Romanian president Nicuşor Dan downplays VAT hike as EM Group hits €200m turnover record.

Romania's new president, Nicuşor Dan, says increasing VAT isn't a priority for fiscal reforms. The country's EM Group, including Electromontaj SA, reached a record turnover of €200 million. Romanian gambling and betting saw a 12.5% Q1 slowdown, dragging household services down 2.6%. Polish investors have acquired over ten Romanian firms in two years. Banca Transilvania loaned €20 million to STC Partners for the Quartier Ferdinand housing project in Bucharest, with a total investment of over €35 million.