The European Union gained two more member states on 01 January 2007 with the accession of Romania and Bulgaria, making a historic New Year for the two nations. Huge celebrations were held in both countries to usher in a new chapter in their history, seventeen years after the fall of communism. The European Union now has 27 [...]

Spanish company IUE Leader Imobiliare purchased a 4.3-hectare plot of land on Lujerului Street in Bucharest, previously owned by Electrotechnica, for which it paid 30.6 million euros. The Spanish will use the land, located near Plaza Romania shopping centre, to develop a residential complex comprising 1,200 - 1,500 apartments, which will entail an investment amounting to [...]

Low-cost air companies in Romania doubled their passenger number in 2006, the national Rompres news agency reported on Monday. MyAir Romania representative Antonio Iervolino thinks that low- cost flights are likely going to replace bus transports because a travel by bus may take a three-day journey instead a 2-3 hour flight at a much smaller price. There [...]

This medieval Saxon city has become one of Europe’s official culture capitals, drawing attention to centuries-old buildings that were once ordered demolished during Romania’s communist period. Sibiu, in the region of Transylvania, set off fireworks and held concerts and light shows to celebrate its designation, timed to coincide with Romania’s accession to the European Union on

Eurohypo, the first bank that arrived on the Romanian market to exclusively focus on the release of solid financing for the real estate sector, plans to grant loans worth 200m euros in the first year in business in Romania. “Eurohypo had been testing the market for 2-3 years, but last year we decided to open an [...]

Foreign direct investment in Romania reached a record euro9.1 billion (about US$12 billion) last year, up 75 percent compared to 2005, according to figures published by the central bank. Part of the increase was due to the sale of the Romanian Commercial Bank or BCR, to Austria’s Erste Bank, with the government receiving euro2.2 billion (US$2.9 [...]

Romania’s Central Bank, or BNR, decided to allow natural persons to access credits without asking them down payments that used to worth 25% of the sum for the real estate credits and 30% for the consumption credits. The decision was made Friday, by BNR’s Managing Board. BNR published at the end of last year a draft [...]

Unilever will relocate production under the Kaliakra brand from Bulgaria to Romania as part of the company’s plan to concentrate production in strategic locations, capable to sustain the long-term growth strategy. Therefore, all production at the Dobrich factory in Bulgaria will end immediately and be relocated to the company’s industrial platform near Ploiesti, Romania, where Knorr,

The world’s top mobile phone maker Nokia (NOK1V.HE: Quote, Profile, Research) plans to build a 200 million euros ($267 million) plant in Romania, a local government official said on Friday. “We will sign a memorandum with Nokia next week. It is a 200 million euros investment,” Marius Nicoara, an official in the Transylvanian city of Cluj, [...]

The domestic branch of Michelin group, the world’s biggest tyre producer, estimates its turnover will amount to about 325 million euros this year, 25% higher than the 260 million euros turnover it made last year. The regional retail market last year accounted for around one third of the company’s turnover, according to company data. “Our sales [...]