Romania Feed

Romania's annual inflation rate will continue to increase until the end of 2022, thus rising above the values ​​estimated for the short term in the latest medium-term forecast, according to the minutes of the Executive Board meeting of the country's central bank.

Governments around the world are at risk of failing citizens through lack of digitalization, according to the EY research presented in a new report: “How can government workers and technology align to serve future citizens?”.

LifeBox is focusing on the Bucharest market, where it’s launched a new business line, called LifeGo.

US-held Vanguard, one of the world's largest investment management firms with exposure through mutual funds such as ETFs, and with assets of about $8 trillion, bought 1.52% of real estate developer One United Properties (ONE.RO) shares via the Bucharest Stock Exchange, ZF has found from fund reports as of August 31, 2022.

OMV Petrom (SNP.RO), the only local oil and gas producer, has announced the completion of its share capital operation, which enabled it to raise RON446 million from investors, the company said in a report to the Bucharest Stock Exchange.

Romanian natural gas producer and supplier ROMGAZ (SNG.RO) on Wednesday (Oct 19) concluded a Memorandum of Understanding with SOCAR, the state-run oil company of the Republic of Azerbaijan, which sets the basis of a new cooperation between the two companies, Romgaz announced in a stock market report.

Only one additional project is expected to be completed by the end of the year, making 2022 the year with the lowest number of office buildings delivered over the last five years, according to CBRE Romania, the leader of the real estate consulting market.

Romania’s electronic commerce (ecommerce) market has continued to grow in 2022 mainly due to online buyers spending more money, as per a survey by iSense Solutions, which shows the market is expected to grow by 10% year-over-year and reach almost EUR6.8 billion at the end of 2022.

In August 2022, the volume of construction works rose, in unadjusted data, by 15.7% as compared to August 2021 and was up 15.6% when adjusted to the number of working days and to seasonality, data from the country’s statistics board INS showed on Wednesday (Oct 19).

Nestlé Romania, one of the largest companies on the local sweets, beverages and pet food market, saw a 11% increase in sales in the first nine months of 2022 due to a double-digit growth for seven out of ten categories of products among which Infant Nutrition, Pet Food, Nespresso, Nestlé Health Science and Coffee, stated Silvia Sticlea, Country Manager Nestlé Romania.

Euroins Romania, the largest insurer in the country after City Insurance went bankrupt, ended the second quarter with RON1.52 billion in gross written premiums, an increase of 110% year-on-year, while the non-auto liability (RCA) segment saw a RON95 million premium volume, an increase of 239% year-on-year.

FAN Courier, the leader of the courier services market in Romania, is investing over EUR10 million to develop the network of lockers countrywide through which the end customer will no longer depend on the courier’s daily schedule.

Law firm Schoenherr si Asociatii SCA assisted Eurobank with the sale of the Eliade Tower office building in Bucharest to real estate developer One United Properties.

Investors continue to shift their attention from office investments towards other real estate segments, as per a report by international law firm CMS and commercial real estate services and investment firm CBRE.

Representatives of the Foreign Investors Council (FIC), an association that brings together the leading foreign-held investors in Romania, believe that authorities must work on a series of measures targeting the stability, predictability, transparency and clarity of the legal framework in order to enhance the attractiveness of the Romanian market.

Eleven Ventures, the Bulgarian venture capital firm focused on pre-seed and seed investing in Southeastern Europe, on Wednesday (Oct 19) announced the launch of Eleven Alpha – a three-month program intended for entrepreneurs taking the first steps towards developing their own businesses.

Google’s team in Romania has reached around 400 people and will continue to grow in the coming period, according to the company’s representatives.

Oradea-based startup Octavic, a provider of digital solutions for the manufacturing industry, is now in a stage of international expansion.

2022 will mark a return to growth for Avon, a major player on Romania’s cosmetics market, after three years of decline partly fueled by the pandemic.

Bucharest-based Constantin Grup, founded by Constantin Beu, targets turnover of close to RON100 million this year from rail freight transportation and locomotive leasing.