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Iulian Ernst
Senior Editor

Iulian studied physics at the University of Bucharest, and he sees himself as a physicist in the broadest sense of the word. He also studied economics at Charles University in Prague and Central European University in Budapest, after a master’s program in business administration at Bucharest Academy of Economic Studies. Since recently, he’s been exploring coding and data analysis for business and economics. As a freelancer, he worked for nearly two decades as an analyst for ISI Emerging Markets, Euromonitor International, Business New Europe, but also as a consultant for OMV Petrom and UkrAgroConsult. Iulian was part of the founding team of Ziarul Financiar. At Romania Insider, which he joined in 2018, he is reviewing the latest economic developments for the premium bulletins and newsletters. He would gladly discuss topics such as macroeconomics, emerging markets, Prague, energy sector including renewable, Led Zeppelin, financial services, as well as tech start-ups and innovative technologies. Email him at iulian@romania-insider.com. 

 

Court clears transfer of 46 hectares in Bucharest CBD to Chamber of Commerce

Romania's Constitutional Court (CCR) ruled on Wednesday that the law for transferring a 46-hectare land plot in northern Bucharest to the Romanian Chamber of Commerce and Industry (CCIR, a private entity) for the development of a real estate project with a private investor is constitutional.

The land, whose value is estimated at about EUR 300-400 mln, will host Romania's biggest real estate project, centered on the Romexpo exhibition center.

CCR rejected the notification filed by Save Romania Union (USR) and ethnic Hungarians' party UDMR against this law.

Eight of the nine CCR judges participated in the court hearing, and the decision was taken with five votes against three.

Among others, USR argued that a law granting state property to private entities with no proper compensation breaches the Constitution.

Meanwhile, CCIR argued that the EUR 2.9 billion that it will develop with local developer Iulius Group would generate EUR 345 million revenues to the state and 30,000 jobs, G4media.ro reported.

Visibly perplexed by the Constitutional Court's decision, the USR MPs asked president Klaus Iohannis to return the law to the parliament instead of promulgating it.

The European Commission (EC) has requested from the Romanian authorities information about the draft law that transfers 42 hectares of land in northern Bucharest from the state to the CCIR, sources familiar with the matter announced last November.

The bill was initiated by the Popular Movement Party (PMP) of former president Traian Basescu and supported by the main opposition party - Social Democratic Party (PSD), and by the ruling party - National Liberal Party (PNL).

The European Commission initiated investigations into the case in response to a petition filed by the South African real estate investor NEPI Rockcastle, which accuses that the normative act favors the Iulius group, controlled by local businessman Iulian Dascalu, the sources said.

In turn, the Iulius group claims that it participates in the project on a strictly commercial basis and is not deriving any benefit that would qualify as "state aid."

(Photo: Octav Ganea/ Inquam Photos)

iulian@romania-insider.com

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Profile picture for user iuliane
Iulian Ernst
Senior Editor

Iulian studied physics at the University of Bucharest, and he sees himself as a physicist in the broadest sense of the word. He also studied economics at Charles University in Prague and Central European University in Budapest, after a master’s program in business administration at Bucharest Academy of Economic Studies. Since recently, he’s been exploring coding and data analysis for business and economics. As a freelancer, he worked for nearly two decades as an analyst for ISI Emerging Markets, Euromonitor International, Business New Europe, but also as a consultant for OMV Petrom and UkrAgroConsult. Iulian was part of the founding team of Ziarul Financiar. At Romania Insider, which he joined in 2018, he is reviewing the latest economic developments for the premium bulletins and newsletters. He would gladly discuss topics such as macroeconomics, emerging markets, Prague, energy sector including renewable, Led Zeppelin, financial services, as well as tech start-ups and innovative technologies. Email him at iulian@romania-insider.com. 

 

Court clears transfer of 46 hectares in Bucharest CBD to Chamber of Commerce

Romania's Constitutional Court (CCR) ruled on Wednesday that the law for transferring a 46-hectare land plot in northern Bucharest to the Romanian Chamber of Commerce and Industry (CCIR, a private entity) for the development of a real estate project with a private investor is constitutional.

The land, whose value is estimated at about EUR 300-400 mln, will host Romania's biggest real estate project, centered on the Romexpo exhibition center.

CCR rejected the notification filed by Save Romania Union (USR) and ethnic Hungarians' party UDMR against this law.

Eight of the nine CCR judges participated in the court hearing, and the decision was taken with five votes against three.

Among others, USR argued that a law granting state property to private entities with no proper compensation breaches the Constitution.

Meanwhile, CCIR argued that the EUR 2.9 billion that it will develop with local developer Iulius Group would generate EUR 345 million revenues to the state and 30,000 jobs, G4media.ro reported.

Visibly perplexed by the Constitutional Court's decision, the USR MPs asked president Klaus Iohannis to return the law to the parliament instead of promulgating it.

The European Commission (EC) has requested from the Romanian authorities information about the draft law that transfers 42 hectares of land in northern Bucharest from the state to the CCIR, sources familiar with the matter announced last November.

The bill was initiated by the Popular Movement Party (PMP) of former president Traian Basescu and supported by the main opposition party - Social Democratic Party (PSD), and by the ruling party - National Liberal Party (PNL).

The European Commission initiated investigations into the case in response to a petition filed by the South African real estate investor NEPI Rockcastle, which accuses that the normative act favors the Iulius group, controlled by local businessman Iulian Dascalu, the sources said.

In turn, the Iulius group claims that it participates in the project on a strictly commercial basis and is not deriving any benefit that would qualify as "state aid."

(Photo: Octav Ganea/ Inquam Photos)

iulian@romania-insider.com

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