Money Buzz! Europa

Category: Business

  • Eurohold to acquire the subsidiaries of CEZ Group in Bulgaria

    Eurohold to acquire the subsidiaries of CEZ Group in Bulgaria

    The Bulgarian Energy and Water Regulatory Commission (EWRC) granted approval to Eurohold Bulgaria for the acquisition of the Czech energy company CEZ Group’s subsidiaries in the country.

    The deal includes 67% of the power utility CEZ Distribution Bulgaria and the power supplier CEZ Electro Bulgaria, as well as 100% of the shares of the licensed electricity trader CEZ Trade Bulgaria, IT services company CEZ ICT Bulgaria, solar park Free Energy Project Oreshetz, biomass-fired power plant Bara Group and CEZ Bulgaria that coordinates and manages all CEZ Group’s subsidiaries in Bulgaria.

    Eurohold will acquire CEZ Group’s business in Bulgaria through its subsidiary and specially set up Eastern European Electric Company B.V. (EEEC).

    The next stage in the acquisition process will be to sign financing agreements and transfer of the shares.

    Eurohold will finance the acquisition through a combination of equity and borrowed capital provided by leading global investment banks.

  • Polish video games developer Huuuge to list on the Warsaw Stock Exchange

    Polish video games developer Huuuge to list on the Warsaw Stock Exchange

    Polish mobile video games developer Huuuge has announced its intention to list on the Warsaw Stock Exchange.

    Huuuge plans to raise $ 150 million in its initial public offering on the Warsaw Stock Exchange.

    Huuuge’s largest shareholder is founder and CEO Anton Gauffin, that owns 42% of shares.

    In the first nine months of last year, the comany had $ 244 million revenues, compared to $ 187 million in the same period in 2019.

    The company has more than 600 employees in 10 offices around the world.

    As of September 30 2020 Huuuge had 4.74 million monthly active users compared to 3.98 million, 3.72 million and 3.32 million as at calendar year end 2019, 2018 and 2017, respectively.

    Huuuge will be the 14th video game company to be listed on the main market of the Warsaw Stock Exchange.

  • In 2019, Romanians used 5% of their monthly income for purchasing medication

    In 2019, Romanians used 5% of their monthly income for purchasing medication

    A new study conducted by Coface on the sector of ”Retail with Pharmaceutical Products in Specialized Stores” (NACE 4773) indicates a positive evolution of revenues in 2019, which increased by approximately 8% compared to 2018, with a slightly higher profitability.

    The study aggregated the data of 3,999 companies that submitted their financial situation for 2019 (as of September 2020) and generated a consolidated turnover of 20.6 billion RON.

    The weight of the cumulative market share held by the most important 10 players is 33%, which indicates a low degree of concentration.

    The companies operating in this sector registered a current liquidity of 1.12 during 2019, the working capital being exposed to negative shocks, in a context of volatility (lower revenues or non-collection of receivables).

    The average duration of debt collection in the analyzed sector increased from 62 days, the level registered in 2015, to 75 days in 2019, while the national level for the same period dropped from 98 days to 89 days.

    According to INSSE, the average monthly expenses allocated for the purchase of medicines for human use increased by 14% in the first two quarters of 2020, compared to the same period in 2019.

    For example, if in Q1 2019, a Romanian allocated approximately 76 RON per month for purchasing medicines, the amount increased to 88 RON in Q1 2020.

    From the perspective of pharmaceutical units, the largest number of pharmacies (1,236 ~ 15%) was found in 2019 in the North-East Region (Bacău, Botoșani, Iași, Neamț, Suceava and Vaslui).

    At the opposite pole was the West Region with 684 pharmacies.

    The trade balance for pharmaceuticals is negative, with imports more than four times the value of exports.

    Both have been slightly increasing in the last 3 years, the main partner for both exports and imports being the European Union with 71% of the value of exports, respectively 91% of the value of imports having the EU countries as destination/source.

  • 10 biggest startup layoffs in 2020 hit 25,500. Uber leads with 30%

    10 biggest startup layoffs in 2020 hit 25,500. Uber leads with 30%

    Data presented by Buy Shares indicates that approximately 25,500 jobs have been lost in the top ten largest startup layoffs amid the pandemic.

    The layoffs were recorded between March 2020 and January 2021.

    Cab hailing firm Uber from the transport sector leads with 7,525 layoffs accounting for 29.5% of all the highlighted job losses.

    Booking.com from the travel industry is second with 4,375 layoffs followed by e-commerce marketplace Groupon at 2,800.

    Vacation rental platform Airbnb is fourth with 1,900 layoffs followed by online tutoring platform WhiteHat Jr at 1,800.

    Insurance aggregator PaisaBazaar ranks sixth at 1,500 followed by online travel agency Agoda which has registered 1,500 layoffs.

    Online personal styling company Stitch Fix saw 1,400 workers get laid offs followed by ride-sharing firm Ola at 1,400. Stone from the financial industry had the least layoffs in the tenth spot at 1,300.

  • Mixit, the ‎custom muesli manufacturer,‎ expanded to Romania

    Mixit, the ‎custom muesli manufacturer,‎ expanded to Romania

    Mixit, the Czech company that produces personalized breakfast muesli and lyophilised fruit, expanded to Romania just before Christmas.

    This is the fifth market for Mixit, after the launch in Czech Republic (2010), Slovakia (2013), Poland (2014) and Hungary (2019).

    The expansion will help the company reach a 21% growth in 2021.

    In Romania, Mixit will offer a range that is similar to the other markets where the brand is active. The distinctive offer of the company is the possibility to create an individualized mix of muesli, lyophilised fruit and nuts.

    In addition, clients may choose from a range that includes some of the brand’s best-selling products.

    However, the offer for the Romanian market will be extended to include chocolates, protein drinks or chocolate creams.

    In the Czech market, the company is very well-known and generates the largest revenues (in 2020, it generated 78% of the total sales of 14,500,000 euros).

    ”We foresee the Romanian market will make 5-10% of the sales, by the end of 2021.There is no similar product on the market at this point in time, that would offer personalized muesli products”, says Martin Wallner, Mixit co-founder.

  • New record growth for Romanian eCommerce market in December 2020

    New record growth for Romanian eCommerce market in December 2020

    December 2020 saw a new record increase in the number and value of orders placed online in the stores managed through MerchantPro, the largest local eCommerce platform in Romania, by 83% and 99% respectively, compared to December 2019.

    The average order value – considering the over 1,500 stores operating on the MerchantPRO SaaS type platform – remained constant at the level of 2020 – 225 lei.

    The largest order registered in December was worth over 40,000 euros.

    After nine months of pandemic, the figures show that Romanians are buying more and more online, whether we are talking about basic necessities such as food, personal care or cleaning, household items or gifts, even investments, in December.

    According to MerchantPro data, the last quarter of 2020 saw new increases in the volume and value of online sales.

    The dynamic was determined by Black Friday sale events – an average increase of 43% over the same period in 2019 – and winter holidays, with an increase of 83% of the number of transactions.

    Thus, for the more than 1,500 active stores that use the MerchantPro eCommerce solution, the last month of the year brought 99% higher sales than the similar period in 2019.

    Biggest day in eCommerce: Monday

    The largest order placed in December in terms of value was over EUR 40,000, representing investments in specialized equipment. Considering the volume of an order, the biggest one had 301 food products.

    The day with the most orders in December was Monday, December 14, 2020, when 13,082 orders were placed, compared to 2019 when it was December 9, with 7186 orders, also a Monday.

    ”Mondays are the busiest. Over the weekend, customers have time to think about purchases, compare prices and find out about new products, and on Monday they place the order”, says Arthur Rădulescu, CEO of MerchantPro.

    According to Merchant Pro data, the most active cities in terms of online dynamics, apart from Bucharest, are Constanța, Cluj-Napoca, Iași and Timișoara.

  • Intesa Sanpaolo wins ”Bank of the Year in Western Europe” award

    Intesa Sanpaolo wins ”Bank of the Year in Western Europe” award

    Intesa Sanpaolo has been awarded as ”Bank of the Year in Western Europe” and „Bank of the Year in Italy” by The Banker, the specialist publication of the Financial Times Group.

    The award marks the first time that an Italian bank has received the recognition as best bank in Western Europe.

    In its selection, The Banker’s panel of international judges considered Intesa Sanpaolo’s strong financial performance and the successful merger with UBI Banca.

    The panel gave particular importance to the vital role Intesa Sanpaolo has played in supporting the Italian economy and society throughout the COVID-19 pandemic.

  • Honda to stop selling cars in Russia starting 2022

    Honda to stop selling cars in Russia starting 2022

    Russian subsidiary of Japanese carmaker Honda announced on Wednesday that it will stop supplying new cars to dealers in Russia starting in 2022, Reuters reports.

    Honda will continue to be present on the Russian market through sales of motorcycles and electricity generators.

    The company will also continue the activities related to the after-sales services of its vehicles.

    Last month Honda sold only 79 vehicles in Russia, down 50% from the same month last year. Also in January-November, Honda sales fell 15% year-on-year to just 1,383 vehicles.

  • CD Projekt sold more than 13 million copies of the Cyberpunk 2077 game

    CD Projekt sold more than 13 million copies of the Cyberpunk 2077 game

    Polish video game maker CD Projekt SA has announced that it has sold more than 13 million copies of the Cyberpunk 2077 game by December 20, 2020.

    This figure also takes into account the returns requested by players who have complained about numerous technical problems, reports Reuters.

    The Polish company did not provide a revised sales estimate, nor did it disclose how many refund requests it received.

    However, the figure of 13 million copies sold is lower than the expectations of analysts who relied on 16.4 million copies sold, said Piotr Bogusz, an analyst at the borkerage company mBank.

    The video game ”Cyberpunk 2077”, released on December 10, had a missed start, after users complained about many technical problems encountered.

    These problems led the Japanese group Sony to withdraw the game ”Cyberpunk 2077” from its online platform PlayStation Store, while the American rival Microsoft decided to return the money to Xbox console users who bought the game.

  • Poland to aid Covid-19 affected companies with another USD 9,5 bln

    Poland to aid Covid-19 affected companies with another USD 9,5 bln

    The Polish government wants to launch a new support package worth 35 billion zlotys ($ 9.5 billion) for companies that have suffered from the partial quarantine introduced in the context of the latest pandemic wave, DPA reports.

    The aid will be targeted mainly at companies that were ”particularly affected by the virus in October, November and December” and has already received European Commission approval, Prim Minister Mateusz Morawiecki says.

    Poland has reimposed a number of measures to combat the pandemic, including the closure of gyms and indoor swimming pools, as well as a ban on hotel use, except for business travel.

    Some of the restrictions on shopping malls were lifted in the run-up to Christmas, but will be reintroduced shortly after the holidays.

    Since the beginning of the pandemic and until now, Poland has offerd companies aids worth 150 billion zlotys, of which almost 61 billion zlotys in the form of direct liquidity injections.

  • UiPath submitted the documentation for an initial public offering

    UiPath submitted the documentation for an initial public offering

    UiPath announced that it has submitted the documentation for an initial public offering (IPO), an operation at the end of which it could be valued at over 20 billion dollars, Bloomberg reports.

    UiPath said the size and price of the IPO had not yet been scheduled. However, sources quoted by Bloomberg say that the initial public offering could take place in the first half of next year.

    Investors in UiPath include Accel, Sequoia Capital, Coatue Management, Tiger Global Management LLC and Tencent Holdings Ltd.

    Founded in Romania in 2005, under the name DeskOver and renamed UiPath in 2015, the company has among its entities entities such as the CIA, the US Navy, McDonald’s, Duracell and Swiss Re.

    The company had revenues of $ 360 million last year, after helping some of the largest US companies to automate their routine processes.

    In July this year, UiPath announced that it was valued at $ 10.2 billion, after a new round of funding worth $ 225 million.

  • Romanian company Tremend involved in ten major projects for EU institutions

    Romanian company Tremend involved in ten major projects for EU institutions

    With a portfolio of multiannual framework contracts signed for the European Commission and European Union institutions worth 25 million EUR, Tremend finishes 2020 with yearly revenues of approx. 2.7 million EUR, aiming for 7 million EUR revenues in 2021 from this vertical.

    These projects consolidate Tremend’s presence in Belgium, Luxembourg and Italy.

    The software engineering company is involved in ten major projects for EU institutions, with European coverage, impacting millions of citizens of the Union.

    The projects support the growth of competitiveness for adults and youths by promoting collaborative learning, enabling the connection between citizens and professionals, promoting exchanges of experience and know-how.

    The projects create networks and opportunities for personal development, provide cloud infrastructure solutions, management of complex IT platforms, development of innovative communication digital solutions, mobile applications, eLearning platforms, and multimedia content.

    Some key projects of Tremend for the European Commission are EPALE — the Electronic Platform for Adult Online Learning in Europe, eTwinning and School Education Gateway — online platforms dedicated to educational specialists that promote the efforts of the European Commission in overcoming the current difficulties in pre-university education.

    Tremend is the technology partner in the consortium for the implementation of the European Platform for Digital Skills and Jobs. The company is also involved in the development of eLearning applications for the European Food Safety Authority (EFSA), and is responsible for business continuity systems on cloud for critical EU information portals.

    Tremend’s technical expertise contributes to the development of IT infrastructures, encouraging transparency and efficiency in public sector organizations.

    The solutions delivered integrate high-end technologies, such as Artificial Intelligence and Machine Learning (AI/ML), Natural Language Processing (NLP), UI/UX, and DevOps/cloud.