Romania Expands Cadastre Funding, but Local Officials Warn of Bottlenecks

Romania’s national property registration program has received a new wave of financial support. The National Agency for Cadastre and Real Estate Advertising (ANCPI) announced more than 420 million lei in funding for the thirteenth stage of systematic cadastre works. Nearly 2,000 local administrative units have applied to participate, each eligible for up to 320,000 lei. The funding, drawn from ANCPI’s revenues and complemented by European sources and local budgets, will cover free registration for citizens under the National Cadastre and Land Book Program (PNCCF). To date, more than nine million properties have been entered into the integrated registry. Counties such as Vaslui, Vâlcea, and Hunedoara account for the largest requests this round, while Brăila, Tulcea, and Călărași submitted far smaller sums.

Officials on the ground have welcomed the resources but also point to ongoing difficulties. Directors of local cadastral offices note that while the demand is high, the capacity to deliver varies greatly. One director explained in a recent survey that some contractors provide solid surveys while others struggle with technical quality or lack qualified staff, leaving verification offices overloaded and slowing down results. Another director stressed that even when fieldwork is completed, bottlenecks appear in the technical review stage, frustrating both municipalities and residents who expect quicker outcomes.

Mayors are also vocal about both the benefits and the challenges. In Vâlcea county, one mayor told local press that without ANCPI funds his municipality would never be able to afford systematic registration, pointing out that citizens want their documents resolved and that cadastre work also helps town halls plan development projects. Yet he argued that procedures remain too slow and suggested that wider use of drones and aerial mapping would accelerate progress. In Vaslui, where more than sixty localities sought support, another mayor observed that while the new allocations are vital, the cap of 320,000 lei often falls short in areas with fragmented terrain and outdated land books, where surveying is considerably more complex and costly.

Analysts who follow the program echo these views, noting that the cadastre expansion strengthens property rights and facilitates economic development, but warning that delivery lags persist. A 2023 quality review found recurring problems with service reliability, staff expertise, and the timeliness of technical checks. Other research suggested that the initial target of registering all properties by 2023 was far too ambitious, since only a small share of localities were fully registered by that time. Some experts believe the answer lies in a more pragmatic approach, with flexible technical standards, broader use of aerial imagery, and gradual updates rather than waiting for full-scale surveys in every locality.

The success of this new stage will ultimately depend on whether the extra funds translate into faster and more accurate registration. Local authorities are under pressure to meet the 28-month project deadlines, and citizens want assurance that their property records are handled correctly and efficiently. For now, the new allocation demonstrates the state’s commitment to completing the cadastre, but local voices make clear that money alone will not solve the structural weaknesses in the process. Without stronger technical capacity, modern surveying tools, and quicker verification, the program risks missing its goal of a complete and reliable national land registry.

European Occupational Pensions Grow Despite Market Volatility

The European occupational pensions sector expanded in 2024, with both membership and asset values rising, according to the European Insurance and Occupational Pensions Authority (EIOPA). In its latest IORPs Q4 2024 factsheet, EIOPA reported that the number of members increased to 74.1 million, while total investments climbed to €2.69 trillion. Favorable equity and bond valuations supported the growth in assets despite a challenging macroeconomic environment. Contributions reached €107 billion over the year, with employers contributing on average two euros for every euro saved by members. Active membership rose to 36.5 million, while 11.4 million individuals received benefits, reflecting a stronger uptake of occupational retirement savings.

The data shows that IORPs continue to concentrate their portfolios in four main areas: investment funds, government bonds, corporate bonds, and equities. These categories together account for more than 90 percent of all assets, with €291 billion of that exposure in US equities alone. Compared with 2022, there has been a notable shift in reporting, with around €400 billion of assets reclassified from indirect holdings via investment funds into direct allocations in bonds and equities. Analysts interpret this as a move towards greater transparency in asset reporting.

EIOPA and other financial supervisors note that the sector remained resilient through volatile interest rate movements in 2024, with asset growth outpacing liabilities and improving overall funding positions. Yet the transition from defined benefit to defined contribution schemes continues to reshape the landscape. Defined contribution arrangements allow more portability and individual choice, but also leave savers more exposed to equity market risks and longevity pressures. These changes are especially relevant in the context of persistent pension gaps, which disproportionately affect women.

Liquidity is emerging as another area of concern. The 2025 IORPs stress test is designed to measure how funds would cope with abrupt interest rate shocks or prolonged downturns in global markets. Regulators have increasingly emphasized the importance of maintaining strong funding ratios at a time when equity and bond markets are prone to sharp swings.

The health of occupational pensions ties directly to the EU’s ambition to strengthen its Savings and Investment Union. By encouraging long-term retirement savings, policymakers aim to close pension gaps while channelling more capital into productive European investments. However, the sector is not insulated from global forces. Market turbulence in April 2025 underscored the risks of concentrated exposure, particularly to US equities, which remain a key driver of both gains and volatility.

Looking forward, industry observers expect the sector to continue growing in membership and asset base, though the shift from defined benefit to defined contribution schemes will require new approaches to risk management. Heightened geopolitical and economic uncertainty reinforces the need for robust capital buffers. The upcoming results of EIOPA’s 2025 stress test will be closely watched to determine whether Europe’s occupational pension funds are positioned to maintain both growth and resilience in a volatile financial environment.

Source: CMS

EU Watchdogs Warn of Mounting Strains in Financial System

Europe’s top financial supervisors have published their latest assessment of risks in the region’s banking and capital markets, highlighting how trade disputes, higher government spending on defence, and growing digital vulnerabilities are combining to test the system’s resilience.

The joint report by the European Banking Authority, the insurance and pensions regulator, and the markets watchdog concludes that while the sector has weathered recent turbulence, weak points are emerging that could surface quickly if conditions turn.

One source of concern is global trade. Earlier this year, abrupt tariff announcements from the United States sent equity markets tumbling, bond yields higher, and credit spreads wider before stabilising again. The watchdogs note that Europe’s manufacturing sector, which relies heavily on exports, could face knock-on effects if protectionist measures escalate further. Banks with large exposures to industrial lending could be especially vulnerable.

Another pressure point is fiscal. European governments are committing to higher defence spending, raising questions about how the additional borrowing will be absorbed by bond markets. When German yields jumped in March after new funding pledges, life insurers and pension funds saw sharp swings in the value of their portfolios. If borrowing costs climb again, these institutions could face fresh liquidity demands and policyholder pressure.

Digital security features prominently in the report. Regulators say that firms must act quickly to implement new EU rules on technology and cyber risk, warning that reliance on a small number of third-party providers leaves the system exposed. They cite the possibility that a single failure or attack could ripple across money markets or settlement systems, even if only temporarily.

The supervisors also urge progress on longer-term projects to deepen Europe’s financial architecture. They call for a completed banking union, better integration of capital markets, and more oversight of investment funds and other non-bank institutions, which continue to gain ground as investors seek alternatives to traditional assets. Europe’s reliance on infrastructure and services outside the bloc—from clearing houses to cloud providers—is also flagged as a strategic vulnerability in an era of geopolitical fragmentation.

Reactions from analysts and trade press generally echo the tone of caution. Commentators agree that policymakers need to prepare for sudden swings in market sentiment, especially around trade or fiscal shocks, and that firms should rehearse how they would cope with abrupt shifts in funding or asset prices. Rating agencies have already warned that increased defence budgets could strain government balance sheets, while central bankers stress that valuations may not fully capture geopolitical uncertainty.

On digital resilience, some market practitioners welcome the EU’s new rules but argue that limiting the number of providers formally classified as “critical” could leave gaps in protection. Civil society groups, meanwhile, have questioned whether promoting defence-related investment risks diluting the bloc’s sustainability ambitions.

The report’s central message is that the European financial system remains stable for now, but that stability depends on institutions taking proactive steps. Supervisors want banks, insurers, and funds to test their liquidity under stress scenarios, to move faster on cyber-preparedness, and to be realistic about the potential impact of sudden policy shifts. With global politics unsettled and markets prone to sharp swings, the real test will be how well Europe’s financial sector can turn this guidance into concrete action.

Source: CMS

The Future of Asset Management: Between Disruption and Transformation

The asset management industry is facing one of the most unsettled periods in decades. A convergence of new technology, tighter regulation, and shifting client expectations is forcing firms to rethink how they generate revenue, organize operations, and maintain relevance. Across the US and Europe, the debate has moved beyond whether change is necessary to how fast firms can adapt.

Artificial intelligence is at the center of this transformation. It promises to streamline research, automate reporting, and reduce operating costs. Analysts suggest that AI could eventually cut a substantial share of expenses at large firms. Yet sceptics point out that not all claims stand up to scrutiny. The CFA Institute has urged investors to demand evidence of measurable productivity gains, warning against relying solely on marketing narratives. Industry blogs echo this caution, noting that while early adopters are experimenting successfully, smaller firms often lack the resources to keep pace, deepening the divide between leaders and laggards.

At the same time, regulators are tightening their grip. Supervisory bodies in Europe and North America are raising expectations on risk controls, data oversight, and transparency. Compliance has become more expensive, squeezing profit margins that are already under pressure. Studies of the European market highlight that profitability has stagnated, leaving firms with little choice but to overhaul operations. Many consultants now argue that managers must integrate technology at the core of their organizations, centralizing data and ensuring that operations and IT work seamlessly together.

Industry heavyweights are already responding. BlackRock has reshuffled senior management to accelerate its expansion into private markets and to strengthen its data-driven offerings. Franklin Templeton has signaled that strategic partnerships may prove more effective than large acquisitions in today’s environment, while Brookfield has shifted its focus toward infrastructure that underpins the digital economy, including data centers and renewable energy. These moves illustrate how the biggest names are adjusting to changing market conditions and investor needs.

For clients, the landscape is equally unsettled. Ongoing geopolitical tensions and uneven global growth have increased the appetite for diversification. Investment houses now face mounting pressure to provide access to alternative strategies, from real assets to private equity, in order to meet client demand. Those without a credible presence in these areas risk being sidelined.

Practitioner voices often offer a more grounded perspective than official forecasts. Contributors to TabbFORUM have raised questions about whether outdated post-trade systems can keep up with new asset classes and regulatory demands. Tokenization has also been a hot topic, with some projects showing promise but others struggling to demonstrate real-world adoption beyond the hype.

What emerges is a picture of an industry in transition rather than in crisis. Firms are diversifying product ranges, digitizing back offices, and adapting to higher regulatory standards. Investors are demanding more transparency and stronger performance. The future of asset management is unlikely to hinge on a single dramatic shift. Instead, it will be shaped by the cumulative effect of technology adoption, smarter partnerships, operational efficiency, and the ability to prove value in a competitive market.

The days of high fees and easy inflows are fading. Success will depend on whether managers can genuinely navigate disruption while demonstrating leadership in transforming how the industry operates. The next decade may well determine which firms remain central to global capital markets and which fall behind.

PwC Faces Heavy Cuts in Middle East After Rift With Saudi Fund

PwC has scaled back sharply in the Middle East, shedding around 60 partners and more than 1,500 staff after losing access to new advisory work from Saudi Arabia’s Public Investment Fund (PIF). The retrenchment marks a dramatic reversal for a firm that only a year ago was riding a wave of regional growth.

The trouble began when the sovereign wealth fund, one of PwC’s biggest clients in the Gulf, froze the firm out of fresh consulting assignments. People familiar with the matter link the rupture to a conflict of interest around recruitment from a PIF-backed project, but the ban also reflects a cooling of Riyadh’s appetite for expensive outside advisers.

Until recently, PwC had been hiring aggressively to service the Gulf’s mega-projects, from futuristic city schemes to infrastructure overhauls. When that pipeline slowed, the company suddenly found itself overstaffed. Regional revenue growth, once measured in double digits, slowed to a trickle.

The decision to cut jobs has reshaped the firm’s leadership as well. Laura Hinton, a senior partner with experience in restructuring, has been elevated to co-head of the region and is expected to take sole charge within a year.

Competitors have been tipped as possible beneficiaries of PwC’s loss. Firms such as McKinsey, Boston Consulting Group, Deloitte, EY, and KPMG are all active in Saudi Arabia and are thought to be positioning themselves for opportunities. Yet so far, no confirmed contract awards have been made public showing that PwC’s former mandates have been handed directly to rivals. Instead, most of the visible contracts signed by PIF subsidiaries in recent months relate to construction, design, and project delivery.

Analysts note another dynamic at play: Riyadh has made it clear it wants to rely less on global consultancies and more on domestic or regional providers. Some of PwC’s lost ground may therefore be taken not by its usual competitors, but by smaller firms based in the kingdom.

The episode illustrates how quickly fortunes can shift in a market dominated by a single powerful client. PwC, once at the forefront of Saudi Arabia’s transformation drive, now finds itself in repair mode—working to rebuild relations with the kingdom while cutting costs to match leaner demand. Whether it can regain its footing may depend less on rivals and more on how Saudi Arabia chooses to balance outside expertise with its own ambitions.

Source: comp.

Keir Starmer’s Long Road to Recognising Palestine

Since becoming Labour leader, Keir Starmer has been careful in his language on the Middle East. Now, as prime minister, his position on Palestinian statehood is under intense scrutiny, shaped by both events abroad and political pressures at home.

The turning point came after the Hamas attacks in October 2023 and Israel’s military campaign in Gaza. Starmer condemned the violence against Israel and affirmed its right to defend itself, but his reluctance to call for an immediate ceasefire created deep frustration among many Labour voters. Communities with close ties to Gaza, especially Muslim voters in northern England and London, accused Labour of ignoring their concerns. Councillors and MPs voiced unease, and opinion polls suggested the party risked losing trust among parts of its base.

As the humanitarian crisis in Gaza worsened, images of destroyed neighbourhoods and displaced families dominated the news. Labour’s careful stance looked increasingly out of step with the mood among many of its supporters. Starmer gradually shifted, acknowledging the scale of civilian suffering and opening the door to recognition of Palestine.

By mid-2025, he outlined a plan: the UK would recognise a Palestinian state unless Israel made progress on key issues such as halting settlement expansion, allowing aid into Gaza, and moving toward a lasting ceasefire. He tied the timeline to the autumn session of the United Nations, signalling a desire to act in step with other European countries exploring similar moves.

This shift has not been without risk. For some Muslim voters, the announcement came too late to rebuild confidence. Others within Labour, including Jewish members, worry that the move could deepen divisions and unsettle relations with Israel. Internationally, recognition is likely to be welcomed by Arab and European partners, but will draw criticism from Jerusalem and Washington.

Starmer’s calculations are clear. He wants to show Labour is principled on foreign policy but not reckless, balancing humanitarian concerns with diplomatic realities. Recognition of Palestine, if it goes ahead, would allow him to demonstrate moral leadership while reclaiming credibility with parts of his voter base. Yet it also raises the question of whether such a move can shift the dynamics on the ground, or whether it risks being a symbolic gesture in a conflict where progress remains elusive.

For now, Starmer’s long journey on this issue shows how domestic politics, international diplomacy, and the tragedies of war can collide — forcing a cautious leader to take a step he once sought to avoid.

Nvidia’s Rise: How a Chipmaker Became the Face of the AI Economy

For years, Nvidia was best known among gamers for its powerful graphics cards. Today, it has become one of the most closely watched companies in the world, largely because of its central role in the artificial intelligence boom. Its hardware and software now power everything from generative AI models to supercomputers, making it a fixture in global business headlines.

The company’s core strength lies in advanced processors designed to handle the enormous calculations behind modern AI. These chips are not only in high demand by tech giants building large language models but are also being deployed across industries from healthcare to finance. As a result, Nvidia’s data-center business now dwarfs its gaming segment, bringing in the bulk of its revenue.

Recent moves underscore this pivot. The company has been acquiring technology, investing in cloud infrastructure, and building out its software ecosystem to lock in developers who want their systems to run efficiently on Nvidia hardware. Its dominance has created a powerful feedback loop: more developers rely on Nvidia’s tools, which in turn strengthens demand for its chips.

But success has brought scrutiny. Regulators are keeping a close eye on the firm’s market power, particularly in China, where investigations into past acquisitions have resurfaced. Washington has also limited the export of high-end chips to Chinese customers, a policy that could dent sales in one of Nvidia’s biggest markets. Critics argue the company’s reliance on a single growth engine—AI infrastructure—makes it vulnerable if demand slows or competitors catch up. Others warn about the environmental impact of the energy-hungry systems its chips enable.

Even so, enthusiasm remains high. The continued surge in AI adoption means Nvidia’s products are often sold out before they leave the factory. Investors and bloggers alike note that while competitors such as AMD and Intel are racing to close the gap, Nvidia still offers the performance and developer ecosystem that make it hard to dislodge.

Nvidia’s strategy appears straightforward: expand its lead in AI computing, deepen its ties with cloud providers and enterprises, and turn its software platform into an indispensable layer for AI development. Whether that path will sustain its breakneck growth—or invite tougher competition and regulatory limits—remains one of the most important questions in global technology today.

Dubai’s property market shows cracks as speculative buyers rethink

Dubai’s real estate boom, one of the strongest globally over the past five years, is showing signs of strain. Prices in many districts are still hitting record highs, but investors who entered the market hoping to make quick profits on unfinished homes are beginning to retreat. Properties once resold within days are now taking longer to move, with some owners lowering expectations to find buyers.

A major factor is the sheer volume of new homes scheduled for delivery. Market analysts warn that tens of thousands of units are due to be handed over between 2025 and 2027. That wave of completions could shift the balance from undersupply to surplus in certain neighborhoods, particularly in the mid-range apartment segment. The possibility of a correction has already prompted a more cautious stance among investors who previously relied on rapid turnover of off-plan contracts.

At the same time, the top end of the market remains robust. Large villas and luxury properties continue to attract international capital, and the overall price indices still reflect double-digit gains year on year. But this strength masks a split: well-located family homes remain competitive, while smaller apartments—the typical target for speculative buying—face more pressure from both rising supply and stricter financing conditions.

Commentary from brokers and industry writers over the past few months highlights this shift in mood. Earlier in the summer, much of the discussion was still focused on flexible developer payment plans and high rental yields. More recent commentary stresses the risks of oversupply, shrinking unit sizes, and the importance of buying for long-term use rather than fast turnover.

For end-users and long-term landlords, Dubai remains attractive, supported by population growth, new infrastructure, and rental demand. For flippers who hoped to exit quickly before completion, the calculus is less certain. With more projects due in the next two years, the market appears to be rewarding those who focus on stable rental income and solid locations rather than speculative assignments.

Source: comp.

Berlin Hyp Opens “B-One” Sustainable Headquarters in Berlin

fletcher@cijeurope.com
19 September 2025
Office

Berlin Hyp has completed its new “B-One” headquarters on Budapester Straße 1 in the Tiergarten district of Berlin. The building, officially inaugurated in September 2025, consolidates all Berlin staff of Berlin Hyp and employees of Landesbank Baden-Württemberg (LBBW) under one roof.

Designed by C.F. Møller Architects and built by Ed. Züblin AG under the oversight of bdp real estate GmbH, the eleven-storey structure reaches a height of nearly 45 metres and offers around 19,000 square metres of space. It accommodates approximately 500 workstations and includes open-plan areas, team and workshop rooms, quiet zones, and a multi-level “Town Hall” with a prominent open staircase that doubles as a gathering, event and reception space.

Sustainability has been central throughout the project. During demolition of the predecessor building, about 88% of materials were recycled. The new building is designed to consume over 50% less energy than its predecessor, with photovoltaic panels integrated into the façade, a geothermal system using 60 boreholes, concrete core temperature control, green roofs and façades, and systems for rainwater retention. Berlin Hyp is pursuing DGNB Platinum certification for the completed building, adding to the DGNB Platinum award already achieved for the deconstruction phase.

The headquarters also supports modern working environments, with interiors designed for flexibility between collaborative and individual work. Retreat zones, open-plan spaces, and dedicated workshop areas are complemented by social and creative meeting points. Employees were actively involved throughout the development process, from site visits to input on design and fit-out decisions.

Construction of “B-One” began in January 2023 and was completed in July 2025, following the demolition of the previous headquarters which started in 2020. With the new building, Berlin Hyp underscores both its commitment to sustainable architecture and its long-term presence in the German capital as part of LBBW’s multi-location strategy.

NEINVER Appoints Agnieszka Chomczyk as Marketing Manager in Poland

fletcher@cijeurope.com
19 September 2025
Jobs

NEINVER has appointed Agnieszka Chomczyk as Marketing Manager for its operations in Poland. In her new role, she will oversee marketing communications for the FACTORY outlet centres, the country’s largest chain in this segment, as well as for the Futura retail park.

Chomczyk has more than ten years of experience in marketing and communications, having previously worked with Groupon, LOT Polish Airlines, and Kuźniar Media & Voice House. At NEINVER, she will lead a team of seven, coordinating both strategic and day-to-day marketing activities, including seasonal campaigns, sales promotions, and ongoing brand communication. She will also provide support to NEINVER’s retail partners operating within the FACTORY centres.

She holds degrees in Journalism and Social Communication (PR and Media Marketing) from the University of Warsaw and in Marketing from the University of Gdańsk. She has also completed specialist training programmes, including “AI in Marketing” at EY Academy of Business and “DIMAQ Professional” at IAB Polska.

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