Lisa Draexlmaier Autopart is the first company of the German group established in Romania, more than two decades ago. The German group also does technical product development, IT development and testing engineering in Pitesti.
The company started scaling back operations in 2015-2016. Whereas it was employing an average of 2,600 people two years ago, it had only 1,300 employees at the end of the first half of 2016.
“The situation is the result of a number of factors,” Bernd Schmitt, general manager Lisa Draexlmaier Autopart, said.
On the one hand, the natural drop in orders for products whose life cycle is nearing the end and on the other, one of the main customers decided to relocate manufacturing to Mexico. Both factors led to a decline in the number of orders for Lisa, and even though it tried to take on new projects, it did not succeed.
On the other hand, the German group started EUR150 million investments to be completed by 2018 in expanding the centers in Hunedoara and Brasov and will continue the engineering and IT development operations in Pitesti. (mediafax.ro)
Weather Will Be Nice Tuesday And Wednesday
Meteorologists said the weather will be nice across the country on Tuesday and Wednesday, with maximum temperatures ranging between 14 and 22 degrees and minimum temperatures will range between 1 and 10 degrees.In capital Bucharest, the weather will be nice with maximum temperatures reaching 18-19 degrees and minimum temperatures reaching 4 to 6 degrees. (mediafax.ro)
US Fund Elliott To Help Chinese Investors Buy AC MilanU.S. private equity fund Elliott is helping a struggling Chinese consortium buy Italian storied soccer club AC Milan with a EUR253 million investment, lawyers representing AC Milan and the main Chinese investor in the consortium said on Monday.
In a statement, the lawyers said Elliott would provide EUR180 million to complete the acquisition, and another EUR73 million to help the club face short-term payments. A source close to the matter said Elliott would provide an additional EUR50 million to be invested in the club, bringing its total exposure to the deal to around EUR300 million.
In August, a group of Chinese investors signed a deal to buy the Serie A team from former Italian prime minister Silvio Berlusconi – its owner for the last three decades – in what would be the biggest Chinese investment in a European club. (mediafax.ro)
Romania Posts RON397.1M Budget Surplus In January-February 2017
Romania’s general consolidated budget posted a surplus of RON397.1 million in January-February, or 0.05% of gross domestic product, finance ministry data showed Monday.
In January-February 2016, Romania posted a budget surplus of RON788.1 million, or 0.1% of GDP. Revenues to the consolidated budget amounted to RON34.9 billion, or 4.3% of GDP, and were 1.4% lower than in January-February 2016 in nominal terms.
Compared with January-February 2016, income tax collections increased 13.6%, social security contribution collections rose 11.99%, tax collections on international trade rose 18.8%, while capital income tax collections increased 76.8%. Value added tax collections dropped 15.8% on the year in January-February, due to a cut in the tax to 20% from 24% starting January 1, 2016.
Excise duty collections fell 5.3% on the year in January-February, mainly due to the decrease for certain energy products as of January 1, 2017. Budget expenditure stood at RON34.5 billion, 0.3% lower in nominal terms compared with January-February 2016, and 0.3 percentage points lower as share in GDP. Staff spending grew 13.3% due to public sector wage hikes approved in the second half of 2016. (mediafax.ro)
Liviu Dragnea Wants Parliament To Ask CSAT, SRI And Prosecutor’s Office To Disclose Protocols
Liviu Dragnea, president of the Chamber of Deputies, on Monday said he talked to Senate Chairman Calin Popescu Tariceanu about the possibility of the Parliament asking the National Supreme Council (CSAT), the Romanian Intelligence Service (SRI) and the General Prosecutor’s Office to disclose protocols.
Tariceanu on Monday on Monday said he agrees “in principle” with disclosing the protocols between the National Anticorruption Department (DNA) and SRI, but a decision as regards the Parliament making such as request would be made after talks within the Joint Standing Offices. (mediafax.ro)