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COFACE Study: Insolvencies in Romania down by 4% in H1 2023 compared to H1 2022
Wednesday, September 20, 2023
* In the first half of 2023, 49,349 LTD companies were registered, this being the lowest number of LTDs registered in the first half of the last 13 years. The latest Coface Romania study conducted a month ago shows that in H1 2023, 3,358 new insolvency proceedings were opened, down by 4% compared to the same period of last year. A decrease is also seen in the case of losses caused by companies ...
Agroland Agribusiness posts 28.6 million lei revenues and a net profit of 1.3 million lei in H1 2023
Wednesday, September 20, 2023
Agroland Agribusiness (BVB: AAB), a Romanian entrepreneurial company, part of the Agroland group, specialized in the sale of inputs for agriculture, posts 28.6 million lei operating revenue in the first half of 2023, an 11% increase compared to H1 2022. In the first six months of this year, EBITDA increased by 9%, reaching 2.2 million lei, while net profit reached 1.3 million lei, a 3% increase. “The first half of ...
Company deregistrations increase by 14.14% in first seven months of 2023
Wednesday, September 20, 2023
The number of deregistered companies increased by 14.14%, in the first seven months of 2023, up to 22,193, compared to 19,443 in the same period of 2022, according to the data centralized by the National Trade Registry Office (ONRC).The field of activity that recorded the most dissolutions of companies, in the first seven months of this year, is wholesale and retail trade, the repair of motor vehicles and motorcycles, where 6,160 removals were registered at ...
CMS launches the European M&A Outlook 2024 Report
Wednesday, September 20, 2023
43% of dealmakers expect the level of European M&A activity to drop in the next 12 months, though a sizable minority (35%) are forecasting an increase, with those working in private equity notably more optimistic, according to global law firm CMS’ 2024 European M&A Outlookpublished today in association with financial data firm Mergermarket. This stands in stark contrast to last year’s predictions when ...
Accenture Appoints New Country Managing Director Of Romania
Wednesday, September 20, 2023
Raluca Burghelea is the new Country Managing Director of Accenture Romania. Raluca started her career at Accenture in 2007 and is currently Managing Director of Operations services in Romania, a role she will keep. As Operations Lead, she has played an instrumental role in developing the local practice in Romania across 6 cities, working with clients all around the world to transform the way they ...
XTB launches the Investment Plans in Romania
Wednesday, September 20, 2023
XTB, a global investment company, announces the launch in Romania of a new financial product dedicated to passive investing: XTB Investment Plans. These plans represent a straightforward and effective approach to constructing a ...
Startups and small companies are seeking individuals to help them withstand a tough market
Wednesday, September 20, 2023
The small business sector in Romania has traditionally been highly dynamic, with tens of thousands of LLCs established each year. From the beginning of the year to the present, over 56,000 new LLCs have been registered, according to data published by the National Trade Register Office (ONRC). Furthermore, the percentage of newly established firms in 2023 that are recruiting through BestJobs has reached 15%, an increase compared to the same period last ...
Babis Mazarakis Denies Discussions On Vodafone Romania Intending To Buy Telekom Mobile
Wednesday, September 20, 2023
The head of Telekom Mobile denied on Wednesday that he had any discussions with Vodafone or Competition Council officials about Vodafone Romania intending to buy Telekom Mobile. Government sources told Hotnews.ro on Wednesday that Vodafone Romania would like to buy Telekom Mobile, and the managers and lawyers of the two operators have discussed several times, in recent months, with the representatives ...
eMAG.ro increases its shares in Flip.ro
Wednesday, September 13, 2023
Flip Technologies, a marketplace devoted exclusively to sales of second hand smartphones, received capital of 8 million lei, through the conversion of a loan granted in March 2023 by the majority shareholder, Dante International, the administrator of eMAG.ro, according to data anlysed by Profit,ro. Following that operation, the socil capital of Flip Technologies grew by 3,090 lei, reaching 85,190 lei, ...
Largest hotel operator in Baltic states prepares to enter Romania
Wednesday, September 13, 2023
Mogotel Hotel Group, based in Latvia, the largest hotel operator in the Baltic states, continues to expand after recently entering the Hungarian market. The group has already recruited a development manager for Romania and Moldova, with a clear target of entering the Romanian market, Profit.ro points out. The Group works together with the largest franchise supplier in the field – Accor, Wyndham, ...
Mozaik Investments to manage EUR 25 million of venture capital under PNRR
Wednesday, September 13, 2023
Investment fund manager Mozaik Investments has been approved to manage EUR 25 million worth of venture capital under Romania's National Recovery and Resilience Plan (PNRR) that is administered by the European Investment Fund (EIF), the Ministry of European Investment and Projects (MIPE) reported on Tuesday.The Investment Committee designated by the Romanian Government for the Recovery Equity Fund (REF) approved funds for a new investment fund that will ...
DS Smith Zarnesti Paper Mill Inaugurates New Waste Water Treatment Plant Following EUR 11 M Investment Plan
Wednesday, September 13, 2023
DS Smith Zarnesti paper mill has inaugurated yesterday its new Waste Water Treatment Plant, an essential component of an 11 million Euros worth investment plan, launched in 2021, reconfirming its commitment to sustainable paper making in the region. On this occasion, Zarnesti mill also marked 170 years of tradition in papermaking, a remarkable moment for the company and the paper industry alike. The new ...
Norofert announces the results for the 1st half of 2023
Wednesday, September 13, 2023
Norofert, the leading Romanian producer of organic inputs for agriculture, listed on the Bucharest Stock Exchange in the AeRO market (BVB symbol: NRF), announces its financial results for the first half of 2023. For the first time, the company has published financial statements both according to RAS (Romanian Accounting Standards) and in accordance with IFRS (International Financial Reporting Standards) as part of its future plans for listing on the Main Market of the ...
Connections Group's net profit increase by 271% in the first half of 2023
Wednesday, September 13, 2023
In the first half of this year, the digital transformation company Connections Consult registered a 273% increase in net profit, up to 3.6 million RON, by 37% above the budgeted figures, according to a press release issued on Monday.Also, the turnover recorded a 62% increase compared to the similar period in 2022, amounting to 40.9 million RON.The results include the activity of all the companies in which Connections has control, ...
Over 38,000 companies deregistered in the first seven months of 2023
Wednesday, September 13, 2023
A total of 38,332 companies were deregistered nationwide in the first seven months of 2023, 6.52% fewer than in the same period last year, according to statistics from the National Trade Register Office (ONRC).The most deregistrations were recorded in Bucharest - 6,195 (minus 5.22% compared to January - July 2022) and in Cluj -1,842 (minus 1.07%), Constanta - 1,731 (minus 5.15%) and Timis - 1,715 (minus 7.85%) counties.Conversely, the ...
INNOSHIP partners with DEICHMANN to Streamline Shipping Operations across multiple markets
Wednesday, September 13, 2023
Innoship, part of Alsendo Group, a leader in tech-enabled SaaS delivery management solutions, secured new business with international footwear retail giant DEICHMANN. This strategic partnership marks a significant regional retail and technology milestone. The collaboration comes after an extensive selection process, during which Innoship demonstrated its skills, expertise, and ...
EY Belonging Barometers reveals the perspectives of employed adults from various industries and organizations across the globe
Wednesday, September 13, 2023
According to the EY Belonging Barometer 3.0, almost half (41%) of respondent workers at companies across the globe say that their workplace is where they feel the greatest sense of belonging, second to home, and yet, 75% report having felt excluded at work. It also finds that despite a backdrop of overall positive feelings of belonging within workplaces, over half of global worker respondents (56%) feel that they can’t share, or are reluctant to share, dimensions ...
Mazars in Romania announces the appointment of two new local Partners
Wednesday, September 6, 2023
Mazars, the international tax, audit, and advisory firm, announces the appointment of two new local Partners to its Romanian executive board. As of 1 September 2023, Mazars has appointed Catalina Calinescu and Lucian Dumitru as Outsourcing – HR & Payroll Partner, respectively as Tax Partner, to further strengthen the firm’s capabilities and expertise in key areas of our ...
IMPACT reports 58.7 million euro pre-sale and revenues in the first semester of the year
Wednesday, September 6, 2023
IMPACT Developer & Contractor S.A. (“Impact”) (stock symbol IMP), the first real estate developer established in Romania and also the first real estate company listed on the Bucharest Stock Exchange, reports EUR 58.7 million pre-sales and revenues as of June 30, 2023. At the end of the first semester, the company contracted 70% of the completed housing stock, which cumulates 954 dwellings, with a market value of about EUR 155 ...
Chimcomplex registers solid results in H1 2023, despite the difficult economic context
Wednesday, September 6, 2023
Chimcomplex, the leading producer and supplier of vital chemicals in the region, announces robust financial results for the first half of 2023, despite major economic challenges. Romania’s economy suffered a significant contraction, with a 39% decrease in quantitative volumes in the first half of 2023. Chimcomplex, located at the beginning of the national economic chain, reports a turnover 34% lower compared to the same period of the ...