Economics
GSK to close Brasov plant, moving production to Poland and Spain
June 13, 2014 10:45
The global healthcare company GlaxoSmithKline will be closing the production facility in Brasov on not succeeding its sale as expected, so its operations will be transferred to Poland and Spain by the end of 2015 when the production is foreseen to be fully stopped. The decision affecting 236 employees who will lose their jobs has been taken after ten months since GSK announced that the Europharm plant will be left outside its global production network of solid oral products....more »
Ponta: the IMF defers the third review on the SBA with Romania until November
June 12, 2014 17:07
The International Monetary Fund Mission is leaving Bucharest without any evaluation report, said Victor Ponta in a Bloomberg interview. Also, a new visit of a Fund’s mission in the next period, namely in July-August, it is uncertain, according to Mediafax which cites sources close to talks....more »
The Romanian Post’s leadership, officially removed from office
June 11, 2014 15:09
Following several meetings in the last few days, the General Assembly of Shareholders of the Romanian Post has removed from office five of the six members of the company’s Board of Directors alongside the General Manager, Ion Smeeianu....more »
Radu Apostolescu sells the stake in eMAG to Naspers and Iulian Stanciu
June 11, 2014 13:24
eMAG reconfigures its shareholding structure upon Radu Apostolescu, one of the founders of the e-tailer, has announced the exit, according to a company release. His 8.4 percent in the company will be divided between the existing shareholders – Iulian Stanciu (21.6 percent) and the South African group Naspers which become the major shareholder in 2012 when took over 70 percent of the total shares. Any additional details on the transaction have not been disclosed up to this point....more »
Increasing exports and imports and higher trade deficit at four months in 2014
June 11, 2014 11:56
Both exports and imports have seen increasing activity in first four months of the year compared to the similar period in 2013, shows the latest report released by the National Institute of Statistics (INSSE). Also, the trade deficit became high...more »
Electroputere Craiova runs an equity offering to raise share capital
June 10, 2014 15:09
Electroputere, the Craiova-based electrical equipment manufacturer, is running an equity offering so as to raise share capital and partially offset the debt resulted from the loan transactions the major shareholder concluded with the company, is stated by a notification sent to the Bucharest Stock Exchange where it is listed. The capital increase was approved last year in early November during the Extraordinary General Meeting of Shareholders, the Financial Supervisory Authority approving the Offering Prospectus at the end of the past month....more »
A new failure in attempting to sell Oltchim: no binding offer submitted for taking over the chemical plant
June 10, 2014 12:53
The extended deadline for submitting a biding offer for taking over the stake Oltchim S.A owns in Oltchim SPV S.R.L which expired on June 6 has not brought any investor, although there were some who purchased the Presentation file, states a press release of the Ministry of Economy which controls the company....more »
Taken over by Abris Capital Partners, Urgent Curier will merge with Cargus
June 10, 2014 12:06
After acquiring Cargus in October 2012 from DHL, the Polish-based private equity fund manager Abris Capital Partners expands investment in the domestic courier market by taking over Urgent Curier, one of the leading companies in this industry, according to a press release....more »
ELCEN launches into a division process. The merger with RADET follows.
June 06, 2014 11:38
ELCEN (Electrocentrale Bucharest), the largest domestic thermal energy producer starts a division process which includes the transfer of part of its assets towards two newly established companies, ”Societatea Electrocentrale Constanta S.A.” and ”Societatea Electrocentrale Titan S.A.”. Subsequently, these companies will be taken over by the local authorities, while ELCEN will merge with RADET (the Direction assuring thermal energy distribution in Bucharest), once it is converted into a trading company....more »
The EBRD provides a 57 mln euro loan to LUKERG Renew for developing a wind farm in Dobrogea
June 05, 2014 15:19
The European Bank for Reconstruction and Development (EBRD) arranged a 57 million euro loan with LUKERG Renew, a joint venture between ERG Renew (part of Italian group ERG) and LUKOIL- Ecoenergo (Russia), for a 84 MW wind farm located in southeastern Romania - Dobrogea region, states a press release. The financing is structured under the bank’s A/B loan scheme, with 38 million euro on the EBRD’s account, while the remaining amount is for the account of UniCredit....more »
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