Gala BURSA "Deceniul European din Centenarul României"
AFTER FOUR YEARS AT THE HELM OF THE BSE
BURSA 13.07.2017

ADINA ARDELEANU (translated by Cosmin Ghidoveanu)
 
mărește imaginea
     *  The Board of the Stock Exchange has been waiting for Ludwik Sobolewski's answer for about three weeks now
       Ludwik Sobolewski, who called himself the Alpha Male of the stock market, has received from BSE president Lucian Anghel, an offer for a new term as CEO of the Bucharest Stock Exchange, which includes a fixed salary cut by half, according to some market sources.
     The BSE has never disclosed the salary of the CEO, but BURSA wrote that he had the same compensation in Bucharest as in Warsaw, with a fixed salary of 17,000 Euros a month, and in the first two years of his term he was paid a bonus of 450,000 Euros.
     The Board of the Exchange discussed the proposal to reduce the salary of the CEO about three weeks ago, according to our sources. According to them, Ludwik Sobolewski verbally turned down the offer, but he also said that he would answer in writing within a week. The discussion wasn't however recorded in the minutes of the Board meeting, as the president of the Exchange, Lucian Anghel told his colleagues that it was informal, our sources told us.
     They add that Sobolewski hasn't kept his word, leaving the Board of the Exchange hanging all this time.
     Some voices are saying that Lucian Anghel is hesitant when it comes to summoning the Board of Directors to make a decision on the future CEO term, even though he has been asked to do so.
     With the expiration of Sobolewski's term drawing near (August 21st), the management of the BSE demonstrates irresponsibility by failing to make a clear decision on the issue of the future CEO.
     Even though the BSE has committed to the principles of corporate governance, they are frequently violated, as the decisions are made through deals made at the last minute.
     The management of the BSE knew four years ago that Sobolewski's term would end on August 21st, 2017. The event was 100% predictable, yet it caught us by surprise.
     If Sobolewski doesn't want to stay in Romania anymore, then the management of the BSE needs to negotiate with somebody else.
     There are alternatives, they are being discussed in the market, but as long as the position of CEO of the BSE isn't available, and Sobolewski isn't giving an answer, any proposal would seem frivolous.
     In the four years of his mandate, Sobolewski did not have spectacular results, but he has demonstrated his ability of introducing himself, of convincing people that he is the best.
     As soon as he arrived in Bucharest, Ludwik Sobolewski called himself the Alpha Male of the stock market, showing who was the boss, in a manner disrespectful to the Exchange and to Romania.
     During his term he only discussed things that suited him and constantly blamed everything that didn't work out on others.
     Now Sobolewski seems to be on the ropes and it remains for him to show his ability in this situation as well.
     The game has several variables, because a meeting of the Board of Directors is summoned for Friday, which has as its topic the appointment of a new board member, after the death of Cristian Micu.
     "BURSA" wrote that for this position, it has been Radu Hanga and Mihai Chișu that have been nominated. It seems however, that the Nomination Committee only validated Radu Hanga, but the procedure was disputed by some board members.
     Some voices claim that the EBRD representative Otto Naegeli opposed the appointment of Mihai Chișu on the Board of Directors due to the fact that in the past Chișu worked for Gelsor, an investment fund created in 1999 and owned by businessman Sorin Ovidiu Vântu.
     Another variable in the negotiations is the presence on the Board of Directors of Mrs. Claudia Ionescu, who is set to be approved by the ASF. 
 

 
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Aceeasi sectiune (English Section)
THE QUICK RISE OF THE INDEX WHICH SETS THE TREND FOR INTEREST RATES ON LOANS DENOMINATED IN LEI ISN'T STOPPING
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Politică, 14:36
UPDATE
     * ACTUALIZARE 16:54 Parlamentarii PSD părăsesc sala
     Moțiunea de cenzură depusă de PNL este citită în acest moment, în plenul reunit al Parlamentului, iar parlamentarii PSD au început să părăsească sala.  detalii
Politică, 07:37
UPDATE
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     ------------
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English Section
16.11.2017
THE QUICK RISE OF THE INDEX WHICH SETS THE TREND FOR INTEREST RATES ON LOANS DENOMINATED IN LEI ISN'T STOPPING
     The 3-month ROBOR rate, which is used to calculate the interest rates, the majority of the loans denominated in lei, has jumped past the 2% psychological level, and yesterday reached 2.06%, up from Tuesday's 1.92%, according to data from the NBR.  details
16.11.2017
THE PARLIAMENT IS ASKING FOR INFORMATION CONCERNING THE INVESTIGATIONS WHICH OMV PETROM HAS BEEN SUBJECTED TO
     * Minister Toma Petcu, former ministers Răzvan Nicolescu and Victor Grigorescu, the representatives of the state in the executive structure of OMV Petrom and Mihai Busuioc, the president of the Court of Auditors were heard today in the Investigation Commission
       The executives of OMV Petrom mentioned, in a letter addressed to the parliament, the existence of four lawsuits brought by the National Energy Regulation Authority (ANRE) and of seven audits by the Authority, between 2012-2017, as the recent request for information by the Commission for the Investigation of the activity of the ANRE targeted a period of 12 years, from 2015 to 2017.  details
14.11.2017
THE EURO AT AN ALL-TIME HIGH
     * Vasilescu: "We cannot say that the currency market has gone off the rails, the exchange rate has moved 4 bani in 4 days"
     * "Perhaps it is a simple coincidence the fact that on November 8th was approved the Emergency Ordinance of the Fiscal Code and it was also on that day that the Euro rose past 4.6 lei", said Mr. Vasilescu
       The leu yesterday reached a historic low against the Euro, 4.6495 lei/Euro, up 1.05 over the previous meeting, marking the fourth day where the exchange rate was above 4.6 lei.  details
13.11.2017
     In October, the Romanian Commercial Bank, through Schoenherr și Asociații, has submitted, with the County Court of Bihor, a request for the insolvency of the European Drinks group, owned by the Micula brothers. That group includes: European Drinks, Transilvania General Import-Export, European Food, Starmill SRL, Scandic Distilleries SA, Rieni Drinks.  details
10.11.2017
DUMITRU COSTIN (BNS):
     * The executives of OMV Petrom, summoned to appear in the Parliament for the third time
     * Sevil Shhaideh and Radu-Spiridon Cojocaru, the representatives of the state on the Supervisory Board of OMV Petrom, also called in for hearings
     * Costin: "We have notified the Audit Body of the Prime-Minister"
       The management of OMV Petrom, namely Mrs. Mariana Gheorghe, as well as the representatives of the Romanian state on the Supervisory Board of OMV Petrom, Sevil Shhaideh and Radu-Spiridon Cojocaru will be invited to appear in the hearings on the Investigation Commission for the activity of the ANRE, the members of the Commission decided on Thursday.  details
09.11.2017
     * The fear that wages will drop is unjustified
       The government's proposal to transfer the social security contributions exclusively to the employee is not at all a social-democratic measure and not even one of redistribution, rather it is one of an ultra-liberal nature, which leaves the employer in the unique position in Europe of not contributing in no way whatsoever to the social security systems (retirement and unemployment) or healthcare.  details
08.11.2017
     * A 39% stake belongs to Russian millionaire Sergey Lobanov, who is being criminally investigated in Russia for alcohol contraband
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07.11.2017
     * Brokers: The depreciation of EL, amid the drop in the market, as well as due to deal with the FP
     * Adrian Simionescu: "Investors feel the price at which EL has acquired from the Proprietatea Fund its stakes is very high and unjustified"
     * The FP-Electrica deal, among the topics of the PNL vote of no-confidence against Energy minister Toma Petcu
       It seems the stock market did not take kindly to the approval of the transaction by which "Electrica" acquires the stakes of the Proprietatea Fund in its branches, at least for now, because EL stock dropped abruptly, immediately after the general shareholder meeting of October 26th.  details
06.11.2017
     Finally, after many statements concerning the fundamental changes in the fiscal policy, announced from one day to the next and then denied, we have the argumentation note and the draft of the emergency ordinance to amend the Tax Code published, which the Ministry of Public Finance will apply starting with the beginning of next year.  details
01.11.2017
PSD SENATOR EUGEN TEODOROVICI:
     * "The MADR made a «shopping list» of projects - with local level libraries and a ferry for crossing the Danube"
     * "Within three years at most, Romania can draw 3 billion Euros in European funds"
     * "Unfortunately, Romania promotes politicians instead of promoting specialists"
       Romania has embarrassed itself with the proposals that had been initially prepared for the Juncker plan, said Eugen Teodorovici. Mr. Teodorovici is the president of the Budget and Finance Commission of the Romanian Senate, member of the European Affairs Commission and former minister of European Funds.  details
01.11.2017
ADVERTISING
     Esports, no longer the "unruly" child of the tech and sports entertainment fields, has established itself as a legitimate and profitable industry. Romanian production company PGL is at the forefront of its acceptance and growth.  details
30.10.2017
     Ludwik Sobolewski handed in his resignation.
     Wow!
     Friday, the Bucharest Stock Exchange (BVB) posted on its website the text of a "Current report":
     "The Bucharest Stock Exchange is announcing that on October 27th, 2017, Mr. Ludwik Sobolewski has notified the company about his resignation from the position of CEO of the company".  details
27.10.2017
RUMORS: THE NEW CEO OF THE BSE, SOUGHT IN THE BANKING INDUSTRY
     * Two months have passed since Sobolewski's term expired
       Even though the management of the Bucharest Stock Exchange has not been officially announced, the result of the interviews for the position of CEO held on September 25th, it seems that already a new search has been launched, which focuses on the banking sector.  details
27.10.2017
     * Lucian Bode: "I have great doubts that the state will come out a winner from the FP-Electrica transaction and I don't think that this acquisition constitutes a zero priority for the company"
     * Gabriel Dumitrașcu: "I hope that by tomorrow (ed. note: today) at 10:00, the ASF will issue a statement, otherwise it means Mircea Ursache is reckless"
       The General Shareholder Meeting of Electrica set to take place today announces itself very interesting as, on the agenda, it includes the election of the members of the Board of Directors by applying the cumulative voting method, as well as approving the acquisition by Electrica of the stakes of the Proprietatea Fund (21% each) in the distribution subsidiaries of Muntenia Nord, Transilvania Nord, Transilvania Sud and Electrica Furnizare, for a price of 752,031,841 lei, a cost higher by 60 million for the company compared to the failed negotiation of March 2016.  details
23.10.2017
THE ANPC STARTS THE REVOLUTION ON THE BANKING MARKET
     The National Consumer Protection Agency (ANPC) recently fined no less than 15 commercial banks, on charges of misleading advertising, according to sources close to the situation.  details
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