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Continental Romania to invest some 170 mln euro in 2017, hire 1,500

Wednesday, May 3, 2017

German automotive parts supplier Continental said on Tuesday it plans to invest some 170 million euro ($186 million) in Romania in 2017 and hire 1,500 people, seenews.com informs. Continental Romania plans to invest in 2017 mainly in staff training, plant infrastructure and in state-of-the art equipment, it said in a press release. The company invested 170 million euro last year in Romania, mainly in infrastructure and equipment as well as in technology for its R&D ...

ArcelorMittal Galati invests 6 mln euro in zinc coating line upgrade

Wednesday, May 3, 2017

Romania's largest steel mill, ArcelorMittal Galati, said on Tuesday it has invested 6 million euro ($6.56 million) in improving the performance of its zinc coating line, seenews.com reports. The investment consisted of a package of technical upgrades in all sectors of the production line, followed by technical corrections implemented by maintenance specialists, ArcelorMittal said in a press release. "This investment package allows us to adapt to our customers' new ...

FCC awarded $1.78bn contract for three railway sections in Romania

Wednesday, May 3, 2017

Spanish contractor Fomento de Construcciones y Contratas (FCC) has been awarded a contract by the Romanian National Railway Company for three railway sections in the region of Transylvania, globalconstructionreview.com reads. FCC will work in a consortium on the $1.78bn deal.The works consist of building and modernising: 122km of railway line 47 bridges Eight overpasses and seven ...

Startups running on foreign capital in Romania declined 2.56 percent January-February y-o-y, to 797

Wednesday, May 3, 2017

The number of startups running on foreign capital in Romania declined 2.56 percent January-February y-o-y, to 797, reveal data with the National Trade Register Office (ONRC). The 797 new startups had a paid-up capital of more than 8.55 million US dollars, up 139 percent y-o-y. In 2016, Romania witnessed the leanest in 18 years in terms of new startups running on foreign capital. Thus, in 2016, 5,348 such companies were established, down from 5,831 in 2015. ...

Minister Petrescu had a meeting with Bavarian State Minister of Economic Affairs and Media, Energy and Technology

Wednesday, May 3, 2017

The relation with the state of Bavaria is very important for Romania, both in terms of the trade balance and that of the investment print in Romania, Business Environment, Trade and Entrepreneurship Minister Alexandru Petrescu said on ...

Alexandru Reff appointed country managing partner for Deloitte Romania and Moldova

Wednesday, May 3, 2017

Alexandru Reff has been appointed country managing partner Deloitte Romania and Moldova, officially starting on June 1, business-review.eu informs. He will replace Ahmed Hassan, who takes on a regional leadership position. Reff is an attorney at law, founder of Reff & Associates, the law firm representing Deloitte Legal in Romania. He started his career in Deloitte in 1997 and served in various executive roles, including Tax and Legal partner for a ...

Volkswagen-Audi and Enercon are interested in starting businesses în Romania

Wednesday, May 3, 2017

Volkswagen-Audi and Enercon are interested in starting businesses or developing partnerships in Romania, according to a press release issued by the Ministry for Business Milieu, Commerce and Entrepreneurship and remitted last Wednesday.The said ministry's head, Alexandru Petrescu visited the stands of the Romanian companies at the Hannover Fair - "Hannover Messe" - one of the events in the industrial technology field. According to the press release, the day was ...

Digi Communication's net profit of 11.8 million euro in 2016

Wednesday, May 3, 2017

Digi Communication, the parent company of RCS & RDS telecommunications company, grossed a net profit of 11.8 million euro in 2016, but the long-term debt of the company increased by 13.17 pct last year as compared to the previous one, to 746.4 million euro, reads the newsletter published on the Bucharest Stock Exchange (BVB) website. The bulk of the amount of 665.5 million euro is represented by interest-bearing credits and loans, including bonds. The ...

2.4 million customers were using Orange 4G services at the end of March 2017

Wednesday, May 3, 2017

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A total of 2.4 million customers were using Orange 4G services at the end of March this year, double as compared to the first quarter of 2016, due to rising sales of smartphones and devices connected to smartphones, informs the company on Thursday. "In the first quarter of the year, tailored offers encouraged customers to select 4G Internet rich subscriptions and the possibility to purchase pay-per-bill instalment phones. The ever growing need for Internet access was ...

Orange Romania launches new tariff plans for SMEs

Wednesday, May 3, 2017

Orange Romania launched new Business Mobile and Orange Pro subscriptions for small and medium businesses, telecompaper.com reports. Customers can choose between various Pro tariff plans which include unlimited on-net minutes, ...

S&P upgrades Romania's RCS & RDS to 'BB-'; stable outlook

Wednesday, May 3, 2017

Standard & Poor's Ratings Services said on Wednesday it has upgraded Romanian telecommunications operator, RCS & RDS and its parent company Digi Communications N.V.  long-term corporate ratings to 'BB-' from 'B+', with stable outlooks, seenews.com reads. S&P last reviewed RCS & RDS and Digi Communications N.V.in October 2016, when it upgraded outlook to positive from stable, affirming the 'B+' long-term corporate credit rating. "DIGI Communications N.V. ...

Coface: Financial losses caused by insolvencies reach highest level

Wednesday, April 26, 2017

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Losses of Romanian companies, caused by insolvencies have reached a historic high level, although 2017 started with a historic low level of the number of insolvencies, according to a study published on Tuesday by the national company of credit insurance Coface. From the Coface analysis, made according to data supplied by the Insolvency Procedure Bulletin, 1,753 new insolvency procedures opened in the first quarter of the ongoing year, on the drop by ...

Romanian operator 2K Telecom's debt reaches RON 73 mln

Wednesday, April 26, 2017

Romanian communications company 2K Telecom, which went into insolvency earlier in 2017, owes over RON 73 million to  writes local paper Ziarul Financiar citing a report created by the judicial services company CITR Ilfov. Of these, RON 43 million are owed to ZTE, telecompaper.com reads. 2K Telecom ...

Alstom-Aktor-Arcada consortium wins Romanian railroad upgrade tender

Wednesday, April 26, 2017

A consortium comprising Alstom Transport, Aktor and Arcada has won a 1.5 billion lei ($353 million/330 million euro) tender for upgrading sections of Romanian railways network, state-owned railway infrastructure operator CFR said on Friday, seenews.com reads. Funding for the rehabilitation of a section of the railroad Ilteu and Gurasada and a section between Gurasada and Simeria is provided from non-reimbursable funds and from the state budget, CFR ...

Romanian operations generate 73 pct of RCS&RDS revenues

Wednesday, April 26, 2017

Seventy three pct of RCS&RDS’s revenues are generated by its Romanian operations, 16 percent by Hungary, 10 percent by Spain and one percent by Italy, business-review.eu reports. The operator added 678,000 new contracts locally in 2016, reaching over 10.1 million internet, TV, fixed and mobile telephone contracts, according to the information transmitted by the investors of Digi Communications, the mother company of ...

EUR 19.038 million allocated for Small and Medium-Sized Enterprises this April

Wednesday, April 26, 2017

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The Government has decided to temporarily allocate EUR 19.038 million for ensuring the funding necessary for April of the Management Authority of the Operational Programme Initiatives for Small and Medium-Sized Enterprises, reads a release sent on ...

Olympus Romania appoints Athanasios Giannousis as commercial director

Wednesday, April 26, 2017

Olympus Romania, one of the major players on the local dairies market, appoints Athanasios Giannousis as commercial director, leading the development plans of the company in Romania, business-review.eu informs. Giannousis replaces Ilias Pliatsikas, which will continue to be part of the Olympus-Tyras group in Greece. Giannousis has over nine years of experience in the international FMCG industry, having held ...

Pfizer opens a regional logistics service in Romania

Wednesday, April 26, 2017

The new center, also named Above Market Planning (AMP) Hub, will be headquartered in Bucharest and will provide a more straightforward and more direct means of communication between markets in Europe and Pfizerproduction units all over the world, business-review.eu reports. Pfizer Romania will complete, most probably by the end of the second quarter of the year, the development of a regional support ...

Continental Romania completes Timisoara plant expansion

Wednesday, April 26, 2017

German automotive parts supplier Continental said on Wednesday it has completed an expansion of its electronic components plant in Timisoara county, western Romania, following a 12 million euro ($12.7 million) investment, seenews.com reports. The expansion project, announced a year ago, has added 5,000 sq m of production and warehousing area and another 2,200 sq m of offices to the facility, Continental said in a statement. The ...

USA's PHI to partner with Romania's Maxagro, mulls acquisition

Wednesday, April 26, 2017

US-based PHI Group, a company focused on acquisitions and investments in natural resources, energy and agriculture, said on Wednesday it will partner with Romania-based Maxagro Group and may acquire a majority stake, seenews.com reads. PHI Group and Maxagro signed a memorandum of understanding to develop an organic farming programme in Timis county, in western Romania, PHI said in a statement. The memorandum also envisages that PHI Group will consider ...

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