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Romania’s new insolvency code to be enforced starting October 25

The new insolvency code will be rolled out in three weeks time after the government passed it on Wednesday through an emergency government ordinance, in a move which came as a surprise for the consortium working of the bill as it contained a series of fresh provisions, said on Friday Arin Stanescu, president of the National Union of Insolvency Practitioners in Romania (UNPIR), during the first National Insolvency Conference.

Over the next two years, Endava will grow its team by a quarter annually

IT solutions provider Endava posted a turnover of EUR 14.5 million in Romania at the end of 2012. Globally, Endava posted on June 30, 2013, a turnover of EUR 50 million for the financial year 2012- 2013, up 43 percent on the similar period of last year.

Eurostat: Domestic budget deficit down to 3 pc of GDP

The Romanian budget deficit stood at 3 per cent of GDP last year (RON 17.423 bln), down from 5.6 per cent of GDP in 2011 (RON 30.901 bln), 6.8 per cent of GDP in 2010 (RON 35.552 bln) and 9 per cent of GDP in 2009 (RON 45.249 bln), show revised figures made public yesterday by the European Statistics Office (Eurostat).

Inditex, First Tenant of Coresi Project in Brasov, Rented 6,000 sq. m for 6 Stores

Spanish group Inditex rented 6,000 sq. m in Coresi commercial centre in Brasov, developed by Immochan.

KLG Europe plans EUR 10 mln local warehousing expansion

The Romanian subsidiary of KLG Europe, an integrator of transport and logistics services based in the Netherlands, plans to double its warehousing capacities in Romania next year, in a move designed to accommodate higher demand on the local market.

Macoveiu, Global Finance: The Office Request is Low

Sorin Macoveiu, commercial manager Global Finance, has declared that he wouldn’t start the development of an office project in Bucharest nowadays, adding that the request will stay low without a solid economy, which favours the companies development, and the relocations would dominate the office market.

Moody’s: Domestic macro-economic balance improving, but growth still subdued

In a report published, recently, Moody’s Investors Service says that Romania’s Baa3 government bond rating incorporates the fiscal consolidation achieved over the last two years, but remains constrained by the economy’s subdued recent growth performance and outlook.

Real Estate Valuations, EUR 18 Million Market

The real estate valuation market in Romania will reach EUR 18 million in 2013, the same value as last year, according to Activ Property Services, partner Cushman & Wakefield.

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