Economics
Oscar downstream celebrates 15 years on the Romanian market
June 16, 2016 16:01
Oscar Downstream, the largest independent oil & gas company, distributor for companies, celebrated on the 15th of June 15 years on the Romanian market. Oscar Downstream's businesses include classical distribution through fuel cards in their own network of 31 stations and fuel distribution in 1500 stations installed directly at the client, as main segments....more »
ANA Hotels announces 20 million EUR investments in expansion and consolidation
June 16, 2016 15:58
Ana Hotels, the largest hospitality company in Romania considering its revenue (28.3 million EUR in 2015, and 2.9 million EUR profit), is announcing investments worth 20 million EUR in its properties in Bucharest.  The plan includes complete renovation of the rooms in Athenée Palace Hilton starting 2017, and also erecting a new hotel building with approx. 70 rooms, and a 900 sqm conference hall, both next to Hilton. ...more »
Dräexlmaier attracts 40 million EUR financing from EBRD
June 10, 2016 09:34
Dräexlmaier, the German producer of automotive components and one of the largest employers in Romania, attracted a financing of 40 million EUR from the European Bank of Reconstruction and Development (EBRD) through an emission of hybrid bonds. The financing adds to another 50 million EUR from a previous loan, bringing the project financing volume to a total of 90 million EUR. The funds are going to be used to increase the production capacity of the factories in Romania, Serbia, Macedonia and Tunisia, and also for financing a new production plant in Republic of Moldova. ...more »
The Government drafts new rules for public investments' documentations
June 09, 2016 17:18
According to the government, the current technical-economical documentations for public investments, written in 2008, are inconsistent with the developing needs and are not "oriented towards the analysis of the opportunity and necessity of investment objectives", thus affecting the quality of the project and creating major difficulties in financing and implementation....more »
International Insurance Consortium withdraws from the acquisition of Carpatica
June 07, 2016 16:34
European based International Insurance Consortium/ IIC Group B.V. have stopped the completion of the purchase of all shares of the Romanian insurance company Carpatia Asig. This implicates that IIC Group have also withdrawn its application ...more »
Hidroelectrica wants to sue Transelectrica and CEZ for accusations on power blackout
June 07, 2016 16:16
Hidroelectrica threatened Translectrica and CEZ with a law suit for moral and material prejudice caused by accusations in the power blackout on the 1st of June in counties Valcea and Arges, leaving 150 000 individual and industrial consumers without electricity.  According to Hidroelectrica, the common briefing sent by Transelectrica (energy transportation) and CEZ (energy distribution) was "built on a lie", "tendentious" and "prejudicial". They also state that they have no fault in the matter, since their power flows were 70 MW below the allocated power and they notified Transelectrica about it the day before. ...more »
A consortium formed of BCR, BRD, Raiffeisen and Banca Transilvania will sell state bonds to the population
June 06, 2016 15:13
The consortium of banks consisting of BCR, BRD - Groupe Societe Generale, Banca Transilvania and Raiffeisen Bank was selected to provide securities brokerage and sale of state bonds for population. Moreover, according to the ministry of Public Finance, the four financial institutions will not charge any cost to individuals for the purchase of government securities if the subscription is made through them. ...more »
Nestlé and R&R Ice cream will form a new entity called Froneri
June 02, 2016 14:50
Private equity fund PAI partners, owner of R&R Ice Cream and Nestlé will form a new entity called “Froneri”. The two are some of the world's top ice cream companies and the joint venture will cover markets in Europe, the Middle East, Africa, South America and the Philippines. The deal is expected to close around the end of the year, subject to employee consultations and regulatory approval, and will employ 15 000 people.   ...more »
Applications for state aid can be submitted starting Monday, 30th of May
June 02, 2016 14:10
The companies requesting state aids for investments that promote regional development by creating jobs can be submitted starting Monday, 30th of May, until June 10 The budget for this session is 250 million RON (approx. 55,5 Mil EUR). The procedure consists of several steps. The applications, altogether with the justifying papers will be submitted through post mail or courier with receipt, or in person at the General Registry of the Ministry of Public Finance, mentioning on the envelope: "Unitatea de implementare a schemei de ajutor de stat instituită prin H.G. nr. 332/2014" ( meaning, "The unit for implementing the state aid scheme enforced through H.G. No. 332/2014")....more »
Nuclear energy will increase to 30-32 percent of the national production says President Iohannis
May 30, 2016 21:44
After the approval within the Supreme Council of National Defense (CSAT) of the report edited by the Ministry of Energy concerning units 3 and 4 in Cernavoda, President Klaus Iohannis declared on the 27th of May that the nuclear energy quota will increase to 30-32 %. According to the president, this change will have a major impact in the economic growth, and also in keeping and creating jobs. ...more »
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