Romania Feed

Romania’s Competition Council carried out unannounced inspections at the premises of several commercial banks suspected of having colluded to set loan interest rates, according to sources on the financial market.

Romania’s gross domestic product (GDP) grew by 1.7% in real terms (in unadjusted data) in the first half of 2023 compared to the same period of 2022, and by 2.8% in seasonally adjusted data, data from the country's statistics board INS showed on Thursday (Sept 7).

Romanian State-run nuclear power producer Nuclearelectrica (SNN.RO) said in a stock market report on Thursday (Sept 7) that it signed a Letter of Intent with the Three Seas Initiative Investment Fund (3SIIF) to explore the possibility of a joint venture in the renewable energy production sector in Romania, in order to achieve common strategic objectives.

The start of the new school year means, for most parents, additional expenses related to getting children ready for school and in the current financial background of high inflation and rising living costs, almost 60% of parents are trying to limit themselves to a budget of RON500 at the highest for school supplies, reveals the latest survey by online recruitment platform BestJobs.

Travel agency Eximtur of Cluj-Napoca, one of Romania’s largest, controlled by Morariu family, boosted its turnover to EUR34.5 million in the first half of this year, up 23% from the year-earlier period, according to the company’s officials.

Alstom GSS Romania, the former Bombardier Transportation Shared Services Romania, controlled by France’s Alstom, reported turnover worth RON107.9 million (EUR21.9 million) for 2022, up 12% from 2021, in line with ZF calculations based on Finance Ministry data.

Quehenberger Logistics Rou, a major player on the transport and logistics market, in 2022 doubled its profit, to over RON26 million (EUR5.2 million).

Rondocarton, part of Austrian group Rondo Ganahl, a major producer of corrugated cardboard, expects 2023 turnover to be unchanged from the 2022 level of EUR130 million.

Lion Capital (LION.RO), formerly known as SIF Banat-Crisana, the largest financial investment company on the Romanian capital market, reported a net profit of RON118.3 million for the first half of 2023, as compared to RON12.4 million in the same period of 2022.

The shareholders of Romanian cable maker Iproeb Bistrita (IPRU.RO) have approved at their latest general meeting a decision allowing the company to contract bank loans in the amount of EUR5.4 million.

Connections Consult, a group of companies specialized in providing software solutions and IT services, announced in a stock market report on Sept 6 the signing of a contract of RON56.5 million (plus VAT) with a public institution / governmental authority for the delivery of software products and cyber security hardware equipment.

Bittnet Systems (BNET.RO), an IT&C solutions integrator and provider of training services in the IT sector, said in a stock market report on Wednesday (Sept 6) that Dendrio Solutions, part of the Bittnet Group, signed two contracts with a client operating in the national defense sector.

Fuchs Condimente Romania, the leader of the local spices and food ingredients market, part of Germany's Fuchs Group, has announced an investment of EUR14 million in the expansion of its factory in Curtea de Arges.

AROBS Transilvania Software (AROBS.RO), the biggest tech company listed on the Bucharest Stock Exchange, has informed shareholders that in the meeting held on September 5, 2023, the Board of the Romanian Financial Supervisory Authority approved the company's prospectus for admission to trading on the Regulated Market, administered by the Bucharest Stock Exchange.

Romanian producer of organic farming inputs Norofert (NRF.RO) has announced its shareholders in a stock market report about the early closing of a loan for Plafon Multiprodus - Monocompanie from Exim Banca Romaneasca in the amount of EUR2 million with 10% cash collateral as a guarantee.

Hosiery manufacturer Ciserom in Sebes, Alba County, posted over RON19 million (EUR3.8 million) revenue in 2022, up 4.7% on the previous year, according to ZF calculations based on Finance Ministry data.

The members of TechAngels, the largest group of angel-type investors in Romania, invested EUR1,013,000 in technology startups in the first half of 2023, which represents only a third of the investments carried out in the same period of 2022, considering that caution was the key word for investors both domestically and globally.

The asking prices of old three-room apartments in Bucharest increased in August after a slight decline in July.

Business software developer Wizrom Software ended 2022 with more than EUR1.37 million revenue, an increase of over 8% year-on-year, Finance Ministry data show.

Retail sales volume in Romania (excluding the trade with motor vehicles and motorcycles) inched up 0.7% in unadjusted data and grew 1.2% when adjusted for seasonality and number of working days, in July 2023 compared to July 2022, data from the country’s statistics institute INS showed on Wednesday (Sept 6).