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Unemployment rate in hotels and restaurants reaches 60%

Wednesday, April 8, 2020

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The unemployment rate in hotels and restaurants has already reached  60% and risks to climb to 90% soon, considering the present conditions, representatives of the Federation of Patrons in Romanian tourism estimate. According to a press release sent by FPTR, the crisis caused by the coronavirus epidemics paralyzed activities in tourism. “Besides these jobless people, about 50,000 people are on a dramatic situation on ...

ONRC: the number of wound up companies has increased by almost 3.13% in the first two months of 2020

Wednesday, April 8, 2020

The number of wound up companies has increased by 3.13% in the first two months of 2020, as compared to the same period of the previous year, at 5,705 against 5,532 companies in January – February 2019, according to the data centralized by the National Office of the Commercial Register (ONRC).Most winding up were registered in Bucharest, namely 1,021 companies (up by 10.5% against the first two months of 2019) and in Brasov county (305, +100.66%), Constan?a ...

ONRC: Registrations of natural legal entities decrease 27.17pct in first two months of 2020

Wednesday, April 8, 2020

The number of registrations of natural legal entities decreased in the first two months of 2020 by 27.17pct, compared to the same period of 2019, to 21,106, of which 14,982 (71pct) were limited companies, according to data centralized by the National Trade Register Office.Most registrations were in Bucharest, respectively 3,484 (plus 14.95pct compared to January-February 2019), and in the counties of Cluj - 1,140 (plus 1.24pct), Iasi - 1,000 (minus 17.83pct) ) and ...

Blue Air asks for EUR 45 M state rescue aid

Wednesday, April 8, 2020

Blue Air has asked for a temporary state rescue aid of EUR 45 million to cope with the existing crisis, sources told Hotnews.ro. The airline officials argued that the company is paying taxes and fees of over RON 100 million on an annual basis, ...

Number of companies running on foreign capital drops 4.6pct in first 2 months of 2020

Wednesday, April 8, 2020

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The number of newly established companies running on foreign capital decreased by 4.6 percent in the first two months of 2020, compared to the similar period of 2019, to 892 units, according to data centralized by the National Office of the Trade Register (ONRC).The 892 new companies had a registered capital totaling 1.683 million US dollars, down 42.4 percent from January to February 2019.On 29 February 2020, the largest number of companies running on ...

Ford keeps its factory in Romania closed until beginning of May

Wednesday, April 8, 2020

U.S. carmaker Ford confirmed on April 3 that most of its European vehicle and engine factories, which suspended production on March 19, would remain closed at least until May 4. The announcement comes after Ford initially said that production would be temporarily suspended for a period of “several weeks,” in its main production units in Europe (Saarlouis and Koln, Germany; Valencia, Spain and Craiova, ...

Govt. ready to subsidise interest for EUR 3.1 bln loans to SMEs

Wednesday, April 8, 2020

Government will provide guarantees for investment and working capital loans extended by banks to microenterprises, small and medium sized enterprises, and will subsidise the related interest plus other fees. The budget of the program, which includes the interest, fees and insurance fees related to the loans, is estimated at RON 781 mln (EUR 161 ...

Coronavirus: Commission and European Investment Fund unlock €8 billion in finance for 100,000 small and medium-sized businesses

Wednesday, April 8, 2020

The European Commission has unlocked €1 billion from the European Fund for Strategic Investments (EFSI) that will serve as a guarantee to the European Investment Fund (EIF), part of the European Investment Bank Group. This will allow the EIF to issue special guarantees to incentivise banks and other lenders to provide liquidity to at least 100,000 European SMEs and small mid-cap companies hit by the economic impact of the coronavirus pandemic, for ...

Galati Steel Works introduces partial furlough

Wednesday, April 8, 2020

The Galati Steel Works will temporarily reduce activity and will introduce partial furlough for the coming period, an informative material sent on Friday by the company's communication director, Dorian Dumitrescu, shows."In the context of the economic drop at the world level, generated by the pandemic of the novel coronavirus, Liberty Galati announces that it has to temporarily reduce its activity and introduce, partially, furlough for the coming period. The ...

German business community asks Romanian Govt. to implement Kurzarbeit

Wednesday, April 8, 2020

German companies in Romania are generally unsatisfied with the measures adopted by the Government to support the economy and ask for more measures to be implemented, including the implementation of reduced and flexible schedule work, known in Germany as Kurzarbeit. “Most companies are aware of the measures taken by the Government in support of companies, but they are generally dissatisfied, considering them insufficient (50%) and not very useful ...

Carmaker Groupe Renault Romania extends production halt at Mioveni-based Dacia plant

Wednesday, April 8, 2020

Carmaker Groupe Renault Romania announced on Thursday in a release the extension of the production halt at the Mioveni-based Dacia plant.According to the cited source, the decision was made in agreement with the social partners "in the context of the global spread of the novel coronavirus and of the health crisis developments"."In order to resume production, the company is moving to take appropriate measures to ensure the protection of the employees ...

Green Group buys local peer Eltex Recycling

Wednesday, April 8, 2020

Romanian recycling company Green Group said it is buying local industrial waste recycling company Eltex Recycling for an undisclosed sum.  The two companies will join forces in order to strengthen Eltex Recycling's position as a leader in providing industrial waste management solutions in Romania, Green Group said in a press release. "The acquisition of Eltex Recycling represents another step for Green Group towards the ...

Sika wraps up acquisition of Adeplast

Wednesday, April 8, 2020

Swiss producer of special chemicals for construction and industry Sika has completed the acquisition of Romanian mortars and thermal insulation solutions manufacturer Adeplast, the deal advisor said on Wednesday. The transaction was finalized on March 31, deal advisor Filip & Company said in a press release. "There is a slowdown in the activity of many industries, and the instability of the markets we ...

Deloitte : 2020, a difficult year for the M&A market

Wednesday, April 8, 2020

The mergers and acquisitions market (M&A) recorded 19 transactions in Romania in the first quarter of the year, four more compared to the same period in 2019. According to Deloitte’s estimates, the total value of the market, including transactions whose values were not disclosed, was between EUR 600 and 750 million in Q1 2020 (EUR 200-300 million in Q1 2019), while the disclosed transactions accounted for EUR 337 million (EUR 120 million in Q1 ...

The average daily number of newly created companies has considerably lowered in the context of Covid-19

Wednesday, April 1, 2020

The number of companies set up at national level has dropped considerabley since the beginning of the emergency state established in Romania, so that during the week of 23-27 March were created 670 new companies, more than five times fewer than in the first week of the month, 2-8 March, when 3,514 new companies were set up, according t an analysis of Termene.ro, the platform which offer information updated in real time about the financial and judicial data of the ...

Analysis: Many entrepreneurs want to support their business, not to send people in unemployment

Wednesday, April 1, 2020

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Many entrepreneurs want to continue their activity, to pay their employees and to extend their services and sales, as the pandemics of coronavirus has placed them in a  ‘ unprecedented blockage’ which could lead to bankruptcy, shows an analysis made by a consultancy company.‘The business of small entrepreneurs were hit the most – by the corona crisis. Beyond the perspective of technical unemployment, the facilities offered by the state ...

Ford Romania leaves the Association of Producers and Importers of Automobiles starting with 1 April

Wednesday, April 1, 2020

Ford Romania leaves, starting with 1 April 2020 the Association of Producers and Importers of Automobiles (APIA) announced the company in a press release.‘The main   reason for which we have decided to leave the APIA is connected to a unitary and fundamental approach of the issues which the auto industry faces, so that certain aspects mentioned by us along the years have not been managed at the level of priority necessary in an objective way. Even so, ...

Vodafone Romania, UPC concluded the legal merger

Wednesday, April 1, 2020

The acquisition of UPC is one of the most important transactions within the telecom market in Romania. This process will create an important partner for complete telecommunications services that brings enriched benefits and top products for customers, companies and other socio-economical actors. Moreover, Vodafone will be able to support an ascending path of the Romanian digital economy. Today, Vodafone Romania announces the finalisation of the legal ...

Metair suspends work at Rombat battery plant due to coronavirus pandemic

Wednesday, April 1, 2020

South Africa-based energy storage products manufacturer Metair Investments has suspended operations at its Rombat battery plant in Romania due to the coronavirus pandemic, it said. Metair has also closed Möll factory în Germany and all of its locations in South Africa, it said in a statement filed with the Johannesburg Stock Exchange on Monday. The company's Mutlu Akü factory in ...

Pirelli Tyres Romania extends plant closure

Wednesday, April 1, 2020

Pirelli Tyres Romania, a subsidiary of Italy's Pirelli Group, said on Tuesday it has decided not to reopen its plant on April 1, as previously planned, due to the spread of the COVID-19 disease. "As a result of new, more restrictive government measures introduced in the fight against Covid-19, including new restrictions on the freedom of movement, Pirelli has extended the suspension of its Slatina plant activity. Production will not start on April ...

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