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Banca Transilvania has signed a binding agreement with OTP Group to buy its stake in OTP Bank Romania. Banca Transilvania is the largest bank in Romania and South-Eastern Europe. OTP Group, which is Hungarian, is selling the subsidiaries of OTP Bank Romania as well which results fully exiting the Romanian market. The combined purchase price is EUR 347.5 million, reports Banca Transilvania.The OTP...

Hungarian President Katalin Novak has resigned following mounting public criticism over her decision to pardon a man involved in a child sexual abuse case. “I decided to grant a pardon last April, believing that the convict did not exploit the vulnerability of the children whom he had overseen,” Novak said in her speech during a national televised address on Saturday. “I...

The problem of Romania’s treasure is "a dead and mothball-ridden cat",  Russian ambassador Valeri Kuzmin declared in Bucharest on Thursday. In 1916, in the midst of World War I, Romania sent its national treasure to Russia for safekeeping in a mutual agreement of return. The hoard consists of almost 94 tonnes of gold coins, jewels and art objects - currently...

Andrew James Noble, one of Britain's most experienced and skilled diplomats has announced his retirement after an exciting and long career that saw him witness history first-hand around the world. Mr. Noble ended his 41-year career as a diplomat from HM Diplomatic Service on Friday, he said in a post on Facebook. Known for his wit, warmth, unflappability and astuteness, Mr....

Romania's minister of defence Angel Tilvar confirmed on February 5 that the mandatory military service option is out of the question - however, a scheme to boost the military reserve force through voluntary and paid three-month military service is envisaged. Tilvar also explained that the Romanian Army has decreased from 320,000 to approximately 80,000 people and the average age of the...

It’s an ill wind that blows nobody any good, the saying goes. That’s true for Romanian garlic farmers who are in line for subsidies from the government to offset losses from the Russian-Ukrainian war. The Agriculture Ministry said it will allocate more than 4 million euros this year for partial compensation crop losses from autumn 2023 to spring 2024, caused...

President Zelensky has announced the dismissal of Ukraine’s top commander, General Valerii Zaluzhnyi, in the biggest military shakeup since the start of Russia's full-scale invasion of Ukraine. The president’s move follows tensions between Zelensky and his hugely popular military chief after the failure of Ukraine’s much-vaunted counteroffensive, and with Ukraine facing a renewed Russian onslaught, manpower and ammunition shortages, and US aid stalled...

US President Joe Biden has angrily criticized an investigation that found he mishandled top secret files and said he struggled to recall key life events, reports BBC. In a surprise news briefing on Thursday evening, Mr Biden insisted: "My memory is fine." He slammed a claim that he could not recollect when his son died, saying: "How the hell dare he...

Romanian photographer Daniel Dencescu spent hours following starlings around the city and suburbs of Rome, Italy before he got the shot he wanted. Finally, on the cloudless winter's day, the murmuration, swirled into the shape of a giant bird. He submitted his photo 'Starling Murmuration' to the Wildlife Photo awards and was one of four photographers who was 'highly commended.' The winner...

The slowdown in the battery-powered EV adoption is starting to be acknowledged by the traditional automotive companies and investors alike as consumers complain of high prices and insufficient charging stations, writes eToro analyst for Romania, Bogdan Maioreanu. After Tesla shares dropped over 20% in the last month over profitability concerns, we are seeing automotive companies deciding to scale down on...