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Over 10.22bn lei extended through SME INVEST in almost two months

Wednesday, July 15, 2020

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The program to support small and medium-sized enterprises SME INVEST Romania has entered the fourth phase of implementation, that of granting state aid, which will ensure zero financing costs for the program applicants, announced on Monday the National Credit Guarantee Fund for SMEs (FNGCIMM).The number of loans approved by the 21 financiers participating in the program is 11,589, and the volume of guaranteed financing is over 10.22 billion lei.This ...

Communications watchdog issues 995,900 lei worth of fines as of mid-year, Orange Romania fined 500,000 lei

Wednesday, July 15, 2020

In the first half of this year, the National Communications Administration and Regulation Authority (ANCOM) fined telecom, postal service and radio equipment providers an aggregate 995,900 lei, of which more than half was the fine handed down to Orange Romania for the security incident on January 14, 2020, which affected 1.92 million connections nationwide, the authority said in a release.As of mid-year, the telecom market watchdog conducted 1,735 controls, issued ...

UiPath hits USD 10.2 bln valuation after new financing round

Wednesday, July 15, 2020

UiPath, the leading enterprise Robotic Process Automation (RPA) software company, founded by Romanian entrepreneurs Daniel Dines and Marius Tirca, announced that it closed a USD 225 million Series E investment round, reaching a valuation of USD 10.2 billion. Alkeon Capital Management led the financing round. Others participating include Accel, Coatue, Dragoneer, IVP, Madrona Venture Group, Sequoia Capital, Tencent, Tiger Global, Wellington, and funds ...

Deloitte Romania appointed two new directors and one partner within Reff & Associates

Wednesday, July 15, 2020

Deloitte Romania strengthens its management team by promoting Ioana Boca to Financial Advisory Director, Sorin Elisei to Director within the specialized practice in the energy and natural resources industry, and Mihnea Galgotiu-Sararu to Partner within Reff & Associates, the law firm member of Deloitte Legal global network. “It am proud to witness the ...

Global Vision expands its collaboration with Apex Alliance Hotel Management

Wednesday, July 15, 2020

Global Vision, the real estate integrated services platform founded by Sorin Preda 16 years ago, continues its expansion in the facility and property management segment and adds to its administration and maintenance portfolio the newest hotel opened in Bucharest: Moxy Bucharest Old Town, operated by Apex Alliance Hotel Management. ”We are glad to extend the collaboration with Apex Alliance through a new contract, this time for the Moxy brand ...

Business dissolutions decrease by over 31pct Jan..-May 2020 in Romania

Wednesday, July 8, 2020

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The number of business dissolutions in Romania decreased by 31.66% in the first five months of 2020, compared with the same period of the previous year, to 9,675, from 14,157 in January - May 2019, according to data with the National Companies Registry Office (ONRC).Most of the dissolutions were recorded in Bucharest - 1,810 companies (down by 24.96% from the first five months of 2019) and in the counties of Constanta (533, -25.04%), Timis (516, -20.98%) and ...

Ford Romania reduces employment on low demand

Wednesday, July 8, 2020

Some 213 employees of the automobile factory operated by Ford in Romania will lose their jobs as the company faces weak demand, local ...

Microsoft sets up new development centre in Romania by takeover

Wednesday, July 8, 2020

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US technology group Microsoft announced it took over Movial, a Romanian software engineering and design services company specializing in mobile and embedded devices. Thus, the Movial office in Iasi will become the fourth technology development center in the region for Microsoft. During the transaction, 60 Movial employees from the company's office in Iasi joined the Microsoft Devices organization to continue its investment in Android platform ...

Four bidders compete for EUR 273 mln helicopter contract in Romania

Wednesday, July 8, 2020

Four bidders have submitted offers in the tender organized by the Romanian Government for purchasing up to 12 helicopters for the emergency service IGSU for an estimated price of EUR 273 million. One of the bidders is Airbus Helicopters, which operates a production facility in Brasov, central ...

Lactalis closes two factories in Romania, focuses on the others

Wednesday, July 8, 2020

French multinational dairy products corporation Lactalis announced that it would close two of its dairies in Romania, in Floreni and Vatra Dornei, as the group concentrates local activities. But the company assured that the collection of milk in the respective regions would continue, and the processing will be relocated to other factories the group owns in the country. The LaDorna brand and the Dorna Lactate company (that ...

AHK Romania: German companies in Romania expect deep sales dive, slow recovery

Wednesday, July 8, 2020

German companies in Romania expect a sharp contraction of their revenues and slower recovery than initially envisaged, according to a poll operated by the German Chamber of Commerce (AHK) and published on June 30. The political circumstances and the Government's ability to stimulate the economy are the main concerns revealed. Most companies polled expect a drop in turnover of between 10% and 25%, while over 24% of them believe ...

NEPI Rockcastle, AFI Europe, start arbitrage over failed EUR 300 mln deal

Wednesday, July 8, 2020

NEPI Rockcastle, the biggest mall owner in Romania, initiated the arbitrage procedure for getting the guarantee allegedly owed by Israeli developer AFI Europe's Romanian subsidiary following a EUR 300 mln office deal that ...

Questo platform gets EUR 300,000 for expansion

Wednesday, July 8, 2020

Questo, a platform for city exploration games developed by Romanians, has raised EUR 300,000 to continue its international expansion. The financing round was led by Sparking Capital with participation from Early Game Ventures. The funds should help Questo expand into more cities through local storytellers and tour operators. With Questo, travelers, and locals explore destinations by following clues and solving challenges to ...

Govt. to subsidise rents in the shopping malls closed during pandemic

Wednesday, July 8, 2020

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Retailers in Romania will be able to access funds worth RON 160 million (EUR 33 mln) to cover their rent costs for the period when their activity was affected due to the state of emergency and state of alert. An inter-ministry commission coordinated by the Economy Ministry met again on Tuesday, July 7, to finalize the regulation based on which the financial support will be ...

Te-Rox Prod close to getting financing from investment fund

Wednesday, July 8, 2020

Major Romanian child car seat producer Te-Rox Prod is in advanced talks with an investment fund to sell a minority stake, as the company wants to consolidate its business and diversify towards other markets, announced Doina Cepalis, CEO and shareholder of the company. "We are in very advanced negotiations with the fund, we have signed several agreements. We have identified the investor that suits us the most, we are very suitable for them as well, and ...

ONRC: Insolvencies down 37.94 pct over Jan - May

Wednesday, July 1, 2020

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Insolvencies of trading companies and self-employed persons over January - May 2020 were 37.94 percent down from the same period of the year before, at 1,636, shows data released on the website of the National Trade Register Office (ONRC).Bucharest tops the list with most insolvencies - 211, down 54.91 pct compared to January - May 2019, followed by Bihor County with 154 insolvencies (-27.01 pct), Timis with 107 (-18.94 pct), and Constanta with 102 (-30.61 pct) ...

ONRC: Number of companies that suspended activity drops by nearly 38 pct at five months

Wednesday, July 1, 2020

The number of companies that suspended their activity has dropped, in the first five months in 2020, by 38.07 pct over the similar period of 2019, the number being 4,110, according to data published by the National Office of the Trade Register (ONRC).In May 2020, 787 companies suspended their activity.Most companies that suspended their activity in the January - May 2020 period were from Bucharest, the figure standing at 406 (a 36.86 drop over the same ...

Number of suspended labour agreements stays above 140,000

Wednesday, July 1, 2020

A number of 141,664 individual labour agreements were suspended, on Friday, according to the figures centralized by the Labour Inspection and published by the Ministry of Labour and Social Protection.In the previous informative bulletin, sent by the Labour Ministry ten days before (June 16), the number of suspended agreements stood at 146,314.Most suspended contracts were in the Hotels and Restaurants sector (34,277 work contracts), followed by the ...

Givesco takes over 100% stake in Romanian milling and bakery group

Wednesday, July 1, 2020

Danish group Givesco took over the entire Romanian milling and bakery group Sam Mills, where it had held a 50% stake since ...

Govt. to extend EUR 100 mln to SMEs hit by crisis

Wednesday, July 1, 2020

Romania's Government will extend grants worth EUR 100 million to small and medium-sized firms hit by the coronavirus pandemic. The grants' value will be set according to each SME's turnover (no more than 15% of the turnover before the crisis), according to the draft ordinance on the economic recovery plan consulted ...

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