George Iacobescu, CEO Canary Wharf believes Romania can become regional centre

July 9th, 2008

George Iacobescu, one of the Romanians with the best position in a company from abroad, CEO of Canary Wharf of London, the second business

centre from the UK after the City of Lndon, told daily Ziarul Financiar that in the next five years the number of British companies on the Romanian market will go up 5 times, following the improvement of the perception of foreign investors.

George Iacobescu, born in 1945, left Romania when he was 33 years old. After several experiences in Canada and the United States in 1987 he settled in London where he began the development of business centre Canary Wharf, the second largest in Europe, after the City of London.

According to Iacobescu, at the same time with the rise in the business of South-Eastern Europe, Romania has the best position to become regional centre of money management.

New Carrefour supermarket in Bucharest

July 2nd, 2008

Carrefour opens a new unit today, in the “Vitantis” shopping centre in Vitan, with a 4 200-sq m area, the company announces in a news release.

The investment in Carrefour Vitantis amounted to approx. EUR 12 mln. The new unit will have 36 cash registers and a parking facility for 2 000 cars. Although smaller than the traditional 8 000 sq m units, in Carrefour Vitan customers will be able to find 100 per cent of the usual product range sold in such units. The non-food sector however will focus on basic products, including electronic and home appliance, garments, sports products, books, music, films, toys and office supplies.

Carrefour Vitan offered 300 new jobs, with Carrefour Romania employing over 8 000 people since its establishment, and over 1 000 more in Carrefour Express supermarkets. In 2008-2009 Carrefour will carry on its development strategy, and will open new hypermarkets in Oradea, Buzau, Sibiu, Deva, a second unit in Braila, Iasi and Constanta each, and a new one in Bucharest, in Berceni area. Carrefour is the leading hypermarket chain in Romania, with approx. EUR 866 mln in turnover in 2007, accounting for a 42.2 per cent increase since 2006. in 2008, Carrefour expects its turnover to be in excess of EUR 1 bn.

Romania: one of the fastest growing GE locations in Europe

June 23rd, 2008

A combined-cycle power plant in Brazi, Romania to be built for oil and gas producer Petrom S.A. will be the first application of GE Energys highly efficient Frame 9FB gas turbine in Romania, further expanding GEs growing presence in the country.

This large turnkey project is a first for GE Energy in the region, according to Rod Christie, region executive-Eastern Europe for GE Energy. It underscores our commitment to supply advanced, reliable power generation equipment and services that will help our customers meet the regions growing need for reliable sources of energy, he said.

Romania is one of the fastest growing GE locations in Europe. Our goal is to create growth by matching Romanias potential with GEs proven equipment and services, not only helping to increase customers competitiveness but also anticipating their needs and advancing the upgrade of infrastructure in the country, noted Christie.

GE has been active in Romania since 1984, and today has more than 900 employees in the country, with businesses operating in the energy, aviation, healthcare, lighting and power protection, financial and real estate sectors. GE Energy has supplied equipment for a variety of power projects in Romania including nuclear, combined heat and power and industrial cogeneration applications.

The new combined-cycle plant would produce approximately 860 megawatts of power. Approximately 20 percent of the plants electricity output would be used by Petrom for its own operations, with the remainder sold on the Romanian power grid.

In addition to equipment supply, GE provides project management services and commissioning services, and acts as leader of the consortium. Metka, who specializes in the construction of energy projects supplies balance-of-plant equipment, engineering and construction services.

Based in Bucharest, Petrom is the largest Romanian oil and gas group, with activities in exploration and production, refining, petrochemicals and natural gas. Petrom is a member of the OMV Group of Austria, the leading oil and gas company in Central Europe. GE has a long-standing relationship with OMV and has provided the company with gas turbines, compressors and other oil and gas equipment over the years.

Romanian gastronomy

June 22nd, 2008

As you get to know Romanian people better, you will see that they are rather fond of eating and wish to honour their guests with generous and delicious meals. Romanian gastronomy has survived through the centuries due to its robust and simple structure. Over time it has been influenced by oriental and Slavonic cookery. Peasant farms produce all of the vegetables needed for cooking. In certain regions, the local people use corn to prepare mamaliga, a polenta which often replaces bread. One traditional dish is called “bulz” and is prepared with mamaliga, cheese and cream. In Transylvania vegetable soup with cream is popular though the bean soup tends to be the most appreciated. In Moldavia and Walachia soups are given a sour flavour through the addition of bors (borsht), a sour liquid  prepared in ceramic bowls that increases one’s appetite. In Bucovina, beet bors with cream is typical whereas in the Delta they serve fish bors prepared with several types of fish and spices.

One can find the traditional dish called “sarmale” in any part of the country. Sarmale are prepared with mincemea mixed with rice that is rolled in cabbage, grape, or lime leaves, giving them a very refined taste. They also can be prepared more simply where the meat stuffing is replaced by rice, muchrooms, nuts, and carrots. Cheese can be found in various varieties and cream is generously used in a lot of dishes. Of all the varieties of Romanian cheese the most unique and appreciated is “telemea”, a cheese that is specific to the Balkan region.

Oriental influences are more visible in Dobrogea and Walachia, where people eat meat balls and “mititei”, balsa sausage-like roll of spiced minced meat.

Traditionally Christmas is celebrated with the preparation of pork dishes and Easter with lamb dishes. Romanians love sweets, which is reflected in the large variety of pastry products, the most popular of which is “cozonac” which is a traditional cake. “Sarailie”, made from honey, nuts and pastry is exemplary of the oriental influence in Romanian desserts. Since Romanian’s topography is extremely varied, many vineyards can be found along many hill sides and a large variety of wines can be found.

Economic growth in Romania outpacing the EU average

June 9th, 2008

Economic growth in Romania is outpacing the EU average, according to new statistics.

According to Eurostat, the eastern European country saw its gross domestic product go up by 8.2% during the first three months of this year.

This is more than three times the amount that was recorded across the EU as a whole during the same period.

In addition, the figure is also up from 6% in the first quarter of 2007, which was Romania’s first year as an EU member.

According to finance minister Varujan Vosganian, this trend has been driven by growth in the construction and service sectors.

This suggests that the growth of tourism and overseas property investment is having a positive impact on the Romanian economy.

Property in the eastern European country is currently in high demand.

This has led to supply being fairly restricted, which in turn has made available properties much more highly sought-after, thus increasing their prices.

The Danube Delta

May 22nd, 2008

The Danube River springs from the Black Forest Mountains and crosses the entirety of Europe before ending its 2860 kilometre journey in the Black Sea. The delta formed by the branching of the Danube into 3 main branches, Chilia, Sulina and Sfantul Gheorghe, truly is a natural paradise. This incredible area of water and land has been designated by UNESCO as the largest wetland reserve in Europe, covering a surface area of 2,861 square meters. The delta is an exotic land with more than 1200 species of plant life and the richest ornithological fauna on the continent, comprising over 300 species including many unique pelican colonies. Ichthyological fauna is represented by over 100 species, among which the Danube herring and sturgeon are the most notable. On Letea grind there is a forest widely considered to be the world’s northernmost rainforest.

The starting point for a trip in the Delta is usually the city of Tulcea. Here there are modern hotels and also a unique floating hotel fitted with air conditioning, showers and toilets, a bar and restaurant. The floating hotel can dock in picturesque locations that can serve as a base for smaller boat trips in the delta. The advantage of the floating hotel is clearly apparent as it provides mobility to differing locations while still offering all the comforts of a hotel room. There are various tourist itineraries on offer for excursions into the delta.Every week one can embark on kayak tours with local fishermen. One can go on a photo-safari or can embark on an adventure program where the only supplies taken are those which will satisfy basic needs: knife, matches, first-aid kit, line and compass. These trips allow for the participants to lead the expedition under the supervision of experienced expedition guides. For fishing lovers 6-7 day programs are available which include full board accomodation, transportation, all inclusive services, specialized guides, fishing instruments, lures and baits. The fish dishes found in the kitchens of the delta are delicious and served with exquisite Romanian wines. The journey from Bucharest to Tulcea can be made by car or train and typically takes about 4 hours.

WizzAir opens new operational base in Cluj Napoca

May 16th, 2008

Wizz Air opened its eighth operational base in Cluj, Central Romania which holds an new Airbus A320 plane and local crew members, a press release of the company shows. This is the second operational base of the company in Romania. 

Moreover, the company launched its first flights from Cluj to Valencia and Milan, with a three times a week frequency. Wizz Air chief operating officer Luke Farajalah declared that the company’s objective for this year was to transport 300,000 passengers to and from Cluj.

Wizz Air entered the Romanian market in July 2006 and located its operational base in Bucharest on June 2007. Currently, the company holds its second operational base at Cluj where it offers 17 routes to 10 important European cities.

Romania, the second largest compulsory private pensions market in Eastern Europe in 2007

May 16th, 2008

Romania had the second largest compulsory private pensions market in Eastern and Central Europe last year, in terms of number of participants (4.16 million people), after Poland with 13.3 million and overcame other rapidly growing markets like Hungary or Bulgaria, the Commission Supervising the Private Pension System (CSSPP) announced on Wednesday.

According to local authorities, some 34% of the 4.16 million participants joined the second pillar and fall into the age range of 35 to 45 which basically means that they joined the system without being compelled to. This exceeded any expectations and proves the success of the system.

Romania Aviation Firm Eyed by Buyers

May 10th, 2008

Franco-German concern Eurocopter is still interested in buying Romanian helicopter and light-plane manufacturer IAR Ghimbav, according to the President of the local council.

Aristotel Cancescu, president of Brasov county council, where the town of Ghimbav lies, put the offer price at 11 million euros for a 64.89-per cent stake.

IAR Ghimbav was put up for privatisation at the end of 2006, and Eurocopter was the only company which submitted a bid. However, negotiations broke down in 2007 after delays in the privatisation process.

Last month, the State Assets Privatization Authority (AVAS) put IAR Ghimbav up for sale again, calling for final bids by June 23. Prospective buyers must submit a five-year business plan for development of the plant.

AVAS President Teodor Atanasiu said last month that IAR Ghimbav would maintain its field of activity. This followed several warnings by Cancescu that some investors interested in IAR planned to turn the company into a real estate business.

Prince Charles begins private visit to Romania

May 7th, 2008

Prince Charles began a four-day private visit to Romania Tuesday, where he is due to visit several villages in Transylvania, in the centre of the country, official sources said.The Prince met with Romanian President Traian Basescu and Prime Minister Calin Tariceanu on the first day of his trip, before traveling on to Miclosoara, a quaint Transylvanian village, where he was to stay in a 19th-century manor belonging to Count Tibor Kalnoky.

Prince Charles, traveling without his wife Camilla, was also expected to visit two further villages, Saschiz and Viscri, which was founded by the Saxons in the 12th century and is known for its imposing fortified church, a UNESCO World Heritage site.

The two villages are part of a project led by the Mihai Eminescu Trust, an organisation under the Prince’s patronage, dedicated to the conservation and restoration of Transylvanian villages and churches.

Prince Charles, for whom this is the sixth visit to Romania since 1998, has been involved in several ecological farming projects in Transylvania where he owns several properties, and in the regeneration of the historic centre of the city of Sibiu — European City of Culture in 2007.




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