News von den Mitgliedern

Starting June 1, 2025, Lufthansa will operate three weekly nonstop flights to Munich from Oradea.

Flight Details:

• MUC-OMR: LH2542 | 11:05-13:35
• OMR-MUC: LH2543 | 14:10-14:40

Three times a week: Tuesdays, Fridays, Sundays

Some interesting facts:

• Oradea will be the 6th Lufthansa Group destination in Romania, joining Bucharest, Cluj-Napoca, Timisoara, Sibiu, and Iasi

• The new connection will give passengers access to Lufthansa’s global network, with many intercontinental destinations, especially in North America

• Oradea, known for its Art Nouveau architecture, will be easily accessible from around the world

• The new route will help connect Bihor County, home to around 610,000 people, to major international hubs like Munich

Deloitte Romania is strengthening its top management team by promoting Andrada Tănase to the position of partner in the advisory practice and Camelia Malahov, Maria Butcu and Monica Țariuc-Teodorescu to the role of partners in the tax and legal practice, starting with June 2025.

“The way we understand and exert our vocation in the business world, with every step guided by quality and integrity, defines us as professionals and brings us together as a multidisciplinary team, while the achievements of each of us inspire all of us. The promotion to the role of partners of Andrada, Camelia, Maria and Monica — whom I congratulate wholeheartedly for their exceptional journey — is, therefore, yet another moment to reflect on the sense of purpose we get from investing every day in successful interactions with clients and colleagues, in creating solutions and innovating, and, in this case, it also becomes an excellent opportunity to recognize and celebrate the strength and diversity of resources of feminine leadership,” declared Alexandru Reff, Country Managing Partner, Deloitte Romania and Moldova.

Andrada Tănase, Advisory Partner, is a professional with over 15 years of experience in consulting on credit risk, capital and liquidity management, and financial governance and reporting. She joined Deloitte Romania’s financial advisory practice in 2015 and has coordinated projects for local and international institutions in the financial services sector, in various risk and regulatory areas, including ICAAP, ILAAP, business planning processes, licensing and authorization, as well as recovery and resolution frameworks. In addition to her advisory activity, she has delivered trainings for the Romanian Banking Institute, as well as for the counterpart institution in the Republic of Moldova, and has collaborated with supervisory bodies in Europe. Andrada graduated from the Faculty of Finance, Insurance, Banks and Stock Exchanges and received a master’s degree in international project management from the Academy of Economic Studies in Bucharest. She is a member of ACCA (UK), CECCAR Romania and is a certified financial risk manager (FRM).

Camelia Malahov, Tax Partner, joined Deloitte Romania’s tax practice in 2011, and has assisted key clients from retail, consumer goods, manufacturing, technology and media in identifying and implementing technical solutions in line with legislative developments, including in the context of new tax or reporting obligations such as SAF-T, DAC7 and the global minimum tax. Throughout her professional career, she has contributed to the improvement of sector-specific legislation, participating in the drafting of legislative amendments and initiating an infringement procedure that resulted in the alignment of national legislation with the EU directive on the tax regime applicable to parent companies and their subsidiaries. She is also involved in promoting the integration of artificial intelligence into organizational processes, with a focus on its applicability in the tax field and for increasing operational efficiency. Camelia graduated from the Academy of Economic Studies in Bucharest with a bachelor’s degree in accounting, she is a certified tax consultant (by the Chamber of Fiscal Consultants) and a trainer accredited by the Ministry of Education.

Maria Butcu, Business Process Solutions Partner, has been coordinating the local outsourced services solutions practice since 2020, when she joined Deloitte Romania. Throughout her over 17-year career, she has consolidated her expertise in accounting, payroll and tax compliance. She has led projects for preparing financial statements, group reporting and conversion from IFRS to RO GAAP, as well as year-end processes, she prepared reporting packages and provided consulting for process optimization. Maria has assisted in the implementation of ERP systems, as well as in the customization of the balance sheet structure, in collaboration with several departments. She is also involved in strategic business planning and in the creation of new services to meet client needs. She holds a bachelor’s degree in accounting from the Academy of Economic Studies in Bucharest and a master’s degree in communication from the National School of Political and Administrative Studies. She is a member of ACCA (UK), a chartered accountant accredited by CECCAR, as well as a certified tax consultant and a Chamber of Fiscal Consultants member.

Monica Țariuc-Teodorescu, Global Employer Services Partner, coordinates the international employee mobility services area and has contributed over time to the development of innovative tools that support compliance and harmonization of approaches in the field of labor migration between states. With over 16 years of experience in Deloitte Romania's tax practice, she has specialized in the full spectrum of services associated with human capital – income taxes and social security contributions, remuneration structures and collaboration - and has a series of initiatives in the area of ​​tax incentives for research and development. She is involved in consulting projects at both local and regional levels, providing expertise in tax and social security legislation for a wide range of clients. In addition, she actively participates in working groups focused on legislative developments in the field of individual taxation. Monica holds a degree in economics from the Academy of Economic Studies in Bucharest and is a certified tax consultant (Chamber of Fiscal Consultants).

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its approximately 460,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,200 professionals.

Please see www.deloitte.com/ro/about to learn more about the global network of member firms

• EY survey finds companies that embed sustainability into their business are 40% more confident they will succeed than siloed peers
• More than 90% of businesses being pressured on sustainability issues from investors and nearly 80% pressured by activists
• Companies with better sustainability integration say their boards are 1.5 times more effective in achieving sustainability goals

A new EY report indicates that companies embedding sustainability into their core strategies are 40% more confident in their business outlook over the next year than siloed peers.

The fifth edition of the EY Long-Term Value and Corporate Governance Survey highlights the mounting pressure on businesses to prioritize sustainability. It underscores a critical need for sustainability strategies that are better integrated across the organization and that create tangible business value.

Massimo Bettanin, EY Romania Climate Change and Sustainability Services Partner: "Integrating sustainability into the business strategy is a crucial strategic decision for optimizing organizational performance. Companies that adopt this approach not only enhance their resilience and transform business models to meet market demands, but they also experience a 40% greater confidence in economic prospects for the coming year. Additionally, the boards of directors of these organizations are 1.5 times more effective in achieving sustainability goals, thereby generating long-term value and contributing to a positive impact on society."

The report finds that businesses are facing increased demands from both investors and activists: 91% of companies surveyed report investor pressure to enhance sustainability efforts, while 78% face similar pressures from activists. Reputational damage is a significant concern: more than a third (39%) of those surveyed reveal they have faced backlash in the media for inadequate sustainability efforts. This figure drops dramatically to only 6% for companies with fully integrated sustainability strategies.

Sustainability still siloed in most organizations

The report identifies a pioneering group, termed "Sustainability Integrators," which have successfully embedded sustainability into the fabric of their operations.

These businesses boast enhanced brand reputation, improved employee recruitment and retention, and tangible impact on the world around them. They also report their boards to be 1.5 times more effective on sustainability issues compared with the rest.

However, only 27% of surveyed businesses fall into this category, with the majority of companies (55%) keeping their sustainability strategy completely separate from their business, or even not having a strategy at all.

Sustainability initiatives more likely to be cut

The majority of companies surveyed (57%) say that if they need to make cuts, sustainability initiatives are more likely to be eliminated than business initiatives. Thirty-nine percent of companies believe sustainability has always been — and remains — a lower priority than commercial objectives.

However, only 2% of Sustainability Integrator respondents say they believe sustainability is a lower priority than commercial objectives, and only 4% say they would wind down sustainability initiatives before commercial ones if business conditions worsened.

More than nine in 10 (94%) of Sustainability Integrator respondents also reported that their board is effective in approving capital expenditure for sustainability projects, while less than a third (28%) of siloed companies reported the same.

To support the transition to becoming sustainability integrated, the EY organization recommends the following five key actions:

1.    Foster unified leadership on sustainability commitments.

2.    Cultivate a company-wide culture of shared sustainability responsibility.

3.    Educate all functions on the commercial advantages of sustainability.

4.    Invest proactively in sustainability initiatives to facilitate integration.

5.    Leverage technology to support the delivery of integrated sustainability strategies.

About EY Romania

EY is one of the world's leading professional services firms with 392,995 employees in more than 700 offices across 150 countries, and revenues of approx. US$51.2b in the financial year that ended on 30 June 2024. Our network is the most integrated worldwide, and its resources help us provide our clients with services allowing them to take advantage of opportunities anywhere in the world.

With a presence in Romania ever since 1992, EY provides, through its more than 1000 employees in Romania and the Republic of Moldova, integrated services in assurance, tax, strategy and transactions, and consulting to clients ranging from multinationals to local companies.

Our offices are based in Bucharest, Cluj-Napoca, Timisoara, Iasi and Chisinau. In 2014, EY Romania joined the only global competition dedicated to entrepreneurship, EY Entrepreneur Of The Year. The winner of the national award represents Romania at the world final taking place every year in June, at Monte Carlo. The title of World Entrepreneur Of The Year is awarded in the world final. For more information, please visit: www.ey.com

About the research

For the fifth edition of the EY Long-Term Value and Corporate Governance survey, we surveyed 200 of Europe’s most senior business leaders in January 2025 about their approach to sustainability. Half were board members (chairperson or non-executive directors), and half were CEOs and C-suite members. They represented all 27 EU member states, plus Norway, Switzerland and the UK. Companies came from a range of sectors: consumer and health; financial services; government and infrastructure; industrials and energy; private equity; and technology, media and communications. Half of these business leaders represented companies whose revenues ranged from US$100 to US$1 billion in the last fiscal year, and the other half represented those with revenues of more than US$1 billion in the last fiscal year.   

Romanians spent €59 million in cinemas last year, an amount 5% lower compared with 2023, as ticket prices recorded a 10% y-o-y increase and the total number of tickets sold declined by 14%, according to the data offered by the Romanian Film Center and analyzed by the Cushman & Wakefield Echinox real estate consultancy company.

The total number of tickets sold reached 11.2 million in 2024, compared to 13.1 million in 2023, while in terms of box office, cinema operators reported a 5% decrease compared with 2023, reaching 292,9 million lei (~€59 million). It must also be mentioned that the average ticket price surged from 23.7 lei to 26.1 lei in the 2023 - 2024 period.

Romania had 108 cinemas across the country at the end of last year, compared with 103 in 2023. The data includes both single-screen cinemas and multiplexes, with the latter accounting for over 96% of the box office and for 93% of the number of spectators.

to 0.59 from 0.68 in 2023. The number of cinemas visits per capita also recorded a slowdown in 2024 to 0.59 from 0.68 in 2023.

The largest cinematographic markets in Romania are Bucharest (3,496,225 spectators in 2024, -13% vs 2023), Constanţa (633,300, -14%) Cluj-Napoca (626,188, -18%), Timisoara (611,548, -19%) and Brasov (541,478, -13%) cities which have a combined attendance share of 55% at national level, making the impact significant at the industry level.

These markets have seen double-digit declines in the number of spectators, indicating a possible shift in urban cultural consumption behavior. However, there are notable exception: the counties of Iasi and Prahova reported an increase in the number of visitors, signaling a potential regional redistribution of interest in cinema.

Dana Radoveneanu, Head of Retail Agency, Cushman & Wakefield Echinox: “The evolution of the cinema market in 2024 is a reflection of a broader shift in consumer preferences. In a landscape increasingly shaped by digital content and personalized experiences, traditional cinemas are being challenged to rethink their role in the entertainment ecosystem. This trend has direct implications for the development of shopping malls, where cinemas have long served as key anchors for overall traffic. Today’s developers are being pushed to design multifunctional spaces that mix retail with cultural, social, and tech-driven experiences tailored to evolving consumer expectations. Developers that invest in such hybrid formats may attract more consumers.”

In terms of the Romanian counties with the highest number of visits per capita are Brasov (2.05 visite per capita in 2023), Bucharest (1.54), Braila (1.18) and Iasi (1,06). The counties with the highest use and occupancy of existing cinema infrastructure are Iasi (1.26 spectators/ seat/ day), Vrancea (0.88 spectators/ seat/ day), Ialomita (0.84 spectators/ seat/ day), followed by, Covasna (0.82 spectators/ seat/day) and Brasov (0.58 spectators/ seat/ day). The corresponding number in Bucharest was of 0.46 spectators/ seat/ day.

Deloitte Romania announces the start of applications for the 26^th edition of the Technology Fast 50 Central Europe ranking, which recognizes technology companies with accelerated growth. The program is a platform through which both mature companies and start-ups can highlight their innovative products and services and strengthen their position on their respective market segment. The competition takes place in 19 Central European countries, namely Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Moldova, Montenegro, North Macedonia, Poland, Romania, Serbia, Slovakia, Slovenia, and Ukraine.

Deloitte Technology Fast 50 Central Europe will include the 50 most dynamic technology companies in the region, regardless of their size, based on the percentage revenue growth over the last four years (2021-2024). Competitors can be active in the public or private sector and in all technology-related areas – communications, environmental technologies, fintech, hardware, health and life sciences, media and entertainment, software. In order to be eligible, registered companies must meet certain criteria, such as having annual operating revenues of at least 50,000 euros in the first three years (2021-2023) and of at least 100,000 euros in 2024, being headquartered in a Central European country and owning intellectual property or proprietary technology.

In addition to the main category of the 50 fastest growing start-ups, the competition also includes the “Companies to watch” category, which recognizes players that do not meet the criteria for the main ranking yet. They must be active for at least three years (established before December 31, 2021) and have operating income of at least 10,000 euros in the first year of activity (2022) and of at least 30,000 euros in 2024. The program also includes the special “Impact Stars” recognition, which rewards competitors whose products or services have positive effects on society, on the environment, on diversity or innovation. “Impact Stars” laureates must operate in one of the following areas: fintech, cyber, ESG, medtech/biotech, defence. In addition, Google Cloud, the regional technology partner of the competition, offers, together with Deloitte, the special recognition “AI Value Driver. CE Rocketship Innovations in GenAI”. This category’s winners are chosen among the companies which entered the Technology Fast 50 Central Europe competition in 2025, following an assessment conducted by joint Google Cloud and Deloitte teams which focuses on demonstrated potential to scale GenAI into real business impact.

“Over the years, the Fast 50 program has recognized and celebrated Romania’s fast growing technology companies and has lived up to its promise to act as a platform which nurtures a community that offers networking opportunities, fosters connections among entrepreneurs, industry leaders, and experts. Besides that, the program has been mirroring the latest regional and global trends through the newly introduced categories. This year, it could not have been around anything else than Gen AI and the concrete results it is already delivering to businesses across industries. We invite all the tech entrepreneurs to enter the competition and thus showcase their unique ideas and contributions across various sectors and become a part of the international Fast 50 community,” said Andrei Ionescu, Consulting Market Leader, Deloitte Romania, and leader of the Fast 50 program in Romania.

Over 50 local companies have received recognition through the Fast 50 ranking since 2008, either in the main ranking, of the companies with the highest growth in Central Europe, or in special categories, such as “Most disruptive innovation” or “Impact Stars”. These include travel agency Vola.ro, which ranked first in 2011, 2012 and 2013, with the highest growth in Central Europe, and UiPath, global leader in robotic process automation, which received the “Most Disruptive Innovation” recognition in 2017.

In 2024, three Romanian companies were included in the main category of the Deloitte Technology Fast 50 Central Europe ranking - Questo (13^th place), SteepSoft AI (32^nd place) and Ascendia (45^th place). Also, Finqware, Plant an App and Kinderpedia were included in the “Companies to Watch” subcategory, while SymphoPay, Infosec Center and Innoship were recognized in the “Impact Stars” category. In addition, DRUID was the winner of the CE Tech Rocketship category from Google Cloud, the competition's regional technology partner, while Hermix received a special recognition.

Companies can enter this year's competition until August 31, 2025. The ranking will be announced in November 2025. Online registration and all details regarding the eligibility criteria are available on the web section dedicated to the competition.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its approximately 460,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,200 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

ANA Hotels proudly announces the completion of the modernization works on several iconic spaces within InterContinental Athénée Palace Bucharest, marking a new chapter in the hotel’s distinguished history.

The English Bar, the newly launched JORJ restaurant (located in the former Roberto’s space), the hotel’s Spa, and the Back Lobby have reopened following an extensive renovation and conceptual reinvention process, representing a total investment of over €10 million. This milestone follows the successful reopening of Café Athénée in September 2024—a landmark event for the capital’s luxury dining scene.

“The renovation of the InterContinental Athénée Palace Spa, The English Bar, JORJ Restaurant, and the Back Lobby marks a significant new phase in the transformation of InterContinental Athénée Palace Bucharest. These upgrades complement the more than €49 million investment completed in 2023 for the refurbishment of rooms and event spaces, and reaffirm our strong commitment to excellence and refinement in hospitality. Continuing our collaboration with the renowned British interior design firm Alexander James Interiors, along with talented local creatives and top-tier contractors such as Bog’Art, Interexpo Construct Instal, and Theda Mar, was essential in achieving this result,” stated George Copos, owner of ANA Hotels Group.

The English Bar retains its classic charm and bohemian atmosphere, now subtly reimagined in a contemporary design. Its cocktail menu draws inspiration from recipes dating back over a century and from stories shared by guests throughout the decades, preserving the authentic spirit of the venue.

JORJ Restaurant introduces a bold new concept to the local culinary scene, where visual spectacle meets refined taste. Fire and ice take center stage in a dramatic culinary narrative. At JORJ, each dish is part of a haute-cuisine vision that reinterprets classic flavors in a modern, daring, and memorable way.

The InterContinental Athénée Palace Spa reopens under a new architectural concept, featuring modern design and innovative wellness and rejuvenation facilities. It offers guests a serene retreat amid the urban hustle.

A symbol of timeless elegance and urban sophistication, InterContinental Athénée Palace Bucharest stands as a landmark of luxury hospitality in Romania, with a legacy dating back to 1914. As part of the prestigious InterContinental Hotels & Resorts chain, the hotel continues to deliver exceptional guest experiences by blending tradition with innovation.

About ANA Hotels

InterContinental Athénée Palace Bucharest is part of ANA Hotels, the largest privately-owned Romanian hotel group. The company also owns and operates Crowne Plaza Bucharest, three hotels in Poiana Brașov—Ana Hotels Sport, Bradul, and Poiana—as well as Ana Hotels Europa in Eforie Nord, home to the renowned ANA Health Spa. In addition, ANA Hotels manages ski lift operations in Poiana Brașov through ANA Teleferic, which recently added the Panoramic Restaurant on Tâmpa Peak in Brașov to its portfolio.

Stina Ehrensvärd, founder of Yubico, was named the EY World Entrepreneur Of The Year 2025 at an award ceremony held in Monaco’s Salle des Etoiles. Stina was selected from among nearly 5,000 program participants that included 52 winners across 43 countries and jurisdictions competing for the global title. She is the fourth woman to hold the title and first winner from Sweden in the award’s 25-year history.

Stina is a natural business leader whose determination, drive and innovative mindset has created exponential growth for her company and a lasting impact on Sweden and its people. She has built an industry-leading and highly profitable company that has set new standards for internet security. Through her unwavering commitment to creating a safer and more secure world, Stina has successfully driven systemic change — protecting digital identities, strengthening democracy and building global trust in the connected world.

In 2007, she co-founded Yubico, a company with the mission to make the internet safer for everyone. Within a year the company launched its first YubiKey, a physical security key for multifactor authentication (MFA), and over the next five years, it transformed the entire cybersecurity landscape by securing work with three of the biggest technology companies in Silicon Valley. Since then, Stina has scaled Yubico to where it now protects 19 of the world’s 20 largest internet companies and its compound annual growth rate (CAGR) has been 40% since 2020.

Romania was represented by Irina Arsene, the winner of the EY Entrepreneur Of The Year – Romania 2024 title, Founder and Chair of the Board of mindit.io, a Romanian software development company founded in 2015, which has quickly established itself in the international market through innovation and excellence in delivering customized technological solutions.

Bogdan Ion, Country Managing Partner EY Romania & Moldova and Chief Operating Officer Central, Eastern and Southeastern Europe & Central Asia (CESA): "World Entrepreneur Of The Year is a celebration of entrepreneurial spirit on a global scale, bringing together business leaders from around the world to recognize innovation and its impact on society. This competition highlights the remarkable achievements of entrepreneurs, demonstrating how bold ideas can transform not only businesses but also communities. Irina Arsene, the founder of mindit.io, exemplifies this entrepreneurial spirit, showing how vision and dedication can lead to significant advancements that positively influence society and inspire entrepreneurs in Romania to pursue their dreams."

Irina Arsene, Founder and Chair of the Board, mindit.io: ”When I embarked on this entrepreneurial journey, I envisioned a business that would inspire and create impact. Representing Romania at EY World Entrepreneur Of The Year 2025 is a celebration of the dream turned into reality and, above all, of the team that made it all possible. It has been an incredible experience to connect with other inspirational stories from around the world. I believe that transparency and authenticity in sharing the entrepreneurial journey can generate trust and inspiration within the business ecosystem, encouraging other leaders to turn their vision into reality. For me, this moment is more than a personal recognition. It is the validation that the story of mindit.io is an authentic success, built on innovation, empathy, and determination. I hope this step will generate not only pride but also confidence among those who have the courage to build something new.”

EY hosts the annual World Entrepreneur of the Year event to celebrate the accomplishments of visionary leaders who are shaping the future with confidence, growing the economy and answering the call to address global challenges. The annual gathering brings together founders, CEOs and business leaders for a series of networking opportunities and workshops, culminating with the announcement of the EY World Entrepreneur of the Year.

The EY World Entrepreneur of the Year 2025 was chosen by an independent panel of judges against four criteria: entrepreneurial spirit, purpose, growth and impact. This year’s panel included a diverse and esteemed group of entrepreneurs from all over the world, chaired by Asif Ramji, Founder and CEO of Venture Worx.

***

About EY Romania

EY is one of the world's leading professional services firms with 392,995 employees in more than 700 offices across 150 countries, and revenues of approx. US$51.2b in the financial year that ended on 30 June 2024. Our network is the most integrated worldwide, and its resources help us provide our clients with services allowing them to take advantage of opportunities anywhere in the world.

With a presence in Romania ever since 1992, EY provides, through its more than 1000 employees in Romania and the Republic of Moldova, integrated services in assurance, tax, strategy and transactions, and consulting to clients ranging from multinationals to local companies.

Our offices are based in Bucharest, Cluj-Napoca, Timisoara, Iasi and Chisinau. In 2014, EY Romania joined the only global competition dedicated to entrepreneurship, EY Entrepreneur Of The Year. The winner of the national award represents Romania at the world final taking place every year in June, at Monte Carlo. The title of World Entrepreneur Of The Year is awarded in the world final. For more information, please visit: www.ey.com

bpv GRIGORESCU ȘTEFĂNĂNICĂ advised the German technology company cbs (Corporate Business Solutions Unternehmensberatung GmbH) on the acquisition of the SAP division of the Romanian-based  SkyConsult, marking cbs’ entry into the Romanian market.

For 30 years, cbs has been a trusted partner to global market leaders, helping them to generate lasting value in their industries using technologies like SAP and Salesforce. Today, cbs operates worldwide, with a strong focus on fast value in the projects to optimize end-to-end business processes. The launch of its Romanian branch marks a strategic step in the company’s international expansion, joining a network of over 35 locations across Europe, the United States, Malaysia, and beyond.

Our services included advising the company on all legal aspects of the acquisition, including due diligence, drafting and negotiating the documentation, the implementation of the acquisition and the subsequent integration into cbs’ Romanian subsidiary.

“This was a particularly challenging transaction. The project combined both brownfield and greenfield elements, making the launch of cbs' operations in Romania strategically important. We are proud to have played a role in this milestone for cbs and grateful for the trust placed in us.” said Cristina Daianu, M&A Partner at bpv GRIGORESCU ȘTEFĂNICĂ.

The team, led by Cristina Dăianu, Partner, included, Laura Popa, (Managing Associate in the Employment practice), Roxana Daskălu, (Senior Associate in the TMT practice), Tania Adam and Matei Tomi, (Associates in the Corporate/M&A practice).

“It’s rewarding to see our team’s vast expertise in technology-driven transactions recognised and valued once more. Our intensely technology-focused M&A transaction practice has recently been involved in some of the most prominent sector transactions in Romania, which is a confirmation of our expertise and tight connections to the TMT sector. The transaction also highlights our unique expertise in working with clients from the DACH region”, concluded Catalin Grigorescu, Managing Partner at bpv GRIGORESCU STEFANICA

Our Technology Transactions practice has been involved in some of the most prominent sector transactions recently, including:

§  FOOTPRINTS AI on the investment of Catalyst Romania Fund II

§  SARMIS Capital on the acquisition of Total Technologies to strengthen Smart ID's position as a regional leader in the industrial technology and automation market;

§  the private equity firm Omnia Capital on its investment in the digital shipping house Cargo Buddy;

§  Creatopy and its co-founders in a $10 million Series A funding round;

§  Softelligence and its shareholders in connection with its acquisition by the US company Encora Holdings Limited, part of the Encora Group; the company VERIDION (formerly Soleadify), its founders, as well as the venture capital fund LAUNCHUB Ventures and other participants in a USD 6 million financing round;

§  software and infrastructure company INCRYS in connection with acquiring information technology services company USOURCE;

§  Innoship and its shareholders on the acquisition of a majority stake in Innoship by the private equity fund Abris Capital.

For more information, don't hesitate to contact cristina.chira@bpv-grigorescu.com or +40 748 182 607.

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bpv GRIGORESCU STEFANICA is a business law firm with a full-service offering for complex projects and litigation and a unique combination of legal and tax advisory capabilities. The firm is known internationally for its focus on the Technology sector and its prominent practice in areas such as Corporate, Mergers & Acquisitions, Taxation, Employment & Benefits, Procurement, Concessions & PPPs, Medical services, Energy and Infrastructure.

bpv GRIGORESCU ȘTEFĂNICĂ team is continuously included among the most prominent Romanian law firms by prestigious international legal directories such as Chambers & Partners, Legal 500, IFLR1000, ITR World Tax, Media Law International.

bpv GRIGORESCU ȘTEFĂNICĂ is a founding member of bpv Legal, an alliance of independent business law firms with offices in Bratislava, Brussels, Bucharest, Budapest, Prague and Vienna, offering cross-border legal advisory services.

FlixBus, the travel-tech company operating the most extensive intercity coach network in Europe, continues its regional development with new international connections to Greece and strengthened routes to Bulgaria and Turkey.

Passengers from Romania can now enjoy daily connections from Bucharest to Athens, Thessaloniki, and Istanbul, as well as to the most popular resorts along the Bulgarian coast. Departures are available both during the day and at night, offering increased flexibility for planning summer vacations.

FlixBus connects Romania with 16 cities in Bulgaria and continues expanding in Greece, reaching 6 destinations

Starting June 12, FlixBus resumes several seasonal routes from Romania to the Bulgarian seaside. Direct lines connect Bucharest with top vacation spots in Bulgaria such as Golden Sands, Albena, Balchik, Obzor, Byala, Sunny Beach, and Burgas, with daily departures.

FlixBus began operating direct routes between Romania and popular Bulgarian destinations in 2021 and has consistently expanded its offering based on passenger demand over the past four years. With the peak 2025 season approaching, the company is adding two new summer destinations to its network: Balchik, a peaceful Black Sea resort, and Veliko Tarnovo, one of Bulgaria’s most iconic historical cities.

The direct connection to Veliko Tarnovo is being resumed in response to high demand from Romanian tourists. Coach ticket prices to these destinations start from just 50 lei and include a 20 kg checked bag and one piece of hand luggage.

“Increasing demand from Romanian travelers has encouraged us to expand in this direction since 2021. Last summer we saw a 30 percent increase in passenger numbers during the summer season. On the Bucharest to Varna route we operate up to two trips per day with the fastest taking around four and a half hours which is significantly faster than a similar journey by train” said Adrian Rășoiu, Business Development Director at FlixBus Romania.

Starting this summer, FlixBus also operates direct connections from Romania to Greece including Athens and Thessaloniki as well as popular holiday destinations like Katerini, Larissa, Volos and Lamia. The Bucharest to Thessaloniki route is available daily with ticket prices starting from 95 lei offering an affordable and comfortable option for travelers looking to explore Greece.

For those traveling to Turkey, FlixBus in partnership with Kamil Koç operates daily direct trips to Istanbul which remains a favorite destination for Romanians seeking city breaks and shopping getaways.

Tickets can already be booked online on the FlixBus site, via the app or through partner travel agencies in Romania.

In 2024, passengers from Romania and Bulgaria helped avoid over 26353 tons of CO2 emissions by choosing coach travel over personal cars or flights. A FlixBus coach emits at least five times less CO2 than a personal vehicle and ten times less than an airplane with a carbon footprint comparable to that of intercity trains.

“Last year’s figures show that more and more travelers from Romania are choosing the coach as a sustainable alternative to driving or flying. The coach remains one of the most accessible and efficient long distance transport options and choosing FlixBus reflects a growing concern for reducing environmental impact”, added Adrian Rășoiu.

FlixBus has been present on the Romanian market since 2017 and offers direct international trips from over 80 cities in Romania to 16 countries across Europe.

About Flix 

Flix intends to transform the collective transport sector by offering sustainable and affordable long-distance bus- and train travel solutions in more than 40 countries across four continents through its brands FlixBus, FlixTrain, Kamil Koç, and Greyhound. With its asset-light business model and innovative technology platform, Flix, launched in 2013, swiftly established a market-leading position for long-distance bus travel in Europe, North America and Türkiye and is rapidly expanding further into South America and India.

Driven by increased awareness for sustainable travel, Flix is committed to achieving Net Zero operations in Europe by 2040 and globally by 2050. To assess its progress within a scientifically recognized framework, Flix established near-term targets for emissions reduction with the Science Based Targets initiative.

While Flix manages the commercial side of the business such as network planning, pricing, operations control, marketing and sales, quality management and continuous product development with a data-driven approach, trusted Flix partners conduct the daily operations. The innovative combination of Flix’s technology and sales platform with traditional passenger travel has turned a European start-up into a leading and globally expanding travel tech company.

In den letzten zehn Jahren war der Sektor der Unternehmensdienstleistungen eine tragende Säule der rumänischen Wirtschaft, mit einer Wachstumsrate, die kontinuierlich über der der Gesamtwirtschaft lag. Im Jahr 2023 wird der Beitrag dieses Sektors zum BIP mit 10,5 % (einschließlich IT-Dienstleistungen) der höchste in Mitteleuropa sein.

Wir verfügen über gut ausgebildete Arbeitskräfte, einen hohen Grad an Technologieübernahme und wettbewerbsfähige Kosten. Aber wie wettbewerbsfähig ist Rumänien im Vergleich zur Region, wenn es darum geht, potenzielle Investoren für Unternehmensdienstleistungen zu gewinnen? Die „CE Business Services Comparative Analysis 2024“, die kürzlich von Deloitte in Zusammenarbeit mit ABSL Romania durchgeführt wurde, analysiert die Stärken des Landes und die Faktoren, die ein weiteres Wachstum in der Zukunft unterstützen könnten.

Weitere Informationen zu den Schlussfolgerungen des Berichts finden Sie hier.

Bucharest, April 30, 2025 – Two-thirds (66%) of company representatives say that recently hired employees were not fully prepared for the roles they fill, and lack of experience was the main cause of failure, while employees (nearly 60%) consider their organization values job experience and degrees over skills and potential, according to the Deloitte 2025 Global Human Capital Trends report. The experience gap highlighted in the study is also deepened by the artificial intelligence (AI) technologies which shrink entry-level roles and thus reduce the opportunities for those who are in early stages of their careers to develop practical skills. For these reasons, almost three-quarters of leaders (73%) and employees (72%) believe that organizations should provide more opportunities to gain experience.

Under these conditions, almost three-quarters of employees and company representatives consider it is important to prioritize human skills (curiosity, emotional intelligence, etc.). According to the study, organizations that successfully increase employees' ability to grow professionally, use their imagination and think deeply are almost twice as likely (1.8 x) to report solid financial results, 1.4 times more likely to create broad value for customers and society, and 1.6 times more likely to provide meaningful work experiences.

Thus, human sustainability, which implies creating a favourable environment for everyone connected to the organization, becomes essential in achieving the balance between human and financial performance. On the other hand, only 6% of organizations are making real progress in establishing this concept as a guiding business strategy.

"By integrating human sustainability into their business strategy, organizations can drive long-term success, proving that investing in people and their performance is not just a moral imperative, but a business one. Employees who feel stable and connected at work are more likely to trust their organization and meaningfully contribute to financial results. On the other hand, the technology developments are undeniable, and the benefits generated in various activities cannot be ignored. But the two components of the workforce – IT solutions and human resources – are complementary and employers just need to find the optimal combination to increase productivity, while stimulating creativity, innovation and employee engagement in daily activity," said Raluca Bontaș, Partner, Deloitte Romania.

Moreover, the study reveals that artificial intelligence can enhance productivity but can also create uncertainty among employees about job security and learning opportunities. In addition, more than half (54%) of employees and leaders are concerned about the blurred distinction between the work done by humans and by technology.

According to the study, organizations are six times more likely to gain financial benefits from using AI when employees personally drive value from it. In addition, 56% of participants say it is very important for companies to share with employees the rewards that AI creates. Yet, most organizations (77%) are doing nothing meaningful about this.

Under these conditions, nearly 70% of the leaders participating in the study recognize the importance of refreshing their employee value proposition – the reasons people choose to work for and stay at a company - to reflect human-machine collaboration, but only 6% have made significant progress in this area.

At the same time, organizations (73%) acknowledge the importance of redefining the managers’ roles so that they focus on people, on redesigning work, and on strategic problem-solving. Currently, managers spend nearly 40% of their time on solving current issues and administrative tasks, and only 13% of their time on developing the team members. In fact, the study highlights that strong management correlates with up to 15% higher financial performance.

Finally, it is essential for employers to ensure the balance between their need for agility, in order to perform in a volatile business environment, and the stability expected by employees – 85% of the leaders consider organizations need to become more agile to cope with frequent changes, while 75% of employees expect more stability in their professional activity. But while 72% of organizations recognize the importance of balancing agility and stability, only 39% are doing something relevant about it.

"Overall, the research highlights new paradigms of the employers-employees relationship. In an era of permanent uncertainty and change, companies that strategically invest in real human performance will become the leaders of tomorrow. I believe the balance between business and human outcomes can no longer be treated superficially or as optional, but as a key priority for the long-term survival and success of organizations. The real challenge is to have the courage to let go of traditional approaches and adopt creative and sustainable solutions for the future of work," said Doina Patrubani, Senior Advisor, Human Capital, Deloitte Romania.

Regarding the factors that motivate them to perform at the highest level in their current roles, employees rank financial rewards first (32%), followed by job security (21%) and teamwork (18%), on a par with the flexibility of the relationship with their employer.

Deloitte’s 2025 Global Human Capital Trends study was conducted among 10,000 business and human resources leaders across many industries and sectors in 93 countries, including Romania. In addition to the global survey, Deloitte supplemented its research with worker and executive surveys to present their perspective and highlight the gap between leaders' perception and workers' realities.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its approximately 460,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,200 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

For all those who recognize the value of strategic industries and their importance for sustainable development of a nation, Romfilatelia introduces into circulation on Friday, May 2^nd, this year, the postage stamps issue ‘Chemical Industry. Country Brand’.

The issue is dedicated to an industry that has managed not only to survive the difficult times of transition, but to be reborn through vision, investment, innovation and committed people. One example of its performance is Chimcomplex, the region’s leading producer and supplier of vital chemicals. Chimcomplex is a strategic company for the Romanian economy, with wholly Romanian capital and owns the largest chemical products plants, with 2 industrial platforms in Onești and Râmnicu Vâlcea (former Oltchim).

The issue, which includes four postage stamps, a perforated souvenir sheet and a First Day Cover, pays tribute to Chimcomplex’s remarkable contribution to the development of the Romanian chemical industry and its role as a regional leader in the transition to a green economy.

From raw material to finished product, from science to applicability, from laboratories to strategic plants, Romanian chemistry writes an impressive page in the book of the national economy.

The postage stamp with the face value of Lei 6,50 depicts the Borzești Chemical Plant in the 1960s, in its early years. The image captures the specific industrial architecture of the time and symbolizes the founding moment of the modern chemical industry in Romania. This stage represents the beginning of a tradition in research, production and innovation in chemistry.

The postage stamp with the face value of Lei 7 shows the Borzești Chemical Plant in the 1980s, at a time of maximum industrial development. The photograph reflects the scale and complexity of the facilities and infrastructure, confirming the strategic importance of the unit in the national and international context.

The postage stamp with the face value of Lei 9 is dedicated to the High Efficiency Cogeneration Power Plant in Râmnicu Vâlcea, with a capacity of 49.9 MW. The nocturnal image of the plant suggests the modernity and recent investments made on the former Oltchim platform to ensure sustainable energy production in line with European environmental and efficiency standards.

The postage stamp with a face value of Lei 25 reproduces the Advanced Polyols Research Center in Râmnicu Vâlcea, where Chimcomplex develops specialty polyols, such as vegetable polyols, from castor oil that significantly reduce environmental impact. It has been operating for more than 40 years and cooperates with customers all over the world and with laboratories of Romanian and international universities and research institutions. 

The postage stamp the souvenir sheet with the face value of Lei 30 includes a spectacular aerial view of the Chimcomplex Chemical Plant in Rm. Vâlcea in 2025 against the backdrop of the Borzești Chemical Plant in the 1980s and reflects the transformation into a regional company that continues to invest strategically, with a focus on energy independence, the creation of value-added products and the diversification of the business portfolio.

The First Day Cover is illustrated with examples of applications of Chimcomplex products: rigid foams for increased energy efficiency, materials for green energy, polyols for reliable automotive components.

Romfilatelia thanks the Chimcomplex specialists for the documentary support granted to the development of this issue of postage stamps.

For further information, please contact the Public Relations Office:

Tel: 021 / 336 93 92

pr@romfilatelia.ro

The industrial and logistics market had a promising start of the year, with almost 260,000 sq. m being leased in Q1, corresponding to a robust 31% y-o-y increase, according to the Romania Marketbeat Industrial Q1 2025 report produced by the Cushman & Wakefield Echinox real estate consultancy company.

Another positive sign was related to the increase of the net take-up share in the overall leasing volume, to a level of 70% (181,000 sq. m) in Q1 2025, compared with 59% in Q1 2024 and vs 62% in Q4 2024.

Rodica Târcavu, Partner Industrial Agency Cushman & Wakefield Echinox: "We are glad that Romania manages to maintain a sustained pace of development in the current volatile climate, with many economic and geopolitical challenges, both nationally and globally, showing both attractiveness and confidence towards developers, but also towards companies active in different sectors – distribution, logistics, and also production. Although there are several players who are adopting a more cautious approach and who have decided to restructure/ streamline their production activities, there is also a wide range of companies which continue to believe in the potential of the Romanian market on the medium and long terms, considering it an attractive destination for investments. We are specifically referring to large production facilities which have recently expanded - De Longhi in Satu Mare (HORECA), Heco – automotive industry components/ screws in Campia Turzii, Trendyol and LPP on the retail segment – in Bucharest, NewCold – logistics/ distribution of frozen products - Bucharest."

Bucharest had a dominant 65% share in the total Q1 demand, followed by Timisoara with 12%, these cities also being the largest industrial and logistics destinations in Romania.

The largest transaction signed in the analyzed period pertained to Delamode’s renegotiation and expansion in CTPark Bucharest (31,000 sq. m in total). LPP also expanded its footprint in CTPark Bucharest West with an extra 23,000 sq. m, while the Dutch company NRF leased 20,100 sq. m in MLP Bucharest West. RPW Logistics completed the largest transaction outside Bucharest, namely a renegotiation of their current contract - 15,700 sq. m in VGP Park Timisoara.

The total industrial and logistics stock Romania reached 7.71 million sq. m at the end of Q1, a quarter when developers completed new projects with a leasable area of 142,000 sq. m across the country.

In terms of supply, Bucharest benefited from the completion of new projects totaling approximately 50,000 sq. m, while other important deliveries were noted in cities such as Pitesti (22,000 sq. m), Timisoara and Brasov (12,000 sq. m each) or Baia Mare (11,000 sq. m).

The industrial and logistics stock in the country is very likely to reach the 8 million sq. m threshold by the end of the year, given that the current under construction pipeline is of approximately 345,000 sq. m. New projects of more than 230,000 sq. m are under development around Bucharest, as the total stock in the capital city is rapidly approaching the 4 million sq. m benchmark.

The nationwide vacancy rate increased to a level of 5.6%, but a downward movement is expected in the coming quarters due to the relatively low number of speculative projects under construction.

The prime headline rents in Bucharest and in the main industrial and logistics destinations in Romania have generally remained flat, ranging between €4.20 - 4.70/ sq. m/ month in Q1, with lower asking rents in locations with higher vacancy rates. The rental levels are expected to see minor movements in the coming period, with a series of upward developments for the new projects which are facing increasing construction costs and land acquisition prices.

Cushman & Wakefield Echinox is a leading real estate advisory company on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, independently owned and operated. The team of over 60 professionals and collaborators offers a full range of services to investors, developers, owners and tenants. For more information, visit the company's website www.cwechinox.com

Cushman & Wakefield (NYSE: CWK) is a global leader in commercial real estate services, with 52,000 employees in 400 offices in 60 countries. With revenues of $9.4 billion, the company's core services are: asset and investment management consulting, capital markets, leasing, property management, tenant representation, project and valuation services. For more information, visit the company's website www.cushmanwakefield.com

Global law firm Dentons has advised Yeşilyurt Enerji on the acquisition of a 41 MW solar park in Romania. The project, located in Dambovita county, is at a ready-to-build stage, with all necessary building permits obtained to commence the works.

Dentons provided comprehensive legal support throughout all stages of the project, including legal due diligence, transaction structuring, drafting and negotiation of the transfer documentation, as well as assistance at signing and closing. 

Counsel Cosmin Roman led the transaction with the help of associate Ruxandra Ronea, under the supervision of partner Cristian Popescu; the wider team included senior associate Mihut-Ioan Radu, associates Patricia Botezatu and Dragos Nicula and paralegal Andrei Marinescu (all Corporate M&A).

Cristian Popescu commented: "This transaction strengthens Dentons' relationship with Turkish investors in the sustainable energy sector and highlights our dedication to delivering innovative legal solutions that align with their strategic objectives."

Cosmin Roman added: "We are proud to have facilitated a deal that not only advances the growth of green energy in Romania but also strengthens our client's position in the market."
 

Simtel (BVB: SMTL), ein am Hauptmarkt der Bukarester Börse notierter Ingenieur- und Technologiekonzern und ein national führendes Unternehmen im Bereich der erneuerbaren Energien, gibt die Eröffnung einer neuen Tochtergesellschaft in Essen, Deutschland, bekannt. Diese Initiative ist ein strategischer Schritt im Rahmen des internationalen Expansionsprozesses, den die Gruppe mit der Eröffnung der Tochtergesellschaft in der Republik Moldau im Jahr 2021 begonnen hat.

„Die Eröffnung der Niederlassung in Deutschland ist eine organische Entscheidung, die unser Engagement widerspiegelt, näher an unseren Kunden zu sein und schnell einzugreifen, um die Effizienz von Photovoltaikanlagen zu steigern. Seit 2012 arbeiten wir mit einem der größten Wechselrichterhersteller Europas zusammen und führen Eingriffe in Photovoltaikparks in Rumänien sowie in ganz Europa durch. 2024 kündigten wir an, dass die Eröffnung dieser Niederlassung unser nächster strategischer Schritt sein würde, und nun freuen wir uns, dieses Ziel in die Tat umsetzen zu können. Die Niederlassung in Essen ermöglicht es uns, schneller auf die Bedürfnisse der Kunden in Deutschland und den angrenzenden Ländern wie Belgien, den Niederlanden, Frankreich, Österreich, den Niederlanden und der Schweiz zu reagieren und dazu beizutragen, die Ausfallzeiten der Anlagen zu reduzieren und die Leistung der Anlagen zu erhöhen. Unser Ziel ist es, das in Rumänien erworbene Know-how auf einen der am weitesten entwickelten Märkte für erneuerbare Energien in Europa zu übertragen. Mit der Eröffnung dieser Tochtergesellschaft stärken wir unsere Position in der Photovoltaik und schaffen eine Brücke für neue strategische Kooperationen. Gemeinsam mit unseren Partnern wollen wir die Energiewende in Europa durch Innovation, Effizienz und Nachhaltigkeit unterstützen“, so Ana Nedea, Strategy and Business Development Director bei Simtel Team.

In einem ersten Schritt wird die deutsche Tochtergesellschaft präventive und korrigierende Wartungsdienste für Photovoltaik- und Stromspeichersysteme anbieten. Diese Dienstleistungen sind wichtig, um die Leistung der Anlagen zu optimieren und die mit Ausfällen verbundenen Risiken zu verringern. Mittelfristig plant Simtel die Ausweitung der Aktivitäten der Tochtergesellschaft durch die Aufnahme weiterer Geschäftsbereiche in ihr Portfolio, darunter EPC-Projekte (Engineering, Procurement, Construction) für Photovoltaikanlagen und Energiespeicherlösungen sowie die Vermarktung von autonomen Robotern, die von Agora Robotics hergestellt werden, einem Unternehmen der Simtel-Gruppe, das sich auf diese Tätigkeit spezialisiert hat.

Deutschland, einer der größten Märkte für erneuerbare Energien in Europa, bietet ein ideales Umfeld für den Einstieg von Simtel in Mittel- und Westeuropa. Die Entscheidung für den Standort Essen in Nordrhein-Westfalen fiel sowohl wegen der Nähe zu bestehenden Kunden und Partnern als auch wegen des leichten Zugangs zu den benachbarten Märkten. Vor Ort wird das Unternehmen über ein operatives Team verfügen, das sowohl technisches Personal als auch Spezialisten für die Geschäftsentwicklung umfasst, deren Hauptaufgabe es sein wird, Möglichkeiten zur Ausweitung der Geschäftsbereiche der Gruppe in Deutschland und den Nachbarländern zu identifizieren.

Diese Initiative stellt einen wichtigen Schritt in der internationalen Entwicklungsstrategie von Simtel dar. Durch die Expansion in den deutschen Markt stärkt die Gruppe ihre Position als europäischer Anbieter von integrierten Lösungen für erneuerbare Energien und eröffnet neue Perspektiven für die Umsatzgenerierung auf konsolidierter Ebene. Darüber hinaus erstrecken sich die Expansionspläne von Simtel auch auf andere Märkte in Europa, und die Gruppe prüft aktiv die Möglichkeit, noch in diesem Jahr eine neue Tochtergesellschaft zu eröffnen.

Über Simtel

Simtel ist eine Technologie-, Ingenieur- und Innovationsgruppe mit rumänischen Wurzeln, internationaler Präsenz und einer globalen Vision. Die Gruppe bietet Unternehmen und Organisationen Komplettlösungen und integrierte Ökosysteme, von der Beratung, Genehmigung, Planung, Konstruktion und dem Bau bis hin zu Wartung, Betrieb, Messung, Steuerung und Energieversorgung. Das 360°-Fachwissen der Gruppe umfasst die Bereiche Photovoltaikanlagen, Telekommunikation, Energiespeichersysteme sowie die Entwicklung von Softwareplattformen und robotergestützter Prozessautomatisierung zur Optimierung aller Ressourcen und Steigerung der Effizienz. Simtel Team ist am Hauptmarkt der Bukarester Börse unter dem Börsenkürzel SMTL notiert. www.simtel.ro

The office space demand slowed down in Q1 across Central and Eastern Europe (CEE), where less than 30,000 sq. m were delivered across the region, corresponding to the area of a medium - sized building, according to data from the Cushman & Wakefield Echinox real estate consultancy company.

The total take-up in CEE was of approximately 500,000 sq. m, corresponding to a q-o-q decrease of 40%, and a y-o-y decline of 2%.

A gross take-up of 51,300 sq. m was registered in Bucharest in Q1 2025, reflecting a y-o-y decrease of 44%, but demand is forecasted to accelerate starting from H2, when a series of major deals are due to be signed. The net take-up had a share of 64% in the Q1 demand, the highest percentage since Q1 2022.  

The vacancy rate in Bucharest continued its downward trend, reaching 13.6% (the lowest level since Q2 2021). This indicator is expected to further decrease, as no large or medium - sized office building is due for completion in 2025.

The highest vacancy rates in the region are in Sofia (14.6%), Bratislava (14.6%), and Budapest (14.1%). Prague has the lowest vacancy rate (7.0%), while 10.5% of the Warsaw office stock is vacant.

In terms of new supply, Prague, Warsaw, Budapest, and Sofia benefited from project deliveries in the first quarter, but all these new investments were related to buildings with less than 10,000 sq. m GLA.

A higher number of office developments are expected in 2026 - 2027 in both Bucharest and CEE, although below the usual activity.

The overall under construction pipeline in Bucharest is relatively low (132,300 sq. m GLA) and most projects are slated for completion in 2026 and 2027, representing 11% of the area under construction in CEE capitals, totaling approximately 1,190,000 sq. m.

Developers in Budapest are the most active, with 472,000 sq. m under construction (a vast majority pertaining to owner - occupied buildings to be used by public and financial institutions), followed by those in Sofia (196,000 sq. m), with corresponding pipelines of 179,000 and 173,000 sq. m in Warsaw and Prague, respectively.

The prime rents Bucharest remained stable in Q1, between €20.00 – 21.00/ sq. m/ month in CBD, while the benchmarks for other submarkets ranged between €15.00 – 18.00/ sq. m/ month and €9.00 – 13.50/ sq. m/ month in central/ semi – central and peripheral locations. A limited rental growth is expected by the end of the year, especially in the more landlord - favorable submarkets such as CBD or Center, areas with very low vacancy rates and with different profiles than the other more tenant - dominant parts of the city.

Bucharest offices remain among the cheapest in the region, with only Sofia and Bratislava recording lower levels (€19/ sq. m/ month and €20/ sq. m/ month, respectively). Prague is the most expensive market in the region, with a headline rent of €30/ sq. m/ month, followed by Warsaw and Budapest, each with €25/ sq. m/ month.

Mădălina Cojocaru, Partner Office Agency Cushman & Wakefield Echinox: "The office market in Romania is going through an adjustment period, in a regional context dominated by caution and decision-making postponements from the tenants. The lower take-up at CEE level reflects a more reserved attitude on the market, mainly due to economic uncertainties. However, there has been a noticeable recovery in Bucharest, especially when it comes to the net take-up (relocations, expansions and new entries on the market), which had its highest share in the last three years in Q1. We expect the leasing activity to intensify in H2, as companies resume their expansion or relocation plans. Additionally, the lack of significant deliveries in 2025 will likely result in lower vacancy rates and in rental growth in the most sought-after submarkets."

Cushman & Wakefield Echinox is a leading real estate advisory company on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, independently owned and operated. The team of over 60 professionals and collaborators offers a full range of services to investors, developers, owners and tenants. For more information, visit the company's website www.cwechinox.com

Cushman & Wakefield (NYSE: CWK) is a global leader in commercial real estate services, with 52,000 employees in 400 offices in 60 countries. With revenues of $9.4 billion, the company's core services are: asset and investment management consulting, capital markets, leasing, property management, tenant representation, project and valuation services. For more information, visit the company's website www.cushmanwakefield.com

 Cristina Lupașcu
Head of Marketing
+40 (74) 448 8408
cristina.lupascu@cwechinox.com

• 50% of global CEOs are very or extremely concerned about tariff impact and 44% are already exploring new sourcing and supply chain options
• Transformation drivers remain: 57% hope to pursue M&A in the coming year but many await clearer market conditions
• 55% see real value in recent deals, underpinning deal appetite resilience

While escalating market volatility due to shifting trade and tariff policies will likely delay investment decisions, the rationale for dealmaking prevails as CEOs take proactive steps to mitigate the impact and remain competitive. This is according to the latest EY-Parthenon CEO Outlook Survey, which evaluates the views and optimism levels of 1,200 global business leaders at many of the world’s leading companies.

The survey finds that 98% of CEO respondents are concerned about tariff increases affecting their company’s operations and sales in the next 12 months, with 50% very or extremely concerned. Indeed, geopolitical, macroeconomic and trade uncertainty is cited as the top risk to achieving growth (42%), and 54% say they have delayed a planned investment as a result. But CEOs are responding proactively by rethinking global relationships: 44% of respondents say they are looking to adjust supply chain arrangements; 42% are exploring product design innovations to reduce reliance on tariffed materials; and 39% are relocating operational assets to a different geography.

Bogdan Ion, Country Managing Partner EY Romania & Moldova and Chief Operating Officer Central, Eastern and Southeastern Europe & Central Asia (CESA): "The new economic context will be less stable than the previous one, and immediate action, rather than passive waiting, offers greater chances to create long-term value. In this regard, 50% of global CEOs are extremely concerned about the impact of tariffs, and 57% plan to explore mergers and acquisitions in the next 12 months. Additionally, 44% of leaders are seeking new sourcing options, reflecting a proactive approach to navigating uncertainty. These insights highlight the importance of decisive leadership in leveraging the current landscape for meaningful progress and resilience."

The complexity of the current landscape is reflected in the fact that the most critical trading relationships are not always the closest or most locally significant, according to the survey. While 42% of Chinese respondents cite the US-China tariff and trade dispute as their primary concern, 8% are more focused on the US-Mexico relationship. This underscores the global interconnections and difficulty of navigating tariff challenges, particularly as other major economies react to potential US tariffs. This contrasts with a highly positive outlook for M&A in 2025 prior to the US administration’s tariffs announcement of 2 April this year, which culminated in US$1t of deals recorded during 1Q25 – up 25% year-on-year. With 57% of survey respondents hoping to pursue M&A in the next 12 months, the report indicates that pre-existing pressures – tech adoption and a talent squeeze key among them – will remain pent-up transformation drivers that will see CEOs return to dealmaking as the market settles.

M&A can drive transformation and deliver value in times of challenge

While reports of integration hurdles, cultural misalignment and overestimated synergies often lead to speculation around how much shareholder value is delivered post-deal, the survey tells a different story about the CEO experience. More than half of CEO respondents (55%) say their recent acquisitions met or exceeded value expectations, with only 2% reporting value destruction.

AI investment roadmap unclear as many CEOs look to cost reduction

Global CEOs report mixed results from artificial intelligence (AI) deployments to date, which may slow down implementation in a turbulent year.

While 36% of respondents say they plan to expand AI investments after positive results to date, 25% say they are “scaling back or reconsidering” AI investments due to “unclear or disappointing” returns. This may create pressure on AI deployments, as CEOs try to balance a cautious response to the current volatility with an ongoing demand to accelerate AI adoption and to upskill and hire talent for specialized roles in AI.

With nearly half of CEO respondents (42%) indicating that they are looking to absorb additional costs internal through operational efficiencies and cost reductions, many may be delaying tech investment pending more geopolitical certainty.

Also fueling a renewed and likely growing focus on cost management is the challenge of inflation. Seventy-one percent of respondents agree that inflation continues to be a challenge and will be an issue they need to navigate for the next year, and many of those will be looking at opportunities to mitigate cost increases.

***

About EY Romania

EY is one of the world's leading professional services firms with 392,995 employees in more than 700 offices across 150 countries, and revenues of approx. US$51.2b in the financial year that ended on 30 June 2024. Our network is the most integrated worldwide, and its resources help us provide our clients with services allowing them to take advantage of opportunities anywhere in the world.

With a presence in Romania ever since 1992, EY provides, through its more than 1000 employees in Romania and the Republic of Moldova, integrated services in assurance, tax, strategy and transactions, and consulting to clients ranging from multinationals to local companies.

Our offices are based in Bucharest, Cluj-Napoca, Timisoara, Iasi and Chisinau. In 2014, EY Romania joined the only global competition dedicated to entrepreneurship, EY Entrepreneur Of The Year. The winner of the national award represents Romania at the world final taking place every year in June, at Monte Carlo. The title of World Entrepreneur Of The Year is awarded in the world final. For more information, please visit: www.ey.com

About the survey

On behalf of the global EY organization, in March and April 2025, FT Longitude, the specialist research and content marketing division of the Financial Times Group, conducted an anonymous online survey of 1,200 CEOs from large companies around the world that aims to provide valuable insights on the main trends and developments impacting the world’s leading companies as well as business leaders’ expectations for future growth and long-term value creation.

Respondents represented 21 countries (Brazil, Canada, Mexico, the United States, Belgium, Luxembourg, the Netherlands, France, Germany, Italy, Denmark, Finland, Norway Sweden, the United Kingdom, Australia, China, India, Japan, Singapore and South Korea) and five industries (consumer and health; financial services; industrials and energy; infrastructure; technology, media and telecoms). Surveyed companies’ annual global revenues were as follows: less than US$500m (20%), US$500m–US$999.9m (20%), US$1b–US$4.9b (30%) and greater than US$5b (30%).

The survey data was recorded both before and after the US administration’s “reciprocal” tariffs announcement on 2 April 2025.

Signing the acceptance report: suspensive term or suspensive condition? Can the penalty clause limit the debtor's liability or is it merely a benefit stipulated in favour of the creditor? Under what conditions can the defence of non-performance be invoked in the case of improperly executed works? These were just some of the many legal issues debated by students from the Faculty of Law of the University of Bucharest, during the 7th edition of the "Professor Constantin Stătescu" Civil Law Moot Court Competition, a project organised by STOICA & ASOCIAȚIIand the Law Students' Association, in collaboration with the Centre for Studies in Natural Law and Normative Analysis (CSDNAN), from March to May 2025.

At this year's edition of the competition, 43 teams of two students took to the starting line, and the best eight teams qualified for the pleading stage. On 17 May, the quarter-finals and semi-finals took place, and on 18 May 2025, the final of the competition took place, where the best two teams had the opportunity to present their arguments. The entire pleading phase took place in the meeting rooms of the High Court of Cassation and Justice, and the finals were held in front of a jury of law specialists, composed of Prof. Valeriu StoicaValeriu Stoica, Prof. Dr , Prof. Cătălina Dicu, Prof. Dan-Rareș Răducanu, Prof. Daniel-Alexandru Aragea and Prof. Yolanda Beșleagă.

The winning team of this year's edition of the competition (1st place) was formed by Vlad-Andrei Enescu and Traian-Alexandru Chițu-Sinescu, while the second place went to the other team formed by Daria-Ștefania Blendea and Ioana Delia Silimon. The jury of the final also decided to award the individual honour "Best Pleader" to Vlad-Andrei Enescu.

Third place went to the semi-finalist teams of Maia Mihălăchioiu and Ștefan Marin, respectively Nicole-Daria Postolea and Horia Vasile. Mentions for qualifying for the pleadings stage were awarded to teams composed of the following students: Teodora Miruna Nicolae and Toma Maria Andreea Toma; Cristian Ionescu and Tudor Adrian Ion; Ema-Andreea Pîrvu and Cristina Pantelimon; Cristina Mihăilescu and Alexandra Șupială. The jury also decided to award a mention for the best memo to the team of Cristian Ionescu and Tudor Adrian Ion.

The effort put in by the students was rewarded by STOICA & ASOCIAȚII with cash prizes and internships in the law firm.

The STOICA & ASOCIAȚII team sends its thanks and congratulations to the technical director of this year's edition, Av. Mircea Vasile, the students of the Law Students' Association for their excellent collaboration in the organisation of the competition (Bianca-Alexandra Pușcașu, Georgiana Niculae, Ana-Maria Ciulei, Ioana Stamatin, Alexandra-Maria Stroia, Adel Szakacs, Antonia Sandu and Mihai-Petru Caval), as well as the fellow lawyers involved in this project: Corina-Ioana Șerbănescu, Paula Maftei, Carmen-Alexandra Mureșan, Cătălina Mihaela Coman, Vlad Bărbulescu and Constantin Cosmin Pintilie.

Now a tradition, the "Professor Constantin Stătescu" Civil Law Moot Court Competition brings together students and legal professionals, with the aim of supporting the training of future lawyers in a student competition based on the principles of fairness, co-operation and excellence. Part of STOICA & ASOCIAȚII's institutional philosophy, the competition has become a benchmark for the students of the Faculty of Law of the University of Bucharest. 

Established in 1995, STOICA & ASOCIAȚII has gained national and international recognition in the world of law and business, through its entire activity of legal assistance and representation of a vast portfolio of clients. From its foundation to the present day, the lawyers of STOICA & ASSOCIATES have proved that they are a strong team, founded on the respect of its principles: Fidelitas, Integritas, Fortitudo. STOICA & ASSOCIATES has acquired an excellent national and international reputation. Its professional performances are recognised in the most important legal guides: Chambers Europe, Legal 500, WTR 1000, IAM Patent 1000.

Bucharest, May 21, 2025 – Romanian collectors are mainly motivated by aesthetic and personal reasons when purchasing artworks, but a significant part of them (46%) also consider financial and investment benefits, such as store of value, portfolio diversification or risk coverage in periods of economic volatility, shows the Deloitte Art Market Report 2025, conducted for the first time in Romania, in collaboration with RAD Association, based on the responses of over 100 collectors. Most of them (49%) divide their interest between works by Romanian and international artists, while a third (36%) stay loyal to local art creation, perhaps indicative of accessibility and cultural affinity, the study also shows.

Painting remains the predominant artistic category, present both in purchase history (89% of respondents) and in future intent (86%). It is followed by sculpture (53% in purchase history, 60% in intent), respectively photography (49% in both purchase history and intent). Installations and conceptual art are less present in collections compared to established categories ― painting, sculpture and photography ― but the purchase interest exists (31%). At the same time, although niche creations (glass, video art, outdoor sculpture, etc.) are perceived as viable options for the future for collectors and investors, they clearly require sustained popularization, according to the report. On the other hand, given the relatively young profile of the Romanian art consumer (65% of respondents are aged between 35 and 56), contemporary art, especially pieces created after 2000, emerges as a clear preference, with eight out of ten respondents mentioning it in both purchase history and intent.

“The study is a premiere in Romania and an important signal that we are launching, together with the RAD Association, to both the artistic community and to art collectors and enthusiasts, offering recognition to the local market as an emerging ecosystem, built on solid principles that combine aesthetic and affective criteria with investment arguments. The report identifies several local trends ― a young market both in terms of demographics and collector practice, an increased appetite for painting and contemporary art, and a growing openness to international influences and artists. It also confirms some conclusions already validated by studies conducted by Deloitte in Luxembourg or Hungary, among collectors in major European and global art markets: the prevalence of artistic criteria in art purchase decisions, the need for clearer guidance and increased transparency in artworks evaluation and the visibility of prices, as well as the role of art collections in connecting generations,” stated Corina Dimitriu, Partner, Deloitte Romania.

Art generally attracts moderate investment from Romanian collectors, being perceived as a hedging tool (26%) in volatile economic times, but also as a means of asset diversification (24%) or even as a speculative vehicle (19%), with potential for future returns. In most portfolios, artworks represent a complementary asset category, with six out of ten collectors indicating an art share of up to 10% of their total assets. Only 5% of them state that they have more than half of their wealth invested in art.

“Aesthetic and emotional criteria, along with financial and investment reasons that underlie art consumers’ decisions, stand together as a tandem that generates long-term value. Not coincidentally, most respondents (66%) declare that they keep the purchased artworks for at least ten years, generally in close proximity, at home or at the office. More than 41% of them have the clear intention of passing them on as a family heirloom, reinforcing the idea of ​​filiation of equally aesthetic and financial values ​​and contributing ― why not? ― to the still young practice in Romania of managing and consolidating generational wealth,” stated Andrei Burz-Pînzaru, Partner, Deloitte, and Leader of the Deloitte Private Program in Romania.  

Over half of respondents (59%) invest in art amounts that do not exceed 10% of their annual income. Most collectors (34%) own between 6 and 24 works, suggesting a prevalence of smaller collections yet of great artistic significance and strongly influenced by the personality of the collector. Large collections, of over 100 or over 300 pieces, accounting for 11% of respondents each, are a significant but niche trend.

“This publication is more than a research initiative — it marks a moment of progress within a burgeoning art market. One important finding within the report is that half of the collectors pay attention and buy contemporary artworks by both Romanian and international artists. This evolution from a market focused almost solely on its national output, into a market inclusive of and attentive to the international contemporary art conversation, is an indicative step in the development of a diverse, exciting, and forward-thinking art scene,” stated Catinca Tabacaru, gallerist, curator, co-founder of RAD Association, and co-Artistic Director of RAD Art Fair.

The Deloitte Art Market Report 2025 was conducted for the first time in Romania, in collaboration with the RAD Association and with the support of Art Advisory Budapest and Mütargy Galleries. The study is based on a survey applied in March-April 2025 among 104 local collectors, with backgrounds in art, finance, real estate, technology, media, law, and other. The report, which provides an overview of the perspectives and interests of Romanian art collectors, was launched during the third edition of the RAD Art Fair, in May 2025.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its approximately 460,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,200 professionals.

Please see www.deloitte.com/ro/about to learn more about the global network of member firms.

 Bucharest, May 2025 – There was no retail project completion in Q1 in Romania, but the delivery pace significantly picked up in April and May, when ~150,000 sq. m of new schemes opened (including one super regional shopping center – Mall Moldova – in Iasi). This area represents 80% of the entire 2024 new supply, according to data from the Cushman & Wakefield Echinox real estate consultancy company.

Therefore, the modern retail stock in Romania reached 4.7 million sq. m, which corresponds to a density of 250 sq. m/ 1,000 inhabitants, still one of the lowest in both Europe and the CEE region.

However, developers have announced major plans which would correspond to more than 600,000 sq. m GLA in projects expected to be delivered by the end of the decade.

Dana Radoveneanu, Head of Retail Agency at Cushman & Wakefield Echinox: “Romania’s retail market has strong growth potential on the medium and long term in all locations, as the density of modern retail spaces is still below the European average in many cities. Developers are focusing on large-scale projects with mixed-use and entertainment components which respond to new consumer behaviors. At the same time, the digitalization of the shopping experience and the integration of online-offline channels will become key differentiators in commercial offerings. Moreover, the sustained growth in retail sales, especially in the non-food segment, in an economically volatile context, encourages new investments.”

Retail sales increased by 3.5% in the first quarter, driven by a 7.8% growth in non-food product sales, while food, beverages, and tobacco recorded a 2% decline.

Additionally, the Moody’s rating agency forecasts an average yearly retail sales growth of 3% in Romania until 2030, compared with just 1% in the Eurozone.

The retail segment remains attractive to real estate investors, with over €110 million of retail properties being transacted in Q1, representing more than 64% of the total investment volume during that period. All transactions involved properties located outside Bucharest.

There were no significant movements regarding prime shopping center and high street rents in Romania across Q1, with values of €90 and €60/ sq. m/ month being quoted for units between 100 - 200 sq. m at the ground floor of dominant shopping centers and on high street locations in Bucharest, while the corresponding figures in secondary cities, such as Cluj - Napoca, Timisoara, Iasi and Constanta were ranging between €50 - 65/ sq. m/ month.

Cushman & Wakefield Echinox is a leading real estate advisory company on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, independently owned and operated. The team of over 60 professionals and collaborators offers a full range of services to investors, developers, owners and tenants. For more information, visit the company's website www.cwechinox.com

Cushman & Wakefield (NYSE: CWK) is a global leader in commercial real estate services, with 52,000 employees in 400 offices in 60 countries. With revenues of $9.4 billion, the company's core services are: asset and investment management consulting, capital markets, leasing, property management, tenant representation, project and valuation services. For more information, visit the company's website www.cushmanwakefield.com

March marked a defining moment for the Romanian economic landscape, with the Umbrărescu family entering the ownership of Totalgaz Industrie – a key player in the production of natural gas equipment, currently undergoing a major judicial reorganization process. This strategic move confirms a vital direction for the future of local industry: regaining control over critical production infrastructure through Romanian capital.

The operation was initiated by Alexandru-Teodor Umbrărescu and carried out in collaboration with the team from Bulboacă & Asociații, who designed and implemented a highly complex legal strategy. This enabled the revitalization of a company essential to the country's production infrastructure and transformed it into a valuable asset in the Umbrărescu family’s business portfolio.

This transaction symbolizes more than just an acquisition – it is a firm statement about the ability of Romanian entrepreneurship to rescue, support, and transform national industrial giants. It is also proof that local investors can become major players in reducing reliance on foreign capital, in an economic climate where funding sources are becoming increasingly expensive.

Through this experience, Bulboacă & Asociații highlights a growing trend: the consolidation of Romanian businesses with an investment profile that successfully gives new momentum to the national economy. In the absence of systemic solutions, such initiatives can become pillars in the strategy for relaunching Romanian industry, by taking over struggling companies and by investing in development that other players cannot afford.

In the complex and highly competitive realm of intellectual property (IP), protecting trademarks is crucial for safeguarding one’s brand identity and reputation. In a recent significant case, our client, a prominent pharmaceutical company, successfully defended their European Union trademark (EUTM) for PATUSIN against a challenge from a Romanian tea manufacturer. This case highlights the importance of trademark distinctiveness and the role of compelling evidence in trademark disputes.

The Case

Invalidity Case No. 000052761 involved a challenge to the PATUSIN trademark, with the applicant arguing that it was confusingly similar to their earlier Romanian mark, PLANTUSIN. The applicant claimed that the similarity between the marks, both visually and phonetically, could lead to consumer confusion, particularly given the related nature of the goods. The European Union Intellectual Property Office (EUIPO) Cancellation Division initially ruled in favor of the applicant, suggesting that there was a likelihood of confusion between the two trademarks.

The Appeal

In the appeal, our legal team presented a robust argument demonstrating that the trademarks were sufficiently distinct. We emphasized that the differences in the first syllables of the marks— “PA-” in PATUSIN versus “PLANT-” in PLANTUSIN—were substantial enough to prevent confusion. Furthermore, we highlighted that PATUSIN is associated with pharmaceutical products while PLANTUSIN pertains to herbal remedies, suggesting that the different product categories would reduce the likelihood of consumer confusion.

A key aspect of the appeal was challenging the claim of PLANTUSIN’s alleged reputation. We argued that the applicant had not provided sufficient evidence to support their assertion of widespread recognition or a strong market presence. This lack of proof was pivotal, as it weakened their case and supported our position.

The Board of Appeal’s Ruling

The EUIPO Board of Appeal ultimately ruled in favor of our client, finding no significant likelihood of confusion between the PATUSIN and PLANTUSIN trademarks. The Board’s decision was based on several critical factors:

1. No likelihood of confusion: The Board acknowledged the significant visual, phonetic, and conceptual differences between the marks. These differences were deemed sufficient to prevent confusion, especially given the careful attention consumers pay to brand names in the pharmaceutical sector.
2. Reputation: The Board rejected the claim of PLANTUSIN’s well-established reputation, noting that the evidence presented was insufficient to demonstrate a prominent market position. This lack of evidence was crucial in undermining the applicant’s case.
3. Product Categories: The Board also considered that PATUSIN and PLANTUSIN were associated with different types of products. The distinct nature of pharmaceuticals versus herbal remedies and teas further reduced the likelihood of confusion among consumers.

Impact of the Ruling

The Board of Appeal’s decision to uphold the validity of the PATUSIN trademark is a significant victory for our client and reinforces the importance of maintaining distinctiveness in trademarks. The ruling reaffirms the necessity of clear evidence when claiming a trademark’s reputation and underscores the value of robust trademark protection. This case serves as a reminder of the complexities involved in trademark disputes and highlights the importance of detailed analysis and strong evidence in defending brand identity.

Conclusion

The PATUSIN vs. PLANTUSIN ruling is a testament to the strength of our client’s trademark rights and their commitment to protecting their brand. With the EUIPO Board of Appeal’s decision, our client can continue to market their products under the PATUSIN brand with confidence. This case underscores the importance of clear and distinct branding in the competitive world of pharmaceuticals and health-related products, where consumer trust and product differentiation are paramount.

Wolf Theiss acted as legal adviser to Erste Group Bank AG and Banca Comercială Română S.A. in relation to the EUR 21 million facility granted to Danube Capital Partners S.A.

The Wolf Theiss team consisting of Partner Claudia Chiper and Senior Associate Iuliana Stoicescu both Banking & Finance advised Erste Group AG and Banca Comercială Română S.A. on the structuring of the financing transaction, as well as the drafting and negotiation of the finance documents and the successful closing of the deal.

“We valued Wolf Theiss Romania team's legal support on this project. They managed the process with professionalism and thoroughness, their rapid response and availability was highly appreciated”. – Nikša Markovac, Head of Commercial Real Estate International, Erste Group Bank.

“We are pleased to have advised Erste Group Bank AG and Banca Comercială Română S.A. on this important refinancing transaction. It was an opportunity to contribute our legal expertise to support the project's ongoing development and long-term success.” –  Claudia Chiper, Partner, Wolf Theiss.

About Wolf Theiss

Founded in 1957, Wolf Theiss is one of the leading law firms in Central, Eastern and South-Eastern Europe (CEE/SEE). We have built our reputation on unrivalled local knowledge which is supported by strong international capabilities. With 400+ lawyers in 13 countries and a central European hub in Brussels, over 80% of the firm's work involves cross-border representation of international clients.

Albania, Austria, Bosnia and Herzegovina, Brussels, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine, Wolf Theiss represents local and international industrial, trade and service companies, as well as banks and insurance companies. Combining law and business, Wolf Theiss develops comprehensive and constructive solutions on the basis of legal, fiscal and business know-how.

For further information please contact:
Adina Deaconu

Wolf Theiss 
Attorneys-at-Law
4 Vasile Alecsandri Street
The Landmark, Building A, District 1, 010639

Bucharest, Romania

T     +40 21 308 81 00
E     adina.deaconu@wolftheiss.com
W    wolftheiss.com

The European living sector, including rental housing (PRS), purpose-built student accommodation (PBSA), and collective living solutions, continues to attract strong investor interest. According to the European Living Investor Survey 2025 conducted by the Cushman & Wakefield global real estate consultancy company, 75% of surveyed investors anticipate increasing their exposure to this sector over the next five years.

While established markets such as the UK, Spain, and Germany remain top investment destinations, the report highlights growing interest in Central and Eastern Europe (CEE), with Romania emerging as a key contender. The country offers a combination of rising rental demand, strong academic hubs in cities such as Bucharest, Cluj-Napoca or Timișoara, and competitive development costs, making it increasingly attractive for institutional investors seeking stable yields and greenfield opportunities.

Additionally, portfolio diversification trends and increased appetite for emerging markets are expected to drive further investment into rental and student accommodation projects across Romania.

Strong structural trends, including urbanization, demographic shifts, and a persistent demand for quality rental housing, continue to fuel the sector’s expansion, which now has share of 20% in the total real estate investment volumes in Europe.

In 2024, investors allocated €33 billion to the PRS segment, while student accommodation (PBSA) attracted €6 billion, confirming its position as the most promising sub-sector for 2025, thanks to its attractive returns and more flexible regulatory frameworks.

Vlad Săftoiu, Head of Research, Cushman & Wakefield Echinox: ”Romania’s rental housing market is gaining increasing attention from institutional investors, especially in the context of broader European trends supporting the growth of the living sector. The rise of urbanization, the demand for modern rental units, and the attractiveness of university hubs such as Bucharest, Cluj-Napoca or Timișoara position Romania as an emerging hotspot in Central and Eastern Europe. Furthermore, the growing interest in portfolio diversification, together with optimistic prospects for falling interest rates and capital value recovery, are likely to accelerate the development of PRS and PBSA projects locally.”

A notable example of this trend is AFI Europe, which recently secured a €120 million regional loan from the European Bank for Reconstruction and Development (EBRD) to support developments in Serbia, Poland, Romania, and the Czech Republic. The EBRD has identified the existing housing shortages across CEE as one of the key focuses of its strategy, and AFI Europe is a key player in the private rental sector (PRS) in Poland and the Czech Republic, which has also recently expanded in Romania and Serbia.

The European Living Investor Survey 2025 is a comprehensive study conducted by Cushman & Wakefield which analyzes market trends, investor priorities, and strategic outlooks across the living sector in Europe, including PRS, PBSA, co-living, and senior housing.

Cushman & Wakefield Echinox is a leading real estate advisory company on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, independently owned and operated. The team of over 60 professionals and collaborators offers a full range of services to investors, developers, owners and tenants. For more information, visit the company's website www.cwechinox.com.

Cushman & Wakefield (NYSE: CWK) is a global leader in commercial real estate services, with 52,000 employees in 400 offices in 60 countries. With revenues of $9.4 billion, the company's core services are: asset and investment management consulting, capital markets, leasing, property management, tenant representation, project and valuation services. For more information, visit the company's website www.cushmanwakefield.com

·         Romanian entrepreneurs are highly concerned about geopolitical instability (90%) and inflationary pressures (83%)

·         Managing labor costs while offering competitive compensation (42%) remains a top challenge for Romanian organizations

·         A significant 60% of Romanian organizations are not likely to sell part of their company in the next 12 months and only 20% of Romanian family businesses have a formal succession plan

Romania is at a crucial moment for entrepreneurship, with significant opportunities for innovation and development, but also major challenges that must be managed strategically, according to the EY Entrepreneurship Barometer study.

Bogdan Ion, Country Managing Partner EY Romania & Moldova and Chief Operating Officer Central, Eastern and Southeastern Europe & Central Asia (CESA): "As we navigate a challenging economic landscape, marked by geopolitical instability and rising inflation, it's crucial for Romanian businesses to adapt swiftly. Our study shows that 90% of companies are concerned about geopolitical risks, while 83% are grappling with inflation. This underscores the need for robust risk management strategies and a proactive approach to navigating these uncertainties. Given that businesses find local regulations complex and resource-intensive - with 33% of companies considering them a major obstacle to development, advocating for streamlined regulatory processes is essential. By engaging with policymakers to simplify compliance requirements and focusing on innovation, companies can position themselves for sustainable growth despite the challenges ahead."

Innovation is a major priority for companies in Romania, with approximately 60% of them investing in process and strategic marketing innovation, compared to their counterparts in Central, Eastern, and Southeastern Europe (CESA), where only 46% focus on process innovation and 38% on strategic and marketing innovation. This reflects an active and dynamic entrepreneurial environment, where the use of artificial intelligence (AI) is significant, with 71% of firms increasing the usage of these technologies in the past 12 months, compared to 61% among CESA entrepreneurs. Additionally, 67% are improving their websites, and 63% are implementing CRM systems, highlighting the transition towards digitalization and automation.

Investments in process automation are planned by 58% of companies, and 71% are focusing on updating IT systems. However, entrepreneurs are cautious, with 75% perceiving economic risks and market uncertainties as significant obstacles for their investment plans.

In the labor market, the outlook is optimistic, with 46% of companies forecasting full-time hires. However, 69% face difficulties in finding qualified candidates. Managing labor costs and ensuring competitive compensation are major challenges, underscoring the importance of a positive organizational culture for employee retention.

Geopolitical instability and inflation are major concerns for Romanian entrepreneurs, with 90% expressing worries about geopolitical instability and 83% about inflation, prompting the need for robust risk management and cost control strategies to maintain financial stability and profitability in an increasingly challenging economic environment.

With 77% of businesses worried about higher labor costs, effective workforce management strategies are essential for attracting and retaining talent. Additionally, organizations must optimize operations and explore energy efficiency measures to mitigate rising expenses and enhance overall financial performance.

60% of organizations in Romania do not intend to sell a part of their company, indicating internal stability. However, 48% of entrepreneurs plan to exit their ownership structure of the company within 1-4 years, demonstrating an active trend in succession planning. This suggests an awareness of the importance of long-term planning and business continuity.

Romanian businesses are increasingly investing in AI, with 23% of companies allocating up to $25,000 for implementing these technologies, and 73% expect significant improvements in operational efficiency. However, 37% of firms face challenges in training employees to use these technological tools, highlighting the need for adequate training programs.

The entrepreneurial ecosystem in Romania is often perceived as unfavorable, with 63% of entrepreneurs considering current conditions inadequate. Access to financing is seen as a major barrier to business development (35%), and complex regulations are perceived as a burden, with 25% finding them resource-intensive and 33% viewing them as restrictive, affecting innovation and growth.

In the family business sector, only 20% have a formal succession plan, highlighting a critical need for strategic planning. Additionally, family conflict management affects 32% of these businesses, illustrating the complexity of issues managed in such structures.

Economically, Romania encourages entrepreneurship through various subsidies and support programs, despite a moderate ranking regarding the ease of doing business. Net foreign investment shares in GDP remain low, while the estimated number of active start-ups in the country is around 11,000.

Organizations in Romania need to develop proactive succession strategies to ensure continuity and adaptability in the face of change. Additionally, simplifying processes is necessary to support innovation, considering the lack of clear regulations and the challenges related to data privacy. At the same time, creating a positive work environment and investing in employee training for the use of emerging technologies are vital for the future of companies. This holistic approach will contribute to increasing competitiveness and the sustainable development of organizations.

***

About EY Romania

EY is one of the world's leading professional services firms with 392,995 employees in more than 700 offices across 150 countries, and revenues of approx. US$51.2b in the financial year that ended on 30 June 2024. Our network is the most integrated worldwide, and its resources help us provide our clients with services allowing them to take advantage of opportunities anywhere in the world.

With a presence in Romania ever since 1992, EY provides, through its more than 1000 employees in Romania and the Republic of Moldova, integrated services in assurance, tax, strategy and transactions, and consulting to clients ranging from multinationals to local companies.

Our offices are based in Bucharest, Cluj-Napoca, Timisoara, Iasi and Chisinau. In 2014, EY Romania joined the only global competition dedicated to entrepreneurship, EY Entrepreneur Of The Year. The winner of the national award represents Romania at the world final taking place every year in June, at Monte Carlo. The title of World Entrepreneur Of The Year is awarded in the world final. For more information, please visit: www.ey.com

About the survey

The survey was launched in the first quarter of 2025 across the EY CESA region, which includes Central, Eastern, and Southeastern Europe, as well as Central Asia. In Romania, a total of 48 respondents participated, while at the CESA level, the survey gathered responses from 1,032 participants.

Most Romanian entrepreneurs who participated in our study lead small businesses. Specifically, 63% reported annual revenues of less than US$10 million in the last fiscal year, and 60% operate with teams of 1 to 49 employees. Notably, 52% of respondents identified their companies as family-owned.

The countries that participated in the survey and are included in the CESA region: Romania, Hungary, Poland, Greece, Serbia, Czech Republic, Slovakia, Croatia, Turkey, Cyprus, Bulgaria, Slovenia, Malta, Baltics.