Palas Iasi, the mixed real estate project developed by local developer Iulius Group in partnership with the Iasi municipality, has had to shift the project amidst the crisis to comply with the new market realities. The project, which was initially supposed to feature 800 apartments, will only feature 100 apartments, out of which 60 have already been sold, said Iulian Dascalu, president and owner of the group.

Asesoft group, owned by Romanian investors Sebastian Ghita and Iulian Stanciu, has taken over the majority share package in IT&C retailer Flanco, the retailer has announced. The new owners will inject EUR 4 million into the retailer's capital in the following months, while banks will receive EUR 10 million in the following six months, according to Flanco's reorganization plans

The Romanian government plans to keep the flat tax rate unchanged at 16 percent at least until 2013, according to the country’s three-year fiscal strategy approved Wednesday. The document doesn't indicate whether the value added tax rate will be modified over the next three years. In July, the government raised the VAT to 24 percent from 19 percent to boost state revenues.

Eugen Voicu, founder of Aviva Investors, formerly named Certinvest, has redeemed the entire share package in the company from UK insurer Aviva, the majority shareholder. The company will be re-branded from November, when the deal will be finalized. The company manages EUR 17.7 million of assets.

*Romania could become the new growth vector in the East – in Ziarul Financiar
*Eugen Voicu redeems Aviva Investors and tries to re-launch it – in Ziarul Financiar
*IKEA wants to fuel the store in Baneasa with solar energy – in Ziarul Financiar
*Romtelecom will have 4-5 TV channels by year-end – in Ziarul Financiar
*Ghita from Asesoft to buy Flanco – in Ziarul Financiar

Romania’s capital city Bucharest ranks 69th among 73 cities worldwide according to the price levels, says a survey conducted by financial services firm UBS. New York, Geneva and Oslo are still among the most expensive cities worldwide, according to UBS classification.

Private clinic operator MedLife has leased an entire office building, Porumbaru Business Center, where it will relocate its head office, CB Richard Ellis Romania has announced. The building covers 1,200 sqm of office space. MedLife has also leased space in City Gate office building, where it will open a private clinic and a pharmacy, at the ground floor of the northern tower in City Gate (in picture).

Rompetrol Rafinare's shareholders Tuesday approved on principle the conversion into shares for the bonds the company failed to recover on account of Petromidia refinery's historic debt, the company announced.

Car maker Renault today inaugurates the Technical Testing Center in Titu, with a one-year delay on the deadline initially announced. Romanian president Traian Basescu will attend the opening ceremony, along with Renault's production director Patrick Pelata.

Romania’s Senate adopted Tuesday a bill according to which accredited private pre-university education units would be financed mainly from the state and local budgets. The bill amending Education Law 84/1995 was adopted with 82 votes for, six against and four abstentions. It was adopted tacitly in the Chamber of Deputies.

Palas Iasi, the mixed real estate project developed by local developer Iulius Group in partnership with the Iasi municipality, has had to shift the project amidst the crisis to comply with the new market realities. The project, which was initially supposed to feature 800 apartments, will only feature 100 apartments, out of which 60 have already been sold, said Iulian Dascalu, president and owner of the group.

Asesoft group, owned by Romanian investors Sebastian Ghita and Iulian Stanciu, has taken over the majority share package in IT&C retailer Flanco, the retailer has announced. The new owners will inject EUR 4 million into the retailer's capital in the following months, while banks will receive EUR 10 million in the following six months, according to Flanco's reorganization plans

The Romanian government plans to keep the flat tax rate unchanged at 16 percent at least until 2013, according to the country’s three-year fiscal strategy approved Wednesday. The document doesn't indicate whether the value added tax rate will be modified over the next three years. In July, the government raised the VAT to 24 percent from 19 percent to boost state revenues.

Eugen Voicu, founder of Aviva Investors, formerly named Certinvest, has redeemed the entire share package in the company from UK insurer Aviva, the majority shareholder. The company will be re-branded from November, when the deal will be finalized. The company manages EUR 17.7 million of assets.

*Romania could become the new growth vector in the East – in Ziarul Financiar
*Eugen Voicu redeems Aviva Investors and tries to re-launch it – in Ziarul Financiar
*IKEA wants to fuel the store in Baneasa with solar energy – in Ziarul Financiar
*Romtelecom will have 4-5 TV channels by year-end – in Ziarul Financiar
*Ghita from Asesoft to buy Flanco – in Ziarul Financiar

Romania’s capital city Bucharest ranks 69th among 73 cities worldwide according to the price levels, says a survey conducted by financial services firm UBS. New York, Geneva and Oslo are still among the most expensive cities worldwide, according to UBS classification.

Private clinic operator MedLife has leased an entire office building, Porumbaru Business Center, where it will relocate its head office, CB Richard Ellis Romania has announced. The building covers 1,200 sqm of office space. MedLife has also leased space in City Gate office building, where it will open a private clinic and a pharmacy, at the ground floor of the northern tower in City Gate (in picture).

Rompetrol Rafinare's shareholders Tuesday approved on principle the conversion into shares for the bonds the company failed to recover on account of Petromidia refinery's historic debt, the company announced.

Car maker Renault today inaugurates the Technical Testing Center in Titu, with a one-year delay on the deadline initially announced. Romanian president Traian Basescu will attend the opening ceremony, along with Renault's production director Patrick Pelata.

Romania’s Senate adopted Tuesday a bill according to which accredited private pre-university education units would be financed mainly from the state and local budgets. The bill amending Education Law 84/1995 was adopted with 82 votes for, six against and four abstentions. It was adopted tacitly in the Chamber of Deputies.