Insurer Groupama Asigurari said it will pay around EUR 461,000 in damages following the flooding in Romania. “The...

A recent comment run on a Financial Times blog depicts the Romanian Government as “at best dysfunctional and at worst incompetent”, while Romanian president Traian Basescu is described as “the country’s bull-in-a-chinashop president”.

This week as a change of scene I am commenting on a wine shop rather than a wine bar. Ethic Wines is an independent wine shop based opposite Floreasca fruit and vegetable market. The shop is owned and run by Cornel and Lucian, a pair of wine enthusiasts who appreciate the grape.

After a good first quarter which brought profits for banks in Romania, the local banking system posted a loss of around EUR 49 million after the first five months of the year, according to data from the Romanian Central Bank (BNR). BNR has centralized data from the banks active in Romania showing a cumulative loss in the sector, although in the first three months of the year it had a profit of nearly EUR 25 million.

More companies decided to cancel their business activity in Romania in the first half of this year than in the same period of last year, according to data from the National Trade Registry (ONRC). There was a whooping six times increase in the number of firms which filed for voluntary cancellation of their business, to 118,000. The amount also includes automatic cancellations.

The Blue Air group of companies has invested over EUR 800,000 in two self service restaurants in Sibiu and Bucharest, under the Self brand. The first such restaurant has been opened four months ago in Sibiu, while the one in Bucharest was opened on Wednesday (July 14) in Buzesti area of the capital city.

Romanian media

Idea of dropping flat tax bewilders political and business circles – in Ziarul Financiar

Ikea investment...

Kazakhstan’s KazMunayGas, the owner of Rompetrol group, is ready to buy back the shares the Romanian state could take over in Rompetrol Rafinare, according to the Rompetrol president Saduokhas Meraliyev. The state could do this if KazMunayGas will not pay its entire debt to the Romanian state. The state could sell the shares to third parties, but KazMunayGas has the preemption rights

Local real estate developer Impact has entered insolvency after one of its contractors, Romconstruct Ploiesti, has asked for its insolvency in court over a debt of RON 1.3 million (around EUR 300,000). The real estate developer says it will appeal the court decision and qualifies the proceedings as unjustified and hostile.

A Rolls-Royce Phantom Coupe was registered in Romania in June this year, the first such car after one and a half years, according to Mediafax newswire. The car is priced at EUR 340,000 in Europe, but it was not bought through Automobile Bavaria, the car brand representative in Romania, according to the newswire.

Insurer Groupama Asigurari said it will pay around EUR 461,000 in damages following the flooding in Romania. “The...

A recent comment run on a Financial Times blog depicts the Romanian Government as “at best dysfunctional and at worst incompetent”, while Romanian president Traian Basescu is described as “the country’s bull-in-a-chinashop president”.

This week as a change of scene I am commenting on a wine shop rather than a wine bar. Ethic Wines is an independent wine shop based opposite Floreasca fruit and vegetable market. The shop is owned and run by Cornel and Lucian, a pair of wine enthusiasts who appreciate the grape.

After a good first quarter which brought profits for banks in Romania, the local banking system posted a loss of around EUR 49 million after the first five months of the year, according to data from the Romanian Central Bank (BNR). BNR has centralized data from the banks active in Romania showing a cumulative loss in the sector, although in the first three months of the year it had a profit of nearly EUR 25 million.

More companies decided to cancel their business activity in Romania in the first half of this year than in the same period of last year, according to data from the National Trade Registry (ONRC). There was a whooping six times increase in the number of firms which filed for voluntary cancellation of their business, to 118,000. The amount also includes automatic cancellations.

The Blue Air group of companies has invested over EUR 800,000 in two self service restaurants in Sibiu and Bucharest, under the Self brand. The first such restaurant has been opened four months ago in Sibiu, while the one in Bucharest was opened on Wednesday (July 14) in Buzesti area of the capital city.

Romanian media

Idea of dropping flat tax bewilders political and business circles – in Ziarul Financiar

Ikea investment...

Kazakhstan’s KazMunayGas, the owner of Rompetrol group, is ready to buy back the shares the Romanian state could take over in Rompetrol Rafinare, according to the Rompetrol president Saduokhas Meraliyev. The state could do this if KazMunayGas will not pay its entire debt to the Romanian state. The state could sell the shares to third parties, but KazMunayGas has the preemption rights

Local real estate developer Impact has entered insolvency after one of its contractors, Romconstruct Ploiesti, has asked for its insolvency in court over a debt of RON 1.3 million (around EUR 300,000). The real estate developer says it will appeal the court decision and qualifies the proceedings as unjustified and hostile.

A Rolls-Royce Phantom Coupe was registered in Romania in June this year, the first such car after one and a half years, according to Mediafax newswire. The car is priced at EUR 340,000 in Europe, but it was not bought through Automobile Bavaria, the car brand representative in Romania, according to the newswire.