Category: Business

  • Four out of five CEOs expect remote working to continue on the long term

    Four out of five CEOs expect remote working to continue on the long term

    Four out of five CEOs expect remote working to become more widespread in their businesses, after finding that their prior concerns about productivity losses în lockdown were unfounded, according to PwC’s CEO Panel Survey, conducted in June and July 2020.

    A prior survey of PwC, CFO Pulse, from April showed that nearly half of the surveyed financial executives expected productivity loss because of a lack of remote work capabilities.

    Two months later, when asked again, just 26% of CFOs anticipated productivity loss in the month ahead.

    Two key themes emerged among our respondents, when asked about their priorities. The first one is the plan to make their companies more digital, by digitising core business operations and processes, and adding digital products and services.

    The second theme is that the CEOs plan to develop a more flexible and involved workforce by increasing the share of remote or contingent workers, and expand employee health, safety and wellness programmes.

    In this context, respondents believe shifts towards automation (76% of CEOs), low-density workplaces (61%), supply chain safety (58%), gig economy (54%) and public safety (50%) will have a lasting impact.

    More pessimism about global economy perspectives

    CEOs are significantly more pessimistic about the direction of the global economy over the next 12 months now than they were at the end of 2019, with just 30% saying economic growth will improve in the year ahead.

    And with good reason: The World Bank forecasts that the global economy will shrink by 5.2% in 2020, representing the deepest recession since the Second World War.

    As a result, CEOs also face uncertainty about their own operations, with only 15% indicating that they are very confident in their organisation’s revenue prospects.

  • Tremend enters again in Deloitte Technology Fast 500 EMEA ranking

    Tremend enters again in Deloitte Technology Fast 500 EMEA ranking

    With a 336% turnover increase between 2015 – 2018, Tremend holds the highest position among Romanian companies included in this year’s edition.

    Ranked 342nd, Tremend is consolidating its position among the top technology players in the region and is featured, for the third time, in the ranking of the most dynamic 500 technology companies with the highest revenue growth.

    Previously, the organization was included, twice in a row, in the Deloitte Technology Fast 50 CE ranking of the fastest-growing companies in Central Europe.

    Also, earlier this year, Tremend was also featured in FT 1000 ranking of the fastest-growing companies in Europe, compiled by Financial Times and Statista.

    Tremend reached over 400 software engineers

    The company has seen an accelerated and sustainable development of its team in recent years, currently reaching over 400 software engineers and a portfolio of over 700 large-scale projects for clients in 20 countries on 4 continents.

    The upward trend was maintained in 2019 when Tremend recorded a turnover of €15.1 million, an evolution of approximately 55% compared to 2018.

    This year’s Deloitte Technology Fast 500 EMEA ranking includes companies from 22 countries, from industries such as Fintech, Software, Hardware, Media and Entertainment, Healthcare and Life Sciences, Communications, or Environmental Technology, which recorded an average growth rate of 1258% in 2019, compared to 969% in 2018.

    The winners were selected according to the increase of revenues registered in the fiscal years between 2015-2018. The recent edition features four Romanian companies specialized in software and fintech solutions.

  • Endava acquired Ireland based company Comtrade Digital Services

    Endava acquired Ireland based company Comtrade Digital Services

    Endava announced the acquisition of the Comtrade Digital Services business. CDS, with its headquarters in Dublin, Ireland and delivery centres across the Adriatic.

    CDS is a provider of strategic software engineering services and solutions and serves clients predominantly in the European Union but also elsewhere in Europe and in the United States.

    EU clients accounted for approximately 85% of CDS’s revenue for the calendar year 2019 with the remainder coming from non-EU Europe and the US.

    The transaction is expected to be earnings enhancing in year one.

    CDS works with big brands, including Raiffeissen and Addiko Bank in financial services, Paysafe Group in Payments, ConsenSys in TMT, Datalex, Aer Lingus, ADBSafegate and HRS in travel, Itron and STEM in energy, the Financial Administration of the Republic of Slovenia in Government.

    The company has a highly skilled workforce with approximately 460 technical staff and delivery centres located in Slovenia, Serbia and Bosnia.

  • Assa Abloy acquires Reading based company Access-IS

    Assa Abloy acquires Reading based company Access-IS

    Assa Abloy has acquired Access-IS, a leading provider of electronic RFID, NFC and barcode devices enabling the authentication of travel and identity documents, ticket reading and contactless payments.

    “Access-IS is a strategic technological addition to us. The company will reinforce our current offering within extended access technologies and will provide complementary growth opportunities,” says Nico Delvaux, President and CEO of Assa Abloy.

    Access-IS was founded in 1985 and has some 120 employees. The main office is located in Reading, UK.

    Sales in 2019 amounted to about MGBP 19 (approx. MSEK 220) and the acquisition will be neutral to EPS from start.

    Assa Abloy Group is the global leader in access solutions. The company operates worldwide with 49,000 employees and sales of SEK 94 billion.

  • LeoVegas revenues increased by 17% from April 1 to June 30

    LeoVegas revenues increased by 17% from April 1 to June 30

    LeoVegas revenues increased by 17% to EUR 110.7 m (94.4). Organic growth in local currencies was 19% and EBITDA was EUR 23.0 million (15.1), corresponding to an EBITDA margin of 20.8% (16.0%) and a growth of 53 %.

    The number of depositing customers was 434,453 (350,298), an increase of 24%.

    Earnings per share were EUR 0.14 (0.08) before and after dilution, while adjusted earnings per share were EUR 0.19 (0.11).

    LeoVegas completed the migration of 12 brands in the UK to the group’s proprietary technical platform. The LiveCasino.com brand was launched in a number of English-speaking countries.

    Preliminary revenue in July amounted to EUR 30.7 m (29.3), representing growth of 5%. The temporary restrictions introduced in Sweden starting on 2 July have had a negative impact on revenue.

    The number of depositing customers increased by 34% in July compared with the same period a year ago, to a new record level for a single month.

    GoGoCasino was launched in Finland. An international rollout of the brand is now continuing.
    LeoVegas has increased its ownership in the e-sports betting operator Pixel.bet to 85%, from 51% previously.

  • Italian company launches a device for maintaining social distancing

    Italian company launches a device for maintaining social distancing

    Italian company IK Multimedia, based in Modena, launched Safe Spacer, a lightweight wearable device that helps workers and visitors maintain safe social distancing.

    Able to be worn on a lanyard, wristband or belt loop, Safe Spacer precisely detects when other Safe Spacer units come within 2m, alerting wearers with a choice of visual, vibrating or audio alarm.

    Using Ultra-wideband technology, Safe Spacer offers accuracy up to 10x better than Bluetooth, and can optionally store “collision” data to monitor compliance or perform fast contact tracing.

    Each device also features a unique ID tag and built-in memory to optionally associate with workers’ names for tracing unintended contact.

    For privacy, no data except the device’s ID and proximity is stored.

    Safe Spacer will be available in September directly from IK Multimedia, at the following prices:

    • Safe Spacer – $99.99/€85.00 each;
    • S-Charger – $299.99/€270.00 each;
    • S-Bridge – $139.99/€120.00 each.
  • Netflix is getting more expensive in Austria for a second year in a row

    Netflix is getting more expensive in Austria for a second year in a row

    The video streaming provider Netflix is once again increasing prices for customers in Austria. From three available subscription options, two will be more expensive.

    Customers will have to pay one to two euros more for the HD and Ultra HD options, Heute says.

    The price for the basic subscription remains at 7.99 euros per month, but for the standard subscription customers will have to pay 12.99 euros instead of 11.99 euros per month.

    Users that have the premium subscription, which allows videos in Ultra HD on up to four devices at the same time, now pay 17.99 euros instead of 15.99 euros per month.

    Netflix raises prices in Austria for the second year in a row.

  • Revolut is the fastest growing technology company in EMEA

    Revolut is the fastest growing technology company in EMEA

    Revolut is the fastest growing technology company in Europe, the Middle East, and Africa, according to the latest Deloitte EMEA Technology Fast 500 competition.

    The ranking also includes the Romanian companies Tremend, Piconet, Trencadis and Qualitance, active in fields such as software and fintech, all of them previously recognized by Deloitte’s competition dedicated to technology players with the fastest revenue growth in Central Europe, Technology Fast 50.

    “We’re delighted to top the ranking. 12 million people now use Revolut to manage and improve their finances, and our growth reinforces the point that people are looking for alternative ways to manage their money,” said Nik Storonsky, Founder and CEO of Revolut.

    The winners of the EMEA Fast 500 edition were selected based on percentage fiscal-year revenue growth from 2015 to 2018, which placed Revolut, the UK-based fintech company founded in 2015, on the leading position, with a 39,754% median revenue growth.

    The competition features winners from 22 countries, with an average growth rate of 1,258% in 2019.

    Among the Romanian companies included in the top, Tremend had a 336% average revenue growth, followed by Piconet (209%), Trencadis (167%) and Qualitance (162%).

    The Deloitte EMEA Technology Fast 500 program automatically includes companies that have been previously recognized by the Deloitte CE Fast 50 ranking, for which applications are now open.

    In order to qualify for Fast 50, companies need to have a minimum €50,000 annual operating revenue in the first three years (2016-2018) and at least €100,000 in 2019, be headquartered in Central Europe and own proprietary intellectual property or proprietary technology.

  • Garanti BBVA, 47.4% increase of the number of mobile transactions

    Garanti BBVA, 47.4% increase of the number of mobile transactions

    Garanti BBVA recorded a 47.7% increase in volume and over 47.4% increase of the number of transactions in the first half of 2020 by its mobile retail customers, during the first half of 2020, over the same period of 2019.

    For the retail customers and all digital channels – mobile and online, the number of transactions grew with over 23.5%, while the volume of transactions increased with 15.2%, compared with the same period from 2019.

    During the above-mentioned interval, Garanti BBVA’s Retail clients used the mobile solution specially to make payments – 78% of the total.

    Garanti BBVA Turkey (TGB) has over 8.9 million active digital customers, while Banco Bilbao Vizcaya Argentaria (BBVA) reached 34 million digital clients.

    BBVA was recognized last year by Forrester Research as the global mobile banking leader, within the review of the mobile apps of 54 retail banks across the world.

  • Tampone rapido obbligatorio. Il ministro della salute Roberto Speranza condivide la proposta di Confindustria Romania

    Tampone rapido obbligatorio. Il ministro della salute Roberto Speranza condivide la proposta di Confindustria Romania

    Da poche ore è stata comunicata la nuova Ordinanza di urgenza del Ministro della Salute italiano che segna un significativo cambio d’indirizzo nell’adottare soluzioni efficaci per limitate il diffondersi del contagio per chi proviene da Paesi a rischio come: Spagna, Grecia Malta e Croazia.

    TAMPONE RAPIDO OBBLIGATORIO all’ingresso in Italia, oppure presentazione dell’attestazione di essersi sottoposti, nelle 72 ore antecedenti all’ingresso, ad un TEST MOLECOLARE O ANTIGENICO, effettuato per mezzo di TAMPONE e risultato negativo

    All’arrivo presso gli aeroporti, porti, stazioni ferroviarie italiane, con collegamenti con i Paesi a rischio, i viaggiatori saranno sottoposti al prelievo della saliva. Il tampone effettuato verrà sottoposto immediatamente a un test molecolare che, in massimo 15 minuti restituirà il risultato sulla positività o negatività.

    Nel caso in cui il test dovesse risultare positivo le autorità sanitarie metteranno in atto tutte le misure di contenimento solitamente utilizzate: quarantena, e ricerca di tutte le persone con cui la persona contagiata ha avuto contatto nelle ultime settimane per sottoporli a loro volta al test.

    Un primo importante ostacolo superato, un cambio di approccio significativo da parte del Ministero della salute italiano, dalla quarantena obbligatoria si passa alla soluzione del Tampone rapido. 

    Confindustria Romania accoglie favorevolmente questo importante valutazione da parte del Ministro Speranza, come un atto di grande responsabilità. Ecco quindi un seguito positivo alle proposte di Confindustria Romania, così come prontamente espresse dalla nostra Lettera inviata il 27 luglio direttamente al Ministro, poi riproposte il  31 luglio e  nuovamente il 1 agosto. 

    Anche in quest’ultima comunicazione avevamo comunque espresso il parere che la soluzione delle 120 ore fosse solo una soluzione parziale e che solo i Tamponi potevano rappresentate la via di uscita a questa problematica. Siamo sicuri che l’intervento da parte di Confindustria Bulgaria e della Camera di Commercio Italiana in Bulgaria, tramite una lettera congiunta alle stesso Ministro Speranza, ha rafforzato la nostra congiunta e ferma presa di posizione. Un risultato a cui Confindustria Romania non ha mai rinunciato.

    Adesso attendiamo il passo più importante, ovvero che tale procedura venga estesa al più presto anche per gli ingressi in Italia dalla Romania e dalla Bulgaria, non oltre il prossimo 7 settembre, per evitare le quarantene da parte di tutte le persone che hanno un’interazione economica costante tra l’Italia e questi Paesi.

    Necessitiamo di un’Ordinanza chiara per la parte attuativa, che sia frutto dell’esperienza maturata in questi mesi e che permetta di integrare soluzioni come le 120 ore, i Tamponi rapidi all’arrivo (15 minuti) e Tamponi da effettuare nelle 72 ore antecedenti all’ingresso in Italia. 

    Con questa nuova procedura si andrebbe a creare quella sorta di CORRIDOIO VERDE tra Italia e Romania/Bulgaria che abbiamo per molto tempo sollecitato. Anche in questo caso la cooperazione di Sistema, addirittura a livello internazionale, espressa tempestivamente, con  autorevolezza e responsabilità, tra Romania e Bulgaria, ha dimostrato la sua efficacia sopra ogni altra iniziativa. 

    Confindustria Romania ribadisce che gli interventi tardivi, peggio se attivati in rincorsa di un dialogo già avanzato con le istituzioni, sono inutili e creano confusione. Riteniamo che quando si tratta di tutelare gli interessi primari di imprenditori e aziende sia più importante il risultato per l’intera Comunità piuttosto che  la ricerca della singola paternità di un’azione che poi risulti inevitabilmente solo fine a se stessa. 

  • 53% of entrepreneurs in CEE predict revenue declines over the next 12 months

    53% of entrepreneurs in CEE predict revenue declines over the next 12 months

    More than half (53%) of Central and Eastern European (CEE) entrepreneurs predict revenue declines over the next year due to the pandemic crisis, taking into account cost-cutting measures, employee training, developing new products and expansion into other markets, according to the PwC EMEA Private Business Survey 2020 report.

    Only 7% of CEE entrepreneurs believe that their businesses will grow this year, with 36% thinking they will maintain last year’s level.

    In this context, 31% of entrepreneurs have resorted to layoffs in recent months and 5% mentioned that they could do likewise in the next 12 months.

    Ensuring liquidity has become more important than ever, with 47% of respondents indicating that improved working capital management is needed to get through the crisis period. A quarter of them have increased their use of new technologies.

    Which are the biggest threats to business development

    For CEE entrepreneurial companies, the biggest threats to business development in the coming period are: regulations, as mentioned by 82% of respondents, followed by lack of skilled employees (73%), cyber security and IT (64%), new competitors (64%) and geopolitical uncertainty (64%).

    Coronavirus was mentioned by 45% of those interviewed, level with taxation and supply-chain disruptions.

    The flexibility to respond to disruptions, including pandemics, is limited by factors such as: dependence on several suppliers and partners (62%), need to adhere to regulations (51%) and limited availability of key talent (49%).

    Instead, providing sanitary security is the main success factor in the “new normal”, say 89% of respondents, followed by the efficient use of remote work (73%) and increasing the use of new technologies (67%).

    Other factors mentioned were expanding into new markets, launching new products and services, upskilling staff and more involvement of NextGen members in decision making and management.

    Other conclusions of the survey

    • 50% of entrepreneurs inCEE expect the global economy to decline in the next 12 months, 36% believe it will remain the same and 4% that it will show a moderate improvement.
    • Regarding the business strategy for the next two years, 60% of entrepreneurs said they will continue to develop their core business.
    • 58% of entrepreneurs believe that they have managed the impact of the COVID-19 crisis as well as their main competitors, with 22% saying they have managed it better.
    • The most important measures taken for managing the COVID-19 crisis impact, but also for the future, are enabling remote work (84%), working reduced hours, mandatory use of annual leave, holidays or overtime (67%), implementation of existing crisis plans.
    • The main measures taken in a crisis, before the pandemic, were cost savings (84%), entering new markets (84%), staff training (68%) and layoffs (53%).
  • Finacity arranges a EUR 200 million facility for Public Power Corporation

    Finacity arranges a EUR 200 million facility for Public Power Corporation

    Finacity announces the closing of a trade receivables securitization program for Public Power Corporation, the largest Greek electricity generator and the principal supplier of electricity in the country.

    The securitization program finances consumer and corporate receivables originated by PPC in Greece.

    The securitization program will allow PPC up to EUR 200 million in senior funding to further enhance the company’s liquidity position.

    Finacity provided analytic and structuring support and will serve as the ongoing transaction administrator.  

    Public Power Corporation, a Greek State-controlled entity, is the leading player in the Greek energy market. PPC supplies power to approximately 6.3 million customers throughout Greece and is the largest power generation company in the country.

    The company currently holds about 66% of the Greek energy market share. PPC was established in 1950 and has its headquarters based out of Athens, Greece.

    The company has been a publicly listed entity since December 2001, with a market capitalization of EUR 858,86 million as of Aug 10, 2020.