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Gov't: Garantees cap for 2019 "Invest in Yourself" programme - 1 billion lei

Wednesday, January 23, 2019

The maximum level of guarantees that can be issued this year within the programme "Invest in Yourself" will be of 1 billion lei, according to a decision of the Government approved on Thursday.According to this project's substantiation note, the maximum level of guarantees to be issued in 2019 will be of 1 billion lei, as decided "after the consultations with the National Commission of Strategy and Prognosis and considering the expected success of the programme in ...

Construction firms to register up to 28 pct higher costs due to new wage regulation

Wednesday, January 23, 2019

The Romanian construction companies will register higher costs due to the emergency ordinance 114/2018 addopted by the government at the end of last year, as their wage costs will significantly increase, according to a study released by consultant firm Cromwell Evan Global. The costs of construction companies will increase with 5 percent up to 28 percent starting from the begining of this year, depending on the number of employees and the share of ...

Bittnet founders sell 14% of the company to complete takeover

Wednesday, January 23, 2019

The founders of local software company Bittnet Systems, Cristian and Mihai Logof?tu, sold 14% of the company’s shares in special deals on the Bucharest Stock Exchange’s alternative trading system AeRO on Wednesday, January 16. They made RON 8.05 million (EUR 1.72 million ) from the sale, which translates into a valuation of EUR 12.1 million for the whole company. According to the notification they sent to the market, ...

Daimler to start production of new type of gearbox at Romanian plant

Wednesday, January 23, 2019

German Daimler Group, which has a gearbox factory in Romania, will begin production of a new, eight-speed gearbox for Mercedes-Benz cars at its local subsidiary Star Assembly in Sebes. Star Assembly is Romania’s second largest exporter. The group launched the 9G-Tronic gearbox factory in Sebes, central Romania in 2016, after a EUR 300 million investment. The company’s representatives will celebrate the new stage in ...

Dacia car registrations in Europe, up 12% in 2018

Wednesday, January 23, 2019

The number of Dacia cars registered in the EU increased by 12% last year to 519,088 units amid weak market, with the brand reaching a market share of 3.4% (up from 3.1% in 2017), according to the Romanian Automobile Manufacturers Association (ACAROM) and the European Automobile Manufacturers Association (ACEA). In December, 39,692 Dacia cars were registered in Europe, down 2.9% compared to the same month in 2017, but the decline was lower than that of ...

Study: More and more Romanian employees want to change their job over wage discontent

Wednesday, January 23, 2019

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Two in five Romanian employees say they are discontent with their current professional situation and that they consider to change their job this year. One in five employees even consider a career change, admitting they work in a totally unfit field, reads a BestJobs poll, as quoted ...

Deloitte: Intense activity on the Romanian M&A market in 2018

Wednesday, January 23, 2019

The Romanian M&A market neared EUR 2 billion in 2018, according to Deloitte Romania research, based on public sources and disclosed deal values, romaniajournal.ro reads. If estimates for deals whose value was not disclosed were factored in, Deloitte estimates that the Romanian M&A market was somewhere between 3.8 and EUR 4.3 billion, slightly below the previous year. “We witnessed a slight diminution of M&A activity in 2018, after ...

Romanian constructors hit probably the worst post-crisis year in 2018

Wednesday, January 23, 2019

The construction works volume in Romania decreased by 4.9% last November, compared to the same month in 2017, the statistics office INS informed. In the January-November period, the volume of construction works contracted by 4.1%. The activity of the construction companies will therefore decline for the third year in a row and hit the lowest level post-recession, after their output contracted by 5.6% in 2017 and 4.4% in ...

Insolvencies - down 6.5pct, Jan.-Nov. 2018

Wednesday, January 16, 2019

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Insolvencies of trading companies and self-employed persons declined by 6.54 percent between 1 January and 30 November 2018 to 7,716, compared to the similar period of 2017, shows data published on the website of the National Trade Register Office (ONRC).Bucharest tops the list with most insolvencies - 1,514, down 16.68 percent compared to the same period of 2017, followed by Bihor County with 521 (+ 11.90 percent), Timis County with 412 (+16.38 percent), Iasi ...

EIB and Garanti Bank join forces to support businesses run by women in Romania

Wednesday, January 16, 2019

The European Investment Bank (EIB) is lending EUR 22.3m to Garanti Bank Romania to support businesses in Romania. EUR 5m of the loan amount is devoted to female entrepreneurs, matched by another EUR 5m from Garanti Bank.  This transaction is backed by the European Fund for Strategic Investments (EFSI), the financial pillar of the Investment Plan for Europe, or “Juncker Plan”. It is expected that the overall loan will benefit some 260 SMEs and mid-caps and ...

Molex USA consolidates its presence on the Romanian market

Wednesday, January 16, 2019

Molex Electronic Technologies, LLC, a leading global manufacturer of electronic solutions, acquired in a multi-jurisdictional transaction the Connected Vehicle Solutions (CVS) Division of Laird Limited, with offices in Bucharest. bpv Grigorescu Stefanica business law firm acted as local counsel for Molex USA, one of the most successful global manufacturers of electronic components, in the acquisition of Laird Group’s Romanian subsidiary, ...

Amazon to add 5,000 sqm of office space in Iasi

Wednesday, January 16, 2019

Giant online retailer Amazon will expand its Iasi offices by another 5,000 sqm starting the end of 2020, reaching a total of 18,000 in the city, according to zf.ro quoted by http://business-review.eu. As it awaits ...

TeraPlast names Marian Pîrvu as General Manager of Depaco

Wednesday, January 16, 2019

Marian Pîrvu has taken over the position of general manager of Depaco as of January 2019. Depaco is  one of the local leaders on the metal tile market, known as Wetterbest brand, romaniajournal.ro reports. TeraPlast Group, the largest processor of PVC in Romania and one of the main manufacturers on the constructions and installations ...

Farm managers in 2016: 7 in 10 were men in the European Union

Wednesday, January 16, 2019

Farm managers are those responsible for the normal daily financial and production routines of running a farm. As such, they can be thought of as farmers; they make the decisions on what to plant or how many livestock to rear, just as much as when to buy materials and sell stock. Only one person per farm can be identified as a farm manager. Often the farm manager is also the owner of the farm but this need not be the case especially when the farm has a legal ...

Nestle To Close Its Sole Romanian Factory In Timisoara

Wednesday, January 16, 2019

Swiss food and drink giant Nestle will close its only factory in Romania, in Timisoara, company representatives told Romanian financial newspaper ZF. “We have started the process of closing the factory, but we are negotiating with the unions,” Nestle representatives told ZF. In a statement issued later, the company said that it took the decision “after detailed analyses and implementing all ...

Poll: 2018 Was Hard for Recruiting – 29 Interviews to One Hire

Wednesday, January 16, 2019

Nearly nine out of ten companies had a tougher time finding suitable employees in 2018 compared with previous years, interviewing an average 29 candidates before hiring one person, a poll by HappyRecruiter showed Thursday. The poll included 750 employers and 1,100 job candidates in five European countries. The main challenges for employers in 2018 were finding candidates (38%), getting them to accept benefit packages (23%) and ...

Number of newly established companies running on foreign capital decline by 3,45% in the first 11 months of 2018

Wednesday, January 16, 2019

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The number of newly established companies running on foreign capital declined by 3,45% in the first 11 months of 2018 compared with the similar period of 2017, down to 5,206 units, according to data centralized by the National Trade Register Office (ONRC).The 5,206 new companies had a subscribed capital totalling about 46.69 million US dollars, up 20% compared to January-November 2017.According to the ONRC, in November 2018, there were registered 488 ...

The Competition Council authorized the trading through which Partners Courier Investments took over Urgent Cargus

Wednesday, January 16, 2019

The Competition Council announced on Wednesday that they authorized the trading through which the consultancy company Partners Courier Investments took over the courier services supplier Urgent Cargus. Partners Courier Investments, company set up in Romania in 2018 is part of the Group Mid Europe and activates mainly in consultancy for business and management, according to the authorities. The Competition Council considers that ...

Competition Council fined Orange Romania for abusing its dominant position

Wednesday, January 16, 2019

 Romania’s Competition Council found Orange Romania has abused its dominant position during 2011-2015 by limiting the access to its own network for the customers of another company (Simplus Invest). The subsidiary of the French Telco, which is the leader of the Romanian market, was fined RON 64.9 million (EUR 16 million). Simplus Invest is an integrator, which provides services to companies that want to send ...

Fusion and purchase market in Romania close to 2 billion euro in 2018

Wednesday, January 9, 2019

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The fusion and purchase market in Romania came close to two billion euro in 2018, according to an analysis made by Deloitte Romania, based on public sources and transactions made public. If transactions whose value was not communicated were taken into account, the overall fusion and purchase market in Romania was between 3.8 and 4.3 billion euro, a little under the level of the previous year, Deloitte says. “We witnessed a ...

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