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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 ...

Competition body slaps heavy fine on Corsar Online retailer

Wednesday, January 9, 2019

Romania’s Competition Council issued a RON 1.6 million (EUR 0.34 mln) fine against local firm Corsar Online, the operator of cel.ro online shop, for having operated three other online shops (www.marketonline.ro, www.mediadot.ro and www.azerty.ro) before receiving formal approval for their takeover. Corsar Online has displayed on products and operated the sales related to the said internet domains, previously operated by other companies, the ...

Over 16,000 companies suspend activity 11 months into 2018

Wednesday, January 9, 2019

The total number of companies having suspended their activity went up 14.21 percent in the first 11 months of 2018 as against the similar period of 2017, reaching 16,663 from 14,590, according to the data centralised by the National Trade Register Office (ONRC).The largest number of companies having suspended their activity were registered in Bucharest - 1,767, and in the Counties of Bihor - 957, Cluj - 745 and Constanta - 675.In comparison to the ...

Dacia made over 335,000 cars at Mioveni in 2018, worth EUR 5 billion

Wednesday, January 9, 2019

Automobile Dacia produced 335,262 cars in 2018, 7 percent more than 2017 (21,000 more vehicles), http://business-review.eu informs. Most of the production was covered by the Duster with 236,921 units coming out of the Mioveni factory, according to ACAROM data. The Duster, the model that can have four-wheel drive, is also the most expensive car produced at Mioveni by Dacia-Renault. At an average price of about ...

Romaqua Group gets EUR 6 mln state grant for development

Wednesday, January 9, 2019

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Romania’s Romaqua Group, best known as the producer of Borsec mineral water, will receive a RON 28.8 million (some EUR 6 million) state grant, according to data from the Finance Ministry quoted ...

Penta Investment to buy another pharmacy chain in Romania

Wednesday, January 9, 2019

Czech-Slovak group Penta Investments, which bought in 2018 A&D Pharma, including the Sensiblu pharmacy chain, reached an agreement at the end of last year to purchase the Belladonna pharmacy chain in ...

Over 73k companies deregistered at end of November 2018, with Bucharest at top

Wednesday, January 9, 2019

The number of the deregistered companies dropped at the end of November 2018 by 0.93pct as compared to the similar period of 2017, reaching 73,088, the data of the National Trade Register Office (ONRC) inform.Most of the removals from the ONRC were recorded in Bucharest (11,739 companies), by 2.53pct less than in the first 11 months of 2017, seconded by the counties of Cluj (3,468, plus 7.3pct), Timis (2,894, plus 2.19pct), and Iasi (2,875, minus ...

Morphosis Capital holds first closing for Romanian SMEs Growth Capital Fund

Wednesday, January 9, 2019

Morphosis Capital, a newly established private equity firm focused on growth capital investments in Romanian Small and Medium Enterprises (SMEs), has announced the successful first closing of Morphosis Capital Fund I at EUR45 million. The Fund’s main investor is the European Investment Fund, with resources from the Regional Operational Programme, co-financed through the European Regional Development Fund. Morphosis Capital Fund I plans to invest ...

The 9 key challenges of Romania within the next decades

Wednesday, January 2, 2019

The World Bank has drafted a chart of challenges we face and that will shape the world of tomorrow – and Romania will certainly be fundamentally changed by these global trends. Business Review presents the main challenges that will change Romania and the businesses in the country within the next decades. 1. In 1990, more than a third of people in the world lived in extreme poverty – living on EUR 1.90 a day or less. In 2015, the most recent year with ...

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