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Six companies in ten ask for their insolvency

Wednesday, October 31, 2018

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The number of insolvencies has increased five-time in Romania in the past ten years after the financial crisis, according to latest statistics released by CTIR (former Casa de Insolventa Transilvania) on Tuesda, quoted by romaniajournal.ro.. Most affected companies are from the industry, services and real estate sectors. Romania reported 16,499 new insolvencies in 2008, while the forecast for the end of 2018 is around 8,300, thus half of the number ...

DCA Romania opens its first call centre outside Bucharest

Wednesday, October 31, 2018

Debt Collection Agency (DCA) Romania, a leading company specialized in purchasing and managing receivables in Bulgaria and Romania, has opened its first call centre outside Bucharest in October, romaniajournal.ro reports. Based on several indicators, like the size of the population, the existence of public and private universities, the unemployment rate and the level of the medium net salary, they chose Craiova, Romania’s 6th largest city located on southern ...

Plastics and chemicals distributor Telko enters the Romanian market

Wednesday, October 31, 2018

Plastic and chemical materials distributor Telko, part of the Finnish group Aspo, has announced it will establish a subsidiary in Romania, according to profit.ro. The company has recently begun operations on the local market by opening a warehouse for Romania-based clients. Telko has a history of over 100 years and it distributes plastics, industrial chemicals and lubricants in 18 ...

Medicover reached revenues of EUR 66 mln in Romania at nine months

Wednesday, October 31, 2018

Medicover, the international health and diagnosis company, presented the interim report for the first nine months of 2018, http://business-review.eu informs. In Romania, Medicover revenues increased with 20 percent to EUR 66 million. Medicover recorded a 14.7% percent increase in global revenue over the period similar to the previous year, reaching a total value of EUR 490.4 ...

Liberty, which takes over ArcelorMittal, plans to significantly increase the production of the Galati plant

Wednesday, October 31, 2018

Following the announcement of Liberty House’s binding offer to acquire the Galati Steelworks in Romania from ArcelorMittal, Jon Bolton CEO for Liberty Steel met with Viorel Stefan the Vice Prime Minister on Thursday, 25th October, in Bucharest. A team from Liberty House had spent the day meeting with the leadership team and trade union representatives at Galati describing plans to grow production output from Galati by 1 million tonnes by the ...

National Franchise Registry in the making, to monitor franchise business

Wednesday, October 31, 2018

Under a bill amending Ordinance No. 52/1997 on the legal status of franchising, adopted on Wednesday by the government, Romania will have a National Franchise Registry to monitor franchise businesses and a pilot unit where the franchisor has the possibility to test and fine-tune for one year the business type he plans to sell as a franchise."The role of the National Franchise Registry is to monitor franchise businesses and provide useful statistical data. This ...

Competition Council starts investigation on cement market

Wednesday, October 31, 2018

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Romania’s Competition Council has started an investigation targeting a possible anticompetition deal between cement producers Holcim Romania, CRH Ciment Romania, and Heidelbergcement Romania. The three companies are suspected of having split the local cement market in terms of market shares, offered products, production and sales levels, technical development and investments. This may have also been correlated with a possible price-fixing policy, ...

Ford opens in Craiova its first Resource and Commitment Center in Europe

Wednesday, October 31, 2018

Ford inaugurated its first Resource and Commitment Center in Europe, in Craiova. Designed to support the creation of new locations to improve the economic potential and living standards of the inhabitants of the Oltenia region, the Center is the subject of a USD 1 million total investment over four years by Ford Motor Company Fund in collaboration with its international partner, ...

Romania sees EU's steepest decline in women's leadership share in large caps

Wednesday, October 24, 2018

 Romania saw the steepest decline in the share of women in the management of large companies listed on the stock exchange, which dropped more than 10 percentage points between 2010 and 2017, in stark contradiction with the European trends, Andreea Paul, president of the Competitiveness Initiative (INACO), said in a release."In countries such as France, Italy, Belgium or Germany, the representation of women has improved significantly. Why is that? Because they introduced ...

ALUM invests in reducing energy consumption

Wednesday, October 24, 2018

ALUM S.A,  the only calcined alumina producer in Romania, continues its modernization and upgrading programme, by investing USD 14.4 million this year in environmental protection measures, technological processes, reduction of the specific consumption of heat, electricity and raw materials and for products diversification, romaniajournal.ro informs. Besides the technological upgrade with a direct impact on specific consumption, the Company has a USD 1.7 million programme to increase its ...

CFR Marfa risks bankruptcy if European Commission's investigation indicates illegal state aid

Wednesday, October 24, 2018

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Rail freight operator CFR Marfa will lose an important share of the market and could even go bankrupt if the European Commission finds, following its ongoing investigation, that the railway operator received illegal state aid, Vasile Seclaman, director of the Railway Supervision Department of the Competition Council, told a Wednesday's relevant conference."From the information I have, if it is declared illegal state aid, CFR Marfa will have to repay the amount and this means a ...

NEPI Rockastle sets opening date for EUR 40 mln mall in Satu Mare

Wednesday, October 24, 2018

NEPI Rockcastle, the biggest mall owner in Romania, will open its 18th shopping center in Romania, Shopping City Satu Mare, on December 6. The new mall has a leasable area of some 26,000 sqm and required an investment of EUR 40 million. The project brings together 90 brands, some of which will open their first shops in the region. The list of retailers includes Carrefour, New Yorker, LC Waikiki, Douglas, Orsay, CCC, Kenvelo, Office Shoes, Smyk, Noriel, Hervis, Intersport, ...

Tiriac prepares to sell his leasing company

Wednesday, October 24, 2018

Romanian billionaire Ion Tiriac prepares to sell his leasing company Tiriac Leasing. He has hired the famous investment bank Rotschild as consultant for the sale, according to market sources cited by ...

FintechOS gets accepted into Microsoft accelerator in London

Wednesday, October 24, 2018

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Romanian fintech start-up FintechOS was accepted into the Microsoft accelerator program in London. FintechOS is also the first Romanian start-up that joins the Microsoft UK accelerator, after having passed a complex registration and selection process. As a result, the FintechOS platform will be listed in the global Microsoft marketplace, visible to a network of over 40,000 partners selling and implementing Microsoft technologies. It will also get mentorship on developing ...

SMEs, micro-enterprises can access funds of over 29 million euros to develop IT&C projects

Wednesday, October 24, 2018

More than 29 million euros are available for small and medium-sized enterprises (SMEs) in the field of information technology (IT & C) for the development of research and development projects under state-aid schemes, Minister of Communications and Information Society Bogdan Cojocaru told a news conference on last Wednesday."As we can see every day, the IT & C sector is on the rise, and we see its contribution to the formation of the Gross Domestic Product (GDP), which is ...

ARC 2018 study confirms Implico’s position as market leader for terminal automation systems in EMEA

Wednesday, October 24, 2018

 International software and consulting company Implico once again is the leading provider of terminal automation systems in Europe, the Middle East and Africa (EMEA), the company informs în a statement sent to ACTMedia. This has been shown by the latest analysis of the ARC Advisory Group published in October 2018. According to the regularly published study, Implico has been number one in the terminal automation systems business in the EMEA region since 2010. The current ...

Crisis in the labour market: 10,000 workers from outside the EU in Romanian restaurants in one year

Wednesday, October 24, 2018

The number of workers from outside the European Union in local restaurants will exceed 10,000 within a year, Daniel Mischie, CEO of the restaurant group City Grill, estimated in an interview ...

Sanjeev Gupta, the Indian businessman who buys Sidex Galati

Wednesday, October 17, 2018

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The British group Liberty part of the World Alliance GFG belonging to the business man Sanjeev Gupta announced on Friday 12 October an agreement for the purchase of four siderurginal units in Europe: the Czech Republic, Skopie, Italy and Sidex Galati. Sanjeev Kumar Gupta, a businessman of Indian origin, is the founder and CEO of the company Liberty House, which had in 2017 a turnover of almost 15 billion Dollars. He also  leads GFG (Grupta Family Group), with over 14,000 ...

Epta takes over Romanian commercial refrigeration suppliers

Wednesday, October 17, 2018

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Italian group Epta, which specializes in commercial refrigeration services, has purchased a majority stake in Romanian company Daas, a supplier of commercial refrigerators and one of the biggest suppliers in the local HoReCa sector, according to an official announcement. Following this deal, Epta will control 90% of Daas and local investors Lucian Negroiu and Daniel Mocanu will hold 5% each. Daniel Mocanu founded the company 25 years ago and has been managing it as general ...

Bosch moves service center in Timisoara to new office building

Wednesday, October 17, 2018

Bosch Service Solutions, the local BPO (business process outsourcing) division of German group Bosch, has moved its center in Timisoara to the ISHO office project. Located in the center of the city, the project has been developed by Mulberry Development, a company controlled by local investor Ovidiu Sandor. Bosch has leased 6,600 sqm of office space on four floors and has invested about EUR 1 million in furnishing the new offices, which will accommodate about 850 work ...

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