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To be competitive in 2024, companies will have to reduce their expenses by at least 15%
Wednesday, January 10, 2024
2024 will bring new taxes, tax increases, inflationary pressures, the decline of the eurozone and a tense geopolitical context. To overcome the difficulties, the first step a company should take to remain profitable is to optimize costs by at least 15%. Key categories that companies need to address this year include utilities, fuel, logistics, insurance, fleet management and working capital related ...
35,591 companies deregistered in the first 11 months of 2023
Wednesday, January 10, 2024
The number of deregistered companies increased slightly by 0.63%, in the first 11 months of 2023, to 35,591, compared to 35,368 in the same period of 2022, according to data centralized by the National Trade Registry Office (ONRC).The field of activity that recorded the most company dissolutions, in the first 11 months of 2023, is wholesale and retail trade, the repair of motor vehicles and motorcycles, where 10,035 dissolutions were registered at the ...
Costin Iordache is the new interim general director of TAROM
Wednesday, January 10, 2024
Costin Iordache will be the new interim general director of TAROM as of January 9, 2024, the company informed on Monday.He will replace Bogdan Popescu, who resigned at the end of December 2023."The Board of Directors of the TAROM airline decided on Friday, January 5, 2024, to appoint Mr. Costin Iordache as interim general director of the company. Costin Iordache is a graduate of the Academy of Economic Studies, as well as of the Leadership ...
E-Commerce platform Trendyol enters Romania
Wednesday, January 10, 2024
The e-commerce giant Trendyol is expanding with its own platform in several countries this year, including Romania. Those interested in the fashion products of the platform, whose majority shareholder is the Chinese group Alibaba, can already access the platform in Romanian and order the desired products. “In the first quarter of 2024, we will enter the Eastern ...
Over 60,000 companies deregistered in first 11 months of 2023
Wednesday, January 10, 2024
A total of 60,013 companies were deregistered nationwide in the first 11 months of 2023, 8.38% 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 Municipality - 10,140 (down 6.56% compared to January - November 2022) and in Cluj (2,917, -6.02%), Constanta (2,612, -8.38%), Timis (2,621, -7.06%) and Iasi (2,232, -6.38%) ...
Orange signs Romania merger agreement
Wednesday, January 10, 2024
Orange has signed an agreement with the Romanian government to form a single, combined mobile operator, https://www.capacitymedia.com/ informs. The French operator is the leading mobile ...
ONRC: 6,447 companies running on foreign capital established in Romania in first 11 months of 2023
Wednesday, January 10, 2024
The number of newly established foreign-owned companies in Romania decreased by 6.2% in the first 11 months of this year, compared to the same period in 2022, to 6,447 units, according to data centralized by the National Trade Register Office (ONRC).The 6,447 new companies had a total subscribed share capital of 123,435 million USD, up 3.24 times from the subscribed capital of companies registered in the January-November 2022 period of 38,105 million ...
Software Company Softeh Plus, Fully Acquired By The Polish Group Symfonia
Wednesday, January 10, 2024
Softeh Plus, a Romanian company with over 30 years of experience in the software ERP industry, announces the full acquisition by Symfonia. Symfonia is a market leader in ERP and HCM software solutions for small and medium-sized companies in Poland and is backed by the two leading technology investors: Accel-KKR from Sillicon Valley, as well as MidEuropa from Central Europe. This strategic move marks the first step in Symfonia’s international development plan. ...
Edelstein Group announced the launch of the Diamond real estate project in Cluj-Napoca
Wednesday, January 10, 2024
The Edelstein Group, a real estate developer, announced the launch of the Diamond real estate project in Cluj-Napoca. Strategically located in an area that promises to become a hub of interest, the complex will offer 69 premium apartments, alongside a varied mix of functional spaces. The developer estimates the completion of the first phase of the project in the first half of ...
GM Pizza Hut: We expect to turn around the business by the end of 2024
Wednesday, January 10, 2024
Pizza Hut, the second-biggest brand in the portfolio of Romanian restaurant operator Sphera Franchise Group, started a reorganization process aiming to streamline its activity and bring it back to operating profit. Costica Misaca, who took over as General Manager of Pizza Hut in September 2023, shares more details about this process. Pizza Hut recorded declining sales in the ...
Gábor Mozga is the new CEO of MOL Romania
Wednesday, January 10, 2024
Gábor Mozga has been appointed as CEO of MOL Romania as of January 1, 2024. After 17 years of service in MOL, Camelia Ene ended her term as of December 31 and she will continue to build her career outside of MOL Group. “The near future marks a significant milestone in MOL Romania’s growth journey. We are enhancing our services to meet the ever-changing needs of ...
Fiscal changes effective January 1, 2024: An entrepreneur can own only one microenterprise
Wednesday, January 3, 2024
Fiscal amendments made in October and December 2023 lead to tax increases and require new investments by companies, while the unpredictability regarding the fiscal regime has disturbed the business environment at the end of the year. Changes at the microenterprise level and the elimination of tax optimization for entrepreneurs holding stakes in multiple microenterprises, doubling taxation for meal vouchers offered to employees, increasing VAT from 9 to 19% for certain tourism activities ...
137,673 natural, legal persons doing business registered over Jan - Nov 2023
Wednesday, January 3, 2024
The number of registrations of individuals and legal entities doing business in Romania was 4.28 percent down over January - November 2023 from the same period of the previous year, to 137,673, of which 90,233 were limited liabilities, according to data centralised by the National Trade Register Office (ONRC).Most registrations were in Bucharest - 28,943 (up 5.52 percent from the year-ago period), and in the counties of Ilfov - 7,460 (-0.94 pct ), Cluj - 7,394 (-15.51 pct), ...
Rheinmetall to Modernize Romanian Air Defense in $362-Million Deal
Wednesday, January 3, 2024
Arms manufacturer Rheinmetall has secured a 328-million euro ($362 million) contract with Romania to modernize its air defense artillery systems, https://www.thedefensepost.com/ reports. The ...
Chimcomplex gets state aid for EUR 100 mln investment in new production unit
Wednesday, January 3, 2024
Romanian chemical group Chimcomplex has signed a financing agreement with the Ministry of Economy for the development of a new production unit for epoxy resins. The group’s total investment in this project amounts to RON 490 mln (almost EUR 100 mln), VAT included, of which RON 195 mln (EUR 40 mln) will come from the state. Chimcomplex is the biggest chemical producer in Romania and has a market capitalization ...
Carrefour Romania Expands Proximity Network With 22 Stores
Wednesday, January 3, 2024
Carrefour Romania is solidifying its position as a key player in the country's convenience store market with the opening of 22 new Express stores in nine cities during 2023, https://www.esmmagazine.com/ informs. This latest expansion brings the retailer's total Express store count to 162. Omnichannel Vision The expansion of the Express format is a ...
Grampet: Redefining performance in freight rail transport
Wednesday, January 3, 2024
As the head of the largest group of private railway companies with Romanian ownership in Southeast Europe and a leader in the industry, Gruia Stoica, the President of Grampet, firmly believes that his company will play a pivotal role in the region. Business Review spoke to him about the ways in which Grampet brings added value for the local economy. What were the biggest challenges Grampet faced in 2023? One of the key ...
Farmec and Newpharma Romania partner launch AI skin scanning app
Wednesday, January 3, 2024
Newpharma Romania, the local subsidiary of the Belgian group that applies artificial intelligence and digital technologies in the pharma sector, has entered into a partnership with the Romanian cosmetics manufacturer Farmec Cluj Napoca to offer personalized recommendations to customers through a skin scanning application. Through this application, users can evaluate their skin and receive personalized recommendations from a catalog of products, including those from the ...
Veratron enters Romanian market
Wednesday, January 3, 2024
The Swiss manufacturer of electronic instruments for vehicles, Veratron, previously owned by groups such as Siemens and Continental, has entered the Romanian market, where it is interested in manufacturing measurement, testing, control, and navigation equipment. The company was established over 50 years ago under the name VDO Technik and now has its headquarters, a research and development center, and production facilities in Rüthi, Switzerland, as well as ...
iBanFirst study: 5 compelling reasons for Western European companies to invest in Romania and Eastern Europe
Wednesday, December 20, 2023
? The combination of robust economic growth, a trained labor population, rising consumer markets, expanding trade links, and a dedication to sustainable business practices has made Eastern Europe a magnet for Western European enterprises. ? iBanFirst, the European alternative ...