CONFERINȚA CODUL INSOLVENȚEI - Ediția a V-a
BURSA 28.09.2017

A.S. (translated by Cosmin Ghidoveanu)
 
mărește imaginea
     Central European Media (CME), the owner of Pro TV, is currently in negotiations to sell the four TV stations it still holds in Central and Eastern Europe, according to Echo 24, which quotes several concerned sources.
     Echo 24 claims that Czech television station TV Nova will be sold bundled with TV Markiza of Slovakia and with the stations in Romania and Bulgaria. "The price for all these TVs will exceed 1 billion dollars", the Czech site says.
     The portal mentions: "Chinese investors, represented by the CEFC group, who recently left Empresa Media, have not lost their appetite for an influential media purchase".
     "We do not comment on speculation concerning our company", Pavel Bednaű, the spokesperson of the CEFC, told a Slovakian publication.
     Echo 24 says that the PPF group of Petr Kellner, who previously held shares in TV Nova may also be interested in this sale.
     The portal mentioned other potential buyers: "Penta, who provided financial services to CME, has also announced its interest in TV Nova. Penta owns the VLM publishing house, which publishes regional magazines and newspapers. The name of Andrej Babis and that of his company are also being mentioned in relation to this transaction".
     On July 10th, Central European Media Enterprises announced the sale of the operations in Croatia (Nova TV) and Slovenia (POP TV) to Slovenia Broadband S.r r.l., a subsidiary of United Group B.V. The transaction is set to complete by the end of the year, subject to approval from regulators.
     The purchasing price paid cash was 230 million Euros (262.5 million dollars), and the earnings will be used to pay off a loan of 250.8 million Euros due in 2018.
     CME recently estimated that this year, the operating profit before depreciation and amortization will increase 13-17% at constant exchange rates. The company recently announced that it intends to use this year's growth to start reducing part of its 1 billion dollars debt.
     CME's portfolio in Romania includes: Pro TV - the leader of Romanian TV networks, Pro X, Pro Gold, Pro Cinema, Pro 2, MTV România and Pro TV Internațional.
     In 2016, the Pro TV Group had a turnover of 172.9 million dollars, representing an increase of 11.3%, at constant exchange rates, over 2015.
     In 2016, TV network Pro TV had the biggest market share (25%) in the prime-time.
     In 2016, CME had a turnover of 638.013 million dollars.
     At the end of last year, American US conglomerate AT&T announced that it has reached an agreement to buy media giant Time Warner Inc, for 85 billion dollars, according to Wall Street Journal. Time Warner is present on the Central and Eastern European market through Central European Media Enterprises (CME), the parent company of Pro TV.
     In 2011, Time Warner bought from Czech fund PPF Investments a block of 5.5% of the shares of Central European Media Enterprises (CME), for over 60 million dollars, which increased its stake to 34.4%.
     * Chinese-based CEFC, indirect owners in Rompetrol Rafinare as well
     In December 2016, the agreement was signed between Kazakh company KMG and CEFC for the sale of the 51% stake in the KMGI group, which is the majority shareholder of Rompetrol Rafinare (48%), in which the Romanian state holds 44.69%.
     The holding of KMG and CEFC in the new KMGI joint-venture will be 49%, and 51%, respectively. Chinese company CEFC announced, in May 2016, that it would pay 680 million dollars to acquire 51% of the shares of KMGI, the former Rompetrol Group, and has committed to invest at least 3 billion dollars in the next five years.
     In September, CEFC China Energy announced it would pay 9.1 billion dollars for a stake of 14.16% of the investments of Russian oil giant Rosneft from a consortium made up of Swiss-based Glencore and investment fund Qatar Investment Authority.
     The international media claims that Rosneft is by far the biggest and most influential Russian company, with close ties to Kremlin. Having access to the reserves and refining capabilities of Rosneft is an important step in the strategy of CEFC to become an important player on the international energy market.
     * FT: "Rise of CEFC - tied to the political growth of Chinese president Xi Jinping"
     "An obscure company, with ties with the Army of the People's Chinese Republic, came out as the main buyer of assets in the former Soviet bloc, strengthening the relations between Beijing and Moscow", according to an article recently published by Financial Times, which mentions: "The rise of CEFC China Energy of Shanghai occurred along with China's economic assault in Central Asia and Eastern Europe, amid cooperation with Russia, in issues such as disputes over the Asian islands or the conflict in Syria".
     According to FT, CEFC is not a regular private company, as its CEO, YE Jianming, is sponsoring a pro-Chinese working group, with ties to retired military intelligence officers and does business with people from China's military elite.
     FT claims that the rise of CEFC is tied to the political rise of Chinese president Xi Jinping: "The company's global level deals have been in lockstep with the state visits of the Chinese president.
     For instance, this year, shortly after American president met with Donald Trump Xi Jinping, the CEFC bought 20% of New York-based brokerage firm Cowen Group. (...)
     But the biggest focus has been on the former Soviet bloc. Prior to Xi Jinping's visit in the Czech Republic, in 2016, CEFC bought Czech assets worth 1.5 billion dollars, including soccer club Slavia Prague, a brewer, the Renaissance buildings, a steel factory and a media business, (ed. note: Empresa Media), owned by a former tourism minister. The group exercised his option to sell the media business this month".
     According to FT, CEFC also owns a financial services firm in Slovakia and had talks on creating a bank in Georgia, where it is also considering the creation of an industrial park. In China it has built an oil storage unit on the Hainan island, a business which normally isn't available to private companies, the publication further states.
     Despite its expansion, CEFC hasn't worked with many consultants on an international level, aside from those of Lazard in the Cowen Group transaction, while the rest of the businesses had internal consultants, according to FT, which further writes: "At the end of March, the CEFC had assets of 25 billion dollars and a rather large debt, of 112 billion Yuan, (16.9 billion dollars), according to a report by United Credit Ratings. In spite of that, the ratings firm increased the rating of the group from AA to AAA". 
 

 
Readers' comments    [ add a comment ] 
Aceeasi sectiune (English Section)
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
23.02.2018
BVB
     O treime din rulajul ședinței de tranzacționare de ieri a venit din transferul "deal" efectuat cu 1,5% din acțiunile SIF5 Oltenia, în valoare de 17,68 milioane lei. Schimbul a fost realizat...  click să citești tot articolul
23.02.2018
BURSELE DIN LUME
     Acțiunile de pe piețele din Europa au scăzut ieri, în condițiile în care așteptările tot mai mari legate de majorarea dobânzilor în SUA au afectat apetitul pentru risc, la nivel global.  click să citești tot articolul
22.02.2018
BVB
     * Piața a înregistrat a treia scădere consecutivă
     * Titlurile OMV Petrom au scăzut cu 1,14%
       Piața a înregistrat în ședința de tranzacționare de la mijlocul săptămânii, cea de a treia zi de scădere consecutivă, majoritatea cotațiilor emitenților listați la Bursa de Valori București (BVB)...  click să citești tot articolul
22.02.2018
BURSELE DIN LUME
     Acțiunile de pe piețele din Europa au scăzut ieri, în special în sectorul tehnologic, investitorii fiind atenți la rezultatele financiare anunțate de companii.  click să citești tot articolul
21.02.2018
BVB
     * George Brande, Interfinbrok: "Investitorii stau într­-o stare de expectativă, ceea ce poate explica rulajul redus"
       Piața principală a Bursei de Valori București (BVB) a încheiat ședința de tranzacționare de ieri preponderent în scădere, singurul indice ce a cunoscut o creștere fiind BET-FI, al celor cinci...  click să citești tot articolul
21.02.2018
BURSELE DIN LUME
     Bursele din Europa au crescut ieri, în a doua parte a zilei, datorită rezultator financiare peste așteptări anunțate de unele companii.  click să citești tot articolul
Cotații Internaționale

Curs Valutar

Curs valabil din data de 23 februarie 2018
1 Dolar australian...
1 Leva bulgărească...
1 Dolar canadian....
1 Franc elvețian...
1 Coroană cehă...
1 Coroană daneză...
1 Liră egipteană...
1 Euro...
1 Liră sterlină...
100 Forinți maghiari...
100 Yeni japonezi...
1 Leu moldovenesc...
1 Coroană norvegiană...
1 Zlot polonez...
1 Rublă rusească...
1 Coroană suedeză...
1 Liră turcească...
1 Dolar S.U.A...
1 Rand sud-african...
1 Real brazilian...
1 Renminbi chinezesc...
1 Rupie indiană...
100 Woni sud-coreeni...
1 Peso mexican...
1 Dolar neo-zeelandez...
1 Dinar sărbesc...
1 Hryvna ucraineană...
1 Dirham emirate arabe...
1 Kuna croată...
1 Bahtul thailandez...
1 Gram aur...
1 DST...
AUD
BGN
CAD
CHF
CZK
DKK
EGP
EUR
GBP
HUF
JPY
MDL
NOK
PLN
RUB
SEK
TRY
USD
ZAR
BRL
CNY
INR
KRW
MXN
NZD
RSD
UAH
AED
HRK
THB
XAU
XDR
2.9567
2.3802
2.9752
4.0473
0.1839
0.6251
0.2138
4.6552
5.2837
1.4879
3.5385
0.2273
0.4804
1.1161
0.0671
0.4637
0.9990
3.7813
0.3261
1.1634
0.5969
0.0584
0.3509
0.2033
2.7585
0.0395
0.1402
1.0295
0.6259
0.1202
161.6184
5.4853
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
click aici pentru cursurile pieței valutare - istoric
English Section
23.02.2018
     The dismissal of chief DNA (National Anti-corruption Department) prosecutor Laura Codruța Kovesi was announced last night by Justice Minister Tudorel Toader, at the headquarters of the Ministry, after presenting the justification of the decision, presented in the form of twenty bullet points, while also taking the opportunity to mention he had been head of class, which surprised everybody, because no one was interested in his school achievements.  click here to read the entire article
21.02.2018
LIBERAL SENATOR STRIKES AGAIN
     * Senators have voted for the annual effective rate to be at most 2.5% higher than the policy rate when it comes to mortgage
     * The law will go to the Chamber of Deputies - the decision making forum
     * Senator Zamfir: "Today, we have become European as far as the manner in which loans are granted as well"
       PNL senator Daniel Cătălin Zamfir does not disappoint. His draft law concerning the capping of interest rates was the first that appeared on the agenda yesterday, in the common meeting of the specialized commissions and despite the controversies between him and a few other party colleagues, including the president of the Economic Commission Florin Cîțu, the liberal got more than he had made his objective initially - not just the capping of compensatory and penalty interest rates, but also the capping of the annual effective interest rate charged by banks and Non-Financial Banking Institutions (IFNs).  click here to read the entire article
20.02.2018
UPON REQUEST FROM ONE SHAREHOLDER,
     * The investigation concerns the deliberate reporting of inaccurate financial statements or untrue information
     * Sebastian Vlădescu: "An investigation is the only solution which would show where the money went, I know I've done my job"
       The DIICOT prosecutors have begun prosecution in rem of the actions, in the "Romcab" (MCAB) case, according to a response sent by the prosecutors to Valentin Stănescu, a shareholder in the company.  click here to read the entire article
20.02.2018
     Decorated by Traian Băsescu with the Star of Romania, Gunther Krichbaum, the president of the European Affairs Commission of the Bundestag, asks the president of the European Commission, Jean Claude Juncker, through a letter, not to suspend the application of the Cooperation and Verification Mechanism (MCV) concerning the Romanian judicial system and writes that "in the event of new attacks on the independence of the judicial system, should take into consideration initiating the procedure for the activation of article 7 of the EU treaty" (the suspension of Romania's voting rights in the EU council).  click here to read the entire article
16.02.2018
VALERY KUZMIN, AMBASSADOR OF THE RUSSAIAN FEDERATION IN BUCHAREST:
     * Lucian Bode, co-initiator of the BRUA, is asking for clarifications from Teodor Meleșcanu concerning the export of natural gas from Hungary
       We are happy that the perimeters on the continental coast of Romania (ed. note: offshore in the Black Sea) will start being exploited, because there lies inactive a very important resource of the energy industry, his excellency Valery Kuzmin, Ambassador of the Russian Federation told us in Bucharest, during Diplomat's Day.  click here to read the entire article
15.02.2018
IN THE MEETING WITH THE ANRM
     * Also discussed were the intentions of the Mazarin company to acquire some perimeters
       The management of the National Mineral Resources Agency (ANRM) met on Tuesday with Shelley Saxen, deputy economic advisor of the US embassy in Bucharest. On the agenda was last Friday's order issued by the ARNM which establishes the reference price for natural gas mined in Romania, in order to set the royalties will be calculated based on the trading prices on the hub of CEGH Vienna, according to sources close to the talks.  click here to read the entire article
14.02.2018
     * Gigi Dragomir, the president of the ANRM: "We see no reasons why the price of natural gas paid by the end consumers should increase"
     * ROPEPCA: "The proposal to adapt the royalty for natural gas made in Romania to a virtual foreign number shows a lack of sovereignty"
       The reference price for natural gas extracted from Romania, in order to establish the royalties, will be calculated based on the trading prices of the CEGH Viena hub, the National Agency for Mineral Resources announced on Friday, which issued the Order concerning the approval of the Methodology to set the reference price for natural gas extracted from Romania.  click here to read the entire article
07.02.2018
     The Black Monday of 1987 came two months after the beginning of the term of Alan Greenspan as head of the Federal Reserve. Back then, the Dow Jones Industrial Average (DJIA) fell 508 points, 22.61% below that of the previous trading day.  click here to read the entire article
06.02.2018
     * Mihai Dragoș says that the value of the Certinvest Dinamic fund units is updated slowly on the site
     * The investor raises questions about the ties between the fund's managers and the unlisted bond issuers in the fund's portfolio
       Investor Mihai Dragoș has filed a complaint with the Financial Oversight Authority concerning the open fund Certinvest Dinamic, managed by Certinvest.  click here to read the entire article
05.02.2018
     The National Bank of Romania (NBR) thinks that the National Liberal Party (PNL) is a pariah.  click here to read the entire article
30.01.2018
     The female prime-minister seems like a victory against sexism. The emancipation of our women seems to find its expression in the appointment of Viorica Vasilica Dăncilă as head of the Executive.  click here to read the entire article
25.01.2018
THE SALE OF BANCPOST HAS REOPENED THE ISSUE OF LOANS PAID ON TIME, SOLD IN HOLLAND
     * NBR: "It is still up to the courts to establish and verify the legality of the assignment"
     * Debtor: "I went to the address in Holland and there was no main office of any Eurobank entity there"
     * Cuculis: "Companies that have acquired loans are collecting interest illegally"
     * Civil Code: "The assignee may only enforce their rights on a third party after notifying the debtor that they have been assigned"
     * The bank has not notified the customers before selling their loans
     * Bancpost had not answered our enquiry on the matter, by the time the newspaper had gone to the printers
       The sale of Bancpost to Banca Transilvania, without the loans paid to day that were assigned in the past to a Dutch entity, has once again brought up the issue of loans sold abroad, even though they were performing. Customers who have found themselves in this situation have pointed out a number of irregularities in the assignment process.  click here to read the entire article
22.01.2018
     The issue of the funding of the budget deficit will become acute in 2018, as the government authorities show us that they haven't learned anything from last year's experience.  click here to read the entire article
22.01.2018
RULING OF THE COURT OF APPEAL
     * Profit.ro Publishing owes the Romanian state approximately 360,000 Euros, and "N.ro Agenția de Știri" SRL, approximately 460.000 Euros
       Journalist Cristi Popa has won in the Court of Appeal the lawsuit against Profit.ro Publishing SA, by which he had disputed the decision by which he had been laid off in 2016, as the court decided that he would be reinstated to the job he held before his layoff, as well as the payment of compensatory salaries.  click here to read the entire article
19.01.2018
GIGI DRAGOMIR, REINSTATED AT THE ANRM
     * The dismissal of Gigi Dragomir as chairman of the ANRM, was one of the last decisions made by Mihai Tudose
     * The reinstatement of Gigi Dragomir as head of the ANRM, among the first decisions made by Mihai Fifor
     * Daniel Zamfir, PNL: "I hope that the reinstatement of Dragomir to his own job represent the admission of the mistake made by Tudose, concerning the obstructing of the updating of the reference price for natural gas"
       Former prime-minister Mihai Tudose and the current interim prime-minister Mihai Fifor, seem to have something in common, aside from the position they fill - they seem to be seriously concerned with the natural gas royalties.  click here to read the entire article
.