Economics
April 18, 2016 10:51
City Insurance, the forth RCA insurer in 2015 is expecting financial recovery since the Authority for Financial Surveillance (ASF) conducted a sudden control between November 2015 and February 2016, and it turned out the company needs over 34 million EUR in order to have a minimum solvability margin. As it appears, City Insurance has not underlayed correctly the claims backup when it comes to the Green Card policies. After actuating the financial recovery, a financial auditor will be assigned, and all the damage claims will be inventoried until late March. Also, City Insurance will be obliged to recover several loans granted to affiliated companies, and it will not be able to grant new ones. ...more »
April 15, 2016 15:58
“Noriel” group, the largest toys and games retailer in Romania was purchased by the Polish private equity fund Enterprise Investors, one of the biggest private equity funds in Central and Eastern Europe that gathers 8 funds with a total capital of over 2 billion EUR. Axxess Capital (minority shareholder) and brothers Cristian and George Constantinescu (founders and majority shareholders) closed the deal with Enterprise Investors, that also owns the supermarket chains “Profi”, for companies Noriel Impex, Toys and Games Industry, and Intertoy Zone. The sale purchase agreement was signed yesterday and the transaction will be closed subject to approval by the Competition Council and the fulfilment of other conditions precedent....more »
April 13, 2016 12:15
Deloitte’s “Deleveraging Europe 2015-2016 Survey” highlighted that Romania counts among the most active countries in the region when it comes to the non-performing loans market (“NPLs”), with estimated sales (including transactions ongoing at the end of the year) of 2.5 billion EUR last year. According to the Survey, a number of transactions initiated in late 2015 remain ongoing and will be a key driver for 2016 market trend. However, failed deals are not helping the market develop and investors retain a healthy skepticism regarding the likelihood of deals completing. Thus, establishing a servicing platform for secured portfolios is a key concern for many international investors....more »
April 12, 2016 13:52
A survey conducted by The European Association of Societies of ESCO (UE.ESCO) together with the European Federation of Intelligent Energy Efficiency Services (EFIEES)-as volunteer co-administrators of The European Code of Conduct on Energy Performance Contracts (EPC), based on Eurostat guidance note showed that EU guidance rules have negative impact on investments in energy efficiency in the public sector. Ten member states (Austria, Belgium, Bulgaria, Ireland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden) out of 15, participant to the survey, have reached the previous conclusion. ...more »
April 10, 2016 08:21
Invia, the largest online travel agency in the Czech Republic, and one of the most notorious online travel deals providers in Central and Eastern Europe owned by MCI Tech Ventures, was purchased by Rockaway Capital SE, member of a private and risk capital investment house in the Czech Republic, with offices in San Francisco, and Sao Paolo. Rockaway Capital SE was legally assisted by Wolf Theiss law firm, more exactly by its branches from Bucharest, Prague, Poland, Hungary and Slovakia. For the component in Romania of the transaction (Invia Travel SRL), Ileana Glodeanu, coordinating partner of Corporate practices and M&A in Bucharest, and Marius Ciocirlea, senior lawyer, coordinated the team of lawyers....more »
April 10, 2016 08:01
Local courier services firm Sprint Curier announced a strategic partnership with Urgent Cargus. Within this partnership, starting the 11th of April, the internal deliveries in Romania will be taken over by Urgent Cargus, while Sprint Curier will focus on international deliveries. The announcement only says the two companies joined forces to provide clients with an extensive delivery network and a better pickup process and delivery of parcels, not saying if the company was acquired by Urgent Cargus....more »
March 29, 2016 12:06
Electrica’s attempt to take back its subsidiaries’ holdings from Fondul Proprietatea (managed by Franklin Templeton Investment Management Limited UK- Bucharest Branch) has not crystalized into a transaction, after several rounds of negotiations between the two. The subject of Electrica’s request refers to the four companies where it now has the majority of shares - Electrica Distribuție Transilvania Sud SA ("EDTS"), Electrica Distribuție Transilvania Nord SA ("EDTN"), Electrica Distribuție Muntenia Nord SA ("EDMN"), and Electrica Furnizare SA ("EF").  ...more »
March 28, 2016 18:30
A growth of 3.65 million USD was registered in 2015 on the Mergers and Acquisitions market in Romania according to Ernst & Young. This, despite the reduced number of transactions, compared to the previous year. Florin Vasilica, the head o...more »
March 25, 2016 14:26
The first desalinization station through reverse osmosis powered by renewable energy sources and entirely automatic was launched by Monsson Middle-East in Qatar, on 16th of March. The beneficiaries will be able to access desalinized fresh water with lower expenses for energy and consumption, and they are sure this is the perfect solution to deal with increasing energy requests without utilizing fossil fuel, but only nature force....more »
March 25, 2016 11:00
Corporate Compliance is a hot topic nowadays in Romania since private companies have an increasing interest in developing policies and procedures which are meant to protect them from potential situations of waste, fraud, and abuse, either intentional or unintentional. The subject was debated over a full day event in Bucharest at the Compliance Conference hosted by Wolf Theiss, Trace International, Ernst & Young and the US Embassy in Romania and proudly supported by GOVNET....more »
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