JAPANESE FIRMS CHECK OUT ROMANIA’S GREEN ENERGY SECTOR, P5 LINKS
BALANCE
TALENT
Concept stores are the next big thing on the competitive telecom market, say players. Business Review takes a closer look See pages 10-11
Local travel agents are hoping that persuasive special offers will convince more Romanians to opt for a ‘stay-cation’ and holiday here See pages 12-13
Ambitious Stefan Boboc wants to take his idea – a nationwide network of lawyers – into Europe and double his customer base next year See page 14
BUSINESS REVIEW
www.business-review.ro
ROMANIA’S PREMIERE BUSINESS WEEKLY
NOVEMBER 22 - 28, 2010 / VOLUME 14, NUMBER 43
HONEY MONEY
Organic produce like honey could bring Romanian farmers sweet profits – but the lack of a proper strategy and targeted subsidies is proving a sticky patch STOCKEXCHANGE
see page 8
THIS WEEK
BUSINESS REVIEW EVENTS Local executives and authorities sign up for BR’s Foreign Investors Forum BR continues its Country Focus series by bringing together the investors that have been part of each Country Focus event so far. They will be joined by new guest speakers: top managers representing the most important companies in Romania. Invited panelists include: Jean Valvis, CEO & GM of Valvis Holding; Andreea Paul (Vass), personal adviser of the Prime Minister; Peter de Ruiter, president of the Netherlands-Romanian Chamber of Commerce & partner tax & legal services PwC; Alexandra Gatej, adviser in the domestic and international business department within the Presidential Administration; Tom Hargreaves, CFO of Vodafone Romania; Steven van Groningen, president & CEO of Raiffeisen Bank Romania; Yorgos Ioannidis, CEO of Romtelecom; Sorin Mindrutescu, president of Amcham; and Mark H. Gitenstein, Ambassador of the USA to Bucharest The first part of the event will consist of a panel discussion of an hour and a half on labor and employment issues, local retail, energy investments, agriculture and tourism. The meeting will try to offer practical solutions for reversing the current difficult economic situation in Romania, and is oriented towards finding ways for businesses active here to cope with the recession. This session will be followed by a Business Review Club Business Mixer & Cocktail. Besides investors, the event is expected to attract top-level participants from the consultancy and legal industries, ambassadors and other high-profile members of the local business community. The Business Review Club is an elite business community built around the Business Review brand, producing magazine and editorial projects, online products and business events. Club members are entitled to a series of exclusive benefits. The Foreign Investors Forum will take place on December 7, at the Intercontinental Hotel. For more information about registration, please visit http://business-review.ro/events.
B USINESS R EVIEW NOVEMBER 22 - 28, 2010 / VOLUME 14, NUMBER 43
Founding Editor BILL AVERY Editor-in-Chief SIMONA FODOR Senior Journalists ANCA IONESCU OTILIA HARAGA DANA VERDE{ Journalists SIMONA BAZAVAN CORINA DUMITRESCU Copy Editor DEBBIE STOWE Photographer LAURENTIU OBAE Layout BEATRICE GHEORGHIU
Executive Director GEORGE MOISE
BEER TODAY, GONE TOMORROW
Ursus Breweries is closing its factory in Cluj-Napoca due to poor results for April-September. The brewer says the shrinking beer market cannot support the output of its four production units
What we are working on OTILIA HARAGA, Senior Journalist... is working on an ar-
Sales & Events Director OANA MOLODOI
ticle about the plans
Marketing Manager ADINA MILEA
of local call centers
Sales & Events CLAUDIA MUNTEANU ANA-MARIA NEDELCU Production DAN MITROI Distribution EUGEN MU{AT
No.10 Italiana St, 2nd Floor, Ap.3 Bucharest - Romania Tel. Office: 031.040.09.31 Tel. Editorial: 031.040.09.32 Fax: 031.040.09.34 E-mails: firstname.lastname@business-review.ro; Audited 1H 2007
ISSN No. 1453 - 729X Printed at: MASTER PRINT SUPER OFFSET
SIMONA BAZAVAN, Journalist... is writing on the latest changes in the FMCG industry
CORINA DUMITRESCU, Journalist... is preparing a review of winter parties at various loca-
Business Review is a founding member of the Romanian Audit Bureau for Circulation (BRAT)
BUSINESS REVIEW / November 22 - 28, 2010
tions in Bucharest
3
NEWS
Ursus Breweries closes factory in Cluj-Napoca Ursus Breweries is to close its factory in Cluj-Napoca, due to poor results for the April-September period, the company has announced. The brewer currently operates four production units and says that their output is more than the local market can absorb in the context of decreasing beer consumption. “The Romanian beer market continues to go down, dropping by more than a quarter in the past year and a half,” said representatives of Ursus Breweries, adding that the forecast for the medium and long term is not optimistic. Between April and September the company’s sales volume slid by 11 percent against the same period of the previous year.
Gary Whitlie, president of Ursus Breweries
The brewer says that it chose the factory in Cluj because it has the highest operating costs of its four local units, while the fact that it is lo-
cated in the center of the city makes it more difficult to manage from a logistical point of view. “The decision to close the factory was a difficult one to take,” said Gary Whitlie, president of Ursus Breweries, adding that the fate of the factory’s 150 employees is the company’s main priority. Ursus Breweries will open a “mini production unit” in ClujNapoca in order to maintain the tradition of producing the Ursus brand. Part of SABMiller, Ursus Breweries is present on the local market with the URSUS, Timisoreana, Ciucas, Peroni Nastro Azzurro, Grolsch, Azuga, Redd’s, Stejar, Pilsner Urquell and Miller brands. Simona Bazavan
Turkish low-cost airline Pegasus considers swoop on Romanian market
Horse power: Turkish airline Pegasus could start a Bucharest-Istanbul service early next year
Turkish low-cost carrier Pegasus is contemplating entering the Ro-
BUSINESS REVIEW / November 22 - 28, 2010
manian market in January 2011 with a return flight on the Bucharest-Is-
tanbul route. Qatar Airways could also run its first Bucharest-Doha flight in the same month. "No contract has been signed yet, but talks are underway with Qatar Airways, which is to operate flights on the Romanian market starting January 17, and with Pegasus, which is to operate from January also,” said Tudor Jidav, general manager of the Bucharest National Airport Company, quoted by Mediafax. Jidav added that Otopeni has the potential to become an international hub if other intercontinental carriers also choose to become active on the Romanian market. Simona Bazavan
Japanese companies scope out Romania’s green energy sector Romania could benefit from Japanese expertise in the field of green energy as Japanese companies are showing increasing interest in this sector. “There is a huge potential for bilateral relations in this field,” said Natsuo Amemiya, the Japanese Ambassador to Bucharest, at a Japanese-Romanian seminar organized by the Chamber of Commerce and Trade of Romania (CCIR) together with the Japan External Trade Organization (JETRO) to Bucharest and the Embassy of Japan in Romania. Tudor Serban, counselor with the Ministry of Economy, said that Romania needs financing for the various energy projects that are currently being undertaken and Japan could become a source of investment. However, bilateral relations between the two countries are well below their full potential, the counselor admitted. Considering Romania’s national green energy strategy, Serban added that a new ministry should be created, for energy and the environment. Some of the Japanese companies present at the event were: Mitsubishi Electric Europe, Sony Deutschland, Cobelco Eco-Solution, Sumitomo Mitsui Banking Corporation, Japan Bank for International Cooperation and Japan Facility Solutions. Simona Bazavan
5
NEWS
Carpatcement Holding to get Dinu Patriciu wants to sell Mic.ro new general manager next year when it reaches EUR 2 bln sales COURTESY OF CARPATCEMENT
Florian Aldea (left) replaces Mihai Rohan
LAURENTIU OBAE
Florian Aldea will be the new general manager of Carpatcement Holding, part of German HeidelbergCement, starting January 1. He is taking over from Mihai Rohan, who has decided to retire from the position but will continue as president of the company’s board of directors for the next two years. Aldea previously worked as general manger of Carpat Beton, one of the group’s companies, for almost four years. He has 24 years of professional
experience in the field, having served as coordinator of strategic development projects at Carpatcement and chief of the maintenance division at the company’s Fieni plant. Aldea is a graduate of the Polytechnic Institute in Bucharest and holds an MBA from ASEBUSS Bucharest and Kennesaw University in Atlanta, plus a PhD in chemical engineering. Rohan is one of the most experienced managers in the construction materials industry, with 42 years of professional experience in the field. He has been with the company for the past ten years. Rohan will also continue to serve as president of the Romanian Association of Cement and other Mineral Construction Materials Manufacturers (CIROM). Simona Bazavan
Businessman Dinu Patriciu has added retail to his lengthy resume
Businessman Dinu Patriciu has said he started the Mic.ro retail network with the final aim of selling it. Patriciu said, quoted by Mediafax, that when the network reaches sales of EUR 2 billion, which might happen in two years, he is prepared to sell it. The network now comprises 150 Mic.ro stores and 40 miniMax Discount supermarkets, with daily sales of approximately RON 1.2 million. On average, the daily sales of a Mic.ro store are around the sum of EUR 730. “In April there were no Mic.ro stores. Now there are 150, at the end of the year there will be 500, and
next year there will be 1,000,” said Patriciu at the launch of Mic.ro mobile stores. By the end of 2011, the network is expected to reach 2,000 outlets. Patriciu added that the miniMax Discount stores will change their name to Mic.ro. In August, Patriciu acquired the miniMax Discount network through Mercadia Holland. The Mercadia Holland BV group has major share packages in Mic.ro Retail, Bet Cafe Arena and iLearn. Mic.ro Retail started its activity on the local market in April, when it launched a network of proximity outlets. Otilia Haraga
BRD gets EUR 10 mln loan from EBRD to finance energy-efficiency projects
LAURENTIU OBAE
The BRD also borrowed from the EBRD in 2008
The European Bank for Reconstruction and Development (EBRD) has approved a EUR 10 million loan 6
to BRD meant to support energy-efficiency projects in Romania. The credit completes a similar financing line given by the EBRD to the BRD in 2008. The money will finance projects worth up to EUR 2.5 million each started by Romanian companies. The BRD has financed 11 energy-efficiency projects in Romania from the initial loan. The EBRD has invested more than EUR 4.8 billion since it first came to Romania in different sectors of the economy, and has mobilized additional investment worth another EUR 9 billion. Dana Verdes BUSINESS REVIEW / November 22 - 28, 2010
CALENDAR / WHO’S NEWS
WHO’S ADRIAN STANCIU, 34, has been appointed the new CEO of Smartree Romania. Previously, he was corporate finance director. He started his career in the US in 1999 at Merrill Lynch, and then became a member of the Mississippi State Treasury. Before joining Smartree, he worked as senior associate in corporate finance in Deloitte and as a corporate department manager and member of the administration board of SSIF IEBA Trust. OMER TETIK has been appointed president of Credit Europe Bank Romania and president of the bank’s board of directors by the lender’s general shareholders’ meeting. He previously served as vice-president. Tetik has been part of the bank’s executive team since 2000. Over the years he has been head of the treasury, financial institutions, retail banking and cards divisions. The management change must be approved by the National Bank of Romania. DRAGOS DOROS, former director of the legislation and direct taxes department at the Ministry of Public Finance, has joined NNDKP’s tax division. He has 14 years of professional experience in both the public and private sectors.
NEWS Doros has experience in several areas of fiscal consultancy, including: investment structure and tax planning, tax due diligence and assistance during fiscal audits. DELIA DRAGOMIR has joined Salans Bucharest as managing counsel, focusing primarily on fiscal and administrative litigation as well as tax, corporate and M&A and capital markets. In her ten years of experience Dragomir has assisted large international clients from various industries including automotive and retail on litigation matters and was involved in several major transactions including media, FMCG and insurance companies. CRISTINA PATRASCU has joined CallPoint New Europe as financial manager. She previously occupied a management position within a international company in the travel industry. Patrascu graduated from the Academy of Economic studies and is a Certified Chartered Accountant (ACCA).
EVENTS, BUSINESS AND POLITICAL AGENDA NOVEMBER 21 é 17:00 AmCham Romania organizes its Thanksgiving Day Dinner Party at the
InterContinental Hotel. By invitation only.
NOVEMBER 22 é Citibank Romania organizes an event for the launch of a new credit card at Cin-
ema City, Afi Palace Cotroceni. By invitation only.
NOVEMBER 23 é 10:00 An event for the official opening of the Second Opinion clinic takes place
at Radisson Hotel. By invitation only. é Procter & Gamble celebrates 15 years since the opening of its factory in
Timisoara.
NOVEMBER 24 é JTI and Draftfcb organize a press conference on the topic of cigarette smug-
gling. By invitation only. é 17:00 Atenor Group organizes a press conference for the official introduction of
its presence in Romania and the presentation of its first office project in Bucharest. By invitation only.
NOVEMBER 25 é 10:00 The first building of Evocasa Optima opens in Titan. By invitation only. é 11:00 The Intelligent House, an Axolute brand and concept, will be launched at
the Bo Concept showroom. By invitation only. é 19:30 A new Opel Union Motors showroom opens at 145, Bucharest-Ploiesti
Road. By invitation only.
Business Review welcomes information for Who’s News from readers. Submissions may be edited for length and clarity. Feel free to contact us at editorial@business-review.ro
Ambient estimates EUR 104 mln turnover and EUR 5 mln operational profit this year DIY company Ambient estimates that it will post a turnover of EUR 104 million this year, which is EUR 1 million more than the figure it posted last year. In 2011, Ambient aims to grow its turnover by 15 percent. Last year, Ambient had an operational profit of EUR 2 million. This year, the company estimates it will post an operational profit of EUR 5 million. The firm recently finished a strategy to reposition itself, which was started last year. It is now organized in two divisions, retail and distribution. The retail division has 12 outlets. The company runs a total showroom space of 22,000 sqm. The distribution division is made up BUSINESS REVIEW / November 22 - 28, 2010
of a sales network with 11 working points and warehouses of construction materials. “This transformation of the business together with the configuration of a professional top management team helped us, so we can say that at this point we have a healthy growing business,” said Ioan Ciolan, general manager of Ambient. The market has shrunk in value by 15 percent this year and will stagnate next year, according to estimations. Ambient is a company with Romanian capital that was founded in 1993. The first DIY store was inaugurated by the company in Sibiu in 2002. Otilia Haraga 7
FOCUS
Organic farmers get green light for seeds of financial support
organic farming. Up until 2010
with handouts going as high as EUR 400 per hectare. There are huge business and investment opportunities in organic farming in Romania with benefits for farmers, consumers, the environment and small rural communities alike, but the country lacks a consistent and, most importantly, coherent strategy in this field, Cioceanu thinks. He explains that so far the authorities have failed to understand and act according to the needs of organic farmers.
there was little financial aid
BUZZING OVER HONEY-SWEET PROFITS
Romania’s intensive agriculture is still performing below capacity, but ironically enough it is exactly this weakness that makes it a good candidate for
from the state and no European subsidies specifically for organic farming but from promised a change. Simona Bazavan Romanian agriculture to date is a story of lost opportunity. The country has an arable land capacity of approximately 9.4 million ha, 40 percent of which, if not more, is languishing unused. More than 60 percent of the used arable land is divided up into small plots owned by individuals, making intensive farming difficult. And to give a glimpse of productivity, the lack of investment led local agriculture to generate only 5.8 percent of the GDP last year, despite employing 20 percent of Romania’s total workforce. But it’s not all bad news, as some of these failings are valuable assets when it comes to organic agriculture. The full half of the glass is that the lack of overall intensive farming practices is turning Romania in one of the countries with the highest potential in the EU for organic agriculture. But in spite of this great potential the reality so far is discouraging. According to preliminary data from the Ministry of Agriculture and Ru8
STOCKEXCHANGE
2011 the authorities have
Fields of gold: Romania’s underexploited farmland could give the country access to the lucrative organic market
ral Development (MADR), only 260,000 ha is organic certified in Romania this year, about 1.86 percent of the overall agricultural capacity, a feeble 0.26 percent up on 2009. But the situation could easily improve, Marian Cioceanu, president of Bio Romania, a local association of organic farmers, told Business Review. He explained that clean land – which hasn’t been worked for more than two years – something of which there is plenty in Romania, can be organically certified in only one year compared to up to five years in the case of intensively cultivated plots, The demand is there, as green is taking over international markets and Romanians also are showing signs of embracing the trend, but government support and sufficient subsidies are certainly lacking, local organic farmers complain. And it all boils down to the lack of decent subsidies specifically for organic farming. “Greek farmers get as much as EUR 600 per hectare each year, Austrians and Germans between EUR 200 and EUR 350 with the
sums doubling during the conversion period because during this process the costs, including certification costs, are higher and the yield is reduced,” explained Cioceanu, adding that so far in Romania, organic farmers have received no specific financial support or European subsidies as the Romanian authorities saw no need to ask for any. This led to a drop of almost 25 percent in the number of certified Romanian organic farmers last year, according to data from MADR. The statistics bounced back this year, surpassing the level registered in 2008 (around 4,200) after the government announced plans to support the conversion process to organic farming. Through Government Decision 759/2010, approximately EUR 3 million has been allocated to Romanian farmers interested in converting to organic farming. This specific aid amounts to as much as EUR 300 per hectare over 20102013. Starting next March, Romanian organic farmers will be able to apply for subsidies under the National Rural Development Program
Honey is one of the best exported Romanian agricultural products. Last year the national production amounted to 21,000 tons, of which 60 percent was exported, according to data from the Association of Romanian Beekeepers. This year, however, due to unfavorable weather conditions, production is estimated to have plummeted by about 40 percent, Ion Fetea, president of the association, told Business Review. There were approximately 45,000 beekeepers in 2009, with 1,018 of them producing 3,600 tons of organic honey, most of which was exported. Apidava, a local producer, says it exports about 99 percent of its organic honey in bulk to Western European countries. “Although we started producing organic honey in 2007, only last year did we start to notice a significant rise in sales, about 30 percent compared to 2008,” Alina Mates-Ochis, Apidava marketing manager, told Business Review. She adds that the local organic market is in full development and it is hard to estimate its potential. “The number of local organic consumers is directly related to the increase in the standard of living,” Ochis explains. The company, 40 percent of which is owned by a Dutch investor, produces 300 tons of honey each year, of which 20 percent is organic. The cost of producing organic is 20 percent higher than regular honey. Last year Apidava had a EUR 3 million turnover and the same figure is estimated for this year. “Although sales volumes decreased, the price went up due to the very low production,” Ochis says. BUSINESS REVIEW / November 22 - 28, 2010
LINKS
Re-vamping, re-building, re-branding
Otilia Haraga
10
Players on the IT&C market see growth in new design and improved customer experience
designed by Briggs Hillier and construction was done by HJ Martin. The concept store is divided into several areas dedicated to notebooks, netbooks, printers and accessories. In the center of the store are two “experience tables” with the newest products ready for testing. The location was chosen by HP in partnership with retailer Altex. It covers a surface of approximately 100 sqm. The company did not disclose the value of the investment but said it was “considerable, given the design and the location of the store.” In the first year since its launch, HP estimates the shop will post sales of RON 2.5 million. This project will definitely continue but not in the near future. Next, the company will open concept stores in European countries such as Spain, the Czech Republic, Croatia and Serbia. Telecom operator UPC decided to open a new type of concept store out of its desire to make its interaction with clients proactive. “This type of store was born after a thorough analysis of the habits of our subscribers who interacted with the representatives of our work points once every two months on average, particularly to pay their bills,” Iulia Florea, director of customer relations & retail sales at UPC Romania, tells BR. This new approach towards customer relations is a natural continuation of the changes UPC started making two years ago, with the target being a customer-centric approach. The change started within the organization and then continued
at external level, resulting in a series of measures meant to increase customer satisfaction and loyalty, says Florea. “The new UPC store concept reflects a different approach towards customer relations, transforming the traditionally reactive cashier-client relation into a pleasant experience,” she explains. Visitors can test UPC products such as DVR, HD and WiFi in the demo area. They can look up their own information using touch screens, which is a first step in the implementation of self-care services. Thanks to the technical time management system, customers will spend less time waiting in the store and their experience will be much improved, says Florea. The concept behind UPC Romania’s new network of stores was cre-
ated by Grapefruit and Arcsett. Starting from the UPC brand’s vision that the technologically complex and captivating world should be accessible to all, Grapefruit identified the types of interactions and functional areas, defined the circulation flux and created the branding components of the new concept. Arcsett created the architectural concept, the retail design and also supplied project management and implementation services for the pilot store. UPC’s strategy for the new concept of stores involves two main elements. In big cities, the company will entirely change its shops. In other cities that are also important, it will carry out an up-lift, which means that significant changes will be made to the current design. Modernization will take place in a large number of cities, especially where there are digital television services. This process will be accompanied by the modernization and refurbishment of the entire network of UPC Customer Relation centers. “In certain cities, we are talking about existing locations that we want to showcase better, and in other cities we are looking for new locations,” says Florea. UPC launched the first store under the new design on January 27 in Bucharest, on Mihai Bravu Street. The company injected approximately EUR 200,000 into the new concept at the 130-sqm location. Three more were then opened in Bucharest, and one each in Ploiesti, Bacau, Galati and Cluj. The shops
COURTESY OF UPC ROMANIA
What drives the creation of a new store concept? It depends whom you ask. If you ask Hewlett Packard, for instance, which quite recently opened a concept store in Bucharest which is also its first in Europe, representatives will tell you that “fashion and design are key arguments for HP consumers” so a space in tune with these requirements was needed. “We wanted a non-conformist space, different from what exists at the moment on the Romanian IT market. The store will surprise clients as it expresses the personality of the brand, through the complexity of the portfolio, innovative design and accessibility of products,” Tiberiu Dobre, personal systems group manager at HP, tells BR. “It is currently a unique space for IT products in Romania, a space where innovating branding elements are being used, on-screen graphics, touch-and-try presentations, and interactive demonstrations.” In order to offer this customer experience, HP opted for British style, to ensure display solutions in line with the latest world trends and flawless execution. The outlet was
COURTESY OF HP
A new approach to improving customer experience is infiltrating telecom operators’ strategies. This year, some companies have started to look at new ways to trumpet their latest technological releases by either re-vamping old stores or opening new branches under a fresh and updated concept to make the way customers experience last generation technology more interactive. Business Review talked to the operators about design, investments and future plans for these outlets.
The concept stores are meant to improve customer experience, convey information on the latest launches and reduce waiting times BUSINESS REVIEW / November 22 - 28, 2010
LINKS were opened mainly in street locations on a surface of 100 sqm. Over the next year, the concept will be rolled out to other big cities, Timisoara being on the list. For the refurbishment of the other stores, investments in each location will not be as high, as the concept already exists. Therefore, depending on the location and surface, investments will be around EUR 70,000 on average per location. Meanwhile, Romtelecom chose to apply a new concept to some of its stores is because needed to reposition itself. “Romtelecom launched a new concept of store this spring, based on Deutsche Telekom standards, which should reflect Romtelecom’s positioning as an entertainer on the Romanian market, offering presentation solutions based on the newest technologies,” say company representatives. Even though the new concept was a Deutsche Telekom model, it was adapted locally with the support of a firm of architects. What these stores offer as an added value compared to the typical Romtelecom store is a multimedia section where the firm’s products and services are presented to individuals and companies. Romtelecom now has four such stores trading, two in Bucharest, one in Constanta and the other in Braila. On average, an outlet is around 80 sqm. Each required an investment of several tens of thousands of EUR. The operator has also opened three kiosks in AFI Cotroceni and Baneasa Shopping City in Bucharest and in Polus Mall in Cluj. “These stores have more functionalities than traditional branches, depending on the profile of the clients in the area where they are opened. They are fully equipped and the difference is that they cover inclusively the multimedia area. The design is the same, but the surface can differ where the stores also include this multimedia area,” say Romtelecom representatives. The outlets include a consultancy and a demo section, where Dolce TV services, IPTV, fixed and mobile internet can be tested. In the consultancy area, customers can receive personalized information about to Romtelecom services and bills. “Depending on our development strategy, we are considering opening a significant number of stores in this new format over the coming years,” say company representatives. Elsewhere, GSM retailer CosBUSINESS REVIEW / November 22 - 28, 2010
mos Mobile also sees growth in this area. “Expansion of the concept store network is an important part of our expansion agenda for 2010. We believe that being close to our customers through a tailored product range and services is fundamental for our business success,” says Michalis Kontos, general manager of Cosmos Mobile. Since 2009, the firm has built a network of four concept stores in Romania, three in Bucharest and the most recently opened inside Gold Plaza, in Baia Mare. In the capital,
Cosmos Mobile opened two concept stores in 2010 alone. The Bucharest outlets are located in shopping malls Sun Plaza, Plaza Romania and AFI Palace Cotroceni. “Over the last two years, we were able to benefit from more flexible rents from commercial centers and mall operators, which was a natural and positive business opportunity for our company,” says Kontos. The firm’s average estimated investment in opening a concept store is around EUR 50,000. Depending on the location, the retail area of a
Cosmos Mobile concept store is on average 40 sqm. “The concept stores developed by Cosmos Mobile are mainly designed to offer an enriched and exclusive product range, one-on-one client service and orientation, multifunction, dynamism and harmonizing diversity in order to function as a brand builder and sustainer of Cosmos Mobile’s telecom retail objectives. The concept stores’ objective is also to bring a very large range of products such as phone accessories and gadgets,” says Kontos.
11
BALANCE percent this year, due to price reductions and special offers, added the ANAT spokesperson. In 2009, travel firms across Romania recorded a turnover of EUR 700 million, according to ANAT data. An increase in touristic demand is expected at Christmas time, both at home (a total of around 100,000 tourists for the entire festive season) and abroad (around 35,000 for the same period). The reason behind this is “Romanians’ recent habit of traveling with the family at Christmas, as well as the lower prices charged at this time of the year, compared to New Year’s Eve”, explained Badulescu.
STOCKEXCHANGE
It’s snowing offers! Winter tourism breaks the ice Ever since their first years of school, Romanian children are taught that their country has been blessed with a landscape that has it all – mountains, seaside, a delta, plains and hills. This means that, theoretically, domestic tourism should be flourishing, with Black Sea beaches packed in summer and the mountains alive with bonfires during winter. Although the picture is not quite like this and many Romanians opt for holidays abroad – sometimes for lower prices and better services – the local authorities are doing their best to revive domestic tourism. And, who knows, if properly managed, the crisis just might be the opportunity to lure Romanian tourists back to their country and foreigners away from theirs! Corina Dumitrescu With the purpose of encouraging domestic tourism, the National Association of Travel Agencies in Romania, ANAT, began the Early Registrations program in 2009, consisting of package holidays sold at a discount of up to 20 percent if purchased by December 1, 2010, Traian Badulescu, spokesperson for ANAT, told Business Review. The most popular destinations have so far been mountain resorts in Valea Prahovei, Predeal and Brasov, for spending Christmas, New Year’s Eve or simply winter holidays until February 28, 2011, added the ANAT 12
representative. Next on the preference list in the Early Registrations program are spa resorts (Covasna, Baile Olanesti) and rural tourism (Maramures, Marginimea Sibiului, Moieciu). The winter edition of the Early Registrations program attracted around 50 hotels, of two, three or four stars, in mountain resorts (Arieseni, Busteni, Gura Humorului, Poiana Brasov, Predeal, Sinaia), spa destinations (Baile Olanesti, Covasna), rural areas (Maramures, Bucovina, Marginimea Sibiului, BranMoieciu, Valea Mare), as well as the seaside (Eforie Nord, Mamaia). In the same vein, at the start of
October, ANAT organized the Winter Holiday Fair, attended by the minister of tourism and regional development, Elena Udrea. The ministry had its own section at the fair with some of Romania’s best known resorts, Sarata Monteoru, Geoagiu Bai and Techirghiol, ranking as “Romanian touristic destinations of excellence”, according to a press release from the association. Looking to the 2010-2011 winter season, Badulescu said that ANAT expects its proportion of the tourism mix to be similar to 2009, with the period making up 30 percent of the touristic year’s total value. However, overall revenue may decrease by 10
“In 2010, special offers and early bookings promoted by tourism agencies have saved the
”
situation
ANAT The ANAT representative said that, on the whole, 2010 is expected to see an estimated 10 percent drop in revenue compared to 2009, the first crisis year, and, Badulescu added, “Special offers and early bookings promoted by tourism agencies have saved the situation.” Ministry of Regional Development and Tourism officials described the special offers from the association as “an anti-crisis measure for hotel representatives, an opportunity for tourists and a potential success for ANAT”. But in terms of expectations for the 2010-2011 winter season, ministry representatives were more reserved, stating that, “With winter tourism, the weather’s whims weigh more than for summer tourism. We hope we will have enough snow this winter, exactly the right amount to be able to generate tourism.” The recent investments made by the Ministry of Regional Development and Tourism in Romania’s new touristic brand use the “Explore the Carpathian Garden” slogan. Officials say that the focus is on the Carpathian Mountains as one of Romania’s key competitive advantages, yet not specifically during winter. However, a country’s key touristic attraction lies in the price-quality ratio it offers. BUSINESS REVIEW / November 22 - 28, 2010
BALANCE Ministry officials add that it is not in their power to attract more tourists, “it is all in the hands of Romanian hoteliers.” The ministry has however invested in recreational infrastructure, though an extensive program encompassing ski slopes, access routes and rescue stations. No similar program has been developed in twenty years, say officials, and the first results will be tested by tourists at Valea Prahovei, Cavnic and Vatra Dornei, starting this winter.
3.9%
Year-on-year rise in the number of foreign tourists to Romania in the first eight months of 2010 Source:National Institute of Statistics The arrival of foreign visitors to Romania has risen slightly in the first nine months of 2010, compared to the same period in 2009, say ministry officials. Most of the tourists
BUSINESS REVIEW / November 22 - 28, 2010
come from Hungary, Bulgaria, Germany, Italy and Poland. From research into the new touristic brand, it appears that what foreigners value in Romania are authenticity, landscape and the beauty of natural sites. Therefore, more focus should now be put on rural tourism, especially in times of traditional celebrations, continue the officials. Tourism agencies maintain a more balanced perspective about the current situation of national tourism. Sorina Zlatan, travel agent at Selectour, sees demand for small or medium-sized boarding houses and villas decreasing across Romania. Bran and its surroundings rank as one of the most sought after winter locations. She adds that Romanians now, in the context of the crisis, seem keener on special offers and “have fallen under the spell of the internet, which is not always updated”. On this note, Zlatan relates a personal experience, when she made an online reservation for a hotel abroad, for which even though she had received confirmation and a voucher, when she reached the destination, turned out to be closed. Zlatan ranks summer as tourists’ season of preference. When it comes
to winter sports, most holidaymakers prefer to go abroad, where “the infrastructure is better developed, the quality of services is superior and prices are lower than here.” The Selectour representative adds that the occupancy rate of local hotels has fallen by at least ten percent. Although the crisis is blamed as the source of all evil these days, Zlatan does not consider it the main factor in the losses suffered by domestic tourism. The true reason is “the price-quality ratio of services, the lack of promotion, so-so improvements in accommodation services, the lack of creation of more spaces for quality entertainment and everyone’s touristic education, whether employees or tourists.” Hotels’ price cuts are a promising sign, continues Zlatan, “as long as the quality of services is maintained”. Occupancy rates depend on the hotel itself, the services supplied and the location. “There are locations at which accommodation is no longer available in November and December, regardless of the day of the week,” adds Zlatan. She concludes, “Romania has a lot to recuperate tourism-wise. Which country wouldn’t want to
have a landscape like Romania’s? What countries have the chance of a delta, sea and mountainside? It’s our duty to make them known, to create tradition in tourism.”
Top domestic destinations sold through ANAT travel agencies: é Mountain tourism (hotels and
villas in Valea Prahovei, Predeal, Poiana Brasov, Bran-Moieciu, Borsa, Arieseni, Paltinis, Campulung Moldovenesc) é Spa holidays (Baile Felix, Calimanesti-Caciulata, Vatra Dornei, Buzias, Covasna, Baile Herculane, Baile Govora etc.) é Rural tourism (Bran Moieciu, Maramures, Bucovina, Marginimea Sibiului, Vrancea, Apuseni) é City breaks (Bucharest, Brasov, Arad, Timisoara, Constanta, Oradea, Iasi etc.) é Seaside holidays (Mamaia, Mangalia, Eforie Nord)
13
TALENT
Legal eagle spreads wings into Europe Young entrepreneur Stefan Boboc has ambitious goals on his agenda. He intends to extend his network of lawyers into the European region in addition to more than doubling his number of customers next year. Anca Ionescu
14
But it was not so easy for Boboc to build this network. He took a year to develop the project and recruit lawyers from each county in Romania, with the first positive results coming soon after that. Boboc & Asociatii is a full service law firm specialized in consultancy, legal representation and assistance services for litigation. Its main customers are companies, public authorities, organizations and individuals. The firm’s legal expertise is focused on the corporate and commercial fields, credit institutions, insurance companies, pension funds, tax, transportation, IT, media, online, communications, real estate, the penal field and litigation. “Initially, consultancy services made up about 65 percent of the total volume of our activity. But now things are different: since 2009 the weight of litigation in our turnover has grown as a natural effect of the current crisis. As a result, 60 percent of our income comes from litigation,” says the lawyer. According to him, his company has made profit since its first operational year despite the fact that 2008 was the first year of the crisis. And the entrepreneur is very confident for the future. “We estimate a 40-45 percent in-
LAURENTIU OBAE
Stefan Boboc decided to work as a freelancer soon after graduating from the Law University in Bucharest, back in 2000. After eight years of freelancing, he set up his own business, the law firm Boboc & Asociatii. His chief motivation was that his services were in great demand at that time and so the potential for growth was significant. “I chose to become an entrepreneur because I thought it was a natural step in my professional career. Plus, to develop in the field of law means to launch a law firm in cooperation with many partners,” says Boboc, from whom Boboc & Asociatii takes its name. He adds: “At that time I considered extending my activity.” According to the lawyer, the bar is different from other fields, because it can’t be seen as a business. “But as the leaders of this market know, I am also aware that a law firm can make a profit and needs to be managed like any other business,” says Boboc. The idea to set up Boboc & Asociatii was a straightforward one, as Boboc himself acknowledges. But despite this, he says that his firm has something special that differentiates it from the crowd. “Our company created the first nationwide network of lawyers in Romania. This means that we are working with 45 lawyers from all counties including Bucharest. This type of organization brings 40 percent savings for our customers. Plus they benefit from quicker services for their needs,” says Boboc. The idea to create a nationwide
network of lawyers resulted from demand on the Romanian legal scene. “The market itself generated the need to set up such a business. Companies are active all around the country and customers need consultancy services or legal representation both in the city in which they are running their current activity and also outside,” says the lawyer.
crease in our turnover on last year and the further development of our business this year,” predicts Boboc. Asked about possible regrets he might have, he responds: “Usually we don’t regret any decisions we make. On the contrary, we learn from them. It seems that we have properly built our business since we have been active on the market, so there is no room for regrets.” If he started another firm he wouldn’t change much. “I would probably try to be much more proactive and determined because the Romanian bar requires such an approach, as one of the most competitive and developed ones,” says the young lawyer. As for the challenges his business has faced, Boboc says there are plenty and on a daily basis. “At the end of the day the biggest challenge is to win each lawsuit. To satisfy our customers is our top priority,” he adds. Boboc & Asociatii is active on a pretty crowded market that is able to generate hundreds of millions of Euros in profit.
The large law firms take a big slice of the cake. “We intend to take a significant part of their combined market share through our nationwide network of lawyers,” asserts the young entrepreneur. He adds: “We mean to create partnerships with some European law firms in order to have a regional network of lawyers similar to that built on the Romanian market.” In addition, Boboc wants to establish his company at national level and more than double its number of customers next year.
Boboc & Asociatii: é Established: 2008 é Number of partners: 45 é Initial investment: EUR 20,000 é Turnover estimation for 2010:
a 40-45 percent increase on 2009
BUSINESS REVIEW / November 22 - 28, 2010
PROPERTY Conarg completes EUR 12 mln investment ModaTim Investment opens third building in City Business Center Timisoara in Quadra 2 residential project ModaTim Investment, the developer
Developer Conarg Real Estate has finished construction works on the EUR 12 million Quadra 2 residential project, located next to the Bucharest Polytechnic University and the Spiru Haret University, the firm has announced. According to general manager Romeo Cazanescu, now the project is delivered the process of selling apartments will be stepped up.Ten percent of the
Romania 15th out of 20 most popular expansion destinations for retailers, CBRE survey
LAURENTIU OBAE
17 percent of the firms questioned hope to expand on the local market
Romania is the 15th most sought after destination for expansion by retailers out of 20 countries in the Europe, Middle East and Africa (EMEA) region. Germany tops the list, followed by Poland and France, according to the “How active are retailers in EMEA” study released by CBRE at MAPIC 2010. The survey was carried out among 220 retailers. Some 17 percent of the firms questioned were in favor of expanding on the Romanian market, which is in the plans of around 36 retailers that are already active locally as well as new ones. But the economic and fiscal policies of this year have impacted plans and perceptions BUSINESS REVIEW / November 22 - 28, 2010
of the office complex City Business Center (CBC) Timisoara, has officially opened the third, C building, Jones Lang LaSalle, the exclusive leasing agent, has announced. LaSalle recently mediated the expansion of Wipro in CBC Timisoara. “We are happy to see many tenants in the first two buildings expanding their activity in Timisoara, which signals a return to the growth trend, at least for multinationals and large companies,” said Ovidiu Sandor, CEO of ModaTim Investment. The new building in the City Business Center complex has a total rentable space of 9,500 sqm and features 100 parking spaces. The mezzanine hosts a cafeteria, while retail and services outlets take up the ground floor. The C building in CBC entailed a EUR 10 million investment. Building works were carried out mostly by local firms – from architectural offices to construction companies. City Business Center is located in downtown Timisoara, close to the 700 Square. It was designed by architectural
COURTESY OF MODATIM
COURTESY OF CONARG
Quadra 2 required a EUR 12 million investment
homes available for sale have been pre-leased so far. With this project the developer targets students in the PolitehnicaRegie area of Bucharest and young families in the Militari-Drumul Taberei neighborhood looking for a new home. The project is made up of 226 single-home units of areas between 37 and 51 sqm, and 16 75sqm apartments. Conarg Real Estate is part of the Conarg Group, which specializes in property. The group is made up of five companies: Conarg SA – the group’s management firm, Conarg Construct and Conarg Consulting – both active in the construction sector, Conarg Real Estate – the real estate developer, and Conarg Trade – specializing in the distribution of construction materials. Conarg Real Estate has so far delivered over 1,500 homes in Quadra Place and Quadra 2.
City Business Center will consist of five blocks
firm Andreescu & Gaivoronschi. The occupancy rate of the first two buildings is 95 percent, and the third building is currently 85 percent full. Companies with offices in the new building include Wipro (which has 5,000 sqm), Visma, Ferring Pharmaceuticals and Midtown Retail. ModaTim Investment has started works on the fourth building in the complex, which is expected to be finished in June 2012. City Business Center will include five blocks with a total surface of 35,000 sqm. The total investment made by ModaTim in CBC is expected to exceed EUR 50 million.
of Romania as a desirable country for expansion. “The genuine interest in expansion in 2011 is based on the expectation that this economy, along with others in the emerging countries group, will bounce back in the coming period. Retailers want to be first in line to secure a strong market share. One notable aspect is the online presence, with almost half (49 percent) the retailers questioned planning to expand their online shopping platforms at an EMEA level. Online is seen as a complementary service helping increase total sales for the firm, not as competition for the bricks-and-mortar stores,” said Laura Bencze, research manager at CB Richard Ellis Romania. The strong economic growth and low number of international retailers are among the factors that helped Germany take first place, ahead of Poland in Central and Eastern Europe. The survey also found that more than half of the retailers interviewed plan to open over 10 stores in the EMEA area by the end of 2011, a consistent growth compared with the end of 2009 when less than half were looking to open five outlets by the end of this year. 15
BR EVENTS
In times of crisis, risk management is key to success, highlights BR event Prevention is better than cure, agreed the specialists present at the latest Business Review event, Risk Management, held on November 17. Insight into ways to select cost-effective risk-management solutions and find the appropriate methods to plan and implement them was provided throughout the event by experts from various backgrounds, from legal, tax, and business development to human resources and insurance. Corina Dumitrescu 1
2
3
4
5
6
7
8
9
ALL PHOTOS: LAURENTIU OBAE
16
■ 1. Barbu Mihaescu, managing director, Mattig Management Partners ■ 2. Cristina Apahideanu, managing consultant, Horvath & Partners ■ 3. Karim Kheirat, country manager, ICAP Romania ■ 4. Kemal Ozmen, director, forensic leader, South East Europe, PwC Romania ■ 5. Prof. Dr. Joerg K. Menzer, managing partner, Noerr Romania ■ 6. Alexandru Enache, account executive & business developer, Gras Savoye ■ 7. Iulian Patrascanu, managing partner, Fine Law, Patrascanu & Associates ■ 8. The first session of the Risk Management event ■ 9. Fine Law, Patrascanu & Associates’ workshop
At the first session of the BR Risk Management event, Prof. dr. Joerg K. Menzer, managing partner at Noerr Romania, moderated the discussion, which tackled the hottest risk management topics in Romania. Commercial risk management in companies active locally, as well as a proper definition of risk management were topics raised by Cristina Apahideanu, management consultant at Horvath & Partners. Internal risk management was tackled by Barbu Mihaescu, managing director at Mattig Management Partners, and Alexandru Enache, account executive and business developer at Gras Savoye. Fraud risk management was the key issue developed by Kemal Ozmen, director, forensic leader, South East Europe, PwC Romania, who revealed that in Romania the average cost of fraud is USD 1 million and a case occurs once every two days. Enache tackled the more difficult issue of Romania’s country risk and suggested possible ways for investors to manage it. Challenges that financial departments face during a crisis and ways to evaluate company risks so as to find the right insurance were also addressed by the Gras Savoye representative, who touched on the subject of debt recovery along with the other speakers. Risk management from the perspective of a financial institution, debt collection as a solution to manage risk, client portfolio assessment, as well as transforming risk into a competitive advantage were themes discussed by Karim Kheirat, country manager at ICAP Romania The second session of the event consisted of the “Compliance Matters” workshop held by Iulian Patrascanu, managing partner, Fine Law, Patrascanu & Associates, Mihaela Cracea, managing associate, Fine Law, Patrascanu & Associates, and Florina Olteanu, senior lawyer at Fine Law, Patrascanu & Associates. Legal risk assessment was the key issue debated by the three specialists, from an HR as well as a contractual standpoint. Focus was put on legal situations that companies may be faced with if not properly prepared – such as, for example, the legal aspects of an employee’s dismissal or means of preventing and avoiding breaches of contractual stipulations. BUSINESS REVIEW / November 22 - 28, 2010
RESTAURANT REVIEW
SIZE IS NOT IMPORTANT AFTER ALL
OMNIVORE’S DILEMMA, 214 CALEA VICTORIEI, TEL 021 212 5666
LAURENTIU OBAE
Small packages: cosy Omnivore’s Dilemma
hat a crazy name for a restaurant. But that is the only thing I didn’t like about this little place, because it is a gem. And when I say little, I mean little. And yes, ladies, for the first time little is good. To explain. It is the same size and shape as one Metro carriage. Long and thin and supporting only six tables packed end to end. In front of you is an open kitchen which is a concept I applaud – after all, how can you have any hygiene queries when you see your food being made in front of you! The menu is chalked on a blackboard, and in the spirit of a provincial French bistro it changes daily. So my dilemma is saying something meaning-
W
BUSINESS REVIEW / November 22 - 28, 2010
ful about the food I had, realizing that when you go there the menu will be different. But to put the food into context, the most impressive thing about this tiny boutique is the tiny prices. For everything is around RON 10. Given that there were seven people in the kitchen cooking for six tables, I marveled at how they could possibly make a profit. My misgivings on this point were soon admonished by the continuous stream of customers ordering take away food to chomp in their offices. Situated opposite the new Hugo Boss store and surrounded by all the major office blocks around Piata Victorei, this location is a winning formula. And at these prices, they cannot go wrong. So, let’s look at the blackboard menu. For people running on the hoof, there were quick sandwiches at RON 10 with a selection of Chorizo, feta cheese and ham. That is the same price as a grease laden, fattening MacMuck burger. Which would you choose? There was a selection of quiches, namely, Mozzarella, spinach and salmon. Frankly, I hold old fashioned attitudes to quiche, which is that it is not
real macho man’s food. But I am a total hypocrite as I make it at home all the time. My lunch date Blondie ordered one and adored it (again at RON 10), but she complained about the small size of her slice. But we had no complaints about the size of the rest of our meal. We ordered two salads: tabbouleh (cracked wheat, fresh tomato and fresh parsley) which was huge and absolutely correct. At RON 10 I promise you that this would be the price to buy the materials in the avaricious street markets of Dorobanti or Amzei. So to have it at a restaurant table was a bargain. Away to our second salad of what the House described as “hot beef salad”. This was equally generously large, but the word “hot” was misplaced as the meat was cold, but they meant the description to be spicy hot. Of course it wasn’t, as Romanians consider ground black pepper to be hot and spicy. So forget jalepeno, vindaloo or harissa versions of hot, as you are not going to get them! The description was an honest mistake. We then had chicken enchiladas
which were exactly what they said they were. This Tex Mex pancake dish should be red hot spicy. I mean as if Mount Vesuvius had been poured down your throat. Again, there was plenty of flavor, but no macho tough-guy heat. They should have offered jalepenos on the side. But it was good. Well, that’s it folks. It is a small place with a small menu. There remained cheesecake and tiramisu. The latter looked perfect, and the table next to me adored it. Being a macho man I do not normally indulge in either quiche or tiramisu, but I have never met a woman who could resist it. All women love tiramisu, but in the morning, after several helpings, they should look in the mirror and ask themselves, “Does tiramisu love me?” We know the answer and three hours of jogging on the treadmill should be the penalty they must pay as a result. It is a lovely place and I recommend it without reservation. And on that word, I suggest you book a table. Michael Barclay mab.media@dnt.ro
17
CITY
Concert REVIEW: Jazz in the City, pan flute jazz with Damian Draghici
Some would say that there is no room for such a traditional instrument as the pan flute in a modern, vibrant and innovative genre like jazz. Damian Draghici proved them wrong through his jazz performance at Sala Palatului on November 12, along with his clarinet teacher, “The King” Eddie Daniels and astounding vocalist Diane Schuur. Draghici brought his electrical pan flute onto the stage of Sala Palatului as a world premiere and perhaps surprised the audience by playing classical jazz numbers note for note, without any other influences or intervention. Of the 4,000 spectators who attended the concert, a few fled after the first half. But it’s alright – perhaps they were the ones who did not take the former Damian & Brothers gypsy music performer seriously in his jazz manifesto. Jazz music is not for everyone. By no means does it address a musical elite, as some would argue, but fulfills a simple taste, like any other genre, compared to which it is no better or worse. It does represent, however, a challenge in a musician’s life, the apex of his or her mu-
COURTESY OF HOSPICE CASA SPERANTEI
COURTESY OF BRIGHT LIGHT
Draghici delivered a jazz evening to remember
sical evolution. It was indeed this challenge that Draghici accepted after achieving commercial success with Damian & Brothers and deciding that the sacrifices he had had to make would have proven worthless had he not answered his initial calling, jazz, he confessed during a press conference prior to the event. A graduate of the Berklee Music College in Boston, where he studied Jazz Performance and graduated “Magna cum Laude” in 1997, Draghici is no jazz novice. The duels that he held with Daniels, with whom he synchronized his instrument of ancient origin, proved once more why Draghici is regarded as one of the fastest players of the instrument and a true virtuoso. But Draghici and Daniels were not the only noteworthy presences to delight the audience at Sala Palatului. Vocalist Diane Schuur, a former disciple of Dinah Washington, redefined what one might usually consider a good voice, in the classical sense, that evening. An impersonation of music itself or definitely a creature of non-human origins, Schuur mastered her voice in a way that very few musicians control and give soul to their instruments. No sound nor note seemed impossible for Schuur, who even challenged Daniels and his clarinet to create sounds that she would not be able to imitate, a test which she gloriously won. Jazz in the City events will become a tradition in Bucharest, organizers have announced, due to the impact of Draghici and his concert. Corina Dumitrescu
Bucharest Football Project III scores EUR 5,000 for Hospice Casa Sperantei
Football and charity go hand in hand at Bucharest Football Project III
Construction companies in Romania took part in a football tournament organized in aid of Hospice Casa Sperantei on Saturday, November 13. Bucharest Football Project, Phase III: Football and Friends for Hospice Casa Sperantei was hosted by Steaua FC and attended by Helmuth Duckadam, Narcis Raducan and the ex-FA referee, Vic Callow. The event raised EUR 5,000, which will pay for a nurse to make 400 home visits to patients in Bucharest. The fundraiser also aimed to increase the level of
Christmas trees help disadvantaged children
COURTESY OF SALVATI COPIII
Celan opera premieres in Bucharest after German success The opera Celan, a co-production with the Bremen Theater and an homage to Paul Celan, the pen name of Paul Antschel, a Hebrew poet of Romanian origins, will make its debut at the Bucharest National Opera on November 28.The work, composed by Peter Ruzicka, has drawn acclaim in Dresden, Mainz, Darmstadt, Köln and Bremen. Conductor Vlad Conta is the musical director of the opera, a sevenscene biography of Celan (1920-1970) during his stay in his hometown Cernauti, then in Bucharest, Vienna and 18
Paris. At the heart of the story is the Holocaust and its impact on the poet, both from a personal as well as a literary perspective. The opera, although successful in Germany, divided critics. Some, observatorulcultural.ro reported, concluded that a subject like the Holocaust could not be represented musically. However, others conceded that if Celan could write poetry about Auschwitz, so could music be written about the Holocaust. Corina Dumitrescu
awareness regarding palliative care services and help Hospice Casa Sperantei provide free specialized assistance to terminal patients. The funds raised at the event will support hospices in Brasov, Bucharest and Fagaras and fund home visits for patients looked after by the foundation. The Bucharest Football Project is intended to become a meeting point for construction and property professionals in the country and a fundraising initiative for the NGO sector. Corina Dumitrescu
Fir trees take on a noble cause on December 9
The Christmas Trees Festival, the Save the Children event now on its tenth year, has managed to raise EUR 2 million for the benefit of over 10,000 children over the last decade. However, an ever increasing number of disadvantaged children still need support for their social and educational integration. For the 2010 event, Romanian
fashion designers including Wilhelmina Arz, Venera Arapu, Stephan Pelger, Oxette, Victoria 46, Mihaela Glavan, Ana Wagner and Agnes Toma have prepared 20 Christmas trees, of which 10 will be selected for the charity gala taking place at the Palace of Parliament on December 9. The funds raised in previous years were spent on purchasing books for local school libraries, the school integration of working children, facilitation of access to education and school abandonment prevention for children from vulnerable environments. Their families have received financial support and advice in 18 centers across Romania, in Bucharest, Craiova, Iasi, Focsani, Bistrita, Petrila, Resita, Targu Mures, Timisoara, Targoviste, Constanta, Topoloveni and Brasov. In 2009, EUR 275,000 was raised by the project. Corina Dumitrescu BUSINESS REVIEW / November 22 - 28, 2010