Gala BURSA "Deceniul European din Centenarul României"
BURSA 04.07.2017

Adina Ardeleanu (translated by Cosmin Ghidoveanu)
 
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     *  A new blunder, trademark Toma Petcu: "Energy companies do not have investments in the pension funds "
       While Agriculture Minister Petre Daea causes amusement through his speeches about sheep, Energy Minister Toma Petcu seems to be the champion of blunders.
     Very sure of himself, the Energy Minister yesterday explained how the stocks of companies in his ministry's portfolio shouldn't have been affected by the statements of Finance Minister Ionuț Mișa concerning the elimination of the Second Pillar of private pensions, which were later retracted. The reason that Toma Petcu provided was mind-boggling: because the energy companies do not have investments in the Second Pillar pension funds.
     With such an explanation, you don't know whether to laugh or cry.
     You're just left stunned.
     But Toma Petcu, doesn't ask questions, he just utters nonsense nonchalantly. He even seems proud to be tackling such a difficult topic as finance.
     The Energy Minister was asked about the effects of the statements made by Ionuț Mișa on the stocks of energy companies.
     We hereinafter reproduce the answer of Toma Petcu, which he could have kept brief in order to avoid the point where he started talking nonsense: "This is not the first time when the stock market developments of all the companies, not just those in the energy sector, may have significant drops or rises.
     During these two days, today is the third (ed. note: since the statement of Ionuț Mișa), I have no knowledge of transactions having been made, in other words sales of shares in companies in which the ministry is a majority and maybe even a minority shareholder, therefore we can't speak about concrete losses at the moment, out of the price difference.
     I hope and I am convinced, that the stock market will slowly get back to the previous values and maybe even go higher, as far as the stocks of energy companies are concerned.
     I think that we would have actually seen a significant impact if major transactions actually existed. Sure, we don't want the evolution of the stock market to be a fluctuating one and especially one with negative fluctuations. If those statements affected anything, they should have probably affected first of all those companies that have investments in Second Pillar pension funds. I don't know any companies in the portfolio of the Ministry of Energy having that kind of investments. I think it was a chain reaction, of all the companies, of the stock market in general. It was a reaction. I am convinced that this week, that thing will get resolved".
     Thursday, specialists criticized the statement of the new Finance Minister, Ionuț Mișa, concerning the elimination of the 2nd Pillar Private Mandatory Pensions, and the subsequent retraction by Mihai Tudose, Liviu Dragnea and by Ionuț Mișa himself, especially since those blunders actually took place while the trading session was open and led to significant drops.
     Toma Petcu didn't understand what it was about and apparently didn't ask for clarifications.
     Mr. Toma Petcu, 2nd Pillar is the name given to the privately managed pension system, with set contributions, which are mandatory for people below 35 years of age, and optional for people aged 35 to 45.
     Meaning it is citizens that have "investments" in the 2nd pillar pension funds, not companies.
     The private pension fund proposes for the participants' money to be invested in the long term and not spent right away, and the participants have the right of ownership over the personal account in which their retirement money is being collected.
     In other words, the employees contributions' are collected by the private pension funds and invested by the fund managers in various assets.
     On May 19th, exactly 9 years after the actual launch of the 2nd Pillar, the number of participants in these funds has reached almost 6.9 million Romanians, and the net assets under management have exceeded 35.1 billion lei (7.7 billion Euros), according to the APAPR.
     At the end of April, 20% of the assets of 2nd Pillar pension funds were invested in shares listed on the Stock Exchange, meaning also in shares that were part of the portfolio of the Energy Ministry.
     The elimination of the 2nd Pillar, as Ionuț Mișa initially announced, meant the liquidation of the private pension funds, meaning the sale of all the assets in their portfolios. Just to make it clear to Mr. Toma Petcu, that meant a selling pressure on the shares of those companies. That is why investors who chose to sell immediately after the statement of the Finance Minister chose to sell.
     No, Mr. Toma Petcu, the companies didn't lose anything. Their market value dropped. Meaning, anybody looking to sell, hypothetically speaking even the Energy Ministry, will find buyers at lower prices. 
 

 
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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
THE PARLIAMENT IS ASKING FOR INFORMATION CONCERNING THE INVESTIGATIONS WHICH OMV PETROM HAS BEEN SUBJECTED TO
RUMORS: THE NEW CEO OF THE BSE, SOUGHT IN THE BANKING INDUSTRY
THE ANPC STARTS THE REVOLUTION ON THE BANKING MARKET
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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
     PNL a depus la Avocatul Poporului sesizarea pentru contestarea la Curtea Constituțională a Ordonanței de Urgență (OUG) prin care este diminuată contribuția la Pilonul II de pensii.  detalii
Companii-Afaceri, 17:18
RADET:
     Facturile la încălzire pe luna octombrie a acestui an au scăzut cu peste 27 la sută față de aceeași perioadă a anului trecut, iar prețul energiei termice livrate bucureștenilor nu va crește în această iarnă, potrivit unui comunicat de presă al RADET remis Redacției.  detalii
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
     Președintele Comisiei speciale pentru sistematizarea, unificarea și asigurarea stabilității legislative în domeniul Justiției, Florin Iordache, a trimis astăzi Birourilor permanente reunite o scrisoare în care solicită ca toate actele normative cu incidență asupra Justiției care sunt în procedură parlamentară să fie dezbătute și modificate în această comisie, potrivit unei surse din presă.  detalii
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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
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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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