Romania ranks 67th of the 137 countries included in the world competitiveness report issued by the World Economic Forum. The country is down three places compared to last year.

Romania's economy is expected to shrink two percent in 2010 and will increase between 1.5 and 2 percent in 2011, reads the additional letter of intent to the International Monetary Fund (IMF) approved by the Government. "The economic recovery will be delayed due to persisting low domestic demand, the unfavorable regional context and the recent floods," reads the document.

RBS Romania will move its headquarters to a 8,700 sqm space in Lake View office building on Barbu Vacarescu boulevard at the beginning of November. The bank will occupy the ground floor of the building, where it will have a branch, as well as the first three floors of the office building, according to its representatives

Online retailer eMAG has opened a 300 sqm showroom in Constanta, the biggest in its chain outside Bucharest so far and expects the showroom to bring revenues of EUR 1 million this year and EUR 3.5 million next year, according to Iulian Stanciu, director of eMAG.ro. This is the company's second largest showroom, after the one in Bucharest.

Gheorghe Zamfir is a famous Romanian composer and pan flute musician who has received 90 golden and platinum discs, released over 200 albums and sold over 40 million recordings. He is known worldwide as “The Master of the Pan Flute”.

By Alexandra Fodor

The Swiss Federal Council will offer a EUR 140 million financing for Romania, with the targeted areas including the development of the business climate, the reform of the judicial system, the Eastern border security, education and social inclusion. The two countries have recently signed an agreement for a Swiss-Romanian Cooperation Programme on narrowing the economic and social disparities within the European Union.

A new archaeological site dating back 11 millions of years has been recently discovered in Vaslui county. A local has discovered a bone from an ancestor of the existing rhino. This is considered among the most important discoveries in the last years in Romania.

Seven established and upcoming Romanian designers will present for the first time their latest collections in London, during the Fashion Week. Agnes Toma, Carmen Secareanu, Cristhelen B., Cristian Samfira, Diana Nita, Iris Serban and Vika Gorencu will showcase their creations at the Romanian Cultural Institute in London.

For the third consecutive year, Romania will take part in The Mayor's Thames Festival, with a traditional stand and a series of live acts organized by the Romanian Cultural Institute in London. The event will take place on September 11 and 12, between 12 noon and 10pm, on the South Bank riverside walkway, from Westminster Bridge to Tower Bridge. Admission is free.

'I have noticed that as far as the rise in the VAT is concerned, VAT tax collection in the first month of its implementation was 25 percent higher than in the months before. This could be a positive signal, but we have to wait and see how things evolve.

Romania ranks 67th of the 137 countries included in the world competitiveness report issued by the World Economic Forum. The country is down three places compared to last year.

Romania's economy is expected to shrink two percent in 2010 and will increase between 1.5 and 2 percent in 2011, reads the additional letter of intent to the International Monetary Fund (IMF) approved by the Government. "The economic recovery will be delayed due to persisting low domestic demand, the unfavorable regional context and the recent floods," reads the document.

RBS Romania will move its headquarters to a 8,700 sqm space in Lake View office building on Barbu Vacarescu boulevard at the beginning of November. The bank will occupy the ground floor of the building, where it will have a branch, as well as the first three floors of the office building, according to its representatives

Online retailer eMAG has opened a 300 sqm showroom in Constanta, the biggest in its chain outside Bucharest so far and expects the showroom to bring revenues of EUR 1 million this year and EUR 3.5 million next year, according to Iulian Stanciu, director of eMAG.ro. This is the company's second largest showroom, after the one in Bucharest.

Gheorghe Zamfir is a famous Romanian composer and pan flute musician who has received 90 golden and platinum discs, released over 200 albums and sold over 40 million recordings. He is known worldwide as “The Master of the Pan Flute”.

By Alexandra Fodor

The Swiss Federal Council will offer a EUR 140 million financing for Romania, with the targeted areas including the development of the business climate, the reform of the judicial system, the Eastern border security, education and social inclusion. The two countries have recently signed an agreement for a Swiss-Romanian Cooperation Programme on narrowing the economic and social disparities within the European Union.

A new archaeological site dating back 11 millions of years has been recently discovered in Vaslui county. A local has discovered a bone from an ancestor of the existing rhino. This is considered among the most important discoveries in the last years in Romania.

Seven established and upcoming Romanian designers will present for the first time their latest collections in London, during the Fashion Week. Agnes Toma, Carmen Secareanu, Cristhelen B., Cristian Samfira, Diana Nita, Iris Serban and Vika Gorencu will showcase their creations at the Romanian Cultural Institute in London.

For the third consecutive year, Romania will take part in The Mayor's Thames Festival, with a traditional stand and a series of live acts organized by the Romanian Cultural Institute in London. The event will take place on September 11 and 12, between 12 noon and 10pm, on the South Bank riverside walkway, from Westminster Bridge to Tower Bridge. Admission is free.

'I have noticed that as far as the rise in the VAT is concerned, VAT tax collection in the first month of its implementation was 25 percent higher than in the months before. This could be a positive signal, but we have to wait and see how things evolve.