Economics
November 10, 2016 09:52
The pay increase passed on Monday by Parliament will determine a growth of Romania's budgetary deficit to rd 3.5pct of the Gross Domestic Product in 2017, way higher than the International Monetary Fund's recommendation of 2pct of the GDP, on Wednesday said IMF resident representative for Romania and Bulgaria Alejandro Hajdenberg.  This will trigger a cut in investment spending or additional taxes, added Hajdenberg quoted by Agepress.  Within the IMF mission of March 2016, and also based on the subsequent updates, he said, IMF reached the conclusion that given the circumstances Romania's deficit will exceed 3pct of the GDP in 2017 - rd 3.2pct of the GDP. After this pay increase, maintaining the deficit at 3pct of the GDP would be harder, Hajdenberg told AGERPRES on Wednesday, adding that the IMF estimates a net impact of the pay increase of 0.3 - 0.4 percentage points of the GDP....more »
October 31, 2016 13:13
MJ Maillis, the company known for industrial packaging solutions and complete end of line solutions, sold its production facility located on the Bucuresti – Târgoviște road to the plastics manufacturer Prodplast SA in a transaction of over 1.5 million EUR. Prodplast SA has more than 50 years of experience in the plastics processing field, being one of the leading romanian production facilities in the sector. The first plastics processing plant was established in 1957. The company has 100 % private capital, being quoted at Bucharest Stock Exchange. The seller was assisted in this transaction by law firm Peli Filip. ...more »
October 31, 2016 09:43
The company Serapis Integrated Facility Management is co-founder of a new alliance that provides integrated facility management in 8 different countries in Central and Eastern Europe. The alliance was created by five partners that ensure the leadership, in Europe, with the purpose to offer integrated facility management services, adapted to clients according to business demands. The services, addressing the management and infrastructure of technical facilities and adjacent services, target global corporate clients at the regional and European level....more »
October 17, 2016 11:41
Casa de Insolvenţă Transilvania, in charge with the bankruptcy of Swan Property, announced the sale of insolvent office park Swan Office & Technology Park to Smartown Investments for EUR30.3 million, a price higher with 50 percent than the price approved by creditors. CITR declared it has promoted the office project to more than 150 investors in Romania and abroad, as well as to the clients in the company’s portfolio, according to data published in an activity report of CITR. ...more »
October 17, 2016 11:12
OMV Petrom, the largest oil and gas producer in South-Eastern Europe and Mazarine Energy Romania S.R.L., a fully owned Romanian subsidiary of Mazarine Energy announce that parties have reached agreement on the transfer of 19 onshore oil fields plus three workover rigs and associated crews to Mazarine Energy Romania S.R.L. for an undisclosed purchase price. ...more »
September 30, 2016 15:17
Romania's energy security and strengthening US investment in the Romanian energy sector were the main topics of discussion in the framework of the fifth meeting of the Task Force for the implementation of the Strategic Partnership Romania - US. "We have a common interest in supporting BRUA pipeline construction, for which Romania has already achieved important European financing, or interconnection with Moldova for natural gas. ...more »
September 28, 2016 12:53
International bakery group Lantmännen Unibake announces the acquisition of Romanian company Frozen Bakery Products SA, a hamburger bun bakery in Bucharest, Romania, today owned by GoodMills Group, Austria. This acquisition supports the Lantmännen Unibake growth strategy to strengthen its bakery business in the Central European region. The market where Frozen Bakery Products SA is selling products is in Romania and surrounding countries such as Bulgaria, Serbia and Greece. Today, Frozen Bakery Products SA has 80 employees....more »
September 20, 2016 16:49
Under the slogan "Light Up the City through Yourself", Western city of Timisoara won the competition of becoming the second Romanian city elected European Capital of Culture after Sibiu. The other Romanian cities competing for the title were Bucharest, Baia Mare and Cluj-Napoca....more »
September 20, 2016 16:37
The Board of Directors of Electrica SA has appointed Dan Cătălin Stancu to the position of CEO, who will assume this responsibility as of October 24, 2016 informs the company in a press release. Dan Cătălin Stancu succeeds as CEO Iuliana Andronache - CFO, who assures the interim since March 2016. ...more »
September 12, 2016 14:38
Compared with the same period of last year, the turnover of the industry sector both for domestic and external market decreased in nominal terms by four percent shows the monthly report issued by the National Institute of Statistics. In July 2016, the turnover in industry, per total (domestic and non-domestic market), decreased in nominal terms both compared to the previous month by 4.0% and compared to the corresponding month of the previous year by 3.3%. ...more »
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