Romania Feed

Romania's gross domestic product (GDP) grew 1.8% in real terms in the second quarter of 2021 compared with the first quarter of 2021, provisional (1) estimates from the country's statistics board INS showed Tuesday.

Reff & Associates | Deloitte Legal launches SecuRE, a proprietary digital tool that was created to help real estate owners and tenants manage regulatory compliance requirements, regardless of the kind of property they own or use and of the industry in which they activate. The web-based app facilitates the collection, review and archiving of permits, contracts, authorizations and any other regulatory document and allows users to archive and manage online the entire compliance process, to prioritize and to project manage the remediation process in case on non- compliance. SecuRE also integrates the legal knowledge of Reff & Associates | Deloitte Legal’s experts in the real estate regulatory compliance field, by indicating to users what kind of documents they need based on the information about the real estate asset they provide within the app.

SafeTech Innovations (SAFE.RO), a Romanian cybersecurity service provider, posted RON13.2 million operating revenue in the first half, an increase of 120% on the year-ago period, while the net profit rose 202% to RON1.3 million. Operating expenses on the other hand increased by 116% to RON11.5 million.

The Bucharest Stock Exchange has announced investors that the shares of Romanian engineering company Adiss will start trading on the AeRO market as ADISS on September 8.

Sphera Franchise Group (SFG.RO), the operator of the KFC, Pizza Hut and Taco Bell restaurants in Romania, which is also developing the KFC brand in Moldova and Italy, on Monday notified the Bucharest Stock Exchange shareholder Lunic Franchising and Consulting lowered its stake to 4.68% of the voting rights, following sale on September 2, 2021.

Romania's finance ministry on Monday raised a planned 300 million lei (EUR60 million), selling treasury bonds maturing in October 2034 at an average yield of 4.34%, central bank data showed.

Real estate developer Iulius Group, held by Romanian businessman Iulian Dascalu, is launching the Go Local program intended for small entrepreneurs in the regions where the Group is present with its projects.

Holde Agri Invest (HAI.RO), a Romanian company operating farmland, on Monday said its revenue skyrocketed 193% on the year to RON14.9 million in the first half of 2021, after carrying out investments of RON26.1 million, financed from own sources and borrowed capital, in upgrading existing farms and expanding the land operated.

Enel Green Power, the renewables division of Enel Group, has signed an agreement with the Renewables & Storage Development (RSD) Division of Greece’s Mytilineos for the acquisition of two solar power plants, with a total capacity of approximately 90 MW.

Early-stage venture capital firm Early Game Ventures (EGV) has signed an agreement for a financing round of EUR200,000 for the speech recognition startup Vatis Tech. The investment will go towards product development, EGV officials said.

Euroins Romania, part of Bulgaria’s Eurohold group, reported 7% higher underwritten premiums in the first half of 2021, up to over RON720 million (289 million levs).

Real estate consultant Colliers has appointed Victor Cosconel, the former CEO of Sodexo Bulgaria, Head of Industrial & Business Development, as of September, the company said.

Bucharest-based pharmaceutical company Slavia Pharm posted a slight increase in revenue, 3%, to RON38.8 million in 2020, Finance Ministry data show.

Cefin Trucks, importer and distributor of Ford Trucks in Romania, on Monday said it sold a total 2,000 trucks between May 2017 and July 2021, worth a total, EUR160 million, per calculations by ZF.

Time International, which had production facilities in Alexandria, Teleorman County in southern Romania, has switched to masks from textile production, the industry it started in 27 years ago.

Romanian company THR Marea Neagra (EFO.RO), which manages several accommodation units in seaside resorts of Eforie Nord, Eforie Sud, Venus, Saturn and Neptun, on Monday said its revenue plunged 70% on the year to RON6.3 million in the first half of 2021, per its first-half financial report.

Sales of retailer Kingfisher in Romania, where it owns do-it-yourself (DIY) Brico Dépôt stores, grew by 12.3% on the year in the second quarter of 2021, and by 27.4% on the year in the first quarter of 2021, per the latest financial report.

South Africa's real estate investment trust Fortress has acquired logistics park ELI Park 1, developed by Element Industrial and do-it-yourself (DIY) retailer Dedeman.

Roxana Maria Hidan, Deputy Chief Executive Officer of OTP Bank Romania, is taking over as head of the bank’s new Business Division, which includes the operating activities for private individual and legal entity clients, including microenterprises, small and medium-sized enterprises (SMEs) and corporations.

The Romanian leu dropped to a new all-time low against the euro on Friday (September 3), as the central bank average reference rate stood at 4.9416 lei to the European currency.