivier Blanchard, chief economist at the International Monetary Fund, who told France's Le Figaro he expected weak growth in both the United States and Europe. Some investors, particularly in Asia, were catching up with Friday's U.S. jobs data, which was not as bad as some had feared. The slowing of the U.S. economy has been one of the major factors holding investors back over recent months. MSCI's all-country world stock index and its Thomson Reuters counterpart were up more than half a percent after a nearly 3.7 percent gains for the MSCI last week. Europe's FTSEurofirst 300 gained around 0.3 percent while Japan's Nikkei earlier closed up 2.05 percent. The latest corporate earnings season has been relatively strong in both the United States and Europe while merger and acquisition activity in August was the most robust for the month since 1999. U.S. markets were closed for the Labour Day holiday.

US President Obama was due to...

The incoming Minister of Finance, Gheorghe Ialomitianu, has made the announcement that people paying royalties and those working under civil agreements would not have to submit income statements and pay associated contributions. 'People who get an income from royalties and those working under civil agreements do no longer have to submit the statement and make the payment themselves. The legislation will be changed and the money will be withheld at the source, meaning that the payer will have the duty to sent the contribution to the budget; it is the most efficient way to do it, I mean it is a faster and the least expensive method', Ialomitianu said in his first interview in his new capacity with 'Gandul' daily. 'The change will be operated also by an emergency ordinance, our deadline is to debate the changes in the Government and pass the changes on Wednesday', the minister added. Gheorghe Ialomitianu said employers would be criminally liable if they do not make the payments. During the interview, the minister of finance was asked about who should withhold the contributions in the case of oriental music singers, for example, who make thousands of Euro every month from their...

A self-employed earner will pay the Romanian state at least 25.36 per cent of their income in accumulated social contributions. Given a regular Romanian employee pays social contributions equal to 16.5 per cent of their monthly pay and intellectual property rights will be as of January 1, 2011 subject to a tax of 25.36 per cent makes the intellectual property contract useless, according to 'Adevarul' daily newspaper.

The employer will remain the sole party to reap the advantage of this form of income payment staying in place, as they are exempted from the paying such contributions. The pension contribution would rise from 10 per cent to 24.43 per cent, health contribution, from 5 per cent to 8.35 per cent, and unemployment contribution from 0.5 per cent to 0.78 per cent respectively. Further more, the bill stipulates contributions for sick leave and health social insurance allowances of 0.85 per cent and another contribution, 0.15 per cent to 0.85 per cent, for work accidents and professional diseases. Not only that, employer Christmas, Easter or March 8 gifts to employees exceeding 150 RON will be subject to social insurance contributions, under the draft ordinance...

According to a National Statistics Institute (INS) communiqué, the net average nominal salary stood at RON 1,355 in July, down by RON 67 (4.7 per cent) compared to June, Agerpres informs. In the same month the gross average nominal salary stood at RON 1,868, 4.3 per cent lower than the level reported the month before. The highest value of the net average nominal salary was reported in the financial intermediations' sector (RON 3,436), while the lowest was reported in the hotels and restaurants sector (RON 799).

The net average salary reported the following drops in the public system: education system (-22.6 per cent), health and social assistance (-19.8 per cent), public administration (-14.4 per cent). The 25 per cent salary cut applied within the public sector was the reason behind the drop in the net average salary there.

In July the Romanians' incomes were sensibly eroded by inflation, so that the real salary income index stood at 92.9 per cent compared to June, INS informs. The Institute points out that the real salary income index was calculated as a ratio between the net nominal salary index and the consumer prices index. According to the INS, average...

Franklin Templeton takes over FP asset management

The general meeting of shareholders (AGA) of the Proprietatea Fund (FP) yesterday approved the appointment of Franklin Templeton Investment of Britain as single manager of the fund, Mediafax reports. The company will take over the fund management after publication of AGA resolutions in the Official Journal. The Proprietatea Fund assets total some RON 11 bln. The Proprietatea Fund could be listed on the London Stock Exchange at the end of next year, Franklin Templeton Chairman and CEO Mark Mobius said yesterday. 'The London Exchange listing will be, in my view, sometime at the end of next year, because preparations take 6 to 8 months. We need to organise road shows to explain investors in the US, China and other countries where Romania lies', Mobius said.

EUR 4 bln for Nabucco project

The European Investment Bank (EIB), together with the European Bank for Reconstruction and Development (EBRD) and World Bank's International Financial Corporation (IFC) signed an agreement that will potentially ensure financing of up to EUR 4 billion for the Nabucco pipeline project on Monday, Mediafax...

President Traian Basescu and the head of the International Monetary Fund delegation Jeffrey Franks, examined red tape obstacles in Romania.

President Traian Basescu yesterday met at Cotroceni Palace with Jeffrey Franks, the head of the International Monetary Fund (IMF) Mission in Romania. The head of state availed himself of this opportunity to suggest the need for an extension of the ongoing accord between Romania and the IMF or the conclusion of a precautionary type agreement. 'I'm glad to see you again, and I'm looking forward to the October visit, not an anniversary one, but an assessment of the difficulties we are facing. At any rate, my proposal is that, during the visit in October, we should look into the next agreement between Romania and the IMF to see which is the right solution, to extend the current accord or conclude a precautionary type agreement.

A fiscal area is needed for the absorption of European funds,' Agerpres cited the Romanian president as saying. In Romania to attend the anniversary celebration of the National Bank of Romania (BNR), Jeffrey Franks stressed the need for no red tape stumbling blocks to get in the way of European funding, which are imperative for infrastructure, and saw removing public sector obstructions, which slow down money absorption, as the chief issue at stake....

The series of festivities ended with a symphonic concert at the Athenaeum attended by European Central Bank president Jean-Claude Trichet.

The National Bank of Romania (BNR) Saturday celebrated its 130th anniversary. Throughout this year, there have been several scientific and cultural events including conferences and seminars on the history of banking, as well as exhibits, stamp and coin issues, but also events under the aegis "The Cultural days of the BNR".

For the event Governor Mugur Isarescu invited in Bucharest financial figures linked to the recent history of the Romanian central bank, among whom, Zdenek Tuma, former governor of the National Bank of the Czech Republic; Alex Cukierman, professor at the University of Tel-Aviv; Jean Pisani-Ferry, the director of the Brussels-based Breugel, as well as Gian Maria Milesi-Ferretti, assistant director at the Research Department of the International Monetary Fund (IMF). Also attending the event were Aaron Tornell, professor at the Economic Department of the University of California, Los Angeles (UCLA); Maxwell Watson, freelance professor at Wolfson College Oxford; Daniel Daianu, professor at the School of Political and Administrative Studies in Bucharest, and Neven Mates, the chief adviser of the governor of the National Bank of Croatia. Isarescu's speech...

Deputy PM Marko Bela firmly against the new initiative backed up by the newly appointed Labour minister.

Labour Minister Ioan Botis has stated that the draft emergency ordinance increasing by up to 35 per cent the social contributions from self-employed activities was given its first reading, with no decision taken as of yet, Mediafax reports. The newly-appointed minister also said government will take into account the proposals to be made at the upcoming public debate. While saying he is not aware of any Tax Code law amendment aimed at rising starting the next year the social contributions by the self-employed, Democratic Union of Hungarians in Romania (UDMR) leader Marko Bela said there is now way he would accept such increase, Realitatea.net. reports. "What we are seeking now is to scrap the red tape surrounding self-employed statements, so that the employer takes the paperwork upon himself. We won't accept any other changes, either now or in the future," Marko said.

Having met with PM Emil Boc, Finance Minister Gheorghe Ialomiteanu said the amendments to OUG 58/2010 and its application norms, which were among the topics discussed with the premier, will be finalised after being debated by the Social and Economic Council, and are going to be up for passage at government's...

Government reshuffle does not affect the next IMF disbursement.

Public sector restructuring must continue in the following years even if there is no longer a need for sudden fiscal consolidation, so that the reforms will render the economy more efficient and competitive, Jeffrey Franks, head of the IMF mission to Romania, recently stated, Mediafax informs. "I believe public sector restructuring must continue and I believe we are currently seeing some initiatives, meaning there is the pension reform, the second round of salary reform, there will be a continuation of public sector cuts, there are initiatives to work on the social benefits' system," Franks said. He stated that the government reshuffle will not affect the loan that the IMF gave to Romania, nor the release of the next disbursement or Romania's external financing costs. Asked about a future loan, Franks stated that "I am aware of this intention, however it is premature to discuss this issue," Agerpres informs.

On the other hand, the IMF is very worried about the issue of public sector arrears, the latter affecting both the private sector and economic recovery, Jeffrey Franks added. "We will work very carefully in order to make sure there is a sufficient buffer," Franks...

Accounting profession under debate at CECCAR Congress

The works of the 18th Congress of the Accounting Profession in Romania, organised by the Board of Expert and Authorised Accountants in Romania (CECCAR) opened Friday before an attendance of 1,500 expert accountants, according to Agerpres. Guests to the two-day event included Robert Bunting, president of the International Federation of Accountants. The expert accountants present debated the chief issues their profession is facing, as well as the major role the accounting profession has in the current economic context. Radu Moraru and CECCAR president Marin Toma opened the first session of papers. It was followed by two roundtable discussions involving reputed accountants, Romanian and foreign.

Blue Air business stays afloat thanks to Bacau-London flights

Low-cost airline Blue Coast, held by businessman Nelu Iordache appears to stay in business only thanks to company-operated flights from Bacau to London, Bergamo and Turin respectively, according to 'Gandul' daily newspaper. This recession-dominated economic context led to some of the company's 780 employees going to be laid off. The...

Catalina Stan, president and CEO of BDR Associates – named on European Excellence Awards international jury fourth time

Catalina Stan, president and CEO of the strategic communication agency BDR Associate, exclusive associate in Romanian of Hill&Knowlton, was invited for the fourth consecutive time, on the jury appraising the PR projects coming from various European countries, running in the European Excellence Awards annual competition, a release remitted to our editing office informs. "European Excellence Awards is on its fourth edition and is a competition initiated by 'Communication Director', a prestigious European communication and public relations magazine. Bringing together the most valuable PR projects and campaigns, European Excellence Awards confirms the importance of PR in the development of campaigns and celebrates creativity and exceptional achievements on various markets, Romania included, as Romanian PR agencies are, every year, among the winners," Stan stated. The annual evaluation process is closed by a final deliberation, deciding who the most important awards, such as the Best PR Campaign or the European Agency of the Year, should go...

Farmers picketed prefectures and demanded the resignation of agriculture minister.

With tractors or just with bottles of milk, 15,000 farmers, members of the Agrostar federation and of 10 other professional organisations, picketed the prefectures of 23 counties yesterday.

"Thousands of farmers have taken to the streets not to beg, but to demand their rights. We demand the urgent dismissal of the Minister of Agriculture, Mihail Dumitru, who is identified with the bleakest period in the entire history of Romanian agriculture. If our demands are not granted, on September 9 we will hold a rally in Victoria Square in Bucharest," Agrostar Federation President Nicolae Stefan said, according to Agerpres. Protesters in Arges County hooted and chanted 'Down with the government!' and 'Thieves,' holding placards reading 'Stupidity brings greed,' 'No more tax evasion in agriculture,' and 'Subsidies- no, taxes-yes.'

Farmers in Targoviste came with 20 tractors and farming machines and urged the government to quit, Mediafax informs. Similar protests were organised in Transylvania, in the Counties of Sibiu and Timis. In Sfantu Gheorghe, farmers emptied milk bottles in front of the prefecture, dissatisfied with the manner in which their sector is being treated...

The Ministry of Finance will modify, next week, the norms for the application of the Government's Emergency Ordinance 58/ 2010 for the payment of social contributions by employees paid based on royalty contracts or civil conventions, to ensure there will be no further monthly queues to file the statements of income. Thus, the obligation of paying the contributions and filing the statements will be incumbent on the employer, rather than on the beneficiary, 'Gandul' reports. The announcement was made by Government spokesperson Ioana Muntean at the end of Wednesday's Cabinet meeting. She added that these modifications will be approved in the next Cabinet meeting, scheduled for next week, because Prime Minister Emil Boc insisted that all legal steps be observed, namely, that modifications be approved, also, by the Economic and Social Council (CES), which will convene on Monday.

The fact that the statements will have to be filed by the employer, who may also be under the obligation to pay social contributions, may, again, result in chaos, a tax expert claims. "If I hire an authorised natural person (PFA) to paint my apartment, this implies I have to file her statements of...

Two years ago, Bucharest high street retail market reached the peak of profitability, especially on main boulevards. Today, rental prices fell considerably, shows a study conducted by More Real Estate company analysts. In some areas the contraction was milder (-30%) and in some other it was more "aggressive" (-50% or even more). Study findings also revealed that austerity measures will probably force the market to contract furthermore and the location remains one of the decisive factors for a successful investment. The biggest contraction occurred in the places which had very high prices, like city centre areas. Also, the lowest cuts were reported in places secondary in terms of interest and where the infrastructure was refurbished, like Lipscani. Moreover, smaller space properties continue to obtain better prices than larger ones.

Also, the vacancy rate increased from 5-6% in 2008, to 15% in 2010, reaching 25% in some areas, like Unirii Boulevard.

"As the forecast for Romanian economy remains negative and new austerity measures are expected, further 5-15% 'adjustments' should not surprise anyone," More Real Estate CEO Ilias Papageorgiadis explained at a press...

Data published yesterday by the National Statistics Institute (INS) shows that investments in national economy dropped by 18.7 per cent to RON 22.48 bln in H1 of this year compared to the same period last year, most of them being reported in the industrial and commerce/services sectors. Thus, in the first six months the industrial sector drew 38.2 per cent of total investments, while the commerce/services sector drew 36.6 per cent of total investments, an INS release shows. At the opposite end were the constructions sector (17.9 per cent) and the agriculture sector (5.5 per cent). The investments that materialised in new construction works during the analysed period totaled RON 11.511 or 51.2 per cent of total investments in the construction sector, in contrast to 52.3 per cent in January-June 2009. Likewise, in the second quarter the share of equipments (including means of transportation) in total investments grew by 2.7 percentage points, while the share of investments in other expenditures grew by 0.9 per cent. The share of investments in new construction works dropped by 3.6 per cent. The same INS data shows the fact that the overall industrial production prices (both on...

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“Nine O'Clock”

“Nine O'Clock”

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