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Nature NGO Conservation Carpathia Foundation, NGO Asociaţia Casa Bună, and lender Banca Transilvania have partnered to build an educational center in Nucşoara commune, in Argeş county.
The day center, called Casa Bună, is meant to offer access to educational activities to some 200 children in the area.
At the center, children will be able to study for school, receive tutoring, and will be offered a meal. They will also be able to practice sports and learn about nature and the history of the region. They will also have access to medical consultations.
“We are one of the most important nature conservation organizations in Romania, and all of our efforts constantly went into protecting the Făgăraș Mountains. But for a sustainable future for this unique massif, we need generations of educated youth, who have access to quality education, people who can build the communities of the future with us,” Barbara Promberger, executive director of Conservation Carpathia Foundation, said.
“What we are doing in Nucșoara is a first step, and we are glad to join the effort of a group of generous people, who make the world around them better,” Ömer Tetik, GM of Banca Transilvania, said.
“Nucșoara is a beautiful place, of winning beauty, but which unfortunately suffers from the same issues as most small, rural localities in mountain areas. Hundreds of hectares of forests were destroyed in the past. The aged population, the lack of infrastructure, the quality of the education, especially during the pandemic, the lack of jobs and access to quality medical services are all serious issues,” Valeriu Nicolae, founder of Casa Bună Association, said.
(Photo courtesy of Banca Transilvania)
Lidl Romania, the biggest retailer on the local market by turnover in 2020, announced that it would donate RON 150,000 (over EUR 30,000) for the restoration of Banffy Castle in Bontida, Cluj county. It’s the third year in a row that Lidl gets involved in the monument’s restoration.
This year, Lidl proposed donating RON 1 for each plastic bottle or aluminum can collected through the automatic devices installed at EC_Special - the special 2021 edition of the Electric Castle festival usually held at the Banffy Castle. Participants collected about 5,000 plastic/aluminium recipients during the ten-day event, but Lidl decided to increase the amount and donate RON 150,000 to “cover the entire amount needed for restoration and modernization works.”
“With the RON 150,000 donation this year, Lidl Romania has invested over RON 340,000 in the restoration of the Banffy Castle in Bontida, from 2019 until now, as a strategic partner of Electric Castle. Several works were carried out with the help of Lidl, such as the construction of interior stairs and an access ramp inside the building. The amount donated in 2021 will be used for the restoration of gates and doors of the main building and stables, as well as the development of infrastructure to facilitate tourist access to Banffy Castle,” the retailer said.
The initiative is part of the Environment First program, through which Lidl Romania and Electric Castle aim to reduce the ecological footprint of the festival and promote environmental awareness among festival participants.
(Photo source: the company)
Polish cyclist Jakub Kaczmarek won this year's Tour of Romania race, which ended this past weekend in Bucharest.
The yellow jersey, awarded to the leader of the overall charts, went to Jakub Kaczmarek, while the red jersey, for the winner of the point chart, went to Patryk Stosz of the Voster ATS Team.
The green jersey, worn by the leader in the climbers' chart, went to Maciej Paterski of the Voster ATS Team.
Maksym Bilyi of D'Amico UM Tools, received the white jersey, worn by the best rider under 23 years of age on the overall classification, while Romanian Serghei Țvetcov, of the Wildlife Generation team, received the blue jersey, worn by the best Romanian rider of the overall classification.
Italian team Androni Giocattoli Sidermec was the leader in the teams’ chart.
(Photo courtesy of the organizers)
Romanian athletes won ten medals at the 2021 European Rowing Under 23 Championships in Kruszwica, Poland: five gold and five silver. Thus, Romania topped the competition’s medal table.
Amalia Bucu, Larisa Bogdan, Manuela Lungu, Cosmina Podaru, and Victoria Petreanu won the first gold medal for Romania in the women’s coxed four (BW4+) final. Italy took silver and Germany bronze.
Later on, Andreea Popa, Maria Tivodariu, Magdalena Rusu, and Alina Baletchi claimed the women’s four gold. Meanwhile, Simona Radis, who won Olympic gold in Tokyo just a few weeks ago in the double scull, won the gold medal in the women’s single sculls final in Poland.
Stefan Berariu, Alexandru Danciu, Florin Arteni and Ciprian Huc also won gold in the men’s four final, while the fifth gold medal went to the women’s eight (BW8+) team consisting of Estera Vilceanu, Larisa Rosu, Adriana Ailincai, Maria Tivodaru, Alice Turcanu, Raluca Dinulescu, Magdalena Rusu, Simona Radis, and Victoria Petreanu.
Romania also claimed five silver medals in men’s coxed four (Andrei Mandrila, Nicu Chelaru, Florin Ceobanu, Claudiu Neamtu, and Gavril Dumbrava), women’s pair (Adriana Ailincai and Dumitrița Juncanariu), men’s pair (Dumitru Ciobica and Florin Lehaci), women’s double sculls (Cristina Druga and Alexandra Ungureanu), and men’s eight (Dumitru Bucur, Dorin Simion, Andrei Mandrila, Nicu Chelaru, Florin Ceobanu, Marian Cireasa, Andrei Lungu, Alexandru Gherasim, and Gavril Dumbrava).
The complete results are available here.
(Photo source: Facebook/Comitetul Olimpic si Sportiv Roman)
A bus of the Bucharest Public Transport Company (STB) has been converted into a Covid-19 vaccination caravan and will run in the city until the end of the year.
Those interested can receive the vaccine by showing their ID card, without having to make an appointment on the vaccination platform. The vaccine used is the single-dose Johnson&Johnson one.
It is a project of the Bucharest City Hall through the Administration of the Bucharest Hospitals, in partnership with retailer Kaufland.
The caravan will stop every weekend in the parking lot of one of the retailer’s stores in the city.
(Photo: ASSMB - Administrația Spitalelor și Serviciilor Medicale București Facebook Page)
Ion Caramitru, one of the most celebrated Romanian actors, passed away on September 5, aged 79.
Throughout his career, he worked with some of the most important Romanian directors, including Liviu Ciulei, Andrei Șerban, Silviu Purcărete, Sanda Manu, Cătălina Buzoianu, and Alexandru Tocilescu. He was also cast in more than 40 Romanian and international film productions. He won numerous awards for his performances, including Actor of the Year for his theater work in 1975, 1979, 1981 and 1985. For his film roles, he received the 1976 Best Performance award from the local Cinema magazine, the Filmmakers’ Association award in 1980, and the Jury’s Special Award for his role in Luchian at the 1984 National Film Festival in Costineşti.
A director of the National Theater in Bucharest since 2008 and president of the Romanian Theater Union UNITER, he was also a culture minister in the cabinets headed by Victor Ciorbea, Radu Vasile and Mugur Isărescu.
As a director, Caramitru worked in 2007 on Tragedia lui Carmen (The Tragedy of Carment) after Bizet’s opera. He also directed Tchaikovsky’s Eugene Onegin at the Bucharest National Opera in 2009. In the 2008-2009 season, he directed Şapte dintr-o lovitură, staged after a play by Lia Bugnar written for the seven young actors recently hired by the National Theater in Bucharest.
For his work in establishing British-Romanian cultural links, he was named an Officer of the Order of the British Empire. In 1997, the French Ministry of Culture awarded him the title of Chevalier des Arts et des Lettres.
In December 1989, he was part of the group of revolutionaries who entered the HQ of the public television and announced the fall of the dictatorship.
Romanian low-cost airline Blue Air will reopen its base in Iasi next year. It will have a Boeing 737-8-MAX based in Iasi and operate eight direct and over 15 one-stop services from the city in eastern Romania.
Blue Air currently operates direct flights from Iasi to London Heathrow and Bucharest Otopeni. It will add a new direct service from Iasi to Dublin in December 2021, followed by five new direct flights from Iasi to Paris, Rome, Barcelona, Brussels and Cologne starting with March 27, 2022, Economica.net reported.
The airline will offer more than 15 connecting flights from Iasi via its Bucharest hub under its 2022 summer schedule: Amsterdam, Athens, Barcelona, Frankfurt, Helsinki, Heraklion, Larnaca, London-Luton, Madrid, Malaga, Milan-Linate, Munich, Paris, Stuttgart, Timisoara, Valencia and Vienna.
Blue Air is the largest Romanian airline by the number of passengers transported.
(Photo source: Richair/Dreamstime.com)
Romanian car manufacturer Dacia, part of French group Renault, unveiled on Friday, September 3, the new seven-seater family car Jogger. At 4.55 m, the Dacia Jogger is the longest vehicle in the Dacia range, and the company said that it would also get a hybrid engine in 2023. Orders are scheduled to open in November 2021 in some 30 countries, mainly in Europe.
"Having released its small all-electric city car Spring, compact Sandero, and SUV Duster, Dacia is now revamping its family car into a new 7-seater model. A new model launch that follows on with Dacia's plan to renew its range, with two more models set to be released by 2025," Dacia said.
Upon release, customers can choose between two engines: the brand-new TCe 110 petrol engine and the ECO-G 100 engine. Later on, starting in 2023, the Dacia Jogger will also get a hybrid engine, and Dacia says it will be the most accessible 7-seater hybrid on the market.
The front profile of the Dacia Jogger incorporates a wide grille, unique to the Dacia brand, strong wings that extend the wheels to the four corners of the car, and a sculpted, horizontal bonnet. It is fitted with large-diameter wheels (660mm) and a high tire aspect ratio. Plus, its generous 2.9m wheelbase, headroom, and vertical rear-end (vertical rear lights, extra-wide tailboard, low sill) make for a roomier interior and larger boot volume.
"The increased rear-door length and side-window drop-line (40mm) make the rear seats more accessible and spacious. At 4.55m, the Dacia Jogger is the longest vehicle in the Dacia range," the company said.
Orders for the new Dacia Jogger are scheduled to open in November 2021 in about 30 countries, mainly in Europe but also in Turkey and Israel. The new model will arrive in dealerships in February 2022.
Dacia Jogger's price will start at about EUR 15,000, according to Hotnews.ro.
(Photos: Dacia.com; photo credit: Patrik JOHALL/Cream)
Canoeist Ivan Patzaichin, the holder of seven Olympic titles, passed away on September 5, aged 71.
Patzaichin won seven Olympic medals (four gold and three silver) and 22 world championship titles (eight gold).
After retiring from competing, he became a coach with Dinamo sports club and the national team. He took part in five Olympic Games as the main coach of the Romanian Olympic canoe team and saw Florin Popescu and Mitică Pricop win gold in the C-2 1000 m and a bronze in the C-2 500 m events at the 2000 Sydney Olympics.
Patzaichin also established the Ivan Patzachin - Milă 2 Association and developed the Rowmania project, aimed at promoting local patrimony and sports.
He was awarded the Olympic Order (silver) in 1990 by the IOC President Juan Antonio Samaranch.
In 2000, he was awarded the national order Faithful Service, and in 2008 he received the Sports Merit Order. In 2010, he was awarded the royal decoration Nihil Sine Deo.
(Photo: Ilona Andrei/ Inquam Photos)
Safety measures and restrictions will be set in place in Bucharest as the COVID-19 incidence rate, which exceeded 1 per thousand inhabitants already, is rising, according to the prefect of the Romanian capital city Alin Stoica.
This is nothing special, but the activation of measures in line with the gradual approach designed in the previous waves of the pandemic as part of the state of alert.
The state of alert will be further prolonged by a Government decision soon, he added, according to Hotnews.ro.
At the beginning of this week, there will be a meeting of the Municipal Committee for Emergency Situations which will decide the obligation to wear protective masks within a radius of 50 meters around schools, Wall-street.ro reported. However, the threshold set for closing the schools was increased to a higher level: 6 per thousand, double the 3 per thousand in the previous waves.
On September 5, Bucharest has exceeded the incidence rate of 1 per thousand inhabitants. At the same time, the schools will open on September 13, which causes concern among the authorities, given the potential congestion. In this sense, the prefect of the Capital, Alin Stoica, spoke about introducing new restrictions.
(Photo source: Dreamstime.com)
According to data from the statistics office INS, about 193,000 Romanians emigrated in 2020 from Romania, 37,000 fewer than in the previous year. However, 60% of them, namely almost 112,000, are people aged between 20 and 45, the age range in which the population is economically active and founding families, Ziarul Financiar reported.
Not surprisingly, 2021 is the first year when more Romanian babies were born abroad than in the country.
“If we do not build a country for all Romanians, we will end up with a country from which all honest people outside narrow circles of interests will leave. This is the stake or objective that any political force and any politician who reaches a position in the Romanian state must take into account,” according to the no-confidence motion drafted by the reformist USR-PLUS against prime minister Florin Citu.
(Photo source: Pixabay.com)
A volatile majority has lined up behind a no-confidence motion against the Romanian Government, reportedly filed on Friday (September 3), but the developments remain unpredictable as each of the three forces willing to overthrow Liberal prime minister Florin Citu (PNL) has a different target. Notably, the Social Democrats (PSD) insist on early elections, while reformist USR-PLUS wants to keep intact their coalition with the Liberals (minus PM Citu).
If this sundry ad-hoc opposition majority lives until the no-confidence vote and have the motion endorsed, it will certainly disintegrate, leaving behind a major political crisis and possibly early elections for the first time in Romania over the past decades.
Chances for another USR-PLUS/PNL/UDMR coalition, although fiercely backed by President Klaus Iohannis, depend on thorough changes within PNL, including Florin Citu losing the internal elections in September. It’s not impossible, but a high target.
Prime minister Florin Citu triggered the unexpected twist of fate. After dismissing the reformist minister of justice Stelian Ion on Wednesday (September 1), he approved the controversial EUR 10 bln public investment project on Friday. The tipping point had already been reached after minister Ion’s dismissal, and USR-PLUS eventually decided to minimise the losses at the cost of becoming part of an awkward coalition.
The calendar for debating and voting the motion was not yet announced by the Parliament on September 4, at a time when the Social Democrats (PSD, the biggest parliamentary party) were not yet decided whether to file their own motion or back the one drafted by USR-PLUS. PSD’s ambiguous position was seen by some as hidden support extended to the Liberal Party against a reformist coalition (USR-PLUS/AUR), while some still doubt their commitment to back USR-PLUS.
The PSD president unambiguously stated on Sunday (September 5) that the Social Democrats will vote for the no-confidence motion drafted and filed by USR-PLUS, “in case the motion will be voted in parliament," G4media.ro reported. Or else, PSD said it wants to cooperate with USR-PLUS and AUR to draft a joint motion - an uncertain scenario given the rivalry between the three parties.
There are circulated rumours about some bureaucratic irregularities in the draft of the motion, though.
The radical AUR party reportedly already signed (on Friday) the no-confidence motion filed by the junior ruling party USR-PLUS in its attempt to overthrow the Government. This prompted immediate reactions from President Klaus Iohannis, who blamed USR-PLUS for seeking support from a party that “does not accept the European values."
(Photo source: Inquam Photos/Ovidiu Matiu)
The Government of Romania, with no minister of the reformist USR-PLUS attending the meeting, has approved on Friday (September 3) the "Anghel Saligny" multi-annual public investment project.
The project is criticised by the junior ruling partner USR-PLUS for the allocation of RON 50 bln (EUR 10 bln) with no transparent procedures from the state budget to the local authorities to finance projects of local interest.
The project was the visible cause of the conflict between the main partners of the Romanian ruling coalition, which is about to lead to a significant political crisis. USR-PLUS minister of justice Stelian Ion was dismissed a couple of days earlier for opposing the project.
On Friday, the liberal ministers summoned by PM Florin Citu endorsed the project without the mandatory opinion from the Ministry of Transport (also managed by USR-PLUS), assumed to be given in absentia.
Over the first four years of the project (2022-2025), the project's impact on the budget will be RON 26 bn (EUR 3.2 bln), according to Hotnews.ro. Part of the cost will be financed from the additional revenues generated by the economy-wide digitalisation of the invoicing system, prime minister Florin Citu explained.
He assured that the "Anghel Saligny" program and the Resilience Program (PNRR, EUR 30 bln until 2026, out of which EUR 16 bln loans) would not hinder Romania from bringing the budget deficit target under 3% of GDP by 2024.
"Both Anghel Saligny and PNRR and their financial impact were discussed, and the [budget deficit, public debt] trajectory was accepted by the European Commission with these programs included in the budget," claimed PM Citu.
(Photo source: Gov.ro)
Romanian state-owned airline Tarom reported a net turnover of RON 232 mln in the first half of 2021 (H1), slightly higher than the result recorded in the same period last year, according to data published by the company. The loss for the first semester was RON 176 mln (EUR 35 mln).
Tarom’s revenues edged up marginally by only 2.5% year-on-year in H1. Operating revenues increased by 13% to RON 269 mln.
Personnel expenses decreased by 15%, from RON 82.3 mln to RON 69.8 mln. At the end of June, the company had an actual number of 1,408 employees, compared to 1,746 employees on June 30, 2020.
The loss was 3.2% lower compared to last year: RON 176 mln.
The Romanian authorities are in talks with the European Commission for new state aid to compensate for the operating losses registered by Tarom in the period July-December 2020. Tarom received a temporary rescue loan of approximately EUR 36.7 mln from the Romanian state, after approval by the Commission, under EU state aid rules in February 2020.
On May 28, 2021, the Romanian authorities notified the Commission of a Tarom restructuring plan.
The European Commission announced in early July that it had launched an in-depth investigation to assess whether the support measures given by the Romanian authorities to Tarom complied with EU state aid rules for firms in difficulty.
(Photo source: Dreamstime.com)
Real estate developer Impact Contractor & Developer (IMP) plans to build residential neighbourhoods with an estimated market value of over EUR 1.4 bln (plus VAT), the company announced in a development strategy document filed at the Bucharest Stock Exchange (BVB), where its shares are listed.
The 2022-2027 strategy also includes the construction of a hotel and small shopping centres.
Impact, a company owned by the man of work Gheorghe Iaciu, plans to build about 7,800 new homes on the land it already owns, according to the development strategy quoted by Economica.net. Another 4,500 homes could be built on land that the developer has identified but has not yet purchased.
The largest project of the company that would be started next year is the one in Prelungirea Ghencea, where it owns a land of 26 hectares and for which it recently obtained the urbanism certificate.
A five-star hotel worth EUR 40 mln is also planned for development in the capital city.
Impact has a market capitalisation of RON 1 bln (EUR 200 mln).
(Photo source: Shutterstock)
Fortress REIT, a major South African developer and a shareholder of regional developer NEPI Rockcastle, announced that it completed the takeover of ELI Park 1 logistics park in Chitila, near Bucharest, in its first acquisition on the Romanian real estate market. The sellers were Dragoș and Adrian Paval, the owners of Dedeman Holding, and the businessman Ionut Dumitrescu.
The transaction for the 50,000 sqm project, worth EUR 30 mln, was completed in July this year and complements a similar acquisition announced by Fortress REIT on the Polish market, Profit.ro reported.
The primary tenant is Romanian refrigerators producer Arctic (owned by Turkish Arcelik), which has established its distribution centre in Eli Park 1, where it occupies an area of 20,000 sqm.
"Our global diversification strategy is becoming stronger. We concluded the second successful transaction in Central and Eastern Europe by completing the acquisition of our first logistics park owned directly in Romania in July 2021. This follows our two recent acquisitions of logistics parks in Poland in December last year," said Steven Brown, CEO of Fortress REIT.
(Photo source: the company)
The residential end-user natural gas price will double in the coming winter, compared to the previous one, according to estimates of the vice-president of the Romanian energy market regulator (ANRE), Zoltan Nagy Bege, Antena3.ro reported.
Despite very ambiguous statements of ANRE officials and of minister of economy Virgil Popescu, the current developments point to the energy prices rising further as opposed to the central bank’s expectations for stabilisation.
The high prices on the spot market will surface, for electricity and natural gas as well, in the residential prices at the beginning of next year, the ANRE vice-president stated. He argued that the Romanian authorities could do nothing about this because the same high (natural gas prices) are everywhere in Europe.
Speaking at an energy conference, the Romanian minister of economy Virgil Popescu blamed the Russians (Gazprom) for pushing up the natural gas prices. But it all will end after North Stream 2 (supposed to carry Russian gas as well) will become operational, he assured, according to Focus-energetic.ro.
To help the people face the high energy prices, minister Popescu announced the vulnerable consumer law and another immediate measure to help households overcome the winter by disbursing subsidies. But the Government has not decided whether subsidies will be paid for those with consumption, or incomes, below average. As well, he did not say when such subsidies would be disbursed.
(Photo source: Pixabay.com)
The Romanian National Authority for Consumer Protection (ANPC) fined Raiffeisen Bank RON 100,000 (EUR 20,000) for incorrect commercial practice and proposed the bank to terminate such activities and return the money illegally collected from its customers as a result of such practices within 15 days.
The money to be returned to some 14,000 customers subject to the illegal practices is estimated by ANPC representatives, quoted by Agerpres, at up to EUR 10 mln.
The illegal practice, which consisted in upping the interest rate margin on the occasion of loan restructuring, took place in 2014 and was declared by ANPC as violating the regulations in the same year. Later in 2020, the court endorsed the ANPC’s findings meaning that Raiffeisen Romania was supposed to return the money collected illegally.
In a response, Raiffeisen Romania declared that such practices are no longer in place, and it is working on calculating the sums to be returned to its customers, Agerpres reported. But as the process is operated manually, it takes time - Raiffeisen Romania explained.
(Photo source: Lenutaidi/Dreamstime.com)
Romania’s public health fund (National Health Insurance Fund, managed by Health House CNAS) posted a deficit of over RON 2 bln (EUR 400 mln) in Jan-Jul 2021, more than 20% wider than in the same period of the year 2020, according to Economica.net based on the detailed public budget execution data.
This is despite the revenues to the fund increasing by 9% YoY to RON 27.56 bln (EUR 5.5 bln) and despite the transfers to the fund rising by 9.3% YoY to RON 4.99 bln (EUR 1 bln), according to the publication.
The total expenditures in the first seven months of 2021 amount to RON 29.6 bln and are 9.7% higher than those made in the same period in 2020, according to CNAS data obtained and compared by Economica.net.
(Photo source: Pixabay.com)
Romania’s seasonal and workday adjusted retail sales index edged up marginally (+0.1%) in July, compared to June, and remains at historically high levels.
During the first part of the year, the rally was driven by hopes (consumer confidence) for no more Covid waves. The rising energy prices already seen as of July and expected to intensify during the winter, as well as the rising interest rates and inflation, may significantly dampen the retail sales impetus toward the end of the year.
In annual terms, the retail sales index rose by 6.3% (YoY) while being 13.0% above the level as of July 2019, consistent with a 6.3% annualised growth.
Under a broader perspective, consumption has already returned to pre-crisis growth rates and (in absolute terms) not far from where it would have been in the absence of the Covid crisis (assuming a steady growth rate).
The recovery was nearly complete in the non-food segment (+9.4% YoY as of July and +10.2% annualised over the past 24 months). In the food sector, the sales increased by 6.8% YoY and by 5.8% annualised over the past 24 months.
The fuel sales witnessed the slowest and incomplete recovery: +0.7% annualised over the past two years, despite the +5.3% YoY advance.
Private consumption is broadly expected to drive the economic growth this year when it is projected by the state forecasting body CNP to rise by 8%, fully reversing the 5.2% contraction seen in 2020. In the coming years, the Government expects private consumption to gradually slow down from a 5% growth rate in 2022 to a still robust advance of 4.5% in 2025.
(Photo source: Shutterstock)
The European Commission will endorse Romania's National Relaunch and Resilience Plan in September, and the European Council will give its green light in October, in line with the calendar announced in June, minister of investments and European projects Cristian Ghinea announced.
He said that despite his party (reformist USR-PLUS) being involved in a political conflict with the senior ruling Liberal Party (PNL), his team has worked to close all the chapters still under negotiations with the European Commission.
"Unless we are total idiots to reopen [the file] next week [under another Government], it will be approved in September. As promised," Ghinea concluded, according to Economica.net.
Romania is expected to receive EUR 30 bln for investments over the following years, until 2026, of which EUR 14 bln are grants.
(Photo source: Inquam Photos/George Calin)
For some time in Western Europe, it has been necessary for employers to guard against a potential lawsuit from an employee regarding discrimination or sexual harassment in the workplace. The last few years have seen a considerable development of such cases in the employment tribunals and employment lawyers have been kept busy in this regard.
Eastern Europe, and in particular Romania, are behind in their approach to these issues and there have not been any major lawsuits regarding discrimination or harassment, although in the writer’s opinion as a Romanian employment lawyer this is only a matter of time.
Romanian employees are now learning from globalization about their British or American counterparts successfully suing their employers for discrimination, sexual or otherwise, or harassment, and have therefore become more likely to file a lawsuit and even, in some cases, press criminal charges against an employer or a member of the management of the company on grounds of discrimination or harassment.
Although there have not been many cases to date Romania does have in place legislation covering discrimination and harassment by reason of race, religion and sexual orientation as well as age. The Labour Code, Government Ordinance no. 137/2000 regarding the prevention and punishment of all forms of discrimination as well as Law no. 202/2002 regarding equal opportunities and equal treatment between men and women effectively cover these issues. In addition, Directive 2006/54/EC on the implementation of the principle of equal opportunities and equal treatment of men and women in matters of employment and occupation and Directive 2004/113/EC implementing the principle of equal treatment between men and women in the access to and supply of goods and services have been transposed into Romanian law.
Romanian law covers both direct and indirect workplace discrimination. These apply in respect of:
- Direct discrimination, which means that an employer treats an employee comparably worse than other employees based on for discriminatory reasons. An example of direct discrimination would be when a pregnant employee is terminated for being pregnant or when a candidate is not hired solely for their sexual orientation or their ethnicity.
- Indirect discrimination is the result of company policy or practices that whilst not obviously discriminatory create a disadvantage for certain categories of people. An example of indirect discrimination would be asking a female candidate during a job interview about her marital status or about pregnancy plans. The only situation where such policies or practices are permitted by the law is when there is a legitimate purpose and the means for achieving this purpose are necessary proportional and adequate.
Romanian legislation forbids both direct and indirect discrimination for race, ethnicity, citizenship, religion, language, sex, gender, sexual orientation, social origins, genetic traits, age, disability, political inclination, familial situation, belonging to or being active within a syndicate, belonging to a marginalized minority, or being infected with HIV. Additionally, the legislation has provisions to protect employees from physical harassment, sexual harassment, victimization, and discrimination by association.
As a result of this employers in Romania are becoming increasingly more concerned with the internal procedures that they should have in place to prevent such situations from escalating and leading to a lawsuit and/or damaging the reputation of the company.
The first thing that any employer in Romania needs to know are what are the basic obligations that the Romanian Labour Code has established for employers in this regard.
The obligations are:
- To ensure equal opportunities and equal treatment for employees, whether they are men or women, in all employment relationships, especially by adding provisions against gender or sex discrimination in the internal regulations of the company,
- To add provisions in the internal regulations regarding the sanctions applicable to employees for violating the dignity of their co-workers
- To inform employees about their rights regarding equal opportunities and equal treatment between men and women in the workplace. One of the methods for doing this is by posting notices around the workplace, and
- To contact the authorities in charge of applying the legislation on equal opportunities and treatment between men and women in the workplace and inform them of any complaints of discrimination in the workplace.
It is important that the employer should ensure that they are covered in case of a lawsuit by adopting preventative measures against harassment and discrimination. The most basic measure being to include provisions regarding the sanctions applicable to employees for harassing and/or discriminating against their co-workers and ensuring that the Company has effective rules governing harassment and discrimination.
In cases of discrimination employers sometimes seek to prevent a lawsuit for discrimination or harassment by having employees sign a non-disclosure agreement where discrimination is dealt with as a private matter. Romanian law includes provisions designed to protect employees, therefore there are more restrictions as to what actions such an agreement can cover.
The Romanian labour code has recently been updated to allow the possibility for the employer to include in an employment contract a provision for solving any potential labour disputes including discrimination through mediation. This means, that if such a clause is included in the employment contract, the parties should try to solve the dispute through this special procedure, and only if they do not reach an agreement can the employee go to court. If they do reach an agreement, they can include in any written agreement clauses relating to compensating for the employee and therefore prevent a future lawsuit using such an agreement. It is important to ensure that the clauses meant to protect the employer from a lawsuit are not too restrictive of the rights of the employee and that they are negotiated with the employee, to avoid having a court subsequently declaring these clauses as abusive.
Such an agreement can only cover the right of the employee not to file a lawsuit against the employer and not against another employee. It cannot restrict the employee from bringing criminal charges if the alleged act is considered a crime under Romanian law.
As a law firm in Romania dealing with employment issues, we are seeing more and more clients who have questions regarding these matters. The answers must be addressed on an individual basis as to how they will impact employers under Romanian law. The most important thing for employers is to get the correct Romanian legal advice early on before the problems become a real issue both for the employer and the employee.
Hammond and Associates trading as Hammond Partnership is a Romanian law Firm based in Bucharest. The Firm Hammond and Associates has been in existence since 2004 and is registered with the Bucharest Bar. The lawyer of Hammond and Associates are all registered with the Romanian bar and are authorised to practise in Romania. The managing partner of the Firm is a solicitor registered with the Law Society of England and Wales and the Bucharest Bar.
The Firms client base is both Foreign and Romanian. Its clients consist of SME’s as well as major companies who have invested in Romania. In addition, it advises individuals both Romanian and Foreign on all aspects of Romanian law as well as providing English law advice when required.
The Firm’s clients come from many fields and countries. Our clients ranging from international banks and companies. It advises clients in the fields of aviation finance, employment, building and real estate, manufacturing, service industries, renewables, IT and computing, agriculture, and shipping .
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Mihaela Lupu (Author of this article - in the opening picture)
Mihaela Lupu is a Romanian lawyer with experience in both civil litigation and consultancy in various areas of law. She has advised a variety of international and domestic clients on corporate commercial and employment matters related to their activities and investments in Romania. She speaks Romanian, English and Spanish and has a knowledge of French.
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As the harvest season is ready to start at the Tohani vineyard in Romania, local wine producer Tohani announced that it would organize grape harvests for the general public on September 25 and October 2. The event is part of the company’s strategy to become a major player in the local wine tourism segment, where it has invested EUR 6 million.
“Vineyard harvesting is both an intense period for the Tohani team, but also a celebration. Therefore, we aim to make all those who love wine part of our story [...]. The harvesting experience is unique, as well as the taste of local wines, and we want more and more Romanians to live this experience,” said Virgil Mândru, CEO of Tohani Romania.
Those who want to try the grape-picking experience at the Tohani vineyard this fall have to pre-register here. For every five buckets collected, participants will receive a bottle of Tohani wine. The harvest day will end with a campfire, music, an authentic Romanian meal and wine to complete the harvesting experience in the vineyard at Moșia de la Tohani.
“We had many requests to participate in the grape harvest, and this year, with our expansion in the wine tourism area and increasing the accommodation capacity, we can enjoy together this special moment of the grape harvesting,” Virgil Mândru said.
Continuing the strategy of placing Feteasca Neagră, the best-selling red wine variety, in Romania, on the international wine map, Tohani Romania completed in 2021 the first part of a large investment project in wine tourism. So, as of June this year, the accommodation capacity within the Tohani complex has increased to 20 rooms, being able to accommodate up to 40 tourists. The total investment in the project dedicated to tourism amounted to EUR 5 million so far and will be followed by another project worth EUR 1 million.
(Photo source: Tohani Romania)
About 200 criminal cases targeting the issue or use of fake COVID-19 vaccination certificates have been opened in Romania so far, the Romanian minister of internal affairs, Lucian Bode, said during a videoconference with prefects. According to him, 400 people are being investigated in these cases, G4media.ro reported.
The minister also said that the structures of the Ministry of Internal Affairs are working to combat crimes related to forged vaccination certificates.
According to Europafm.ro, prosecutors from Dambovita county detained on Thursday evening a family doctor accused of having issued several false vaccination certificates between June and August. Her husband was also detained, and several other people were questioned by the police. The family doctor allegedly issued fake vaccination certificates for ten people after introducing false data in the computer system.
A few days ago, a journalistic investigation carried out by local news station Digi24 revealed a network of counterfeiters of vaccination certificates.
(Photo source: Dreamstime.com)
Romania’s National Committee for Emergency Situations (CNSU) updated on September 2 the list of countries with epidemiological risk. The countries/areas are rated as green, yellow or red, according to their COVID-19 incidence rate.
Twelve countries were moved to the red list due to higher COVID-19 incidence rates, according to Digi24. These are Serbia, Estonia, Albania, Tunisia, Mauritius, Jamaica, Lebanon, Palestine, Belize, Antigua and Barbuda, Suriname, and Brunei Darussalam.
Meanwhile, Spain, Liechtenstein and Morocco were moved from the red to the yellow list following a decrease in the COVID-19 incidence rate.
At the same time, countries such as Austria, Norway and Luxembourg also joined the yellow list, but due to an increase in infection cases. They were previously rated as green countries.
Finland, Malta and Andorra are among the countries that are now on the green list.
The updated lists are valid starting September 5, at 00:00. They are available here.
(Photo source: Cateyeperspective/Dreamstime.com)
New car registrations increased in the first eight months of 2021 by 7.5% compared to the same period last year, to a total of 79,320 units, according to the association of Romanian producers (ACAROM).
This lags by one third behind the 118,003 units registered in the same eight-month period of 2019, though.
At the same time, the registrations of used cars increased by 11.8%, to 270,016 units (only 8% below the 293,507 units in January-August 2019), ACAROM data show, according to Ziarul Financiar.
In August alone, Romanians registered 44.5% more new cars compared to August 2020 - 16,129 units (23,177 units in August 2019). In the case of second-hand vehicles, registered for the first time in Romania, the volume increased by 17.0% YoY, to 34,828 units (35,512 units in August 2019).
The three most popular brands in January-August were Dacia, with 21,334 new cars registered, Skoda (6,033) and Toyota (5,859), followed by Volkswagen, Hyundai and Ford.
(Photo source: Dreamstime.com)
Developer of shopping centres and residential projects Prime Kapital is expanding its portfolio in the residential segment and is preparing to launch two new residential projects in Romania, Economica.net reported.
Prime Kapital is developing two residential projects in Bucharest and obtained in August the construction permit for the apartments in the joint Silk District project in Iasi. With the new projects from Timișoara and Ploiești, the company reaches a development stock of 4,500 new apartments and investments of over EUR 431 mln.
The developer signed a contract this year to acquire a plot of land in Timisoara, where the plans provide for the construction of 1,252 apartments and an investment of over EUR 115 mln, according to data from the financial report of MAS Real Estate, the South African company that is Prime Kapital's partner in Eastern European projects. Prime Kapital is the largest shareholder of MAS Real Estate, with a 21.56% stake in the company.
Prime Kapital buys from the lighting manufacturer ELBA a 56,000 sqm plot of land near Gara de Nord in Timișoara. ELBA announced in the spring of this year that it is selling the land for EUR 12.5 million, which will be paid after obtaining the approval of the PUZ and the building permit for the first part of the construction. In addition to apartments, retail spaces with a leasable area of 8,000 square meters will also be built.
(Photo source: Dreamstime.com)
Radu Hanga, president of the Bucharest Stock Exchange (BVB), said that the local stock exchange notified the Financial Supervisory Authority (ASF), the local capital market supervisor, of the establishment of an index for the AeRO market, expected to be launched in the next 30 days, Ziarul Financiar reported.
AeRO witnessed unprecedented dynamics over the past year, when small entrepreneurial companies in various sectors, including a significant number of tech companies, used it to raise capital with share issues.
In May, Hanga said at another event that on the agenda of the Indices Commission of BVB, there is a proposal to set up, in the second half of the year, an "entrepreneurial index," representative for the secondary stock market.
"It will be built according to the model we apply to the other indices. (...) It will be 'a living animal,' it will be an index that as companies come (and we expect more and more companies to come, including from the area of technology), it will develop and diversify. This is the objective so that in the second half of the year, we have an index that is representative and that gives an indication regarding the evolution of the AeRO market," Radu Hanga said a few months ago.
(Photo source: Inquam Photos/Octav Ganea)
Integrated Romanian steel mill Liberty Galati, formerly known as Sidex Galati, targets a production of 3 mln tonnes of steel in 2021, 50% more compared to the output of about 2 mln tonnes of steel in 2020, a company official told Ziarul Financiar daily.
"Production and deliveries have increased in both quarters of the year, and we are currently targeting an annualized production of 3 mln tonnes, up from around 2 mln tonnes in recent years. These excellent results were achieved due to the efforts of the local team, the support from Liberty Steel and the very favourable market conditions," Liberty representatives said, answering ZF questions asked as the international press recently wrote that the GFG group Alliance, the main shareholder of Liberty Galati, is in talks with White Oak Global Advisor, an alternative asset manager and credit firm in the United States, to refinance its operations in Europe.
Asked if the Galati plant was one of the assets under discussion, Liberty representatives said: "The GFG and the Restructuring and Transformation Committee (RTC) are in talks with several stakeholders on Liberty Steel Continental Europe, which also includes Liberty Galati. We do not comment on who is involved in these discussions."
(Photo source: the company)
Canadian mining company DeepRock Minerals, specialized in the acquisition, exploration and development of mineral perimeters, has entered into a purchase agreement to acquire the second perimeter in Romania, in the Apuseni Mountains, for the exploration of a prospective gold exploration property, the company announced.
According to the terms of the deal, DeepRock is paying upon signing CAD 275,000, will issue 9 mln shares at an estimated price of CAD 0.08 per share to the seller when the exploration license is granted to DeepRock or its subsidiary, plus another 9 mln shares at the same price, later, according to Thenewswire.com.
This expansion will increase DeepRock's land position in Romania from 764 hectares to 3,528 hectares (461%).
Both properties have significant amounts of gold-bearing minerals with advanced underground works.
The company recruited in May this year Adrian Volintiru, former CEO of Romania's largest natural gas company Romgaz, to conduct local operations, according to Profit.ro.
The new property purchased by DeepRock, in northern Romania, is about 5 kilometres away from the company's current gold project - Zapozilor Polymetallic Gold Project.
(Photo source: Deeprockmineralsinc.com)
The minimum monthly statutory wage in Romania will increase by 10.4%, from RON 1,386 (net terms) in 2021 to RON 1,530 net starting in 2022, if the Government accepts the demand expressed by the National Trade Union Block (BNS).
Another federation of trade unions, the Trade Union Confederation "Cartel Alfa," proposes a very similar minimum wage of RON 1,524.
The strongest trade unions in Romania have different methodologies when they suggest how to increase the minimum wage. If the BNS proposes a change in taxation so that the costs for the employer do not increase much, Cartel Alfa wants to increase the salary without changes of a fiscal nature.
"We propose that the basic personal deduction be doubled - from RON 350 to RON 700, for salaries below the minimum wage, and that the entire grid of deductions for the other income tranches will be adjusted accordingly. Such a measure would allow the increase of the minimum net salary in 2022 to RON 1,530", explained Dumitru Costin, the president of the National Trade Union Bloc (BNS), Ziarul Financiar reported.
(Photo source: Ironjohn/Dreamstime.com)
The number of tourist overnight stays in July reported by Romania’s accommodation infrastructure increased by 51.3% year-on-year to 3.86 mln in July, but still lags by 16.4% compared to the same month in 2019.
In terms of the number of tourist arrivals (1.43 mln in July 2021), the YoY advance was slightly stronger (+56.3%), and the lag behind July 2019 was slightly smaller (-13.1%).
The number of foreign tourists (128,000 in July 2021), typically accounting for a small share of the total in Romania, was not much more than half of the figure seen in July 2019 despite the four-fold YoY increase.
The tourist and overnight stays for the whole January-July period reveals a significantly deeper (-35%) decline versus the same period of 2019, while the foreign tourist figures are at a quarter of those seen in the first seven months of 2019: 325,000 tourists and 722,000 overnight stays.
(Photo source: Shutterstock)
The food prices in Romania will increase by 10%-12% in the coming months, as a result of higher energy prices and higher import prices, according to estimates of the president of the National Federation of Trade Unions in the Food Industry Sindalimenta, Dragoş Frumosu, Economica.net reported. Higher energy prices will generate a 6-7pp increase alone.
As of July 2021, the food prices were up 2.3% year-on-year, less than half the headline consumer price inflation (5% YoY). Nevertheless, the average prices of the energy inputs soared by over 30% as of July (Frumosu speaks of a 100% rise in energy prices faced by the food processors), generating significant inflationary pressures.
Separately, the global food price index compiled by the UN's Food and Agriculture Organisation (FAO) surged by nearly 30% YoY as of August.
Romania imports some 25% of the milk it needs, 70% of the pork and significant beef - Sindalimenta head Dragos Frumosu explained, implying that higher global prices will quickly be imported as well.
(Photo source: Dreamstime.com)
The industrial prices (factory-gate prices) index in Romania increased by nearly 14% year-on-year as of July, after a 2.3% monthly leap.
In the energy sector, the industrial prices soared by 31% YoY after another major advance seen in July (+6.6%), announced the statistics office INS.
The prices of the intermediary goods increased by only 1.8% in July but compared to a year ago, they are 17.3% larger - three times more the advance of the prices of the durable and non-durable consumer goods (+5%-6% YoY).
The big picture suggests that the higher energy prices have not yet passed through to the consumer prices, and therefore further supply-side inflationary pressures are expected.
The consumer price inflation neared 5% YoY as of July, up from under 4% as of June.
Rising energy prices, as well as other factors, will cause food prices to increase by 10-12% on average in the coming months, but some products, such as pork, dairy and bread, will see higher price increases compared to the average, said the president of the National Federation of Trade Unions in the Food Industry Sindalimenta, Dragoş Frumosu, according to Economica.net.
(Photo source: Dreamstime.com)
Cinema sub clar de lună, a program of open-air film screenings, will hold a new edition starting September 3.
Screenings take place in the garden of the National Museum of Romanian Literature (8 Nicolae Crețulescu).
The public can see awarded films, the productions screened in the opening and closing of this year’s Transilvania International Film Festival (TIFF), some of the films that were awarded at the festival, as well as Romanian premieres.
The first film to be screened is Bogdan George Apetri’s Unidentified, which won the FIPRESCI prize at TIFF 2021. François Ozon’s Été 85 (opening photo) and Daniel Sandu’s The Father Moves Mountains will follow.
The screenings run until October 17.
The program is updated here. Tickets are available at Eventbook.ro.
(Photo courtesy of Transilvania Film)
Noaptea Albă a Galeriilor (NAG) – the White Night of Art Galleries will hold its 15th edition between October 15 and October 17.
Contemporary art venues can register to be part of the event by September 26, on the website noapteagaleriilor.ro.
NAG was initiated and is organized by Ephemair Association. It expanded from Bucharest to several other cities in the country beginning with its tenth edition in 2016.
(Photo: Pla2na/ Dreamsime)
French fintech iBanFirst has opened an office in Bucharest, the company's first in Central and Eastern Europe.
iBanFirst is a financial services provider that addresses the needs of SMEs. As an alternative to traditional bank offerings, it developed an online platform that allows companies to conduct transactions in over 30 currencies.
The company expects to attract 500 clients to its trading platform in its first year of activity on the Romanian market, and a support team of 20 consultants, it said in a release.
The launch of the Romanian office and the expansion into Central and Eastern Europe are part of the company's development strategy backed by the acquisition, earlier this year, of a majority stake by the US fund Marlin Equity Partners, in a deal valued at EUR 200 million, it said. The deal made Marlin the majority shareholder of iBanFirst, with Pierre-Antoine Dusoulier, the company's CEO and founder, taking second place.
In addition to the Romanian office, iBanFirst plans to open offices in Bulgaria and Hungary in the coming months.
"iBanFirst is at a stage where it is accelerating the expansion of its European presence with the goal of facilitating business access to agile, affordable and customized global trading solutions. Together with our new investor Marlin Equity Partners, we believe that Central and Eastern Europe represents one of the markets with the highest growth potential for our company. We have chosen to enter this area with a first office in Romania because it shows very good signs of economic recovery post-Covid-19, and companies are very open to new technologies, being 'early adopters'. By combining the benefits of a state-of-the-art transaction platform available to clients with the support of an expert local team, we want to help as many businesses in Romania as possible to streamline their day-to-day operations and accelerate their growth plans," Pierre-Antoine Dusoulier, CEO and founder of iBanFirst, said.
Founded in Paris in 2013, iBanFirst is a French company based in Belgium, with operations in France, Belgium, the Netherlands and Germany. It is regulated as a payment institution, serving more than 4,000 customers across Europe. A member of the SWIFT global interbank communication network and SEPA certified, iBanFirst holds AISP and PISP accreditations. The company has attracted funding from European venture capital funds including Elaia, Bpifrance Large Venture and NJJ Capital. In May 2021, the company received a EUR 200m growth funding round from US investment fund Marlin Equity Partners.
(Photo courtesy of the company)
Romania's liberal prime minister Florin Cîţu dismissed Stelian Ion, a member of the junior coalition partner USR-PLUS, from his post as justice minister. He made the announcement late on Wednesday evening, September 1, after the tensions between the PM and his coalition partners from USR-PLUS on a EUR 10 billion development program escalated. Apparently, the Government couldn't adopt the project because it lacked the Justice Ministry's opinion.
In response, USR-PLUS announced that it withdrew support for the PM and called for negotiations for naming another prime minister. If Cîţu doesn't step down, USR-PLUS could also support a no-confidence motion against him to be filed by the opposition.
PM Florin Cîţu has forwarded the request to dismiss Stelian Ion to president Klaus Iohannis. The Presidential Administration told Agerpres the request was under analysis.
UPDATE: President Klaus Iohannis signed off on Ion's dismissal and the appointment of interior affairs minister Lucian Bode as interim justice minister.
Announcing the decision, the PM said he “would not accept in Romania’s Government ministers who oppose Romania’s development,” News.ro reported. He said he would propose an interim minister “who understands the absolute priority of investments in Romania.”
The dismissal decision comes amid strong disagreement between the National Liberal Party (PNL) and USR-PLUS on a RON 50 bln (EUR 10 bln) local development program financed by the Government. On September 1, the PM wanted to have the EUR 10 bln program, dubbed Anghel Saligni, passed in the Government meeting. The PM reportedly wanted to introduce it on the meeting’s agenda without taking into consideration the amendments proposed by USR-PLUS ministers. In response, USR-PLUS announced that its ministers wouldn’t participate in the Government meeting. They accused the PM of breaching the coalition’s functioning protocol and called for a coalition meeting to discuss the divergences.
The investment program proposed by the PM consists in distributing government funds to the local authorities (mayors) to finance infrastructure projects for the development of their communities. USR-PLUS leaders said they would not support the project without clear criteria for distributing the funds and control mechanisms.
The justice reforms have been another issue of dispute in the ruling coalition during the past months. The dismantling of the Special Section SIIJ, tasked with investigating prosecutors, has seen USR PLUS ad odds with the third coalition partner UDMR, while president Klaus Iohannis also took issue with the sluggish advance of the reforms in the sector of justice.
The justice reforms have been another issue of dispute in the ruling coalition during the past months. The dismantling of the Special Section SIIJ, tasked with investigating prosecutors, has seen USR PLUS at odds with coalition partner UDMR, while president Klaus Iohannis also took issue with the sluggish advance of the reforms in the sector of justice.
Stelian Ion is the second USR-PLUS minister Cîţu dismisses after health minister Vlad Voiculescu in April. He is the third minister replaced in his cabinet, after the dismissal of finance minister Alexandru Nazare in July.
Romania’s unemployment rate increased by 0.1 percentage points in July 2021 compared to the previous month, reaching 5.1%, the National Statistics Institute (INS) announced on Wednesday, September 1.
Men’s unemployment rate (5.4%) was with 0.7 percentage points higher than that of women (4.7%). The total number of unemployed people aged 15-74 years estimated for July 2021 was of 420,000.
However, the unemployment rate was significantly lower in July compared with the first two months of this year, when it reached 5.9%.
The INS changed the methodology for calculating the unemployment rate at the beginning of this year, and the data published for January - July 2021 are not comparable with those published for previous periods.
Financial consulting and audit company BDO Romania will run its BDO Academy recruitment program nationwide between September 1 and September 12, 2021, with the goal of attracting 60 candidates.
The candidates will then go through a training program after which the company hopes to hire 20 of them.
“We are launching this comprehensive recruitment program at the national level, because we pay close attention to human resources within our company, and we would like to attract capable young people in our team, eager to prepare for a career in auditing,” said Dan Apostol, BDO Romania Partner.
The recruitment program will be available exclusively online and addresses all the young people, graduates of economic studies in the country.
Apart from the evidence of completing studies with economic profile, such as audit, accounting or finance, the eligible candidates must also be equipped with English communication, at least at an intermediate level.
BDO Romania currently has over 240 employees at its offices in Bucharest, Cluj, Iasi, Timisoara, Sibiu and Chisinau.
(Photo courtesy of the company)
DB Global Technology, Deutsche Bank’s technology center in Bucharest, has recently established an Information Security function, expanding on the global security presence in other Deutsche Bank locations.
The local team of cyber security experts already boasts over 40 people and continues to grow. The security team in Bucharest covers areas such as Identity & Access, cyber threat management, cyber security architecture, and Cloud Security.
“We want to build a strong and highly skilled cyber security team of about 100 people here in Bucharest. Romania has an excellent reputation for cyber security due to its secure networks, the performance in broadband internet speed rankings, and above all, the diverse talent pool,” said Cristiano Avenia, who leads the security team for DB Global Technology.
DB Global Technology was established in 2014 and has reached over 1,000 employees.
The center in Bucharest plays a crucial part in Deutsche Bank’s technology transformation, developing applications for more than eleven divisions within the bank.
(Photo courtesy of the company)
E.ON Energie Romania, the local subsidiary of German utilities group E.ON, has signed over 200 partnerships with companies in Romania for the delivery of solar energy projects since 2018.
The total value of these projects is EUR 40 mln.
The projects include installing 110,000 solar modules on a total area of 165,000 sqm and a combined capacity of 40,000 MWh per year, enough to power 22,000 homes.
Of the over 200 projects, E.ON has already finalized 55, while over 150 are in various implementation stages.
The construction of a solar power plant takes 7-9 months, and the lifespan is 25 years. Investors recover their investment in 4-7 years, according to E.ON.
Zentiva Romania, the biggest pharmaceutical producer in the country, reported a consolidated turnover of RON 514 mln (EUR 104 mln) in the first half of this year and said its local factories increased their production by 20% compared with the same period of 2020.
The Zentiva factory recorded a net turnover of RON 330 mln in the first half of this year, up by 17% compared with the first six months of 2020.
However, its net profit went down by 17% to RON 34.6 mln due to the faster rise in operating expenses, according to a report posted on the Bucharest Stock Exchange.
The group’s second local business, Labormed Pharma Trading, increased its sales by 22% year-on-year.
The group’s best-selling product is the pain killer paracetamol, for which Zentiva recorded higher domestic demand as well as exports, due to new contracts on the German market.
(Photo courtesy of the company)
Romanian brick producer Cemacon (CEON) reported record turnover and operating profit (EBITDA) in the first half of this year.
The company’s shares jumped by 14% on the Bucharest Stock Exchange on Wednesday, September 1, after the financial report was published.
Cemacon reported a turnover of RON 83.92 mln (EUR 17.1 mln) in the first half of this year, 46% higher compared with the same period of 2020 and 14% higher than in the first six months of 2019.
The EBITDA went up by 74% year-on-year to RON 31 mln, and the net profit more than doubled to RON 21.5 mln. Cemacon’s shares have gained 65% since the beginning of this year, compared with a 25.6% increase for the BET index. The company’s market capitalization currently stands at RON 283 mln (EUR 57.4 mln).
Cemacon’s majority shareholders are Dragos and Adrian Paval, the owners of Romanian do-it-yourself chain Dedeman, who own 94% of the company’s shares through two investment vehicles.
(Photo courtesy of the company)
Romanian industrial group Promateris (PPL), a leading CEE producer of biodegradable and compostable packaging, recorded a consolidated turnover of EUR 17 million in the first six months of 2021, 60% higher compared with the same period of last year.
The group, which also includes packaging distribution company Biodeck, reported a consolidated EBITDA of over EUR 2.8 million, more than double compared to the first half of 2020. The net profit went up by 166% to EUR 1.9 mln.
The positive financial results recorded by the company in the first six months were primarily generated by the expansion of the production of biodegradable and compostable packaging.
“Our goal is to develop innovative products that have a low impact on the environment. The financial results for the first half of the year are in line with our expectations and motivate us to continue to make progress towards sustainability and innovation,” said Tudor Georgescu, CEO of Promateris.
For the whole year, Promateris targets a turnover of EUR 40 million.
Promateris has made several investments in developing the production capacity of compostable packaging and the production of biodegradable and compostable raw material made from corn starch and says it will become the first company in Eastern Europe to produce raw material based on corn starch.
Both projects are carried out with the support of grants awarded by Iceland, Liechtenstein, and Norway through the EEA and Norwegian financial mechanisms 2014-2021, within the “SMEs Growth Romania” program. The total value of the projects is EUR 4 million.
The PPL stock price jumped by 15% on Wednesday, September 1, after the company released its first-half results. Year-to-date, the shares have gained 48%.
(Photo courtesy of the company)
Behboud (Ben) Madadi, an investor of Iranian origin known as one of the biggest individual shareholders of the Romanian investment company SIF Muntenia (SIF4), aims to buy up to 7% of the company’s shares through a public offer.
He has submitted the offer documentation to the local financial market regulator ASF, according to a notification issued by SIF Muntenia on the Bucharest Stock Exchange, Ziarul Financiar reported.
Madadi’s offer would compete with a share buyback offer announced by SIF Muntenia, which takes place between September 2 and September 15.
SIF Muntenia plans to purchase 20.6 million own shares (2.6% of the total number of shares) at a price of RON 1.3, which is close to the current market price.
Madadi aims to buy 55 million shares, but the price hasn’t been made public. SIF Muntenia’s shares jumped by 4.3% to RON 1.34 on Wednesday, September 1, after the notification. At this price, Madadi would have to pay RON 73.7 mln (EUR 15 mln) for the shares he wants to buy in the public offer.
Ben Madadi, who reportedly owns about 3.92% of SIF Muntenia’s shares, is part of a group of investors who have criticized SIF Muntenia’s investment strategy and especially the fact that SIF Muntenia indirectly holds a significant number of own shares through other investment management companies in which it is a significant shareholder.
SIF Muntenia manages net assets worth RON 1.84 bln (EUR 374 mln). However, its shares are currently trading at a discount of 43% to the NAV per share, even after a 60% increase since the beginning of this year.
SIF Muntenia is managed by SAI Muntenia Invest, a local asset management firm controlled by SIF Banat-Crisana (SIF1), another local investment company. SIF Banat-Crisana’s president and general manager is former finance minister Bogdan Dragoi.
Sigtree Technologies, a Romanian Prop-Tech startup that targets real estate developers, aims to attract financing worth EUR 500,000.
Half of the sum should come from investors on the local equity crowdfunding platform SeedBlink, in exchange for 7.14% of the company’s shares. The SeedBlink campaign starts on September 2.
Two private investors with experience in technology and real estate provide the remaining EUR 250,000. The company says it will use the funds to expand into other European markets, such as Poland, Hungary, the Czech Republic, Spain and the UK.
“The pandemic has changed the real estate market, the buying and renting habits. Everything is digital nowadays, and the concept of iBuyer is gaining momentum,” said Vlad Costea, founder and CEO Sigtree Technologies.
“Our platform addresses one of the market’s needs, namely the creation of a technological bridge between real estate developers, clients and service providers. We are aware of our business’s strong assets, and we know exactly what to do to grow in other markets, with higher potential,” he added.
The company is evaluated at EUR 3 million pre-money. For 2022, the management targets a turnover of EUR 650,000, ten times higher than in 2021, in the context of growing interest in the PropTech industry, especially in Western Europe.
In the next two years, the company targets a new investment round worth EUR 2 million from a UK-sourced private investment fund, thus, entering this market as well.
(Photo courtesy of the company)
Romania’s foreign exchange reserves increased by EUR 2.6 bln in August 2021 compared with the previous month to a new record of EUR 41.6 bln, according to data released by Romania’s National Bank (BNR) on Wednesday, September 1.
The central bank recorded foreign exchange inflows of EUR 3.34 bln in August, of which EUR 2.1 bln come from the crediting of Romania’s SDR account following the IMF’s new general allocation.
The outflows totaled EUR 735 mln in August. The gold stock remained steady at 103.6 tons and was valued at EUR 5.1 bln at the end of August.
As a result, Romania’s international reserves, which include foreign currency and gold, reached EUR 46.73 bln, up from EUR 44.13 bln at the end of July.
(Photo: Henning Marquardt/ Dreamstime)
Strong divergences between the National Liberal Party (PNL) and the reformist party USR-PLUS on a RON 50 bln (EUR 10 bln) local development program financed by the Government have brought Romania’s center-right ruling coalition on the brink of a break for the second time this year.
The tensions escalated on Wednesday, September 1, when liberal prime minister Florin Citu wanted to have the EUR 10 bln program dubbed Anghel Saligni passed in the cabinet meeting. The PM reportedly wanted to introduce this point on the meeting’s agenda without taking into consideration the amendments proposed by USR-PLUS ministers, according to News.ro.
In response, USR-PLUS announced that its ministers wouldn’t participate in the Government meeting and the party’s leaders Dan Barna, who is also deputy prime minister, and Dacian Ciolos spoke again about the possibility to leave the ruling coalition. They accused PM Citu of breaching the coalition’s functioning protocol and called for a coalition meeting to discuss the divergences.
The investment program proposed by PM Florin Citu is similar to those carried out in previous years by the Social Democratic Party (PSD) and consist in distributing government funds to the local authorities (mayors) to finance infrastructure projects for the development of their communities. However, the previous two programs run by PSD raised criticism related to the discretionary distribution of funds and lack of transparency.
USR-PLUS leaders said they would not support a similar project without clear criteria for distributing the funds and control mechanisms on how the money is spent. The party asked for similar criteria as those for EU funds, according to G4Media.ro.
USR-PLUS also said that the program as supported by PM Citu is "thievery". "Romania's development can't be carried out with programs to enrich local barrons, inherited from Liviu Dragnea (former PSD leader - e.n.)," USR-PLUS said in a press release quoted by Hotnews.ro.
Meanwhile, PM Florin Citu wants to pass the program as soon as possible and doesn’t seem willing to accept his governing partners’ amendments. He even accused USR-PLUS of blackmail and said the program would pass as it is, according to G4Media.ro.
The debate comes at a critical moment for Citu, who competes for the leadership of the National Liberal Party (PNL) against incumbent leader Ludovic Orban. A swift adoption of the investment program could tilt the balance in Citu’s favor, as the party’s mayors have a strong say in the internal elections.
This is the second major conflict in the ruling coalition this year after the one generated by Citu’s unilateral decision to dismiss health minister Vlad Voiculescu (USR-PLUS) in April. At that moment, USR-PLUS folded and decided to continue as part of the Government.
(Photo source: Inquam Photos / Ilona Andrei)
Our monthly overview for Romania Insider members brings you the main topics of the month, to make sure you don't miss the bigger picture, no matter how often you choose to read the news. If you choose to stay away from much of the media frenzy, this monthly bulletin brings the essentials without wasting a lot of time, in a basic visual version, so you can focus on the text alone.
Opening photo: Clasical music concert at Sala Palatului in Bucharest on August 30, 2021, part of the George Enescu International Music Festival - Photo source: Inquam Photos / Bogdan Ioan Buda
August was a more relaxed and less eventful month in Romania. Still, the peak of the summer holiday season was visible in the country's tourist hotspots and on the roads, where traffic was higher than usual due to many Romanians coming from abroad to spend their holidays at home.
However, the relaxed atmosphere could be just the calm before the storm as Romania prepares for an agitated autumn and an even more complicated winter. The fast rise in COVID-19 cases and energy prices are two of the most pressing problems in Romania today. Meanwhile, the leaders of the top two ruling parties in Romania - PNL and USR-PLUS - are also engaged in internal power battles and the coalition is not running very smoothly. ___STEADY_PAYWALL___
On the COVID-19 front, Romania's vaccination campaign made very little progress in August. The country's vaccination rate among adults is currently around 30% just as the European Commission announced that 70% of EU's population has been fully vaccinated. Meanwhile, the rise in new COVID-19 cases has accelerated in recent weeks, reaching levels not seen since May. This comes just two weeks before the start of a new school year in Romania in which the authorities hope students will be able to attend more classes in school than last year.
On the political scene, all eyes are on the internal elections in the National Liberal Party (PNL), the biggest party of the center-right ruling coalition in Romania. PM Florin Citu seems to have a slight advantage over PNL's current leader Ludovic Orban, who has been trying to gather support with a traditional and nationalistic discourse. Meanwhile, PM Citu had to manage an image crisis caused by 20-year-old drunk driving charges in the US. Still, a large number of PNL regional leaders have expressed support for Citu. The PNL congress takes place at the end of September.
USR-PLUS, the other major party of the ruling coalition, also has internal elections scheduled in early October. There are three candidates in the race, but the battle will be between USR leader Dan Barna and PLUS leader Dacian Ciolos. There are still many tensions between coalition parties, which are split over some bit topics such as the justice reform and a EUR 10 bln state-backed investment program for the development of regional infrastructure. The Government is also expected to adopt an important budget revision this month.
The new macro indicators released in August show a mixed picture. Romania posted 13% economic growth in the second quarter compared to the same period of 2020 and the estimates for the full-year growth are around 7%. However, the inflation rate also spiked close to 5% in July, pushed by higher energy prices. The central bank expects annual inflation of over 5% at the end of this year and could start hiking the monetary policy rate this autumn.
The business sector remains active in terms of M&A deals and financing rounds. The local companies' first-half results show a rapid recovery after last year's dip caused by the pandemic and related restrictions. The big banks, in particular, posted strong profit increases in the first half. Meanwhile, the biggest insurance company in Romania is struggling to solve its financial problems with the help of a foreign investor.
In real estate, August market the signing of the biggest office deal in Romania this year, after a relatively modest first half. Still, the top investors are accelerating their investment plans. The hotel market also shows signs of recovery, with two new hotel openings in August and more planned for next year.
Other important milestones announced in August were the record grain harvest and Dacia's new Sandero model climbing to number one in terms of sales in Europe.
Fresh data released in August show that Romania's resident population continued to decline in 2020. Meanwhile, over one million Romanians were officially registered in the UK.
August also brought the first large music festivals in Romania since the beginning of the pandemic - Summer Well and Electric Castle - as well as new editions of the Transilvania Film Festival and Sibiu International Theater Festival. The large events series will continue in September with the George Enescu Festival and Untold.
Below, you can browse through the most important topics in August, grouped by relevance. By clicking on a title, you can read the whole article on the Romania-Insider.com website.
COVID-19 - Fourth wave coming
- COVID-19: More than 5 mln people fully vaccinated in Romania
- Romania, last in EU for vaccination pace as new COVID-19 cases rise
- Romania could start offering COVID-19 booster shots in October
- Covid-19: RO Govt. approves ordinance on vaccination incentives
- EU digital COVID certificate: Almost 2 mln documents issued in Romania, health official says
- RO journalist investigation reveals network trafficking vaccination certificates
- Covid-19: Romania sells 700,000 vaccine doses to Ireland
- Romania donates 450,000 Moderna vaccines to South Korea
- Romania has donated or resold more than 3 mln COVID-19 vaccine doses
- RO health authorities warn of rising number of Covid-19 cases
- Romania reports highest number of daily Covid-19 cases since end-May
- Western Romania: Modular hospital for COVID-19 patients reopens in Timisoara
- Covid-19: RO authorities expect daily case count to increase faster than initially estimated
- School starts on September 13 in Romania, president calls on parents and teachers to get vaccinated
- Covid-19 travel: Romania adds France, Iceland to red list
- Covid-19 travel: Romania adds US, Turkey to red list
- COVID-19 travel: Romania moves Switzerland to the red list, Bulgaria joins the yellow list
- Covid-19: Bulgaria revises entry requirements for Romanians, Spain adds Bucharest, Ilfov to risk list
POLITICS: Looking for new alphas
- Romanian PM Citu apparently wins first round of elections for Liberal Party leadership
- Romanian PM's supporters display their strength ahead of party elections
- 20-year old drunk-driving case in the US haunts Romanian PM during party leadership race
- Romanian PM Citu reportedly defaulted on USD 6,700 credit card in the US
- RO Liberal leader officially jumps in the race for a new mandate
- RO Liberal MP hins secret services might interfere with internal party elections
- Romanian liberal leader stirs negative reaction from ethnic Hungarian UDMR
- Three enter the race to lead Romania’s USR-PLUS
- RO President, justice minister argue over delayed reforms
- Romanian PM Citu backs minister of justice
- Romania has new finance minister
- Romania’s Social Democrats plan to file no-confidence motion against Govt.
- Social Democrats postpone no-confidence motion due to lack of votes
- Romanians are still far from travelling visa-free to the US
- Mercer Street: Romania condemns tanker attack that left one national dead, asks Iran for explanations
- Romania sends military plane to Afghanistan for evacuation mission
- British RAF Typhoons intercept Russian fighter over the Black Sea
Political decisions with impact on business
- Romanian PM Citu cuts social security spending under budget revision draft
- Romanian PM Citu disappointed by Transport Ministry's budget execution
- Romania's new finance minister questions inflation
- Tensions among RO ruling coalition members depress fiscal consolidation hopes
- RO budget revision brings deficit-to-GDP ratio marginally down to 7.13%
- Romania's Finance Ministry borrows euro at negative rates
- RO ruling coalition split over regional investment scheme PNDL
- Liberals endorse Romanian PM’s new state-financed local development program
- Covid-19 fiscal stimulus in Romania among the weakest in Europe
- Energy NGO urges RO Govt. to address sharp rise of prices
- Romania's Govt. looks for solutions to tackle rising energy prices
- RO Govt. prepares to get more EU funds for SME grants schemes
- RO Govt. sets in place electronic invoicing system
- RO Govt. ups car scrappage budget with EUR 80 mln
- Romania increases foreign workers quota by 25,000
- Design contract signed for Fagaras-Brasov highway in Romania
MACROECONOMY : Inflationary growth
- RO central bank keeps refinancing rate at 1.25%
- Romanian bank BCR says rate hike possible this November
- Romania's central bank ups yearend inflation forecast by 1.5pp to 5.6%
- Romania’s headline inflation spikes in July on high energy prices
- Romania’s economy increases by 13% in the second quarter
- Romania’s state forecasting body revises 2021 GDP growth forecast to 7%
- Erste cuts its economic growth forecast for Romania after Q2 reading
- IMF sees Romania’s economy going up by 7% this year
- Romania’s current account deficit widens by 73% in Jan-Jun
- Romania's trade gap widens by 23% YoY in H1
- 1% of Romanian employees earn above EUR 3,000 net
- Wages in Romania up real 3.3% YoY as of June
- Retail sales in Romania up 5.8% QoQ in Q2
- Romania’s construction sector accelerates in June
- Romania’s medicines market rises by 10.6% YoY to EUR 3.9 bln
- Romania’s FDI: reinvested earnings more than tripled in Jan-Jun
BUSINESS: M&A market remains active, banks post high profits
M&A, new investments
- PwC counts 83 M&A deals worth EUR 1.8 bln in Romania during H1
- EY says Romania’s M&A market remained below EUR 1 bln in H1
- Vinci Energies takes over Romanian refrigeration specialist Frigotehnica
- Keywords Studios of Ireland takes over RO game developer AMC for EUR 2.8 mln
- Real estate developer Portland sells 150MW PV park project to foreign investors
- RO IT group Bittnet envisages M&A deals worth EUR 40 mln
- US fund invests EUR 21 mln in Romanian energy and gas supplier
- Romanian brokerage firm buys 10% stake in local bank
- Italian investor ponders EUR 300 mln rebar and wire plant in Romania
- Plasterboards producer Etex invests EUR 6 mln to secure raw material in Romania
- Turkish investor closes EUR 10 mln plastic pipe factory in Romania
- Rovina gold mining project in Romania close to getting final permits
- Romanian-born FintechOS gets USD 10 mln from IFC
- RO audiobook app raises EUR 0.5 mln with Seedblink campaign
- Romanian fintech Bankata.ro raises EUR 180,000 funding for development
- Company data aggregator founded by Romanians looks for EUR 1.4 mln financing
- RO Govt. takes steps to regulate Seedblink and other crowdfunding platforms
- Cloud company co-founded by two Romanians reaches USD 38 bln valuation
- US startup with Romanian co-founder reaches USD 3.6 bln valuation
- American-backed project could start gas deliveries from Black Sea by the end of this year
- Romania's Hidroelectrica reaches historic valuation after strong first-half results
- RO minister says Hidroelectrica IPO scheduled for H2 next year
- Romania's Romgaz reports 24% more gas deliveries, but only 2.6% bigger revenues in H1
- Romanian energy group Electrica sees 60% lower profit in first half
Banking & insurance
- Romania’s banks record 50% higher profits in the first half of this year
- Banca Transilvania Financial Group’s net profit up 47% in H1
- Romania’s BCR bank posts 38.5% bigger net profit in H1
- Profit of Romanian SocGen subsidiary BRD up 51% in H1
- ING Romania reports 19% higher profit in the first half of 2021
- Raiffeisen Bank, Unicredit report higher profits in Romania amid lower cost of risk
- Report: City Insurance used fake bank statements to demonstrate capitalisation
- Dutch investor brings EUR 150 mln to help troubled Romanian insurer
- Euroins Romania announces more capital increase and new strategy
- Austrian insurer VIG sees 16% revenue growth in Romania in H1
- Adventum completes acquisition of Hermes Business Campus offices in Bucharest
- Commercial real estate deals in Romania could reach EUR 900 mln this year
- Report: Developers plan 60% less office space in Bucharest delivered next year
- Logistics space leasing deals increase in Romania in H1 2021
- CTP will build EUR 32 mln cargo terminal at Oradea airport in Western Romania
- Top logistics investor CTP accelerates investment plan in Romania
- Real estate developer NEPI ups investment target in Romania this year
- BRD-SocGen arranges EUR 120 mln ESG loan for NEPI Rockcastle
- Romaero sells 17ha of land in northern Bucharest
- Rents for new apartments in Bucharest go down in first half
- Lithuanian group opens luxury hotel in Bucharest's Old Town
- Ibis Politehnica hotel opens in Bucharest
- Accor brings two new hotel concepts to Bucharest in 2024
- First Radisson Blu hotel in Cluj-Napoca set to open next spring
- Blue Air, Wizz Air announce additional routes from Romania
- Tarom seeks to borrow USD 60 mln for three new aircraft
- Air traffic in Romania 18%-22% below pre-crisis level, in July
- Dacia starts taking orders for the new Duster SUV in Romania
- Dacia Sandero becomes Europe’s top-selling car model in July
- Renault prepares to unveil new seven-seater Dacia model
- Romania prepares for record sunflower crop but much of it is exported raw
- Romania boasts biggest wheat harvest since joining the EU
- Romanian group Holde Agri Invest completes acquisition of 2,400-hectare Videle farm
- Agricover Holding ups net profit by more than a third
Other company news
- Romanian MedLife’s shares jump 5% on strong first-half results
- Romanian developer One United doubles turnover and more than triples net profit in H1
- Founders of developer One United ask for super-voting shares
- Microsoft partner Allyis rents 1,500 sqm of offices and seeks to hire 150
- Cegeka plans satellite offices for expansion in Romania and Moldova
- Major Romanian online retailer CEL files for insolvency
New in town
- Peer Gebauer is the new German ambassador to Romania
- Deutsche Telekom appoints new CEO for its mobile division in Romania
- Kuldeep Kaushik to take over as CEO of NN in Romania
- Free Now appoints new country manager for Romania
- Dutch operator creates another 50ha of beaches in the southern part of Romanian riviera
- Romanian 'King of Roma' launches cryptocurrency project Gypsycoin
SOCIAL & LIFE: Imbalances grow, return of the festivals
- Romania’s resident population continues to shrink in 2020
- It’s official: Over one million Romanians settle in the UK
- Pilot project: Romania starts issuing eID cards
- Survey shows Romanians' perceptions on remote work, online education
- Most Romanian employees consider working after retirement, survey shows
- Survey: 3 mln Romanians can’t afford a holiday
- Romanians spent 90% more on online sports betting and gambling in 2020
- Survey looks at Romanians’ religious behavior, motivations for observing traditions
- Romania sends firefighters to battle blazes in Greece
- Romanian municipality tests first locally-produced e-bus
- Health campaign: 20 squats for a free bus ride in Cluj-Napoca
- Romanian-born researcher on Forbes' list of women shaping the future of science, tech and art
- George Enescu Festival 2021: Highlights of an anniversary edition
- Transilvania Film Festival: Philipp Yuryev's The Whaler Boy wins top prize
- Romania’s Electric Castle festival attracts over 186,000 participants at special 2021 edition
- Untold 2021: More artists join lineup of Romanian festival
- Forever Hit festival brings 80s-90s music stars to Bucharest next month
- Sibiu: Astra Film Festival to cover topic of climate crisis
- iMapp Bucharest: Video mapping shows to light up the Parliament Palace this fall
- Tarja Turunen will perform in Bucharest and Cluj-Napoca next year
- Vangelis’ new album inspired by NASA’s Jupiter exploration features RO soprano Angela Gheorghiu
- Central Romania: Museum dedicated to daily life under communism to open in Brasov this fall
- Two Romanian photographers launch photobook dedicated to Viscri village in Transylvania
- Romania listed among best European destinations for kids and families
- New video streaming service to launch in Romania next year
- RO team among top ten at World Schools Debating Championships
- Cluj-Napoca to host another WTA 250 tournament this year
- Tokyo Olympics: Romania ranks 46th in medal table
- Tokyo Paralympics: Romanian minister Eduard Novak wins silver in men's individual pursuit
- History student to represent Romania at Miss Universe 2021
(Photo source: Inquam Photos)
Approximately 10,000 runners are expected to participate in the OMV Petrom Bucharest Half Marathon this weekend (September 4-5).
However, due to international rules imposed amid the pandemic, foreign professional athletes will not join the event this year, the organizers announced, according to Europafm.ro. But the prizes remain the same, amounting to a total of EUR 11,000. In addition, a prize of EUR 1,500 will be awarded this year for the race record.
Participants lined up at the start will have to wear masks at the beginning, for the first 150 metres, as they will be close to other runners. Plus, they will also have to wear the masks at the finish line for the same reason.
The event is open for both vaccinated and unvaccinated runners. The organizers will bear the costs for testing participants who are not vaccinated against COVID-19, according to Europa FM. Those vaccinated must present a European COVID-19 digital certificate.
The Half Marathon is one of the biggest sports events organized in Bucharest this year. Further details are available here.
(Photo source: Mihocphoto/Dreamstime.com)
Air passenger traffic decreased by 26.5% YoY in the first half of 2021, from 4.07 million to 2.99 million passengers, according to data centralized by the National Institute of Statistics (INS), quoted by local Agerpres.
With 985,100 embarked passengers and 948,700 disembarked passengers, Bucharest’s Henri Coanda Airport took the first spot in terms of H1 passenger transport. Next were the Avram Iancu Airport in Cluj-Napoca and the Traian Vuia Airport in Timisoara.
The main countries (by the airport of origin) from where air passengers arrived in Romania were the United Kingdom - 203,678 people, Germany - 139,988, Italy - 138,160, Spain - 132,469, France - 74,219, and Turkey - 65,197.
By country of destination, most regular passengers boarded for the United Kingdom - 204,960 passengers, Germany - 143,219, Italy - 140,279, Spain - 130,960, and France - 82,602.
When it comes to the domestic air traffic, Bucharest’s Henri Coanda again topped the list with 50.1% of embarked passengers, followed by the Avram Iancu Airport in Cluj-Napoca - 16.1%, and Traian Vuia Airport in Timisoara - 14%.
According to the same INS data, with 1,038,300 boarding passengers and 1,042,200 disembarking passengers recorded in the second quarter of 2021, the air traffic registered a substantial increase from Q2 2020.
(Photo source: Pixabay.com)
Bucharest ranks ninth in the Workation Index put together by vacation search engine Holidu.co.uk. The top ranks the best cities in the world for a workation - a more popular option for people worldwide, as remote working has been on the rise due to the pandemic.
To compile the index, Holidu analysed several factors such as the monthly cost of a one-bedroom apartment, the number of things to do rated 4-stars and above, the cost of after-work drinks, or the Wi-Fi speed - all important when combining work with a vacation.
Bangkok took the top spot, mainly due to the affordable prices, a large number of people who speak English and the diversity of attractions, Biziday.ro reported, quoting the index. New Delhi comes next, followed by Lisbon, Barcelona, and Buenos Aires and Budapest (sharing fifth place).
The top ten is completed by Mumbai, Istanbul, Bucharest, and Phuket.
“In fifth place on the top five European cities for a workation is Bucharest. Romania’s vibrant and busy capital has seen a big come-back in recent years, and has a lot to offer to remote workers: one of the fastest Wi-Fi speeds in the world at 54 Mbps, cheap taxi fares at GBP 0.35 per km on average and two pints of local beer at around GBP 2.78 – bargain!” - reads the Romanian capital’s presentation.
There is also a second ranking that includes only destinations which appear on the British government’s green and amber travel lists, and Bucharest is at number sixth on this list.
The complete Workation Index is available here.
(Photo source: Tangducminh/Dreamstime.com)
The European Commission (EC) announced on Tuesday that 70% of the European Union's adult population is now fully vaccinated. In total, over 256 million adults in the EU have now received a full vaccine course, according to the EC.
"The full vaccination of 70% of adults in the EU already in August is a great achievement," said the EC president Ursula von der Leyen.
She added: "The EU's strategy of moving forward together is paying off and putting Europe at the vanguard of the global fight against COVID-19. But the pandemic is not over. We need more. I call on everyone who can to get vaccinated. And we need to help the rest of the world vaccinate, too. Europe will continue to support its partners in this effort, in particular, the low and middle-income countries."
Romania is second-to-last in the EU, with less than a third of its adult population vaccinated, according to ECDC data. Only Bulgaria is lower, with a share of 20%. Meanwhile, most of the other countries in the region boast vaccination rates of over 50% of the adult population.
(Photo source: Dreamstime.com)
The former leader of Romania’s Social Democratic Party (PSD), Liviu Dragnea, is allegedly targeted by a new investigation of the National Anticorruption Directorate (DNA), according to sources quoted by News.ro.
The new case is related to the use of party funds to pay for exotic holidays on which the former PSD head allegedly took his girlfriend. These included trips to Indonesia, Bali, the Dominican Republic and Doha.
Liviu Dragnea was released from prison on July 15 after serving two years and two months of detention for abuse of office.
In May this year, DNA sent Dragnea to court in another case related to the financing of his visit to the US in 2017, when he attended the inauguration ceremony of former President Donald Trump.
Liviu Dragnea, who was the most powerful politician in Romania for several years, was replaced as head of PSD after he was convicted in May 2019.
(Photo source: Shutterstock)
The German management consulting company Roland Berger won the international tender organized by Romania's national salt company Salrom for conducting a feasibility study on the exploitation of graphite in Romania.
Economy minister Claudiu Nasui made the announcement on Facebook. He said that the exploitation of graphite could turn Romania into an important country for the development of the battery industry.
"Romania can become a very important place for the battery industry and can get to this naturally, without subsidies or state aid schemes also paid from taxpayers' money," Nasui wrote in his Facebook post, according to Agerpres.
He added: "Many modern technologies for the manufacture of batteries and solar panels use graphene, which is obtained from graphite, a product that we also want to manufacture in Romania."
Romania has graphite deposits at the Baia de Fier mine in Gorj county.
(Photo source: Gov.ro)
The total value of real estate deals in Romania reached nearly EUR 290 million in the first six months of 2021, down by 29% compared with the first half of 2020, according to a Colliers report. Office assets generated about two-thirds of the total volume.
Despite the slow first half, Colliers consultants believe that the market fundamentals remain strong. Healthy transaction levels and confidence in the banks’ ability to increase their lending to the economy in 2021 encourage existing or new potential interested investors to prospect Romania.
“2021 may look like a somewhat soft year in terms of overall volumes compared to some of the previous years, but as they say, one must not judge a book by its cover and a period solely by the deals closed. In terms of investor interest and favourable moves to core asset prices, it is not at all a bad year, on the contrary. There are also quite a few large deals in various stages presently,” said Anca Merdescu, Associate Director Investment Services at Colliers.
Three office deals in Bucharest accounted for half of the transaction value in the first half: the sale of the Campus 6.2 and 6.3 office buildings by Skanska to S IMMO for EUR 97 mln, the acquisition of The Light One office building by Uniqua Real Estate for EUR 54 mln, and Immofinanz’s purchase of the Bucharest Financial Plaza for EUR 36 mln.
After the end of the first semester, Adventum Group took over Hermes Business Campus from Belgian group Atenor for about EUR 150 mln, the largest deal signed this year.
(Photo source: Dreamstime.com)
Sphera Franchise Group (SFG), one of the biggest restaurant operators in Romania, announced record-high results in the second quarter of this year. The company registered RON 233 million (EUR 47.5 mln) in consolidated sales in all three markets of activity, a surge of 119% compared with the same period of last year when the COVID-19 restrictions strongly impacted its activity.
“Despite ongoing lockdowns and limitations on the indoor dining, KFC stores present in Romania, Italy and Republic of Moldova as well as Taco Bell in Romania thrived between April and June 2021, registering the best sales for that period of the year,” the company said in a report on the Bucharest Stock Exchange.
Combined with a strong first quarter of the year, Sphera Franchise Group closed the first half of 2021 with consolidated sales of RON 444.5 million (EUR 90.7 mln), a 46% increase compared with H1 2020. The normalized EBITDA reached RON 30.7 million, up from RON 1.56 mln in the same period of 2020.
As a result, the company also posted a net profit of RON 5.2 million, compared with losses of RON 22.36 mln in H1 2020.
The company operated 161 restaurants at the end of June, up from 153 one year ago.
Sphera Franchise Group holds the KFC, Pizza Hut and Taco Bell franchises in Romania and operates restaurants under the KFC brand in Italy and Moldova.
SFG’s stock price went down by 3% after the results report on Tuesday but are still up 22.5% since the beginning of this year.
(Photo source: the company)
Fondul Proprietatea (FP), the biggest investment fund in Romania, recorded a net profit of RON 1.8 bln (EUR 367 mln) in the first half of this year, compared with losses of RON 849 mln in the same period of 2020.
The main contributors to the profit were the net unrealized gains from the fund’s investments in OMV Petrom (RON 244 mln) and Hidroelectrica (RON 910 mln).
Oil and gas group OMV Petrom (SNP), which is listed on the Bucharest Stock Exchange, recorded a share price increase of 17% in the first half of this year, while energy producer Hidroelectrica, which is not yet listed, recorded a significant increase in valuation due to solid revenue and profit growth in the first half.
The fund also recorded a gross dividend income of RON 655 mln in the first six months, mainly from its stakes in Hidroelectrica and OMV Petrom. However, the dividend income was significantly lower than in the first half of last year (RON 1.15 bln).
Fondul Proprietatea’s net asset value (NAV) per share increased by 13.8% in the first half of this year, while its shares offered a total return of 32.9% in the same period, including the gross special dividend of RON 0.072 per share.
The fund also boasts a historic milestone in H1 as the share price at the end of June surpassed its NAV per share, which means that the fund was trading at a premium for the first time since its listing on the Bucharest Stock Exchange in early 2011.
Fondul Proprietatea is managed by the American group Franklin Templeton.
(Photo source: Dreamstime.com)
Hidroelectrica, the largest energy producer in Romania, recorded a net profit of RON 1.68 billion (EUR 344 million) in the first six months of this year, double compared with the same period last year. The company's revenues reached RON 3.2 billion, up by 78% compared to the first six months of 2020.
The figures were included in the half-year report of local investment fund Fondul Proprietatea, which owns 20% of Hidroelectrica's shares.
At the end of June, Fondul Proprietatea valued its stake in Hidroelectrica at RON 6 bln (EUR 1.22 bln), standing for a total value of RON 30 bln (EUR 6.1 bln) for the whole company.
The Romanian state owns the majority stake of 80% in Hidroelectrica.
The company's strong results come in the context in which electricity prices have climbed to record highs in Romania as the country's domestic production doesn't fully cover the consumption. Data from the local energy exchange OPCOM show that the average spot electricity price in July was EUR 94 per MWh, up by almost 70% compared to the average at the beginning of the year (EUR 56 per MWh), Ziarul Financiar reported.
(Photo source: Facebook/Hidroelectrica)
Black Sea Oil and Gas (BSOG), a Romanian company backed by US investment fund Carlyle, could start gas deliveries from Romania’s Black Sea section at the end of this year when work on the Midia Gas Development project will be finalized.
French group Engie, one of the top gas suppliers in the Romanian market, has already signed a contract to take half of the gas extracted by BSOG from the Midia perimeter.
The project’s production is estimated at 1 billion cubic meters per year, which stands for about 10% of Romania’s gas consumption.
The gas deliveries from the Black Sea could come at a critical moment for the Romanian energy market, marked by higher gas prices and higher imports from Russian group Gazprom, which could lead to significantly higher bills for household consumers this winter, according to Ziarul Financiar.
(Photo source: Pixabay.com)
The Government won’t intervene to cap the energy price, and Romania needs energy independence, prime minister Florin Citu said on Tuesday, August 31, during a meeting dedicated to the recent increases in domestic energy prices. He added that the Government would take the “toughest measures” if it discovers that the inefficiency of state-owned energy producers causes the higher energy prices paid by Romanian end consumers.
Energy prices have become a hot topic in Romania after the electricity price went up 25%, and gas prices increased by 20% from July 2020 until July 2021, according to official statistics. Further price increases are expected over the winter as Romania’s domestic electricity and gas production doesn’t currently cover the consumption.
“I can tell you right away that we will not intervene to cap prices. Just to be very clear,” Florin Citu said, quoted by News.ro. He added: “At our previous meeting, I understood the major problem we are facing now - rising prices everywhere in the European Union. At the same time, I understood that we have another problem: we have to import energy because we don’t produce enough to cover our needs. It’s clear that Romania needs energy independence.”
At the same meeting, energy minister Virgil Popescu announced that the Government would also start compensating the higher energy bills for Romanians with average income and average energy consumption beginning November 1.
“In addition to compensating vulnerable consumers, we want to compensate consumers with average income or average consumption. We want to fully compensate them this winter, which begins on November 1 and ends on March 31,” Popescu said, quoted by Agerpres.
He said that there are 4.5 million households in Romania that consume up to 1,000 kWh per year, which means over 10 million Romanians.
The minister said that this compensation would be made regardless of the vote on the Vulnerable Consumer Law. This bill should create the framework under which the state can help vulnerable energy consumers.
Minister Virgil Popescu said the funds to compensate vulnerable and average consumers would come from the tax paid by gas producers for their extra gains from the gas market liberalization and from the dividends received by the Government from the state-owned energy companies such as Hidroelectrica, the country’s biggest electricity producer.
(Photo source: Dreamstime.com)
Twelve NGOs active in nine cities in the country have formed an alliance working to establish a network of urban nature areas.
The Coalition for Urban Nature aims to “promote, maintain and integrate nature areas in cities, facilitating the urban population’s access to recreation and environment education.” It also aims to get involved in preserving urban biodiversity, promote nature inside cities and involve city residents in creating and managing the national network of urban nature areas, according to a release from the coalition.
The coalition is made up of organizations and initiative groups active in environmental protection. Each of them promotes an urban nature area or has expertise in related areas.
The coalition’s members are: Văcărești Nature Park Association in Bucharest; SOS Cluj; the Foundation of the Brașov Mountain Ecology Center; Societatea Carpatină Ardeleană (Ardeal Carpathian Society) – EKE Satu Mare; Piatra Neamț civic initiative group; Romanian Ornithological Society – Iași Branch; Bio-Team Association in Timișoara; Ruralis Association in Bistrița; the Center for Protected Areas and Sustainable Development in Oradea; Napoca Bike Tourism Club in Cluj; Funky Citizens and Kogayon Association.
The urban nature areas are “wild landscapes with conservation, scientific, educational, and recreational value that can improve the city residents’ life.” They can be forests, riverbanks, meadows with little impact from human activity or abandoned areas that turned wild again.
The coalition is part of the project Network for Urban Nature and is rolled out by the Văcărești Nature Park Association in partnership with Funky Citizens, the S.O.S. Sustainably Organized Society Association, the Foundation of the Brașov Mountain Ecology Center and Societatea Carpatină Ardeleană EKE Satu Mare, with financial support from Active Citizens Fund Romania, a program funded by Iceland, Liechtenstein and Norway through the 2014-2021 SEE Grants.
The EU Covid-19 certificate or a rapid antigen test are needed for access to Untold, the music festival taking place in Cluj-Napoca, in western Romania.
“Untold fans will be able to access the festival’s premises this year only with the EU digital Covid-19 certificate or based on a rapid test. With this, the Untold organizers keep their commitment to holding one of the safest events in Europe,” a press release from the organizers, quoted by Agerpres, reads.
Those who take the rapid antigen test at the centers or clinics of the medical providers agreed by the festival receive after the test the bracelet serving as proof of the test's authenticity and a negative result, the organizers said. They are not required to also show the EU Covid-19 certificate but have to carry with them at all times the negative result of the test and their ID. The list of centers and clinics will be available on the festival’s website in the coming period.
Furthermore, minors aged between 7 and 12 need to have a negative test (rapid or RT-PCR) or proof of having recovered from the illness, as well as their birth certificate. Those aged between 12 and 14 need to show proof of vaccination, of having recovered from the illness or a negative test (rapid or RT-PCR), as well as the birth certificate. Participants aged between 14 and 18 can access the event based on vaccination proof, of having recovered from the illness or a negative test, and the ID documents.
Untold is scheduled to take place between September 9 and September 12. Among the artists in the lineup are David Guetta, Martin Garrix, Dimitri Vegas & Like Mike, The Script, Parov Stelar, Tyga, and Sam Feldt.
(Photo: Salajean/ Dreamstime)
The Romanian Government approved on August 30 the ordinance outlining several measures meant to encourage people to get vaccinated against Covid-19.
According to the ordinance, those who get fully vaccinated will receive meal vouchers worth RON 100 (around EUR 20). This applies to those who get vaccinated once the ordinance comes into force.
At the same time, a raffle with money prizes will be organized for those fully vaccinated. The raffle, with a first draw scheduled for October, is open to all those fully vaccinated. Those who have a vaccination certificate can register on the Government-run site certificat-covid.gov.ro, where the Special Telecommunications Service STS will develop the raffle registration functionality.
By August 30, 5,124,998 people were fully vaccinated against Covid-19. The country is second-to-last in the EU on the cumulative of at least one vaccine dose among adults older than 18 (32.8%), according to the Vaccine Tracker of the European Center for Disease Prevention.
According to the same ordinance, the validity of the rapid antigen test certificate is extended from 24 hours to 48 hours.
The draft of the ordinance is available here.
(Photo: George Calin/ Inquam Photos)
Bulgaria, a popular tourism destination for many Romanians, and Spain, where a large community of Romanians live, have revised their entry requirements for Romanian citizens.
Starting September 1, Romanian citizens arriving from Romania to Bulgaria need to show, besides their travel documents, one of the following: the EU Covid-19 certificate showing the holder is vaccinated against Covid-19 or a similar document including the same info as the EU certificate; the EU Covid-19 certificate showing the holder recovered from Covid-19 or a similar document including the same info as the EU certificate; the EU Covid-19 certificate showing the holder tested negative or a similar document including the same info as the EU certificate.
Among those exempt from the requirement to show the EU Covid-19 certificate are those who transit Bulgaria, if they leave the country’s territory quickly, and children younger than 12, the Foreign Affairs Ministry (MAE) explained.
Starting August 30, travelers arriving from Bucharest or Ilfov county in Spain, via air or ferry routes, need to show the EU Covid-19 certificate showing the holder is vaccinated, recovered from the illness or tested negative for Covid-19, the Romanian Embassy in Spain announced. They also need to fill in the electronic form in the Spain Travel Health app or available at www.spth.gob.es.
The requirement comes as Spain placed Bucharest and Ilfov county on its list of risk countries/areas. The list is revised every seven days.
Children younger than 12 are exempt from the requirement of showing the EU certificate, but an adult needs to fill in the health control form for them. Travelers arriving from other areas of Romania have to comply with the previous requirements and fill in the health control form.
Although you’ll find that the Romanians’ English language skills are pretty good, knowing a few key phrases in Romanian can make things a lot easier. Plus, it can also bring a smile to the locals’ faces, as the Romanians simply love to hear a foreigner say Bună ziua or Mulțumesc.
Romania celebrates the Romanian Language Day today (August 31). So check the list below and surprise your local friend with a few phrases in Romanian.
Bună ziua (or simply Bună or Salut if you’re meeting a friend or younger person) is the most common way of greeting. It means ‘good day’ or ‘hello.’ If it’s morning, say hello using the phrase Bună dimineața, and change it to Bună seara if it’s evening or night.
Ce faci?/Ce mai faci? - How are you? is the phrase usually following after ‘hello.’ The most common answer is Bine - Good.
When it’s time to say goodbye, just say La revedere! or Pe curând! Romanians also use the less formal Pa, pa! (which translates as Bye-bye!) when saying goodbye to friends.
- Other everyday phrases and words to know:
Mulțumesc! - Thank you!
Cu plăcere - You’re welcome
Te rog - Please
Da/Nu - Yes/No
Cum te cheamă?/Cum te numești? - What’s your name?
Numele meu este… - My name is…
Nu știu - I don’t know
Vorbești engleză/franceză/germană? - Do you speak English/French/German?
Scuzați-mă/Nu vă supărați - Excuse me/I beg your pardon. This is usually used before asking something (like directions or a piece of information) or simply as an apology.
Noroc! - Cheers!
Poftă bună! - Enjoy your meal!
- More useful words:
Eu - I
Tu - You
Când? - When?
Acum - Now
Astăzi - Today
Mâine - Tomorrow
De ce? - Why?
Unde? - Where?
Dreapta - Right
Stânga - Left
- Plus, surprise your loved one with these romantic phrases:
Te iubesc! - I love you!
Dragostea mea - My love
Mă faci fericit/fericită - You make me happy
Mi-e dor de tine - I miss you
(Photo source: Julien Viry/Dreamstime.com)
A journalistic investigation carried out by Digi 24 news channel revealed a network that facilitated obtaining vaccination certificates allegedly issued by a hospital in Bucharest for unvaccinated people.
The network used the Russian chat app Telegram. The scheme was organized through a Telegram group called Certificat_Covid19.
A member of this group provided vaccination certificates allegedly issued by the Grigore Alexandrescu hospital in Bucharest for EUR 100 apiece.
The user vowed the certificate was authentic and that it would help the holder pass border control and any other control without being vaccinated.
The certificates trafficked through this network stated that the holders had been vaccinated with the Johnson&Johnson vaccine.
Prime minister Florin Citu reacted to the media report on Monday, August 30, and said it was inadmissible for such networks to be discovered by a journalist and not by the state institutions that should handle such issues.
This new media report comes after several cases of people that held vaccination certificates who got to the hospital with severe COVID-19 infections in Romania, Digi24 reported.
In the end, those patients admitted that they got the vaccination certificates without actually getting vaccinated.
Some doctors in Romania have spoken in recent weeks about the so-called practice of “sink vaccination”, implying that some family doctors issued vaccination certificates with the Johnson vaccine for people and threw the vaccine in the sink. However, the authorities haven’t officially revealed any such cases so far.
Romania is among the last in the European Union (EU) for the share of adults vaccinated against COVID-19.
The Social Democratic Party (PSD), Romania’s main opposition party, has decided to postpone filing a no-confidence motion against the center-right government led by Liberal Florin Citu due to lack of support in the Parliament.
“We unanimously decided to file our no-confidence motion when we will have the 234 votes necessary to pass this motion. At this moment, the opposition parties have 204 votes. A government can only fall through a motion in Parliament or if millions of Romanians take to the streets and demand the resignation of this government. There is no other way,” PSD president Marcel Ciolacu said, quoted by Digi24.
The PSD leader says that the reasons for the dismissal of the Government are the price increases, the freezing of salaries and pensions, and the poor management of the vaccination campaign.
(Photo: George Calin/ Inquam Photos)
French group Renault will unveil a new family model under its lower cost Dacia brand in September, Reuters reported.
The new seven-seater model, called Jogger, will replace three other Dacia models that will no longer be produced.
The discontinued models are the Dacia Logan MCV, Dacia Dokker and Dacia Lodgy.
The new launch is part of Renault CEO Luca De Meo’s strategy to cut costs by reducing the number of models produced and focusing on profitable vehicles.
Dacia’s new Sandero model, launched at the end of last year, climbed to the first spot in the ranking of top selling cars in Europe in July, overtaking Volkswagen Golf.
Dacia has also started taking in orders for the facelift version of its best-selling SUV Duster. A new SUV model called Bigster is under development under the Dacia brand. Renault has also presented a new visual identity for the Romanian brand earlier this year.
Agricover Holding, one of the biggest agribusiness groups in Romania, reposted a net profit of RON 36.6 mln (EUR 7.47 mln) in the first half of this year, up by 35% compared with the same period of 2020.
The profit from continuing operations was even higher at RON 42 mln.
The group decided to spin off its subsidiary Abatorul Peris, which specializes in pig slaughtering and pork processing, due to higher operating risks and lack of synergies with the other divisions.
The group’s other divisions are Agricover SA, specialized in the distribution of agricultural technologies and inputs (seeds, pesticides, fertilizers, and diesel), Agricover Credit IFN, which provides loans to farmers, and Agricover Technology, which aims to develop digital technologies for the agriculture sector.
The group has a highly integrated business model, with a significant part of the sales of Agricover SA financed through loans granted by Agricover Credit IFN.
The group’s trade revenue amounted to almost RON 700 mln in the first six months of this year, up by 27% compared with the same period of 2020.
In February, the group issued bonds worth EUR 40 mln with a five-year maturity.
Romania’s state-owned postal operator - Romanian Post – recorded a turnover of RON 688 mln (EUR 140 mln) in the first half of this year, up by almost 12% compared with the same period of 2020, Profit.ro reported.
The net profit surged almost fivefold to RON 7.2 mln (EUR 1.46 mln).
The Romanian Post is one of the country’s biggest employers with over 23,500 employees. It operates a network of about 5,600 postal offices throughout the country.
The company’s majority shareholder is the Research Ministry with 93.52% of the shares, while Fondul Proprietatea owns a 6.48% stake.
(Photo: Octav Ganea/ Inquam Photos)
The companies that operate the biggest ten shopping malls in Bucharest recorded combined losses of RON 214 mln (EUR 44 mln) in 2020 as the pandemic and related restrictions negatively impacted the retail sector.
In 2019, the same companies had posted combined profits of almost RON 40 mln, according to Ziarul Financiar’s calculations based on official data from the Finance Ministry.
The combined turnover of the same companies declined by 23% last year to RON 873 mln (EUR 179 mln).
Baneasa Developments, the company that manages the Baneasa Shopping City mall in northern Bucharest, remained the leader despite a 31% drop in revenues to RON 160.7 mln.
AFI Cotroceni and Mega Mall came next with revenues of over RON 100 mln each, followed by Park Lake and Sun Plaza malls.
Radisson Blu Cluj, the first five-star hotel under an international brand in Cluj-Napoca, will open in the spring of next year.
Its opening was postponed for a year because of the pandemic crisis that left a strong mark on the hospitality industry.
“Initially, we estimated that the opening would take place earlier, but the uncertainty and problems that arose with the epidemiological situation forced us to adapt the way we work: fewer people on site, divided fronts and much more caution, safety being a priority. Unfortunately, the economic climate was not favorable either. Therefore, we did not consider it appropriate to hurry for an opening this year,” Nina Moldovan, manager of Radisson Blu Cluj, told Ziarul Financiar.
However, she is optimistic about the opening and says that the hotel has already received requests for reservations for groups and events in 2022 and 2023.
Radisson Blu Cluj is developed by Winners Park Invest, a company indirectly controlled by Romanian investor Horia Ciorcila, the president of Banca Transilvania. The total investment amounts to EUR 22 million.
ING Romania, currently the fourth-biggest lender on the local market, ended the first half of this year with total revenues of RON 1.1 billion (EUR 224 mln), up 6% compared with the same period of 2020, and a gross profit of RON 441 million (EUR 90 mln), up 19%.
The loan portfolio increased by 9%, to RON 30.4 billion while the deposits from clients surged by 13%, to RON 46 billion, according to a bank statement.
“We started the year on a positive note, which marked the whole first semester. We see that all categories of customers are increasingly confident in the economic recovery, and many of them resume their plans postponed due to the pandemic. In this positive context, our loan portfolio as well as turnover increased, while provisioning costs decreased significantly, which led to an increase in profit of almost 20 percent,” said Mihaela Bitu, CEO of ING Bank Romania.
(Photo courtesy of the company)
Romania’s Government is preparing to allot an extra EUR 358 million from EU and state funds to finance its grants schemes for local small and medium enterprises (SMEs) launched after the break of the COVID-19 pandemic last year, Startupcafe.ro reported.
With these new funds, the Economy Ministry should complete the payments for working capital grants (Measure 2) and restart the process of allotting investment grants (Measure 3).
The two schemes were launched in the autumn of 2020, along with another one that consisted in microgrants for small enterprises.
However, the Government didn’t have enough financial resources to complete the program after it increased the budget for working capital grants due to high demand.
The initial budget only covered payments for about 16,850 firms that applied for working capital grants leaving about 3,000 companies to wait for the new funds.
Meanwhile, there were no funds left for the investment grants scheme, which allows SMEs to get up to EUR 200,000 for new investments.
The Government decided to start over the selection process as the applications received in the initial round were mostly aimed at real estate investments.
Over 27,000 companies applied for investment grants totaling over EUR 3 bln, or more than six times the announced budget of EUR 500 mln.
Now, the scheme could get a budget of EUR 358 mln and the criteria for awarding the funds will be revised.
(Photo: Marian Vejcik/ Dreamstime)
WHOOP, a US health-tech startup co-founded a Romanian engineer and Harvard graduate, raised USD 200 million in a Series F financing round, reaching a valuation of USD 3.6 billion.
The company’s value has tripled since November 2020 when it raised USD 100 mln at a valuation of USD 1.2 bln.
The new round was led by SoftBank Vision Fund 2. WHOOP says it is now the most valuable standalone human performance company in the world.
The past twelve months have been marked by rapid growth in WHOOP membership and additional product enhancements to its technology.
“While we have experienced amazing growth in the past year, the potential of our technology and the vast market for health monitoring remains largely untapped,” said WHOOP founder and CEO Will Ahmed.
WHOOP provides a membership for 24/7 coaching to improve health and free hardware to collect data on heart rate and other body parameters.
Founded in 2012, WHOOP has raised about USD 400 mln to date and currently has a team of over 500 employees.
Romanian engineer Aurelian Nicolae is one of WHOOP’s three co-founders and the company’s Lead Product Engineer.
(Photo: Artur Szczybylo/ Dreamstime)
George Enescu Festival kicked off this past weekend, marking an anniversary, 25th edition and celebrating 140 years since the birth of the Romanian musician. Despite the challenges brought on by the pandemic, the festival returned with a program that includes numerous local premieres, from works by Enescu to operas in concert and contemporary music. We outline below some of the highlights of this year's edition.
This year's edition, spanning four weeks, is the longest so far. Events take place in Bucharest and several cities in the country: Sibiu, Timișoara, Cluj, Iași, Pitești, Ploiești, Bacău, Râmnicu Vâlcea, Constanța, Satu Mare. A total of 32 orchestras from 14 countries will perform, while top Romanian orchestras are present in the Music of 21st Century series. The Royal Concertgebouw Orchestra will carry on the tradition of delivering the festival's end concert. This year, the orchestra will perform conducted by Daniel Harding, in the country for the first time.
At every edition, the festival brings top classical music artists and ensembles to the country, and this year's edition is no exception. Ensembles such as L’Arpeggiata, Orchestra Controcorrente, La Cetra Barockorchester Basel, Les Arts Florissants, Münchener Bach-Orchester and Münchener Bach-Chor will perform at the festival, as will Joshua Bell, Joyce DiDonato, Yuja Wang, Diana Damrau, Philippe Jaroussky, Jean-Yves Thibaudet, Maxim Vengerov, Valery Gergiev, and Daniele Gatti. Among the artists present at the event for the first time are Sonya Yoncheva, Sir Simon Keenlyside, Andrés Orozco-Estrada, Gil Shaham, Lahav Shani, Baltic Sea Orchestra, the Athens State Philharmonic and the Zagreb Philharmonic Orchestra, Alisa Weilerstein, Santtu-Mattis Rouvali, Nemanja Radulovic, London Mozart Players, Felix Klieser, Ramon Vargas, and Gabriela Montero. ___STEADY_PAYWALL___
The 25th edition of the festival marks 140 years since the birth of the Romanian musician with a program that includes 37 works by Enescu, the highest number presented so far, the organizers said. Among them are the Symphony No. 2, Op. 17, in A major, performed by the Baltic Sea Philharmonic, conducted by Kristjan Järvi, and the Violin Sonata No. 3 in A minor Op. 25, "dans le caractère populaire roumain", arranged for violin and orchestra by Valentin Doni and performed by the London Philharmonic Orchestra, conducted by Edward Gardner, with Patricia Kopatchinskaja as soloist.
The symphonic poem Vox Maris will be performed by the Hungarian Radio Symphony Orchestra conducted by Christian Badea, and the Choir of the George Enescu Philharmonic, while Enescu's Symphony No. 4 in E minor will be performed by the Orchestra Dell' Accademia Nazionale Di Santa Cecilia, conducted by Daniele Gatti.
Several other works by Enescu are included in the festival's program for the first time. The concert delivered by pianist Cyprien Katsaris and cellist Manuel Fischer-Dieskau will present Trois mélodies, arr. for cello and piano (Le desert, Le galop, Soupir) and the Allegro in F minor for Cello and Piano. Furthermore, the George Enescu Philharmonic Orchestra, conducted by Gabriel Bebeșelea, will present the oratorio Strigoii (Ghosts), while the Athens State Orchestra, conducted by Stefanos Tsialis, will perform the Fantasia for Piano and Orchestra, alongside pianist Saskia Giorgini, a 2016 winner of the Mozart Competition in Salzburg.
Enescu's works have inspired several other performances presented at the festival. French violinist Nicolas Dautricourt designed a special event marking the composer's anniversary, The Enescu Project, while jazz performer Teodora Enache-Brody will present vocal versions of Enescu's Rhapsody No. 1 and Rhapsody No. 2. The concert, titled Unifying Worlds. From Beethoven to Enescu, will see Enache-Brody perform alongside guitarist Călin Grigoriu, cellist Andrei Kivu, and percussionist Joca Perpignan at the Bucharest National Opera. Besides Enescu's works, the program also includes vocal versions of Beethoven's Sonata Pathétique and Moonlight Sonata, Bartok's Romanian Folk Dances, and Pachelbel's Canon. The concert is part of the Creative Bucharest series, meant to encourage diverse artistic expressions inspired by George Enescu's music and legacy.
The opera offer
The festival, nominated last year at the International Opera Awards for the promotion of the opera in its artistic program, will again showcase several opera works as national concert premieres.
To mark 50 years since the death of Igor Stravinsky, the festival runs a program dedicated to the composer on September 1. This includes the Romanian premiere of The Flood, performed by the Rundfunk-Sinfonieorchester Berlin, conducted by the festival's artistic director Vladimir Jurowski. The program of the concert also includes the work Les Noces, with pianists Daniel Ciobanu, Andrei Licaret, Alexandra Silocea, and Mihai Ritivoiu performing, as well as Renard, Histoire burlesque chantée et jouée.
On September 15, the National Orchestra of the Romanian Radio will perform the Romanian premiere of Alexander von Zemlinsky's Der Zwerg (The Dwarf). Oleg Caetani will conduct.
At the same time, the George Enescu Philharmonic Orchestra will deliver the Romanian premiere of Die tote Stadt ('The Dead City') by Erich Wolfgang Korngold, in a concert performance scheduled for September 10.
Furthermore, the Transylvania Philharmonic Chamber Orchestra of Cluj-Napoca conducted by Lawrence Foster will present Alban Berg's Lulu on September 23.
Another premiere is the Te Deum dedicated to the 25th anniversary of the festival. Composed by José Cura, it is performed at the event by Philharmonia London and José Cura, alongside the Academic Choir of the Romanian Radio at the Grand Palace Hall on September 5. The multimedia direction of this performance is by Carmen Vidu.
Music of the 21st century
First introduced in the festival's program in 2017, the Music of the 21st Century section is meant to "create connections between the Romanian public and the global scene of contemporary composition." The section showcases contemporary artists such as Fazıl Say, Sir Simon Keenlyside, Patricia Kopatchinskaja, and Avishai Cohen, as well as a number of premieres.
Pianist, composer, and human rights advocate Fazıl Say will be featured as a composer of Istanbul Symphony in a concert with the Bucharest Symphony Orchestra conducted by John Axelrod, on September 19. He will also perform as a soloist in the Great Orchestras of the World Series, with the Romanian Youth Orchestra conducted by Cristian Mandeal, on September 22.
British baritone Sir Simon Keenlyside will present the world premiere of Jonathan Dove's Exile – Concerto for cello, baritone, and orchestra, in a concert alongside Mihail Jora Philharmonic Orchestra of Bacau, conducted by Jessica Cottis. The work was written for Sir Simon Keenlyside and cellist Raphael Wallfisch.
Bassist Avishai Cohen will also perform at the Enescu Festival as part of the Music of the 21st Century section, alongside the Bucharest Symphony Orchestra on September 19.
Furthermore, violinist Patricia Kopatchinskaja will perform in Bucharest the Concerto for violin, live electronics, and orchestra written for her by composer Fred Popovici. The public will also have the chance to listen to violinist Carolin Widman, and Ksenija Sidorova, the first accordionist to perform at the Enescu Festival.
The program also includes two artists as both composers and soloists of their own works. Venezuelan Gabriela Montero will perform her Latin Concerto for piano and orchestra and guitarist José María Gallardo del Rey will play Diamantes Para Aranjuez.
Several works will have their premiere at the festival: Jonathan Dove's Exile - Concerto for cello, baritone and orchestra, Tim Benjamin's Symphony, Mihnea Brumariu's Der Nachbar des Chaos, Fred Popovici's Concerto for violin, live electronics, and orchestra, and Adrian Iorgulescu's Obelisk.
Where to see & listen to the concerts:
Those who cannot make it to the festival, can see the concerts in the program streamed for free on the festival's website (festivalenescu.ro). They will be available for viewing for 12 hours to allow the public in different time zones to watch them. Every concert has its dedicated page, accessible from the program page. The page for every event can also be accessed from the homepage calendar, which lists the day's concerts and the dedicated pages.
The public television TVR will also broadcast live, on some of its channels, several of the concerts taking place at the Athenaeum and Sala Palatului. The program is available here. The public radio station Radio România Muzical will also broadcast most of the concerts in the festival. The program is available here.
(Photo courtesy of the Enescu Festival)
The international film festival for young audiences KINOdiseea will return with an open-air edition in Bucharest’s Plumbuita Park this week. The event is scheduled for September 1-12.
In addition to film screenings, the event’s program includes acting workshops, giant puppet shows, juggling shows, pantomime, and a crafts and contemporary design fair, according to local Agerpres.
Inside Out, an animated film directed by Pete Docter and Ronnie Del Carmen will open the festival on September 1. In total, 12 films for children will be screened at the event.
Access to the event is free of charge, but participants are encouraged to “pay the entry fee” with at least ten plastic caps that will be donated to the Capace cu Suflet Association. The NGO has been collecting caps since 2013, using them to gather funds for small humanitarian causes while also protecting the environment.
Further details about KINOdiseea are available here.
(Photo source: Kinodiseea.ro)
Carmina Olimpia Coftas, a 20-year-old history student in Cluj-Napoca, has been selected Miss Universe Romania 2021. She will thus represent Romania at the world competition in Israel.
The national competition took place in Bucharest. Twenty-five finalists competed for the Miss Universe Romania 2021 crown, but Carmina Olimpia Coftas was the one who impressed the jury in the grand final.
Carmina Olimpia Coftas is 20 years old and was born in Targu Mures, according to G4media.ro. She is a student at the Faculty of History and Philosophy, UBB Cluj-Napoca, and has been flirting with modelling since she was 14. Over the years, she has participated in several fashion shows and beauty contests. Her other two great passions are music and sports.
(Photo source: Facebook/Miss Universe Romania 2021)
Romanian tennis player Raluca Olaru and her Ukrainian teammate Nadiia Kichenok won the women's doubles title in Chicago on Saturday, August 28. They defeated Nadiia's twin sister Lyudmyla and her partner Makoto Ninomiya 7-6(6), 5-7, [10-8].
Overall, the match took two hours and 15 minutes to finish, according to Wtatennis.com.
The winners got a total money prize of USD 10,300 and 280 WTA points, Digi24 reported.
This was Nadiia Kichenok and Raluca Olaru's second title as a team after the victory in St. Petersburg. It is also the 11th doubles title for Olaru.
(Photo source: Facebook/Raluca Olacru)
Astra Film Festival, the event dedicated to documentary productions taking place in Sibiu, in central Romania, will have as this year's main theme the "climate collapse alert," the organizers announced.
"We are days after the devastating IPCC Report, and we must not pretend everything is fine. Everything is not fine. No matter how harsh the conclusions of this report are and how shocking the films with this theme screened at AFF Sibiu will be for many people, it is important to know what is happening. And after that, maybe we'll be a little wiser. Maybe there are other solutions that depend on us," Dumitru Budrala, founding director of the Astra Film Festival, said.
The festival, which opens with Emmanuel Capelin’s Now You Know, also covers topics such as couple relationships, birth and death, the boundaries between people, individualism, unexpected situations, and the extraordinary stories of several remarkable people.
Astra Film Festival takes place in Sibiu between September 5th and September 12th, outdoors, in cinema halls and online. Tickets are on sale on the festival's website and the Eventbook platform.
The program is available here.
Access to screenings will be made according to the regulations in force on September 5th, 2021.
(Photo courtesy of Astra Film Festival)
A Romanian Air Force aircraft transported hundreds of archaeological artifacts to Spain on Sunday, August 29, for a special exhibition that will be organized in Madrid. The 835 archaeological pieces coming from the collections of 39 museums in Romania will go on display at the National Archaeological Museum in the Spanish capital.
"It is the largest exhibition ever organized by the Romanian state outside the country's borders. The over 800 exhibits also make this a historic moment," Romania's culture minister Bogdan Gheorghiu said at the 90th Air Transport Base in Otopeni, local Agerpres reported. According to him, Dacian bracelets and the famous Geto-Dacian helmet from Coţofeneşti are among the stars of the exhibition.
The special exhibition, named "Archaeological treasures of Romania. Dacian and Roman roots," is coordinated by the National Museum of History of Romania. It will open to the public on October 1, according to the Romanian Embassy in Spain, which announced on Facebook that the 835 artifacts "had arrived safely in Madrid."
The event marks the 140th anniversary of diplomatic relations between Romania and Spain in 2021.
(Photo source: Inquam Photos/Sabin Cirstoveanu)
The authorities expect to see more than 2,000 daily Covid-19 cases by mid-September, Valeriu Gheorghiţă, the coordinator of the national vaccination campaign, explained in an interview with television station Digi 24. At the end of July, the authorities estimated the daily case count would reach 1,500 – 1,600 in mid-September.
“We don’t expect a good situation. The revised prediction concerning Romania’s epidemiological situation shows that, until now, the increase in the number of cases was faster than we expected; as such, by mid-September, we expect to have more than 2,000 daily cases instead of 1,500-1,600 we estimated initially. This estimate covers the following four weeks; it doesn’t mean it’s the upper threshold we can reach,” Gheorghiţă said.
More than 80% of the new cases are recorded among unvaccinated people. More than 97% of the deaths are among unvaccinated and the rest among those not fully vaccinated, he said.
The increased interaction between people and low compliance with the prevention rules don't help the situation improve, he explained.
“What we see in Romania is people’s high mobility and interaction, combined with low compliance with the prevention rules. This is why we don’t expect a better epidemiological situation in the coming period; on the contrary, the situation will worsen against the background of the Delta variant becoming dominant, including in our country.”
The number of daily cases has been growing since the end of July and exceeded 1,000 on August 28, when 1,015 cases were reported. The number of those fully vaccinated reached 5,116,951 on August 29.
Depending on the Covid-19 incidence rate in every locality, rules regarding school and event attendance, among others, apply. School starts with in-person classes on September 13, but only if the incidence rate stays below six per 1,000 inhabitants.
Health minister Ioana Mihailă said that if the numbers got worse, measures to prevent and limit the spread of the virus needed to be introduced. “If we have to introduce movement restrictions, they will not target the vaccinated, and schools will be impacted only as a last resort. We will discuss it,” she said, quoted by Digi24.
(Photo: Akvaphoto2012/ Dreamstime)
One United, one of the biggest real estate developers in Romania, reported a turnover of RON 434 mln (EUR 88.5 mln) in the first half of this year, up by 96% compared with the same period of 2020. The net profit surged by 267% to RON 147.5 mln (EUR 30 mln).
“The Romanian real estate market closed the best semester in its history, and One United Properties’ financial results reflect this positive evolution. The performance we report today for the first six months of 2021 confirms the growth prospects that we have promised to our investors and the immense potential that lies within the local market,” said Victor Capitanu, co-founder of One United Properties.
He added: “The sales generated between July and August indicate that the second part of the year will continue to bring new records to the residential market. With a cash position of RON 350 million as of June 30 and additional cash proceeds from the IPO in the total amount of RON 252 million, we are targeting accelerated development in the coming months.”
Strong results from residential development
One United said revenues from the development and sale of residential properties increased 51% compared to the same period of last year to RON 332.8 million. The net income from residential property also registered a 46% increase to RON 108.1 million. Consequently, the net margin from residential property sales reached 32.5% for the first six months of 2021. The revenues from the development of office buildings amounted to RON 88.4 million, with the main impact being generated by the development of One Tower and One Cotroceni Park.
“Through the IPO completed in July 2021, we have entered a stage of maturity as a business, but the performance we present today shows that in the case of One United Properties, maturity does not come at the expense of growth. From the acquisition of land for One Lake Club and for One High District, starting construction of the residential phase of One Cotroceni Park, to the completion of One Floreasca City and Neo Mamaia, the first half of 2021 marked multiple milestones for One United Properties,” said Andrei Diaconescu, co-founder of One United Properties.
In the first six months of this year, One United Properties sold 261 apartments for EUR 96 mln, compared with 85 apartments sold in the first half of 2020.
As of June 30, the land owned by One United Properties for further real estate development reached a total surface of 138,000 sqm, which the company estimates will allow the construction of more than 3,200 apartments.
ONE share price boosted by positive results
The strong first-half results gave a boost to the company’s shares, which went up by 1.7% on Monday, August 30, to RON 1.99, very close to its IPO price of RON 2.
One United listed its shares on the Bucharest Stock Exchange (BVB) in July after an initial public offering (IPO) carried out at the end of June through which the company raised RON 260 mln (EUR 52.8 mln).
Initial sell-side pressure took the share price down to RON 1.8 in the first two weeks after the BVB debut. However, the ONE shares have recovered in the meantime and their price went up by 10% in the last month. The company currently has a market capitalization of RON 2.8 bln (EUR 577 mln).
One United’s co-founders and co-managers Andrei Diaconescu and Victor Capitanu (opening photo) own 29.76% of the company’s shares each. Their stakes are currently valued at EUR 171 mln.
Other significant shareholders of One United are Swiss investor Claudio Cisullo, Romanian investor Marius Diaconu, and billionaire Daniel Dines, the founder and CEO of UiPath.
(Photo source: the company)
Romania’s resident population continued to shrink in 2020, reaching 19.18 million people on January 1, 2021, according to the latest data from the National Statistics Institute (INS). The number is 142,600 lower than the one reported at the beginning of 2020.
The primary cause of this evolution was the negative natural growth, as the number of people who died in 2020 was 120,273 higher than that of the newborn. However, emigration was also a top cause.
By comparison, according to INS data, Romania had a resident population of 21.13 million people on January 1, 2007 - the year when the country became a member of the European Union. The number kept declining every year since then, reaching 20.64 million on January 1, 2008, 19.94 million on January 1, 2014, 19.41 million at the beginning of 2019, and 19.32 million on January 1, 2020.
At the beginning of 2021, 10.28 million people lived in urban areas in Romania, representing more than half of the country’s total resident population. However, the figure is 1.6% lower YoY.
Meanwhile, the demographic ageing also deepened in Romania last year. According to the INS report, the ratio of elderly people (65 and over) to children (0-14 years) reached 123.9 to 100. The gap between the old population aged over 65 and the young residents aged 0-14 increased to 715,000 people (3.70 million compared to 2.99 million).
“Romania continues to be a country of emigration, this phenomenon being the second main cause of population decline. The balance of international migration in 2020 was negative, the number of emigrants exceeding the number of immigrants by almost 29,000 people,” reads the INS report.
In 2020, the share of men who emigrated was higher than that of women (54.1%). The situation was similar in the immigrants’ case – 60.5% of them were men.
According to an INS study released in December 2020, Romania’s resident population will drop by between 4.1 million and 8.6 million people by 2070. Under the baseline scenario, Romania would have a resident population of 13.2 million inhabitants in 2070.
(Photo source: Radub85/Dreamstime.com)
USR-PLUS, the second-biggest party in Romania’s center-right ruling coalition, will elect a single leader on October 2.
Three candidates have officially entered the internal race, including USR leader Dan Barna, PLUS leader Dacian Ciolos, and senator Ambrozie Irineu Darau, who presents himself as an alternative to his better-known opponents, Hotnews.ro reported.
The elections come after the merger between the Save Romania Union (USR) and PLUS was completed earlier this year.
Dan Barna and Dacian Ciolos have been co-presidents of the party so far, but now they will run against one another.
The three candidates presented their programs in a meeting of the party’s leadership on Saturday, August 28.
Both Barna and Ciolos spoke about insufficient progress in achieving the party’s goals as part of the governing coalition. However, when it comes to a decision on whether to leave the governing coalition or not, their positions were more nuanced.
Barna, who is a deputy prime minister in the cabinet led by Liberal Florin Citu, said USR-PLUS doesn’t want to leave the Government but that it won’t remain part of the coalition under any circumstances, according to News.ro.
Meanwhile, Ciolos said clearly that USR-PLUS wouldn’t leave the governing coalition because “it’s time Romania is reformed.”
(Photo: Alianta USR PLUS Facebook Page)
Romanian company Appraisal & Valuation, one of the largest real estate valuation firms on the local market, has acquired the online platform evaluari-arta.ro, which specializes in art appraisal.
The transaction comes at a moment when Appraisal & Valuation is preparing to list its shares on the Bucharest Stock Exchange’s AeRO market.
“The evaluation of art objects is a field that completes the range of evaluation services offered by our company. This is in full agreement with the vision of our company that implies the continuous horizontal development, adding new complementary services to the existing ones,” said Andrei Botis, CEO of Appraisal & Valuation.
Founded in 2010, Appraisal & Valuation SA is the owner of the NAI Romania brand, being one of the market leaders for evaluation services and at the same time.
NAI Global is a network of independent commercial real estate companies and one of the largest commercial real estate service providers worldwide.
The company completed a private placement in June and will list its shares on the AeRO market in the third quarter of this year under the ticker APP.
(Photo courtesy of the company)
Global Database, an aggregator of data about public and private companies founded by two Romanians in 2015, aims to get EUR 1.4 mln funding to develop its service and hire sales specialists for the US and UK markets.
The company will sell up to 10% of its shares through the local equity crowdfunding platform SeedBlink.
The company was created in 2015 by Nicolae Buldumac, a specialist with ten years of experience in sales and marketing in the UK and Vitalie Aremescu, a specialist with 13 years of experience in IT in the Republic of Moldova.
The two aim to create the largest database of public and private companies in the world so that companies have the necessary information to attract customers, to minimize risks but also for analysis and decisions.
Global Database currently provides information about over 120 million companies worldwide, providing structured and up-to-date data for sales, marketing and compliance specialists to identify business opportunities and avoid risk.
The platform includes contact details about companies, financial reports, who are the final beneficiaries, credit risk information, daily alerts.
“In the next five years, we plan to become the world’s largest database and provide information about over 450 million companies,” said Nicolae Buldumac, CEO and Co-Founder of Global Database.
(Photo courtesy of the company)
Dacia Sandero, one of the cheapest car models currently available on the European market, was the best-selling car model in Europe last month.
It is the first time when the model manages to achieve this performance since its launch in 2008.
Dacia launched the new Sandero and Sandero Stepway models at the end of last year, and the models were well received by the market as the design is significantly better than for the previous generations.
Dacia Sandero is made at Renault’s plants in Romania and Morocco.
In July, Dacia Sandero sold more units than the traditional European market leader, Volkswagen Golf.
However, it also benefitted from a favorable market context as overall car sales fell by 24% in July, to less than one million units. This was the first contraction in four months.
Sandero sold 20,446 units in July, up 6% compared with the same month of last year, while Volkswagen Golf’s sales decreased by 37% year-on-year, Digi24 reported.
Most of the top car manufacturers were hit by the semiconductor crisis. Dacia’s parent-group Renault saw its sales drop by 54% in July while Ford’s sales went down by 46%, and Volkswagen recorded a 19% decline.
Dacia’s European sales were down by 16% in July. The month’s winners were Hyundai and Suzuki, which recorded growing sales.
(Photo courtesy of the company)
Dutch-based company I3CP announced that it subscribed new shares worth EUR 150 million in a capital increase operated by Romanian insurance company City Insurance, Ziarul Financiar reported.
In May, the local financial market regulator ASF placed City Insurance under special administration due to financial problems mainly related to insufficient legal reserves.
The company initiated a capital increase on July 21, and the deadline for raising the money was August 25.
In April this year, City Insurance announced that the company's majority shareholder, Vivendi International, had entered into an agreement with I3CP Holdings to sell its entire stake. At that time, the transaction was expected to be completed in the third quarter of 2021.
"I3CP continues to work with ASF and its advisers to complete soon the approval process needed to change control of the company," the Dutch company said in a statement posted on its website.
City Insurance, the only insurance company in Romania that is not affiliated with an international group, was the leader of the insurance market in 2020, with written premiums of about RON 2.3 billion (EUR 470 mln).
The company was also the leader of the mandatory liability car insurance (RCA) segment, with a share of over 40% in 2020.
(Photo: Vinnstock/ Dreamstime)
Romania’s banks recorded a cumulated net profit of approximately RON 4.2 billion (EUR 857 mln) in the first half of this year, up by more than 50% compared with the same period of last year.
Their assets rose to RON 585.9 billion (EUR 119 bln), boosted by the 7.7% increase in lending, according to preliminary data from Romania’s National Bank (BNR).
This was the best first half for local banks in recent years. In H1 2020, the local banking system recorded a net profit of RON 2.74 bln; in the first half of 2019, the net result was RON 2.77 bln, while in H1 2018, the gain was RON 3.56 bln, according to Ziarul Financiar.
So far, the local banks reported their highest annual profit in 2018 – RON 6.83 bln. In the first half of this year, the cumulated profits of the three largest banks in Romania - Banca Transilvania, BCR and BRD - totaled RON 2.18 bln, representing more than half of the total gain of the entire banking system.
(Photo: Sompong Sriphet/ Dreamstime)
Romania's Finance Ministry managed to borrow euro from local banks at negative rates, finance minister Dan Vilceanu said in a Facebook post quoted by Agerpres.
It is only the second time when this happens after former finance minister (and current prime minister) Florin Citu managed the same performance last year.
"At a time when the market trend shows a rise in interest rates, the Ministry of Finance has managed, for the second time, a negative interest rate loan. Today's issue is worth EUR 176.25 million at average / maximum negative yields of -0.04% / -0.01% and maturity at 2.3 years," Vilceanu wrote.
The Finance Ministry was looking to borrow EUR 100 mln through this bond issue, and the offers from banks totaled EUR 312 mln, according to data from Romania's National Bank (BNR).
(Photo: Tibor Duris/ Dreamstime)
The International Monetary Fund (IMF) expects Romania’s GDP to grow by 7% this year, led by private consumption and accompanied by a transitory increase in inflation.
For next year, the projected growth is 4.8%. The IMF says the Romanian economy fared relatively well during the COVID-19 crisis, as the GDP contraction in 2020 (-3.9%) was significantly milder than the EU average (-6.2%).
“Effective and timely fiscal, monetary and financial policy easing helped to curb the economic downturn and the rise in unemployment,” the IMF wrote in a press release that marks the conclusion of 2021 Article IV Consultation with Romania.
IMF’s experts expect Romania’s output to recover to its pre-pandemic trajectory over the medium term, as protracted scarring from the pandemic is expected to be contained.
“Public investment will be boosted by a pickup of EU-funded projects, including through new resources under the NGEU funds and the EU 2021-27 multiannual budget. The current account deficit is projected to narrow moderately into the medium term as fiscal consolidation proceeds and growth decelerates toward potential,” reads the IMF’s assessment.
The world we live in opened the doors to many things for our children and as inquisitiveness is a natural desire we are born with, as parents, we need to respect this. Thus helping your teenagers find their path and get to satisfy their curiosity and develop their personality, while also having a proper studying path is our aim.
The problem of online learning has long been tackled but as it emerged for a while now, it can now offer some of the best quality educational systems, having the access to great schools, courses, and best teachers.
Online education is the answer to many problems parents encounter and while at first it was regarded as a means of cutting the interactiveness between people especially young people, nowadays it can actually help more than harm.
It has no geographical constraints and it helps one create a reseau of online friends that later can become face-to-face friends. Creating an online multicultural learning community you can access, helps you learn through having constant feedback and connecting with various youngsters. This lack of barriers of time of space makes what we first saw as social isolation, become more attractive. (Wieser, D. et. al., 2018, Not Distance Education. In The Disruptive Power of Online Education; Emerald Publishing Limited: Bingley, UK, pp. 125 - 146)
Moreover, these limitless constraints create the possibility to access some of the best teachers in the world for your line of study.
What does a hybrid online education help you with?
Apart from offering students the possibility to learn from anywhere, at any time, at their own pace, it grants them the independence they did not have beforehand. This is due to the online education structure system - online combined with e-learning and physical learning – a system that covers all your child’s needs.
Some of the most important aspects hybrid online education system helps you with are:
- It develops individual learning styles.
- It helps with learning individualization.
- No longer a rush to be at the same level with other colleagues while putting pressure on yourself. Learning at your own pace is what learning should be about – not deadlines and schedules that overstress you.
- Available for youngsters all over the world with all skills types.
Spark School solution
When choosing the Hybrid high school education offered by Spark you can structure your educational program to fit your hobbies, extracurricular activities, interests, and level. This is what matters for the development of a young student and person.
It is great for them to make sure you care for their interests as well not just for the educational system and then they will no longer regard education as a tick in a box they have to have. It is something that apart from helping them develop, become professionals in an area later in life and give them a diploma, goes perfectly with their personal interests and development.
Spark Hybrid International High School
- Pays attention to your child’s emotional needs as well. It is normal that every child has a different personality and developing learning steps that fit his needs make him feel important.
- It is also an answer for those professional athletes or for those youngsters that want to take up a sport and become a professional. It is worrying less to know you have to be able at a certain time of the day for the online course. It then improves their focus on both learning and practicing their sport.
- While companies create headquarters in different areas of the world, there are many expats that move from one part of the globe to another. It is important for their children to continue learning without interrupting or moving to another school with different subjects. Choosing Spark Hybrid International High School you can move from one part of the world to another without feeling any difference as for your child’s needs concerns.
Spark’s School benefits:
- Access to online courses through videos and interactive media.
- Learning according to the child’s interests.
- Easy access from all over the world with an internet connection.
- Access to more courses whenever you want.
- 1 tutor to 10 students – which allows the child to get the attention and the explanations needed.
- A Cambridge Educational System model that also focuses on developing a young person’s personality.
- Possibility to share knowledge and best practices with a world-class community.
The Hybrid schooling system Spark School offers a great opportunity for parents that feel they have been staying put in a place for the sake of their child’s school, for the children that have been feeling they cannot grant as much time to their extracurricular activities as they wish and for everyone that needs to follow an educational model that answers their educational needs as well as their personal development needs.
(p) - This article is an advertorial.
iMapp Bucharest - Winners League, the largest new media art event in Romania and one of the biggest video mapping contests in the world, will take place in Constitutiei Square on September 18.
The event, which lights up the famous Palace of the Parliament in downtown Bucharest, is organized by the Bucharest City Hall, through Creart, with the support of the Chamber of Deputies.
"The 7th edition of the iMapp Bucharest event, winner of the "AV in Action" category at the AV Awards 2020 in London, celebrates the way people are gradually resuming their lives," reads the Bucharest City Hall's post on Facebook.
The theme of this year's edition is "The Show Must Go On," focusing on various areas such as art, music, sports, education, and tourism.
The event will bring to Bucharest some of the best video mapping artists in the world. The lineup includes Flightgraf - winner of the Borealis-a festival of light (the US); Jonas Denzel - winner of the Genius Loci Weimar (Germany); Fabio Volpi (a.k.a. Dies_) - winner of the Kyiv Lights Festival (Ukraine); Li Cheng - winner of the 1minute projection mapping competition (Japan); and Ricardo Silveira Cançado - winner of the Zsolnay Light Festival (Hungary). In addition, Michele Pusceddu, Jury Award winner at the 2019 edition of iMapp Bucharest, will also join the competition.
Subcarpati, a local band that combines hip-hop with elements from Romanian folk music, will open iMapp 2021.
(Photo source: Facebook/Primaria Municipiului Bucuresti)
More than six out of ten Romanian employees say they don’t currently have a plan to supplement their income after retirement, such as private pensions or real estate assets that they can rent or sell. Thus, they are strictly relying on the state pension, according to a survey conducted by the online recruitment platform BestJobs, quoted by Economica.net.
In this context, two out of ten employees say they will undoubtedly continue to work after retirement, even if only part-time, and another six out of ten are considering this possibility, according to the same survey.
Currently, most respondents (85%) say they have a net monthly salary below the threshold of RON 5,000, and of these, 30% earn less than RON 3,000 per month. Thus, they find it quite challenging to save enough money for retirement age. Another 10% earn between RON 5,000 and RON 10,000 per month, and the remaining 5% - over RON 10,000 per month.
Almost half of the respondents (47%) believe that, in order to have a worry-free retirement, they should save up to RON 150,000 (some EUR 30,000) by the time they retire. Another 33% say they should have between RON 175,000 and RON 300,000 (EUR 60,000), 15% would like to have savings of RON 500,000 (EUR 100,000), and the remaining 5% - above this threshold.
However, over half of the respondents would like to save between RON 250 and RON 500 per month, 28% - between RON 500 and RON 750, 13% - between RON 750-1,000, and 5% - more than RON 1,000.
(Photo source: Emiliezhang/Dreamstime.com)
The exam period passed with great emotion for the students from Deutsche Schule Bukarest, who were intensely prepared for the diploma of fresh graduates of the high school cycle. And not any kind of diploma, but one identical to the one received by students studying in Germany, being issued by both the Ministry of Foreign Affairs and the German Embassy.
To find out all the details of the German Baccalaureate exam, the teachers from DSBU gave us some answers, all in the article below.
How is the high school cycle organized at DSBU?
Within DSBU, the high school is organized as follows: the high school lasts a total of 3 years, from the 10th grade to the 12th grade. The 10th grade is special because it represents, on the one hand, the end of the middle school cycle and, on the other hand, the entrance to the high school cycle.
What are the admission conditions for the Baccalaureate exam?
After completing the 10th grade, there are two ways to graduate: the Realschulabschluss diploma as a high school graduation diploma (MSA) and the high school graduation diploma (MSA) qualification for the 11th and 12th grades. The 10th grade is therefore also the introduction phase in the qualification stage. In the 10th grade, the grading of school performance is done on a scale from 1 (very good) to 6 (insufficient). The school curriculum includes the following subjects: German, French for beginners and advanced, English, Romanian as a mother language and as a foreign language, mathematics, biology, chemistry, physics, history, civic culture, geography, ethics, visual and practical arts, music and physical education.
One way to graduate is the German International Baccalaureate Deutsches Internationales Abitur (DIA); the 11th and 12th grades correspond to the, so-called, qualification phase and comprise 4 semesters/halves of the school year. In the 11th and 12th grades, the school performance grading system is on a scale from 0 (insufficient) to 15 points (very good); In these two years, the curriculum includes the following subjects: German, French for beginners and advanced, English, mathematics, biology, chemistry, history, ethics, music, and physical education.
In order to be accepted at the Baccalaureate exam, the following conditions/prerequisites must be met a) 36-semester assessments must be submitted, none of which may be marked with 0 points; b) 29 half-yearly assessments must have been marked with at least 5 points; at 7 of the total half-yearly assessments must have obtained between 4 points and 1 point; d) must have accumulated 180 points in total. With the entry into the qualification phase, all parents, students, and teachers will be constantly informed about the German International Baccalaureate (DIA) exam, especially about the schedule.
When do oral and written tests take place?
In February, the written tests of the Baccalaureate exam begin, and in the months of May-June, the oral tests take place, tests that require a presentation to be evaluated these skills.
How long does the exam last?
The Baccalaureate exam lasts about 1 week, with a day off between exams. And the written test lasts 3 hours.
What are the subjects that students have to take the Baccalaureate?
Within the DSBU, for the Baccalaureate exam, 5 tests in different disciplines must be taken, the disciplines being from the linguistic area, of the natural sciences, and the socio-human sciences. German is the first of the compulsory subjects in which students are assessed.
How long can students find out the results of the Baccalaureate exam?
The results of the exam are about two weeks after the last test taken by the students.
In order to discover the impressions that the recent graduates of the German School from Bucharest share, we have some answers regarding the exam from Loredana Mareș:
How do you like the Baccalaureate exam at DSBU?
I find it well-structured and easy. By accumulating points in all subjects, a possibility is also offered to students who have problems in certain subjects.
What results did you have? Were you happy with them?
I had good results, corresponding to the effort made.
What advice can you give to students who graduate from the German School?
I advise them to listen to the teachers and finish their work on time. The feeling of freedom after high school is incomparable.
(p) - This article is an advertorial.
Romanian sports minister Eduard Novak, a road and track racing cyclist, won silver in the men's C4 4000m individual pursuit at the Tokyo Paralympic Games. He was defeated in the final by Slovak Jozef Metelka.
Eduard Novak thus won Romania's first medal at the Paralympic Games in Tokyo and the fourth in his career.
Also on Friday, August 27, Romanian Alex Bologa picked up the bronze medal in the men's judo -60kg contest B. He also won bronze at the 2016 the Paralympic Games in Rio de Janeiro.
Romania has won four medals at previous editions of the Paralympic Games. Eduard Novak won three of them: gold and silver in London in 2012 and silver in Beijing in 2008. Alex Bologa won a bronze medal in 2016 in Rio in judo (60 kg category).
(Photo source: Facebook/Guvernul Romaniei)
MedLife (M), the biggest medical services provider in Romania, reported a 58% increase in pro-forma sales in the first half of this year to RON 741 million (EUR 151 mln). The group also said it would continue to consolidate via acquisitions and plans to borrow another EUR 50 mln to finance its expansion plan.
“We intend to access a new syndicated loan worth EUR 50 million, funds that will be invested especially in acquisitions that will strengthen our leading position at national level and increase our regional presence,” said Mihai Marcu, CEO and President of MedLife Group.
MedLife’s shares went up by 5.5% on the Bucharest Stock Exchange (BVB) on Friday, August 27. Since the beginning of this year, the shares have gained over 52% and the company’s market capitalization has climbed to RON 2.15 bln (EUR 439 mln).
Profit boosted by higher sales
The group’s consolidated sales in the first half went up by 44% compared with the same period of 2020 to RON 677 mln (EUR 138 mln). Meanwhile, the operating costs increased by only 31%. As a result, the group posted an operating profit of RON 103 mln, more than triple compared with the first half of 2020.
The consolidated net profit was RON 71.5 mln (EUR 14.6 mln), 6.5 times higher than in H1 2020, according to the half-year report.
“It was a good semester, we are glad that the results confirm our strategic investment and development efforts. We focused on the development of new products in outpatient units, from pre and post COVID screening packages to prevention packages for patients with chronic pathology. Laboratories were another segment in which we invested and which we grew considerably,” explained Mihai Marcu.
He added: “Hospitals have also increased their activity, as more and more Romanians have taken care of their health and benefited from investigations and surgeries, most likely postponed during the lockdown period. We are in the process of developing the MedPark project, the largest medical hub in the country, which we want to accelerate, and if things go according to plan, we will replicate this model in the coming years in other major cities: Brasov, Sibiu, Cluj, Arad.”
(Photo source: the company)