NEWS IN BRIEF

April 14, 20090

EUobserver: Romanian underground economy surpasses 36 pc of GDP

The underground economy in Romania, Estonia, Latvia and Bulgaria holds a share of 36-39 per cent of GDP and the black market is growing, according to the estimates published by the EUobserver. The EUobserver estimates that this type of economy that consists of avoiding the payment of taxes in the trade of goods and services will grow by 0.3-0.9 per cent in 14 wealthy European Union member states. The highest growth will be registered in Ireland, Great Britain and Spain. Belgium, Austria and Germany are at the opposite end of the table.

New Renault Megane and Megane Coupe, launched in Romania

The Renault company launched, on Monday, at a press conference held in the new Auto Cobalcescu Exhibition Centre at Splaiul Unirii, the third generation of the Megane vehicle in Romania: the brand new Renault Megane and Megane Coupe models. The new Renault showrooms are located at a distance of a few minutes to the Unirii Square, on an 18,000 sq m lot, and provides exhibition space of 26,000 sq m. The new Megane is available with three motor versions and three equipment versions, at prices starting EUR 12,900, VAT included. The location that hosted the official launch of Megane required an investment of over EUR 18 million. The multifunctional building includes three showrooms for the sale of the new Renault, Nissan and Dacia vehicles as well as a centre destined for the sale of Renault utility vans.

Orange, Vodafone and Romtelecom to miss CERF 2009

Orange, Vodafone and Romtelecom will not attend this year’s edition of Romania’s most important IT & C exhibition, Computers and Electronics Romanian Fair (CERF 2009), the representatives of the three companies announced according to HotNews. The representatives of Orange and Vodafone declared yesterday that they would not attend this year’s edition of CERF. Cosmote officials declared that the “decision regarding the attendance to this year’s edition of CERF is still analyzed.” Germanos also declared that they have not reached a decision yet. Romtelecom, on the other hand, firmly declared that they would not attend the fair, due to a change in their communication strategy.

MEc purchases petrochemistry assets of Arpechim

The Ministry of Economy (MEc) will purchase the petrochemistry-related assets of the Arpechim refinery of the Petrom Company, which will represent the contribution of the state to the registered capital of the new company that will operate this activity. The measure is destined to grant supplies to the company Oltchim (OLT), Mediafax reported. “The purchase of the petrochemistry-related assets of the Petrom Company – the Arpechim Pitesti subsidiary, including the afferent lot, is made according to applicable laws mentioned in the present Government Resolutions and to applicable laws regulating public acquisitions, by negotiation without previous publishing of an attendance announcement,” a draft Government Resolution conceived by the MEc shows.

Ursus Breweries invests EUR 42 M in Buzau plant

Ursus Breweries, a subsidiary of SABMiller plc, has invested EUR 42 M in its Buzau plant increasing the production capacity by 50 per cent, reads a company press release. The investment made in this phase has helped expand and modernize existing production facilities and install new equipment used to produce new varieties of beer.

Turkey’s representative to Eurovision hopes voting will be free of political influences

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BUSINESS

NEWS IN BRIEF

April 14, 20090

Mihai Nodea, new GSM Sales Manager for LG Electronics Romania

Starting this April, LG Electronics Romania has appointed Mihai Nodea in the position of GSM Sales Manager for relations with operators, a press release announces. 30-year-old Mihai Nodea has an experience of over eight years in the industry of telecommunications gained mostly by creating, coordinating and developing relations with GSM operators. Previously, during May 2008 – April 2009, Mihai Nodea has worked as a Key Account Manager for Sony Ericcson Mobile Communications International AB for the relation with Orange Romania and during May 2007 – April 2008, he was Key Account Manager for GSM Operators for LG Electronics Romania.

Garrigues Portugal, the first Portuguese full service law firm in Romania

Garrigues Portugal, the Portuguese arm of the largest Law Firm in the Iberian Peninsula and in Continental Europe, is due to launch its operations in Romania as of April 2009, by adding Portuguese lawyers to the team of Romanian lawyers at the Garrigues’ offices in Bucharest, a press release informs. The decision is a reflection of an international strategy concentrating on expansion across Central Eastern European markets, which started with the opening of Garrigues Polska in Warsaw, in January 2007. Garrigues will thus become the first Portuguese law firm in Romania to provide full service under Romanian law. Garrigues Portugal will be represented in Romania by one native Partner, Miguel Marques dos Santos, and one native Associate, Gonçalo de Almeida Costa. Garrigues Romania offers a wide range of services, to both domestic and foreign clients, comprising, among others, real estate, construction and infrastructure, banking and finance, consumer and competition law, public-private partnership, renewable energy and labour law.

73 pc rise in Medlife income for Q1

Medlife, the greatest private medical care provider on the local market and the owner of the greatest private hospital in Romania – Life Memorial Hospital, has reported a turnover of approximately RON 28 M achieved during the first quarter of 2009, representing a rise of over 73 per cent to the value registered in the similar period of the previous year, which totalized approximately RON 16 M. According to a press release, Medlife representatives declared that the evolution of the income achieved by the company on the local market was according to expectations and registered a 40 to 45 per cent increase over the evolution rhythm of the local private medical service market. One of the segments that granted the increase of the Medlife business was the corporate one, which registered an 85 per cent increase in the first quarter, compared to the similar period of the previous year, Ciprian Ciobanu, Sales & Marketing Director for Medlife declared. At the beginning of 2009, Medlife representatives announced that they estimate a turnover of EUR 31.5 M for this year, mostly based on new customers.

Colliers: Prices of old apartments in Bucharest have dropped by 15 pc in March

The prices of old apartments in Bucharest have dropped by an average of 15 per cent in March compared to the level registered in February, while the prices of new apartments have stagnated, a study authored by the Colliers International real-estate company reveals. Thus, the new apartments monitored through the BREI-N price index did not register a price drop, while the prices of old apartments, monitored through the BREI-V index, have dropped by an average of 15 per cent compared to the level registered the previous month. All of Bucharest’s Districts have registered drops ranging from 5 to 20 per cent during the aforementioned period. District 1 is the worst hit, with the prices of old apartments there dropping by 20 per cent. District 2 is at the opposite end of the table, registering a drop of 5 per cent, the smallest drop registered in March. At the same time, the prices of old apartments located in District 3 have dropped by 19 per cent, the prices of old apartments located in District 4 have dropped by 13 per cent, the prices of the ones located in District 5 have dropped by 12 per cent and the prices of the ones located in District 6 have dropped by 17 per cent.

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