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Number of newly established companies on foreign capital down 35% four months into 2020

Wednesday, June 10, 2020

The number of newly established companies on foreign capital went down 34.46% in the first four months of the year, as against the similar interval of 2019, to 1,288 units, according to the data centralised by the National Trade Register Office (ONRC).The 1,288 new companies had a total subscribed share capital worth 2.145 million dollars, down 56% from Jan-April 2019.On April 30, 2020, the highest number of foreign shareholding companies was with ...

29,780 individuals, companies, registered in Jan-April 2020, 46.99pct drop over similar period of 2019

Wednesday, June 10, 2020

The number of registrations of individuals and companies has dropped in the first four months of 2020 by 46.99 pct over the similar period of 2019, to 29,780, of which 21,115 (71 pct) are LLCs, according to the data centralized by the National Office of the Trade Register (ONRC).Most registrations were recorded in Bucharest, namely 5,011 (minus 19.86 pct compared to January-April 2019), and the counties of Cluj - 1,560 (minus 38.02 pct), Ilfov - 1,392 (minus 22.92 ...

FinMin Citu: 8 bln lei available through large companies support program

Wednesday, June 10, 2020

The support program for large companies has an allocation of 8 billion lei, with a multiplier effect of almost 28 billion lei in the economy, and it will be operational in three weeks or maximum one month, Finance Minister Florin Citu announced on last Thursday evening after the government meeting."We approved the Memorandum for the large companies support program. As you know, we announced from the very beginning that Romanian large companies will benefit from ...

BAT expands factory in Ploiesti under EUR 175 mln project

Wednesday, June 10, 2020

British American Tobacco (BAT), the largest tobacco company in Romania, has completed a EUR 175 million investment in its factory in Ploiesti, the company announced. "The major component of this investment was the transformation of Romania into a center for the production of consumables for tobacco heating products for the European Union," said Ram Addanki, director of Asia, Central and Southern Europe, BAT. The investment added ...

Terapia eyes 10% growth this year

Wednesday, June 10, 2020

Romanian pharmaceutical producer Terapia targets a 10% rise in revenues this year, assuming that the exports return to the levels seen before the coronavirus pandemic, according to the company's CEO Dragos Damian. The company's revenues improved marginally to RON 736 million (EUR 155 mln) last year. Damian expects the new clawback law to have a positive impact on revenues and profitability. He expressed hopes for more aggressive ...

IMM Invest programme: 3,083 companies took funds

Wednesday, June 10, 2020

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Minister of Public Finance Florin Citu on Thursday stated that the IMM Invest programme (SMEs Invest) works very well and 3,083 companies took funds until now."We have eliminated several barriers a couple of weeks ago, we have approved an emergency ordinance and today we have the Government decision that approves the norms. The IMM Invest programme works very well. We already have 3,083 companies which took funds. (...) This means that we have already granted 2.45 ...

McDonald's restaurants reach record sales and profits in Romania

Wednesday, June 10, 2020

Premier Restaurants, the company that operates the McDonald's fast-food restaurant chain in Romania, recorded a turnover of RON 927 mln (EUR 195 mln) in 2019, up by 21% compared to the previous year. The net profit went up by 40%, to RON 123 mln (EUR 25.9 mln), according to official financial data reported at the Finance Ministry. These are the best results McDonald's has seen in Romania since the opening of its first restaurant ...

Orange Romania doubles net profit în 2019

Wednesday, June 10, 2020

Orange Romania, the local subsidiary of French telecom group Orange, doubled its net profit in 2019 compared to 2018 while its business advanced by only 1.4%. Orange reported a turnover of RON 5.83 bln (EUR 1.23 bln) in 2019 and a net profit of RON 385 mln (EUR 81 mln). In 2018, the company’s net result was RON 192 mln. Orange is the leader of the local telecom market by turnover and the biggest mobile carrier in the ...

EconMin Popescu: Aid package for SMEs with budget for non-reimbursable grants of 1 B euro

Wednesday, June 10, 2020

The Economy, Energy and Business Environment Ministry is preparing an aid package for SMEs with a budget for non-reimbursable grants of 1 billion euro, fresh money, relevant Minister Virgil Popescu conveyed on Wednesday.According to the Economy Minister, this package will be divided in three projects, as follows: 550 million euro grants for investments of up to 200,000 euro each grant; 350 million of capital grants, also of up to 200,000 euro each for the ...

Company deregistrations almost 73 pct down over Jan - April 2020

Wednesday, June 10, 2020

Company deregistrations were 72.87 pct down at 15,179 in the first four months of 2020 from the same period of 2019, shows statistical data of the National Trade Register Office (ONRC).Bucharest tops the list with most deregistrations - 2,089 companies (by 62.85 pct less YoY), followed by the counties of Constanta - 714 (-45.33 pct), Cluj - 680 (-63.24 pct) and Timis - 625 (-59.60 pct).Conversely, the counties with the fewest deregistered businesses ...

Only 1,392 insolvencies reported by Trade Register, January through April 2020

Wednesday, June 3, 2020

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The number of companies and authorised individuals (PFA) that became insolvent decreased by 32.72pct in the first four months of 2020, compared to the same period last year, to 1,392 insolvencies, according to data published on the website of the National Trade Register Office (ONRC).Most companies and PFAs that became insolvent were registered in Bucharest, respectively 143, down 60.93pct versus to the period January-April 2019. The following places in the ...

Survey : Almost two thirds of Romania's companies didn't cut employees costs during emergency state

Wednesday, June 3, 2020

Almost two thirds (65 percent) of Romania's companies didn't implement measures to cut back costs with employees during the two months of the state of emergency, the data included in the PwC Romania HR Barometer and published on last Wednesday informs.According to the survey, the companies which decided to cut back costs have adopted a mix of measures which they implemented differently to employees depending on their positions, generally being targeted the ...

Bosch announces the Annual Financial Results 2019 in Romania

Wednesday, June 3, 2020

Consolidated sales in Romania amount up to over 2 billion lei (436 million euros) in 2019 Total net sales grew by 18 percent in 2019 to 6.7 billion lei (1.4 billion euro) Investment of more than 360 million lei (over 76 million euros) in 2019 Bosch global supplier of technology and services ended its 2019 fiscal year with over 2 billion lei ...

New anti-fraud technology solutions emerge, but companies must ensure cooperation between compliance and anti-fraud departments

Wednesday, June 3, 2020

A typical fraud case lasts 14 months before detection and causes a loss of over USD 8,000/month, according to the Association of Certified Fraud Examiners (ACFE) 2020 Report to the Nations. When considering today’s financial landscape, where transactions happen under one second, and the current age of economic turmoil that COVID-19 has caused on a global scale, these challenges and risks become all the more threatening, underlined Deloitte Romania and SAS experts in a ...

Cristian Deaconu is the new Sales Director of Schneider Electric Romania & Moldova

Wednesday, June 3, 2020

The month of June comes with an important change in the Schneider Electric team. Starting with the 1st day of the previously mentioned month, Cristian Deaconu will take over the Sales Director role at the company, a position which was previously held by Lucian Enaru, who also serves as the company’s General Director. Cristian Deaconu has 10 years of experience with Schneider Electric, having occupied several management positions during his ...

Rosti leases space for second factory in Romania

Wednesday, June 3, 2020

Sweden's Rosti Group has leased 11,300 sq m of industrial space in Romania where it plans to build its second plastic injection moulding factory in the country, property and investment management services provider Jones Lang Lasalle (JLL) Romania said on Tuesday. The construction of the new production facility in Paulesti, near the southern city of Ploiesti, which was announced by Rosti at the end of last ...

Continental will invest 33 million euro to expand research-development center in Timisoara

Wednesday, June 3, 2020

Continental has started works to expand the research and development center in western Timisoara, the planned investment in the new building being 33 million euro, according to a release of the company sent on Tuesday.The building was designed for a capacity of over 1,700 seats, as well as a complete area for testing and validation of products of the company. The total built surface will be over 26,000 square meters, and the works will be completed until April ...

Dedeman to develop EUR 25-30 mln logistics park in Bacau

Wednesday, June 3, 2020

Dragos and Adrian Paval, the owners of local DIY retail chain Dedeman, continue their collaboration with local investor Ionut Dumitrescu. The three investors will develop a logistics park near Bacau after they initially collaborated to build the ELI Park 1 logistics park near Bucharest. The company Paval Holding, owned by Dragos and Adrian Paval, took over 80% of Eli 6 Industrial, the investment vehicle set up by Ionut Dumitrescu for developing the ...

Renault might relocate research and development activities out of RO

Wednesday, June 3, 2020

The activity of Renault Techologie Roumanie (RTR), the primary research and development center for the Renault group's entry platform - used for the Logan, Sandero, Duster, Lodgy and Dokker models, is called into ...

Bittnet becomes the first IT Company to enter BVB S main market 5 years after listing on AeRO

Wednesday, June 3, 2020

Bittnet shares will start trading on BVB’s Regulated Market on June 3rd, five years after the listing on the AeRO market of the Multilateral Trading System (MTS) of the Bucharest Stock Exchange (BVB). Bittnet thus becomes the first IT issuer present on BVB’s Main Market. “Bittnet is an example to be followed by most companies in Romania, it is a story of accelerated growth on the stock market, that accessed all the development ...

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