Romania Feed

Romania’s banking system, 34 lenders in all, registered a net profit of nearly RON4.5 billion in January-September 2020, down over 10% compared with 2019, central bank preliminary data show.

German-held Kaufland group, the leader of the local grocery retail, opened 10 hypermarkets in 2020, its fastest expansion pace in the last few years, for a total of 138.

Real estate developer Impact Developer&Contractor, as beneficiary, has concluded two contracts worth EUR18.4 million with Electrogrup, as general contractor, for the construction of a residential complex in capital Bucharest.

The processing industry lost 63,400 employees in October 2019 – October 2020, going from 1,149,200 people to 1,085,800, National Statistics Institute data show

Energy drinks market continued to grow in Romania in 2020, amid rising appetite of consumes for such drinks. Consumption of energy drinks stood at more than 35 million liters or about 1.8 liters per capita last year, 40% higher than in 2015, for instance.

Insurers in Romania recorded some 16.2 million policies at the end of the first nine months of 2020, 4% more than in the same period in 2019, data from Romania's financial watchdog ASF showed Tuesday.

Office space remains the main attraction in real estate in Romania. The modern office space stock in the country has doubled from 1.5 million to almost 3 million square meters in the past decade, rents have remained relatively stable, dropping slightly from EUR19.5/square meter in 2011 to EUR18.75/square meter in 2020, while yields shrank from 8.25% to 7%, real estate consultant CBRE data show.

Romania's general consolidated budget posted a deficit of RON84.05 billion, or 8% of the gross domestic product (GDP), in the first eleven months of 2020, considering that RON43.66 billion (4.16% of GDP) was pumped into the economy via tax facilities and incentives, investments and exceptional costs for the fight against the COVID-19 pandemic, finance ministry data showed Tuesday.

German DKV Group has acquired Arad-based Smart Diesel, the largest private filling station operator in Romania, founded by Romanian entrepreneurs Ovidiu Andries and Daniel Imbre.

Polish fashion brand Sinsay, part of LPP Fashion Group, has opened a mono-brand store in Botosani, within the Uvertura Mall shopping center, reaching a 25-unit network in Romania.

The year 2020 brought a profound change to the Romanian business environment due to the spread of the Covid-19 virus, so that the business strategies of the companies were adapted to the new context. Magurele Science Park has developed a series of new collaborative projects in the area of ​​business relations and education programs.   […]

OMV Petrom (SNP.RO), the biggest oil and gas company in Southeast Europe has signed the transaction for the sale of its 100% shareholding in Kom-Munai LLP (KOM) and Tasbulat Oil Corporation LLP (TOC) in Kazakhstan to Magnetic Oil Limited.

TeraPlast Group received the financing agreement for the project “Establishment of a new production unit for TeraPlast SA”; the project is worth EUR10 million in total and the state aid represents EUR4.9 million, the company said in a stock market report.

The courier industry has witnessed significant growth in the past decade, going from 875 million lei revenue in 2008 to more than RON4 billion ten years later, according to the National Statistics Institute data.

Prime Minister Florin Citu on Monday said the salaries of employees in the public sector would be frozen at the level of December 2020.

Creditors of Romanian insolvent fiber optic cable producer Romcab Targu Mures (MCAB.RO), suspended from trading since February 2017, approved the reorganization plan submitted and undertaken by the special administrator RTZ & Parteners SPRL, mandated by the general meeting of shareholders, per a stock market report released Monday.

E-Distributie Muntenia, the electricity distribution operator part of Enel Group, has invested nearly RON230 million in 2020 in digitalizing and modernizing the equipment and electricity networks in capital Bucharest and the counties of Ilfov and Giurgiu.

Nova Power & Gas, a member of E-INFRA Group, on Monday announced the inauguration of a natural gas network in the town of Huedin (Cluj County). The investment in the first development stage of the project exceeds RON11.3 million.

Romania’s new government led by Prime Minister Florin Citu said it would discuss this week increasing the minimum gross wage to RON2,300 (around EUR471) in 2021, from RON2,230 (around EUR457) currently, which means an increase of RON70 (EUR14.3).

French-held Carrefour group will end the year with 368 brick and mortar stores under various formats in Romania, in addition to the online store and Carrefour’s presence on the Bringo platform in 36 cities.