Romanian low cost airline operator Blue Air gave up five of its 11 planes and sacked 300 of its 800 employees, within a restructuring process that is due to end on November 1, said Gheorghe Racaru, strategy and development manager of the group Blue Air is part of.

*Romania could become the new growth vector in the East – in Ziarul Financiar
*Eugen Voicu redeems Aviva Investors and tries to re-launch it – in Ziarul Financiar
*IKEA wants to fuel the store in Baneasa with solar energy – in Ziarul Financiar
*Romtelecom will have 4-5 TV channels by year-end – in Ziarul Financiar
*Ghita from Asesoft to buy Flanco – in Ziarul Financiar

Asesoft group, owned by Romanian investors Sebastian Ghita and Iulian Stanciu, has taken over the majority share package in IT&C retailer Flanco, the retailer has announced. The new owners will inject EUR 4 million into the retailer's capital in the following months, while banks will receive EUR 10 million in the following six months, according to Flanco's reorganization plans

Eugen Voicu, founder of Aviva Investors, formerly named Certinvest, has redeemed the entire share package in the company from UK insurer Aviva, the majority shareholder. The company will be re-branded from November, when the deal will be finalized. The company manages EUR 17.7 million of assets.

Palas Iasi, the mixed real estate project developed by local developer Iulius Group in partnership with the Iasi municipality, has had to shift the project amidst the crisis to comply with the new market realities. The project, which was initially supposed to feature 800 apartments, will only feature 100 apartments, out of which 60 have already been sold, said Iulian Dascalu, president and owner of the group.

The Romanian government plans to keep the flat tax rate unchanged at 16 percent at least until 2013, according to the country’s three-year fiscal strategy approved Wednesday. The document doesn't indicate whether the value added tax rate will be modified over the next three years. In July, the government raised the VAT to 24 percent from 19 percent to boost state revenues.

French retailer Auchan has chosen a smaller format for its future store Iasi, pursuing an area half the size of its usual store formats so far. Auchan will open a 5,000 sqm store in mixed project Palas Iasi in the second half of next year.

*Two years from the start of the financial crisis, Romania fails to find the way out – in Ziarul Financiar
*South Pacific blocks 71-villa project – in Ziarul Financiar
*Valer Blidar will build railway wagons for the Czech Republic – in Ziarul Financiar
*Steel producer leases 4,300 sqm in A1 Business Park – in Ziarul Financiar
*OMV doubles petrol stations chain with just EUR 5 million – in Ziarul Financiar
*Exchange rate drops to RON 4.23 per EUR. Dealers blame it on 'Americans or the Central Bank' – in Gandul

Rompetrol Rafinare's shareholders Tuesday approved on principle the conversion into shares for the bonds the company failed to recover on account of Petromidia refinery's historic debt, the company announced.

Romania’s Senate adopted Tuesday a bill according to which accredited private pre-university education units would be financed mainly from the state and local budgets. The bill amending Education Law 84/1995 was adopted with 82 votes for, six against and four abstentions. It was adopted tacitly in the Chamber of Deputies.

Romanian low cost airline operator Blue Air gave up five of its 11 planes and sacked 300 of its 800 employees, within a restructuring process that is due to end on November 1, said Gheorghe Racaru, strategy and development manager of the group Blue Air is part of.

*Romania could become the new growth vector in the East – in Ziarul Financiar
*Eugen Voicu redeems Aviva Investors and tries to re-launch it – in Ziarul Financiar
*IKEA wants to fuel the store in Baneasa with solar energy – in Ziarul Financiar
*Romtelecom will have 4-5 TV channels by year-end – in Ziarul Financiar
*Ghita from Asesoft to buy Flanco – in Ziarul Financiar

Asesoft group, owned by Romanian investors Sebastian Ghita and Iulian Stanciu, has taken over the majority share package in IT&C retailer Flanco, the retailer has announced. The new owners will inject EUR 4 million into the retailer's capital in the following months, while banks will receive EUR 10 million in the following six months, according to Flanco's reorganization plans

Eugen Voicu, founder of Aviva Investors, formerly named Certinvest, has redeemed the entire share package in the company from UK insurer Aviva, the majority shareholder. The company will be re-branded from November, when the deal will be finalized. The company manages EUR 17.7 million of assets.

Palas Iasi, the mixed real estate project developed by local developer Iulius Group in partnership with the Iasi municipality, has had to shift the project amidst the crisis to comply with the new market realities. The project, which was initially supposed to feature 800 apartments, will only feature 100 apartments, out of which 60 have already been sold, said Iulian Dascalu, president and owner of the group.

The Romanian government plans to keep the flat tax rate unchanged at 16 percent at least until 2013, according to the country’s three-year fiscal strategy approved Wednesday. The document doesn't indicate whether the value added tax rate will be modified over the next three years. In July, the government raised the VAT to 24 percent from 19 percent to boost state revenues.

French retailer Auchan has chosen a smaller format for its future store Iasi, pursuing an area half the size of its usual store formats so far. Auchan will open a 5,000 sqm store in mixed project Palas Iasi in the second half of next year.

*Two years from the start of the financial crisis, Romania fails to find the way out – in Ziarul Financiar
*South Pacific blocks 71-villa project – in Ziarul Financiar
*Valer Blidar will build railway wagons for the Czech Republic – in Ziarul Financiar
*Steel producer leases 4,300 sqm in A1 Business Park – in Ziarul Financiar
*OMV doubles petrol stations chain with just EUR 5 million – in Ziarul Financiar
*Exchange rate drops to RON 4.23 per EUR. Dealers blame it on 'Americans or the Central Bank' – in Gandul

Rompetrol Rafinare's shareholders Tuesday approved on principle the conversion into shares for the bonds the company failed to recover on account of Petromidia refinery's historic debt, the company announced.

Romania’s Senate adopted Tuesday a bill according to which accredited private pre-university education units would be financed mainly from the state and local budgets. The bill amending Education Law 84/1995 was adopted with 82 votes for, six against and four abstentions. It was adopted tacitly in the Chamber of Deputies.