Category: Uncategorized

Daniel Tudorache, the former PSD (Social Democrat) mayor of Bucharest’s District 1, was sentenced to three years and six months in prison by Romania’s High Court of Cassation and Justice for complicity in influence peddling in the “Diamonds Case.” However, he was acquitted of money laundering charges.  His ex-wife, Constanța Adina Tudorache, was also acquitted…

Romanian oil and gas group OMV Petrom (BVB: SNP) and its parent group OMV have joined EIT InnoEnergy, a fund supported by major companies like TotalEnergies, Engie, ING, Volkswagen, and Siemens.  This inclusion is part of a private funding round exceeding EUR 140 million, started in 2023.  EIT InnoEnergy, co-founded by the EU, has invested…

Romania’s minister of digitalization, Bogdan Ivan, emphasized the significance of Google Cloud CEO Thomas Kurian’s visit to Romania, marking the country as a prime market for global tech firms. “The visit of Thomas Kurian, CEO of Google Cloud, to Romania, is a major plus… it signifies that we are a very attractive market for global…

Romania’s manufacturing industry significantly contributed to a 4% increase in industrial turnover in the first five months of 2024, compared to the same period in 2023, with a 4.9% rise. However, the mining sector saw a 15.8% decline, according to data released by the National Statistics Institute (INS) on July 17.  Notably, the capital goods,…

Romania is expected to suffer significant losses in corn and sunflower crops due to severe drought conditions affecting nearly two million hectares. According to agriculture minister Florin Barbu, farmers will receive compensation between EUR 200 and EUR 250 per hectare for the damaged crops. The total estimated funds for drought compensation range from EUR 500…

The price of electricity in Romania has reached unprecedented levels, with the average spot market price surging to RON 1,175 (EUR 236) per MWh on Wednesday, July 17, and peaking at an astonishing RON 4,300 (EUR 865) per MWh for the interval 20:00-21:00, according to data from the local energy market OPCOM. This makes Romania…

The recent and anticipated decline in the annual inflation rate to a significantly lower trajectory than previously expected, along with ongoing uncertainties regarding long-term developments, justifies a prudent reduction in the monetary policy rate. This was the consensus among the Board members of the National Bank of Romania (BNR) during the monetary policy meeting on…

The discovery of bone fragments from various types of mammoths believed to have lived more than two million years ago along Romania’s Buzău River valley has prompted geologists to continue their research in the hope that the area might be a mammoth cemetery.  The first bone fragments were added to the Buzău County Museum’s collection…

Gabor Olajos, currently the Chief Operating Officer for Pluxee Bulgaria, has been appointed Country Managing Director for Pluxee Romania & Bulgaria, effective July 22. He assumes the position previously held by Manuel Fernandez Amezaga, who has taken the role of Chief Revenue Growth Officer for Hispanic Latin America and became part of the Global Executive Committee.…

Roughly 32% of employees in Romania say they receive more each month, up from 26% in 2023, but 55% are financially stressed (57% last year), according to the PwC Workforce Hopes and Fears 2024 study. The accelerated changes in companies and the much higher workload of the last 12 months have led Romanian employees to…