The European Commission has closed its in-depth investigation into Romanian support to petrochemical company Oltchim. In December 2018, the Commission found that Oltchim received around €335 million of incompatible aid in the form of: (i) non-enforcement of debts, (ii) debt cancellations, and (iii) continued supplies to Oltchim without payment. The Commission ordered Romania to recover this aid. In December 2021, the General Court found that the Commission had failed to demonstrate that two support measures - the non-enforcement of debts and the debt cancellations - constituted State aid and, therefore, partially annulled the 2018 Commission decision. As a consequence of the judgment of the General Court, the Commission's formal investigation remained open in respect of the two measures at issue. On 8 May 2019, Oltchim was declared insolvent and completely ceased its economic activity. As a result, the Commission's investigation has become without object and the Commission therefore closed its investigation.
Romanians purchased RON 1.49 billion (nearly EUR 300 million) under the last Fidelis issue this year, organised by the Treasury in December, with over two-thirds of the money being placed in euro-denominated debt and more than one-third of the total being placed in long-term 10-year euro-denominated debt with a 6.2% coupon attached, according to data […]
Environment minister Diana Buzoianu announced that the ministry she leads has launched the procedures for a feasibility study aimed at planting 380 hectares of forest shelterbelts in southern Romania, a region increasingly affected by desertification. According to the announcement, the project would result in more than 126 kilometers of tree lines planted along national roads. […]
Romanian president Nicușor Dan said Russia will remain a security threat to Europe even if the war in Ukraine ends in a peace agreement. Speaking after the Eastern Flank Summit in Helsinki, he stressed that European countries must stay calm but strengthen their defense capabilities through increased investment and closer coordination within NATO and the […]
Harta Literară (The Literary Map), a project highlighting real-world places featured in fiction works, will expand next year from Bucharest to Braşov and Iaşi after receiving funding from Romania's National Culture Fund (AFCN). Bucharest was the first city covered by the map, with more than 300 documented places, and 600 highlighted connections to classic and […]
As global competition for university places continues to rise, families are increasingly seeking schools that not only deliver strong academics but also provide the networks, counselling, and preparation needed for the world’s most selective universities. Through its partnership with Dukes Education, Verita International School has become one of Romania’s strongest pathways to top global universities, […]
Exim Banca Românească continues the savings campaign under which it pays attractive interest rates, above the market average, for new deposits in lei and euro, over 7 months: interest rates of up to 7.20% per year for lei and 2.50% per year for euro. The offer is available both for the PLUS deposit in lei, […]
