Economics
March 02, 2016 13:43
2015 has been the best year for the hotels in Bucharest compared to any of the past five, having had a growth of 8,6%, and reaching 68%. The growing number of tourists not only reflects in the occupancy rates, but also in the numbers of the tourism agencies that organize events and incoming. Comparing the working days with the weekends, analysts from STR Global noticed a larger market for business and corporate clients so they concluded that leisure tourism should grow faster to become at least equal to business tourism.
...more »
February 23, 2016 16:18
Veranda shopping center, located in the
Obor area in Bucharest, attracted funding of EUR 25.5 million from
Raiffeisen Bank SA and Raiffeisen Bank International AG, that will be
used fort the project development. In this transaction, Veranda Mall was
assisted by law firms Freshfields Bruckhaus Deringer and PeliFilip,
while financing banks have been advised by the lawyers of CMS Cameron
McKenna. The credit agreement for Veranda
shopping center was completed in February 2016 in order to partly
finance the total cost for project development. Under the agreement,
it provides the opportunity to increase funding to 28.5 million
euros, while the total investment in the project is estimated to 60
million.
...more »
February 17, 2016 11:12
After three years of delays, energy trader Alpiq Romindustries and aluminum producer Alro SA lose law suits in favor of Hidroelectrica. Alro and Alpiq were requesting damages worth of 146 million EUR for not being registered in the preliminary table of claims after Hidroelectrica entered insolvency.
From October 2011 to December 2012, Hidroelectrica faced extreme dryness and therefore, the low debits of the Danube could not provide the foreseen amount of energy to its creditors. At first, it tried to compensate by buying thermic energy and selling it for an even lower price. But, when the financial resources were exhausted, the company invoked force majeure, which allowed them to diminish the quantity of energy provided to its commercial partners.
The Court entitled Hidroelectrica to the reimbursement of the trial expenses, approx. 28.600 EUR. Alro was represented by Tuca Zbarcea & Asociatii, and Alpiq by law firmSchoenherr.
...more »
February 17, 2016 11:05
In the past five years, UniCredit has owned 18 percent of the leasing market in Romania by financing and other similar services through UniCredit Leasing, Corporation IFN, UniCredit Leasing Fleet Management and Unicredit Insurance Broker. The company is followed in the first tier by Impuls Leasing and Porsche Leasing. According the the Association of Leasing Companies ALB, the financial leasing market is estimated to around 770 million Euro overall in 2015, recording an increase of 16 percent compared to the previous year....more »
February 15, 2016 10:11
Alro, the biggest aluminum producer in Central and Eastern Europe finalized a 137 million dollar revolving loan approval with a bank syndicate consisting of Raiffeisen Bank International, Raiffeisen Bank România, UniCredit Bank, OTP Bank, Eximbank, Garanti Bank, Intesa Bank and Banca Transilvania. The measure was approved by the Alro Slatina shareholders in late 2015 in order to refinance a previous 120 million dollar loan, released by the European Bank for Reconstruction and Development (EBRD), in 2010. Alro ensures the loan with their immovables, mortgages for security of personal property, for their civil rights for damages caused by insurance policies, personal stocks and shares of Alum and Conef, also owned by Alro....more »
February 12, 2016 12:32
Romania's dependency on energy imports
is one of the lowest in the European Union reveals the Eurostat data
released on energy consumption. The average energy dependency in the EU
is around 53.4 percent, which means that the EU had to import more
than half of the energy it consumed. The EU member states least
dependent on energy imports were Estonia (8.9 percent), Denmark (12.8 percent)
and Romania (17percent). The states that have the highest share of energy
imports in 2014 are Malta with 97.7percent, Luxembourg (96.6percent) and
Cyprus (93.4percent)....more »
February 05, 2016 11:38
Banca Transilvania has purchased a
portfolio consisting of performant loans, granted by the Bank of
Cyprus in Romania to some retail customers. The transaction will be
finalized at the end of February this year and, as a result, it will
increase the retail customers database of Banca Transilvania. Thus,
the Bank continues its’ acquisitions on the local market,
subsequently to the taking over and integration of Volksbank Romania
in 2015....more »
January 28, 2016 09:11
bpv Grigorescu Ştefănică offered
advice on one of the most recent transactions in the financial
technology (FinTech) sector on the European stage. The transaction
involved a funding of EUR 8 million obtained by the German company
Mambu, one of the most dynamic providers of banking software. bpv Grigorescu Stefanică represented
the investment fund Acton Capital Partners, that together with
CommerzVentures, provided an infusion of capital for Mambu in a
series B funding round. ...more »
January 20, 2016 16:50
According to the Romanian Automotive
Manufacturers and Importers Association (APIA), the local auto market
this year will continue to grow after the impressive twenty percent
growth of 2015, but at a slower pace of around ten to twelve percent.
The programs such as the “Rabla” scrappage program has to be
adapted to current market needs says Ernest Popovici, the president
of APIA....more »
January 19, 2016 14:35
The
largest residential complex in the north of the capital will continue
to expand, along this year. The developer of the complex, turkish
owned Opus Development announced that it will further invest about 20
million euros in Cosmopolis, for the build of 500 new housing,
infrastructure and a shopping center.
...more »
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