INTERVIEW: The local pharmaceuticals market could shrink this year, unless new drugs receive approval for reimbursement, warns Gabor Sztaniszlav, president of the Local American Working Group (LAWG) »page 8
ROMANIA’S PREMIER BUSINESS WEEKLY
JULY 7 - 13, 2014 / VOLUME 18, NUMBER 25
LINKS TELENAV, CREATOR OF THE SCOUT APP, ENTERED THE ROMANIAN MARKET BY TAKING OVER SKOBBLER, AND NOW HAS AN OFFICE IN CLUJ. THE FIRM’S CEO TOLD BR WHAT’S NEXT » PAGE 10
Vodafone Romania, whose incoming CEO is Ravinder Takkar, has secured state financing for its new shared services center, which will create 2,000 jobs in the next three years » page 4
VODAFONE POWERS UP FOCUS
CITY
Small is beautiful
Come to camp!
The Bucharest Stock Exchange wants to woo smaller companies to go public by reforming the market and launching a special platform this autumn
Dreading your child’s cry of “I’m bored” during the long school holiday? Summer camp could be the answer. BR runs down the best local options
» page 7
» page 12
www.business-review.eu Business Review | July 7 - 13, 2014
NEWS 3
NEWS in brief Raiffeisen Investment Romania shuts up shop Mergers and acquisitions consultancy firm, Raiffeisen Investment, closed on July 1, CEO Ioana Filipescu has announced. The former manager is planning to open an independent company in the same field. Raiffeisen Investment Romania was established in 1998 as a 100 percent subsidiary of Raiffeisen Investment AG in Vienna, since when it has provided M&A advisory services to major Romanian and Western European clients.
Bac 2014 High schools across the country will publish the official results of the Romanian Baccalaureate exam, summer session, in the early hours of July 7. Over 160,000 high-school students signed up to take the exam, down from 190,000 last year.
PROPERTY Xerox moves into new HQ
Maurer buys 3.4 ha in Brasov for Avantgarden3 Real estate developer Maurer Imobiliare, founded by Simon Maurer, has bought a plot of 3.4 ha in Brasov for the third phase of residential project Avantgarden3, where the company has already built 1,600 apartments. Construction work is continuing on the first stage, where so far 14 out of 18 buildings have been delivered. Two more blocks will be finished this summer, and another two by the end of the year. The developer has begun construction work on the second phase, with the start date for the third contingent on sales.
Kromberg & Schubert acquires its leased Arad properties German automotive components producer Kromberg & Schubert has acquired the property it had been leasing from Solvency Project in Chisineu Cris, in Arad, for the last ten years, in order to expand its manufacturing capacity. With a total surface area of 27,000 sqm, the site includes a factory and land. JLL managed the transaction on behalf of the owner. The value of the acquisition was not made public. Kromberg & Schubert has four plants in western and central Romania.
July 7 D-Day looms for Dan Voiculescu The latest hearing in the prosecution of the Intact Media Group owner Dan Voiculescu, who is on trial for corruption in relation to the privatization of the Food Research Institute (ICA). Witnesses will be allowed to address the court. The case was moved from the High Court of Cassation and Justice to the Bucharest Court of Appeals last year. If convicted, Voiculescu could be sentenced to up to 12 years in prison.
FINANCE
Xerox Romania has announced it will be moving into a new headquarters located close to Pipera subway station on June 30. The firm has rented the second floor of the Hermes Business Campus, developed by Properties Investment (Atenor Group), for the next seven years. The new headquarters will host a team of 100 employees across all departments, from sales and customer relations to support operations. Last year, Xerox announced it would be hiring 440 people in Bucharest and Iasi by the end of the year.
WEEK AHEAD
Beauty is in the eye of the photoshopper Journalist and blogger Esther Honig sent her picture to be photoshopped by designers from over 25 different countries to explore local beauty standards. The Romanian version underwent subtle modification and was nowhere near as extreme as other countries’ efforts. (Left to right, top row: the original, Argentina, the Philippines; bottom: Romania, the US, Germany) Skanska invests EUR 33 mln in Green Court phase two Swedish developer Skanska will invest EUR 33 million in the second development phase of the Green Court office project and intends to complete construction work on the new building in May 2015, writes Mediafax. Work on Green Court, Skanska’s first project in Romania, started a year ago. The structure and facade of the first building is already done, which means that the first phase is 80 percent complete. The draft for building A will be finalized in the third quarter.
RETAIL Leroy Merlin to open second store in Bucharest following EUR 13-16 mln investment DIY retailer Leron Merlin will invest EUR 13 to 16 million in a new store in Bucharest that will be opened in spring 2015. Located on Soseaua Alexandriei, the new unit will generate 150 jobs. Cristian Petrescu, development manager, told wall-street.ro that the branch would cover 13,000 sqm and was part of the retailer’s five-year investment plan, which started in 2011 when it entered the market. Meanwhile, the second
Leroy Merlin location in the country will be ready for inauguration in Craiova in the fall.
TAX
July 8 European Funds Forum Participants in the 2014 European Funds Forum will be able to learn more about the 2014-2020 European Structural and Investment Funds Strategy and the opportunities it provides for the business environment. Marriott Hotel, 2.30 pm. July 13 World Cup Final Brazil 2014, considered by many to be the best World Cup ever, will conclude with great aplomb tonight. Looking for a lively place to enjoy the match in downtown Bucharest? Check the business-review.eu website for a rundown of ten of the best pubs and sports bars in the capital to enjoy the flagship football feast.
Government introduces ‘good faith’ deposit for firms that challenge public auctions Companies that try to overturn the results of public auctions will be required to present a financial deposit “in good faith,” representing 1 percent of the total estimated value of the disputed contract. The money will be retained by the state if the appeal is rejected. The level of the deposit could be capped depending on the type of contract: construction, goods or services. The decision to introduce the new type of guarantee was taken in the last government meeting. The law currently stipulates that if the National Council for Solving Contestations (CNSC) rejects the appeal, the contractor is entitled to a sum from the challenger’s participation deposit. In a press statement, the European Funds Ministry said, “In order to protect contractors from abusive appeals, the government has introduced a mandatory good faith deposit for contesting public acquisition procedures,” according to Mediafax.
MOST READ www.business-review.eu 1 Dutch tourist creates effective
video ad for Romania by accident. What are the authorities doing?
2 Romanian artist Adrian Ghenie sells EUR 1.77 mln painting at Sotheby’s auction house
3 Romania, first country to ratify
EU pacts with Moldova, Ukraine and Georgia
4 Huffington Post: Second best
castle in the world is in Romania
5 July 1 is coming: New minimum
wage, energy rates and roaming charges
www.business-review.eu Business Review | July 7 - 13, 2014
4 NEWS TELECOM
3Q David Summerfield director regional development at Metinvest Holding
Vodafone footprint in Romania grows with new shared services center Vodafone Romania has opened a new shared services center in Bucharest, providing IT and customer relations services for the mobile telco’s other European operations. The company, which received aid from the Romanian state, has announced that it will hire 2,000 people to work in the center over the next three years. ∫ OTILIA HARAGA
What is the current pricing environment for steel in Europe and how does it impact your plan to sell USD 200 million of steel in Romania this year? The pure pricing context at the moment is challenging. We have overcapacity in the industry, but low-cost producers are gaining entry into the European market. Western European-based producers typically charge high prices but the product quality is much higher and they operate in a more developed regulatory environment. As they move into the higher cycles of a higher quality product, that creates gaps for us to gradually move into as well. Is Metinvest grappling with overcapacity? Not really. We have a pretty good supply balance position now and I think that is because we are globally focused. We have our core strategic market, which is Russia, CIS, Ukraine and Europe; then we have specific products that go into North America. Above that we have a balancing market, which we can offer in Asia and other places. Has the ongoing political crisis in Ukraine disrupted your deliveries of steel to clients? The short answer is no. Of course it is challenging for the management to put measures in place to counteract any potential deviations or hiccups. But so far we have been able to manage that, and I think that is testament to the good management in terms of logistics and production, and credit to the workforce, who have been able to stay committed and loyal. ovidiu.posirca@business-review.ro
The opening of the Vodafone shared services (VSS) center was attended by PM Victor Ponta, minister of communications Razvan Cotovelea, and Ravinder Takkar, CEO of Vodafone Romania, who was meeting the Romanian media for the first time. During the event, Ponta announced that the state had granted financing to Vodafone Romania, information confirmed by the mobile operator’s officials. “As of yesterday, we have a new law regarding tax exemptions for reinvested profit. I wish Vodafone a big profit so that it can reinvest its tax free profit in Romania. We have also kept an older law that grants fiscal facilities to those working in IT, and I think this was a good thing to do,” said Ponta at the opening. “With the opening of the Vodafone shared services center, numerous young people will have the opportunity to get a job and will no longer have to go looking for work in other countries. I hope not necessarily to reverse emigration, but to offer as many young people as possible the chance to build a career right here in Romania. I know about the new project for which the company has applied for state aid, and which will create new jobs. I hope that, if the government cannot help, at least it will not stand in the way.” Vodafone announced it had invested approximately GBP 5 million (EUR 6.25 million) in the center. According to Ministry of Finance data, the value of the state aid granted to Vodafone Romania was EUR 8.19 million. The sum was awarded to “expand the activity of Vodafone Romania through an initial investment, which consisted of the acquisition of equipment and the creation of new jobs.” The estimated salary costs of the project, according to ministry data, are EUR 20.48 million, and the estimated number of jobs that will be created with the help of the state funding is 450. Vodafone officials said during the press conference that state aid had been granted for the opening of the VSS center, but was not a precondition for the establishment of the site. In fact, they said, the VSS center was already operational when the company received the state aid approval, on June 27. “Romania was selected for its great
State support: PM Victor Ponta and Vodafone Romania CEO Ravinder Takkar language skills and availability of talent, which will ensure the delivery of great quality services at a competitive cost. We now have an ambitious growth plan to reach over 2,000 roles in the next three years,” said Steven McCrystal, group director, shared services. The new center, which is located on two floors in the Avrig Business Center, already has 100 employees, having started its activity in May. By the end of 2014 the workforce will reach 750, and over the next three years, the number will rise to over 2,000. As the team grows, Vodafone may also expand, either in the Avrig Business Center or to other locations. All new employees will undergo one to three months of training. In the customer care area, the new site provides support for invoice and payment inquiries, account administration and data troubleshooting for a total of 90 million customers from the UK, Germany, Italy, Spain and Ireland. Services are supplied via phone, online chat, as well as back-office channels. On the IT segment, VSS Romania provides IT help desk operations, firstand second-level applications support and database administration for the internal needs of the five operations as well as for Vodafone Group (HQ). This is the second Vodafone center to have opened in Bucharest after the Danubius networks operations center (NOC), inaugurated last year, which manages network incidents on nine Vodafone markets: the Netherlands,
Germany, the Czech Republic, Hungary, Romania, Greece, Albania, Malta and Italy. The NOC employs over 500 Romanian engineers and provides services to Vodafone operations with a total of over 90 million customers. Through the NOC, Vodafone also opened a service operations center dedicated to monitoring M2M services provided to the group’s global customers. In Romania, the operator also has customer care centers in other cities such as Brasov and Ploiesti, but those deliver services for internal customers. Takkar commented, “Romania is a very interesting mix between developed markets, which you see in places like Bucharest, for instance, and what you see on emerging markets. It is clearly a very highly competitive market. The opportunities that I see are in data, internet connectivity, smartphone penetration and the financial services area, where we have launched the mpesa service. The real metrics here are not about how many customers are using m-pesa, but in how many places people can use it for transactions. We have added more than 1,000 such locations in Romania.” Vodafone has invested over EUR 2 billion in Romania since it first came on the market. On March 31, the operator had 8,185,680 local mobile customers. The company has recently expanded its 4G network to nine new cities. otilia.haraga@business-review.ro
www.business-review.eu Business Review | July 7 - 13, 2014
WHO’S 5 ART
WHO’S NEWS BR welcomes information for Who’s News. Submissions may be edited for length and clarity. Get in touch at simona.bazavan@business-review.ro
Ion Dobrescu
is the new head of CEZ Distributie, replacing Doina Vornicu who has been promoted. His previous position was director for strategy and development. He joined the utility firm in 2007 as deputy director, and director of the exploitation and maintenance department. He has a professional background of over 32 years in the energy sector.
Robin van Rozen
has been elected president of the Netherlands Romanian Chamber of Commerce (NRCC). He is the general manager of Philips South Eastern Europe. The new board also includes Irina Zugrava, managing partner at Vapro Romania, as VP; Jan Glas, managing partner at TPA Horwath, as treasurer; and Isfahan Doekhie, CEO of Bliss Romania, as secretary. The other board members are Herman Wierenga, managing director of
ORTEC; Dora Surugiu, managing director at Maastricht School of Management; Joep de Roo, managing director of Eurodite; Ronald Oort, chief risk officer at ING Bank Romania; and Jan Willem Kivits, managing director of FrieslandCampina Romania.
Yedil Utekov
has replaced Sorin Graure as general manager of Rompetrol Rafinare, part of KMG International. He has been working as deputy general manager since December 2012 and general director for Rompetrol Petrochemicals since November 2013. Before joining Rompetrol, Utekov had accumulated 10 years of professional experience in the oil industry, working for Kazakh companies such as Agip KCO and the Atyray refinery.
Doina Vornicu
is the new operations director of CEZ Group in Romania. She is the first Romanian manager to hold the second most important strategic position at the group level. Vornicu previously worked for five years as
AGRICULTURE
Romania sends official NPRD draft to Brussels
T
he Romanian authorities have sent to Brussels the official draft of the National Program for Rural Development (NPRD), announced representatives of the Ministry of Agriculture and Rural Development (MADR). The program will regulate how local farmers can gain access to EU financing for investment projects for the period 20142020. The funding amounts to EUR 9.85 billion and will be available through 15 measures. The draft was submitted last week. Romania began informal negotiations over the NPRD with the European Commission (EC) in March, when it sent to Brussels a first draft with 14 measures. “We have tried to use the money we have been allocated, which is not enough for all that needs to be done, as efficiently as possible. Nevertheless, what we have been allocated will be prioritized and will ensure a decisive step forward for the modernization of the rural economy,” said Daniel Constantin, the Romanian minister of agriculture and rural development. The new NPRD will undergo a new negotiation process, but the minister said he was “confident that the program will not suffer major changes”. Although
no final agreement has been reached, the MADR has begun to launch calls for projects under the new NPRD. Romania’s NPRD for 2014-2020 will feature 15 measures, according to its latest form, down from the 24 in the NPRD for 2007-2013, which should allow a better focus on the needs of local farmers, said authorities. Special focus will be given to investments in production for both small and large farms, with a dedicated program for investments in orchards, the integration of production chains and incentives for young Romanians looking to set up a farming business in rural areas, according to previous statements by Constantin. All the documents that the MADR sent to Brussels last week will be published on the ministry’s website. The NPRD was drafted within the context of a reformed Common Agricultural Policy (CAP) which takes into consideration the specific structural situation of Romania’s agriculture and allows each EU country to determine the way EU funds are spend, said Dacian Ciolos, EU commissioner for agriculture and rural development, during a visit to Bucharest in March. ∫ Simona Bazavan
executive director and member of the directorate of CEZ Distributie. She has worked in the energy sector for over 28 years, holding positions in various fields including marketing, audit and the distribution of electricity.
Martin Zmelik
has been appointed country manager and president of the boards of CEZ Romania and CEZ Distributie. He is replacing Jan Veskrna, who has spent nine years at the helm of the Czech utility firm’s local operations. Zmelik started working for CEZ Group in 2005 as director of international operations. He came to Romania in 2010 as operations director. Zmelik is a graduate of the Management Faculty at the University of Economics in Prague and holds an MBA from the US Business School.
Adrian Ghenie painting fetches record EUR 1.7 mln in London auction
A
drian Ghenie’s painting The Fake Rothko sold last week for GBP 1.4 million (EUR 1.7 million) at London auction house Sotheby’s. The final sale price was four times the estimated value of GBP 250,000-350,000 and is a new record for the artist. Ghenie, who was on Art+Auction’s list of the 50 most collectible contemporary artists in June of 2012, started the Plan B Gallery in Cluj, with professional partner Mihai Pop, in 2005. He painted The Fake Rothko in 2010. The previous record for the artist’s work had stood since June 2013, when Ghenie sold a painting for USD 332,825. According to Bloomberg.com, the underbidder for The Fake Rothko was a client of Wei-Ting Huang, Sotheby’s London-based private client liaison for Asia. Sotheby’s sold works worth GBP 93 million in last week’s contemporary art auction in London, where pieces by Francis Bacon, Mark Rothko, Gerhard Richter and Andy Warhol went under the hammer. ∫ Oana Vasiliu
www.business-review.eu Business Review | July 7 - 13, 2014
FOCUS 7
BVB seeking private issuers following Electrica IPO The Bucharest Stock Exchange (BVB) is aiming to launch a new platform for smaller companies and startups this autumn, similar to markets in the UK and Poland, as part of a wider reform effort to make it more accessible to entrepreneurs who want to take their firms public. However, the valuation of the companies seeking to list remains a challenge due to the low liquidity of the market. ∫ OVIDIU POSIRCA
Sobolewski built a similar market during his time as head of the Warsaw Stock Exchange. He started the New Connect market from scratch in 2007, targeting small and medium-sized firms that could not afford to list on the regular market. The number of companies listed here has grown from 24 in 2007 to 439 in June 2014, including some foreign issuers. Their market capitalization has soared from EUR 265 million to EUR 2.4
EUR 444 mln value of Electrica IPO
Photo: Mihai Constantineanu
Grappling with undervalued companies
Photo: Mihai Constantineanu
Ludwik Sobolewski, CEO of the BVB, said that the regulation for this platform had already been prepared and would be submitted for approval to the Financial Supervision Authority (ASF). “In parallel we will start working with basically two groups of entities, potential issuers and nominated advisors, because the market will have advisory firms that will be giving assistance to issuers, as happens in London on the AIM,” said the CEO. Started in 1995, the AIM (formerly the Alternative Investment Market) targets smaller companies aiming to raise capital for growth. There were close to 1,100 firms listed on it in May, out of which 875 were UK-based and the rest international. Its market value stood at EUR 95 billion. He told BR the market would be launched in autumn, but the exact date depends on the ASF’s decision. Sobolewski added that he hopes to attract “as many companies as possible” to this market, without mentioning a clear target. Lucian Anghel, president of the BVB and general manager of BCR Pensii, told BR the platform already exists, but the proposed changes are pending ASF approval. “We want to streamline procedures, so that, for instance, you will not need to go to the ASF to create a prospectus and so on, because this increases costs,” said Anghel.
Ludwik Sobolewski, CEO of the BVB
Lucian Anghel, president of the BVB and general manager of BCR Pensii
billion over the same period. Experts say that in Romania entrepreneurs are holding off on their listing plans, fearing the pricing of an initial public offering could be too low. “At the moment the only one listing companies is the state. We, as a firm, are in discussions with many firms about listing them but there is reluctance from those that have this type of business, caused by the market’s valuing of companies on the BVB,” Grigore Chis, general manager of brokerage firm SSIF Broker, told BR. “At present, all listed shares are greatly undervalued. Secondly, all companies trading on the BVB have very low liquidity.” Sobolewski pointed out last week during a forum for retail investors that the daily turnover of the BVB had increased by 35 percent to more than EUR 9 million (excluding public offerings) in the first five months of this year against the same period of last year.
when buying shares in Romania. Events suggest some of these reforms are already starting to pay off: in the recently concluded Electrica IPO, fewer international investors bought global depositary receipts (GDRs, the certificate issued by banks or depositary institutions that allow the shares of a company to be traded on a foreign market) in London. In the IPO of Electrica, the electricity supplier and distributor, shares accounted for around 80 percent of the offering, while the rest were GDRs. The company raised last month around EUR 444 million from selling a 51 percent stake in Bucharest and London. Electrica was set to start trading on July 4 with a projected market capitalization of EUR 868 million. “I believe it is essential now to focus on this objective of ours of upgrading the market from frontier to emerging status,” said Anghel. The European Bank for Reconstruction and Development bought shares worth EUR 75 million in this IPO, becoming the second biggest shareholder in Electrica, according to Razvan Nicolescu, the delegate minister of energy. The third biggest shareholder is ING. “This was the largest IPO ever in Romania and it has a big chance of being the largest one in CEE in 2014,” said Sobolewski. Romania’s previous biggest IPO was that of natural gas producer Romgaz. The company raised EUR 391 million
Reforms running in parallel with privatizations Earlier this year, the BVB kicked off a massive capital market reform program, aiming to deal with the eight most pressing issues related to red tape and trading costs. Known as the Great Barriers Shift program, it is being implemented with the help of the government and the ASF. Recently, the authorities removed one of the obstacles that would force international investors to use fiscal agents
from selling a 15 percent stake, with one third of the offering comprising GDRs. BR asked Sobolewski what he expects will happen with the market, considering that the next mega-listing – of Hidroelectrica, the state-owned hydroelectricity producer that is currently in insolvency – could take place some time in the fourth quarter of 2015. “I trust the government can sell something else in this period – smaller stakes in already listed companies but also smaller companies out of this privatization portfolio that are not listed. This is feasible before we get to Hidroelectrica,” said the CEO. Anghel expressed his hopes of having higher free floats in other listed companies such as oil major Petrom. He said this would lead to increased trading volumes on the BVB. “There will be more deals, like the Property Fund’s (FP) sale in Romgaz. I hope to see more transactions by the FP,” said Anghel. The FP, managed by Franklin Templeton, raised EUR 147 million from selling a 5 percent stake in Romgaz last month. The EUR 3.5 billion closed-end fund has mooted a secondary listing in London later this year, in a bid to reduce the discount on its shares.
IPO costs in Romania Romania is broadly in line with other stock exchanges in the region, including Budapest and Prague, regarding the costs of IPOs, according to the BVB president. “It is not the costs (e.n. that are the problem), but the access to a pool of liquidity. Electrica has already raised close to EUR 400 million from (e.n. selling) shares locally, so we can no longer say that a company cannot raise EUR 50 million on the local stock exchange,” said Anghel. Sobolewski added that the stock exchange is “extremely expensive” when it comes to secondary trading and that the fees would be decreased by the BVB in the near future, following a move by the ASF. However, Chis of SSIF Broker suggested that once the ASF and the BVB begin to cut costs, this cannot be stopped. “At the moment, we brokers have commission of around 20 percent of what we had in 2007,” he said. ovidiu.posirca@business-review.ro
www.business-review.eu Business Review | July 7 - 13, 2014
8 INTERVIEW
Pharma industry expects update of reimbursed drugs list by year end Gabor Sztaniszlav, president of the Local American Working Group (LAWG), an association comprising innovative pharma firms with R&D facilities in the US, says that the list of reimbursed drugs should be updated by the end of this year. He estimates that more than 170 new drugs are awaiting inclusion, with the overall market set to go into the red unless the Ministry of Health approves the biggest update of the list since 2008. ∫ OVIDIU POSIRCA
CV Gabor Sztaniszlav
How did you receive the news that the government had put 17 new drugs on the reimbursement list this spring? I have to say with mixed feelings. On one hand, this constitutes a great achievement after six years without any new products becoming reimbursable in Romania, so it is certainly a good and big step forward. But on the other hand, we have to say it is only a small part of the story because orphan drugs by definition are treatments for diseases that are very rare. So this will certainly help some Romanian patients who are currently struggling without proper medication, but we are talking about a couple of thousand of patients in total who might benefit. The remaining list (e.n. new drugs pending approval) would help another couple of hundred thousand patients to have better quality medication, live longer or enjoy a better quality of life. So, we are happy but we are waiting for the further steps to make these remaining products available to Romanian patients.
May 2014 – present LAWG president April 2013 – present ARPIM board member March 2013 – present country director, Amgen Romania 2011 – 2013 senior manager commercial, Hungary, and Center of Excellence CEE at Amgen, Hungary senior manager, oncology business unit, at Amgen Hungary He graduated from the Semmelweis University, has a Pharm.D. in Pharmacology and holds an MBA degree (distance learning program) from the University of Durham
What is Nicolae Baniciou, the minister of health, telling you about the update of the list? We try to stay in close discussion with him. As investors, we want to partner with the authorities to find solutions to make these new products available. This creates a short-term financial burden, because obviously the state has to pay for these products, but we also try to explain to the authorities that in the medium and long term it brings huge economic value for the country, which can even be measured in GDP values and in financials. So, on one hand, we were slightly dismayed that a new methodology and a new way of updating the reimbursement list was to be implemented. On the other hand, if
Photo: Mihai Constantineanu
How many drugs are currently awaiting the approval of the Ministry of Health? It is hard to say. I can tell you that last year when we had legislation in force, there were more than 170 drugs waiting for reimbursement. In the meantime some new medications have probably been registered in Romania as well, with marketing authorizations, and intended for reimbursement, so it should be more than the 170 we had last year. medication really reaches Romanian patients soon, then we can only welcome this. Does the Ministry of Health have enough specialists to assess these new drugs, because this was an issue flagged up by officials? Certainly, it is a very difficult question because, in general, as Romania did not have this type of methodology in the past, there are probably few specialists in the country. However, what we’re seeing is that there is an intention to expand this department in the drug agency ANM, and some steps have already been taken. On top of that, using some examples from other countries that have already evaluated these med-
icines could be a good combination of developing specialists in the country while at the same time trying to get decisions on this reimbursement list for each molecule. The Ministry of Health will cover the costs of the 17 new drugs on the list. Who is going to pay for the rest? In general, under the current approach, more or less everything should be paid for by the industry, meaning that there is a specific budget for pharmaceuticals with everything above this covered fully by the industry. Even without any update of the reimbursement list, the industry is now paying for two free-ofcharge medications for ten patients in Romania, so on a quarterly basis we pay
about 20 percent as a claw back. One aspect of the discussions we’re having with the authorities is how to cover these costs, because obviously on the short term these new products might generate some extra expenses. Our idea is to work on methodology that will see both parties contribute to this, because we understand that the state budget is quite limited and so there is not enough money to cover everything. On the other hand, it is also not possible for everything to be given free-of-charge by the industry because everything that we have invested in R&D for these molecules is then given free-of-charge to the patients, which is not feasible. This is a discussion, and we are asking the authorities for an increase in this budget. Quarter-by-quarter or year-byyear, it should increase, but on the other hand we understand that not everything can be covered by the state budget. One idea would be a cost-sharing or risk-sharing solution. Is the Ministry of Health talking about increasing the budget for drugs next year? There is contradictory news in this respect. Certainly, as we believe that the budget process is not closed, we are continuously asking for an increase. But also, the decision makers should understand that we, as an innovative industry,
www.business-review.eu Business Review | July 7 - 13, 2014
LAWG members AbbVie Amgen AstraZeneca Bristol Myers Squibb Eli Lilly GlaxoSmithKline Janssen of Johnson & Johnson Merck Sharp & Dohme Novartis Pfizer cannot cover everything, so that is why we are continuously asking for an increase in the budget, even excluding the new medication reimbursement list update. Again, this 20 percent we are paying in claw back tax is not sustainable on the long term, and what is even more difficult is that it is absolutely unpredictable. We do not know how much tax we will have to pay until the invoice or the demand for the tax reaches us. We want a more predictable and sustainable tax methodology. What is also important to mention about the claw back tax is that when it was introduced approximately three years ago, it was meant as an intermediary measure, due to the economic crisis. We kind of agreed and accepted this, and contributed to surviving this difficult period. But Romania is now one of the fastest growing economies in Europe,
INTERVIEW 9 so we believe that since the country is recovering it is time to start reinvesting some of this growth, not necessarily only in this segment, but in broader terms for healthcare. How is the list of reimbursed drugs updated by other EU members? It varies country by country. There are countries where they update the reimbursement list even on a monthly basis. A positive example is Germany, where after the marketing authorization is granted, the product becomes reimbursed more or less immediately. What is also important is that countries with similar economic situations to that of Romania carry out more frequent updates of the reimbursement list, either on a yearly or half-yearly basis. One of the reasons that we now have this issue is that the list has not been updated for six years, so all these issues dragged on and now it is very difficult to solve them in one go. Going forward, do you think this list should be updated yearly? Yearly, or half-yearly in the ideal case, but certainly it is important to have a predictable and transparent way of updating it on a regular basis. To the best of our knowledge, the authorities are aiming for this, so we want to partner them to make it happen. At the end of the day, what is important is that these medicines really reach
Romanian patients through pharmacies, and still we must say that even for these 17 orphan medicines, they are physically not yet available to Romanian patients. Hopefully in the next couple of weeks this will happen. We are waiting eagerly for the big update of the reimbursement list and not only for the necessary legislation, but for these products to physically reach the patients. When do you believe this will happen? I hope it will happen as soon as possible. The authorities have pledged that it will happen by the end of this year. Do you know if there are new drugs awaiting approval whose patents expire this year? What I know for certain is that there are innovative products that have already lost their patents, but in the meantime they have not become reimbursed in Romania. This creates a very difficult situation for the manufacturers and developers, as huge investments are made in the R&D of a certain product – about USD 1 billion to develop a molecule and market it – and if the patent expires before it is marketed it makes companies hesitate about how much and how long to invest in the development. What is the outlook for the pharma industry in the second half of this year? These are certainly difficult times. The
original projections, according to the data providers, showed growth of around 2.7-3 percent for this year, but at that time it was assumed that the reimbursed new products would reach the market. Now, knowing that the products are most probably not getting reimbursed on the market, the latest projections are about -0.3 percent, but again a lot depends on how and when the new products enter the market. In the last quarter, the market was already in negative territory so my personal belief is that the market will decline in value this year. What is the profile of the Local American Working Group? LAWG is an association consisting of ten companies with research and development sites in the US, and which are also present in the Romanian pharmaceutical market, so we are either Americanbased companies or big pharmaceutical firms with R&D sites in the US. The aim of this group is to represent the interests of the companies and investments in pharmaceutical development, so we are very interested in innovation and development. Of course, at the end of the day our objective is to help Romanian patients but also other LAWG affiliates in other European countries to help local patients gain access to these innovative medications. ovidiu.posirca@business-review.ro
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Telenav CEO: Local team developing products for international customers With the takeover of mobile location technology firm skobbler earlier this year, Telenav, creator of the Scout app, extended its operations to Romania, and now has an office in Cluj-Napoca. Co-founder, president and CEO HP Jin tells Business Review what new products the American company is working on and how its Romanian operations fit into its overall game plan. ∫ OTILIA HARAGA “We recently switched to OpenStreetMap (OSM) data for our Scout for Android and Scout for iPhone personalized GPS navigation apps in the US. OpenStreetMap, the ‘Wikipedia of Maps,’ is 100 percent crowd-sourced,” Jin, who was a speaker at this year’s Techsylvania in Cluj, told BR, explaining that the application enables edits to be published every minute, resulting in maps that are often more detailed and up-to-date than commercially available ones. “Through a rebrand of the popular skobbler GPS Navigation app for iOS and Android, Scout is now available in over 50 app store markets with maps and navigation for almost 200 countries, including Romania. skobbler’s GPS Navigation app was the first professional OSM navigation app in the world,” Jin tells BR. His firm acquired skobbler in January for approximately USD 19.2 million in cash and USD 4.6 million of company common stock, according to a Telenav press release. With offices in Germany and Roma-
HP Jin, co-founder, president and CEO of Telenav nia, skobbler was the first company to launch a commercial navigation app using OSM for both Android and iOS devices, which is available in app stores in 49 regions with worldwide map coverage, according to Jin. GPS Navigation by Scout is available in Romania for both iOS and Android and is the top ranked paid GPS naviga-
tion app in the Apple App Store in Romania, according to Jin. Recently, Telenav launched a new Scout for Developers program, featuring a new Scout OSM Maps and Navigation SDK. “It is the first commercial-grade navigation solution based on OSM for mobile app developers worldwide. It is also the first to offer seamless hybrid (online and offline) map technology. The Scout for Developers program includes a new Scout OSM Maps API (application programming interface) for desktop and mobile websites. (…) This solution is dramatically different from other options available, like the Google or Apple Maps API, which provide very limited customization around look and feel or branding,” says Jin. Telenav’s headquarters are in Sunnyvale, California. Employees from various departments, including product development, engineering, marketing, customer support, human resources, finance and business development, work there, according to Jin. The firm has other US offices in Los Angeles and Detroit. In South America, Telenav has an office in Sao Paulo that supports its South American mobile carrier solutions.
In China, Telenav has locations in Shanghai and Xi’ian, “primarily consisting of engineers who support all of our products, including Scout for Phones and Scout for Cars,” says the CEO. Finally, in Europe, Telenav has operations in Berlin, Germany and ClujNapoca. “Most of the team members in ClujNapoca joined us as part of the recent acquisition of skobbler, as this was the location of one of skobbler’s main offices. This team continues to focus on developing Scout navigation technology and products for international customers, consumers and Auto OEMs,” says Jin. More than half of Telenav’s overall team works in R&D and engineering. In Romania, the firm has a staff of approximately 80. “These employees are engineers and product developers with deep expertise and experience developing OSM-based GPS navigation,” said Jin. “We continue to remain focused on building great OSM-based navigation products and haven’t announced any additional expansion at this time.” otilia.haraga@business-review.ro
EMEA advertising director: music app Shazam has more than 2 million local users While Shazam currently has no office in Europe, the app developer is present in Romania via affiliated agency Mediacafe. Josh Partridge, director, EMEA advertising at Shazam, tells BR where the service is headed next. ∫ OTILIA HARAGA “What’s that song?” “Hang on, I’ll just look it up on Shazam!” Probably one of the most frequent conversations between music lovers since Shazam appeared, which is why it is currently one of the world’s most downloaded apps, with more than 450 million people using the service in 200 countries. “We monetize the service in three ways: Shazam is responsible for 7 percent of the world’s digital music sales through strong partnerships with iTunes, Amazon and Google play. It also generates revenue through in-app advertising. Finally, the Shazam-enabled ads that you see on television are the
company’s fastest-growing source of revenue,” Josh Partridge, the company’s director for EMEA advertising, who attended this year’s ICEEFest, told BR. Presently, the firm has offices in the UK, the US and Australia. “While we currently have no offices in Europe, we work with a number of affiliate agencies, including Mediacafe in Romania. These agencies help us extend the reach of the work Shazam is doing in television, specifically advertising,” said Partridge. The director quotes research by NPD, which found that one of the top activities that people want to do when watching television is to get more information about the products they see advertised. “What we have observed is that people who use their smartphones or tablets to engage with advertising are
three times as likely to interact further with the brand, twice as likely to talk about the brand, and have a greater future intent and brand affinity,” he says. Currently, over 450 TV ad campaigns from A-list global brands have leveraged Shazam for TV to “continue and complement” their 30-second spots in several minutes of engagement on mobile devices like smartphones, iPads and tablets. In Romania, these brands so far include KFC and Pepsi, says Partridge. “Going forward, we will now be able to retarget any user who has ‘Shazamed’ a specific commercial. For example, if someone ‘Shazams’ a Jaguar campaign, we will be able not just to give them a customized message to complement the TV commercial, but to reach out again to those users in the following
weeks to help Jaguar continue its messaging,” Partridge says. Music lovers can use various other apps to broaden their melodic horizons. One of them is Soundwave, available for free to iOS and Android users, which can track what they play via other services such as YouTube, Pandora, iTunes, Spotify, Deezer, 8Tracks or Rdio. Another music app that offers access to more than 20 million songs is Spotify, which allows users to shuffle any artist or album for free. Pandora, meanwhile, is a widely used app for listening to online radio on a mobile phone. And SoundCloud is an application for fans who want to discover and share new music, which can be used to record and share music from the smartphone. otilia.haraga@business-review.ro
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Romanian Holiday: vacation video goes viral A Dutch tourist’s vacation video detailing a trip to Romania last year received an impressive 328,000 views just one week after it was uploaded onto the Vimeo platform. The 2 minute 46 second clip shows Peter Schagen and his Romanian girlfriend, Andreea Bercu, traveling by train, dining out in Bucharest, partying at a concert and enjoying other holiday activities. Commentators have compared the video favorably with official promotion efforts. ∫ DIANA PETRESCU Schagen, an Amsterdam-based video montage freelancer, has received a shower of compliments over the past week from local media outlets and the public for his “pro-bono” promotion of the country. “I was really surprised when I found out my video had had so much impact in Romania and I never would have guessed something like that could happen. From the moment it went viral I have gotten so many nice messages from Romanian people on Facebook and Vimeo about how much they liked it,” Schagen told BR. BR asked advertising specialists to weigh in on the video’s success. Marius
Rosu, creative partner at GAV, believes it is very important to let foreigners talk about Romania. “Peter Schagen’s video achieved virality and struck a chord with the audience because it was based on a healthy, honest background, resulting from the editor’s positive experience in our country. The image quality is good and it speaks in a friendly manner about everything that is Romania, without artifice. To have foreigners speak about Romania in a positive note is very important, but we have to provide them with an environment to do that,” he told us. Ana-Maria Olaru, strategic planner at Cohn&Jansen JWT, argues that the filmmaker’s girlfriend, Bercu, was also an important factor in the video’s success. “The clip went viral because of the
author’s authentic experience: you can tell how in love he is with this Romanian woman,” Olaru told BR. The clip’s success prompted favorable comparisons with the video ads produced for the Carpathian Garden campaign. Romanian media highlighted the fact that this was free promotion, whereas a series of video ads paid for by the public purse to support the Carpathian Garden brand cost EUR 80,000, according to dailybusiness.ro. Valentin Suciu, creative partner at Jazz, says that this is an age where the intent behind a piece of content is just as important as its technical aspects. “His video was made for friends with a clear intention. It isn’t about Romania; it is a love story. A clip that pays tribute to the time the couple spent together,
eating and chilling out in a country that just happens to be Romania. The Carpathian Garden video is a collection of unconvincing postcards. It is professionally edited but its lack of imagination manages to make it look cheaper than the Dutchman’s clip. We live in a century where the true value of a picture is in its intent. There is no clear intent in the Carpathian Garden video. Neither is there any authenticity,” Suciu argues. Scan this code to watch the video on businessreview.eu and read more from Peter Schagen diana.petrescu@business-review.ro
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School’s out for summer and kids camp it up Every June, as the academic year ends, parents begin to wonder how they’ll keep their children busy throughout the long school holiday. To help them out, BR asked the organizers of various summer camps – both national and international – what activities and facilities they offer and what skills participants stand to gain.
Photo: Progresive Sports
An awfully big adventure: children develop coping skills, self-confidence and independence through the challenges of summer camp, say organizers
OANA VASILIU As temperatures rise, AC units whir and summer vacations get underway, local kids have been summer camphopping. Summer camp is an opportunity for children to enhance their personal development, life abilities and social skills, cultivating independence while learning behaviors to smooth their journey to adulthood. “Activities organized in summer camps are designed to help children develop their self-esteem through leadership roles that every child can assume during camp,” says Catalina
Florea, executive director of Asociatia Telefonul Copilului. She adds that camp is a unique opportunity for kids to interact with others in a less structured medium than school, encouraging them to take their own decisions and increase their self-confidence. Going to camp also means respecting others and obeying the rules of coexistence for 24 hours a day. Children cannot abandon work on their proposed activities because their parents are standing by to step in and resolve the tasks, and this obliges them to assume responsibility for their actions and respect goals.
“The advantages of spending time this way during the school holidays can be seen after the children return home. When we see them satisfied, proud of themselves, ready to show off the ‘maturity’ they have developed during camp, then we can say we have made a good investment. The biggest achievement for a child is having managed to ‘survive’ the camp without parents. However, many children lose the skills acquired during summer camp unless they are supported and encouraged by parents and other family members,” concludes Florea. Programs typically include per-
sonal development skills, sports and adventure activities. Medical services are on hand, and transportation from Bucharest to the camp site is included. Organizers interviewed by BR said that most summer camps provide at least three meals a day (with some serving fruit snacks between meals), plus accommodation in separate rooms with bathroom facilities.
Discover Romania Dalina Borcan, administrator and organizer of the Happy Faces camp in Alba County, told BR that the procedures to apply to run a school camp
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CITY 13
Photo: Progresive Sports
Photo: Super Tabere
Sheer fun: kids are encouraged to overcome physical tests
Saddle up: participants enjoy a less structured environment than school, in which to develop social skills and teamwork in a new kind of environment
have changed drastically this year, and many schoolteachers now refuse to get involved in this type of activity because of the bureaucracy. Under these conditions, some parents take their child to a camp themselves. The program that Borcan runs for children aged 5 to 16 includes discovering national heritage landmarks such as Ramet Monastery and Ramet Canyon, plus the city Alba Iulia with its historical buildings: the Citadel Alba Carolina, Reunification Cathedral, Roman Catholic Cathedral, Unification Museum and Union Hall. Additionally, participants can visit the salt mine in Turda, Corvin’s Castle in Hunedoara, Sarmisegetuza, see the bisons of Hateg and take the funicular railway up to Deva’s Citadel. In Busteni, Brasov County, Andrei Stefan of Progressive Sports runs both summer and winter camps where children learn mostly survival techniques and adventure is at the heart of all activities. He told BR that over 400 students followed his programs last year with a similar number expected this year. In its first year of activity, Ana Maria Malaestean of Investin Edu told Business Review that the camp she organizes in Petrosani, Hunedoara County, is run in English, with five specializations: drama, photography, creative writing, trips and adventure sports. Accommodation is provided by the University of Petrosani on its campus and the teachers are young adults from the UK. Ioana Bineata of ATGR & Old Line Travel hosted over 1,200 children last year at camps in Transfagarasan, Valcea County; Moeciu, Brasov County; and Sighisoara, Mures County and a
similar number of attendees are expected this year too, with all places now booked. The most popular pursuits are adventure activities such as alpinism, flying fox (zip line) and archery, as well as team-building games and trekking. In Avrig, Sibiu County, Claudia Suhov of Kidster leads sports camp and personal development activities for 8- to 14-year-olds. Last year, almost 100 children attended, with the program focusing on team games, developing discipline and taking part in challenges and contests. Craita Moisa, executive director of Super Tabere, recommends Brasov as a summer camp destination for its adventure activities, such as alpinism, caving, self-defense, archery, trekking and outdoor survival. Last year, almost 100 young people came to the camp, which is also held over winter. All participants receive a DVD with pictures and videos as a memento of their time there.
oana.vasiliu@business-review.ro
Going abroad International summer camps allow participants to practice a foreign language and discover some of the great landmarks of the world. Daniela Pavoni, general director of Mirunette International Education, told BR that last year over 600 teenagers took part in their trips, with 500 already signed up for this year’s overseas activities (places are still available). The most popular destinations are Legoland, Harry Potter’s Studio Production, the London Eye, Shard, British Museum and Madame Tussauds in the UK, plus Universal Studios, Disneyland and NASA in the US. Prices run from EUR 300 to EUR 3,000.
Source: Compiled by Business Review
Photo: Progresive Sports
Cristiana Ungureanu of Regional Air Tours, which has run the project tabere.com in Romania since 1993, offers summers camps at international schools, giving local pupils access to educational programs in countries such as the UK, Germany, France, Switzerland, Spain and the US. For a summer camp in the UK, costs start from GBP 1,300 for two weeks, reaching GBP 2,900 if the teenagers undertake admission programs for British universities or leadership programs. Last year, over 150 Romanian students went on international trips with the organization, a number set to be exceeded this year. Rock on: some camps include visits to natural attractions
www.business-review.eu Business Review | July 7 - 13, 2014
14 CITY
DON’T MISS
FILM REVIEW
Blood Ties DEBBIE STOWE Director: Guillaume Canet Starring: Clive Owen, Billy Crudup, Mila Kunis, Marion Cotillard On at: Grand Cinema & More, Hollywood Multiplex, Movieplex Cinema, Cinema City Cotroceni, Cinemateca Union, Elvira Popescu, NCRR “So there’s a n*****, a k*** and a w** and they get surrounded by Indians...” So begins Blood Ties, managing a remarkable four racial slurs in as many seconds – surely a record for movie opening lines. A shootout is soon underway. Armed robbery, drugs and prostitution ensue. Guillaume Canet’s crime thriller is not for the fainthearted. With epic ambitions and a big debt to Martin Scorsese, Canet follows the relationship between two brothers – a cop and a robber – and their loved ones in 1970s Brooklyn. Chris (Clive Owen) is the felon, fresh out of prison. He moves in with Frank (Billy Crudup) – awkward living arrangements given that the latter is an NYPD detective. Frank sets Chris up with a legitimate job at a friend’s garage and helps him rebuild bridges with family, including their cancerstricken father (James Caan) and Chris’s phenomenally furious former wife Monica (Marion Cotillard). The ex-con’s efforts to go straight are scuppered by his criminal past – luckily for the viewer, as 144 minutes of Clive Owen tinkering with cars might have begun to drag – and Chris soon falls back
Owen goal: criminal Chris (Clive Owen, here with Mila Kunis) is aiming high
in with his old associates. Yep, just when he thought he was out… So fraternal loyalty is set against Frank’s desire to Do the Right Thing and Chris’s intention to make a lot of money by robbing and shooting people. With the period Brooklyn setting, Italian-American characters, family focus, expansive scope and irresistible upbeat soundtrack, the most obvious reference is Goodfellas (1990), while the juxtaposition of cops and crims recalls 1995’s Heat. However, the violence committed by Ray Liotta’s Henry Hill and Robert De Niro’s Neil McCauley is minimized in Scorsese’s and Michael Mann’s classics, enabling the viewer to sympathize with the two gangsters despite their criminality. By contrast, Chris is shown to be ruthless and brutal in his pursuit of the loot. This jars with other aspects of the movie, such as his devotion to new girlfriend Natalie (Mila Kunis). While Godfather-era films upheld the twisted standard that it’s okay to knock your woman about once you’ve “given her your name”, Blood Ties is fortunately more progressive, with both Chris and Frank trying to treat their partners right. The main tonal discord, however, comes from the barnstorming soundtrack, chock full of golden soul, rock and pop hits. It’s hard to dispassionately condemn the carnage playing out on screen while singing and foot-tapping along to Sam Cooke, The Crystals et al. The classy cast put in solid turns (notwithstanding Owen’s blue-collar Brooklyn and Cotillard’s Italian-American accents being infiltrated by their native English and French tones). Cotillard’s spurned moll is much meatier than actresses’ typical helpmate roles in mob dramas, and Kunis and Zoe Saldana, as Frank’s married love interest, also leave an impression. Blood Ties is not in the league of the films it emulates – partly due to an ending that relies too much on implausibly perfect timing. But it’s a rewarding reworking of familiar material, with a soundtrack as powerful as its bad guy. debbie.stowe@business-review.ro
FOUNDING EDITOR Bill Avery PUBLISHER Anca Ionita EDITOR-IN-CHIEF Simona Fodor JOURNALISTS Otilia Haraga - senior journalist, Simona Bazavan, Ovidiu Posirca, Oana Vasiliu COPY EDITOR Debbie Stowe PHOTO EDITOR: Mihai Constantineanu
ISSN No. 1453 - 729X
LAYOUT Beatrice Gheorghiu ART DIRECTOR Alexandru Oriean
GARANA JAZZ FESTIVAL
Garana-teed a good time: four days of quality jazz in the Carpathians
Poiana Lupului, Garana, Caras-Severin county July 10-13
Tiberian, Pedro Negrescu Trio, The Crimson ProjeKCt, Kimmo Pohjonen, Stian Westerhus, Mike Stern / Bill Evans Band, Tom Harrell Colors of a Dream and JazzyBit. The Timis Online publication noted in February, when the first big names of the lineup such as the Crimson ProjeKCt, Joey DeFranesco and Marius Neset were announced, that local hotels had already been fully booked by the event’s loyal fans. Accommodation remains available from locals offering rooms in their houses or in tents. The Crimson ProjeKCt are on their first European tour, and will bring to Garana the legacy of King Crimson, which started in England back in 1969. Meanwhile, Tony Levin, famous for his electric bass, was previously in Romania for the Peter Gabriel concert in May of this year.
For four days, international jazz music will emanate from the Romanian mountains, via the small village of Garana. Considered a contemporary Woodstock, the festival will unfold in the heart of the Western Carpathians. Having developed over the decades into an international artist settlement, Garana (50 km by car from Timisoara airport or 20 minutes from Resita train station) will host Europe’s only openair jazz festival, now on its 18th run. This year’s lineup features the Adam Bałdych Imaginary Quartet, Andy Sheppard Trio Libero, Dave Douglas and The Riverside Quartet, the Marius Neset Quartet, Elena Mindru Finnection, Joey DeFrancesco Trio, Ulf Wakenius Band, Arve Henriksen Band,
oana.vasiliu@business-review.ro
EXECUTIVE DIRECTOR George Moise SALES & EVENTS DIRECTOR Oana Molodoi SALES & EVENTS Sales managers: Ana-Maria Nedelcu, Oana Albu, Raluca Comanescu MARKETING Ana-Maria Stanca, Ana Maria Andrei, Iulia Mizgan PRODUCTION Dan Mitroi DISTRIBUTION Eugen Musat
PUBLISHER Bloc Notes Media ADDRESS No. 10 Italiana St., 2nd floor, ap. 3 Bucharest, Romania LANDLINE Editorial: 031.040.09.32 Office: 031.040.09.31 EMAILS editorial@business-review.ro sales@business-review.ro events@business-review.ro