BUSINESS
Deloitte survey: Central European private equity firms hit lowest confidence level since the financial crisis, but they are more optimistic than in 2008 Central Europe’s private equity (PE) firms’ confidence hits lowest level since the global financial crisis, as a result of the COVID-19 impact, but deal-doers are more optimistic than during the 2008 crisis, according to the latest Deloitte CE Private Equity Confidence Survey. The confidence index, which has been decreasing since the end of 2017, is now at 62, the second historical lowest after October 2008, when it reached 48. Seven in ten professionals in Central Europe private equity houses forecast a decline in market activity and worsening economic conditions, given that the regional economies, which are largely consumer-driven, are expecting significant GDP contraction in 2020 amid demand shrink caused by unemployment rise.
Deloitte study: companies redirected almost half of the marketing budgets towards social media and mobile activities during the COVID- 19 pandemic During the COVID-19 pandemic, companies redirected almost half of the marketing budgets (46%) towards social media and mobile activities, according to the latest edition of Deloitte Chief Marketing Officer (CMO) Survey, twice as much as before the pandemic. The study also emphasizes that marketers anticipate a continuous growth for mobile spending over the next 12 months, while spending on social media will remain close to the new high level. Deloitte CMO Survey was the result of an analysis of almost 300 responses from top marketers active in 13 industry sectors in US.
webPR: Deloitte launches SmarTax app which automates companies’ corporate income tax compliance process Deloitte Romania launches SmarTax application, a digital tool that allows companies to calculate and prepare the quarterly and annual corporate income tax (CIT) computation based on accounting documents available on any fixed or mobile device connected to the internet, thus digitizing their compliance process with corporate income tax reporting requirements. The application incorporates the entire fiscal legislation in force, while also remaining flexible to adjust to any future changes in the corporate tax area.
Revolut is the fastest growing technology company in Europe, the Middle East, and Africa, according to the latest Deloitte Fast 500 competition Revolut is the fastest growing technology company in Europe, the Middle East, and Africa, according to the latest Deloitte EMEA Technology Fast 500 competition. The ranking also includes the Romanian companies Tremend, Piconet, Trencadis and Qualitance, active in fields such as software and fintech, all of them previously recognized by Deloitte’s competition dedicated to technology players with the fastest revenue growth in Central Europe, Technology Fast 50.
Deloitte study: Central Europe CFOs reach pessimism peak amid uncertainty caused by the COVID-19 pandemic Central Europe chief financial officers have reached a pessimism peak as their confidence about the economic outlook and the wider business environment continues to fall amid the uncertainty caused by the COVID-19 pandemic, according to the latest Deloitte CE CFO Survey, conducted on more than 300 leading finance professionals in six countries - the Czech Republic, Estonia, Latvia, Lithuania, Poland and Romania. Almost three quarters of the respondents (72%) stated they were less optimistic about their companies’ financial prospects than before the new coronavirus outbreak, with Polish leading the top of the pessimistic (79%), followed by Romanians (75%). The study also shows significant shifts in the perceived levels of uncertainty facing respondents’ businesses, considering that an average of 36% respondents felt a high level of external financial and economic uncertainty in the pre- outbreak edition of the survey, compared to almost 70%, in the latest edition.
webPR: Deloitte Romania advised the construction materials local leader, TeraPlast Group, in the sale of its steel division to the Irish group Kingspan Deloitte Romania advised TeraPlast Group, the largest Romanian producer of construction materials, in the sale of its steel division to the Irish group Kingspan, global leader in insulation and building envelope solutions, which was already present on the Romanian market. The transaction refers to the entire participation held by TeraPlast in the thermo-insulating panel factories TeraSteel in Romania and in Serbia, as well as in the metal tile producer Wetterbest. The agreement is subject to approval from the competition bodies. The value of the sold division has been assessed at 410 million lei, and the final price will be established after adjustments with the net debt and the working capital.
Deloitte study: new housing has become more expensive in most European countries in 2019 New housing has become more expensive in most European countries over the last years, including 2019. Among 23 countries participating in Deloitte Property Index Study, 20 showed growth in prices of new dwellings and only three of them saw a price decrease. Experts in the residential real estate market expected the growth trend to continue in 2020, but they became less optimistic in the context of COVID-19 pandemic. Thus, in almost half of participating countries, the residential market is expected to stagnate this year in terms of price and experts in only six countries have positive expectations.
Deloitte State of Consumer Tracker: more than half of the European consumers plan to postpone buying a new vehicle More than half of the European consumers (52%) plan to postpone buying a new vehicle and they will keep their current one longer than originally intended in the context of the COVID-19 pandemic, according to Deloitte State of Consumer Tracker, with respondents from Poland being the most cautious regarding the purchasing behavior (68%), followed by the Irish (61%) and the Spanish (60%). At the opposite end, only 32% of the Dutch have postponed their plans to buy a new vehicle. The survey was conducted on 18,000 respondents from 18 countries, including nine European states – Belgium, France, Germany, Ireland, Italy, the Netherlands, Poland, Spain and United Kingdom -, in the second half of June 2020.
webPR: Deloitte Romania strengthens management team by appointing two new directors and one partner within Reff & Associates Deloitte Romania strengthens its management team by promoting Ioana Boca to Financial Advisory Director, Sorin Elisei to Director within the specialized practice in the energy and natural resources industry, and Mihnea Galgotiu-Sararu to Partner within Reff & Associates, the law firm member of Deloitte Legal global network.
webPR: Deloitte Romania opens applications for the 21st edition of Technology Fast 50 Central Europe competition Deloitte Romania opens application for the 21st edition of Technology Fast 50 Central Europe competition, addressed to large and small local companies in the technology sector, public and private, which register accelerated growth. Held simultaneously in other 17 Central European countries, namely Albania, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Serbia, Slovakia and Slovenia, the competition provides both established and emerging technology companies the platform to highlight their leading position in their field of activity.
webPR: Deloitte Legal Romania and Waltmann launch the first solution for a 360-degree evaluation from a medical, technical and legal perspective, dedicated to office buildings and shopping centers The reopening of commercial spaces and the return to the office after the relaxation of the restrictions imposed in the context of the COVID-19 pandemic involves a considerable administrative effort for companies, in order to meet the criteria and implement the measures that will offer the green light to resume business. Each company needs to prepare its own set of measures and implement them rigorously, in order to avoid undesirable consequences and risks, based on a plan adapted to its own specificity, so as to reach the “fit-for purpose“ standard, depending on the characteristics of the space and the nature of the activity carried out in the location.
webPR: Deloitte Romania appoints Vlad Boeriu Partner-in-Charge of the Tax and Legal practice Deloitte Romania has appointed Vlad Boeriu Partner-in-Charge of the Tax and Legal practice, effective as of June 2020, following Dan Badin’s completion of the mandate in this role. Vlad Boeriu joined Deloitte in 2004 as a Tax Consultant and has gone through all the ranks up to Partner-in-Charge. Since 2015, he has been a Tax Partner, a role in which he led the growth of Deloitte Romania’s indirect tax practice.
Deloitte survey: CFOs in Romania expect massive drop in demand, reduction of revenues and number of employees The perception of the CFOs in Romania regarding the evolution of the main financial indicators of their companies has changed dramatically in only several months as a result of the COVID-19 pandemic, according to CFO Survey Romania, conducted by Deloitte in April-May 2020 based on opinions expressed by CFOs in our country. Their main concern for this year is the drop in demand, as 73% of the survey participants estimate a decrease of the internal demand, and 45% of them, of the external demand. The share of those who expect revenues reduction is 67%, while at the end of 2019, 78% of them estimated increases in revenues, according to the survey.
webPR: Deloitte Romania strengthens management team by appointing three new partners Deloitte Romania strengthens its management team by promoting Raluca Baldea and Bogdan Barbu to Tax Partners and Simina Mut to Partner with Reff & Associates, the law firm representing Deloitte Legal global network in Romania.
webPR: Deloitte, recognized as the Tax Firm of the Year at the 2020 European Tax Awards Deloitte was awarded the Tax Firm of the Year in Europe and in the CEE Region, for its remarkable achievements in Romania, Bulgaria, the Czech Republic, Slovenia and Slovakia, at the 2020 European Tax Awards, organized by the prestigious International Tax Review (ITR) publication. Deloitte was also named the Tax Innovator of the Year and the Tax Compliance and Reporting Firm of the Year during the 16 th edition of the competition, which recognizes innovative, breakthrough and valuable projects, based on reviews conducted by ITR journalists, market research and clients’ and professionals’ feedback.
Deloitte Romania and SAS experts: New anti-fraud technology solutions emerge, but companies must ensure cooperation between compliance and anti-fraud departments A typical fraud case lasts 14 months before detection and causes a loss of over $8,000/month, according to the Association of Certified Fraud Examiners (ACFE) 2020 Report to the Nations. When considering today’s financial landscape, where transactions happen under one second, and the current age of economic turmoil that COVID-19 has caused on a global scale, these challenges and risks become all the more threatening, underlined Deloitte Romania and SAS experts in a series of webinars on fraud detection, anti-money laundering (AML) and use of analytics for these fields. However, there are reasons to be optimistic, as 55% of organizations expect to invest more in anti-fraud technology over the next two years, according to ACFE’s 2020 Anti-Fraud Technology Benchmarking Report, and new approaches to fraud prevention emerge, combining rules-based systems with machine learning and AI-based fraud detection systems that enable the identification of thousands of fraud patterns.
Is the pandemic revealing Romania’s potential to become an EU supply chain superhub? 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?
Why the most significant macroeconomic risk is not the upcoming recession, but the collapse of the Euro and the European Union 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.
Banking fraud, AML and KYC compliance in the era of COVID-19 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.
Why Romanian economic recovery requires helicopter money to individuals 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.

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