Gala BURSA "Deceniul European din Centenarul României"
THE MISSION OF BSE PRESIDENT LUCIAN ANGHEL
BURSA 12.09.2017

ADINA ARDELEANU (translated by Cosmin Ghidoveanu)
 
mărește imaginea
Luiza Maria Georgescu, chief of personnel at Nuclearelectrica, pushes the button which starts the listing of the company on the Bucharest Stock Exchange, on October 4th, 2013. Lucian Anghel and Ludwik Sobolewski were present, but the BSE doesn't remember it anymore.
     * The press release about the results of the BSE has omitted mentioning the IPO of Nuclearelectrica
     * Even though it quotes PwC, the data posted by the BSE differs from that of the consulting firm
       In a promotional campaign that isn't justified by reality in any way, the Bucharest Stock Exchange (BVB) is being maneuvered by its president Lucian Anghel into posting wacky press releases almost daily, such as the one posted yesterday, called "Listings of over 1 billion Euros in four years on the Bucharest Stock Exchange", with the only purpose of praising Ludwik Sobolewski's performances on the BSE, and not in any way for information purposes, because yesterday's text for instance, contains wrong numbers, omissions and wording mistakes.
     Yesterday, the PR team of the BSE showed that they had no idea about what happens at the company: "The Bucharest Stock Exchange (BSE) has become, over the last few years one of the most dynamic markets in Central and Eastern Europe, where successful IPOs amounting to more than one billion Euros have been launched. According to data available in the IPO Watch Europe provided by PricewaterhouseCoopers (PwC), in the last four years, the BSE has seen IPOs amounting to 1.1 billion Euros.
     Three private companies and two state owned ones have gotten listed on the BSE since 2013".
     It's ridiculous.
     The Bucharest Stock Exchange, which was until recently led by Sobolewski, doesn't know how many IPOs the state has initiated, during these four years: there have been three of them, not two.
     The press release of the BSE completely neglects to mention the Nuclearelectrica IPO, of September 2013, and only mentions Romgaz and Electrica: "In 2014, a company in which the state held a majority stake was being taken public: the IPO for the sale of 51% of Electrica (EL) was worth 443 million Euros.
     At the end of 2013, Romgaz (SNG) got listed on the BSE, after an IPO of 391 million Euros, for 15% of the company".
     What's worse is that even in the chart presented by the BSE, having IPO Watch Europe - a report by PwC - as a source, the total value of the 2013 IPOs is said to be 391 million Euros, even though the mistake was not made by PwC. The PwC report of 2014, quoted by the BSE, shows a total value of 454 million Euros for 2013 IPOs.
     The representatives of the BSE have simply erased the Nuclearelectrica IPO, of approximately 70 million Euros from the statistics, showing lack of professionalism, even as they are trying to publicize an achievement.
     Embarrassing.
     When it comes to private IPOs, the BSE is mired in mistakes: "This year, a record for the biggest IPO of a private company on the BSE was seen: DIGI Communications (DIGI) sold a block of shares of 25.6% worth a total of 207 million Euros. In June, another Romanian company, AAGES (AAG), was listed after the shareholders sold 15% for the equivalent of 1.2 million Euros. At the end of last year, another private company, medical services operator MedLife (M), had a stake of 44% for the equivalent of 51 million Euros".
     Once again, the members of PR team of the BSE have no idea what they're talking about and make another mistake, because DIGI Communications and MedLife didn't sell any interests, just like in the case of AAGES (AAG), their shareholders sold their shares, through IPOs on the BSE, which means that the stock market was not used for financing, but as an intermediary.
     Where does it say that if they're PR officers of the BSE they should know what they're talking about?!
     What's important is praising Sobolewski!
     Lucian Anghel said: "On a regional scale, we have made a historic leap and we have become one of the two most powerful emerging markets for IPOs, surpassing in that regard even some emerging and developed markets. And that has happened in a country where the GDP per capita puts her towards the bottom of the chart of European countries".
     Wow!
     A historic leap!
     Lucian Anghel claims that the Romanian stock market has developed over the last few years due to the reforms and the constant modernization of the market.
     It leaves you speechless!
     Four fifths (78%) of the value of the IPOs of these four years with Sobolewski and Anghel at the helm come from the state's IPOs, in other words the performance of the BSE is for the most part, the worth of the state and not of the "reforms and of the constant modernization process".
     "The historic leap" was made by the state.
     That award should go the state, not to the Stock Exchange.
     But, despite the "historic leap", despite the grandiose claims by Anghel that we have surpassed even developed markets in some regard, the Bucharest Stock Exchange continues to be irrelevant among the continental stock exchanges, where in terms of the median daily turnover (that is the most important criterion), we're at the bottom compared to the other European countries.
     Sobolewski's term did not bring in any improvement in that regard.
     Sobolewski didn't know how to do that.
     But the BSE still doesn't matter in the overall picture of the Romanian economy. Its presence in Romania's economic life is so insignificant, that it has only succeeded in keeping 62,000 accounts, of which it is unknown how many are really active. Probably about 5,000. We are talking about 5,000 investors in a country of 20 million residents.
     Having no connection to the performance criteria assumed through the CEO's management contract, the reports of the BSE represent a way to distract from a real evaluation of Sobolewski, as well as covert promotion for him, because they conveniently overlap with his term.
     These announcements are being accompanied by statements of BSE president Lucian Anghel, who wants to see Sobolewski back as CEO.
     The fact that he wants it back even after the misleading current reports posted by Sobolewski on the official website of the BSE, the fact that Anghel never denied those misleading current reports by the BSE, quite the contrary, after their publication, he tried to get the approval of the Board of Directors of the Exchange for them, these facts give us the scope of something.
     Of what exactly?!
     How can this be described? 
 

 
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Actualitate - vezi toate știrile mai jos.
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
     * Tot astăzi, PNL organizează proteste antiguvernamentale în țară
     ------------
       * ACTUALIZARE 14:50
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Companii-Afaceri, 16:46
     Președintele Consiliului Național al Întreprinderilor Private Mici și Mijlocii din România (CNIPMMR), Florin Jianu, a fost ales în funcția de președinte de onoare al Uniunii Europene a Tinerilor Întreprinzători (JEUNE), potrivit unui comunicat de presă.  detalii
Politică, 15:57
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PENTRU A DOUA OARĂ,
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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
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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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