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60 million products delivered in 10 years by Continental

Wednesday, January 18, 2017

The electronic components plant in Timisoara of German automotive group Continental has supplied 60 million units in its 10 years of activity. 2 million parts enter the production line daily and 45,000 products are manufactured every day, a press release informs. “In this period, Continental completes the factory’s third expansion and the products and new lines, which will be installed, as well as the announced large volumes by customer, ...

InterContinental Bucharest has a new General Manager (GM)

Wednesday, January 18, 2017

InterContinental Bucharest appoints Lior Bebera as the new General Manager (GM), replacing Stefan Frank, after being more than four years in this position. According to a press release, in this role, Lior Bebera will be primarily responsible for managing the hotel operations and maintaining the service excellence that is synonymous with the InterContinental Brand, creating “great hotels guests love”. “I am a ...

Companies sold in 2016

Wednesday, January 11, 2017

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The sale of Profi store network, of the tourist complex Amfiteatru-Panoramic-Belvedere in Olimp seaside resort and the takeover of Covalact and Albalact factories by French company Lactalis were some of the most important transactions concluded in 2016. The Competition Council authorised 59 transactions in 2016, according to data supplied by the Competition Authority. Among these transactions we find the takeover of La Fantana shares by Oresa Ventures ...

High interest rates and fees, guarantees, bureaucracy - main hindrances in companies' accessing loans (survey)

Wednesday, January 11, 2017

High taxation, fiscal environment unpredictability and competition, as well as the access to finance remain the main problems the companies in Romania are confronted with, reads a Survey on the access to finance of non-financial companies in Romania, logged in December 2016, and carried by the National Bank of Romania (central bank, BNR). "Also found was an ...

Romania's Teraplast to expand to Serbia, plans 72 mln lei (15.9 mln euro) investment

Wednesday, January 11, 2017

Romanian plastic products maker Teraplast [BSE:TRP] said it has decided to expand in Serbia as part of plans to boost exports and intends to invest 72 million lei ($16.7 million/15.9 million euro) in 2017, seenews.com reads. Teraplast's board of directors decided to set up a limited liability company in Serbia with a total share capital of 10,000 euro ($10,494), Teraplast said in a filing to the Bucharest Stock Exchange, BVB, on ...

Romania to exempt firms doing R&D from profit tax, to redefine tax regime for microenterprises

Wednesday, January 11, 2017

The government approved on Friday amendments to Romania’s Fiscal Code, changing the taxation regime for microenterprises and offering certain fiscal facilities for companies that are focusing on research & development (R&D) activities, business-review.eu reports. According to the Emergency Government Ordinance rolled out today, the firms that are focusing exclusively on innovation and R&D will be exempted from the payment of the ...

Romanian Post appoints Andrei Stanescu as interim General Director

Wednesday, January 11, 2017

Following the nomination of Alexandru Petrescu for the position of Ministry of Economy, the Romanian Post received its interim General Director in Andrei Stanescu, business-review.eu reports.Previously, Stanescu was the head of the legal, control and human resources department within the Romanian Post. Petrescu stepped down from his position on January 4. Andrei Stanescu is also the head of ...

PPG Completes Acquisition of Romanian Paint and Coatings Manufacturer DEUTEK

Wednesday, January 11, 2017

PPG announced that it has completed its acquisition from the Emerging Europe Accession Fund (EEAF) of DEUTEK S.A., a leading Romanian paint and architectural coatings manufacturer that reported sales of 30 million euros in 2015, businesswire.com reads. Financial terms were not disclosed. DEUTEK manufactures and markets a large portfolio of professional and consumer paints, including the OSKAR and Danke! brands. Its products are sold in more than 120 ...

Number of newly set up companies with foreign capital dropped by 8.5 pct in first 11 months

Wednesday, January 4, 2017

The number of companies with foreign capital newly set up in the first 11 months of 2016 dropped by 8.6 pct as compared with the same period of last year, to 4,912 companies, read the data from the Romania's National Trade Register Office (ONRC). The overall value of the share capital of the 4,912 newly founded companies amounts to 35.5 million dollars. Most ...

Managers in construction and retail estimate a decrease of their sectors' activity

Wednesday, January 4, 2017

Managers in the construction, and retail sectors estimate a decrease of the economic activity in their sectors for the following three months, whereas in the processing industry and the services sector, a relative stability is expected, shows a press release of the National Institute of Statistics (INS)  "Within the short-term trend analysis from December 2016, managers from the manufacturing industry estimate for the following three months a ...

CFA Romania analysts optimistic about Romania's economic development in 2017

Wednesday, January 4, 2017

CFA Romania, an association of investment professionals, said on Tuesday, December27, the state of the country's economy is expected to improve next year after, in their view, worsening at present, seenews.com reads. Romania's macroeconomic confidence indicator increased slightly in November, up 0.6 points from the previous month to 65.6 points, mainly as a result of better economic conditions in 2017, CFA Romania data showed. The analysts' ...

IAR Brasov and MapN signed a contract regarding the restoration and upgrading of several 330L PUMA helicopters

Wednesday, January 4, 2017

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 The IAR Brasov company and the National Defence Ministry (MApN) have inked on Thursday a commercial contract envisaging the restoration and upgrading of several IAR 330L PUMA ...

Programmers in Romania to be exempt from paying income tax

Wednesday, January 4, 2017

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Employees whose activity includes creating computerprograms (CAEN codes 5821, 5829, 6201, 6202, 6209), will be exempt from paying income tax and tax on equivalent revenues, following the amendment of the order issued on 31 March 2015, business-review.eu informs. The measure was announced by the Ministry of Communication and the Informational Society (MCSI) and will enter force as soon as it is published in the Official Gazette of ...

Sale of Doncafe and Amigo producer dropped by 2.3 percent in Romania this year

Wednesday, January 4, 2017

 Amigo dropped by 2.3 percent year-on-year, to RON 212 million (EUR 47 million), on the back of a decrease in volumes and prices, business-review.eu reads. “The drop in sales in the local currency reflects a decrease of volumes and is caused primarily by the customs tax cuts on imports of green coffee, which reduced the cost of raw materials and allowed for products to become cheaper,” the company’s financial ...

Romania's Direct One gets anti-trust nod to take over UTI's Netcity Telecom

Wednesday, January 4, 2017

Romanian internet service and infrastructure provider Direct One said that the country's anti-trust body approved its takeover of Bucharest's underground fiber optic network operator Netcity Telecom, seenews.com reports. At the beginning of September, Direct One said it will acquire Netcity Telecom, part of Romanian group UTI, for an undisclosed sum. "We welcome the decision of the Competition Council on this transaction, based ...

Three Romanian companies included in the Deloitte Technology Fast 500 EMEA

Wednesday, January 4, 2017

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Romania has three companies included in the Deloitte Technology Fast 500 EMEA ranking of the fastest-growing technology companies in Europe, the Middle East, and Africa (EMEA), Deloitte said in ...

Credit Europe Bank Romania gets 40 mln euro EBRD loan to support SMEs

Wednesday, January 4, 2017

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The European Bank for Reconstruction and Development (EBRD) said on Tuesday it is lending 40 million euro ($41.5 million) in three tranches to Credit Europe Bank Romania to continue supporting local small businesses, seenews.com reports. Credit Europe Bank provides banking products and services to individuals, small and medium-sized businesses and large companies in Romania. It is strategically focused on growing its business with micro, small and ...

Vast Resources’ revenue up to USD 14.1 mln during April–September 2016

Wednesday, January 4, 2017

Mining company Vast Resources announces has recorded a 1,310 percent increase in revenue to USD 14.1 million, compared to USD 1.0 millionl last year, business-review.eu reads. The company with operations in Romania and Zimbabwe had for 2016 the objectives to expand and improve its operations. For Romania, the primary objective was to increase efficiency in Manaila Polymetallic Mine. The Moldova ...

Romania could record the weakest year of the last 20 as regards the newly set up companies with foreign capital

Wednesday, December 21, 2016

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Romania could record this year the weakest number of the companies with foreign capital newly set up over the last 20 years, after the first ten months there were registered over 10% fewer as compared to the same period of the previous year, say the data of the National Office of the Trade Registrar (ONRC). At the same time, this year the number of natural and judicial persons registered was dropping, while the insolvencies and the activity suspension ...

Romania, represented at OECD event launching new Small Business Act assessment cycle

Wednesday, December 21, 2016

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Secretary of State for the coordination of the relations with the Organisation for Economic Co-operation and Development (OECD) and development policies for domestic capital with the PM's Chancellery Sorana Baciu participated in Paris on Friday in the launching of the new Small Business Act (SBA) assessment cycle of SMEs development policies in the Western Balkans and ...

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