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RCS&RDS wins court case over price hiking

Wednesday, May 13, 2020

Romanian telecommunications operator RCS & RDS obtained in court the annulment of an order of the National Authority for Consumer Protection (ANPC) dating from June ...

CEZ Romania operates working capital adjustment before planned divestment

Wednesday, May 13, 2020

The Romanian subsidiaries of Czech utility group CEZ transferred at the end of last year CZK 2.5 billion (EUR 92 million) to the parent company in a [working] capital adjustment before the planned divestment of the subsidiaries. The move aims to smooth the sale of the assets, the Czech company explained. "It is a capital adjustment in four of the CEZ companies [in Romania]. This is standard procedure in the case of a divestment ...

EvoMag expands warehouses capacity by 40%

Wednesday, May 13, 2020

Romanian electro-IT retailer evoMag announced that it would expand the capacity of its warehouses by 40%, in response to the market expansion estimated at 25% in the year-to-date period. The retailer says that its sales rose by 35% over the past couple of months. Out of the total orders in April, 40% came from first-time customers of the retailer. The number of natural persons buying from the evoMag online store has driven the ...

Altex invests EUR 27 mln in stores, warehouses

Wednesday, May 13, 2020

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Altex Romania, a major Romanian electro-IT retailer, which also operates an online marketplace, will invest over EUR 27 million in expanding its logistics network and opening at least three new stores by the end of the year. It will fund the expansion from its sources and also from other sources of financing that the company seeks to identify in the immediate future. The retailer has already started the construction works for the new stores in the ...

Continental Romania keeps hiring despite coronavirus epidemic

Wednesday, May 13, 2020

One of the largest factories in Sibiu, central Romania, operated by German group Continental, has continued hiring during the COVID-19 pandemic. The factory is also among the few local employers that test their employees for COVID-19, using the same method applied to patients at the County Emergency Clinical Hospital. The electronic components Continental factory in Sibiu is the largest in the West Industrial Zone of the city, ...

President Iohannis: A fundamental objective of economic relaunch plan - massive investments in all infrastructure types

Wednesday, May 6, 2020

President Klaus Iohannis on Tuesday stated that one of the objectives of the economic relaunch plan after the COVID-19 pandemic is to "massively" increase public investments in all types of infrastructure, with a strong emphasis to be placed from now on on the Romanian products."A fundamental objective of the economic relaunch plan I am working on together with the Orban Government is to massively increase public investments in all types of infrastructure, from ...

Quarter of Europe’s jobs at risk from coronavirus crisis: report

Wednesday, May 6, 2020

* Unemployment could almost double in the coming months, McKinsey predicts. More than a quarter of all jobs in Europe could be impacted by the economic fallout of the coronavirus pandemic, according to an analysis from McKinsey quoted by politico.eu. The consultancy estimated that up to 59 million jobs are at risk of things like reduced working hours, temporary furloughs or permanent job losses. Unemployment could ...

Eurostat: Online sales continue to grow for EU enterprises

Wednesday, May 6, 2020

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Enterprises in the European Union (EU) are increasingly relying ...

Economic agents will see the shutdown rate increases from 9, 8 pct in March 2020 to 13.8 pct in April 2020

Wednesday, May 6, 2020

The share of economic agents that will see their activity reduced by more than 25 pct goes up from 33.3 pct in March 2020 to 45 pct in April 2020, and the shutdown rate increases from 9, 8 pct in March 2020 to 13.8 pct in April 2020, according to a research conducted by the National Institute of Statistics (INS). One of the aspects revealed by the ad-hoc statistical research carried out to evaluate the impact of the COVID-19 epidemic on the volume of ...

Despite COVID-19 crisis, labour market sees increased demand in certain areas

Wednesday, May 6, 2020

While many areas of the labour market have been dramatically affected by the recent developments of the Coronavirus pandemic, with retail and HORECA suffering the most, as Business Review recently reported in an exclusive analysis, other ...

PwC global survey: 64% of companies plan new safety measures when reopen work sites

Wednesday, May 6, 2020

Almost two-thirds (64%) of the respondents globally plan new safety measures and requirements for employees in order to return to work, according to the most recent edition of PwC’s COVID-19 CFO Pulse Survey, from 28 April. In this context, 55% want to reconfigure work sites to promote physical distancing and 22% to reduce real estate footprint. ”Most companies have moved beyond the short-term, reactive phase of the novel coronavirus ...

Over 20,000 applications on SME Invest portal, sent to banks

Wednesday, May 6, 2020

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Over 37,000 SMEs have so far registered on the SME Invest portal, and 20,139 applications have been sent to the banks chosen by the participants, the general manager of the National Credit Guarantee Fund for Small and Medium Enterprises (FNGCIMM), Dumitru Nancu said on Monday."The banks are going to send us for guaranteeing as of today and we hope to start signing the first contracts tomorrow," Nancu said, adding that 150 employees processed applications during ...

Number of foreign capital newly established companies drop by rd 20 pct in Q1 2020

Wednesday, May 6, 2020

The number of foreign capital newly established companies drop by 19.7 pct pct in the first quarter of 2020, compared to the same period of 2019, to 1,201 units, according to the data released by the National Trade Register Office (ONRC).The 1,201 new companies had a total subscribed share capital of USD 2.015 million, down 48.9 pct from January-March 2019.As of 31 March 2020, the largest number of foreign-owned companies were with investors from ...

Transylvania Bank reported net profit 40% lower in Q 1

Wednesday, May 6, 2020

Transylvania Bank, the largest bank in Romania reported a net profit of 260.99 million lei, dropping by 40.15% in quarter 1, to net incomes of 660.07 million lei from interest rates, 1.31% lower, according to the report sent to Bucharest Exchange (BVB) on Thursday. Transylvania Bank financial group reported a net result of 303.94 million lei, lower by 40.11% and net incomes from interest rates of 737.7 million lei, on the drop by ...

Zentiva invests 25 mln lei in 2019 in modernization of its existing capacities

Wednesday, May 6, 2020

Zentiva Romania, a local producer of generic drugs, invested last year approximately 25 million lei in new equipment and in the modernization of existing capacities, especially when it comes to pellet and injection solutions manufacturing, according to a press release .The company has also invested in laboratory equipment and other manufacturing areas to accommodate new products in the factory. Over 50 pct of the production is made for export, to countries such as ...

Orange Romania posts EUR 257.4 turnover in Q1 2020, down as against the same period în 2019

Wednesday, May 6, 2020

According to the financial results available for Q1 2020, Orange Romania has registered a turnover of EUR 257.4 million, which means a decline by 2.9% as against the same period in 2019, amid moderate sales of equipment prompted by the COVID-19 crisis, the company announced in a press release today. At March 31, 2020, Orange Romania provided mobile, fixed and TV services for 10.768.700 customers, up by 1% as the end of ...

IT company DocProcess opens office in Paris

Wednesday, May 6, 2020

DocProcess, a Romanian company developing digital solutions that help automate business processes, has opened a commercial office in Paris, France. The company, which already has a research and development center in Grenoble, plans to reach 25 employees in France and EUR 1 million in booked revenues from French clients by the end of this year. "France has always been a strategic market for DocProcess, and we believe its ...

Over 32 million euro foreign capital injections in financial market in Q1

Wednesday, April 29, 2020

Companies operating on the Romanian financial market received from foreign shareholders capital injections of 32.55 million euros in the first quarter, 2.6 times more than in the same period in 2019, when they amounted to 12.52 million euros, according to data of the National Office of the Trade Register (ONRC).The largest capital infusion was received in January by the Metropolitan Life Societate de Administrare a unui Fond de Pensii Administrat Privat SA, of ...

Mobexpert opens stores, factories to follow

Wednesday, April 29, 2020

Mobexpert Group, one of the biggest furniture retailers in Romania, reopened its standalone stores on Monday, April 27, after it has operated only online since March 19. The stores that are part of shopping malls or commercial galleries will remain closed as an effect of the restrictions under the state of emergency. The group will also reopen its furniture factories, four of them next week, and three others around ...

Business dissolutions in Romania, down 8.6pct in Q1 2020

Wednesday, April 29, 2020

The number of business dissolutions decreased by 8.63% in the first three months of 2020, y-o-y, to 7,773 from 8,507 companies in Q1 2019, according to data with the National Companies Registry Office (ONRC).Most dissolutions were reported in Bucharest City - 1,368 companies (down 5.33% from Q1 2019) and in the counties of Constanta (436, + 3.07%), Timis (403, - 4.73%) and Brasov (391, + 72.25%).Against Q1 2019, the largest increases in dissolutions ...

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