Romania Insider News

Romania swept the awards podium at the world's biggest dancesport competition, the 34th edition of the German Dance Championships in Stuttgart. For the first time in history, the Romanian dancers were at the top of the ranking, winning a total of 10 gold, 8 silver, and 7 bronze medals. Additionally, all three of the 3 podium positions in the Youth - Standard category were occupied by Romanian dancers. Romania was followed on the podium by Italy with 9 gold, 3… Read more »

On August 15, 2022, OPPO, one of the leading manufacturers of smart devices in the world, receives two prestigious awards: the “EISA ADVANCED SMARTPHONE 2022-2023" award for the flagship handset, the OPPO Find X5 Pro, and the “EISA IN-EAR HEADPHONES 2022-2023" award for the Enco X2 earbuds. The accolades were presented by the Expert Image and Sound Association (EISA), a coalition of 59 of the most reputable consumer electronics publications in the world. "We are overjoyed to receive the EISA… Read more »

With the school year set to start in less than a month, a Deloitte survey shows that Romanian parents are concerned about back-to-school shopping. According to the survey, the parents’ many concern regarding back-to-school shopping is the rise in prices (57%), with more than half of them predicting a slowing down of the economy over the next six months (54%), and 33% saying their household financial situation has worsened over the last year. More than a third (37%) expect to… Read more »

UK-based fintech Revolut announced it will start giving consumer loans in Romania, its second biggest market worldwide. Revolut has over 2 million users in Romania, representing about 10% of its worldwide clients. Revolut customers can apply for consumer loans directly in the app. The company says it gives loans of up to RON 125,000 (EUR 25,500) in a few minutes. The credit agreement is signed with a qualified electronic signature, and the funds are instantly made available to the customer's… Read more »

Fifty drummers will simultaneously perform six internationally beloved rock songs during the "Toboşariada," an event part of the Iaşi Music Experience string of events.  Some of the drummers already reached fame, while some are just starting out. The idea of the simultaneous drummer performance came from Ionuţ Nistor, a local doctor whose son is passionate about drums and is currently learning to play them. He was also inspired by similar events that are organized in the US and Europe, where up to… Read more »

In February 1952, the secret police agency of the Socialist Republic of Romania put Alexandru Ruja behind bars for being a “cheabur,” a pejorative term used to identify wealthy bourgeoisie peasants who own lands, farms, and corps. 70 years later, his great-granddaughter, Denisa Moldovan, is living to tell his story. Denisa Moldovan is a law student at Babes-Bolyai University. While pursuing journalism as her double degree, she dived into her roots in a new photo report, “Fingerprints of the Past.”… Read more »

Over 9,500 people ages 10 to 25 left Romania for good last year. The country lost the equivalent of 400 classrooms full of children, and most of them never come back, a Ziarul Financiar analysis shows. Around 28% (9,561) of Romanians who now leave the country never to return are Gen Z, a high point for the last decade. Ten years ago, only around 5,300 Gen Zs were doing the same. However, Romania’s young are only part of the people… Read more »

SIF Oltenia (SIF5), a Romanian investment company listed on the Bucharest Stock Exchange, has completed the sale of its minority stake in state-owned lender Eximbank. The company said it cashed in RON 42.4 mln (EUR 8.6 mln) from selling its 3.27% stake. The deal implies a valuation of RON 1.3 bln (EUR 265 mln) for the bank. SIF Oltenia had the Eximbank shares in its portfolio since its launch in the 1990s, when it received minority stakes in the most… Read more »

Romania's Government is currently looking for ways to finance the scheme aimed at helping the population and companies cope with the rising energy prices. Romania has committed to one of the most generous support schemes and the Government has underestimated its costs, according to recent reports. The estimated cost of this scheme has climbed to RON 40 bln (EUR 8.1 bln) from RON 14 bln (EUR 2.8 bln) initially announced by the Government in February, according to Ziarul Financiar. Energy suppliers… Read more »

Romania's minister of environment, Tanczos Barna, said he allocated EUR 83.7 mln from the National Recovery and Resilience Program (PNRR) for the construction of integrated selective collection centres in urban agglomerations, where people can deposit waste that is not recycled under other schemes. Construction waste, old furniture, biodegradable waste, hazardous waste, and used tires will be stored separately in these centres. "Correct storage and recycling of construction waste are one of the biggest challenges for large agglomerations in Romania. To… Read more »

The president of the national council (CNC) of the Romanian radical party Alliance for the Union of Romanians (AUR), Claudiu Târziu, believes that his party has the chance to win more than 50% of the votes in the upcoming parliamentary elections in 2024. "We can make this happens. The Romanians need us and they know only one thing: that we may not be the greatest, but we are sincere, well-intended and we do not spare any effort to meet our… Read more »

Hungarian low-cost airline Wizz Air announced the opening of a new base in north-eastern Romania at Suceava, which will be used to expand its operations in Romania. Thanks to the allocation of two new modern Airbus A321neo aircraft, Wizz Air now offers 11 routes to 7 countries from Suceava’s Stefan cel Mare International Airport. The new aircraft will support flights on five new routes, to Paris-Beauvais (France), Brussels-Charleroi (Belgium), Venice-Treviso (Italy), Larnaca (Cyprus) and Eindhoven (Netherlands). Tickets for the new… Read more »

Chimcomplex (BVB: CRC), the largest chemical group in Romania, controlled by local investor Ştefan Vuza, has informed investors about the temporary closure of production activity of its Borzeşti industrial platform for a period of 14 days starting on August 18, 2022, "taking into account increasing prices for electricity and natural gas", according to a note to investors published today on the Stock Exchange. At the beginning of the month, the company temporarily closed its other industrial platform located at Râmnicu… Read more »

A microsatellite designed by Romanian students will be launched into space with a SpaceX rocket in early 2023. SpaceX is an American spacecraft manufacturer and space launch provider founded and headed by billionaire Elon Musk. Nicknamed the “Space Sparrow,” the ROM-2 (Romania Orbital Mission) is a 250-gram satellite designed and built by nine Romanian high schoolers between 15 and 18 years old. The “Space Sparrow” is the first satellite of its kind that is made in Romania. Its young builders,… Read more »

The Romanian psychological thriller Miracle directed by Bogdan George Apetri, has received several rave views during its one-month run in France, where it can still be viewed in more than 50 cinemas throughout the country. Miracle - a film that is "dense, powerful, unpredictable, wonderful!" (Causette) – tells the story of a young nun (Ioana Bugarin) who sneaks out of her monastery to attend to an urgent personal matter but never makes it back and of a police detective's (Emanuel… Read more »

Bucharest City Hall has launched its long-debated parking fee structure, and those who don’t pay or pay incorrectly risk high fines. Drivers could be fined RON 200 (EUR 40) per day and have their vehicles blocked if they use the parking lots managed by City Hall and do not pay the corresponding fees, writes SpotMedia. The measure came into force on August 16 and concerns public domain parking spaces marked with blue paint. According to the Bucharest Municipal Parking Company,… Read more »

evoMAG, one of the pioneers of the Romanian online retail market, has drawn an investment of EUR 2 million from Catalyst Romania, one of the most important venture capital funds in the region. This is the first large investment that evoMAG has received since its launch, more than 15 years ago. The company, which expects a EUR 40 mln turnover this year, will use the funds to expand in the Romanian and international markets, accelerating its offline development with two new… Read more »

Over four in five (82%) Romanian students have witnessed bullying at school according to a recent survey by Save the Children Romania, and many of them struggle with their mental health. The data centralized in June by Save the Children Romania from their online interviews with children (June 2022) shows that physical threats, humiliation, the spreading of denigrating rumors, and exclusion from groups are all situations that children frequently face in Romanian schools. Save the Children Romania first drew attention… Read more »

Artists from the United States, Cuba, Austria, Denmark, Italy, Romania, and more will perform on stage during this year’s Deva Jazz Fest. The festival will take place between August 26-28 at the foot of the Deva Fortress, which has guarded the city since the mid-13th century. For three days, jazz lovers will be able to see numerous well-known bands perform. They will also have the opportunity to take part in workshops and delve into the history of jazz. There will… Read more »

Dutch renewable energy company Photon Energy announces that it has broken ground on the construction of its sixth Romanian PV power plant, which will have a generation capacity of 4.8 MWp and is expected to deliver around 7.1 GWh of renewable energy annually to the grid. The new power plant is scheduled to commence operations in the fourth quarter of 2022. Located near Teiuș in Romania’s Alba County, the power plant will extend over 10 hectares of greenfield land and… Read more »

Free Now, a passenger transport service operated by the Clever Tech company, has decided to leave the Romanian market starting in September, according to Profit.ro. The company initially announced the exit for June 30, but later it deferred the exit until a date to be later announced, “for commercial reasons.” Eventually, the Free Now app will no longer be available for users in Romania starting September 1, 2022. The company will continue to focus on current investments in key European… Read more »

Romania’s gross domestic product (GDP) went up by 5.3% in the second quarter of 2022 (Q2) compared to the same period of last year. The growth rate was lower than in the first quarter when it stood at 6.4%, according to flash data released by the National Statistics Institute (INS) on Wednesday, August 17. The quarterly GDP adjusted for seasonality and the number of working days was 2.1% higher in Q2 compared with Q1, also signaling a loss of speed.… Read more »

The “Dunărea de Jos” (Lower Danube) University in Galați will hold courses aiming to teach students how to be successful influencers, bloggers, and vloggers in the next academic year, a first in Romania. High school graduates who are “passionate about online communication and want to learn as much as possible about these new jobs” will learn all about the path to internet stardom. “These modules represent a first in the Romanian university environment and are organized by the Department of… Read more »

While big institutional investors will continue to set the tone and generate the bulk of activity in the Romanian real estate investment market, an increasing focus could be seen from add-value investors snapping up assets that require capex in order to become competitive. Going forward, the market will probably see an increase in such deals, particularly amid slowing economic growth and rising interest rates, according to Colliers’ latest research report on the real estate investment market in Romania. The first… Read more »

Romanian real estate developer One United Properties (BVB: ONE) has received five offers for its 67% stake in One Herăstrău Office office building, estimated at around EUR 20 mln, and is going to choose soon an investor to initiate exclusive negotiations, according to sources familiar with the deal consulted by Profit.ro. Among the bidders, there are Sebastian Bălășescu, the former owner of Urgent Courier, Hili Properties, part of the Maltese group that also owns the premises of McDonald's restaurants in… Read more »

Some 483,000 square meters (sqm) of logistics spaces were leased in Romania in the first half of 2022, 38% more than in the same period last year, according to the Romania Market Outlook 2022 mid-year report, launched by real estate consultancy firm CBRE Romania. Strong demand has further compressed the vacancy rates to a 3.1% country-wide average and 2.8% in Bucharest. The total leasing activity during H1 is more than five times higher than the amount transacted in the first… Read more »

The Romanian Government has not earmarked enough financial resources to cover the subsidies pledged under the ‘cap and subsidy’ scheme enacted under the emergency ordinance OUG 27/2022, the local association of utility companies (ACUE) warns. The budget revision, currently under debate, does not include the necessary amounts to secure the price ceilings assumed by the state for the period April - December 2022 thus posing major risks to the functioning of the entire system, the Federation of Associations of Energy… Read more »

Team Romania took home a grand total of five gold and three bronze medals at the European Rowing Championship 2022, which took place in Munich, Germany, between August 11 and August 14. The team's impressive haul was enough to put them second on the list of the most decorated teams in the competition, losing to Great Britain's tally of six golds, three silvers, and one bronze. The team's contestants for the women's categories lead the pack, accumulating four golds and… Read more »

One of Romania's leading film, series, and ad producers has made an offer to buy Hotnews.ro, one of the biggest local news portals, writes Libertatea. "I have been trying to sell HotNews for several years," says founder Ioan Mărgărit. "Yes, I am discussing an offer, but I have gotten even further with other companies in the past, and those deals were not finalized." The offer in question was supposedly made by Dragoș Vîlcu, owner of Multi Media Est, a successful… Read more »

Romania’s junior gymnastics team took home six medals from the European Artistic Gymnastics Championships in Munich. Amalia Puflea is the 2022 European junior floor champion, taking home the gold, and winning a bronze medal for her performance on the beam. Her teammate Sabrina Maneca Voinea is the 2022 European junior vault champion and winner of a bronze medal on the floor.  In the individual medley, Amalia Ghigoarță placed 2nd. The Romanian team took home the silver due to their total of… Read more »

Belgian developer WDP, which specializes in logistics spaces, has acquired Arad Business Park, a 42,000 sqm property located in Western Romania. Real estate consultancy firm Colliers brokered the deal. Arad Business Park currently has an occupancy rate of approximately 90% and will be operated by WDP Romania following the transaction. Colliers has managed Arad Business Park since 2014. According to Colliers experts, the transaction confirms the interest in small business units and last mile logistics. “The acquisition of Arad Business… Read more »

Romanian equity crowdfunding platform SeedBlink will strengthen its presence in Eastern Europe and Benelux countries by acquiring Symbid, one of the first crowdfunding platforms for SMEs in Europe, launched in 2011 by Dutch entrepreneurs. "Both companies have made a name for themselves in providing private investors with access to curated European startup opportunities, so this is a natural move looking for the European consolidation game," says Ionuț Pătrăhău, Managing Director & Corporate Development at SeedBlink. The negotiation over the 100%… Read more »

Romania's education minister Sorin Cîmpeanu wants to introduce uniforms in schools. The minister told TV news channel Antena 3 on Friday that he would happily make uniforms compulsory again while stressing that the approach would differ from one school to another. "There are more than 17 000 schools in Romania, and the conditions differ greatly from school to school. I would like to see a unified system where students think of school as a friendly environment, where school is a… Read more »

The number of foreign students studying in Romanian universities is constantly increasing year by year. Students from non-EU third countries can work in Romania during their studies under the conditions provided by law. According to the Labour Code, foreign citizens and stateless persons can be employed under individual employment contracts on the basis of an employment permit or a residence permit for work purposes. Therefore, foreigners wishing to work in Romania must usually first obtain an employment permit, then a… Read more »

OxidOS, a Romanian deep-tech startup, has gathered EUR 1,2 mln from renowned angel investors and Early Game Ventures, and is now set to develop an operating system and devtools for the automotive industry. The company was founded by a group of five Romanian specialists: Alexandru Radovici (CEO), Bogdan Genis (CTO), Vlad Rădulescu (certification), Ioana Culic (R&D), and Daniel Rosner (business development). They have extensive experience in the software and automotive industry. Early Game Ventures, co-founded by the European Investment Bank’s European… Read more »

The Bucharest International Dance Film Festival’s 8th edition takes place September 8 to 11, with more than 25 cultural events dedicated to both the general audience and artists' communities, under the theme of (UN)SAFE ZONES. "Every year at BIDFF we aim to address the pressing issues affecting our lives in so many ways. This year, it was not at all difficult to coalesce the festival’s events under the theme of (Un)safe Zones. It's becoming increasingly apparent that we live in… Read more »

The feet are moving. The music is vibrant. The connection is unmatched, because as a wise man once said, "it takes two to tango." These words perfectly describe the 11th edition of Tango Cazino: Marathon Edition. Located at Casino Urban Culture Center in Central Park Simion Bărnuțiu, Cluj-Napoca, the annual event took place between August 12 and August 15. In short, it was a unique celebration combining the art of Argentinian cultural tandem dance and the historical landmark of Cluj-Napoca.… Read more »

Spark, the first international hybrid high school in Eastern Europe, located in Romania, offers 10 scholarships for athlete pupils, which are ideal for a flexible learning program that blends perfectly with training hours. High school students have the opportunity to choose which subjects they want to be thorough/to deepen, at their own pace, regardless of their location, the scholarship being active for the entire duration of the educational cycle.   An excellent opportunity for high school students practicing sports, including those… Read more »

Romania's Government has committed to one of the most extensive sets of support measures to face the increase in energy prices in Europe. Romania ranks fifth in Financial Times’ list of countries with the largest support packages relative to their GDP, with 2,61% of the gross domestic product spent on limiting price growth (1,29%), targeted aid for households (0,57%), partially-targeted aid for households (0,41%), and aid for companies, job creation, and the unemployed (0,34%). Greece, which committed 3,79% of its… Read more »

Romania’s representatives at the 2022 International Olympiad in Informatics (IOI) won four medals, securing second place among European countries and eighth worldwide. The performance places Romania, with 123 medals, in second place in an all-time ranking of countries. Held in Indonesia, the contest brought together representatives from 90 countries. Four high school students, three from Bucharest and one from Orăștie, competed for Romania. Alexandru Luchianov, from Bucharest’s International Informatics high school, won a gold medal, while Luca Perju-Verzotti and Alexandru-Raul… Read more »

A comment by Social Democrat (PSD) labour minister Marius Budai related to the privately managed pensions (Pillar II) prompted concerns related to the Government’s plans about it. Minister Budai said that the deficit of the public pension system will be RON 12 bln (EUTR 2.4 bln) this year, precisely as much as the mandatory transfers to the privately managed pension funds (Pillar II). He stressed that he does not intend to nationalise the private pension funds, though. Social Democrat leader… Read more »

Bico Industries, a subsidiary of the Romanian holding ROCA Industry, is in advanced negotiations with SmartTech., a company registered in Switzerland, for the acquisition of 77.5% of the share capital of the Lithuanian company Iranga Technologijos - a provider of solutions for the production of fibreglass fabrics and composite materials by fabric lamination. The value of the transaction is around EUR 4 mln, conditional on the successful completion of the due diligence analysis and the possible approvals of the relevant… Read more »

Romgaz (BVB: SNG), a natural gas and electricity producer and supplier controlled by the Romanian state (70%), reported a net profit of RON 1.7 bln (EUR 340 mln) in the first half of 2022, up 127% compared to the same period last year. The result was influenced by the natural gas prices and significantly higher electricity production. The company’s revenues rose three times, to RON 7.5 bln (EUR 1.5 bln), which is 31% higher than the turnover for the full… Read more »

Nuclearelectrica (BVB: SNN), the operator of Romania’s nuclear plant located in Cernavoda, announced that its net profit more than tripled in the first half of the year, to RON 1.22 bln (EUR 244 mln). This was despite the marginal 2.3% decline in the volume of electricity produced and the RON 586 mln (EUR 170 mln) of “additional income tax expense” - the windfall profit tax levied by the Government to energy producers in order to finance the ‘cap and subsidy’… Read more »

Romania’s public debt reached RON 614.3 bln (EUR 124.3 bln) at the end of May after the Government raised EUR 1.75 bln in the month with its third series of Eurobonds this year. The debt-to-GDP ratio hit 50%, from 49.1% at the end of April and 48.8% at the end of 2021 - but we expect the ratio to decrease by the end of the year, diluted by the inflation-driven nominal increase in GDP. The country’s public debt thus increased… Read more »

The total foreign direct investments in Romania (net) increased to EUR 4.37 bln in the first six months of the year (H1), 21% more compared to the same period last year, according to the National Bank of Romania (BNR). Out of the total amount, only EUR 573 mln was equity investments other than reinvested earnings, 43% less compared to the same period last year. Most of the FDI was formed by reinvested earnings - profits generated by FDI companies and… Read more »

Romania’s current account (CA) deficit widened to EUR 12.3 bln in the first half of 2022, 70% more compared to the same period last year, according to the National Bank of Romania (BNR). The CA gap reached a new record (EUR 2.65 bln) in June. Based on the latest 12-month GDP data, as of the end of March, the CA to GDP ratio already reached 5.0% in the first half of the year, compared to 3.3% in the same period… Read more »

EVERGENT Investments, an investment company listed under the ticker EVER, which differentiates itself through private equity projects, reports in the first half that it exceeded the forecasted net result for the whole year 2022. The net result in the first half of 65.2 million lei exceeds the forecasted result for the whole year 2022. The total assets under management (AUM) registered an increase of 1.7% compared to H1 2021, up to 2,450 million lei. 117 million lei invested in the… Read more »

Romanian freestyle swimmer David Popovici (17) wrote a new page of swimming history at the European Aquatics Championships in Rome, where he won the gold medals in the 100 m and 200 m competitions. In the 100 m final on Saturday, August 13, Popovici also set a new world record after he swam the distance in 46.86 seconds, breaking a 13-year-old record belonging to Brazilian Cesar Cielo Filho. In the 200 m final on Monday, August 15, Popovici set a… Read more »

Romanian startup Parol has closed a pre-seed financing round of EUR 450,000. The round was led by The Mavers Ventures, with the participation of three ex-UiPath angel investors. The ex-UiPath executives are Marius Istrate, Ana Cinca, and Mălina Platon, who joined Parol as angel investors and advisers. The company plans to revolutionize the doctor-patient interaction through the use of Artificial Intelligence. It aims to be an end-to-end technology that helps doctors save time they normally would have spent on administrative tasks,… Read more »