Economics

In 2014, a government decision (HG 495/2014) was laying the grounds for helping large energy consumers' energy bill by introducing a reduction of 85% from the price of acquisition of green certificates. The state aid would be awarded to the companies as an “agreement of exception” after applying for it at the Ministry of Economy with a range of documents that prove investments in energy efficiency. The amount of the green certificates was estimated at about EUR 750 million in ten years this value being transferred to other consumers, especially on SMEs.
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MedLife and other group entities were granted 56 million EUR from a syndicate of banks made up of Banca Comercială Română, as coordinator, BRD-Groupe Société Générale, ING Bank N.V Amsterdam – Bucharest Branch, and Raiffeisen Bank. MedLife will use the resources in order to develop its business and consolidate its position on the Romanian market.
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bpv
Grigorescu Ştefănică advised the Chinese company Ningbo Joyson
Electronic Corporation (Joyson Electronics) in a transaction valued
at $920 million, by which the company acquired Key Safety Systems.
This is one of the largest transactions in the automotive sector of
the early 2016.
Joyson
Electronics, one of the world’s leading suppliers of automotive
components, has signed the agreement for the acquisition of the auto
supplier Key Safety Systems. Key Safety Systems, a US manufacturer of
security systems for the automotive industry, such as airbags,
steering wheels, seat belts, is operating in 32 locations around the
world, including Romania, where it is present with facilities in Arad
and Hunedoara. It is predicted that the transaction will result in a
company with annual sales of $3 billion employing approximately
20,000 people.
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Romania
could become one of the best places for entrepreneurship in Europe
but Romanian entrepreneurs with vision, planning on extending their
opperations to regional level do not receive institutional support,
said Bogdan Ion, Country Managing Partner of EY in the opening
session of the Romanian Business Leaders Summit. He gave the example
of Mircea Tudor, whose innovation for plane scanner "is now
promoted by the Swiss government and receives tax breaks."
Romanian
Business Leaders Foundation Leaders is an association that aims to
develop a platform for social action and involvement of private
sector leaders. The ultimate goal is for Romania to become a better
country for doing business responsibly. The expanding sommunity of
Romanian Business Leaders includes over 400 entrepreneurs and heads
of companies in Romania working voluntarily in concrete projects they
generate in education, entrepreneurial culture and good governance....more »

European Commissioner Cretu mentioned
during a press conference that Romania has significant delays on a
number of areas for European funds. “Romania has so far met 14 out
of 22 requirements set by the European Commission, but still has
areas with significant delays” said Cretu. She adds that there are
280 investment projects for the next years regarding healthcare
facilities nd 65 emergency care rooms at county hospitals and three
regional hospitals.
This follows the recent announcement by
the European Commission that payments for Sectoral Operational
Programme for Human Resources Development POSDRU will be interrupted
again because of irregularities in the way of project selection,
discovered by European officials in a mission audit conducted last
year between October 21 to November 10. POSDRU payments were
discontinued or suspended by the EC several times in recent years,
amid suspicions of fraud.
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MedLife
the private healthcare market leader in Romania, signed a syndicated
loan of EUR 56 million, with the Romanian Commercial Bank, ING Bank,
Raiffeisen Bank and BRD, of which 20 million euros will be earmarked
for acquisitions. The
majority stake in the company is owned by Marcu family other
shareholders being the investment fund Value4Capital and IFC. According
to company representatives, the 20 million will be supplemented with
own funds of € 5 million and will be used exclusively for
acquisitions to extend the MedLife operations nationwide.
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Polish Innova Capital Investments Fund has sold the entire shares package of Provus Group (altogether with Provus Service Provider, Romcard and Supercard Solutions & Services), the biggest payment processing center in Romania and one of the largest in Europe to German services supplier Wirecard, for 32 million EUR.
With a total of 114 employees, Provus is Romania’s leading payment processing and technological service provider. The payment provider supports companies in outsourcing acquiring and card processing, e-commerce payment transactions and point-of-sale (POS) operations. Its customer base includes major Romanian banks in addition to significant telecommunications and retail players. In addition, Provus has worked with the Romanian government in the digitisation of health and payment cards. Provus was set up in 2001 and ever since it has been present on the Romanian market with card processing transactions, card personalization, as well as retail services. The group has 114 employees and over time, it has served clients like Sensiblu, MOL Romania, Cora Profi, Metro Cash&Carry Romania, but also local branches of OTP, Unicredit, and Societe Generale....more »

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.
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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.
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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.
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