Romania Feed

Insurers’ growth and profitability will most likely be negatively impacted in 2023 by the current macroeconomic and geopolitical challenges such as the threat of global recession, effects of Russia’s invasion of Ukraine and lingering COVID-19 concerns, according to the Deloitte 2023 insurance outlook.

Law firm Filip & Company assisted Romanian digital factoring fintech Instant Factoring in getting a EUR600,000 funding from several investors, including MicroEurope, active in the field of microfinance.

Romanian poultry producer Oprea Avi Com was assisted by law firm Bancila, Diaconu and Asociatii SPRL in setting up a joint venture with Hungarian-held group Hodler Capital.

Simtel Team, a Romanian engineering and technology company listed on the AeRO market of the Bucharest Stock Exchange, will buy 29% in the capital of Custom Soft Solution (CSS), a startup developing a VPP platform for energy consumption monitoring.

Telekom Romania Mobile, a mobile phone operator with more than 4 million customers, which is held by Germany’s Deutsche Telekom and Greece’s OTE, made an unexpected move by bringing back its digital division, including its leader, Gabriel Traistaru.

The insurance market in Romania could reach an all-time high of more than RON16 billion in 2023, supported by the increase in the value of policies, but also by the growing interest of Romanians in insurance, in the context of the earthquakes recorded lately, consulting company Frames says.

Israel's Elbit Systems will deliver $120 million worth of turrets, weapon stations and mortar systems to the Romanian Military, the company announced on Friday.

Law firm Wolf Theiss assisted Belgium-held real estate developer Speedwell in securing a EUR24.3 million and RON17.6 million green loan from BRD-Groupe Société Générale to build two residential buildings in Timisoara, as part of the Paltim project.

Romanians spent almost EUR5 billion on electronics, home appliances, cell phones and IT products in 2022, a record high for the Romanian market, which stood at only one quarter of the current value in 2010, ZF has calculated from information from the sector. The year 2010 was the lowest point of the industry, which has been growing ever since.

Donna Medical Center, a business set up in 2011 by Elena Claudia Teodorescu, a radiologist specialized in breast imaging, in 2022 posted EUR4.5 million turnover, 15% higher on the year, and expects similar two-digit growth this year.

Dacia is likely to be heading again to annual output of 350,000 cars in Mioveni as the parts crunch is overcome.

By mid-2023, Romania is likely to have its first strategy for the development of local hydrogen production, with Galati and Dobrogea being seen as potential hubs for this new industry.

Francois Coste, the chief executive officer of Groupama Asigurari, which became the insurance market leader in Romania shortly after former leader City Insurance went bankrupt, has received approval from the Financial Supervisory Authority to continue in his position, the Authority said.

State-run Oil Terminal (OIL.RO) received approval from the Energy Ministry to start negotiations with real estate developer Iulius Group on a EUR815 million urban regeneration project in Constanta.

Transelectrica (TEL.RO), the operator of the national energy transmission system, announced in a stock market report the structure of the Supervisory Board after its seven provisional members appointed by the Decision of the Ordinary General Meeting of Shareholders of February 16, 2023 signed, in front of the notary public, the declaration of acceptance of mandates.

Romania's finance ministry raised nearly RON1 billion on Thursday (March 2, 2023) through two government bond issues, at annual average yields of 7.99% and 7.27%, respectively.

Romania’s Financial Supervisory Authority (ASF) has approved the increase of the share capital of Euroins Romania by RON44.7 million, according to ASF representatives.

Evergent Investments (EVER.RO, formerly SIF Moldova) posted RON82.9 million net profit in 2022, an increase of 78.6% year-on-year, ZF has calculated from the preliminary unaudited annual financial report submitted to the Bucharest Stock Exchange.

Metaminds, a Romanian integrator of cybersecurity solutions and complex IT solutions, switched to a new management system and recruited Ovidiu Ghiman, one of the most famed Romanian executives in the IT&C industry, to run one of the newly established bodies, as part of a growth acceleration plan tat also entails raising financing, the company said in an announcement.

Romanian building materials producer COMCM Constanta (CMCM.RO) on Thursday reported total revenue of RON1.2 million for end-2022, down almost 90% versus 2021, as per the company’s annual preliminary results.