BUSINESS
Dimitrios Goranitis
Photo: Deloitte Romania
Opinion

Is the pandemic revealing Romania’s potential to become an EU supply chain superhub?

de Dimitrios Goranitis HotNews.ro
Miercuri, 13 Mai 2020 English | Business
For the last three decades, Romania has enjoyed unprecedented growth. Since 1987, the country has increased its GDP by a staggering amount of $200 billion. Its main trade partners include Germany, Italy and France and its main trade exports are vehicles/vehicle parts and insulated wire, retaining however significant market share in the international food supply chain with grains (wheat, corn) and pig meat. The services industry however is accounting for 55% of GDP and employs two thirds of the labor force. Retail aside, a very high impact in the services sector is delivered by the model of shared services centers established by global corporations harvesting the benefit of highly skilled personnel at a cheaper labor cost within the security of EU and its regulatory framework. What would be the dynamic of the Romanian opportunity in the future?
Dimitrios Goranitis
Photo: Deloitte Romania
Opinion

Why the most significant macroeconomic risk is not the upcoming recession, but the collapse of the Euro and the European Union

de HotNews.ro
Luni, 27 Apr 2020 English | Business
Ten years after the credit crisis, the European Union demonstrates that it has learned very little on how to unite and decisively take pan-EU measures to tackle crisis and support recovery. A series of long negotiations between the major economies of the South versus the North, with the European Central Bank (ECB) awkwardly stuck in the middle, not only doesn’t address the sustainability of the European economy as a total, but it feeds, as in the last crisis, the speculative appetite of the markets towards sovereign debt of the weaker links. However, this time, EU is not called to bail out a small economy like Greece, but Italy and Spain, its 3rd and 4th largest economies, accounting for approximately EUR 3.5 trillion of its Gross Domestic Product.
Burcin Atakan, Ioana Ungureanu
Photo: Deloitte Romania

Banking fraud, AML and KYC compliance in the era of COVID-19

de Burcin Atakan, Ioana Ungureanu Deloitte Romania
Joi, 23 Apr 2020 English | Business
As the new coronavirus continues to spread across the globe, top-down measures are imposed to slow down its effects and minimize potential damages. Countries across the globe are taking diversified approaches to fight against the virus spread. When these measures are combined with the long awaited recession, being hit by a financial crisis in the virus era is inevitable.
Dimitrios Goranitis
Photo: Deloitte Romania
Opinion

Why Romanian economic recovery requires helicopter money to individuals

de Dimitrios Goranitis HotNews.ro
Marţi, 7 Apr 2020 English | Business
A global black swan is not an ordinary crisis. You can only avoid the shock of a global lockdown by providing a lifeline to the system until the system operates again and the intervention needs to be substantial, immediate and decisive. If you allow the system to incur damage, then the years and cost of recovering from that damage are a lot more expensive that the lifeline. This is what the crisis of 2008 taught us. This is no different than a heart attack and a by-pass surgery. Just that this time you do the surgery in a hospital that is under attack by a virus.
Hidroelectrica
Photo: AGERPRES

Economy minister sees EBRD involved in listing of Romanian energy major Hidroelectrica

de Editorial Staff HotNews.ro
Vineri, 31 Ian 2020 English | Business
Romania's Economy minister Virgil Popescu said in an interview with HotNews.ro on Thursday that works was underway for the listing of major energy company Hidroelectrica. He said his government wanted to list it on the exchange this year.
OMV Petrom
Photo: OMV Petrom

OMV Petrom interested in Bulgarian Black Sea gas

de Editorial Staff HotNews.ro
Marţi, 17 Dec 2019 English | Business
Romanian oil major OMV Petrom eyes the takeover of the stake held by OMV Offshore Bulgaria GmbH in the Han Asparuh exploration field in Bulgaria, by buying the stake from OMV Exploration&Production GmbH. THe company says certain conditions have to be met before the conclusion of the deal, which is expected to take place before mid-2020.
Preturi energie
Photo: Eurostat

ArcelorMittal plants threatens with suspended production over energy prices despite EU figures

de Editorial Staff HotNews.ro
Joi, 12 Dec 2019 English | Business
A Hunedoara, Romania-based plant controlled by ArcelorMittal has threatened to suspend production as a reaction to market conditions and high energy prices. The threat came a day after Romanian PM Ludovic Orban himself also talked about state assistance that should be given to siderurgic and petrochemical companies because of high energy and natural gas prices. But official figures are different than those circulated by the PM and ArcelorMittal.
Standard & Poor's
Photo: Flickr/ eflon

​S&P revises outlook on Romania to negative over deficits

de Editorial Staff HotNews.ro
Miercuri, 11 Dec 2019 English | Business
S&P Global Ratings has revised its outlook on Romania from stable to negative due to rising fiscal and external deficits, while affirming its long- and short-term foreign and local currency sovereign credit ratings at 'BBB-/A-3'. It pointed to planned wage and pension increases largely decided by the previous Social Democratic government as contributor to widening the country's current account deficit.
Teodor Blidarus
Photo: StartupCafe.ro

Romanian startup FintechOS raises $14 million in Series A investment

de Raluca Abrihan HotNews.ro
Marţi, 10 Dec 2019 English | Business

FintechOS announced today that it has raised a 14 milion USD 14M Series A round to continue its hyper accelerated growth and further development of the platform, StartupCafe.ro reports.

Ionel Danca
Photo: Guvern

Top government official says investors call for re-consideration of classified info on mineral and oil resources

de Editorial Staff HotNews.ro
Joi, 5 Dec 2019 English | Business
Romania's government would push for a re-consideration of categories of classified information regarding mineral, oil and gas resources. This comes at the request of investors in these sectors, which was made during working sessions with representatives of the government, a top government official said on Thursday.
Fratii Viorel si Ioan Micula (foto arhiva)
Photo: AGERPRES

Distraint set on Romanian energy major's shares over state debt to business brothers

de Editorial Staff HotNews.ro
Miercuri, 4 Dec 2019 English | Business
The business people of Romanian origin known as the Micula brothers and their companies have managed to set a distraint on 67 million shares held by the Romanian state in major energy company Nuclearelectrica. This comes as coverage for a debt amounting to Eur 395 million the Romanian state has to pay the Miculas.
Catherine Chen, senior vicepresedinte al Huawei, si George Zhang, seful Huawei Romania
Photo: Hotnews

Huawei Vice-President Caherine Chen on Romania aligning to US stand on 5G: company trusts access to 5G would not be cut

de Editorial Staff HotNews.ro
Joi, 21 Nov 2019 English | Business
Huawei Vice-President Catherine Chen hopes Romania would not align to the US position on banning the access of the Asian giant to building 5G networks in Romania, but would act based on facts, tests and risk assessments. The way that, she says, is pursued in countries like Britain, France or Germany or by the European Commission.
Foraj Marea Neagra
Photo: AGERPRES

In Romania, news that Exxon Mobil plans biggest sale of assets comes against statements by President Iohannis

de Editorial Staff HotNews.ro
Joi, 21 Nov 2019 English | Business
News that Exxon Mobil is planning to sell up to USD 25 billion of oil and gas field across the world to focus on mega-projects, as reported by Reuters on Thursday, contrasts, when in comes to Romania, whith statements made by incumbent president Klaus Iohannis in an electoral debate earlier this week.
Economia încetinește ușor după 9 luni
Photo: sxc.hu

Romania economic growth slows down in Q3 - flash data

de Editorial Staff HotNews.ro
Joi, 14 Nov 2019 English | Business
The growth of Romanian economy stood at 0.6% in Q3 this year, as compared to the previous quarter. Compared to Q3 2018, the GDP gre 3.0%, while yoy growth for the first nine months of the year was of 4.0%, according to flash data of the National Statistics Institute on Thursday.
Liudmila Climoc, CEO Orange Romania
Photo: Hotnews

Orange picks Romania as first country for 5G commercial network

de Editorial Staff HotNews.ro
Marţi, 5 Nov 2019 English | Business
Romania is the first country where Orange group is launching its 5G network and commercial services, a top company officials announced on Tuesday. Orange is the third operator after Vodafone and Digi/RCS&RDS to launch 5G services in Romania.
Sorin Grindeanu, presedinte ANCOM
Photo: AGERPRES

Romanian telecom regulator head provides one more confirmation of possible Telekom sale

de Editorial Staff HotNews.ro
Joi, 31 Oct 2019 English | Business
A possible sale of Romania's telecom operator Telekom, controlled by Deutsche Telekom/OTE with a stake still in the hands of the Romanian state, was once more confirmed by a Romanian authority on Thursday.
Sigla Realitatea TV
Photo: Realitatea TV

Romania's first news channel Realitatea TV to close for bankruptcy causes, audiovisual council decides / New channel to take place

de Editorial Staff HotNews.ro
Marţi, 29 Oct 2019 English | Business
The first news TV channel in Romania Realitatea TV is due to end emission starting Thursday as Romania's audiovisual council CNA did not agree to extend its audiovisual license. The reason is linked to the bankruptcy ordered in Realitatea TV's case after eight years of insolvency, a bankruptcy which, while not concluded, prevented the channel from delivering the necessary proof it can operate lawfully. A new channel with the same people, Realitatea Plus, is expected to take its place.
Munca- ieri si azi
Photo: sxc.hu

Romania may lose 275k jobs due to automation - PwC

de Editorial Staff HotNews.ro
Luni, 28 Oct 2019 English | Business
About 600,000 jobs in Romania would be affected by digital changes caused by new technologies, according to the PwC Workforce Disruption Index. Of these, 275,000 may be replaced by automation, the report says.
UiPath Lab Bucuresti
Photo: Hotnews

Up to 400 employees of UiPath unicorn company facing layoffs

de Editorial Staff HotNews.ro
Joi, 24 Oct 2019 English | Business
Some 400 employees of Romanian unicorn UiPath are facing layoffs which would impact business areas which are not aligned to the main focus of the company, an UiPath spokesperson told Romanian website StartupCafe.ro. He thus reacted to information first published in international media that the company is about to fire personnel.
Fabrica de elicoptere Airbus
Photo: Airbus

​​INTERVIEW Airbus Vice President: There is a risk of moving helicopter factory from Brasov to another country / Why helicopter model remained on paper only despite potential

Vineri, 18 Oct 2019 English | Business
Why keep something that does not exist - or the building exists, but is not producing helicopters? So asks Airbus Vice President Olivier Michalon in an interview with HotNews.ro, regarding the factory Airbus opened near the city of Brasov, Central Romania. The factory was due to produce the H215M helicopter model both for the Romanian Army and for export. But the project remained on paper only as Romania did not issue any order.

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