3Q: Gorian Lalcevski, country manager of Philips Romania, says the company sees growth potential for its healthcare line in working with both the public and the private sector as spending in this industry is expected to grow »page 3
ROMANIA’S PREMIER BUSINESS WEEKLY
DECEMBER 3 - 9 / VOLUME 16, NUMBER 40
FRENCH INVESTMENT AS LARGE FRENCH COMPANIES ARE DEVELOPING LOCALLY, IT IS THE TURN OF SMES TO TAP INTO THE POTENTIAL OF THE ROMANIAN ECONOMY »PAGE 10
As a small innovator among European economies, Romania has plenty of work to do on intellectual property protection »page 8
INTELLECTUAL PROPERTY PROTECTION TRAILS EUROPE NEWS
NEWS
NEWS
PLUS
EU injection for healthcare
Real problems
In the Black
Romania is working on a national strategy to allow access to EU funding for healthcare investments from 2014 onwards
Real estate consulting company Immpuls says many of the office buildings erected in the market’s boom period are in need of renovation works
Sales over the Black Friday weekend left local retailers with total estimated sales of EUR 50 million, with IT&C posting the highest sales peak
» page 4
» page 5
» page 5
An art exhibition explores national myths and identity » page 12 A new tea and coffee house brings back the atmosphere of grandparents’ house » page 13
www.business-review.ro Business Review | December 3 - 9, 2012
NEWS 3
NEWS in brief fessional services firm PwC Romania and its affiliated law firm David & Baias (D&B). Innova Capital hired law firm Clifford Chance Badea, strategy consultancy Roland Berger and the professional services firm Ernst&Young.
3Q Gorian Lalcevski Country manager Philips Romania
IT Xerox opens new shared services center in Iasi The new shared services center is located in the IDEO Business Center in Iasi, and will cater to European clients. The firm plans to employ more than 500 people at the facility by the end of 2013. The new employees will work as software support managers, IT project managers, IT developers, financial analysts, specialists in extra-salary benefits, human resources and marketing assistants, and pension funds accountants. The center will provide administrative and backoffice services to European clients as well as internal support to Xerox. By the end of 2012, the shared services center will have 100 employees.
Euroweb Romania plans EUR 12 million of investments in 2013
Photo: Mihai Constantineanu
IMAGE of the week Bucharest gets festive with military parade A military staff of over 1,500 took part in preparations for the parade taking place on December 1, Romania’s National Day. The military personnel are part of the staff of the National Defense Ministry, the Romanian Domestic Affairs Ministry, the National Intelligence Service and the Security and Guard Service. This year’s parade features for the first time a Mine Resistant Ambush Protected (MRAP) vehicle, used by the Romanian military in Afghanistan.
ENERGY Innova Capital, EBRD buy controlling stake in Romanian EnergoBit Central European private equity fund Innova Capital has acquired a majority stake in the EnergoBit Group, a Romanian supplier of services and equipment for electrical networks in the power sec-
tor, for an undisclosed sum. The EBRD also bought a minority stake in the company. The deal comprises share investments and capital increases and should be closed late in the first quarter of 2013. Innova Capital is set to become a controlling shareholder in EnergoBit, with an initial stake of 52.8 percent. The transaction didn’t include the firm’s energy supply and renewable arms. EnergoBit was advised by the pro-
Euroweb Romania, part of telecommunications group Turk Telecom, has announced plans to invest up to EUR 12 million in infrastructure development and products and services portfolio streamlining next year. The company plans to expand its staff by up to 20 percent next year, from the 85 people it currently employs. “Romania has the lowest internet tariffs in Europe. Still, if this year’s trend continues, we expect our business to grow by up to 10 percent,” Evers added.
MONEY Erste Private Bank trading over EUR 400 mln in Romania Trading by Erste Private Bank on investment products is set to exceed EUR 400 million this year, with bonds taking the lion’s share of the investment portfolio, while investors are moving towards riskier assets that have a higher growth potential.In the first nine months, the volume of investment products exceeded the amount of cash and deposits administered by Erste Private Banking, which is provided locally by BCR. This was due to investors’ growing interest in medium- and long-term instruments with higher yields and reasonable risk. The assets of Erste Private Bank rose from EUR 970 billion last year to around EUR 1 billion. Erste has 2,400 private banking customers in Romania.
What are your business lines in Romania and where do you see the growth areas? Philips is present in Romania with all three of our sectors: healthcare, lighting and consumer lifestyle. We have different go-to-market strategies in Romania, but all three are present. Our business is currently disproportionately weighted towards lighting and consumer lifestyle and we expect the healthcare side to show big growth potential in the next two, three, four years to come. This will be fueled ideally by having a national healthcare strategy that chooses to invest in what area is important for Romanian healthcare. Romania still needs to catch up with the EU overall in terms of equipment and early diagnosis. We have roughly 70-100 employees in Romania. We also have a factory in Orastie – an important supplier for Saeco espresso machines, which has between 500 and 1,000 employees. Around 10 percent of Philips’ CEE sales come from Romania. Does your healthcare line address both the public and private sector? We work with both sectors. There is potential for us to grow in both of them. Public spending in Romania was until very recently higher than the private figure. With the entrance of many private hospitals there is a lot of business potential there. Are you planning new investments locally next year? We never rule out the opportunity of investing where we believe there will be growth. It really depends on what happens with the economy in Europe and how Romania performs versus its neighboring countries. If we look at the GDP forecast today, Romania is definitely an interesting market and will remain one. I believe that we have the biggest potential for growth for healthcare in Romania. ovidiu.posirca@business-review.ro
www.business-review.ro Business Review | December 3 - 9, 2012
4 NEWS HEALTHCARE
REAL ESTATE
Healthcare system modernization gets EU funding
Immpuls: Most office buildings in Romania need upgrades
M
igh service charges, faulty construction and lack of permits are some of the main issues office building owners are struggling with when selling or leasing their properties, said Tudor Popp, managing partner of the real estate consulting, planning and project management company Immpuls. Most of the office blocks built in Romania during the boom period suffer from some form of deficiency, sometimes severe, which is one of factors responsible for the present lack of transactions involving office space, rather than lack of demand, he said. In Romania service charges cost tenants between EUR 4 and EUR 7 per sqm while in Germany the average is between EUR 2 and EUR 4 per sqm. “Office projects delivered during the boom period were meant for fast transactions rather than with the future in mind. Buyers, who were also interested in immediate revenues or in an accelerated portfolio expansion, had a similar attitude. Nowadays, however, we are seeing more caution when it comes to acquisitions or leasing, which is normal,” said Popp. Banks, insurers and investors are
ore than EUR 165 million has been secured by 59 Romanian hospitals from EU sources in order to fund the modernization and equipping of medical units that were in dire need of upgrade works. Romania is currently working on a national strategy in the healthcare sector, which should be completed by March 2013, granting access to EU funding for healthcare investments from 2014 onwards, said experts during a roundtable organized by Philips Romania on the modernization of the medical system through structural funds. “From the EU funding standpoint, the most important thing is the national healthcare strategy. I think it is now very clear to all stake holders, that is now the main priority,” Gorian Lalcevski, country manager at Philips Romania, told BR. Prospective healthcare infrastructure projects awaiting funding exceed by more than 200 percent the allocated budget, which stands at EUR 242 million if national co-financing and hospital contribution is taken into account, according to Anca Calugaru, EU affairs and funding consultant at Schuman
Associates, an EU funds consultancy. Romania has finished 12 projects and the authorities are currently evaluating another 52 planned schemes with a combined cost of EUR 100 million. For instance, the modernization of the emergency hospital in Ilfov County and the upgrading of the emergency hospital in Sf. Gheorghe were carried out with EU funding, costing close to EUR 20 million each. The main challenge in the healthcare system is the creation of a national health strategy, which could secure Romania’s access to fresh resources for health infrastructure by 2020, according to Calugaru. “The Ministry of Healthcare is working on the strategy and has set up four working groups on infrastructure, ehealth, research and public healthcare. These are the areas where Romania wants to use structural funds,” said Calugaru. Healthcare expenditure in Romania is around 6 percent of GDP, with spending per citizen amounting to EUR 700 in 2010. Meanwhile, Luxembourg, the Netherlands and Austria spent close to EUR 4,000 per capita. ∫ Ovidiu Posirca
H
forcing office building owners to invest in upgrading their buildings and remedying quality problems. As vacancy rates go up and new projects are delivered, demand to upgrade old ones will increase further. Such projects are good business in the context of a flat real estate market. Immpuls managed to more than double its turnover in 2011 to a total of EUR 1.1 million and estimates it will close 2012 with about EUR 1 million. Upgrading projects generate some 90 percent of the company’s turnover. Such works cost owners on average between EUR 500,000 and EUR 1.5 million per project. The most frequent upgrades are related to air conditioning, lifts and making installations more efficient. Some of the projects undertaken by the company in Romania include the Millennium Business Center in Bucharest owned by Aberdeen Immobilien. The company delivered emergency measures, technical expertise and refurbishment planning after the building suffered a fire in 2009. Popp said reconstruction could start in 2013 after the owner obtained a building permit this May. ∫ Simona Bazavan
STOCK EXCHANGE
Property Fund seeks secondary listing in Warsaw by mid-2013
S
hareholders in the EUR 2.8 billion Property Fund (FP) have passed with a sweeping majority a resolution allowing the secondary listing of the fund in Warsaw by June 2013. The move came earlier this month and the FP’s administrator, Franklin Templeton, said it had made progress in establishing the right regulation to carry out the deal. The lack of a direct link between the depositaries in Romania and Poland has hindered the administrator’s efforts to list the FP shares on the Polish market, which is one of Europe’s best performing stock exchanges. The stock exchange regulator CNVM needs to amend the current legislation prior to secondary listing. Franklin Templeton hopes these changes could be made by yearend, increasing the chances of a listing by next summer. “There is still no link between the depositaries and that’s what’s preventing us from starting arrangements for the secondary listing in Warsaw. We are in ongoing discussions with the CNVM and our relationship is getting ever better,” said Greg Konieczny, fund manager at FP. He added that the improved cooperation with the CNVM and other authorities made the new listing target
feasible. The FP manager has also come up with a back-up plan, proposing the listing be done indirectly through a custodian bank. However, this option seems to have been dropped as Franklin Templeton and the local regulator appear set to reach common ground. “It was already arranged between the Polish depositary and one of the banks here. The CNVM at that time was not in favor of this solution and recommended instead doing this direct link, which we are still waiting for and getting more support right now from the changed CNVM,” said Konieczny. Shares in FP, a closed-end fund, are currently trading at a 45 percent discount, which is very attractive to investors, according to Mark Mobius, executive chairman of Templeton Emerging Markets Group. “A discount of this size represents an opportunity for bargain hunters. That’s the reason why we have attracted foreign investors,” said Mobius. Franklin Templeton has been successful at attracting foreign institutional investors, which held 53 percent of the shares in October. The figure stood at 14 percent in December 2010. ∫ Ovidiu Posirca
www.business-review.ro Business Review | December 3 - 9, 2012
NEWS 5
RETAIL
Black Friday leaves retailers in the black L
Courtesy of Flanco
ocal companies have been taking stock of their participation in this year’s Black Friday, an imported US tradition in which retailers mark the start of the traditional Christmas shopping season on the day following Thanksgiving, by opening for longer and discounting products. “Romanians were enthusiastic about adopting Black Friday, just like other American traditions such as Valentine’s Day and Halloween – and the exponential growth in sales this year, compared to the last, is a clear indicator that Black Friday is a successful promotional instrument that will grow from one year to the next,” said Graham Kilbane, COO of Argo Real Estate Opportunities Fund (AREOF). Total sales this year were estimated at EUR 50 million, he added. The discount spree took place both in online stores and traditional retail outlets. Online stores that announced discounts on November 23 saw sales hike by 325 percent compared to the previous day, according to data from PayU. The higher number of participating stores led to a 104 percent growth in the quantity of transactions on November 23, 2012 compared to the pre-
Retail stores were invaded by visitors looking for the biggest discounts.
vious Black Friday, on November 25, 2011. The highest sale peaks happened in IT&C where buyers spent 307 percent more than on other days of the previous week. The average value of an online order increased from EUR 118 to EUR 138 for IT&C products, though in other categories it remained constant. The highest value transaction
amounted to EUR 6,900, shows PayU data. Other domains that “shone” for online retail were toys, books and jewelry, where sales were 20 percent higher, while fashion products posted moderate growth of only 8 percent. Group buying websites also benefitted substantially from Black Friday, seeing 61 percent growth, shows PayU
data. Traditional outlets managed a high influx of visitors. “The stores in our commercial centers posted 25-30 percent higher sales throughout the Black Friday weekend than during a regular weekend. The high inflow of visitors to the Altex, Flanco, Domo and Media Galaxy stores generated a hike in hypermarket sales that exceeded expectations, especially in the food sector. For the first time, fashion, jewelry and furniture stores in the respective centers joined Black Friday with discounts of up to 25 percent, and their sales increased visibly compared to a normal weekend,” said Kilbane. Black Friday may even represent a shift in consumer behavior. “In past years, for most retailers the sales peak came during winter holidays and hypermarkets had record sales at Easter and Christmas. I think in the coming years we will see a change: the successes this year will draw new retailers into the Black Friday campaign. We will see in time whether this campaign can generate additional sales or just a temporary acceleration,” said Kilbane. ∫ Otilia Haraga
www.business-review.ro Business Review | December 3 - 9, 2012
6 IP PROTECTION PARTNER CONTENT
Protection of business start-up ideas from intellectual property perspective by Cristian Popescu, Managing Associate
Faced with the current conditions of rapidly expanding and evolving markets, especially in the on-line sector, many entrepreneurs wonder how they could protect their business ideas from third parties even from an incipient stage, of the “raw” idea. Furthermore, since start-ups need solid financial sustenance, many entrepreneurs consider approaching larger companies/investors with their business ideas. At such a point, legal protection of the business idea should become a priority. The legal protection methods of business ideas/concepts from intellectual property perspective are varied, but may depend on the actual idea intended for protection. Both under Romanian and international law the following categories may be subject to intellectual property protection: trademarks, patents, industrial designs and patterns, utility patterns, topographies of semiconductor products, geographical indications, copyright. Regarding the protection of a business idea (including the business proceedings/concepts), mention such ideas are not by default included within the above mentioned categories, which generically benefit from protection from an intellectual property perspective. Therefore, traditionally, the ideas were referred to as the “orphans” of intellectual property protection. However, in practice, due to the growing pressure of the market, the necessity of obtaining patents to protect a business method/idea became more important both at national and international level. In some cases, the protection of the business idea as a patent was successfully approved by the Romanian State Office for Inventions and Trademarks.
This case law solution, even if it is not formally covered by legal provisions, should be firstly considered by the Romanian start-up entrepreneurs seeking to protect their ideas. Of course, the competent authority may decide whether the business idea is patentable or not on a case by case basis, and therefore the operation could be subject to a certain risk of failure. Generally, business ideas including also a technical component are more likely to be protected as patents. Other form of protecting a business idea is connected to trademark registration. The advice for Romanian entrepreneurs is to find a strong/distinctive trademark to protect their business, consisting of a verbal element, accompanied by a distinctive graphic element and/or a logo. Such trademark could be registered nationally or as community trademark. The protection as community trademark is generally more advantageous than the national registration – with similar costs the trademark would be granted equal protection throughout all 27 member states, including Romania. As regards the copyright, it may only protect the presentation method of the idea (for example, the PowerPoint document used in order to present the idea to a prospective investor is subject to copyright). The business idea in itself may not be protected by the legal category of copyright. Concomitantly with protecting the business idea in accordance with the above, the entrepreneurs should seek to implement a mechanism for protecting their business even from the team participating to the idea’s implementation. This basically prevents the risk that the personnel involved in the development of the business to invoke certain rights with respect to the business idea/software applications/other creations. To this end, it is essential to conclude, even from an incipient stage of the business, certain agreements to regulate the general framework for the use and disclosure of the business idea and other related creations by the persons having access to the business.
Cristian Popescu, Managing Associate
Romania starts p to intellectual pr Romania saw a hike of 21 percent in revenues obtained from patent rights registered outside its borders in 2011, according to the European Innovation Scoreboard. However, the country was still ranked in the Modest Innovators Category, for posting one of the lowest scores among EU member states, alongside Bulgaria, Lithuania and Latvia. Romania came behind Poland, the Czech Republic, Hungary, Portugal and Slovakia in the classification.
The internet and social networks are proving to be a hard nut to crack for the intellectual property legislators
Cristian Popescu, managing associate at Popovici, Nitu & Asociatii, tells BR. One law that is on the table of “While in 2011 there was growth in the number of requests submitted the commissions in the Romanian for the protection of brands/drawings Parliament at the moment is the and models at communitarian law on rights to inventions by emlevel, in terms of the number of re- ployees. This law should regulate better quests for patents (or intellectual property rights as a whole) lodged who has what rights over the invenin the invention/innovation process, tions that an employee of an organithe results are very poor, with Roma- zation produces. “There is great interest in this law nia coming at the low end of countries in Central and Eastern Europe,” since a great deal of innovation takes
∫ OTILIA HARAGA
www.business-review.ro Business Review | December 3 - 9, 2012
IP PROTECTION 7
s paying attention property place in established companies and clarification is needed regarding the way this is done and exploited,” explains Ana-Maria Andronic, senior associate at Biris Goran. The law has to strike a balance between companies’ claims and the protection of employees’ rights. “The employees are the ones who do the innovating but they do it using the resources of the organization. Some time will pass before we reach the middle ground that takes into account the demands of both sides. It is normal that the employee receives fitting remuneration, but the law should also take into account the resources they have, including the know-how and all the knowledge gained within the organization,” says Andronic. “In other countries, this problem has already been tackled, and companies have the right to patent the inventions and reward the employee – the problem is by how much. And here is where we have got stuck,” she mentions. While organizations are interested in profiting as much as possible from the commercial exploitation of innovation, Romania is a country where the law is protective of employees, who are entitled to take advantage of these rights, and this creates friction with companies’ point of view, she adds. There has been a surge in public interest in protection of intellectual creations, on the wave of economic development and competition on the market, Popescu notes. “Naturally, the idea that a potential competitor can use your commercial name or counterfeit your products, creating confusion and taking hold of part of the sector of targeted consumers, makes the company or the person who holds the rights to the brands or patents directly interested in protecting their ideas and creations,” says Popescu. A successful and legal brand can contribute to the success of a business, with many entrepreneurs searching for rebranding options after some time, precisely to attract clientele and revenues, Nicoleta Boboc, senior associate at Zamfirescu Racoti Predoiu, tells BR. “The stimulation of intellectual property in Romania exists only through the awareness of people concerned of the revenues brought in time by intellectual property.
Another means of financial gain stems from patrimonial rights for authors or the revenues obtained by copyright holders of industrial drawings and models applied to products that are sold later. The cession or licenses of intellectual property rights can generate revenues for the holders of these rights,” Boboc explained. The package of laws that regulates intellectual and industrial property rights appeared in the 1990s with the change of the political regime, when laws were adopted on various areas, such as the invention patents category (Law nr. 61/1991), the law concerning the protection of industrial drawings and models (Law nr. 129/1992), the copyright law (law nr. 8/1996) and the law regarding brands and geographical indications (law nr. 84/1998), which was later altered and republished under Law 66/2010, says Boboc. The protection of a company’s intellectual products is closely related to how competitive it is on the market, this being a vital element in its survival, Popescu points out. ”There are extremely strong brands which are more valuable than the business developed under that brand. The illegal counterfeiting of products after a certain patent or sold under a certain brand will trigger massive economic losses to the company that owns those rights,” he says. At European level, things are very well regulated: the EU leaves it to each rights holder to act. “If you have a registered brand, it falls on you to protect your business and send notifications to those who breach those rights, so the EU encourages those who hold the rights to be more active,” says Andronic. The internet and social networks have greatly tested intellectual property legislation. “The laws will never keep pace with the technological development of society. It is clear there will always be a gap. Intellectual property laws are based on the principle of territoriality and as far as the internet is concerned, this is already a superfluous notion. So, the laws that regulate intellectual property need to be re-thought and re-modeled,” says Andronic. otilia.haraga@business-review.ro
PARTNER CONTENT
Provisional Measures in Intellectual Property Law under the New Romanian Civil Procedure Code by Nicoleta Boboc, Senior Associate, Zamfirescu Racoti Predoiu
Almost a revolution in Romanian civil procedure is expected at the beginning of the new year 2013. The New Romanian Civil Procedure Code will enter into force, bringing many important changes to the traditional legal institutions and implementing new institutions. Among the novelties brought by the new code, the regulation of the provisional measures in intellectual property law occupies a special place within the chapter of Special procedures. The source of inspiration of the Romanian legislator when regulating the special section of the provisional measures in intellectual property law was the existence of the Emergency Government Ordinance no. 100/2005 on the observance of intellectual property rights, which implemented the European Directive no.2004/48/CE. The existing legislative frame was proved to be insufficient regulated in terms of procedure for implementing the provisional measures. The regulation of the Emergency Government Ordinance no. 100/2005, which continued with the implementing of the provisional measures in the New Romanian Civil Procedure Code, proves the necessity, in Romania, of having such legal instruments for protecting intellectual property rights. The Romanian territory is confronted with all types of infringement of intellectual property rights, from infringement of the trademarks rights to infringement of patents rights. The chapter of Provisional measures within the New Romanian Civil Procedure Code has two articles dedicated to this matter, namely ar-
ticle 9641 and article 9642 which regulate the entire procedure in front of the courts for granting the provisional measures. The premises of these articles are the prima facie proof made by the owner of the alleged infringed intellectual property right in the sense that its rights are subject to illicit acts which may cause damages that are difficult to be repaired. The competent court may order the permanent cessation or the temporary cessation of the infringement and measures for preserving the evidences. A clarification which is brought to the existing wording of the Emergency Government Ordinance no. 100/2005 is that the procedure for granting the provisional measures will follow the interim injunction procedure. The procedure for provisional measures may require that the claimant must pay a guarantee, in an amount fixed by the court, in case the measures required harm the defendant. The payment of the guarantee is under the penalty of automatic cessation of the temporary measure. Still as a guarantee for protecting the defendant’s right, when the case imposes, the temporary measure comes to end in case the claimant fails to submit the action on the merits of its rights within 30 days as of the moment of granting the temporary measures. In case the action on the merits is refused, the claimant may be obliged to compensate the defendant for the damages caused by the temporary measures. However, compensation may be refused or diminished if the court considers that the claimant’ fault was levissima or the claimant was not at all in default. The preoccupation of the Romanian legislator of having the temporary measures in the intellectual property rights settled in the center of the Romanian Civil Procedure Code shows the importance that such measures deserve in the Romanian framework legislation and is welcomed.
Nicoleta Boboc, Senior Associate, Zamfirescu Racoti Predoiu
www.business-review.ro Business Review | December 3 - 9, 2012
8 FOCUS
Developers ready to go west? Realtors say that Barbu Vacarescu will continue to be an attractive destination for office developments in Bucharest, while the western part of the capital is popping up more and more on investors’ radar. Retail schemes are becoming more neighborhood focused while on the residential segment, lack of financing makes it difficult to talk about any developments at all, let alone a prime location. ∫ SIMONA BAZAVAN
Photo: Mihai Constantineanu
“Bucharesters sleep in the south and work in the north. The city’s development is unbalanced. There are too many office buildings in the north while the southern part of the capital is too much of a bedroom,” said District 3 mayor Robert Negoita two weeks ago during a cornerstone laying ceremony for the extension of Adama’s Edenia Titan and Evocasa Optima residential projects. As securing financing for real estate investments continues to be difficult and relevance to customers has become more important than ever for the success of any building, developers are paying more attention to the location of future projects. Some of them have little choice and are forced to stick to the land plots bought during the boom period, sometimes at huge prices, while others are scouring the capital in search of new areas of growth. “So far everyone has focused on the northern part of Bucharest, especially in the office segment. Now what you see is that people are going more in the central business district and looking within city limits to have offices, partly because land prices are more affordable but also because tenant companies don’t want their employees to have to travel to areas where there are infrastructure problems,” Andreas Holler, member of the Adama board, told BR. There is definitely migration in the office sector and as lease contracts for many tenants expire, these companies are looking at more central locations which are easier to reach, he added. While there is certainly demand for office space in central Bucharest, future developments depend a lot on land availability and price, Tudor Popp, managing partner of the real estate consulting, planning and project management company Immpuls, told BR. In his opinion downtown land prices for largescale office projects continue to be too high because many land owners bought the plots during the boom period and, if
Doing business downtown: Companies are looking at central locations to set up their headquarters
not under duress, prefer to wait for better market conditions to sell. A solution in this case is the boutique office, a concept Immpuls wants to develop locally. There is demand on this niche segment from companies that need smaller surfaces but are looking for central locations, he said. Infrastructure is another aspect that has to be taken into consideration for larger projects, added Popp.
“As long as there aren’t any significant infrastructure developments I don’t see any rising star area for office projects as was the case with Barbu Vacarescu. This area was neglected for a period but after a few projects began there it became very attractive,” he said. And there is still potential for more office projects in that area due to its accessibility, thinks Razvan Iorgu, general director of CBRE Romania.
“In general, developers are attracted by areas with minimum vacancy rates and where there is, of course, potential for future developments. Given this, the Barbu Vacarescu area is on developers’ radar. There are currently two office projects under construction there – Floreasca Business Park and Sky Tower,” he told BR. Overall, he estimates Barbu Vacarescu has the potential for about 170,000 sqm of office space.
www.business-review.ro Business Review | December 3 - 9, 2012
FOCUS 9 PARTNER CONTENT
Superficies Rights – Are They a Solution in the Current Economic Context? by Larisa Popoviciu, Senior Associate Zamfirescu Racoti Predoiu
Andreas Holler, member of the Adama board
Stefan Gheorghiu, general manager of Impact SA
Two other areas where Popp sees potential for future office developments are Poligrafiei, which despite infrastructure shortcomings has good land availability, and the Grivita area which offers good access to public transport and is close to the city center. CBRE’s director, too, believes the western part of Bucharest is becoming attractive to office space developers. “We believe that in addition to the Barbu Vacarescu-Floreasca area, the western part of the city has an interesting potential for development in the coming years due to the visible development of infrastructure in this area – the Basarab Bridge means access to the city center is no longer a problem,” he said. In addition to this, the office stock in this part of Bucharest is low compared to other areas and if vacancy rates continue to remain low, western Bucharest will definitely be on the map for potential developers, added Iorgu. Looking at the retail segment, there is room for more malls in Bucharest, say players, and several larger projects have been announced, such as Promenada Shopping City, Mega Mall and ParkLake Plaza. In addition to this, there is also demand for smaller scale and neighborhood adapted projects. “The retail segment is different because it is also the preferred one for finance. Here I don’t see a focus on high quality shopping centers but rather on more affordable retail schemes such as street malls with discount stores, retail boxes very much adapted to the neighborhood. This applies not only in Bucharest but all over the country. There is a need for more neighborhood serviced retail schemes,” said Holler. Residential is the one real estate segment lagging behind, but not because of lack of demand or available space. Lack of financing makes it difficult to talk about any developments at all in this sector, let alone their location. Few developers have announced plans for the future. One is Adama which has begun work to expand two of its projects in Bucharest – Edenia Titan and Evocasa Optima in the Titan neighborhood – by about 210 apartments.
This will require some EUR 14 million in investment. The company is also considering starting a new residential project in the Berceni area, southern Bucharest. Putting the issue of financing aside, many of the potential new residential projects for which developers already own land on the outskirts of Bucharest continue to struggle with fierce competition from the secondary market (older homes) mainly due to infrastructure deficiencies. Future residential developments depend a lot on the authorities putting in place the right infrastructure to offer people easy access to downtown Bucharest. “Living 7 km away from the city center in any other capital is not considered living outside the city. But people have bus services, tram services and so on, that allow them to be transported to their location,” said Andrew Prelea, president of Ozone Homes during the 12th edition of the Focus on Real Estate event organized by BR. Nevertheless, the north will continue to lead the way, said Stefan Gheorghiu, general manager of Impact SA, confident that Corbeanca and Tunari are the two areas that will be the fastest growing in Bucharest over the next five years. Given that the need for new housing amounts to more than 300,000 units in Bucharest, this makes all neighborhoods potential destinations for future developments so long as developers have the money to build and buyers can afford to pay. “One has to be aware that every single market has its potential buyers. For example, if people living in Titan – which is a niche market – could move from an old block of flats to a new block of flats in the same vicinity they would do that. Other people may have no issue in moving to Baneasa if they could afford it. So every single part of the city has its own customers,” concluded Gheorghiu, stressing that future projects will have to be “carried out in a very professional manner – something that hasn’t happened so far”. simona.bazavan@business-review.ro
Whenever the development of an investment project is contemplated, it is necessary to establish a real right with respect to the plot of land upon which the project will be implemented. In a business context, where obtaining an ownership right over the land by purchase appears to no longer be the most feasible solution from a commercial perspective, recourse to another real right may offer an advantageous opportunity. A solution that is embraced more often in practice nowadays consists in the establishment of the superficies right to the land. The superficies right, which was in the past a creation of the practice and of the legal doctrine, is currently articulately regulated by the New Civil Code. The superficies right consists of the right to have or to erect a construction on or under the land owned by another person, the ownership right over the construction and the right to use the land corresponding to the said construction. In the light of the nature of the superficies as real right, creating a superficies may be preferable to other forms of cohabitation between the owner of the land and the user of the land, whenever it is intended to build on another person’s land. Thus, if the owner of a land grants a third party only the right of use through a lease agreement, the third party will not be allowed, from a legal point of view, to build any permanent structure on that land. Several aspects should be con-
sidered when signing a superficies agreement, which has to be executed in a notarized form. Therefore, on the one hand, it is recommendable to appropriately suppress the right of accession of the owner of the land with respect to the construction to be erected on the land. In addition, the superficies agreement should point out what will happen with the constructions/works at the end of the superficies. If there is not specific agreement between the parties on this matter, the provisions of the Civil Code will become applicable. Thus, according to the applicable legal provisions, upon the expiry of the superficies agreement, the owner of the land may acquire the construction at its market value. However, if the value of the construction is equal to or exceeds the value of the land, the owner of the land may require that the owner of the construction acquires the land at the market value. Nevertheless, the constructor may refuse to acquire the land in case it removes, on its own cost, the construction and reinstates the land in the previous situation. Furthermore, the parties should regulate as well the status of the rights created by the superficiary in favor of third parties. It should not be disregarded that if the possibility to obtain financing for the project is contemplated, the superficies agreement should comprise as well clauses regarding the establishment of securities with respect to the superficies rights, including the possibility for the financing institutions to replace the superficiary with a third party, if the case. To conclude, the superficies agreement should be a meticulous, yet a creative agreement, in order to cover various situations that may occur when a person develops a project on another person’s land.
Larisa Popoviciu, Senior Associate Zamfirescu Racoti Predoiu
www.business-review.ro Business Review | December 3 - 9, 2012
10 FRENCH INVESTMENT
Vive l’investissement! French companies stay active in Romania With EUR 5 billion in direct investments, French companies are among the largest investors in Romania, accounting for 9.1 percent of total FDI by 2011. A growing number of French small and medium sized firms (SMEs) are involved in industry and investors are now looking at agriculture, renewable energy and services as the sectors with growth potential. ∫ OVIDIU POSIRCA Trade between Romania and France reached a historic high of EUR 6 billion last year, growing by 8.9 percent on 2010, show French customs figures. French exports rose by 13 percent year-on-year, while Romanian exports to France grew 5 percent last year, after soaring by 30 percent in 2010. Industrial products were most sought after by France, with car exports surging in 2009 and 2010 by 77 percent and 54 percent, respectively. The Euro zone’s woes seem to have impacted on Romania’s trade partner as well, as trade between the two countries fell by 4.9 percent in the first semester. France’s exports grew by 4.4 percent, while Romanian exports to France decreased by 13.2 percent in the same period.
Romania still has va va voom for French firms Photo: Mihai Constantineanu
There are over 7,000 companies with French capital in Romania, according to data from the trade registry. Out of these, around 3,500 are active and only 2,500 filed financial statements last year, said Bruno Roche, president of the French Chamber of Commerce, Industry and Agriculture in Romania (CCIFER). He added that the combined turnover of these companies grew by 7 percent to over EUR 14 billion in 2010, according to a recent study. Around 118,000 people are employed by French firms. Although Romania has registered a dramatic fall in foreign direct investment (FDI) since 2008, due to the global financial crisis, French companies are still keen to invest locally. “Romania is the second biggest market in Central and Eastern Europe and serves as a competence reservoir in fields such as engineering and IT. This, plus a relatively low fiscality compared to neighboring countries and its strategic position in Europe, places it among the most favored destination for investors,” said Roche. French companies are most active in trade, industry, services and construction, and there is a growing investment interest in agriculture and green energy and services, according to Roche. He added that Romania still has tremendous development potential,
BRD, controlled by French Groupe Societe Generale, is the second largest lender in Romania after assets
which is also sustained by a competitive work force. The CCIFER president described the presence of French SMEs as “remarkable”, especially in the industry sectors. These firms are active in mechanics, the auto field and textiles. Romania hosts large French companies that are active in banking, retail, energy and telecom. Fresh entries include the DIY store Leroy Merlin and the insurer AXA Asigurari. Credit Agricole Group came to Romania after taking over the subsidiaries of Emporiki Bank. Heads of CCIFER member companies have a cautious stance on Romania’s economic outlook for the next few months, according to the results of a recent barometer on the economic situation carried out by the French Chamber of Commerce. “This prudence is against the back-
ground of the economic and political context, as everyone is waiting for political stability and economic recovery,” said Roche. “Of course, French investors, just like the rest of the business community, are still very interested in the development of infrastructure and the absorption of EU funds.”
Car industry in growth gear Earlier this month, carmaker Dacia, owned by Renault, launched the second generation of the Logan, Sandero and Sandero Stepway models. The company said that 60 percent of the development for the new models was done in Romania, involving several hundred people. In Romania the French carmaker has its car engineering center Renault Technologie Roumanie (RTR), which employs some 2,500 engineers. It is
the only center of this type in Eastern Europe and the Mediterranean area, and Renault’s largest engineering center outside France. It develops new products on the Logan platform in Bucharest and tests new vehicles in Titu. The latest models travelled 3 million kilometers on testing tracks in Titu. Renault provides technical support for the Dacia plant and its suppliers from Mioveni. “Renault said it would invest EUR 400 million in Romania, but it has already reached EUR 2 billion. Our French partners were honest with Romania and with the hundreds of thousands of people who found jobs both in Mioveni and in the parallel industry,” said President Traian Basescu during the launch event, “They were honest to Romanian intelligence, allowing Romanian engineers to find a place to express themselves.” The Dacia plant in Mioveni was upgraded to accommodate the new generation of vehicles, and is now manufacturing five models. The total investment in upgrading the Mioveni industrial platform amounted to EUR 250 million. Automobile Dacia employs over 15,000 people and has a production capacity of 350,000 units. It operates a car and a chassis plant and reported a turnover of EUR 2.9 billion last year. Renault has invested over EUR 1.6 billion in Romania since 2000. Renault produces its new Symbol model in Mioveni and plans to add a station wagon and a small truck next year, according to Constantin Stroe, vice-president of Dacia.
Innovation is le mot juste for telecom Orange Romania, part of operator France Telecom, plans to start 4G services by yearend, pending the approval of authorities, and is set to provide this service at its highest efficiency starting April 2014, according to Jean-Francois Fallacher, CEO of Orange Romania. The telecom operator will pay EUR 227 million for license taxes and will invest another EUR 100 million to clear spectrum in the 900 MHz frequency over the next two years. “We will start with 4G in Bucharest and then extend it to the rest of the country. We will be launching massmarket services at affordable prices,” said Fallacher. This October Orange made the first
www.business-review.ro Business Review | December 3 - 9, 2012
HD call in the world between Romania and the Republic of Moldova. The company achieved this after interconnecting the mobile networks with different infrastructure in the two countries. The telecom operator is working closely with French lender BRD – Groupe Societe Generale on testing near field communication (NFC) in Romania, as part of a pilot project. The trial period will take between three and six months, and Orange plans to bring other banks into the project. “As an operator, we want to provide an ecosystem to develop these services,” said Julien Ducarroz, chief commercial officer, business-to-consumer. NFC is still in an early stage in Romania, because apart from the ecosystem, it needs further investments and handsets that are compatible with this technology, according to the CEO of Orange Romania. Orange had over 10 million clients in Romania at the end of the first quarter.
Investment is fait accompli for retailers French retailer Auchan plans to open a shopping mall in Brasov by the end of next year, which will be located on the grounds of the former Tractorul industrial platform. The retailer, which operates nine hypermarkets in Romania, will invest up to EUR 60 million in developing the first stage of the Coresi
FRENCH INVESTMENT 11 Shopping Center. This project includes an Auchan hypermarket, a shopping mall and 3,000 parking places. Auchan Group recently set up a subsidiary of its property management division Immochan in Romania. Its property arm currently manages 320 commercial centers in 12 countries. Locally, Immochan will handle the development of two shopping galleries under the Auchan City concept. The shopping malls are located in Bucharest and should be opened by the end of 2013. Elsewhere, French retailer Cora reached a network of 10 hypermarkets. This November it opened two hypermarkets in Bacau and a fourth one in Bucharest. The company registered a flat turnover of RON 1.37 billion (around EUR 312 million) last year. Carrefour plans to open a new hypermarket in Bucharest, on the grounds of a future shopping center developed by New Europe Property Investments (NEPI). The French retailer runs eight supermarkets in Bucharest. In Romania, Carrefour has 24 hypermarkets, 59 hypermarkets and 8 proximity stores.
Energy remains on investors’ radar French gas and electricity supplier GDF Suez announced earlier this year it would invest over EUR 100 million in the gas and wind sectors. GDF Suez invested EUR 75 million in Romania last year, and the average in-
vestment volume in recent years stood between EUR 60 million and EUR 100 million, according to Eric Stab, chairman and CEO of GDF Suez Energy Romania. The utility, which has some 1.3 million customers in the gas supply business, acquired a 48 MW wind park this February from a real estate developer. The farm is expected to start generating by year end. GDF Suez raised EUR 55 million from a bond issue carried out on the Bucharest Stock Exchange in late October. The corporate bonds started trading on the domestic stock exchange in November. French Filasa International plans to invest EUR 3 billion in building 2,000 MW of wind capacities which should become fully operational by 2017, according to Bernard Esquirol, general director of Filasa International. The company is also looking to develop a 300 MW photo-voltaic farm, on a surface of 1,200 hectares. Romania has attracted numerous foreign investors to the renewable sector, after approving last year a green certificate support scheme that incen-
Key figures EUR 6 billion – trade between France and Romania in 2011 EUR 5 billion – French FDI by 2011
tivizes renewable energy production. Solar is currently granted six green certificates while wind gets two. One certificate is currently trading close to the ceiling price of EUR 55.
Counting the finance players BRD-Groupe Societe Generale saw its net profit fall by 98 percent on nine months to RON 10 million (EUR 10 million), due to the soaring costs of risk, which added 58 percent to RON 1.1 billion (EUR 242 million). BRD grew its loan book by 8.1 percent to RON 36.5 billion (EUR 8 billion), while deposits rose 5.4 percent to RON 31.6 billion (EUR 7 billion). Its assets amounted to RON 47.6 billion (EUR 10.4 billion). AXA Life Insurance, the Romanian arm of the French insurer AXA Group, plans to invest RON 61 million (EUR 13.8 million) to open new offices, recruit consultants and increase its brand value. The insurer, which launched in Romania in 2011, reached 52 offices and 566 consultants this summer. It plans to expand to 58 offices and reach 800 consultants by year end. AXA reported a 39 percent increase on gross written premiums to RON 15.2 million (EUR 3.5 million) in the first semester, sustained by higher revenues from new written premiums. ovidiu.posirca@business-review.ro
www.business-review.ro Business Review | December 3 - 9, 2012
12 CITY
New exhibition explores national myth and identity Temporary exhibition The National Myth: Visual Arts and Romanian Identity aims to provide a visual history lesson, with a series of works by major national artists outlining Romania’s changing identity over the course of a hundred years.
Courtesy of MNAR
G. Tattarescu’s painting “Danubian peasant in front of Roman senate”
∫ OANA VASILIU Almost 250 paintings, sculptures, prints, drawings, and ceramics by major Romanian modern artists spanning the period from 1830 to 1930 trace the prevailing themes of Romanian history. Barbu Iscovescu, Constantin Daniel Rosenthal, Carol Popp de Szathmári, Gheorghe Tattarescu, Theodor Aman, Nicolae Grigorescu, Ioan Andreescu, Ştefan Luchian, Nicolae Tonitza, Oscar Han, Camil Ressu and Dimitrie Paciurea, among others, all made important contributions to framing an enduring set of almost “mythical” references to national identity in times of great political and social upheaval. Romanians’ Latin roots, territorial unity and the struggle for independence are all charted in the landmarks that shaped the emergence of the Romanian national state: the 1848 Revolution, the union of the Romanian Principalities in 1859, the advent of Prince Carol I of Hohenzollern as ruler of the Romanian Principalities in 1866, the War for Independence of 18771878, the declaration of Romania as a Kingdom in 1881, and the making of Great Romania in 1918. The exhibition takes its inspiration from two books by Romanian historian Lucian Boia, History and Myth in Romanian National Consciousness, and Toward a History of the Imaginary, and investigates the glorification of national history, beginning in the latter half of the 19th century and extending into the 20th century. The political role of art during the 19th century is marked in works including
portraits of revolutionaries of 1848, allegories embodying the ideals of unity and independence, landscapes designed to show the beauty of the homeland, and in particular historical scenes inspired by contemporary events. For example, Michael the Brave became the symbol of unity for Romanians, while Stephen the Great and Vlad the Impaler were heroes in the fight for independence. The foremost modern Romanian artists also show a drive for subjects drawn from the folk tradition, presenting the rural world in its true colors. The national identity is embodied by the rural universe and the idealized image of the Romanian peasant, especially endorsed by the immense popularity of Nicolae Grigorescu’s works, which formed the basis of the future development of Romanian fine arts. The artworks on display belong to the National Museum of Art of Romania as well as other museums in Bucharest and around Romania: the National Museum of History of Romania, Bucharest City Museum, Gheorghe Tattarescu Museum, the Brasov Museum of Art, the Moldova National Museum Complex of the Iasi Art Museum, and the Iulian Antonescu Museum Complex of the Bacau Art Museum.
The National Myth: Visual Arts and Romanian Identity (1830-1930), the National Museum of Art of Romania, until February 13, 2013, Wednesday to Sunday from 10.00-18.00.l oana.vasiliu@business-review.ro
www.business-review.ro Business Review | December 3 - 9, 2012
CITY 13
Brewing a cup of history at Camera din fata Once upon a time, there was a world of magic and fairy tales, a world where grandparents spoiled grandchildren with homemade goodies, carefully baked in old ovens. ∫ OANA VASILIU
Photo: Mihai Constantineanu
These grandparents had a special room where only guests were invited, named broadly the front room, a space situated near the street, which could be spotted from the outside. The magic and the chat that passed within those walls is now being revived in a small tea house or café, called “Camera din fata” – the Romanian translation of “front room”. The place was thoughtfully selected, and is clearly a front room spot – Mendeleev Street was previously very busy when Magheru Boulevard and Calea Victoriei were the only shopping locations in Bucharest. Among old family pictures, thousands of pots with flavored tea (150 varieties to be precise), cups of coffee and, of course, coffee bags (over 25 types), the visitor seems to go back in time. Sitting on an old chair, which has seated at least two generations, drinking a recommended coffee or tea served on a redesigned sewing machine table is an indulgence that everyone should enjoy..
Time to tarry at Camera din fata
For a coffee, you must ask Paul, one of the owners who can almost always be found there, for more details. He has a story for every single blend of coffee he sells in Camera din fata, learnt from one of the Romanian masters of coffee, the distributor of the Royal House of Romania, Mihail Flo-
rescu. On his recommendation I tasted Miscela Italiana (RON 6), a combination of several types of coffee, and Sweet Winter (RON 17), a coffee cocktail with cream, Bailey’s and coffee liquor. Moreover, for those who want to buy coffee beans and are unsure about the flavor, you’ll receive
advice and full instructions on how to use them as well as special grinding, according to the type of machine you use for preparing coffee. Tea lovers may take their choice from among red, white, green, black, yellow, Japanese, Chinese or Indian blends, smoked, fresh or mixed teas and even unconventional combinations. To order a tea, first you have to decide whether you’re after an energy boost, relaxation or long-term benefits. Moreover, the tea comes with homemade jam or sorbet, prepared by the owners’ families. If you still need extra sugar, you can accompany your beverage with one of the traditional pies: apple, cheese or pumpkin, depending on the day. At Camera din fata, there’s also a selection of related gifts: mugs, cups, tea services, tea kettles, espresso machines and even homemade goodies such as jams and fruit syrup.
Camera din fata, 22 Mendeleev Street, daily from 8.00-22.00 or last client. oana.vasiliu@business-review.ro
www.business-review.ro Business Review | November 26 - December 2, 2012
14 IN TOUCH
CULTURAL EVENTS CALENDAR EXHIBITION Disasters of War by Francisco de Goya The National Museum of Art of Romania (MNAR) December 3-January 27, 2013
BUSINESS AGENDA December 4 ∫EVENT
graphical history of architecture styles, an effervescent dialog of cultures and forms. Gothic, Renaissance, Baroque, Neo-Gothic, Neo-Classical, Byzantine and Romance are the distinct styles presented in this architecture exhibition.
17:00 Business Review organizes the fourth edition of French Investors Forum, an event that focuses on French companies active locally, at Hotel Pullman. By invitation only.
FAIRS
19:30 Ego Men's Fashion Concept organizes an event to mark the launch of its Ego Flagship Store in the Romana Square.
Santa Claus’ Bag Bucharest Mall, Plaza Mall November 30-December 23 Festive shoppers will find stands full of Christmas gifts, such as decorations, books, music and movies, photo albums, games and toys, cosmetics and food. This Winter Gifts Fair features both indoor and outdoor stands.
December 5
December 11 09:30 IBS Professional Solutions, together with CESSCO Cash Back
VAT Reclaim and Sky Cash Back Consulting, organize a seminar on fiscal strategies for companies, at Radisson Blu Hotel. By invitation only.
December 13 - 14 The Romanian Youth Focus 2012, an event targeting marketing and communications specialists in Romania, is organized at the Intercontinental Hotel. By invitation only.
January 8 The League of Romanian Students Abroad (LSRS) organizes a gala to award the most valuable Romanians students worldwide at the Parliament Palace.
FILM PREMIERES
The exhibition presents 82 engravings from the famous Disasters of War series by Spanish painter Francisco de Goya over 1810-1820, which depicts scenes from the Spanish War of Independence (1808-1814) against Napoleon’s troops. The artist etched the horrors of war, its cruelty, fanaticism, terror, injustice, suffering and death. Alongside Goya’s engravings, the exhibition includes photographs from the Spanish Civil War (1936-1939) taken by notable photographers such as Robert Capa, David Seymour, Gerda Taro, Augusti Centelles and Alfonso Sanchez, as well as numerous local and anonymous counterparts.
Red Lights Opens November 30 A paranormal researcher and her assistant investigate a famous psychic who has come out of retirement after 30 years. Director: Rodrigo Cortés Starring: Sigourney Weaver, Robert De Niro, Cillian Murphy On at: Movieplex Cinema Plaza, The Light Cinema, Grand Cinema Digiplex, Glendale Studio. Rise of the Guardians Opens November 30 Based on William Joyce's book The Guardians of Childhood, this 3D computer-animated fantasyadventure tells the story of the evil spirit Pitch who launches an assault on Earth. To protect the innocence of children around the world, the Immortal Guardians team up and fight back.
Croquis by Vlad Stanescu and Tudor Stefanescu Readers Café, Metropolis Center Until December 7 The Croquis concept was designed by Vlad Stanescu and Tudor Stefanescu, who have set out a
Director: Peter Ramsey Starring: Hugh Jackman, Alec Baldwin, Isla Fisher On at: Movieplex Cinema Plaza, The Light Cinema, Grand Cinema Digiplex, Glendale Studio, Cinema City Cotroceni.
ISSN No. 1453 - 729X
FOUNDING EDITOR Bill Avery EDITOR-IN-CHIEF Simona Fodor SENIOR JOURNALIST Otilia Haraga JOURNALISTS Simona Bazavan, Ovidiu Posirca, Oana Vasiliu COPY EDITOR Debbie Stowe COLLABORATORS Anda Sebesi ART DIRECTOR Alexandru Oriean PHOTO EDITOR: Mihai Constantineanu PHOTOGRAPHER Laurentiu Obae LAYOUT Beatrice Gheorghiu
WHO’S NEWS BR welcomes information for Who’s News. Submissions may be edited for length and clarity. Get in touch at simona.bazavan@business-review.ro
Denisa Benga
Paula Popa
is now managing associate lawyer at SCA Duncea, Stefanescu & Associates / Mazars. Her expertise centers on M&A, litigation, arbitration and competition matters. She has successfully represented clients in M&A projects and related transactions. She has also obtained favourable decisions for a significant portfolio of clients represented before the courts of law. Before joining Mazars in 2007, Benga was extensively involved in the settlement of commercial disputes by amicable means, arbitration, litigious procedures of common law, as well as in assistance with enforcement proceedings. She is a graduate of the Law Faculty and member of the Bucharest Bar Association, and has a master’s degree in Business Law.
has joined Brand Academy as a project director. She will coordinate the company’s Beyond Borders special events division and its pitch management. Popa has more than 15 years of experience in business development, account management, pitch and sales, marketing and communication. She has previously worked for Targo Promotion Romania, JMK Communication, Frontal Media, Mediafax and Capital. She has managed accounts for leading local and international clients: Coca-Cola HBC, Unilever, Procter & Gamble, Coty Cosmetics, Orange and Vodafone. Popa holds an MBA from the Open University Business School and an MA in PR and communication from SNSPA.
PUBLISHER Anca Ionita EXECUTIVE DIRECTOR George Moise SALES & EVENTS DIRECTOR Oana Molodoi MARKETING MANAGER Ana-Maria Stanca SALES & EVENTS Ana-Maria Nedelcu RESEARCH Catalina Costiuc SUBSCRIPTION Lili Voineag PRODUCTION Dan Mitroi DISTRIBUTION Eugen Musat
PUBLISHER Bloc Notes Media ADDRESS No. 10 Italiana St., 2nd floor, ap. 3 Bucharest, Romania LANDLINE Editorial: 031.040.09.32 Office: 031.040.09.31 EMAILS Editorial: editorial@business-review.ro Sales: sales@business-review.ro Events: events@business-review.ro