
Romania's new president nominates center-right former mayor as prime minister
President Nicusor Dan nominated 56-year-old Ilie Bolojan of the center-right National Liberal Party, or PNL, after a fresh round of talks Friday following weeks of deliberations.
Bolojan previously served as acting president between February and May, when Dan decisively beat a hard-right opponent in a heated presidential election rerun. That closely watched vote came months after the previous election was annulled by a top court, which plunged Romania into a deep political crisis.
At the presidential Cotroceni Palace in the capital Bucharest, Dan said Bolojan is the 'most suitable person" for the job, which includes tackling a budget crisis.
'It is in Romania's interest for the Government to be supported by a solid majority, and the parties have understood this,' Dan said. 'Romania's urgent priority is economic recovery, but ... you need a solid foundation."
The president's nomination will need to be approved by lawmakers.
A new government is expected to be comprised of the leftist Social Democratic Party, or PSD, the PNL, the reformist Save Romania Union party, and the small ethnic Hungarian UDMR party. The PSD has pushed for a power-sharing agreement that would see a rotation of the prime ministerial post.
After he was nominated, Bolojan said he's 'fully aware of the great responsibility' the role will bring, and acknowledged it 'will not be an easy undertaking.'
'I will continue discussions with political parties to secure a parliamentary majority, finalize the government, and define the governing program,' he said. 'I will pursue three priorities: to restore order to the country's finances, to work toward good governance that creates conditions for development in Romania, and ... to show proper respect to the Romanian people."
One of the biggest issues a new government will face is how to reduce Romania's large budget deficit, one of the highest in the 27-nation EU bloc. The presidential election furore also exposed deep societal divisions in the country.
Cristian Andrei, a Bucharest-based political consultant, says that a new government will face the challenge of reaching a longer-term consensus over already delayed state reforms.
'There is only a disputed agreement on very short-term measures, for the economic and budget crisis," he told The Associated Press. 'If the short-term measures come with a social cost, inflation ... (and) will not be met by profound changes in policies and institutions, then the political crisis will loom over the next years and (future) elections.'
After the first round of the May presidential vote, Bolojan, as acting president, appointed Catalin Predoiu of the PNL to helm the government, following the resignation of Marcel Ciolacu, who stepped down after his coalition's candidate failed to make the runoff.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Associated Press
24 minutes ago
- Associated Press
Judge blocks order barring asylum access at border, gives administration two weeks to appeal
WASHINGTON (AP) — A federal judge said Wednesday that an order by Donald Trump suspending asylum access at the southern border was unlawful, throwing into doubt one of the key pillars of the president's plan to crack down on migration at the southern border. But he put the ruling on hold for two weeks to give the government time to appeal. In an order Jan. 20, Trump declared that the situation at the southern border constitutes an invasion of America and that he was 'suspending the physical entry' of migrants and their ability to seek asylum until he decides it is over. U.S. District Judge Randolph Moss said his order blocking Trump's policy will take effect July 16, giving the Trump administration time to appeal. Moss wrote that neither the Constitution nor immigration law gives the president 'an extra-statutory, extra-regulatory regime for repatriating or removing individuals from the United States, without an opportunity to apply for asylum' or other humanitarian protections.
Yahoo
24 minutes ago
- Yahoo
H&M Group inks multi-year Circulose partnership
This story was originally published on Fashion Dive. To receive daily news and insights, subscribe to our free daily Fashion Dive newsletter. H&M Group has signed a deal with recycled textile manufacturer Circulose, according to a Friday press release. Through the multi-year partnership, the Sweden-based fast fashion retailer said it will source 'significant volumes' of Circulose's fiber for its collections. The material, which Circulose makes from recycled cotton waste, will replace 'a substantial share of the virgin viscose used across the group,' per the release. The announcement follows similar news from fast fashion retailer Mango, which said earlier in June that it also planned to incorporate Circulose's fibers into its supply chain. The decision to incorporate more of Circulose's recycled fiber materials into its supply chain is a continuation of a partnership that began in 2020, said Cecilia Strömblad Brännsten, head of resource use and circularity at H&M Group. 'Investing in next-generation materials is essential to achieving our goal: ensuring that 100% of our materials are recycled or sustainably sourced by 2030,' Strömblad Brännsten said in the release. 'Scaling access to these solutions is key to accelerating the shift towards a circular economy for fashion.' H&M Group recently received relatively high marks for its sustainability efforts from nonprofit environmental group which awarded the retailer an overall score of 'B+' for its progress toward decarbonizing its supply chain. In addition, the 2025 Corporate Climate Responsibility Monitor reported last month that H&M Group's greenhouse gas emission reduction goals for 2030 are aligned with the Paris Agreement. Circulose, formerly known as Renewcell, appointed former H&M Group CEO Helena Helmersson as chairman of its board in November 2024, at the same time the company named former McKinsey & Company partner Jonatan Janmark as its CEO. The executive changes were part of a larger rebrand strategy following the company's acquisition last year by Sweden-based investment firm Altor, which bought then-Renewcell out of bankruptcy in June 2024. 'H&M Group has been a driving force in advancing sustainable and circular solutions in fashion, and a long-time supporter and early adopter of CIRCULOSE — dating back to the Renewcell days,' said Janmark in last week's release. 'We're proud and grateful to now formalize this new partnership to accelerate CIRCULOSE adoption at scale. Their commitment plays a critical role in helping us reaching the volumes needed to restart our factory.' Circulose's pulp material is made entirely from textile waste rather than virgin resources, per the release. The resulting product can be transformed into man-made cellulosic fibers such as viscose and lyocell, and those fibers can be spun into yarns, or woven or knitted into fabrics. Last month, Circulose announced the launch of Circulose Forward, a digital platform created in partnership with nonprofit group Canopy, that is designed to help brands integrate Circulose into their supply chains. Recommended Reading Recycled textile pulp facility opens in China Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
29 minutes ago
- Yahoo
Louisiana bank to enter Dallas with its second Texas deal
Six years after entering Texas, Louisiana-based Investar Holding Corp. is going much bigger in the Lone Star State with a deal for the $1.6 billion-asset Wichita Falls Bancshares. Acquiring Wichita Falls, the holding company for the 36-year-old First National Bank, would add $1.2 billion of Texas-based deposits, including $364 million in the rapidly growing Dallas-Forth Worth Metroplex, where First National operates five branches. It would also significantly alter Investar's funding profile by raising the level of Texas-based deposits, currently at 6%, to 37% for the pro forma company. In a press release, Investar CEO John D'Angelo described the merger, which is expected to close in the fourth quarter, as "a pivotal moment in the history of Investar Bank and a defining milestone for our company." To help fund the purchase, Baton Rouge-based Investar announced the completion of a private placement of $32.5 million in preferred stock on Tuesday. The company said it would use the stock-sale proceeds to support the acquisition and for general corporate purposes, "including organic growth and other potential acquisitions." An Investar spokesperson did not immediately respond to a request for comment on the company's level of interest in pursuing more M&A deals. Investar agreed to pay about $84 million in cash and stock for Wichita Falls, which is based in the North Texas city of the same name. Investors appear to favor the transaction. Shares in Investar were trading up nearly 6% midday Wednesday at $21.56 per share. Investar entered Texas in 2019 by acquiring the $125 million-asset Mainland Bank in Texas City. Following the completion of the deal announced Tuesday, the combined company would start with $4 billion of assets, $3.3 billion of loans and $3.5 billion of deposits. Investar is projecting 2026 earnings of $3.08 per share, reflecting 35% accretion. Investar reported earnings per share of $2.06 in 2024 and $1.69 in 2023. "We believe this merger creates more long-term value for our customers, communities and shareholders," Wichita Falls President David Flack said in the press release. "It will allow us to bring new products and services to our customers while keeping the same banking locations and trusted local bankers." The sale to Investar "provides a great opportunity to enhance strategic synergies through combined resources," Stan Pinkham, the president and CEO of First National Bank, said in the release. Founded by D'Angelo in 2006, the $2.7 billion-asset Investar has frequently employed M&A to fuel its growth. Investar acquired the $249 million-asset Citizens Bancshares in Ville Platte, Louisiana, for $46 million in July 2017. Five months later, in December 2017, the company was able to bulk up in its core Baton Rouge market, completing a $22 million deal for the $131 million-asset BOJ Bancshares. In recent years, Investar has pursued a multistate expansion strategy. It bought Cheha Financial Group in Oxford, Alabama, for $41 million in April contrast with Investar, which is a significant commercial and small business lender, Wichita Falls has focused on mortgage lending. In addition to its seven branches, it operates two mortgage offices. As of March 31, one-to-four-family mortgages made up just under half of its $1.1 billion loan portfolio. Investar said it plans to sell $200 million of mortgages to reduce the pro forma company's residential loan concentration and pay down corporate debt and noncore deposits. The announcement that Investar expects the deal to close in about five months is in keeping with a growing trend of more timely M&A decisions by regulators. In a research note Monday, Seaport Research Partners Senior Analyst Laurie Havener Hunsicker noted that 10 of the 21 bank deals announced in January and February 2025 have already closed.