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POLITICS

Iohannis: I explained to EU leaders multi-speed Europe is not a good solution, could end in split-up

President Klaus Iohannis, speaking after the European Council's meeting, said that he explained to EU leaders that a multi-speed Europe is not a good solution and that in extremis it might end i...

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POLITICS

PM Grindeanu: We must back European project strengthening, not multi-speed Europe

Romania's consistent stance - whether expressed by the country's Presidency, government or Parliament - on the future of the EU in the Brexit context is to support the strengthening of the Europ...

POLITICS

PM Grindeanu in Brussels: Policies on cohesion funds, common agricultural policies important to Romania

The policies regarding the cohesion funds and the common agricultural policies are important to Romania, Prime Minister Sorin Grindeanu said in Brussels, in talks with several European leaders, ...

POLITICS

Iohannis: We are and will be next to our NATO allies

The collective allied defence means today more than ever the awareness of the fact that each and every country's security could be more efficiently secured together instead of separately, says p...

ECONOMICS

BRUA pipeline to operate in 2020 when Exxon, Petrom will extract Black Sea gas

The works at the BRUA (Bulgaria - Romania - Hungary - Austria) pipeline will start at the end of 2017, and the gas pipeline will become operational in 2020, when ExxonMobil and OMV Petrom will c...

ECONOMICS

Eurostat: Romania registers lowest pay gap between men and women in management positions

In each European Union member state, male managers in 2014 were paid more than women in management positions, but the lowest pay gap was registered in Romania, as data of the European Statistics...

ECONOMICS

EU funds worth 90 million Euro to develop Romanian spa sector

The spas of Romania must be promoted as destinations of major interest for the citizens of all European countries, and the 90 million Euro allocation from the European Union for 2014 - 2020 coul...

ECONOMICS

Romania ranks first in Europe by breach of workers' fundamental rights

Romania ranks first out of 35 surveyed European countries regarding the violation of the workers' fundamental rights, the National Trade Union Bloc (BNS) said in a release, according to Agerpres...

ECONOMICS

Black Sea Oil & Gas awards drilling rig contract for two offshore wells in the Black Sea

Black Sea Oil & Gas SRL (BSOG) together with its co-venture partners announces the awarding of a contract for the drilling of two offshore exploration wells located in the XV Midia Shallow Block...

ECONOMICS

Greg Konieczny, FP: We really need a miracle to think about Hidroelectrica's IPO this year

There are some good news and some bad news about Hidroelectrica lately, according to Greg Konieczny, director of Fondul Proprietatea, who said in a press meeting that 'we really need a miracle t...

ECONOMICS

Borza: Hidroelectrica would get one billion Euro for listing on the stock exchange

Hidroelectrica could get one billion Euro from listing on the stock exchange if the process would run this year, but the funds should go to the state budget, as the energy producer does not need...

ECONOMICS

PM Grindeanu: Income tax applied in other countries, we are not reinventing the wheel

Prime Minister Sorin Grindeanu stated on Monday evening at a private TV broadcaster that he expects a final draft of the income tax project so that he can decide, but underlined that this type o...

ECONOMICS

Faurecia to develop interior and safety technologies for self-driving cars

French car parts supplier Faurecia said it signed a partnership agreement with German company ZF to develop interior and safety technologies for self-driving cars, according to Reuters.

ECONOMICS

Oil prices rise on strong demand and uncertainty over Syria conflict

Oil prices rose on Monday, supported by strong demand and uncertainty over the conflict in Syria, although another run-up in U.S. drilling activity kept a lid on gains, Reuters news reads.

ECONOMICS

Deloitte: Local M&A market is going through a favourable time

After a record breaking fourth quarter of 2016, the first quarter of 2017 has brought a correction in the value of significant M&A transactions in Romania, with a disclosed amount of 368 million...

ECONOMICS

PM Grindeanu: Insolvency seems to have become national sport

Prime Minister Sorin Grindeanu has asked the Finance Ministry and the National Tax Administration Agency (ANAF) to come up, by May 15, with a careful analysis of the state of affairs over the pa...

ECONOMICS

IMF approves second loan tranche to Moldova

The International Monetary Fund said its board has approved the disbursement of a second loan tranche to Moldova worth 21.5 million USD, according to Reuters.

ECONOMICS

Eberspaecher forecasts slight increase in revenue for 2017

The German automotive supplier Eberspaecher forecasts sustained positive income development with a slight increase in revenue for 2017, a press release shows.

ECONOMICS

Ratio between pensioners and employees could double by 2032 as compared to 2014, pension fund manager says

The ratio between pensioners and employees could double by 2032 as compared to 2014, which will cause problems in covering the necessary pension payments by the employees for those who enter the...

ECONOMICS

Arval Romania registers nine per cent growth in fleet under management

French-based Arval Romania, one of the largest companies specialized in operational leasing and corporate vehicle management, registered nine per cent growth of fleet under management and 23 per...

ECONOMICS

Banca Transilvania posts 246 million RON profit in the first quarter of 2017

Banca Transilvania's net profit is 246 million RON (54.6 million Euro) for the first quarter of 2017, whereas Banca Transilvania Financial Group's net profit amounts to 267 million RON (59.3 mil...

ECONOMICS

Business Lease Romania opens its first regional centre in Cluj-Napoca

Business Lease Group, a Dutch company specializing in providing full mobility solutions to companies in Central and Eastern Europe, opens a new operational centre in Cluj. This expansion aims to...

ECONOMICS

Bacau to become Romanian Youth Capital

Bacau, one of the biggest cities in Romania's Moldova region, will be the Romanian Youth Capital between May 2, 2017 and May 1, 2018.

ECONOMICS

PM Grindeanu: Switchover to Euro only after Romanians' salaries are close to other EU states

Prime Minister Sorin Grindeanu said on Monday that the switchover to the Euro will be possible only after the Romanians' incomes get close to earnings in other European Union member states, acco...

ECONOMICS

Merger between Banca Comerciala Carpatica and Patria Bank approved by Bucharest Court of Appeal

Bucharest Court of Appeal approved on April 21, 2017 the merger file between Banca Comerciala Carpatica and Patria Bank, allowing to the two banks to complete all the procedural and operational ...

ECONOMICS

UPS generates 6.2 per cent revenue growth in Q1

UPS announced first-quarter 2017 operating results with revenue growth across all segments. The company improved earnings per share by 3.9 per cent versus the same period in 2016. The improved...

ECONOMICS

GE Healthcare to provide 900,000 Euro equipment for Emergency Clinical County Hospital Cluj Napoca

Emergency Clinical County Hospital Cluj Napoca, one of the most important public hospitals in Romania, enhanced its diagnostic imaging capabilities with a Magnetic Resonance Imaging (MRI) system...

ECONOMICS

Mol Group approves dividend and share split

Mol Group held the Annual General Meeting in Budapest, where shareholders approved the report of the Board of Directors regarding finances for the year 2016 and approved consolidated financial s...

ECONOMICS

Oltchim achieved 2.2 million Euro gross profit in Q1 2017

The consortium of legal administrators formed by Rominsolv SPRL and BDO Business Restructuring SRL together with the executive management of the company and the special administrator informs tha...

ECONOMICS

Vienna Insurance Group posts profit of 110 million Euro in Q1

Vienna Insurance Group reported a profit before taxes of around 110 million Euro in the first quarter of 2017, according to a press release.

ECONOMICS

Caracatzanis, Renault Romania: We uphold measures to support the development of new vehicle market

Director of Renault Romania, Yves Caracatzanis declared that the French group upholds the measures that support the new vehicle market development, Rabla scrappage programme being important beca...

ECONOMICS

ALD Automotive to launch leasing product for electric and hybrid vehicles in Romania

French-based ALD Automotive Romania, one of the largest operational leasing and fleet management companies on the local market, launches first operational leasing product for electric and hybrid...

ECONOMICS

EU-Canada economic and trade agreement provides worldwide commercial opportunities for Romania, says CCIR

The comprehensive economic and trade agreement between the European Union and Canada (CETA) means actual new opportunities for Romania to exceed the borders of Europe thanks to an almost full re...

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ECONOMICS

Intrarom and Genesys receive Best Use of Technology award

Intrarom, the Romanian subsidiary of Intracom Telecom, announced today that it has received the "Best Use of Technology Award - for Raiffeisen Bank" jointly with Genesys.

ECONOMICS

Orbis turnover increased to 62 million Euro in Q1

The Orbis Hotel Group turnover increased by 4.4 million Euro in Q1 2017 up to 62 million Euro, a press release shows. Group's EBITDA in the first quarter totalled 8.9 million Euro, representin...

ECONOMICS

Austria holds over 14 per cent of all foreign investments in Romania

The Austrian investors see Romania as an excellent investment destination and the largest market in the South-Eastern Europe, according to Gerd Bommer, the Austrian Embassy Commercial Counsellor...

ECONOMICS

Suciu Popa assisted Enel in the acquisition of 13.6 per cent of E-Distributie Muntenia and Enel Energie Muntenia

Suciu Popa assisted Enel Investment Holding B.V. in finalizing the acquisition of 13.6 per cent of the share capital of E-Distributie Muntenia S.A. and Enel Energie Muntenia S.A., which increase...

ECONOMICS

Deloitte Romania appoints Alexandru Reff as new country managing partner

Alexandru Reff has been appointed country managing partner Deloitte Romania and Moldova, effective June 1, 2017. He will succeed Ahmed Hassan, who takes on a regional leadership position.

ECONOMICS

PM Grindeanu: Trips to Israel and Austria - perfect opportunities to improve political, economic relations

Prime Minister Sorin Grindeanu stated that the trips he will take in May to Israel and Austria will be “the perfect opportunities” to improve political and economic relations between Romania...

ECONOMICS

Erste Group posts net profit of 262 million Euro after Q1

Erste Group registered a net profit of 262.2 million Euro after the first quarter of 2017, a press release shows.

ECONOMICS

US and Israel show interest in developing Romania's irrigation system

The United States and Israel are interested in investing in the recovery of the irrigation system of Romania, Romania's Ministry of Agriculture and Rural Development reported in a press statemen...

ECONOMICS

Apple posts fall in iPhones sales

Apple Inc reported a fall in iPhone sales for the second quarter, indicating that customers had held back purchases in anticipation of the 10th-anniversary edition launch of the company's most i...

ECONOMICS

New law on ports administration would be very damaging for Romanian state budget, Fondul Proprietatea says

Fondul Proprietatea is concerned by the renewed steps to approve the draft law amending the Government Ordinance on ports administration, which was re-examined and approved through an emergency ...

ECONOMICS

Airbus Helicopters and IAR sign exclusive agreement for H215M in Romania

Airbus Helicopters and IAR have signed an exclusive cooperation agreement for the heavy twin engine H215M multi-role helicopter. IAR will become the prime contractor for the H215M for any future...

ECONOMICS

TotalSoft appoints Yusuf Onder Eren as CEO

TotalSoft, one of the leading software providers in Romania, announces the appointment of Yusuf Onder Eren as Chief Executive Officer, to drive the company's international development, as well a...

ECONOMICS

Government-run companies post aggregate 1994-2015 net losses of 66.5 billion RON

Romania's government-run companies have posted an aggregate net loss of 66.5 billion RON (14.7 billion Euro), 1994-2015, with 65.5 billion RON (14.5 billion Euro) in the first ten years of the a...

ECONOMICS

Government to set up digital services agency

The Government will set up a public agency for cloud and digital services under a public-private partnership, Communications Minister Augustin Jianu told a specialist conference, according to Ag...

ECONOMICS

Government to approve decentralisation strategy, says PM Grindeanu

Prime Minister Sorin Grindeanu said the Government on Wednesday will approve a decentralisation strategy, adding that all the objectives that can be assigned to the management of the local admin...

ECONOMICS

UPC Romania posts six per cent increase in Q1 revenues

UPC Romania, part of Liberty Global group, has seen an increase of six per cent in terms of revenues in Q1 2017, up to 178.4 million RON (39.6 million Euro), a press release shows.

ENERGY

Ninety-seven per cent of household waste ends up in landfills, says ARBIO

As much as 97 per cent of Romania's household waste ends up in landfills, and Romania could be fined starting in 2020 about 500,000 Euro per day if it fails to bring the numbers to below 50 per ...

ENERGY

Mol Group reached almost one billion USD profit in 2016

Mol Group announced its financial results for 2016 and the company delivered a clean CCS EBITDA of 2.15 billion USD, which is only moderately down compared with the previous year, a press releas...

ENERGY

ACUE pleads for gradual deregulation of natural gas purchase prices for population and CETs

The Federation of Associations of Energy Utility Companies (ACUE) fully supports the liberalization of the gas market in Romania only with the necessary elements to ensure it functions transpare...

ENERGY

Enel acquires 13.6 per cent of the Romanian subsidiaries E-Distributie Muntenia and Enel Energie Muntenia

Enel S.p.A. (Enel) announces that its wholly-owned subsidiary Enel Investment Holding B.V. (EIH) has today finalised the acquisition from SAPE S.A. (SAPE, the Romanian state-owned holding compan...

ENERGY

Mol Romania appoints new CFO

Zoltan Magyar has taken over as CFO of Mol Romania since beginning of March this year. Since 2014 Zoltan has held several positions (CFO, managing director) within Mol Kalegran Ltd., an upstream...

ENERGY

Romelectro to double its profit and revenues this year

Romelectro, one of the most important EPC contractors in Romania for complex projects in the energy field, wants to double its profit and revenues for 2017, based on current portfolio, said Cris...

ENERGY

Mol Group net profit up by 24 per cent to 323 million Euro in Q1

Mol Group announced its financial results for Q1 2017, with net profit up by 24 per cent year-on-year to 323 million Euro. In the first quarter, all business segments (upstream, downstream, cons...

ENERGY

Electrica to repair its damaged power grid in the next 48 hours, 25,000 consumers still affected by power outage

Due to severe weather conditions (rain, snow and strong wind) in the south-eastern counties of Romania on April 20, 2017, Electrica had several power grid failures within its group. The most aff...

ENERGY

Enel enters the Romanian gas supply market for residential customers

Enel announces the entrance on the Romanian gas supply market, with offers designed to offer ease of use and predictability for residential customers, who can now benefit from having a single su...

ENERGY

Damages to electricity networks caused by severe weather conditions do not increase the distribution tariffs, says ACUE

Lately, Romania confronted with extreme, unpredictable meteorological phenomena that have caused major damages, in large areas, to electricity distribution networks.

INVESTMENTS

Net investment in national economy, down 3.3 per cent in 2016

Net investment carried out last year in Romania's national economy stood at 70.281 billion RON (15.6 billion Euro, declining 3.3 per cent from 2015, according to data released by the National In...

INVESTMENTS

Sonaca to make Airbus parts in Romania following 11.5 million Euro investment

Belgian aerospace company Sonaca has opened in western Romania county Cluj a new plant that will manufacture parts for Airbus A320 aircraft, following a 52 million RON (11.5 million Euro) inves...

INVESTMENTS

Alesonor to invest 12 million Euro in expansion of Amber Gardens and two new projects in Bucharest

Alesonor, the developer of the green residential project Amber Gardens, will invest 12 million Euro this year to add 21 houses in the complex and to develop two new energy efficient residential ...

INFRASTRUCTURE

PM Grindeanu: We believe European funds to be engine for economic growth

Prime Minister Sorin Grindeanu said that European funds are seen as an engine for economic growth, pointing out that he wants things to get unblocked in this area, according to Agerpres.

GREEN

Romania Green Building Council launches recommendations for the National Renovation Strategy

The Romania Green Building Council launched a set of recommendations for Romania's new National Renovation Strategy, which the Romanian Government should present to the European Commission by en...

APPOINTMENTS

JLL appoints Silviana Petre Badea to lead Romania business

JLL has appointed Silviana Petre Badea as managing director of its Romanian business, based in Bucharest, with effect from 1 March 2017.

INFRASTRUCTURE

European Commissioner Cretu: EU funds absorption rate in Romania will exceed 90 percent on 2007-2013 period

European Commissioner for Regional Policy Corina Cretu said that in Romania the absorption rate for the funds allotted for the 2007-2013 period will exceed 90 per cent and that invoices correspo...

GREEN

Demand for sustainable development increased significantly throughout 2016, says BuildGreen

BuildGreen, Romania's development, design and green building certification company, ended the year 2017 with a portfolio increase of over 100 per cent, surpassing the level of 2.7 million sqm of...

INFRASTRUCTURE

Ministry of Environment: We want to double, to 10,000 Euro, state bonus for electric car acquisition

Environment Minister Daniel Constantin declared in central Sibiu, that this year the bonus for the 'Scrappage Plus' programme will be doubled compared to the 2016, so whoever wants to buy an ele...

APPOINTMENTS

Gerke Witteveen, CFO of NN Life Insurance, is the new president for Netherlands Romanian Chamber of Commerce

The Netherlands Romanian Chamber of Commerce (NRCC) Board of Directors appointed as its new president Gerke Witteveen, CFO of NN Life Insurance, a longstanding member of the NRCC.

APPOINTMENTS

Manuela Ciugudean-Toma is the new marketing and communication leader for PwC in South-Eastern Europe

Manuela Ciugudean-Toma joined PwC and will coordinate the marketing teams in 11 countries in South-Eastern Europe. She will be responsible for developing an integrated PwC marketing and communic...

APPOINTMENTS

Teraplast appoints Mirela Pop as new CEO

Teraplast Group, the largest PVC processor in Romania and one of the leading manufacturers of materials for construction and installation market, is having starting with May 9th, 2017 a new Chie...

APPOINTMENTS

Albalact appoints Giampaolo Manzonetto as new general director

Giampaolo Manzonetto has been appointed as the new general director of Albalact Romania, company which is controlled by Lactalis Group. Manzonetto is the general director of Lactalis Romania and...

REAL ESTATE

Commercial property investments in Romania exceeded 850 million Euro last year, says DTZ

In 2016, the total volume invested in commercial property in Romania exceeded 850 million Euro, a DTZ Echinox report shows. Bucharest attracted 660 million Euro, which represents 77 per cent of ...

AGRIBUSINESS

Romania has significant potential in agriculture, but low productivity, says PwC Romania

Romania is one of the European countries with the highest potential in agriculture with the sixth biggest agricultural use area in the EU, but it has a low productivity due to several factors, a...

REAL ESTATE

ESOP Consulting assisted Harman International on a lease agreement for 7,700 sqm in Metroffice

American company Harman, designers and engineers of connected products and solutions for automakers, consumers and enterprises worldwide, signed a lease agreement for 7,700 sqm in Metroffice, th...

REAL ESTATE

The Bridge to host the biggest restaurant within an office building in Bucharest

Business centre "The Bridge", developed by Forte Partners, will host Boutique Food Hall, the biggest restaurant within an office building in Bucharest, with an area of over 1,000 sqm, following ...

AGRIBUSINESS

Agricover Credit IFN reached 22 million RON net profit last year, up 28 per cent compared to 2015

Agricover Credit IFN, the non-banking financial institution specializing in financial services for agriculture, announced their net profit registered last year is worth 22 million RON (4.8 milli...

REAL ESTATE

Immofinanz recorded a loss of 182 million Euro for 2016 financial year

Immofinanz group posted a loss of 182 million Euro for abbreviated 2016 financial year, the result negatively influenced by Russia and valuation effects, a press release shows. Net profit (inclu...

REAL ESTATE

Unirii View office tower to be completed in Q2 2018

Unirii View, the 18,000 sqm office tower developed by Belgian investor Yves Weerts in downtown Bucharest, is advancing steadily and the underground works are expected to be finalized in Q2 2017....

AGRIBUSINESS

Agricover Agri-Business posts 12.2 million RON gross profit last year

Agri-Business division of Agricover Holding reached a gross profit of 12.2 million RON (2.7 million Euro) in 2016 and 1.14 billion RON (253.3 million Euro) turnover, four per cent decrease compa...

REAL ESTATE

P3 continues P3 Bucharest park expansion, starting new warehouse in 2017

Pan-European logistics property investor-developer P3 started the construction of a new warehouse at P3 Bucharest park. The 13,900 sqm logistics facility will include 400 sqm of offices. P3 is a...

REAL ESTATE

Bucharest total office space take-up reached 100,000 sqm in Q1

Q1 2017 saw class A & B take-up reach approximately 97,300 sqm, according to Knight Frank Romania. There were 9,550 sqm delivered in two projects in CBD (Central Business District), and the aver...

REAL ESTATE

P3 expansion in 2017 starts with 243 million Euro Spanish portfolio acquisition

Pan-European logistics property investor-developer P3 has started its latest phase of expansion with the acquisition of a 322,500 sqm portfolio of 11 logistics and distribution warehouses in Spa...

REAL ESTATE

Cushman & Wakefield Echinox expands its retail department with new appointment

Cushman & Wakefield Echinox consolidates its retail team by recruiting Dana Radoveneanu, a specialist with six years of experience of the local retail market, a press release shows.

REAL ESTATE

Logistics and industrial spaces close to full occupancy in Q1

Vacancy rate for logistics and industrial spaces in Bucharest is close to zero, with low deliveries of new projects and high demand in the first quarter. According to data from JLL Romania, only...

REAL ESTATE

Land transactions volume reached record high last year in Bucharest, says C&W Echinox

Last year, in Bucharest the total land area transacted was of 110 ha, the highest volume recorded in the last ten years, according to C&W Echinox. In terms of value, land transactions amounted 1...

REAL ESTATE

Almost 100,000 sqm industrial property deals brokered by JLL in T1

Real estate consultancy JLL Romania has brokered almost 100,000 sqm industrial and logistics deals in T1, for companies such as Profi, NOD, Tibbett Logistics, KLG and Kuehne + Nagel.

REAL ESTATE

Retail market in 2017 to be dominated by strip malls and new retail concepts, says Colliers

Romanian retail market will continue to grow this year, with 180,000 sqm to be delivered, according to data from Colliers International. The biggest retail amount is represented by strip mall pr...

REAL ESTATE

Liberty Center reached 70 per cent occupancy rate in the last six months

The occupancy rate in Liberty Center Shopping Mall reached a level higher than 70 per cent in the last six months, after attracting new tenants for 18 per cent of the shopping centre's area, dat...

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