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Business
Petrom and Exxon discover natural gas in Romania’s Black Sea
Domino-1, the first exploration well in deep waters of the Romanian Black Sea discovered natural gas, announced ExxonMobil and OMV Petrom. “This news is encouraging, but it is too early in the exploration and evaluation of data stage to know for sure if it is for commercial use or not, ” according to a Exxon Mobil and OMV Petrom statement. The Domino-1 probe is located in the Neptune block at 170 km of coastline in deep waters of approximately 1,000 meters. Drilling operations began in late 2011 and [...]
Romania offers state aid for Bosch and De’Longhi’s new investments in the country
The Romanian Government is considering offering state aid to German group Bosch, which is preparing a EUR 77 million investment in the Cluj area of Romania, and for De’Longhi’s planned take over of the former Nokia factory at the same site. Romanian Prime Minister Emil Boc (in picture, right) recently met Fabio de’Longhi (in picture, [...]
WEF report: Romania’s competitveness falling and among the worst in the EU
Romania received a hammering in the World Economic Forum’s 2011/2012 competitiveness report – sliding ten places to 77th out of 142 countries assessed and apart from Greece, the lowest in the EU. Romania’s performance in the different areas tested varied greatly. For trade tariffs Romania was right up near the top in 4th place and [...]
Romanian media boss Sorin Ovidiu Vantu gets jail time for blackmail
Romanian businessman Sorin Ovidiu Vantu was sentenced to six months in jail for blackmailing business partner Sebastian Ghita, of the Asesoft group. Vantu can appeal the court decision. Ion Ilie Cezar, part of Vantu’s entourage, was also sentenced to five months in jail. This is Vantu’s first conviction, but may not be his last as [...]
Romanian millionaire Patriciu’s MiniMax retail business files for insolvency
MiniMax Discount and Macro stores, owned by Romanian businessman Dinu Patriciu have filed for insolvency. All the stores under these brands have been closed down. The company is yet to make an official announcement. Several suppliers, including Dorna Lactate, Vel Pitar, Scandia previously filed insolvency requests against MiniMax Discount. The company posted a turnover of [...]
Swarm of Romanian CEOs gathers for Business Leaders Summit in Bucharest
About 150 high ranking representatives from some of the most important companies in Romania meet today ( February 2 ) and tomorrow at the Romanian Business Leaders Summit organized in Bucharest, a forum on Romania’s society and business environment. During the two-day event, the participants will work in teams to identify 12 specific projects in [...]
Chevron, Exxon, Smithfield, among founders of American – Romanian Business Council
Ten American companies launched the American – Romanian Business Council (AMRO), a non-profit organization headquartered in Washington DC, hoping to promote trade between the US and Romania and bridge the gap between the two countries. Chevron, Exxon, ADM, Smithfield, Raytheon, Pharma, Metlife, Amgen, Timken and Mega initiated the business council, with Chevron leading the group [...]
Romania’s Central Bank cuts key interest rate for the second time this year
The Romanian Central Bank (BNR) made a further reduction of the key interest rate to 5.5 percent during its most recent monetary policy meeting, after cutting the rate from 6 to 5.75 percent at the beginning of January. The BNR decided to maintain the existing levels of minimum reserve requirement ratios on both leu-denominated and [...]
Romania’s operational leasing market could see 20% growth in 2012
The operational leasing market in Romania is expected to increase by 15 to 20 percent in 2012, to a total of 43,000 vehicles, according to the Operational Leasing Companies Association (ASLO). “In 2012, given that the economy is expected to grow by up to 1 percent and the car market might maintain the same level [...]
Franklin Templeton: Most EU countries have to apply difficult measures Romania has been through
Romania’s GDP, based on Government and International Monetary Fund forecasts, could grow by between 1.75 and 2.25 percent in 2012, mainly due to retail sales – currently low after the 20 percent decline from the 2008 peak – and important infrastructure projects, according to Mark Mobius (in picture) – CEO of Franklin Templeton and Greg [...]
NEPI fund buys Timisoara office complex from Romanian investor
South-African investment fund New Europe Property Investments (NEPI) has acquired the City Business Center in Timisoara, which has three existing office buildings totaling 25,000 sqm. The sellers were businessmen Ovidiu Sandor and his partners. Sandor will continue to develop the office park, adding two more buildings and taking the project to 43,000 sqm, according to [...]
GDF Suez to launch 48 MW wind project in Romania
GDF Suez has recently announced its plans to start power production in Romania, through a 48 MW wind project. The new wind farm will be located in Gemenele, Braila county and will come on line in 2012. This “illustrates the group’s confidence in the potential of Romanian renewable energy,” reads a statement of the company. [...]
Siveco Romania opens Dubai office, aims for 40% international sales
Romanian software company Siveco Romania has opened an office in Dubai, hoping to gain more subcontracting contracts in the Gulf states, and targets a 40 percent of its turnover from international sales. Siveco signed the first contract in the United Arab Emirates in 2007, to develop the national education portal, followed by an eContent system, [...]
Romanian shoe retailer Il Passo expands with EUR 200,000 store in Craiova
Romania shoe wear retailer Il Passo will open its 11th store in the country, within the Electroputere Parc shopping mall in Craiova in March this year, following an investment exceeding EUR 200,000. The new store will cover 100 sqm and is the first of several planned by Il Passo. The retailer was set up in [...]
Romanian Communication Authority slashes charges on calls between mobile telephony networks
The Romanian National Authority for Management and Regulation in Communications (ANCOM) will reduce by 30 percent the new maximum tariffs that telecom companies can charge for call termination on their individual networks, as well as the maximum interconnection tariffs. This refers to the charges paid by telecom companies to each other for connecting calls between [...]
Romanian lender Banca Transilvania sees profit up 35% in 2011
Romanian lender Banca Transilvania’s net profit was EUR 31 million ( RON 131.8 million ) in 2011, up 35 percent compared to 2010, mainly due to the bank’s revenues from interest, further growth in lending, lower net expenses with provisions, and costs optimization, according to the bank. Banca Transilvania’s gross profit was of EUR 43.8 [...]
Titan Machinery aims for USD 10 mln in agricultural equipment sales in Romania
American agricultural machinery producer Titan Machinery wants to sell USD 10 million worth of equipment in Romania in 2012, its first year on the market. Romania is the first European country where Titan Machinery has opened a subsidiary and the company has two sales units in Bucharest and Timisoara. “We chose Romania because the production [...]
Johnson Controls opens car seating factory in Romania nearby Ford production site
American auto parts manufacturer Johnson Controls this week officially opened its car seating factory in Craiova, Southern Romania. The production unit will deliver complete seating systems for Fords new B-Max minivan, that will also be produced in Romania. “Romania is an important player in the continuously increasing car market in Eastern Europe, given the statistics [...]
Share of contributions to private pensions’ second pillar set to rise this year in Romania
The share of contributions to the private pensions’ Pillar II is expected to increase from 3 percent to 3.5 percent in March 2012, and up to 4 percent in 2013, according to the Association of Private Pension Funds in Romania (APAPR). Moreover, the law on private pension payments and law on occupational pensions may be [...]
Romanian retailers House of Art and Levis open insolvency procedures
The Bucharest Court has admitted Staff Collection and Corssa’s request to open insolvency procedures, and named Casa de Insolventa Transilvania (CITR) as their judiciary administrator. Together Staff Collection and Corssa operate the House of Art, Fox, Levis and Eponge network stores in Romania. “Although it may seem a step back, opening insolvency procedures is, in [...]
Lower temperatures trigger higher gas imports for Romania
Romania imported six times more natural gas on Monday ( January 30 ) than during an average winter day, while the natural gas consumption was 15 percent higher than average, according to Ziarul Financiar newspaper. The country used 68.8 million cubic meters of natural gas on Monday, when the average temperature was minus 14°C. Romania [...]
IMF’s Jeffrey Franks: Minimum wage in Romania might increase this year
Jeffrey Franks (in picture, right), the head of the International Monetary Fund (IMF) delegation in Bucharest has recently said that the minimum wage in Romania could record a “calibrated growth” this year. However, he added that there is a risk of employers hiring less if wage costs increase in Romania. Jeffrey Franks compared Romania with [...]
Romania ranks 14th on pharma research and development in Europe
The pharmaceutical industry invested more money in research and development (R&D) in recent years than the IT&C industry, according to a report conducted by the European Federation of Pharmaceutical Industries and Associations (EFPIA). Even so, Romania ranks 14th out of 22 countries based on investments in pharma research and development, but managed to outrank countries [...]
MetLife buys Aviva’s life insurance and pensions arm in Romania
MetLife, Inc. has acquired Aviva’s life insurance and pensions business in Romania and its life insurance business in the Czech Republic and Hungary. The deal should be carried through in 2012 and its financial details have not been disclosed. “MetLife is intent on investing and growing in high-potential markets,” said Michel Khalaf, MetLife’s President for [...]
Elliott Associates funds reach 12.9% in Romania’s Fondul Proprietatea
Manchester Securities Corp. and Beresford Energy Corp, both subsidiaries of Elliott Associates investment company have continued to buy shares in Romania’s Fondul Proprietatea on the Bucharest Stock Exchange in January, reaching a 12.9 percent ownership level in the fund. The fund’s shares went up in price on the BSE in the last seven days. The Fondul [...]
Black Sea freezes in Romania’s Constanta harbor 
Google changes logo to celebrate Romanian writer Ion Luca Caragiale 
Romanian hacker TinKode investigated for breaking into NASA and Pentagon servers 
Authorities warn: More snow than in 1954 – Romania’s worst winter on record 
Romania faces new wave of blizzards and ice - Prince Rainier III of Monaco’s statue to be erected in Bucharest
National Opera tenor Hector Lopez: Romanians are Europe’s Mexicans. I feel I am Romanian myself 
Horia Tecau becomes first Romanian to win a Grand Slam tennis tournament after 33 years 
Recent census data revealed: Population has shrunk by 2.6 mln in Romania - The Economist questions Romania’s Nastase corruption case
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