Stealing Food if You’re in Need Is Not a Crime, Italian Court Finds

Roman Ostriakov, 36, couldn’t afford anything to eat, so he stole less than $5 worth of cheese and sausage from a supermarket in Genoa, Italy, in 2011. He was caught, tried, found guilty, and sentenced to pay a fine of 100 euros and serve six months in prison. An appeals court upheld the decision. This week, Ostriakov’s fate […]

Indirect Taxation

Value added taxes, excise and custom duties can count up to a third of a company’s annual turnover. Hence, indirect taxes can have a tremendous impact on a company’s cash flow if they are not forecasted and managed properly. Indirect taxes raise significant risks to all kinds of businesses and, therefore, they require special focus […]

Romania attracts EUR 1.5 bln. by selling 7-year bonds on foreign markets

Romania yesterday attracted EUR 1.5 bln on foreign markets by launching an issue of EUR-denominated bonds with a maturity of 7 years, at an interest of 3.7 percent points over midswap, the reference indicator of the market, banking sources said for Mediafax. The midswap indicator that varies throughout the entire day was slightly above 1.34 […]

Israel’s Kardan Brings Branch Of Bulgarian TBI Bank To Romania

Israeli group Kardan, which controls GTC–one of the largest office developers in Romania, decided to enter the Romanian banking market as well, by opening a branch of its Bulgarian TBI Bank. The Israeli group decided to use the “single European passport,” which allows the bank to operate as a commercial bank in Romania based on […]

Banca Transilvania Mulls EUR30M Convertible Bonds

Romanian lender Banca Transilvania (TLV.RO) plans to sell seven-year convertible bonds to raise EUR30 million, according to the general conditions of the bond which were published on the bank’s website. The convertible bonds will bear an annual interest rate of 6% to 6.25% over 6-month Euribor, payable twice a year. The final terms of the […]