Henkel opens third factory in Romania

Germany’s Henkel consumer goods manufacturer began production at its third Romanian plant, in Neamt Co., this month, a nearly EUR 10 M investment, and estimates its local adhesives division will see sales go up 10 pc this year, Mediafax reports. The new factory located in the town of Roznov, a RON 45 M investment made possible by EU co-financing via SOP IEE, with a non-redeemable funding cap May 2011- April 2013.

Norwegians Bid to Build Skopje Tramway

Only one firm, a Norwegian consortium led by P.J Skurdal, had tendered an offer for the Skopje tram network when the tendering procedure expired on Wednesday, the city confirmed. Authorities said it was too early to reveal details of the offer. The slack interest comes as a disappointment after Skopje mayor Koce Trajanovski last year said companies from France, Poland, Croatia, Germany and the Czech Republic had shown interest.

Norwegian Telenor Buys Bulgaria’s Globul from OTE

Telenor ASA has agreed to buy Bulgaria's Globul from current owner OTE for EUR 717 M on a cash and debt free basis, the Norwegian telecoms firm said in a statement on Friday.

Globul is Bulgaria's second-biggest mobile telephony operator.

Greece gives OPAP suitor more time to raise bid 

Greece's privatization agency has given Greek-Czech fund Emma Delta more time to improve its bid for a controlling stake in gaming firm OPAP, two officials directly involved in the sale talks told Reuters on Thursday.

Romania’s Grampet hopes to sign rolling stock production agreement in Cuba, export to all of Latin America

Romanian group Grampet, owned by local businessman Gruia Stoica, could build a rolling stock factory in Cuba, in partnership with the Cuban authorities. The Romanian company would provide the technology and the parts, as well as parts and sub-parts made in Romania. The announcement was made soon after a Cuban delegation visited Romania to check Grampet’s production capacities. Should an agreement be signed, Grampet would thus export rolling stock in Latin America, with a first expansion target being Venezuela.

Recruitment of BiH Citizens in Slovenia

An agreement on employment of BiH citizens in Slovenia was signed between these two countries and entered into force on 1 March of this year.

This agreement regulates the terms and procedures of employment and seasonal employment of BiH citizens in Slovenia and sets the general principles of regulation of relations between the two countries in this area.

Croatian Post Monopoly To Be Broken By Austrians

Austrian Post, through their Croatian company, want to become the first alternative postal service operator in Croatia. Weber Escal & Post will bid for the under 50 grams postal delivery service business in Croatia, and with it breaking Croatian Post’s monopoly on the market.

Al Dahra, Serbia sign memorandums on cooperation

Serbian Minister of Finance and Economy Mladjan Dinkic signed two memorandums on cooperation with the heads of the Al Dahra company from the United Arab Emirates. Dinkic and Al Dahra Director General Hamad Saeed Sultan Al Shamsi signed the memorandum on capital input for the Yugoslav River Shipping worth EUR 20 to 40 million.Dinkic, Al Shamsi and Pancevo Deputy Mayor Sasa Pavlov signed the second memorandum on the sale of 43 hectares of land in Pancevo for the construction of a river port, with the price at EUR 10,000 per hectare.

Greek Piraeus Bank announces the sale of ATE Bank Romania S.A.

Piraeus Bank signed today an agreement with Mr. Dorinel Umbrarescu, a prominent businessman with particular interests in the construction industry in Romania, for the sale of the shareholding (93.27%) of the Bank in the share capital of ATE Bank Romania S.A., for the consideration of €10.3 mn. The said transfer will take place following the prior completion of the spin-off of the majority of the assets and liabilities of ATE Bank Romania and contribution of the same to Piraeus Bank Romania S.A. The agreement is subject to regulatory approvals.

Serbia's public debt 57.7 % of GDP at end of March

Serbia's public debt at the end of March amounted to EUR 19.39 billion that is 57.7 percent of the GDP, the Ministry of Economy and Finance has released in a statement. At the end of 2012, the public debt stood at EUR 17.67 billion, meaning that in the first three months of 2013 it went up by EUR 1.72 billion.

Local firm signs deal with Renault for military vehicle production in Romania

Romanian firm MFA Mizil has signed an agreement with Renault Trucks Defense to cooperate in the production of military vehicles in Romania. The deal brings a joint venture to produce military transport vehicles and armored cars to the MFA factory in Mizil, Prahova County.

Bulgarian labour costs rising, but still lowest in the EU

Hourly labour costs in Bulgaria increased by close to 43 per cent between 2008 and 2012 – but that is not that astonishing a statistic, considering that in real terms that was a rise from 2.6 euro an hour to 3.7 euro an hour, still the lowest among the 27 member states of the European Union. 

Trade deficit in Romania falls to lowest level in 10 years

Romania’s trade deficit fell to its lowest level in 10 years in February, according to estimate from the National Statistics Institute (INS). The deficit was just over EUR 208 million, down more than EUR 300 million on the level recorded in February last year.

Greece: IOBE sees recession at 4.6%, unemployment 27.6%, worried about focus of troika talks

The Greek economy will shrink by 4.6 percent of GDP this year and unemployment will reach an average of 27.6 percent, one of the country’s leading think-tanks; the Foundation for Economic and Industrial Research (IOBE) said on Monday.

Slovenian Adria plans direct flights to northern Cyprus

Adria Airways will launch seasonal summer charters to the breakaway state of Northern Cyprus, in what will be a first for the airline, the “Finance” portal reports. In collaboration with the “Kompas” tour operator, Adria will operate services from Maribor to Ercan International Airport in Northern Nicosia. The airport is exclusively served by airlines from Turkey. Northern Cyprus declared independence from the Republic of Cyprus in 1983 after Turkish troops had to push back following their invasion of the island in 1974. It is recognised as an independent state only by Turkey. While the whole island of Cyprus is considered to be part of the European Union, EU laws and regulations are not enforced in the north. 

Turkish dairy company Sütaş finalizes entry on the Romanian market, buys former Tnuva plant

Turkish dairy firm Sütaş has officially announced its entry to the Romanian market with the acquisition of the former Tnuva dairy plant and the completion of its initial investment. Initially, the Turkish company expects to employ 300 people and will later increase the number to 500 when further investments are completed. Sütaş new dairy plant has a 500 tonnes a day capacity.

Power Distributors in Bulgaria to Temporarily Disconnect Renewable Energy Plants

Power distributors CEZ and EVN will temporarily disconnect renewable energy power plants in western and southeastern Bulgaria to maintain the balance in the system. The measure was requested by the Electricity System Operator (ESO) in connection with the imbalance between production and consumption.

Greek local authorities record cash surplus in first two months of 2013

The integrated local administration budget presented a cash surplus of 362.3 million euros in the first two months of 2013, Greek Interior Minister Evripidis Stylianidis stated yesterday.

According to AMNA, he clarified that "the counterbalancing of public spending, the introduced spending cuts, and the increase in municipal revenues from sources other than state coffers created a surplus of 362.3 million euros in the first two months of 2013, further reinforcing the economic independence of Local Administration Organizations (OTA)."