ING has agreed to sell the majority of its ING Real Estate Investment Management business (ING REIM) in two separate transactions for a combined price of approximately USD 1 billion to CB Richard Ellis Group. Both ING REIM and CBRE are present on the Romanian market. ING REIM is present in Romania and owns the Felicia Shopping Center in Iasi. CBRE took over local real estate agency Eurisko in 2008.

Aluminium producer Alro posted a preliminary net profit of USD 50.4 million last year, almost double on the previous year, the company has announced. Its turnover was of USD 570 million, up on the EUR 334 million posted the year before. The company paid a profit tax of EUR 7.9 million, while its other taxes amounted to EUR 19 million. RON 80 million.

Information management and data security provider Star Storage grew its sales by 50 percent in Romania last year compared to 2009, to EUR 20 million, the company has announced. It plans to further grow its turnover by 25 percent this year.

Era Shopping Park Oradea has signed the contract with a new anchor and plans to open the shopping mall phase of the retail project this autumn. The developers, Omilos Group, have signed the lease with clothing retailer Sprider Store, which will open a 850-sqm store in the shopping galleria. The new Sprider Stores unit will be opened mid-March.

Romanian pharmaceutical producer Biofarm saw its net profit dropping by 26 percent last year, to EUR 3.45 million, according to preliminary financial data sent to the Bucharest Stock Exchange (symbol BIO), where the company is listed. Its operational profit was however up 22 percent compared to 2009, to EUR 3.9 million.

Romanian law firm Bostina & Asociatii has won the bid to offer legal consultancy for the Rovinari energy project, which could reach EUR 1 billion, according to the law firm. The project consists in creating a mixed firm to build a 500MW energy core at Rovinari Thermal Power Plant.

The Romanian gross domestic product (GDP) shrank 1.2 percent in 2010 from 2009, according to the National Institute of Statistics. According to the early estimations, the fourth-quarter GDP was by 0.1 percent higher than in Q3 of 2010 in real terms (seasonally adjusted data).

Romanian music and video sharing website Trilulilu.ro has signed an agreement with Universal Music, the biggest record label in the world, allowing the website to stream any song licensed by Universal Music, even if the songs are uploaded by the website's users. These songs will however only be available for users in Romania. The deal consists in splitting advertising revenues between Trilulilu and Universal Music.

The Romanian Competition Council has fined telecom companies Orange and Vodafone Romania with EUR 63 million for abusing their dominant position on the market, following an investigation which started in 2006. The investigation was opened after the complaint from NetMaster, according to the Competition Council.

Swiss Daniel Bach (in picture) will be the new general manager of Holcim Romania from the beginning of April, replacing Markus Wirth, who will end his six-year mandate at the helm of the company. Wirth will stay president of the company's Board. He will also remain head of the Swiss - Romania Chamber of Commerce until March and member of the Foreign Investors Council (FIC).

ING has agreed to sell the majority of its ING Real Estate Investment Management business (ING REIM) in two separate transactions for a combined price of approximately USD 1 billion to CB Richard Ellis Group. Both ING REIM and CBRE are present on the Romanian market. ING REIM is present in Romania and owns the Felicia Shopping Center in Iasi. CBRE took over local real estate agency Eurisko in 2008.

Aluminium producer Alro posted a preliminary net profit of USD 50.4 million last year, almost double on the previous year, the company has announced. Its turnover was of USD 570 million, up on the EUR 334 million posted the year before. The company paid a profit tax of EUR 7.9 million, while its other taxes amounted to EUR 19 million. RON 80 million.

Information management and data security provider Star Storage grew its sales by 50 percent in Romania last year compared to 2009, to EUR 20 million, the company has announced. It plans to further grow its turnover by 25 percent this year.

Era Shopping Park Oradea has signed the contract with a new anchor and plans to open the shopping mall phase of the retail project this autumn. The developers, Omilos Group, have signed the lease with clothing retailer Sprider Store, which will open a 850-sqm store in the shopping galleria. The new Sprider Stores unit will be opened mid-March.

Romanian pharmaceutical producer Biofarm saw its net profit dropping by 26 percent last year, to EUR 3.45 million, according to preliminary financial data sent to the Bucharest Stock Exchange (symbol BIO), where the company is listed. Its operational profit was however up 22 percent compared to 2009, to EUR 3.9 million.

Romanian law firm Bostina & Asociatii has won the bid to offer legal consultancy for the Rovinari energy project, which could reach EUR 1 billion, according to the law firm. The project consists in creating a mixed firm to build a 500MW energy core at Rovinari Thermal Power Plant.

The Romanian gross domestic product (GDP) shrank 1.2 percent in 2010 from 2009, according to the National Institute of Statistics. According to the early estimations, the fourth-quarter GDP was by 0.1 percent higher than in Q3 of 2010 in real terms (seasonally adjusted data).

Romanian music and video sharing website Trilulilu.ro has signed an agreement with Universal Music, the biggest record label in the world, allowing the website to stream any song licensed by Universal Music, even if the songs are uploaded by the website's users. These songs will however only be available for users in Romania. The deal consists in splitting advertising revenues between Trilulilu and Universal Music.

The Romanian Competition Council has fined telecom companies Orange and Vodafone Romania with EUR 63 million for abusing their dominant position on the market, following an investigation which started in 2006. The investigation was opened after the complaint from NetMaster, according to the Competition Council.

Swiss Daniel Bach (in picture) will be the new general manager of Holcim Romania from the beginning of April, replacing Markus Wirth, who will end his six-year mandate at the helm of the company. Wirth will stay president of the company's Board. He will also remain head of the Swiss - Romania Chamber of Commerce until March and member of the Foreign Investors Council (FIC).