Romania News - Romania Property Investment - Romania Property

Betfair Taps Romania for Offshoring

Sun, 1 Jul 2007 13:36:50 +0200

At the online gambling company's software development center in Romania, staffing costs are 25% to 30% cheaper than in London Online betting and gaming company Betfair has set up an offshore software development centre in Romania to cope with the demands of its rapidly expanding product portfolio. Betfair opened the 50-person facility earlier this year with just eight developers. Already it is up to 35 staff and the company expects the facility to be full by September. Although the cost of the staff is around 25 to 30 per cent cheaper than in London, Betfair said the main reason for setting up in Romania was to tap into extra skills and resources.

A property to sink your teeth into

Sun, 1 Jul 2007 13:36:19 +0200

Large castle, views, previous owner undead: Transylvania's Bran Castle, which inspired Bram Stoker's tale about Dracula, is for sale. Owner Archduke Dominic Habsburg says its upkeep would put him in the red. It's not every day that somebody puts a "for sale" sign on Dracula's castle.

Report Predicts Growth of 23.4% for Romanian Food & Drink Market

Sun, 1 Jul 2007 13:35:43 +0200

Romania's mass grocery retail (MGR) and food sector saw booming sales in 2006 ahead of European Union (EU) accession. The final green light to entry, given in September by the European Commission, followed by approval by the member states, added additional stability to the market. A delay would have been both unexpected and costly, in both monetary and political terms.

BASF: Romanian market, the "rising star" of Europe

Sun, 1 Jul 2007 13:34:43 +0200

Germany's BASF group, the world's biggest chemical producer, forecasts it will reach a turnover of 557m-euros on the Romanian market this year, with its two units (industrial and oil and gas), a 60% increase on last year's results, due to expansion and economic growth.

New Ford Mondeo: first promotions in Eastern Europe

Fri, 29 Jun 2007 10:30:38 +0200

The growth witnessed by the car markets in Eastern Europe has prompted Ford, one of the top three car manufacturers in the world, to give priority to presenting the new Ford Mondeo models in Eastern European countries, to the detriment of markets with a bigger purchasing power, but with a higher level of saturation.

Gran Via builds 2,900 homes in Constanta

Fri, 29 Jun 2007 10:29:46 +0200

Spanish group Gran Via plans to build a 2,900-flat project in Constanta. The project would be developed over three stages, with the first stage to entail the construction of 900 homes, through a 50 million-euro investment, stated Alberto Mas Vil?, manager of Gran Via for Romania.

Romania’s high rating could attract more funds from EU

Fri, 29 Jun 2007 10:25:39 +0200

The sovereign rating of Romania Baa3 reconfirmed on June 1, which is the first investment level, on Moody’s rating scale, could attract more funds from foreign companies or from the European Union, the General Manager with Moody’s for Central Europe, Petr Vins stated for Rompres. “Romania is thus for the first time on the first investment level according to the financial rating assessment of our company. Which means that the risk of payment delays or of payment failures is of approximately 30 per cent in 10 years, which is definitely better than the rating standing at speculative level, as well as the fact that Romania is on a good path towards EUR.

GE Real Estate and Helios Phoenix Create Euro 175M Development

Wed, 27 Jun 2007 13:40:33 +0200

GE Real Estate Central & Eastern Europe ('GE Real Estate') and Helios Phoenix have announced the creation of a joint venture to undertake euro 175 million of distribution warehouse developments throughout Romania. The transaction represents GE Real Estate's first entry into the Romanian real estate market. The joint venture will initially develop seven Class A logistics and distribution warehouses, totalling 315,000 sqm located in the largest cities of Romania, with close access to highways and major roads, and with some located in the proximity of airports.

Fierce competition over top managers on real estate market

Wed, 27 Jun 2007 13:39:52 +0200

The current real estate boom has embroiled firms operating on the market into a competition to recruit individuals for high-level management positions. At least 10 top managers have changed positions in the past six months. According to human resources specialists, salaries for top management positions are often exceeding a monthly level of 10,000 euros. Polimeni, a U.S. company specialising in the development of shopping centres and housing complexes, which arrived on the domestic market several months ago, recruited its national manager from the Austrian real estate investment fund Europolis.

Agip invests €7 mln in five new filling stations in Romania

Wed, 27 Jun 2007 13:39:03 +0200

Romania, the domestic branch of the Italian petroleum group Eni SpA, will invest approximately €7 million ($9.4 million) in opening five new filling stations this year, stated the company's general manager, Nicola Meuli. The Italians announced their intention to invest €36 million ($48.4 million) within the next four years, which would boost Agip Romania's market share from 2%, to 4% after the investment program is completed. “In order to have a comfortable position on the market, we would require a minimum share of 8%,” added Meuli.

Romanian entrepreneurs poised for regional expansion

Wed, 27 Jun 2007 13:38:27 +0200

It is worth taking steps to expand Romanian business into regional states and even into Europe, if the risks involved are carefully considered. This was the conclusion of the seminar -"Economy's biggest players. What chance does Romanian capital stand in the EU?"- organised by Ziarul Financiar in partnership with Banca Comerciala Romana, Petrom and Nestor Nestor Diculescu Kingston Petersen (NNDKP) law firm. The seminar brought together Romanian market leaders, according to data available in Romania's Business Yearbook, published by ZF.

Spanish Detea and Lar: 1bn euros in real estate and energy

Wed, 27 Jun 2007 13:37:46 +0200

Spanish groups Detea and Lar intend to invest 910 million euros within the next two years in developing real estate projects, as well as projects in energy and agriculture. The wave of investments began last year, when several Spanish developers announced their intention to invest hundreds of millions of euros in real estate projects on the domestic market.

Renault to invest EUR 100 M for engineering center in Romania, until 2009

Mon, 25 Jun 2007 11:48:48 +0200

Renault Technologie Roumanie (RTR) will invest around EUR 100 M for the region engineering center, until the end of year 2009, for the study bureaus in Bucharest, the engineering plant, car coachwork, montage and mechanical activities, as well as for the tests center. “The EUR 100 M investment is just a first step of this project, but we cannot approximate the price of the total investment any sooner than two or three years, when things will become more clear concerning the evolution on market.

A new K + K hotel worth EUR 20 M in University Square

Mon, 25 Jun 2007 11:48:16 +0200

The Austrian hotel group K+K Hotels, which owns Hotel Elisabeta in Piata Universitatii (University Square), will invest EUR 20 M over the forthcoming period within a four-start hotel, having an accommodation capacity ranging from 100 to 150 rooms, according to ‘Ziarul Financiar.’ “Due to the positive outcomes of the first operation year (our note – Elisabeta Hotel) a decision has been made to buy a second hotel in Bucharest. Currently, we are at the discussion stage for choosing the building,” said Anamaria Dunca, Resident Manager of K+K Hotel Elisabeta. She specified that the location of the second hotel would be also in Piata Universitatii.

Continental Hotels to hire 1000 people by 2011

Mon, 25 Jun 2007 11:47:30 +0200

The Continental Hotels chain, which owns 13 hotels on the local market, registered a level of 1,000 employees at the beginning of June, compared with 950 registered at the beginning of the year, with numbers also estimated to double over the next four years, according to the company's human resources manager. "This month, we have reached 1,000 employees. Given the company's ambitious development plan for the next four years, the number of employees will rise proportionately to the volume of our activity. We estimate that by the end of 2011, the number of employees will have doubled against the present figure," Iulia Dinu, human resources manager of Continental Hotels, told ZF, adding that the average annual personnel fluctuation registered by Continental hotels is 26%.

Bucharest Stock Exchange reaches record highs

Mon, 25 Jun 2007 11:46:59 +0200

Indices on the Bucharest Stock Exchange reached all-time highs at the end of last week, due to the high traded volumes for this time of the year, which in the past has seen limited activity from investors. The Stock Exchange is now experiencing the opposite of what it experienced at the end of June 2006, when it reached an annual low, after a significant correction that lasted for several months.

GTC invests €130 million in a 1.300 apartment complex in Romania

Sun, 24 Jun 2007 14:47:40 +0200

Real estate developer Globe Trade Center Romania (GTC), with Israeli capital, will build 1,300 apartments in a residential complex close to in the northern Bucharest Baneasa Forest. The company will invest €130 million ($174 million) in the new complex. This investment raises Globe Trade Center's portfolio in Romania to some €600 million ($803 million). The residential complex, to be named FeliCity, will be built on a 10-hectare piece of land for which the developer paide €12.5 million last year.

Discovery, ready to launch HDTV in Romania

Sun, 24 Jun 2007 14:47:10 +0200

Discovery Channel is prepared to launch its sixth TV channel in Romania, after Discovery Channel, Discovery Science, Discovery Civilization, Discovery Travel & Living, and Animal Planet. The new Discovery HD will have high-definition broadcast. Only cable operators with digital capabilities or Direct to Home (DTH) digital platforms will be able to distribute Discovery HD. Furthermore, only HDTV compatible TV sets, namely LCD or plasma, can screen the new channel.

IFC Romania's loan volume up by 30%

Sun, 24 Jun 2007 14:46:29 +0200

The International Finance Corporation (IFC), the World Bank's investment division, has granted loans totaling $200 million this fiscal year (June 2006 - June 2007), a 30 percent year-on-year increase, IFC officials told Business Standard. Financing is granted in RON, a first in IFC’s history, in superior conditions than ones obtained by a bank from the international financial markets. “We get better benchmarks for our clients, because the rating of a loan institution is limited by the country rating, according to the head of the IFC Office in Romania, Ana Maria Mihaescu, for Business Standard.

Romania takes over Human Rights Council presidency

Wed, 20 Jun 2007 12:17:41 +0200

Romania took over on Tuesday the presidency of UN Human Rights Council (HRC) for a one-year term, the Foreign Ministry said in a press release. The HRC presidency is the most important mandate Romania has held in the last 17 years within the UN system, after the terms of office held with the UN Security Council (1990-91 and 2004-2006). Romania is at the same time the first EU member state to hold this mandate.

Up and away with more easyJet routes

Wed, 20 Jun 2007 12:17:00 +0200

Luton Airport is celebrating new routes announced by budget airline easyJet. The Luton-based low fares airline is adding Austria and Romania as destinations this autumn. It will be a daily service to Vienna from October 29, and is thought it will be popular as a city break and ski getaway. Flights will start at £22.99 one way, and £42.98 return including taxes.

Property in Bucharest

Wed, 20 Jun 2007 12:16:20 +0200

Bucharest, capital of Romania and fast-growing bohemian cultural centre, is more affordable than Dubrovnik, but has few houses available for sale. Property here mainly comes under the guise of apartments. Standard ones are cheap, but post-communist money has created a new appetite for opulence.

Vodafone Romania launches Vodafone Acasa

Wed, 20 Jun 2007 12:15:39 +0200

The new Vodafone product addresses to both individuals and to corporate customers and is a novelty in the Romanian market. ‘The Vodafone Acasa services are based on an innovative solution that enables us too offer an alternative to traditional landline telephony’ stated Liliana Solomon, President and Chief Executive Officer of Vodafone Romania. Vodafone Acasa will be available in the entire country in the coverage of the Vodafone Romania GSM network.

PPFI acquires share of Romanian hotel chain

Mon, 18 Jun 2007 10:39:55 +0200

Investment firm PPF investments (PPFI) has signed an agreement with Romanian company the Red Group for the development of the Continental Hotels chain in Romania. As part of the agreement, PPFI will purchase 28.14 percent of Conti Hotels Investment, a newly established company through which investments within the Continental chain will be run and which holds 73 percent of Continental Hotels.

Real estate growth in Romania to last for at least a decade

Mon, 18 Jun 2007 10:39:15 +0200

Edgar Rosenmayr, an investment officer with Immoeast, the most dynamic player on the domestic real estate market, says the Austrian group is focusing on the Bucharest market, on the office building segment, since the markets outside the capital city do not provide desired yields at present.

British buyers are waking up to Romania

Mon, 18 Jun 2007 10:38:28 +0200

The country, which joined the EU in January with Bulgaria, came out top in a list of the 20 best places to make money from property in a Channel 4 programme last year. It is billed as a good bet because of the country's improving economy and experts forecast a massive potential return of more than 400 per cent for investors over the next 10 years. One reason for the predicted growth is the huge investment in the country's infrastructure and efforts to boost tourism.

EUR 500 M allotted to Romania for territorial development

Sat, 16 Jun 2007 12:42:48 +0200

Romania might absorb about EUR 60 M, the advance payment of 15 per cent of the value of regional development projects. From 2007 to 2013 Romania will benefit from nearly EUR 500 M for territorial co-operation programmes, said EU Commissioner for Regional Policies Danuta Hubner, in a video message to the participants in the conference launching European territorial co-operation programmes in Bucharest.

Bulgarian overseas property market is now over-exposed

Sat, 16 Jun 2007 12:42:14 +0200

Bulgaria might now occupy the third position in the Overseas Property league table behind Spain and France, but it's the emerging markets of Latvia, Slovakia, Estonia and Romania where foreign buyers should now be investing, a property company has claimed. Other eastern European and Baltic States are all vastly preferable to Overseas Property investments in Bulgaria, as the country's property market has now become over-saturated, Property Frontiers has insisted.

Residential project in Bucharest has investment value of 40 million Euros

Sat, 16 Jun 2007 12:41:36 +0200

Magnat Real Estate Opportunities GmbH & Co. KGaA has invested in another promising project in Romania. Magnat, through a local project company 75% owned by Magnat, purchased a site for residential development in the Vacaresti district of Bucharest. On a 6.900 sqm plot of land, approximately 400 apartments with 37.000 sqm of sellable Floor space will be built. Total investment volume will be approximately 40 million Euros.

Enel to acquire majority stake in Romanian distribution company

Sat, 16 Jun 2007 12:40:46 +0200

Enel has said that it will pay €820 million ($1.33 billion) for a 67.5% stake in Romanian electricity distribution company Electrica Muntenia Sud, after signing a privatization deal with the Romanian firm's parent company, Electrica. Enel SpA said that, until it receives the transferred shares, Avas subsidiary Electrica will continue to control and manage Electrica Muntenia Sud (EMS), while Enel will contribute to the management of the company as an observer, in line with the privatization agreement.

Beating the con tricks in real estate

Sat, 16 Jun 2007 12:33:46 +0200

Speculators who have exhausted the real estate boom of Poland, the Czech Republic and Bulgaria are now buying and selling in Romania – but must watch out for the same kind of con tricks. Buyers’ profit expectations are often unrealistic and their limited market knowledge can transform into easy prey for unscrupulous brokers and agents. Cases of foreign investors being fooled in Bulgaria include projects described in brochures that do not resemble the end result and without the facilities promised. A familiar complaint – but one hard to resolve through the justice system’s long and tiresome processes.

BMW office opens in Romania

Thu, 14 Jun 2007 13:56:07 +0200

BMW Group will open at the beginning of July its own office in Romania, managing imports, marketing, PR and post-sale services. The current main BMW importer, Automobile Bavaria, will remain dealer and the main partner of the BMW office. BMW representatives estimate that the sales of BMW and Mini brands in Romania will grow some 10% in 2007, up to 2,000 units.

Sibiu, a 100m-euro retail magnet

Thu, 14 Jun 2007 13:55:36 +0200

In the last six months, the city of Sibiu has attracted investments worth tens of millions euros in retail, while at the end of 2004, the current European Capital of Culture did not have even a single hypermarket. Among the first retail networks to arrive in Sibiu are Real Hypermarket, Media Galaxy, bauMax and Kaufland. Retail investments peaked last year, when BelRom, a Romanian-Belgian joint venture, invested 50m euros into a retail park project. BelRom later sold the park for 83m euros to the British fund North Real Estate making a 33m-euro profit in just 10 months.

Can Romania become Europe's India?

Thu, 14 Jun 2007 13:54:56 +0200

The representatives of some of the biggest players in the business process outsourcing (BPO) industry have launched operations in Bucharest in the last three years, turning Romania into a Southeast European leading light in this field. Taking into consideration the fact that India continues to be the world's most attractive location for companies seeking to open service centres, does Romania stand any chance of becoming Europe's India in terms of outsourcing?

Immoeast takes over two RED projects for 120 million euros

Thu, 14 Jun 2007 13:54:18 +0200

Austrian investment fund Immoeast, the most active player on the domestic real estate market continues its local expansion by involvement in two more real estate projects in Baia Mare and Constanta, as a result of a total investment worth 120 million euros. "Harborside Hotel is actually a continuation of the Trident Plaza project, which will also include other retail spaces, parking spots and a three or four star hotel with 160-180 rooms. The investment stands at about 50 million euros," Andrew Stear, manager of RED Management Capital, the developer of the project, told ZF.

Cadbury gets sweet on Romania

Tue, 12 Jun 2007 16:19:38 +0200

Cadbury Schweppes has bought a 93 per cent stake in Romanian sweets maker Kandia-Excelent, from Kandia, a private equity investment holding company managed by Meinl Bank. The move is part of a series of emerging-market acquisitions and reshuffles as the company tries to improve profit margins, particularly in its confectionery divisions. "The purchase of Kandia-Excelent is aligned with our strategy of pursuing bolt-on acquisitions to further strengthen our confectionery platform," said Todd Stitzer, Cadbury's chief executive officer.

Seat sold over 1,600 cars in Romania this year

Tue, 12 Jun 2007 16:19:02 +0200

The sales in Romania by the Spanish Seat brand, part of the German Volkswagen group, rose by 28 per cent in the first five months this year to 1,676 units. The best selling model was the small class Ibiza, with almost 685 cars, Mediafax informs.

Immoeast bought Euromall Pitesti

Tue, 12 Jun 2007 16:18:19 +0200

Immoeast, the Austrian investments fund which owns over 110 properties in the real estate area in Romania, has bought the commercial centre Euromall from Pitesti, developed by the Euromall French network from a transaction of EURO 87 M, Mediafax informs. The commercial centre has a surface to be borrowed of 32,000 sq m, structured on three levels, and required funds of EURO 35 M.

North East UK firms invited to tap into overseas water sector

Sat, 9 Jun 2007 13:11:31 +0200

North East firms are being invited to tap into a world of opportunities in the water sector at a special event next week. UK Trade & Investment will be hosting an International Water Clinic at NOF Energy offices, Washington on Friday, 22 June, from 9am to 12.30pm. Representatives from UK Trade & Investment's Water Team will be on hand along with Commercial Officers from several key market countries including Bulgaria, China, India, Romania, Hungary, Poland and Turkey.

Two new EU members enjoying property boom

Sat, 9 Jun 2007 13:10:49 +0200

Buzesti Street used to be one of the shabbiest parts of Bucharest with crumbling, Communist-era structures and one of the city's roughest markets. Now, gleaming multistory buildings have turned the area into one of the capital's new business centres , testimony to a property boom sweeping Romania and Bulgaria, the newest members of the European Union.

Wizz Air expands services between UK and Romania

Sat, 9 Jun 2007 13:10:17 +0200

Wizz Air, the east and central European budget airline company, has announced the launch of a new route between the UK an Romania. Property investors in the south of England could be boosted by the news that the airline will be running a new service between London Luton and Targu Murges from October 30th 2007.

4:Property tempts advisers into LLPs with up to 7.5% commission

Sat, 9 Jun 2007 13:09:40 +0200

Property development company 4:Property announced last week it is offering commissions of 5-7.5% to advisers who place money with its range of eight limited liability partnerships (LLPs).

MOL targeting Romania's wealthy with new forecourt concept

Sat, 9 Jun 2007 13:08:55 +0200

MOL Romania has begun a project to build restaurants at some of its busiest service stations. Providing customers with restaurants equipped with internet access should enable the MOL unit to gain an advantage over its competitors. Nevertheless, given the developing nature of Romania, MOL should tread carefully and focus its efforts on the wealthier and busier metropolitan areas of the country.

Delta Air Lines launches Bucharest to New York flights

Thu, 7 Jun 2007 11:00:22 +0200

Delta Air Lines launched yesterday the direct Bucharest to New York route, with four flights a week. The route will service not only the trade and tourism interests of Romania and USA, but it will also offer convenient connections to customers, to other destinations in the USA, Canada and Latin America. From New York, clients can easily travel to destinations such as Los Angeles, San Francisco, Seattle, Miami, Toronto and Montreal, financial manager Loren Neuenschwander said.

Sales of imported cars continue to rise

Thu, 7 Jun 2007 10:59:49 +0200

Porsche Romania, the importer of the brands Porsche, Skoda, Volkswagen, Audi and Seat, registered in May the biggest volume of deliveries, almost 5,000 units, the growth in percentage amounting to 27 per cent over the same month of the past year. In the first five months of the year the company sold 21,703 cars, a volume 41 per cent bigger than the 15,388 units registered in the same period of the last year. The representatives of the company stressed that the sales are much bigger, the reported data referring strictly to the deliveries already made, the unfinished ones being not mentioned.

LSE interested to develop relations with Romanian brokers

Thu, 7 Jun 2007 10:59:02 +0200

London Stock Exchange (LSE) intends to develop relations with Romanian brokers in order to attract as many Romanian companies as possible, Jon Edwards, Senior manager of the institution, with responsibilities for the Central and Eastern Europe says yesterday in Bucharest.

Property investors abroad reminded of importance of insurance

Thu, 7 Jun 2007 10:58:19 +0200

Investors purchasing property abroad should consider their choice of insurance policy carefully, according to new claims from a financial services provider. HiFX, which recently found that insurance is a relatively low priority for buyers overseas, implored investors not to use a normal home insurance policy to cover a holiday home, as it could become void.

Bulgarian property market 'over-exposed'

Thu, 7 Jun 2007 10:57:25 +0200

Local tourists opt for the Romanian Black Sea

Mon, 4 Jun 2007 12:47:22 +0200

Foreign investments in hotels will increase the number of tourists by 15 pc during this summer as against 2006, Ovidiu Silaghi, Minister of SMEs, Commerce, Tourism and Liberal Professions said. It is expected that foreign investments in hotels will raise the number of tourists on the Romanian seaside by 15 per cent as against the previous year, Minister of SMEs, Commerce, Tourism and Liberal Professions, Ovidiu Silaghi said on Saturday while in a visit at the Black Sea Coast.

Halewood Romania sees 26% higher sales

Mon, 4 Jun 2007 12:46:28 +0200

Halewood Romania group, one of the leading wine producers on the local market, has posted sales of over 2 million euros in the first three months of this year, up 26% on the same time last year. "The sales increase was largely the result of effective distribution, which was assisted by the restructuring of our sales department, in a new approach to the market.

Romania expands mobile phone infrastructure

Mon, 4 Jun 2007 12:45:49 +0200

Property investors in Romania could have been handed a further boost with the news that a major telecoms company has launched a new 3G broadband service that promises to double transfer speeds. With businesses increasingly relying on high-speed data technologies, Vodafone has announced the creation of a new network that it claims will offer the fastest network speeds on the market.

The Right Move Abroad releases real estate market property report

Mon, 4 Jun 2007 12:45:09 +0200

On 1 January 2007 Romania officially joined the EU as a result of acknowledged structural reforms and progress undertaken in the last decade. Looking forward to further achievements, the Romanian government presented its convergence report with plans to enter ERM-II in 2012. To help integrate Romania further into the EU there will be support from the planned EUR 31 billion structural and cohesion fund. Particular focus will be oriented towards competition, energy, transport, telecommunication, agriculture and consumer and health protection.

Over EUR 30 bn investments in energy sector until 2020

Fri, 1 Jun 2007 15:45:38 +0200

The total volume of the investments in energy in Romania will amount to EUR 30 bln until 2020, of which the state and the state companies will allot around 30 per cent, declared on Thursday the Minister of Economy and Finance, Varujan Vosganian, at a seminar on energy themes. The amount will be much over EUR 30 bln, because I have not considered the project of the hydro power station Tarnita, the co-generation and thermal rehabilitation investments, said Vosganian.

First GE operation in Southeastern Europe in Romania

Fri, 1 Jun 2007 15:44:56 +0200

General Electric Most Respected Company in the World” for 7 years in a row by Fortune magazine - chooses Romania for its first manufacturing operation in Southeastern Europe. The domain selected by GE for this operation is high-tech: the manufacturing of aircraft engines components; the company is Turbomecanica Combustor Products (TMCP) for which GE Aviation agreed to purchase the remaining 50 per cent ownership from its current joint-venture partner Turbomecanica S.A.

Romania modernises its highway infrastructure

Fri, 1 Jun 2007 15:44:08 +0200

Romania is trying to meet EU road infrastructure standards. Work is in progress on three highways, and the country hopes to build over 1000km of new roads by 2012. Expanding and modernising its road infrastructure has become a top priority for Romania. Economic growth demands faster and easier cross-country transit. Moreover, as a new EU member, Romania needs better connections with state-of-the-art European highways.

Romania emerges from the dark

Fri, 1 Jun 2007 15:43:47 +0200

Since Romania's January 2007 entry into the European Union (EU), the country has experienced a wave of electronics investment that positions it to become Europe's next success story. But now that is all changing. Since its January entry into the European Union (EU), the Southeastern European country, with a population of 21.5 million, has seen a wave of electronics investment that positions it to become Europe's next success story.

More than EUR 1 bl for refineries modernisation

Fri, 25 May 2007 15:29:23 +0200

Petrom, the largest oil and gas producer in South Eastern Europe, yesterday announced its first achievements of the modernisation and revamping process in refineries, to be carried out until 2010. The strategy for the modernisation of Petrom refineries, reaffirmed in October 2006, needs investments of more than EUR 1 bln, so that Petrobrazi and Arpechim will become more efficient and will supply products that meet the EU requirements.

CEC privatisation: not earlier than 2009

Fri, 25 May 2007 15:28:46 +0200

The Savings Bank (CEC) will not be privatised in the near future, first the bank will be developed, with a good quality management, declared on Thursday the Minister of Economy and Finances, Varujan Vosganian. Maintaining CEC in the state portfolio does not mean a reserve towards privatisation, because Romania privatised over 90 per cent of the banking system, said Vosganian, in a press conference organised for the presentation of the new strategy of the bank.

CFR to let 114 railways in Romania

Fri, 25 May 2007 15:28:03 +0200

A Transports Ministry project recently put up for public debate stipulates the auctioning towards renting for a period of between five to ten years of 114 railways . The sections concerned are not inter-operable, namely they only serve local traffic and are “end of lines” actually, with just a single connection with the interoperable heavy traffic infrastructure.

Hotels working on strategic partnership with low-cost carriers

Fri, 25 May 2007 15:27:22 +0200

Bucharest luxury hotels with a turnover higher than EUR 100 M per year, are working on strategic partnership with low-cost air transport operators in order to improve the poor week-end booking rates, according to the ‘Business Standard’ newspaper. Local hotels are not 40 per cent booked from Thursday to Monday compared to 90 per cent on week-days.

Romania 'hots up for US holidaymakers'

Fri, 25 May 2007 15:26:39 +0200

American tourists are increasingly looking to new holiday destinations as the dollar's weak performance against the world's other main currencies continues, according to reports. Romania is one of the countries becoming increasingly popular among US citizens looking for a foreign holiday.

Our policy is to bring to Romania top-quality products

Wed, 23 May 2007 12:26:00 +0200

Interview with Jae Cheon Park, General Manager Samsung Electronics Romania. Which are the main advantages for a foreign company entering the Romanian market? For Samsung, experience at a global level has always been very important, along with our company’s proven capacity to adjust quite well to the specific needs in the markets where it operates. Samsung is one of the multinational corporations with the highest growth rates in terms of market value, according to the Interbrand survey. This proves that Samsung has consolidated its position as an international-level premium brand. Another advantage is offered by the diversity of the products we provide: Samsung Electronics is a global leader in the semi-conductor industry, in telecoms, digital media devices and digital convergence.

Romanian companies continue expansion to Eastern Europe

Wed, 23 May 2007 12:25:06 +0200

The Romanian businessmen have ever more daring expansion plans. The companies do not hesitate to allot millions of EUR in order to tap the markets from Eastern Europe which have a very big development potential, as it arises from an analysis of the daily ‘Adevarul.’

The western market attracted brands locally recognized such as Rompetrol in France and Jolidon in Italy. Thus, Jolidon began its expansion in 2000 by opening a representation in Budapest, which continued with a new inauguration in 2001 in Milan.

Nokia mobiles made in Cluj to be sold in Romania, Africa and Asia

Wed, 23 May 2007 12:24:30 +0200

John Guerry, the man who will be implementing the Nokia Village concept in Cluj, says that although many of the suppliers of the Finish group are attracted by Nokia's investment, optimistic forecasts predict that in 2009, when the production facilities in Jucu will operate at full capacity, Nokia will have around 3,500 employees involved in production operations. Production is due to begin in Cluj in 2008, where Nokia mobile phones will be assembled and customised.

Romania is facing a realignment of its political forces

Tue, 22 May 2007 11:50:56 +0200

After the vast majority of the electorate voted not to depose President Traian Basescu. Basescu now returns to the office he had to leave during the referendum campaign with a strengthened mandate after three quarters of the public voted not to impeach him. The five parties from the government and opposition that had pushed for Basescu's impeachment are now considering the consequences of their defeat. Prime Minister Calin Popescu Tariceanu must pay the price for the very unsatisfactory plan by parliament to try and shut out Basescu.

Jobless Romanians to be given Goats instead of welfare benefits

Tue, 22 May 2007 11:50:14 +0200

Jobless Romanians are to be given goats instead of welfare benefits as part of a scheme to make them contribute more to the economy. Under the pilot project, welfare benefits are to be axed from September in a collection of villages in southeastern Romania, the Independenta district, where unemployed families instead will receive 10 goats each. They will be expected to milk the animals and sell milk and cheese to earn an income, and when they find work, they will have to return the goats to the local council.

Romania offers 'dramatically beneficial' prospects for property market

Tue, 22 May 2007 11:49:38 +0200

The Romanian property market has the potential to offer investors "dramatically beneficial" returns in future as the European property market continues to open up, according to an industry body. The Federation of Overseas Developers, Agents and Consultants (Fopdac) has said that although there is an "element of speculation" in common with all emerging markets, the region offers significant potential for property investors, Easier reports.

Romania decides president's fate

Sat, 19 May 2007 11:41:13 +0200

Romanian voters go to the polls on Saturday in a referendum that will decide the fate of the country's suspended president, Traian Basescu. Mr Basescu was accused of violating the constitution and was suspended by parliament on 19 April.
According to opinion polls, he has a strong chance of being reinstated. Turnout is expected to be high, but the political acrimony and divisions rocking the country are likely to continue, whatever the result. It has been a bitter, polarising campaign in which appeals for civility and restraint have all but been ignored.

Coffee Republic enters Romanian market

Sat, 19 May 2007 11:27:57 +0200

Coffee Republic has agreed a deal with Krruss Holdings S.R.L for the franchise rights of the company in Romania. Salim Thava, CEO of Krruss Holdings, who also has extensive retail and property interests in Romania, commented: “We are very excited to have the opportunity to introduce the Coffee Republic Deli format to Romania (population 23 million).

Bulgaria and Romania 'ready to attract more American tourists'

Sat, 19 May 2007 11:24:49 +0200

Property investors looking to Eastern Europe could be boosted by the news that US tourists are increasingly looking towards countries like Bulgaria and Romania for holidays abroad, according to a recent report. With the dollar trading at historically weak levels, traditional European holiday destinations like London and Paris have become prohibitively expensive.

Starwood and Hyatt hotel groups coming to Bucharest

Sat, 19 May 2007 11:39:35 +0200

The American Starwood Group holding brand-names such as Sheraton, might open a hotel in Bucharest, and so might Hyatt, who announced its intention to build a hotel here two years ago, who could follow the example of the Radisson Group that will operate on the location of the former Bucharest Hotel starting this year, stated Tinu Sebesanu, General Manager of Trend Hospitality Consulting, quoted by Rompres.

Tourism contributed over EUR 1 bln to budget in 2006

Sat, 19 May 2007 11:24:06 +0200

Revenues from tourism for the first time exceeded EUR 1 bln in late 2006, Cristina Motorga, director general of the Tourism Promotion Directorate with the Ministry for Small and Medium Enterprises, Commerce, Tourism and Liberal Professions told Mediafax yesterday. European Capital of Culture programme triggered an increase in the number of foreign tourists in Romania and in the amounts they spent in Romania, according to officials for the central authority for tourism. Last year, foreign tourists spent EUR 1.034 bln on tourism packages, as against EUR 852 M in 2005.

Gas prices from domestic production to increase in 2009

Wed, 16 May 2007 11:37:44 +0200

The price of the gas from the domestic production is estimated to rise to USD 260/1,000 cu m in 2009, up 53 per cent over the current value, while the predictions regarding the evolution of the price of imported gas point to an increase of only 1.4 per cent, to USD 294/1,000 cubic meters, reads the draft energy strategy document drawn up by the Ministry of Economy and Commerce revealed on the Ministry’s site yesterday, Mediafax informs..

Volvo trucks Romania receives another large order

Wed, 16 May 2007 11:36:59 +0200

Volvo Trucks’ Romanian subsidiary, Volvo Romania, has received another major order from transport and logistics company Alin Trans Impex. The order covers 350 trucks, which is 50 more than last year. Delivery of the new trucks will be completed in 2007. Alin Trans Impex’s truck fleet will include 1150 modern Volvo trucks by the end of this year. The company’s first major acquisition of 100 Volvo FH12s was undertaken in 2000.

Romania offers properties built to British standards

Wed, 16 May 2007 11:36:09 +0200

Romania is a fast growing country which is attracting interest from UK investors keen to be on the first rung in a country with enormous capital growth potential. “Britons are discovering that Europe’s Eastern frontier has much to offer”, says Anda Giorgio of Romanian Property Connections Ltd, specialist in Romania and members of FOPDAC (Federation of Overseas Property Developers, Agents and Consultants). What is also attracting investors is The Marisia EcoSpa Resort which is being built to British standards right down to three pin plug sockets! The resort is being constructed to be as ecologically sensitive and sustainable as possible.

Dubai Chamber discuss trade ties with Romania

Wed, 16 May 2007 11:35:30 +0200

H.E. Abdul Rahman Saif Al Ghurair, 1st Vice Chairman of Dubai Chamber of Commerce & Industry, Monday received a Romanian trade delegation. Led by H.E. Fotini Teodorescu, Vice President of Constanta Chamber of Commerce & Industry, accompanied by a number of Constanta Chamber's top officials and representatives of eight Romanian companies that deal in mining, production of stones and marbles, drilling equipment, frozen food, soft drinks and mineral water.

First Dyneff petrol station of Rompetrol in France

Mon, 14 May 2007 11:04:25 +0200

Investments reached EUR 8 M. In 2007 the group allots EUR 40 M for ten new units and it will use Dyneff company as a platform for future investments in France and in Western Europe. published in issue 3930 page 7 at 2007-05-14. The first Rompetrol petrol station in France required investments amounting to EUR 8 M. The group intends to set up ten more such stations in 2007 and the value of investments will reach EUR 40 M

Marshal Turism invest EUR 2.5 M into a four-start hotel in Bucharest

Mon, 14 May 2007 11:03:37 +0200

Marshal Turism group has officially opened on Friday, a four-star hotel downtown Bucharest, where they have invested EUR 2.5 M for renovating the old building. Marshal Turism hired, for five years, the hotel from National School for Political and Administrative Sciences (SNSPA) which they have completely renovated and provided with equipment, expecting a turnover of EUR 3 M for the first year, according to those declared for Rompres by the group President, Ion Antonescu.

Bulgaria, Romania start second Danube bridge construction

Mon, 14 May 2007 11:02:39 +0200

Bulgarian Prime Minister Sergey Stanishev made the symbolic first sod for the construction of the Danube Bridge II at Vidin-Kalafat on Sunday, reported BTA news agency. The bridge construction is an important part of the Pan- European Transport Corridor 4 passing from Thessaloniki through Sofia and Vidin to Romania by providing connection to Central and Western Europe, Stanishev said at the official ground-breaking ceremony in Vidin.

Lower prices luring tourists to Eastern Europe

Mon, 14 May 2007 11:01:45 +0200

Leave it to an upstart airline sowing its post-Soviet-era oats to redefine the word 'discount.' With the weak dollar and strong euro blowing the medieval roof off prices in countries such as France and Italy, I'd been thinking a lot about Eastern Europe when a notice popped up in my inbox from Slovakia-based SkyEurope. The airline offered to whisk travelers from London, Paris, Rome and Amsterdam to Budapest, Bratislava, Krakow and Prague.

Petrom to acquire two local Royal Dutch Shell companies

Mon, 14 May 2007 11:00:50 +0200

Romanian national daily Ziarul Financiar reported last week that oil company Petrom decided to exercise its pre-emption rights to acquire a majority stake in two local businesses of Royal Dutch Shell, Shell Gas Romania SA and Trans Gas Services SRL, Interfax cited. "The acquisition will allow us to strengthen our position on the LPG (liquefied petroleum gas) market in Romania,"

Cashing in on Romanian real estate

Fri, 11 May 2007 11:45:49 +0200

I quit!. This is what David Flusberg told his American employer when his friend and co-founder of Adama, Dvir Cohen, told him to come to Romania and start a new business. I got into a plane for a two-week vacation, where we ran around cities, met with brokers and learned about the market, he says. After leaving his job, Flusberg started a company with his partner in a Communist block on Calea Dorobanti, in June 2004.

Romanian real estate market a business for the foreign investors

Fri, 11 May 2007 11:44:02 +0200

The real estate market has significantly grown in the last two years, believe the foreign investors in Romania. Even if the effects of the integration with the European Union are not immediately felt, the real estate market has become increasingly attractive for foreigners. Alejandro Solano Gallego, general manager of Hercesa branch in Romania, considers that our country needs foreign investments in order to develop.

European Investment Bank opens office in Bucharest

Fri, 11 May 2007 11:43:27 +0200

The European Investment Bank officially opens its office in Bucharest on June 7, officials for the institution confirmed for HotNews. As of that date, preparations for the new European programmes addressing the infrastructure and small and medium enterprise sectors will enter the finish line. The more substantial involvement of the EIB in Romania was agreed late last year, with the signature of a memorandum under which the institution will finance projects in Romania up to EUR 1 bln per year.

46 p.c. growth for Fujitsu Siemens Computers Romania in 2006

Wed, 9 May 2007 12:06:23 +0200

Fujitsu Siemens Computers Romania keeps the leading position for the third year consecutively, on the note-book market, with sales of over 11.620 devices, a market share higher with 4 per ce nt than the previous year, Dragos Nicolaescu, Country Manager of Fujitsu Siemens Computers Romania stated yesterday in a press conference.

Kurt Leitner, new CEO of Porsche Romania Financial Group

Wed, 9 May 2007 12:05:46 +0200

Kurt Leitner took over the position of Chief Executive Officer (CEO) in the Porsche Romania Financial Group, replacing Peter Demmer, who ended his term at the beginning of May, reads a company communiqué. The new CEO, aged 40, has a 19-year experience in the Porsche group, having held positions in various departments.

Flight markets to Romania and Bulgaria demonstrate 'healthy growth'

Wed, 9 May 2007 12:04:36 +0200

The number of flights taken to new EU member states has demonstrated "healthy growth", new figures from a flight information provider have shown. n its Quarterly Airline Statistics Report, OAG has highlighted the progress made by Bulgaria and Romania in particular for the expansion of their flight operations.

EUR 20 M for the upgrading of Baneasa airport

Wed, 9 May 2007 12:03:41 +0200

The domestic, low-cost and charter flights will be operated in the next two months from Henri Coanda airport. Baneasa airport enters a period of repair from May 10 until the end of July, informs Antena 3. The changes include the construction of commercial spaces, restaurants, parking lots, and a presidential salon. The total cost will be EUR 20 M. During the repairs, the flights will be made from Otopeni airport. When it becomes operational again, the runway will be covered with an asphalt covering, the lighting system will be entirely replaced, and the airport building will be upgraded.

Immoeast to spend 1.5bn euros in Romania

Wed, 9 May 2007 12:02:49 +0200

Immoeast, the most active investment fund in Romania, will invest 1.5 billion euros on the Romanian real estate market within the next two years. "The volume of Immoeast investments in Romania could reach 25% of the total 6 billion-euro investment programme started on January 1, 2007.

EU Commissioner in Bucharest impressed by Romanian economy

Mon, 7 May 2007 13:03:04 +0200

Charlie McCreevy, the European Commissioner for internal policies and services said the economy advance in Romania over the last years outpaced the average level from the EU. The Romanian economy has developed fine over the last years and at a “very healthy” manner, according to those declared on Friday by the European Commissioner for internal policies and services, Charlie McCreevy, during a meeting with Minister of Economy and Finances, Varujan Vosganian, citing Mediafax.

Four EU countries dissatisfied with EC attitude towards Romania and Bulgaria

Mon, 7 May 2007 13:02:19 +0200

Sweden, the UK, France and the Netherlands said that the attitude of the European Commission towards Bulgaria and Romania was too lenient. The four countries insisted on strictness towards the two new EU members, Financial Times Deutschland (FTD) reported. The particular reason for the complaint is still unclear.

Sanofi-Aventis targets 15% turnover increase

Mon, 7 May 2007 13:01:39 +0200

The Romanian branch of the pharmaceutical giant Sanofi-Aventis intends to reach a 7.5% market share by the end of this year, compared with approximately 6.5% for 2006, says Dan Ivan, general manager of Sanofi-Aventis Romania. Sanofi-Aventis is the third largest player on the local market, closing 2006 with sales worth 100 million euros, amid a 20% growth rate, higher that of the market. For this year, the company targets an over 15% turnover increase. The growth of the pharmaceutical market, particularly in the rural area, will also contribute to Sanofi-Aventis' business growth locally.

Top ten travel agencies generate 200m-euro business

Mon, 7 May 2007 13:00:59 +0200

Whereas in 2005 it took the cumulated turnover of the top six travel agencies to reach the 100 million-euro threshold, in 2006, it took only the top three players to generate a business worth about 90 million euros. The top ten travel agencies in Romania reached a cumulated turnover of about 200 million euros in 2006, while in 2005 the cumulated turnovers of the top ten players did not exceed 152 million euros. This indicates an average growth of 31% in the business of the trendsetters on the market of travel offers.

Immoeast far ahead in the top real estate investors

Sat, 5 May 2007 12:51:08 +0200

The company that ranks on the first place in the domestic real estate market is by far Immoeast, according to the top biggest real estate investors in Romania, subject to the rental surfaces, according to HotNews.ro. The Austrians managed to acquire, since 2004, the year when they tapped the market, properties whose rental surface reaches 3.3 million square meters.

Number of foreign tourists in Romania on the rise

Sat, 5 May 2007 12:43:07 +0200

In Q1, the number of foreign tourists visiting Romania went up 9 per cent to 256,000 persons, against last year’s similar period, announced on Thursday the National Statistics Institute (INS).

Romania needs some 30 years to attain EU's average development level

Sat, 5 May 2007 12:42:19 +0200

Romania needs some 25-30 years to attain the EU's average development level, something that is feasible only if productivity reaches the European level, the former Romanian Prime Minister Theodor Stolojan said on Thursday. "The post-accession period will be finalized in some 25-30 years, when Romania reaches the average development level of the European Union, but this is feasible only if productivity grows fast," Stolojan said during a seminar of productivity and competitiveness in Romania.

North East firms urged to focus on Romania

Sat, 5 May 2007 12:40:58 +0200

North East (UK) firms seeking to break into new markets are being urged to focus on Romania as UK Trade & Investment hosts a special breakfast event to highlight opportunities in the Eastern European country. Romania was among the latest countries to join the European Union, in January this year. It has enjoyed a healthy and sustained economic growth in recent years while UK exports to Romania tripled from Euros 210m in 1996 to Euros 607m in 2004.

US troops presence in Romania approved by Parliament

Thu, 3 May 2007 11:48:59 +0200

Parliament voted yesterday the stationing of US troops on Romania’s territory. Prime Minister Calin Poescu Tariceanu, too, was at Parliament Wednesday to lobby for the entry and stationing of US military forces in Romania. The head of the cabinet outlined that the passage of such decision confirms the strategic partnership between Romania and the US and represents a proof of steadfastness in the relationship with the US.

European Film Festival starts today at Romanian Peasant Museum

Thu, 3 May 2007 11:48:28 +0200

The European Film Festival opens today at the Romanian Peasant Museum with the Italian film ‘La Terra’ . A total of 46 films from 24 countries will have been shown by May 13 in Bucharest and four other cities in Romania. ‘la Terra’, which won the Best Camera Award at the Shanghai Film Festival, was also a nominee in six categories for the David di Donatello Awards. The film depicts the drama of a broken home. A man returns home to southern Italy to wake up to the reality of dealing with all of his family’s problems.

Convertibles see 20 times higher growth than market average

Thu, 3 May 2007 11:45:50 +0200

Convertible car demand in the first quarter of this year soared by 400%, to almost 110 units, compared with the 27 cars delivered in the similar period of last year. During 2006, according to the statistical data provided by the Association of Car Makers and Importers (APIA), almost 300 open-topped cars were sold. The overall growth rate of the car market in the first quarter of this year stood at 19.4%, from 4.3%, the increase posted in the first quarter of last year, with a total number of 70,192 vehicles (passenger cars and commercial vehicles) sold.

Car importers report 60 pc rise in Q1 sales

Tue, 1 May 2007 16:19:52 +0200

Statistics of car importers show that in the first quarter of 2007 sales grew by over 60 percent as against the same period one year ago, whereas the results of domestic car makers reported an 8 percent drop.

INS upwardly adjusts data on exports and imports in January

Tue, 1 May 2007 16:19:21 +0200

Revised FOB exports are by 81.4 million euros higher and the imports by 253 million euros higher in Jan. 2007 than the data the National Statistics Institute (INS) had previously published.

Romania pays 5,000 USD monthly to lobby firm

Tue, 1 May 2007 16:18:49 +0200

Seven countries in Central and Eastern Europe including Romania have employed a lobby firm to press for the US Congress to discuss the extension of the visa waiver program to countries in the region.

SCA invests €10 million to expand cardboard plant

Tue, 1 May 2007 16:18:12 +0200

Packaging producer SCA Packaging Romania will start an investment project worth €10 million ($13.6 million) in expanding production capacity of its corrugated cardboard plant in Timisoara.

EIB grants Romania more than 4.9 billion euros

Tue, 1 May 2007 16:17:31 +0200

The European Investment Bank (EIB) has granted in the 14 years of activity in Romania more than 4.9 billion euros for the funding of some long-term projects supported by the European Union.

Decathlon to open hypermarket in Romania

Tue, 1 May 2007 16:17:00 +0200

French group Decathlon will open next year the first hypermarket of sports equipment in Romania, retailers on the market announced.

Fight for Credibility

Tue, 1 May 2007 16:16:16 +0200

One can hardly imagine a political scene more restive than the Romanian one is nowadays. Let’s make a brief re-cap and say that the D.A. Alliance disbanded, with one of the two member parties, the Democratic Party (PD), outside the government arch, and the Tariceanu 2 Government was voted by a trans-party majority negotiated in Parliament. This is the same parliament that votes to suspend the President on grounds that he violated the Constitution,

Orange Romania customer base reaches 8.2 million

Tue, 1 May 2007 16:15:46 +0200

The customer base of the mobile telephone operator Orange Romania rose by 16.4 per cent in the first quarter, to 8.26 million from 7 million customers in the year-earlier period, the company’s owner, France Telecom, announced Thursday.

Targoviste, former capital hosting Dracula Tower

Tue, 1 May 2007 16:15:00 +0200

Better known as the site of the trial and execution of the Ceausescus in December 1989, the town of Targoviste is one of Romania’s foremost historic locations. The capital of Wallachia for approx. three centuries, Tagoviste also hosted the residence of 33 rulers, from Mircea cel Batran to Constantin Brancoveanu.

EUR 8 M programme to promote Romanian tourism

Tue, 1 May 2007 16:14:30 +0200

The Ministry for SME, Tourism and Liberal Professions will implement a programme to support the Romanian tourism. The programme budget will amount to EUR 8 M in 2007, Minister for SME, Tourism and Liberal Professions Ovidiu Ioan Silaghi stated in a recent interview to Rompres.

Volksbank estimates gross profit of EUR 22.11 M in 2007

Tue, 1 May 2007 16:13:47 +0200

Volksbank Romania intends to make a gross profit of EUR 22.11 M compared to EUR 13.7 M in December 2006 with assets worth EUR 2.3 M compared to EUR 1.38 bln at the end of last year.

Microchip inaugurates new design center in Romania

Tue, 1 May 2007 16:13:12 +0200

Microchip Technology Inc., a supplier of MCU and analog semiconductors, announced it has inaugurated a design center in Bucharest, Romania.

Michelin Romania Truck, OTR Tyre Production up 23%

Tue, 1 May 2007 16:12:27 +0200

The factory, which focuses on the production of truck and OTR tyres, currently has an annual output of 600,000 units. Speaking to local media, factory manager Jana Popa painted an upbeat picture of the coming year. "We have already conquered the market of tyres for agricultural equipment, heavy vehicles and lorries.

Construction of TransEuropean Transport Network to cost 600 billion euros by 2020

Tue, 1 May 2007 16:11:55 +0200

Overall costs for the setting up of the TransEuropean Transport Network (RTE-T) will amount to 600 billion euros by 2020, Florence Bonnefoy, representative of RTE-T with the European Commission on Tuesday announced.

First 43 kilometers of Transylvania motorway might be completed by end-2008

Tue, 1 May 2007 16:11:19 +0200

The first 43 kilometers of Transylvania motorway might be completed by end-2008 if the Romanian authorities resolve all problems related to land-expropriation, communication director with Bechtel company in Romania Bogdan Zgarcitu said.

Henri Coanda, Aurel Vlaicu airport merger approved

Tue, 1 May 2007 16:10:43 +0200

The merger of Bucharest airports will become operational this May 10, as the shareholders in Henri Coanda and Aurel Vlaicu airports approved the merger project yesterday, Rompres reports. Minister of Transport Ludovic Orban stated that the merger can only benefit the two airports, with the new company to have a stronger position in the European airport market.

Black Sea Defense & Aerospace Exhibition & Conference

Tue, 1 May 2007 16:10:02 +0200

Black Sea Defense & Aerospace - Exhibition & Conference (BSDA) is the biggest Aeronautics, Defense and National and Private Security Exhibition in Romania and aims at becoming one of the most important in Eastern Europe and Black Sea Region.

Romania MPs vote to suspend president

Tue, 1 May 2007 16:09:30 +0200

Romania was thrown into political uncertainty yesterday after its parliament voted to suspend the president in the first step towards impeaching him. Opponents have accused Traian Basescu of violating the constitution by fomenting instability, spying on politicians and blackmailing the judiciary.

Five EU members ask for tough monitoring of Romania, Bulgaria

Tue, 1 May 2007 16:09:05 +0200

The European Union is becoming more concerned about the development of justice reform in Romania and Bulgaria and the measures taken against corruption in the two countries, ‘Realitatea TV’ reported, quoting BBC.

EBRD sign agreement with E.ON Gaz Romania

Tue, 1 May 2007 12:52:38 +0200

The European Bank for Reconstruction and Development (EBRD) signed yesterday an agreement thereby it takes over indirect participations of 5 per cent each in the Romanian branches of E.ON Gaz Romania and electricity company E.ON Moldova. The EBRD will pay EUR 43 M to acquire the stock.

Private health insurance - EUR 10 M in 2006

Tue, 1 May 2007 12:51:34 +0200

The Romanian private health insurance market doubled in 2006 to approx. EUR 10 M, according to preliminary data. The private health insurance market is the most dynamic segment of the market. According to estimated figures, since financial reports have not been officially published, the market increased by 100 per cent in 2006 as compared to 2005.

Telecom enters most competitive period ever

Tue, 1 May 2007 12:51:00 +0200

Romania’s telecom market is reaching saturation point in the numbers of its users, especially in mobile telecom, and the competition between operators is strengthening. At the end of 2006, the number of mobile telephone services users, based on subscriptions and prepaid cards, amounted to 17.4 million, 30 per cent more than the previous year, and the penetration rate of this type of services was 81 per cent. “I think simcard penetration will go to 90 per cent this year,” predicts Orange’s Richard Moat. Nikolaos Tsolas, CEO of Cosmote Romania, estimates penetration will reach 100 per cent in two years’ time.

Lifting of house-buying rules could see new rise in prices

Tue, 1 May 2007 12:50:27 +0200

Romanian families will find it easier to buy a house following a central bank (BNR) decision to cut the minimum down-payments for home purchasers. This move would empower many new buyers on the real estate market and could push apartment prices up by 15 per cent. But there are fears the mass liberalisation of the home market could lead families to assume too much on credit and cause a wave of debts.

How does the Bulgarian property market compare to Romania?

Tue, 1 May 2007 12:49:34 +0200

While Bulgaria’s residential market could soon become saturated, Romania’s remains the more expensive option.Tahi Ali, managing director at Bulgaria Revealed and Romania Revealed property agencies, believes some areas south of the Danube are overdeveloped. “Sunny Beach on the Bulgarian Black Sea coast has proven to be catastrophic for some investors who bought recently,” he says. “They are struggling to achieve decent rental yields as there is an oversupply.”

Great Wall Motors eyes foothold in Europe

Tue, 1 May 2007 12:48:56 +0200

While some of China's larger automakers intend to leap into the European car market in coming years, Great Wall Motors, China's largest producer of SUVs and pick-up trucks, is looking to sneak in by the back door, comments Financial Times. Great Wall has targeted the EU's poorest and newest members as test markets for their eventual arrival in western Europe. The company plans to sell about 1,000 units of their Hover SUV this year in Romania.

When a poor country imports even poorer workers

Tue, 1 May 2007 12:48:09 +0200

As Romanians move to better paying jobs in the EU region, companies shift to importing cheap Chinese labour to man their textile factories. To get around the chronic labour shortages hampering this traditional textile centre and in other industries across Romania, Sorin Nicolescu, who runs a clothing factory, came up with an original solution: import 800 workers from China.

Austrians Invest in Romania

Tue, 1 May 2007 12:47:29 +0200

In 2007, Romania will be the main destination for the Austrian investors among the countries of Central and Eastern Europe, according to a report conducted by Oesterreichische Kontrollbank (OeKB), cited by Mediafax. In 2007, Romania will attract 20 per cent of the new FDI made by Austrian companies in its region. Austrian enterprises will invest in 169 new projects in Eastern and Central Europe.

Nokia confirms investment in Cluj

Tue, 1 May 2007 12:46:42 +0200

Nokia, the biggest global producer of mobile phones, will start construction work on a mobile phone factory and a research centre located near Cluj. A memorandum on the partnership between the Cluj County Council and Finnish company Nokia, to open a mobile phone plant and a research centre.

Elimination of customs duties triples BDG's business

Tue, 1 May 2007 12:40:35 +0200

BDG, the importer of Jack Daniel's whisky and Corona beer, in Q1 of this year registered 72% higher sales volume against the same period in 2006. Consecutively the company's turnover soared by 215%; however, BDG representatives refused to disclose the exact sales figures. "Growth is primarily due to price changes

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Tue, 22 May 2007 11:51:56 +0200

Romania property news and rss feed April 2007