INTERVIEW: Romanian scientist Aurora Simionescu tells BR what drew her to astrophysics and how she made the change from working for NASA to being recruited by the Japanese Space Agency »page 9
ROMANIA’S PREMIER BUSINESS WEEKLY
NOVEMBER 26 -DECEMBER 2 / VOLUME 16, NUMBER 39
TRAVEL REFURBISHED FOLLOWING A EUR 1 MLN INVESTMENT, HISTORICAL MANOR CONACUL MALDAR CATERS TO LOVERS OF UPMARKET VACATIONS IN THE VALCEA AREA OF ROMANIA »PAGE 10
Lack of finance and proper training for industry professionals has left the real estate sector teetering »page 8
NEWS
NEWS
FOCUS
PLUS
Fighting corruption Tax and spend
Reap the rewards
AmCham launches a guide outlining best practices in preventing bribery and corruption in the private sector, from sponsorships to public procurements
As VAT for collected invoices is rolled out next year, companies are getting ready to undertake the IT and staff training costs to implement it correctly
Romania needs a coherent and integrated strategy to be able to achieve the much touted potential of its agricultural sector
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Cricket has picked up its red leather ball in Romania » page 12 A new guide surveys restaurants featuring outstanding interior design » page 13
Photo: Mihai Constantineanu
CASH SHORTAGE BLOCKS NEW HOMES
www.business-review.ro Business Review | November 26 - December 2, 2012
NEWS 3
NEWS in brief AUTO
PROPERTY
Pirelli makes EUR 105 million investment in Slatina
Immofinanz considers new office and residential projects in Bucharest
CONSTRUCTION Eurostat: Romania posts EU’s third largest construction drop in September Seasonally adjusted production in the construction sector fell by 1.4 percent in the euro area and by 1.8 percent in the EU27 in September 2012, compared with the previous month, according to the first estimates released by Eurostat, the statistical office of the European Union. Compared with September 2011, production in September 2012 dropped by 2.6 percent in the euro area and by 5.8 percent in the EU27. Building construction decreased by 2.3 percent in the euro area and by 2.5 percent in the EU27 this September compared with the previous month, after increasing by 0.8 percent and falling by 0.1 percent respectively in August.
Swedish Skanska enters local market after EUR 14 million land acquisition Construction and development company Skanska has launched operations in Romania, announcing it will develop an office complex in Bucharest on a 15,000sqm plot of land. According to Mediafax newswire, Skanska paid EUR 14 million for the plot of land it bought from Banseasa Investments, owned by businessman Gabriel Popoviciu. The 15,000-sqm plot is located in the Floreasca-Barbu Vacarescu area, on Gara Herastrau Street, next to the Aurel Vlaicu metro station. The future office project – named Green Court Bucharest – will consist of three buildings with a total leasable area of 52,000 sqm.
Photo: Silviu Pal
Italian tire maker Pirelli plans to invest EUR 105 million in Romania through to 2017, to boost tire production in the Slatina Industrial Hub, Olt County, which should create 500 new jobs. The company has secured EUR 35 million in state aid for this project. Pirelli wants to expand the manufacturing surface to around 200,000 sqm and increase the production capacity to some 13 million units yearly from the current 8.5 million. The company produces tires in its premium range at Slatina. PM Victor Ponta said the state aid for Pirelli had received “agreement in principle” and that the money would be recovered through taxes. The company will reach a headcount of 3,500 people in the next five years.
IMAGE of the week Feast for bookworms The nineteenth edition of Gaudeamus International Book and Education Fair took place in Bucharest, with Moldova as guest country. Italy returned to the fair as a privileged guest, and highly reputed Italian writers, journalists, editors and literary agents were at the heart of the events organized this year at the country’s stand. Over 400 Romanian and foreign publishers, printing houses, educational institutions, cultural institutes and centers, book distributors, multimedia companies, NGOs with a cultural and educational profile, professional associations, book shops and libraries took part in the fair.
ENERGY ET Solar to build 50 MW of solar projects in Romania Tinmar, a local power supplier and trader, has appointed Chinese firm ET Solar to construct and operate photovoltaic parks with a total capacity of 50 MW in Southern Romania. Over 20 MW are expected to reach completion by year end and should be connected to the gird early next year. Construction works for the remaining 30 MW should kick off by the end of 2012. The plants are located in Gorj, Giurgiu and Dolj counties. ET Solar will provide the PV modules and operation and maintenance services for the completed projects. Its German subsidiary will handle the procurement, the financing of construction and the engineering services.
GDF Suez bonds start BSE trading Corporate bonds in French utility GDF Suez Energy Romania have started trading on the Bucharest Stock Exchange (BSE), according to Agerpres newswire. GDF Suez raised RON 250 million (EUR 55 million) from the oversubscribed bond auction. The bond issue was carried
out on the BSE in late October. It targeted qualified investors such as pension and investment funds. The bonds, which have a five-year maturity, have an annual fixed interest rate of 7.4 percent. BRD Groupe Societe Generale acted as intermediary for the offer.
IT Cluj launches IT cluster based on Silicon Valley model The Cluj IT Innovation Cluster, launched recently at national level, is intended to transform Cluj into the most important national pole in R&D and IT commerce, according to Adevarul daily. The cluster was based on the Silicon Valley model. The first meeting of its strategic board has already taken place. The board includes Daniel Chitoiu, minister of economy, commerce and the business environment; Calin Popescu Tariceanu, former prime minister of Romania; Eduard Helvig, minister of regional development and tourism; Ronald Binkofski, CEO of Microsoft Romania; Florin Pogonaru, president of the Association of Business People in Romania; and Dan Sandu, managing director of Nextebank.
Austrian real estate investor and developer Immofinanz Group could start an office project in northern Bucharest and a residential development in the Berceni neighborhood, in the southern part of the capital, said Daniel Riedl, COO at Immofinanz Group. The company owns some 100 hectares of land in Romania and says it is not considering selling. In Bucharest the firm also owns two former factories – Rocar (18 ha) and Ventilatorul (3.5 ha). For the latter, it is preparing a master plan for a residential development. Overall Immofinanz has 88 properties in Romania and currently has 17 projects in the pipeline. The developer’s local portfolio, estimated at EUR 700 million, consists of nine office buildings, six retail projects and three logistics parks. Through Adama – the real estate developer it acquired for EUR 42 million a year ago – the company is also investing some EUR 14 million in building two more apartment blocks in Bucharest.
City Business Centre Timisoara completes works on fourth building The developer of the City Business Centre project in Timisoara has announced that it has completed construction works on the fourth building in the project, located close to the 700 Sqare in Timisoara. The building has a total rentable area of 9,500 sqm for office and service space. This adds to the 25,000 sqm delivered between 2007 and 2010. CBC Timisoara also has a conference center with four halls, a video conference hall and a meeting hall for SMEs. Other facilities include a co-working space for 37 people. SAP, Autoliv Romania and two local SMEs are among the tenants of the building, which is already 60 percent leased.
RETAIL Carrefour takes proximity store network to 13 outlets Carrefour has opened a new Carrefour Express proximity store in Bucharest. The new unit has a sales area of 140 sqm and 10 employees. The French retailer operates 24 hypermarkets, 60 supermarkets and 13 proximity stores in Romania. It announced earlier this month that it would open a 9,700-sqm hypermarket in Bucharest in Q3 2013. The company already runs eight hypermarkets in the capital.
www.business-review.ro Business Review | November 26 - December 2, 2012
4 NEWS TELECOM
BUSINESS AGENDA November 26
Orange to bring new service Joyn to Romania next year
10:00 Tenaris Silcotub organizes an event to present the winner of its scholarship program at the Capsa Hotel in Bucharest. By invitation only. 10:00 Euroweb organizes an event to present future investments and to assess the evolution of the IT&C sector in Romania at Radisson Blu Hotel. Stuart Evers, CEO of Euroweb Romania, will attend. By invitation only. 11:00 BCR holds a press conference to mark the launch of new private banking products and services at its headquarters in Bucharest. By invitation only.
November 27 09:00 Venture Connect organizes the sixth edition of its session for entrepreneurs to pitch their projects, at HUB Bucharest. By invitation only. 10:30 Philips Romania organizes a roundtable on the modernization of the Romanian healthcare system through European structural funds at Radisson Blu Hotel. By invitation only.
November 28 09:30 Freescale Semiconductor organizes the third edition of its annual Eclipse DemoCamp at its headquarters in TATI Building Center in Bucharest. By invitation only.
November 29 10:30 The Association of Young Entrepreneurs in Romania (PTIR) and the Federation of Chefs in Romania give a press conference to mark the completion of an EUfunded project on human resource development at the business incubator StartUp Romania in Bucharest. By invitation only. 11:30 Google organizes an award event for its Doodle 4 Google competition at the Marriott Hotel. By invitation only.
December 4 ∫EVENT 17:00 Business Review organizes the fourth edition of the French Investors Forum, an event that focuses on French companies active locally, at Hotel Pullman. Find out more at http://business-review.ro/brevents/
Stephane Richard, CEO of Orange, announcing the introduction of the Joyn service
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obile operator Orange, part of France Telecom, has showcased the new products and services that it plans to launch between now and the summer of 2013 on the French market, during a technology show in Paris on November 21. The company has already announced an estimated date for the launch of one of these services in Romania.
Joyn, a new three-in-one communication service which allows users to make voice and video calls, chat on the handset and at the same time share videos, pictures and documents with a group of people, has already been deployed in Spain. From 2013, the service will be launched in Romania as well as other countries such as Belgium, Poland, Slovakia and France. The service will
come as standard on a new generation of smartphones sold by Orange. Other notable developments included the launch of 4G services for the corporate and consumer segments. After Marseille, which has had coverage since June 2012, the company will be deploying 4G to Lyon, Lille and Nantes. The first 4G offering will be marketed from November 22 for corporate customers and from February 2013 for consumers. 4G from Orange is likely to arrive in Romania before the end of the year. After the outcome of the telecom auction the company announced that it would launch these services in the 1800 MHz frequency. “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 Jean-Francois Fallacher, CEO of Orange Romania, at the time. In France, there are more than 20 near-field-communications (NFC) compatible mobile phones available in Orange shops, as announced during the launch. Orange is testing NFC in Romania through a pilot project launched in June, 2012, in partnership with BRD-Groupe Societe Generale, and NFC-compatible handsets are available in the Orange range locally. ∫ Otilia Haraga, Paris
EMPLOYMENT
More Europeans follow career path to Romania
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ith the Euro zone in a tight economic spot and seeing only sluggish recovery, Romania stands to benefit as more European specialists respond by moving here. The country has traditionally played host to expats at the helm or serving on management boards of large foreign firms, and numerous entrepreneurs have developed businesses locally. Now a growing number of Western Europeans are coming to Romania to work in middle management positions or as specialists, say experts. Foreigners, who are working not only in top management, but in other fields, are attracted by the way Romania has developed at a steady pace since EU accession in 2007, according to Mihaela Mitroi, partner in fiscal consultancy at the professional services firm PwC Romania. Last week the company organized the International Mobility of Employees conference. “It’s not an aggressive development, but wages have started to go up a little. It’s important that the country is on a
growing trend and compensation comes in the form of the lower cost of living in Romania compared to countries in Western Europe,” Mitroi told BR. “Foreigners who work in middle management positions, and even specialists, such as doctors and engineers, will come.” She added that the high unemployment rates in Southern Europe – notably Portugal, Spain and Italy – have forced people to search for job opportunities in other EU countries with well established regulations. “Romania is unfortunately becoming an emigration country for highly skilled people, while in the 90s this phenomenon involved only unskilled workers. We are seeing doctors and IT specialists leaving. The void will probably be filled by foreigners, either from Western Europe or Asia,” said Mitroi. The Euro zone had an unemployment rate of 11.6 percent in September, while Romania had the seventh lowest unemployment rate in the EU, at 7.1 percent, according to Eurostat.
Since EU accession, the number of Romanian employees on detachment abroad has tripled to over 30,000 people, with most of them working in Germany, Italy, France and Belgium, in the industry, construction and transportation sectors, said Petronel Munteanu, director of the National Public Pension House, during the PwC event. The detachment of Romanians abroad is a growing trend and some hold top management or regional positions, according to Mitroi. “The EU faces a shortfall of 20 million specialists in the next two decades. These specialists will probably have to come from Asia, but the US and Canada have been more successful at attracting them than Europe,” said Mitroi. Romania has an attractive flat tax of 16 percent, but labor taxation is among the highest in the region, commented Irina Preoteasa, manager at PwC Romania. She added that employees have to pay three different contributions, and employers six. ∫ Ovidiu Posirca
www.business-review.ro Business Review | November 26 - December 2, 2012
TELECOM
Vodafone Romania launches 4G commercial services
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elecom operator Vodafone Romania has announced the launch of the first 4G services in Romania, at speeds of up to 75 Mbps, available to new and existing Vodafone subscribers with the Internet Nelimitat Extra and Internet Nelimitat Profesional packages. 4G customers will receive a 4G Ready SIM. They can test the service and take advantage of free unlimited traffic between November 20 and December 31 by activating the option Unlimited 4G traffic. At the moment, Vodafone’s 4G network is operational in 10 cities: Arad, Bacau, Brasov, Bucharest, Cluj, Constanta, Craiova, Iasi, Galati and Timisoara. Outdoor coverage is over 90 percent in most of these cities, except Bucharest, due to the current spectrum usage limitations, according to the company. Vodafone has announced that next year it will be able to provide 4G commercial services, at speeds of up to 100 Mbps. The company’s 4G network runs in the 1800 MHz frequency bandwidth. Romania is among the first European markets where Vodafone has rolled out 4G services, after Germany, Portugal
4G-compatible devices in Vodafone’s portfolio l USB Vodafone K5005 LTE modem, for PC/Laptop connectivity, available from EUR 0, with a two-year Internet Nelimitat Profesional subscription, for EUR 19/month; l Vodafone Hotspot R210 LTE, which connects up to five devices simultaneously for EUR 89, along with the twoyear Internet Nelimitat Profesional subscription; l Asus Transformer Pad Infinity TF700 KL tablet on Android 4.0 OS, with prices starting at EUR 419, with the two-year Internet Nelimitat Profesional subscription.
and Italy. The mobile operator had 7,874,220 customers in Romania at the end of September 2012. It posted revenues of EUR 387.6 million in the first half of the financial year, ended September 30, 2012. ∫ Otilia Haraga
ADVOCACY
AmCham launches anti-corruption guide for companies
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he American Chamber of Commerce in Romania (AmCham) launched last week the title Anti-Corruption Guidelines, a document put together by the group’s corporate governance committee, aiming to prevent bribery and corruption among companies that are active locally. The guidelines are based on international documents and best practices and provide recommendations and instruments for companies. “Both companies and professional organizations throughout the world have reported significant progress when it comes to bribery and corruption prevention in doing business,” said Sorin Mindrutescu, president of AmCham Romania. “AmCham Romania brings a proactive approach in terms of fighting these questionable practices and intends to support both state-owned and private companies by developing this document.” The document is to be distributed to over 300 AmCham member companies in Romania. It covers several topics such as employment/recruiting, sponsorships and political contributions. Duane C. Butcher, deputy chief of mission at the US Embassy, said that many developing economies that wish to attract foreign investments provide cheap labor, fiscal
stimulus and education. But experience showed that local corruption acts as a deterrent to investors. “In general, you look for a level plain field, because American companies are forbidden from participating in any kind of corruption. It’s very important for us to try to have the cleanest and the best legal framework for our companies,” Butcher told BR. “The best practices anti-corruption guidelines aim to set out preventive conduct for companies fighting bribery and corruption while encouraging them to develop their own anti-bribery and anti-corruption policies and provisions, to implement them and monitor their results on a regular basis,” said Anda Todor, president of the corporate governance committee at AmCham Romania. Sponsorships have to be granted transparently and companies mustn’t use them to pursue a commercial gain. The same goes for political financing. Contracts between business partners should contain provisions on preventing bribery and corruption, added the book. As public acquisitions run a high corruption risk, AmCham advises companies to strengthen preventive policies in this area. ∫ Ovidiu Posirca
NEWS 5
www.business-review.ro Business Review | November 26 - December 2, 2012
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Fiscal changes bring new costs for companies With VAT payment for collected invoices coming into force next year, companies with a turnover below EUR 500,000 need to invest in IT and staff training to implement it correctly. Meanwhile, the authorities are scrutinizing transfer pricing operations in a bid to attract fresh resources to the budget. ∫ OVIDIU POSIRCA
All photos: Mihai Constantineanu
These were some of the pronouncements made during the Transfer Pricing & New VAT Cash Accounting System workshop, organized by Business Review last week. The fiscal agency ANAF has stepped up its scrutiny of transfer pricing cases, collecting an additional RON 66.6 million (EUR 15 million) in tax last year. This was in the form of interest and penalty payments made by companies whose transfer prices were adjusted, said Otilia Bujor, tax manager at PKF Finconta, the fiscal consultancy. Affiliated companies use transfer pricing for the transaction of goods, services or use of property within the group. The authorities need to make sure these operations are made at market prices, so that national budgets can get their fair share of taxes. However, filing the right prices remains a challenge. The tax manager added that multinational companies are trying to reduce some of the general fiscal burden of their groups, while the fiscal authorities want to collect the right amount of tax under their jurisdiction. “There isn’t a formula for a transfer pricing file not to be adjusted in the event of an inspection,” said Bujor. Companies that fail to present this file can be fined up to RON 12,000 (close to EUR 3,000). Most of the time, authorities estimate the prices and tax the additional profit. Companies with a reasonable profit margin don’t run a real risk in these operations, but they should make sure they have market level prices, said Alin Irimia, director in the transfer pricing – risk analysis general directorate at ANAF. “The scrutiny of transfer pricing has increased and the performance indicators from these operations are very good,” said Irimia. He added that ANAF was able to generate 12 percent of the additional resources (collected taxes) by using 1 percent of its own resources. He said the fiscal agency may get additional funding in this area.
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Changes in VAT chain for small firms Companies that generated a turnover of less than RON 2.25 million (EUR 500,000) in the previous year and new ones need to implement the VAT chargeability when invoices are collected or within 90 days of the invoice having been submitted, according to Mariana Vizoli, director in the department for VAT legislation at the Ministry of Public Finance. Non-residents who are registered as VAT payers in Romania and residents that are part of a VAT group are exempt from this system. Certain cash operations and reverse taxation operations are among the areas where it doesn’t work. Companies need to make changes in their accounting tools, including the sales journal, advised Florentina Susnea, partner at PFK Finconta. Training employees in the new
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1. Panelists discuss the legal aspects of transfer pricing 2. Florentina Susnea, partner, PKF Finconta 3. Alin Irimia, director, Transfer Pricing – Risk Analysis General Directorate, ANAF 4. Cristina Saulescu, senior tax consultant, PKF Finconta 5. Otilia Bujor, tax manager, PFK Finconta 6. Maria Popa, senior tax manager, PKF Finconta 7. Mihai Popa, senior tax consultant, PFK Finconta 8. Mariana Vizoli, director, Direction for VAT legislation, Ministry of Public Finance
regulation and the identification of the clients or suppliers that use the new system are the first steps that companies need to take, stated Mihai Popa, tax consultant at PKF Finconta. He also mentioned the revision of contracts and the payment terms of invoices along with updates in the IT system. Companies are obliged to mention on their invoices that they use the new VAT system and should separate them based on the payment method used, be it cash or bank transfer.
Furthermore, firms should be informed when they go over the EUR 500,000 threshold mentioned in the law. Popa added that companies need to use a tracking system that informs them if a certain supplier switches to the old VAT system. In addition, suppliers need to be separated depending on the VAT regime they use. The same applies with invoices. ovidiu.posirca@business-review.ro
www.business-review.ro Business Review | November 26 - December 2, 2012
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Romania’s agriculture needs national strategy for future growth, urge players This year’s drought and its negative impact on the agriculture and food processing sectors has made it clearer than ever that Romania needs a coherent and well integrated strategy in order move beyond the interminable debate about the country’s much lauded agricultural potential, urged participants in the second edition of the Focus on Agriculture event organized by BR. 1
All photos: Laurentiu Obae
∫ SIMONA BAZAVAN “In 2011 when God was agriculture minister in Romania and it rained, we had the best agricultural year. In 2012 God no longer filled the position, we had drought, production collapsed and farmers started asking the government for money. This too is because of a lack of strategy. We shouldn’t depend on rain,” said Dorin Cojocaru, the general director of the Romanian Dairy Processors Organization (APRIL). He stressed the need not only for a coherent national agricultural strategy but also one integrated within the national economic strategy. The present reality, however, is very far from this. In Romania farmers and producers talk with agriculture ministers instead of with the agriculture ministry, agreed participants. Each time the minister changes so does the government’s agricultural strategy, they complained. “Romania lacks any strategy. If I were asked what Romania’s strategy is related to agriculture and how this sector will look in 20 years’ time I couldn’t say because no one knows. Romania should decide once and for all what it is it wants,” said Johannes Becker, owner of Becker Consult. Setting clear targets is necessary for the coherent development of pro-
duction chains, said Neculai Apostol, general manager of Kosarom. The consequences of a lack of strategy are obvious throughout the entire sector, from vegetal production to food processing. A good example is the meat processing industry, he said. At present Romania imports some 70 percent of the pork needed by meat processors when this could readily be provided by internal production. Lack of financial support for zootechnics among other factors has led to the present situation. The dairy sector is also affected, but in this area the negative effects of the government’s absence of strategy over the past decade will be felt particularly after 2014 and 2015, warned participants. By January 2014, all dairy farms and dairy processors in Romania have to produce and process only EU quality/safety-compliant milk, a deadline for which the vast majority of familyowned and small-scale farms in Romania are unprepared. Moreover, milk quotas will expire and production will be liberalized in 2015 throughout the EU, so the local market risks being flooded with imported milk and dairy products.
Farmland prices to go up Despite these setbacks and many others, Romanian agriculture remains an attractive investment destination for both large players and entrepreneurs,
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1. Despite the absorption rate of EU funds for agriculture being well above the average for other programs, it is still too low, said participants 2. Dana Bucur, www.agriland2000.com 3. Cornel Stefan, Ministry of Agriculture and Rural Development 4. Dorin Cojocaru, APRIL 5. Dan Petre, BRD Groupe Societe Generale 6. George Stanson, Case IH & Steyr Balkans 7. Ileana Bratu, FGCR IFN SA 8. Victor Ciuperca, AMB Holding 9. Mitru Crisan, Diami Lactate 10. Irina Dimitriu, NNDKP 11. Neculai Apostol, Kosarom 12. Vasile Dreve, Ministry of Agriculture and Rural Development 13. Johannes Becker, Becker Consult said Dana Bucur, agribusiness consultant at www.agriland2000.com. A reason for this is the low cost of farmland on the local market. With prices expected to go up over the coming years, buying local farmland is a good investment opportunity, she said. Romanian farmland currently costs between EUR 1,000 and EUR 5,000 per hectare whereas just over the border, in the EU, prices go beyond EUR 8,000 to EUR 10,000 per hectare, said Victor Ciuperca, area manager at AMB Holding. In Romania, too, farmland prices will go up, he said. Developments in this area over the next couple of years will be influenced by three main factors – profiteering, land consolidation and production, he added. Participants at the event also discussed prospective developments
after January 1, 2014, when foreign citizens and companies will be able to buy farmland in Romania. The topic has been extensively debated locally over the past year, with many politicians and industry representatives voicing concerns that low farmland prices in Romania will lead to a land rush by foreigners. The minister of agriculture, Daniel Constantin, has recently said that the authorities will take measures to prevent a phenomenon which “has frightened a lot of people” by proposing measures to limit foreigners’ access. Such fears are unjustified, stressed many of the event’s attendees, who argued that Romania stands only to benefit from the investments and know-how brought by foreign investors. otilia.haraga@business-review.ro
www.business-review.ro Business Review | November 26 - December 2, 2012
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Real estate must become professional in order to grow While “anything goes” was the motto of the local real estate industry back before the crisis, today it’s a very different story. Relevance to customers and professionalism are now essential in the property game, said participants in the 12th edition of the Focus on the Real Estate Market event organized by BR last week. ∫ SIMONA BAZAVAN
Prices of Bucharest’s old apartments could fall by another 20 percent The prices of old apartments in Bucharest will continue to tumble and could drop by an estimated 20 percent, said Stefan Gheorghiu, general manager of Impact SA. Prices are still too high given the quality of the units on the market and owners continue to have unrealistic demands, he said. Not everyone agreed with this prediction. Old housing units in Bucharest will continue to be artificially overpriced due to lack of competition which is generated by two main factors – location and size, said Andrew Prelea, president of Ozone Homes. “Older flats enjoy better locations, especially in Bucharest and other larger cities. These apartments also come with the right surfaces that allow people to get a mortgage,” he said. Lack of financing remains the main problem for the residential market but this doesn’t mean that there is no need for new housing. In Bucharest alone, this amounts to more than 300,000 units, said Prelea. “This should be a seller’s market. Why is it not a seller’s market? Because of public perception, market confidence and the availability of credit,” he concluded. While there is a need for more residential developments, future projects will have to be “carried out in a very professional manner – something that hasn’t happened very often so far,” said Gheorghiu. In Romania, new residential developments represent only about 10 percent of the market, while older properties make up the rest, said Ileana Preda, president of the National Association of Realtors from Romania (APAIR). In addition to this, Gheorghiu said that there is also a growing intermediary market, made up of a backlog of new housing units that haven’t been sold over the past three, four years and this could actually be larger than the stock of new homes coming onto the market. simona.bazavan@business-review.ro
All photos: Hadas Eldar / Mihai Constantineanu
Lack of financing and specialist training are two of the main issues Romania’s real estate is dealing with at present, said participants. “I think the banks have been making no sense for at least the last two years. And they continue to make no sense. There is no such thing as financing from the banks. This is all wishful thinking,” said Georgios Argentopoulos, CEO of Baneasa Developments, adding that one needs to look at alternative financing means. “There is money out there, there are developments to be made, there is a market here. Yes, there is a downtrend and it will continue because Romania follows Europe and Europe is in a huge crisis and will remain in a crisis because politicians do not make sense either, worse than the bankers,” he went on. The root of the problem is actually a matter of lack of confidence in Romania overall, following recent political events, argued some attendees. Local politicians need to “get their act together” in order for the country not to lose any more money. Another problem which the industry is facing and which could be limiting growth perspectives is a lack of professional training. “There is no professional qualification in real estate. So far we have been doing business by learning, which when the market was growing was okay. But now, when the market is settling down on a not so positive basis, the need for a professional approach is greater than ever,” said Ioana Momiceanu of RICS Romania. Looking at what still generates growth, retail continues to be the main driver for the local real estate industry, despite its high seasonality, said Dimitra Marini, general manager of EFG Eurobank Property Services. New shopping centers have opened over the past year and there is room for more to come, said participants. But as in the other real estate sectors, there is little room left for speculative schemes and any project needs to be developed professionally, said Ingo Nissen, managing director at Sonae Sierra in Romania. High Street shopping, too, is going to grow further over the coming years. In Bucharest the old center remains a hot spot. Right now it is a hub for
cafes and restaurants but as soon as big fashion retailers open stores there many others will join them, predicted Mihaela Petruescu, director and head of retail at Capital Property Advisors.
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1. The event gathered more than 60 participants 2. Mihaela Petruescu, CPA 3. Georgios Argentopoulos, Baneasa Developments 4. Dimitra Marini, EFG Eurobank Property Services 5. Catalin Scripcaru, Century 21st 6. Ioana Momiceanu, RICS Romania 7. Andrei Brasoveanu, Ciurtin Brasoveanu & Part8. Ingo Nissen, Sonae Sierra 9. Ileana Preda, APAIR ners 10. Andrew Prelea, Ozone Homes 11. Dragos Diaconu, EFG Eurobank Property Services 12. Radu Lucianu, CPA 13. Stefan Gheorghiu, IMPACT S.A
www.business-review.ro Business Review | November 26 - December 2, 2012
INTERVIEW 9
Romanian scientist recruited by Japanese Space Agency Romanian Aurora Simionescu discovered her passion for astrophysics after reading the book Astronomy: The Structure of the Universe, by William J. Kaufmann, which her mother had bought from a second hand store. She is currently the only female Romanian scientist working for NASA, and will soon move to Tokyo, after being recruited by the Japanese Space Agency to work on a satellite that will be launched into space. ∫ OTILIA HARAGA
CV Aurora Simionescu
What did you want to be before your mother gave you the book? I was in 12th grade and the only thing I knew at the time was that I wanted to do something involving physics, because I had participated in the national physics Olympiad, and I knew I was good at it. I was considering studying medicine or automatics, but none of these greatly appealed to me. This was probably also the reason why the book appealed to me so much, because I had finally found something that sparked my interest. How were you recruited? First I applied to the Bremen International Faculty where I was admitted with a full scholarship, so it was an offer I could not turn down. The faculty offered specialization in astrophysics, which probably didn’t exist in Romania at the time. After that, my teachers encouraged me to take my PhD. I took it at the Max Planck Physics Institute in Munich and after I finished, I applied for the scholarship at NASA which I fortunately received. What is the discovery you are most proud of? My best-known discovery is a filament in the universe. Matter is distributed on a large scale in the universe as a cosmic web, which includes clusters and filaments that connect them. These clusters are the densest parts of the universe, where very many galaxies are clustered together. So, my best known discovery is the discovery in X-rays of a filament that connects two such clusters. Before, we knew that such filaments must emit in X-rays, but this emission had not been detected until 2008, when we published this result. However, the discovery I am most proud of is more recent, dating from 2011, when I observed with the help of a Japanese satellite a cluster of galaxies. Before, the emission in X-rays from these clusters could only be seen in the center, where the matter is denser. But we managed to measure the properties of the X-rays emission not only in the center but also at the margin of this cluster of galaxies. The discovery of the filament was a project to which I contributed but this one was mainly my project and was
published in Science magazine last year. Are there many women scientists at NASA? I don’t know exactly what the split between the sexes is. I would say somewhere around 30 percent women and 70 percent men. But it also depends on nationality. Very many of the women astronomers are from Italy. Do you have Romanian colleagues? I don’t have Romanian colleagues at NASA but I know two other female Romanian scientists who work in astrophysics. One of them, Anca Constantin, was at Harvard and she teaches at the University of Virginia, I think. The second one, Laura Barzan, was at Ohio and, last time I heard, she was in the Netherlands, in Leiden. What is a regular day in your life like? I don’t think it is very different from what others do. I go to work in the morning, I turn on my computer. In fact I arrive at work rather late. My office is in Stanford, California. There is a joke that, “Astronomers do it at night.” We are not early birds. I arrive at the office between 10 and 11 o’clock in the morning and, depending on how much work I have to do and how much inspiration I have, I stay there until 6 or 8 pm. Most of the time I analyze data and do programming on the computer. Currently, I am also coordinating some PhD students. I am not a professor yet but some of my ideas turned into projects that
these students are working on. Officially, they are the students of my teacher, Stanford professor Steve Allen, who is one of the top experts in cosmology, but I guide and coordinate them. How were you recruited by the Japanese Space Agency? Actually, I am already part of the team working on the launch of this satellite. It is an international team of about 200 people. This is a collaboration between NASA and the Japanese Space Agency, the latter being the main financer. To get this position in Japan, I submitted my application, just as with NASA, and I received an offer. In fact, I will be spending half of my time in Japan and the other half at Stanford, because they are collaborating on this project. I will be the link between the two institutes. In Japan, I will be working at the headquarters of the Japanese Space Agency. What will your responsibilities be? The main thing to figure out is what this satellite will observe when it is launched. Each satellite goes through a performance verification phase when we must check the main targets the satellite will observe to fully prove its observation capabilities. I will probably be in charge of simulating these observations in advance to find the most advantageous target to study, which will produce the most interesting scientific results, and how much observation time we need to measure the features we are interested in. Most of the satellite
l currently, Einstein Postdoctoral Fellow at the Kavli Institute for Particle Astrophysics and Cosmology, Stanford University (since September 2009) l awarded the title Dr. rer. nat. summa cum laude by the Ludwig Maximilians University Munich for her dissertation on: AGN-ICM interaction in nearby cool core clusters: energetics and transport processes (June 2009) l member of the NASA peer review panel for the Hubble Space Telescope Target Allocation Committee. l Bachelor of Science title awarded by the International University Bremen, Germany (now Jacobs University Bremen) (June 2005) l undergraduate student of Physics and Geosciences and Astrophysics at the International University Bremen, Germany. (August 2002-June 2005) l nine months as Soros Foundation/ASSIST scholar at Deerfield Academy, Deerfield, Massachusetts, USA (August 2000-June 2001)
is already built, and now we are in the stage of integrating the components. It is built for a certain capability: this is a spectral resolution that is between 100 and 1,000 times better than the spectral resolution of satellites in the past. We now have to decide what the most interesting targets are. Do you find it challenging to move to a new environment? Each time I move, I anticipate that it will be hard for me to adapt and I wonder if I will manage to find a group of such extraordinary friends. Most of my friends are European, and there are also a few Americans. But from my own experience, every time I have taken this step, it was very easy for me to adjust. I try not to let fear get the better of me. Do you still have time for hobbies? I have many hobbies. Sport is very important. I practice ballroom dancing at competitive level. In the latest competition my partner and I qualified for the national stage of the dance event. otilia.haraga@business-review.ro
www.business-review.ro Business Review |November 26 - December 2, 2012
10 TRAVEL
Holidaying like a boyar at Conacul Maldar Catering to lovers of upmarket vacations, Conacul Maldar is a historical manor, painstakingly designed to evoke an olde-worlde charm. Located in Maldaresti, in the Valcea area, it’s a three-and-a-half-hour drive from Bucharest. Nine months on from its opening, the estate is opening a restaurant that can seat 60 guests. The project also required enormous efforts to document the details of the lifestyle of the boyars of Oltenia for the reconstruction. The manor currently has 15 rooms (12 doubles and 3 singles) accommodating up to 27 guests. Each room is a refined ensemble where genuine historical pieces of furniture, old ceiling beams and traditional rugs harmoniously blend in with modern comforts. Most of the décor has been collected from antique shops across Romania, over the years. “We wanted to be able to provide our guests not only with atmospheric elements, but also with a complete experience that would allow them to enjoy the true charm of boyar-style life. Our staff wears period outfits, and the rooms have starched bed sheets, how it would have been back then,” says Cristina Vasilescu.
A novel gastronomic concept The manor was refurbished with the help of EU funds and experts in heritage buildings
∫ FLORENTINA PIRJOL The leading attraction of the manor is the story the place can tell with its boyar-style ambiance. The building itself, impeccably restored by its owners, preserves all the architectural details of the Oltenia kulas in their entirety – from the majestically white walls to the inner stairs and the porch vaults. Dating back to the mid-19th century, the manor has a turbulent history. After the 1989 Revolution, it hosted workshops organized by the Prince Albert II of Monaco Foundation, before being retroceded to the heirs of the rightful owners, who sold it onto its current owners. They are a couple of entrepreneurs from Craiova – Cristina and Daniel Vasilescu – who, five years ago, were
A particular point of pride is the gastronomic concept, based on what the hosts define as “culinary moments”. There is no standard or à
looking for a holiday home in the Valcea area. They discovered the manor in a state of advanced decay, and decided to bring it back to life and turn it into a historical hotel.
Telling the story of the past That was the beginning of a demanding project that required an investment of approximately EUR 1 million, several teams of workers and architects, a series of experts in heritage buildings, and also a great deal of patience in accessing European funding. Daniel Vasilescu jokes, “Back then, we had amassed so many details on the procedures for accessing European funds that we started thinking we should give up the manor project and simply open a consultancy business instead! The tangled bureaucratic system left us discouraged for a very long time.”
The lifestyle of Oltenia boyars was thoroughly documented to help in the reconstruction of the manor
www.business-review.ro Business Review | November 26 - December 2, 2012
TRAVEL 11
Photo: Razvan Voiculescu
The manor can accommodate up to 60 guests
la carte menu, but guests can enjoy “The Boyar’s Lunch”, “The Princess’s Supper” or “Madam’s Exquisite Dinner”. The latter, for example, involves delicacies inspired by French cuisine, such as spicy game dishes, roast duck cooked with onion jam, raisins and baked bell-peppers, and turkey in a truffle sauce. Recipes may be inspired by flavors
of the season or the specific tastes of Oltenia, but they can also be shaped by a guest’s wishes – perhaps recalling some childhood taste they have been missing. The manor’s new restaurant was opened at the beginning of this month. With up to 60 covers, it can host meetings, teambuilding sessions and workshops, as well as gastron-
Decor details were gathered from antique shops across Romania
omy workshops and recitals, and its splendid fireplace is definitely the main attraction of any event organized here.
Tourist attractions in the area Tourists keen to discover Oltenia can go on various trips during their stay, as recommended by their hosts, and can choose from a wealth of tourist
attractions: monasteries, spectacular gorges, caves and the impressive salt mine at Ocnele Mari (a genuine underground city). Nature lovers can also take in the scenic views of the Transalpina Route or hit the slopes at the Ranca ski resort. editorial@business-review.ro
www.business-review.ro Business Review | November 26 - December 2, 2012
12 CITY
Howzat! More Romanians bowled over by game of cricket A new buzz can be heard in local sporting circles, although sometimes you have to listen carefully to discern it over the din of the ubiquitous football clatter. It’s neither in your face nor the subject of talk shows or titillating scandal but despite that it’s there, and growing. Cricket has picked up its red leather ball in Romania this year, and run with it. ANDREW BEGG Readers that haven’t grown up with cricket should note the distinction between cricket, the subject of this article, and croquet, as it’s surprising how frequently the two are confused. Yes, both originated in England and are played with an upright club and ball, but while many people know croquet from the fantasy version in Lewis Carroll’s Alice In Wonderland, in which players used hedgehogs for balls and flamingoes for bats, cricket is another thing altogether. After football cricket is the world’s second most popular game, a game that at the highest level fills stadiums and shopping malls whenever national players materialize. National teams of the major cricketing countries comprise household-name superstars to which companies attach themselves like limpets to push their products. Idolized, lionized and extremely well compensated, every kid looks up to them, every young adult wants to be them, and every father wants his son to one day become them. In Romania cricket doesn’t quite hold the national psyche in its thrall, but it’s early days yet. The sport is overseen by Cricket Romania, a pioneering group that is nurturing a structure for cricket and a foundation on which the game can grow and flourish, and CEO Rangam Mitra is encouraged by what he sees. “We – Cricket Romania, and its member clubs – set out not to introduce cricket here, but to impose a long-term view on cricket, which will foster the transformation of the game from an almost exclusively expat pastime to, we hope, mainstream acceptance,” he says. That will take time, of course, but as more and more Romanians become involved, the profile of cricket can only grow in status and popularity. The steady growth is no illusion. There are currently eight member clubs of Cricket Romania (three based in Timisoara, one in Cluj and four in Bucharest) and several more joining from other cities in 2013. For the last three years the clubs have competed in a national championships in which native Romanians have been present on the field to an increasing extent, and in both tournaments in which Romania’s national team performed – the inaugural Tri Nations tournament in Bucharest and the Euro Twenty 20 tournament in Sofia (Romania won the former and finished second in the latter) – native Ro-
Romania with the runners-up trophy at the Euro Twenty20 tournament in Sofia in September 2012, after losing the final to Poland, but beating Serbia, Hungary and Bulgaria along the way
manians made substantial contributions to the overall success of the team. Importantly, cricket tournaments have been covered by Eurosport on television, which has given fans real-time access to the game at the highest level. Courses in coaching, umpiring, scoring and introductory courses to cricket for PE teachers have been rolled out, and substantial investment continues to be made in a cricket playing surface at Moara Vlasiei, which will become the home of cricket in Romania and be ready for action in spring 2013. Cricket is distinctive from other sports in that it is regulated by a set of laws, not rules, and framed by a playing code known as the Spirit of Cricket, which enhances and promotes qualities such as mental and physical discipline, teamwork, leadership, honesty and respect for teammates, the opposition and authority figures (umpires). Perhaps the advancement of these qualities is what is making cricket popular amongst Romanian school children and their parents, teachers and school authorities alike. More than 500 boys and girls aged between 10 and 14 in Bucharest and Timisoara have undergone regular coaching classes in cricket over the last year, which also included a Kwik Cricket tournament and a summer camp. Violeta Dascalu, director at Scoala Gymnaziala Ferdinand I in
portunity to demonstrate that they have athletic ability in a sport other than those traditionally taught in Romanian schools, and adds that parents are “super-excited” that cricket is being taught there. In years to come, these students may form the backbone of the Romanian cricket club scene and national squads and, as their prowess and skills increase, benefit from Romania’s membership of cricket’s equivalent of FIFA, the ICC (International Cricket Council) and from government acceptance of cricket’s federation status. Applications for these procedures have been lodged, and likely to receive a positive outcome in 2013. So there is much to look forward to. Gabriel Marin, an entrepreneur and president of Cricket Romania, speaks of a situation in which everyone benefits. “Cricket is a win-win situation,” he enthuses. “It’s good for the country – all sport is good; it’s good for players, because cricket is a character-developing game that nurtures a set of qualities that are useful to have throughout your life,
Students from Colegiul National de Informatica Tudor Vianu won the national Kwik Cricket torunament, defeating Scoala Generala nr. 25 from Timisoara in the final
Bucharest, says that cricket has benefited her students. “The sport has developed an understanding of teamwork amongst the students, and perseverance, fair play and pride,” she says. PE teacher Diana Lazar, who oversees cricket classes run by a Cricket Romania coach at Colegiul German Goethe, says her students are thrilled to have the op-
and it’s good for spectators who will continue to watch exciting, high-quality cricket matches played here.” Roll on 2013!
For more information see www.cricketromania.com or Cricket Romania on Facebook.
www.business-review.ro Business Review | November 26 - December 2, 2012
CITY 13
Fusing restaurants with interior design When both chefs and architects can help transform a meal into a full sensorial experience, it definitely heralds a new stage in the evolution of the Romanian gastronomy scene.
Photo: Cosmin Dragomir
Architect Corvin Cristian designed “Lacrimi si sfinti” restaurant
∫ OANA VASILIU BR feasted its eyes on the igloo guide to the best Restaurants from Romania and discovered how local diners have developed a taste for unconventional venues. Bucharest is home to an array of restaurants, some of which are discreetly tucked into concept stores, wine bars and clubs, or even pubs that take on a different look during the day, hosting unconventional parties or themed workshops. These locations have pushed professionals to blend the contemporary restaurant function with architecture and design to form a coherent and harmonious ensemble. The new materials on the market, the diversity of the existing furniture and decorations, and the challenge of using design to create a strong identity make these restaurants attractive to architects, as well as to owners, especially since the conventions are becoming increasingly flexible, allowing more space for creativity. Locations like Tears and Saints (Lacrimi si sfinti), Loft, Iconic Food & Wine, La Bonne Bouche, Biutiful, Negresco, Vecchio 1812, Maison 13, Club Phill, Le Bistro, Madame
Pogany, Energiea and Mercado have moved beyond strictly commercial purposes, tapping into a cultural or even social gesture. The architectural characteristics of these restaurants make dining in them an interesting sensorial experience: a typical Romanian space in a modern key, as seen at Tears and Saints, the retro flavors of Iconic Food & Wine cigar club, La Bonne Bouche’s traditional French bistro with a contemporary touch, the open atmosphere of Biutiful, traces of the Byzantine era in Vecchio 1812, Maison 13 and Mercado’s complete facelifts, the youthful approach of Club Phill and the vintage touches of Negresco, Energiea and Le Bistro are some examples. Although igloo’s experts believe these locations are still underappreciated, they urge architects, designers, owners and even customers to understand the challenges and rewards presented by this type of space and to seek to innovative and channel the spirit of the place.
The selected restaurants are covered in detail in the recently released igloo best book, Restaurants from Romania. oana.vasiliu@business-review.ro
www.business-review.ro Business Review | November 26 - December 2, 2012
14 IN TOUCH
CULTURAL EVENTS CALENDAR
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
EXHIBITION Czechoslovakian Film Posters Until January 15, 2013 The National Museum of Contemporary Art An exhibition of 101 Czechoslovakian film posters curated by Pavel Rajcan, and spanning from 1960 to the 1980s, will go on display, illuminating a unique era of non-commercial film advertising under a politically restrained regime. The exhibition is part of the Terry Posters Collection, which contains more than 60,000 posters, and will include 20 posters for Romanian films, 20 for Czech productions and 61 for classic movies. Angelika Platen. Please, No Photos Until January 13, 2013 The National Museum of Contemporary Art This exhibition brings 150 portraits by celebrated German photographer Angelika Platen to Bucharest. Dubbed “the friend of artists”, Platen began her career in the 60s, after studying photography at the Faculty of Fine Arts in Hamburg, and went on to familiarize international audiences with the faces behind works of art. Over 1,500 artists’ portraits are in the Prussian Cultural Heritage Archive (Bildarchiv Preußischer Kulturbesitz BPK) in Berlin. These were made in workshops and galleries at dokumenta in Kassel, at the Biennales in Venice and Lyon, plus museums and art fairs in Basel, Berlin, Chicago, Cologne and Paris.
Athenaeum stage in 80 minutes of emotions. At the invitation of Emil Bizga, the Philharmonic Orchestra and renowned musicians from New York (Xavier Davis on piano, David Baron on bass and Mark Whitfield Jr. on drums) will introduce the public to the secrets of a world highly appreciated by music lovers. Profits from the concert will go to support 60 young people, aged 16-18, in placement centers in Bucharest and Sinaia. The teenagers will undertake specialized courses designed to help them discover and develop their abilities in order to boost their career prospects. Classic Dance Festival Until December 5 The National Opera of Bucharest Under the motto “Dance with us too!”, the ballet company of the National Opera of Bucharest will stage classic ballets such as Don Quixote, Giselle, Sleeping Beauty and the Corsair. The public will also be able to see the festival’s special guests: Vittorio Galloro and Arianne Gonzavez Lafita.
CONCERTS
From Classic to Jazz November 27, from 20.00 The Romanian Athenaeum Two musical genres will merge on the stage of the Romanian
Seal November 27 Sala Palatului Grammy Award winning vocalist and songwriter Seal will perform for the second time in Romania, singing classic hits as well as songs from his brand new album, Soul 2. The new disc is the eighth studio album by the British pop singer, featuring eleven covers which bring his silky, inimitable voice to a lush collection of romantic soul classics primarily from the ’70s, including songs by Marvin Gaye, Bill Withers, Al Green and Teddy Pendergrass.
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
PERFORMANCE
Mihai Ionescu is the new head of the Deutsche Bank representative office in Bucharest. He will focus on corporate banking and securities, global transaction banking and private wealth management in Romania. Ionescu, 38, graduated from the Academy of Economic Studies in Bucharest. He has also completed a graduate course of research in Economics at the University of Oxford, St. Antony's College, and earned an MBA (Honors) degree major in Finance from the Wharton School. His experience in the City of London and in Romania includes landmark transactions in M&A, equity and debt capital markets, leveraged finance and structured financing throughout the European emerging markets space.
Ovidiu Chiorean is the new partner of Crosspoint consultancy house. With over 15 years of experience in financial consultancy, he previously worked for companies including Deloitte, ABN Amro Bank, Raiffeisen Bank and Credit Suisse. He studied Economic and Social Sciences at Fribourg University, Switzerland, and afterwards worked as a credit analyst for Credit Suisse in Fribourg. In 2001 he returned to Romania where he started working for Raiffeisen Bank as senior relationship manager and then for ABN AMRO Bank as area manager. He started Finance Advisory in 2004 in his hometown Targu Mures, through which he provided professional advice to local companies interested in improving their debt structure, raising private equity funds, divesting or performing acquisitions and obtaining EU funds.
graduate of the Faculty of Economic Studies, University of Craiova (with a specialization in Management), she holds an ACCA Diploma in International Financial Reporting. She is a member of the Romanian Chartered and Certified Accountants Body (CECCAR), and an expert accountant, currently completing the ICAEW Finance, Accounting and Business Certification program. She has six years’ experience in the accounting field, having working for Mazars throughout his period, and is currently manager in the outsourcing department. Vasile’s expertise focuses on accounting for companies operating particularly in domains such as construction services, IT and the pharmaceutical industry.
Gabriel Sarbu
is now manager in the accounting services department of Mazars. A
is now manager in the tax advisory department of Mazars. A graduate of the Faculty of Accounting and Financial Management of the Spiru Haret University in Bucharest, he has over eight years of experience in the economic field, including over two years in accountancy and almost six in tax advisory working for Mazars. As a tax consultant, he has been involved in projects in the area of profit tax, transfer pricing, nonresidents’ income tax, value-added tax and others. His activity has mainly consisted of providing tax assistance to local and international companies operating in industries such as electrical power and natural gas, banking, leasing, car building and maintenance. Sarbu is a member of the Chamber of Romanian Tax Consultants and is currently attending the Certificate Stage of the Association of Chartered Certified Accountants (ACCA).
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Adriana Vasile