Measures for company subsidy in 2020 helped HoReCa companies cope with unprecedented challenges but did not solve problems of vulnerable companies. HoReCa sector was the most affected recording a drop of 77% profit reduction, said Alina Popa, Coface commercial manager at a specialized conference. “In 2020, measures meant to save companies helped them get over a year with unprecedented challenges, but did not solve problems of vulnerable companies, but just helped them gain time. Companies have debts, have a reduced capacity, commercial credit went up and we must bear in mind that 2021 support measures were 10-11 times smaller than in 2020 and gradually they will be withdrawn,” said Alina Popa. She added that an increase of the average invoice payment term to suppliers took place and reached 117 days in 2020, which is double the term of ten years ago when it was 60 days. “All these vulnerabilities are higher when companies are smaller and have a lower negotiation power. Small companies are more affected than what this global image shows,” Popa added. The Coface official pointed out that if we look at sectors in which those companies carry out their activities we see less affected sectors like constructions, where debt increase is accompanied by a business figure increase, but we also see sectors with higher debts and lower business figure, like transports, HoReCa, extraction industry and and recreation activity area. “Practically, HoReCa sector was most affected in 2020. It recorded an income contraction of 39% and a 77% profit drop,” Popa pointed out. She participated in the conference “IMM Prepare to get out of crisis”, second edition , organized by the inline publication Profit.ro, next to Team Innovation Media.
Exim Banca Romaneasca diversifies its product portfolio and launches the Mastercard World card in EURO, a tool that enhances the payment experience for people who travel or work abroad, offering premium advantages, benefits, and rewards. The new EURO card from Exim Banca Romaneasca has as its main advantage the reduction of costs associated with transactions...
A report by cybersecurity company Refute uncovered a large-scale international influence operation targeting Romanian diaspora voters on TikTok ahead of the second round of Romania’s presidential elections on May 18. The report identifies approximately 32,500 TikTok videos containing slogans promoting the populist candidate George Simion and former candidate Călin Georgescu. Many of these videos are […]
Romania's gross domestic product (GDP) remained largely unchanged in the first quarter of 2025 compared to the previous quarter, according to flash estimates published on May 15 by the National Institute of Statistics (INS). The economy recorded a growth of 0.2% in gross series and 0.5% in seasonally adjusted series compared to the same quarter of […]
Iulius Mall Suceava has officially inaugurated its EUR 40 million expansion that transformed it into “the largest retail and entertainment hub in northern Romania,” according to the official announcement. Developed by IULIUS and Atterbury Europe, the project adds 16,500 sqm of new retail space, bringing the mall's total area to 60,000 sqm. The expansion introduces […]
The European Bank for Reconstruction and Development (EBRD) announced the launch of the second edition of its Star Venture program in Romania this week, following a first edition in 2022. The program provides high-potential startups with business expertise and access to finance. After the round of applications, 10 promising startups were shortlisted to showcase their […]
Non-profit BookLand started building last year a pre-university, dual-system campus in the village of Vultureşti, in southern Romania’s Argeş county. The campus will train pupils in various specializations, allowing them to work in industries ranging from hotels & restaurants to retail and food. More on how the project got off the ground and what it […]
