BUSINESS
​Romania Energy Ministry risking destruction of major profit-making energy company through fusion with burdened colossus Romania's Energy Ministry is trying to save the Oltenia Energy Complex (CE Oltenia), a colossus facing major financial issues, by pushing for a merger: CE Oltenia to be absorbed by Hidroelectrica, a major energy company with considerable profit. That might mean that the whole Hidroelectrica profit be passed to cover due payments amounting to billions of RON in the name of CE Oltenia, a company which will close within years anyway.
​Four Romanian entrepreneurs living in UK on their expectations about Brexit As the date of October 31 when the United Kingdom is expected to leave the EU is getting nearer, startup news webiste StartupCafe.ro has spoken with four entrepreneurs of the 500,000 Romanians living in Britain about their Brexit-related feelings.
Bucharest Stock Exchange promoted to Secondary Emerging status in "historic decision" FTSE Russel has promoted the Bucharest Stock Exchange from Frontier to Secondary Emerging Market, a move which was hailed by Romanian authorities and market representatives. "It's the news of the year", the president of the Romanian Investor Relations Association (ARIR) told HotNews.ro. "A historic decision", the Finance minister said for his part.​
DT-OTE group reportedly agreed to sell Telekom Romania fixed-line operations to Orange / Government, intelligence services officials summoned to analyse situation The Deutsche Telekom - OTE group has reportedly agreed to sale stake in Telekom Romania to Orange, but they still need green right from the Romanian state, which would have pre-emption rights, sources close to the talks have told HotNews.ro. Romanian Communications minister Alexandru Petrescu offered PM Viorica Dancila on July 22 to create and coordinate a inter-ministerial group uniting representatives of multiple ministries and intelligence service and a first session of the group was called for Wednesday, September 25.
Top executive of Romanian energy company Transelectrica dismissed over diploma forgery suspicions The top executive of Romanian major energy company Transelectrica, which is consider a strategic company, was dismissed on Thursday morning over allegations that he forged his faculty diploma. The decision to remove executive Marius Danut Carasol from office was made by the Transelectrica supervisory board.
Romanian authorities alerted by major companies' plans to sell assets, planned regulation shows All companies in the enegy sector may be forced to notify Romania's energy market regulator ANRE with a minimum 12 months in advance about any intention to change their judicial statute, a draft order of the ANRE which has been submitted for public consultation says. The bill comes at a delicate time for the local energy market.
UiPath to host first global event for RPA community in Las Vegas Daniel Dines, the Romanian who is CEO and founder of UiPath company, will talk on relations between man and robot at the first global event for experts and users of the Robotic Process Automation technology, due to take place in Las Vegas, a company press release says.
Romanian startup selected in Techstars Montreal AI accelerator MorphL, a Romanian startup developing AI technologies capable of learning and anticipating client behaviour, was admitted in a Canada-based accelerator, Techstars Montreal AI, less than two years since the company was established.
​Mistery company becomes one of Romania's biggest gas importers Gas market stakeholders have been watching the spectacular evolution of a limited company with only two employees which has become one of the biggest gas importers in Romania. In April this year, it even became the biggest importer, temporarily, with over 50% of total imports. Voices on the market claim the strings behind the company may lead to Moscow.
​Huawei calls US official statements about Chinese company in Bucharest "unfounded" and "politically motivated" Huawei on Tuesday reacted to statements made by US Ambassador to Europe Gordon Sondland in Bucharest last week, in which he urged Romania to become "Huawei-free". The company issued its own statement calling Sondland's position "unfounded" and "politically motivated".
CEZ Group tests sale of assets in Romania CEZ Group has launched a market test for the sale of assets in Romania, including its wind farm in the region of Dobrogea and distribution operations in Oltenia region, a company press release says.
​Romania a step away from European sanction over restrictions on gas exports Romania's energy market regulator has launched an emergency process over changes related to a government ordinance applying restrictions to gas trades. The emergency is caused by the fact that later this month the European Commission may bring Romania to justice over the said restrictions.
Romanian OMV branch attempts to take over several of Russian oligarch's gas stations Romania's Competition Council is analysing a deal by which a local branch of OMV Petrom, OMV Petrom Marketing SRL, takes over Art-branded gas stations controlled by a company called Art Petrol SRL. The company is controlled by Russian oligarch Rishat Safin, who years ago served as top executive at Lukoil and headed the Lukoil Europe Holdings.
Romania's government expected to introduce tax on sugar rich beverages, increase cigarette excise The Government is expected to adopt on Monday an ordinance introducing new economic measures, including a new tax applied to beverages with a high level of sugar, official sources have said. The tax would be applied starting September 1.
Enel may sell part of assets in Romania, but said to plan keeping majority stakes - sources Italian company Enel is said to consider the selling of assets it holds in Romania, amounting to Eur1 billion, for which three investment funds are interested, according to Money.it website quoted by Romanian media. Market sources have told HotNews.ro that the talk is not about selling majority stakes, but possibly of minority ones, along those held in Enel companies by the Proprietatea Fund.
Apple Pay made available for clients in Romania Apple Pay expands to 16 European countries including Romania. Card users here will be able to make online purchases with the new tool, which is available on iPhone, Apple Watch, iPad and Mac for clients of multiple banks and payment services in Romania.
Telekom Mobile receives RON 1.1 million fine Romania's telecom supervising authority ANCOM has fined operator Telekom Mobile Ron 1.1 million over an incident in March this year, when its network was affected for more than the allowed 35 minutes of unavailability, according to HotNews.ro.
​EXCLUSIVE What royalties will be paid by Exxon, OMV, Lukoil and other companies that will export Black Sea gas. Plus: how many Romanian employees they should have, what kind of approvals are needed and what fines are received by institutions that do not give the authorizations on time ​Companies exploring and exploiting oil and gas fields in the Black Sea will have a normal royalty regime, and will pay the quota currently provided in the law or in the contracts concluded with the Romanian state, according to a draft law adopted by the Government. The project consulted by HotNews.ro also states that these companies (already exploring in the BlackSea are Exxon, OMV, Lukoil) have to have at least a quarter of Romanian employees and have to get approvals from 9 institutions, including the General Staff of the Army and the Foreign Ministry.The draft was adopted by the Government last week and has already been sent to Parliament for debate and adoption.
Romania's oil and gold resources placed in hands of former meat merchant and tax inspector The National Agency for Mineral Resources (ANRM), an essential institution that manages the resources of gas, oil and ores, has a new chief: Gigi Dragomir, 50, a man with no experience in the sector. Gigi Dragomir is an inspector in the County Public Finance Administration in Ilfov county. In recent years, he has participated in ANAF exams for a number of positions, but has failed them. Prior to becoming a fiscal inspector, he worked for a number of companies dealing with the trade and distribution of food products.
Playing with the economy: How did the ruling coalition in Romania alter the business environment with inadequate decisions and with totally or partially withdrawn initiatives "Stop this fiscal and budgetary hopping," addressed President Klaus Iohannis to the Social Democratic Party (PSD) , Alliance of Liberals and Democrats (ALDE) and Democratic Alliance of Hungarians in Romania (UDMR) parties, on June 29, at the Tudose Government Investment ceremony. The president's request was totally ignored in the three-month governance of the Tudose Cabinet.

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