Romania Feed

The European Commission has approved a Romanian state aid scheme worth RON200 million (RON998 million lei) intended to compensate forest owners for the wood they did not cut, as a result of some ecological restrictions.

OTP Bank Romania recorded a consolidated net profit of RON183 million in the first half of 2023, driven by an increase in operating profit and positive credit risk costs, as the bank posted RON14 million losses in the same period of 2022.

Financial concerns influence the personal and career plans of Romanians as they are seeking jobs that offer long-term security or targeting booming fields of activity, such as IT and cybersecurity, renewable energy, digital content, financial investments, and healthcare, as indicated by trends on the bestjobs platform.

Romania's Finance Ministry raised RON525 million from banks on Thursday (August 10), selling government paper maturing in 2026, at an annual average yield of 6.58%.

Companies leased nearly 550,000 square meters of logistics and industrial spaces in the first half of 2023, with over one third of this volume being related to pre-lease agreements, mainly in projects set to be delivered in 2024, as per data provided by real estate consulting data Cushman & Wakefield Echinox.

Local café network 5 to go opened a shop in the HILS Pallady residential complex in the east side of Bucharest early in August.

Transilvania Broker de Asigurare (TBK.RO), one of the largest insurance brokers on the local market, ended the first half of 2023 with a turnover of RON60 million, down 15% on the year, and a net profit of RON5.5 million, down 30% on the year, the company said in a financial report published on Thursday (August 10).

Romanian state-owned oil transporter (COTE.RO) ended the first half of 2023 with a turnover of RON241 million, up 3.4% on the year, and a net profit of RON29 million, lower by RON4.63 million than the level reported in the same period of 2022.

Tiriac Auto, the automotive retail division of Tiriac Holding, is investing roughly EUR600,000 in expanding its network of used car showrooms.

Amazon Development Center, the development center US giant Amazon in Romania, which started its activity on the local market 18 years ago, ended 2022 with a turnover worth over EUR124.6 million (RON616.7 million), up 11% from 2021, in line with data on the finance ministry website.

Belgium's industrial and logistics space developer WDP reported rental income of EUR35.1 million related to the 69 properties it owns in Romania.

Almost half of Gen Z representatives prefer mobile banking and only 3% are in favor of traditional banking, as per a survey conducted in July 2023 by research company Dynata for Revolut.

Alpha Bank reported a 10% increase in its loan portfolio in Romania in the first half of 2023, up to EUR3.02 billion net exposure, while customer deposits amounted to EUR3.04 billion, up 13.6% on the year.

tbi bank makes CASH Zero, a lending solution which offers fast access to financing of maximum RON15,000 and a grace period of 4 months on interest rate payment, accessible to Romanians both in the country and abroad.

Infinity Capital Investments (formerly known as SIF Oltenia (SIF5.RO) said in a stock market report on Wednesday (Aug 9) that it had signed a sale-purchase contract on Aug 8 for its 27.455% ownership stake in Turism Lotus Felix for RON9.04 million, which was fully collected .

The number of Romanian companies dissolved reached a record high of the last 15 years, of 19,442 businesses, according to an analysis by consulting firm Sierra Quadrant.

Aluminum producer Alro Slatina (ALR.RO) ended the first half of 2023 with RON1.55 billion consolidated revenue, down 25% on the year-ago period and RON164 million loss, compared with a RON15.3 million net profit in the first half of 2021, as a result of the decline in prices worldwide and the temporary shutdown of alumina refinery Alum.

Hidroelectrica (H2O.RO), the largest hydropower producer in Eastern Europe, announced in a stock market report on Wednesday (August 9) that it was organizing a contest for recruiting a Chief Executive Officer (CEO) and four other members of the Directorate, for a four-year term.

Footprints AI, a Romanian company established in 2017, which developed a media retail platform enabling offline retailers to find potential new customers and anticipate their spending patterns through a uniform analysis of data from online and offline sources, has announced the opening of its first office in the US, in Silicon Valley, company representatives said in a statement.

Real estate development company Rock Development Holding will invest EUR70 million in the development of the first five-star hotel project in Poiana Brasov. The new luxury project will consist of a hotel with 120 rooms and an extended-stay hotel with 75 residential units.