www.business-review.eu Business Review | March 3 - 9, 2014
4 NEWS RESTAURANTS
WEEK AHEAD March 4 Business Clinics – Innovation Thinking Impact Hub holds a workshop on innovation starting from the Business Model Canvas. Vlad Craioveanu and Alexandra Pode (Impact Hub cofounders) will be your hosts for the event, which carries a RON 50 entrance charge for non-members. 09.30-11.30
March 5 Bucharest International Boat Show Boats of different sizes will be presented at the sixth edition of the biggest nautical fair in Romania, along with kayaks and jet skis, accessories and equipment. Romaero, March 5-9
Every year, Business Review puts the spotlight on the achievements of the Romanian business community. The winners will be celebrated by an audience of top business leaders government officials and investors. Register for the gala by visiting the businessreview.eu website or emailing events@business-review.ro. Athenee Palace Hilton, 18.00
Romania-Serbia Business Forum The Romanian Chamber of Commerce will host the Romania-Serbia Business Forum with the special participation of Zeljko Sertic, president of the Serbian Chamber of Commerce. The forum will commence with a plenary session on the general growth perspectives for Romanian and Serbian business partnerships, followed by workshops covering different economic sectors. Participants are required to fill out a registration form on the CCIR website. Chamber of Commerce Palace, A.I. Cuza Amphitheatre, 09.15-15.30
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INVESTMENT
Wave of regulatory changes disrupts foreign investors
T
he Foreign Investors’ Council (FIC), the business advocacy group, said last week during a roundtable on transparency and predictability in policy-making that the approval of 115 government ordinances last year and the 39 changes to the fiscal code and 21 updates to the fiscal procedure code make it harder for investors to build long-term investments, denting the country’s competitiveness. Mihai Bogza, FIC president, said that the business community has to be consulted on the enforcement of new taxes, which is a principle enshrined in law. “The lack of transparency (e.n. in the consultation process) creates great uncertainty for investors from the point of view of costs and planning, and ultimately everything results in a suboptimal economic performance,” said Bogza. FIC representatives have pointed to a lack of proper consultation on critical legislation regarding insolvency, the renewable sector and the fiscal code. Bogza referred to the new insolvency code, which was designed to fix the
Photo: FIC
2 10 things you need to know about
branding, not profit. After 15 years on the market, the La Mama team has almost 400 employers, working in its restaurants, production, deposits and headquarters, and almost 500 employers in the summer, when two La Mama restaurants open in Mamaia, Constanta county. “Our best selling products are sour tripe soup, grilled minced meat rolls, meat rolls in cabbage with polenta, ‘pig's alms gift’ with polenta and jam and cream cheese dumplings,” said Mahu. The menu changes twice a year and the suppliers are all Romanian, although the products are not always made locally. The restaurants have an extensive wine collection, most of which are available by the glass, he added. In 2013 Mahu invested over EUR 1 Catalin Mahu, owner of restaurant chain La Mama million in the restaurant in Mamaia Nord, which has almost 400 covers. omanian restaurant chain La every day, and the average bill comes 2014 will see no major investment, Mama has announced that it to EUR 17. The delivery service that only minor renovations of the current posted turnover of EUR 5.3 mil- the restaurant has developed since locations. Investments will also go lion for 2013, up 6 percent on 2012, on 2007 represents only 20 percent of into training the personnel and developing the quality of the compaa market that has been in decline since total sales. 2009. Profit represented approximately Asked by BR if sales had gone up ny’s products and services. Another 8 percent of the turnover, meaning during the Enescu Festival, Catalin major investment is being considered over EUR 400,000. Officials said 3,500 Mahu, owner of the restaurant chain, for 2015. ∫ Oana Vasiliu diners visit a La Mama restaurant said no, as Enescu improves national Photo: La Mama
March 6 Business Review Awards Gala
La Mama restaurant chain set to consolidate after EUR 1 mln investment
Mihai Bogza, FIC president
shortcomings in the current law, such as the cost of proceedings and the low level of receivables recovered by creditors. “The (e.n. insolvency) code approved by government differs from what it was thought had been agreed between the interested parties,” said Bogza, who
added that the new code is now under debate in the Senate. The president said that the adoptions of new taxes last year, including a tax on special constructions and the creation of a new 7 eurocents fuel tax per liter on diesel and gasoline, should not have been necessary given the 3.5 percent economic growth in 2013. Steven van Groningen, the FIC’s vicepresident, noted that the authorities are still passing bills without a proper impact study and changing the fiscal legislation frequently, without reasonable implementation deadlines. Daniel Anghel, co-president of the fiscal taskforce at the FIC, acknowledged that the government had passed positive measures, such as the regulation of holdings and the VAT deferment on imports. The FIC has 118 multinational members, accounting for EUR 35 billion in investments, which it says is roughly two thirds of the country’s total investment stock. These companies have created around 200,000 direct and indirect jobs in Romania. ∫ Ovidiu Posirca