Gala BURSA "Deceniul European din Centenarul României"
BURSA 23.08.2017

ADINA ARDELEANU (translated by Cosmin Ghidoveanu)
 
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     Ludwik Sobolewski announced, on Monday night, that he has decided not to exercise his mandate as CEO of the Bucharest Stock Exchange, "even though he could", invoking an alleged difference between "mandate" and "the mandate contract", a distinction which does not exist in the Romanian Civil Code.
     With this press release, Ludwik Sobolewski has fudged the internal procedures of the BSE.
     Even though "he has decided not to pursue his mandate", Ludwik Sobolewski has not announced an interim CEO for his position. He has not announced whether he has delegated his responsibilities, whether he has handed in his phone, car and home, and whether his access to information concerning the activity of the BSE has been revoked.
     The BSE hasn't made that kind of announcement either.
     The BSE hasn't sent any answer to the request by "BURSA" to clarify these matters.
     After two days of confusion, representatives of the BSE have told Agerpres, that Alin Barbu, CEO of the Bucharest Stock Exchange will coordinate the activity of the institution.
     "Since 2009, Alin Barbu has served as one of the two executives of the BSE authorized by the ASF, and is one of the individuals who, according to the Articles of Incorporation and the decisions of the Board of the Exchange, is empowered to coordinate the activity of the BSE and has the right to take responsibility", the source quoted by the press agency explained.
     The BSE has not notified the market, instead it has notified a press agency, which is an unnatural order for a listed company.
     By the time the newspaper had left for the printers, the BSE had not yet published a current report.
     Lucian Anghel, the president of the BSE, has disappeared, precisely during this period of torment. When asked via e-mail to answer our unresolved questions, we have received the following automated response: "Thanks for your message! I will be out of office until August 28th, 2017".
     Lucian Anghel is ignoring the emails he gets, instead it would appear he's working, because he has summoned the Board of the Exchange yesterday, for an ad-hoc meeting.
     More specifically, the board members have been summoned to approve the current reports illegally issued by Ludwik Sobolewski, by which he claims, in contradiction with the Civil Code, that his term is still in effect, even though his mandate contract has expired, and that he has decided not to exercise his term.
     For the emergency summoning, Anghel needs all the members of the Board to agree, which seems impossible.
     Ironically, even though he says that the meeting of the Board of Directors of Friday, summoned for the extension of the mandate of the CEO, did not meet the quorum, in Monday's night press release, Sobolewski stated that all the implications of the "unusual legal situation", which is what he calls the illegality he has committed, "have been presented in the meeting of the Board of August 18th, 2017, and the current report published on August 21st, 2017 was approved by the Audit Committee of the BSE".
     The opinions of the BSE committees have an advisory role for the Board of the Exchange.
     The Board of the Exchange did not approve Sobolewski's reports, because it hasn't met.
     The situation once again proves Sobolewski's imposture.
     *  Anghel's diversion
     Lucian Anghel is also busy with diversions, even though he's on holiday.
     Yesterday, the BSE sent a press release quoted by Agerpres, according to which the shareholders of the BSE have doubled their investment in four years out of the increase in the stock price and out of dividends.
     Investors who bought shares in the BSE four years ago, had a gain of 78.7%, just from the price increases alone, without taking into account the dividends the company paid out during that period, it is stated in a press release of the market operator sent on Tuesday to the press agency. Thus, at the end of June 2013, the price of a BSE share was approximately 18.3 lei, and on June 30, 2017 it stood at 32.7 lei, according to the press release.
     Lucian Anghel is quoted in the press release: "It is a significant gain for the shareholders of the BSE. The market capitalization of the BSE has increased from 140 million lei at the end of 2013, to over 250 million lei at the end of June 2017, which means a gain of 110 million lei. On top of that increase, of almost 80%, if we take into account the yield of the dividends paid out by the company during those years, then we are talking about a doubling of the shareholders' investment".
     The press release has not been posted on the website of the BSE.
     When faced with questions about the functioning of the BSE, about illegalities committed by Ludwik Sobolewski in which he is also involved, Lucian Anghel speaks about Sobolewski's performances. Nobody asked him about that. Since he has started doing analyses, he should have at least done them according to the objectives set for the CEO at the beginning of the mandate.
     The "BURSA" newspaper published that analysis on August 11th. Sobolewski met his criteria in 2014 and 2017 but also for three months of 2013, when the goals had already been reached before his appointment.
     In 2014, the performances have been compared to 2012.
     In 2017, the performances have been compared by semesters, with 2016, starting from a low benchmark.
     In 2015 and 2016, Sobolewski didn't meet his criteria, seeing drops all over the place.
     That is his term in a nutshell.
     Anghel's diversion doesn't hold water because he omits speaking precisely about the most important thing: liquidity. Ratings firms have asked for it in order to promote us to the emerging market status, and Sobolewski himself has acknowledged that it remains a challenge. The average daily turnover is 10.45 million Euros, this year, below the level of 2014.
     Anghel only says what he wants.
     But that wasn't the issue.
     To Anghel the illegalities committed by Sobolewski don't matter, because he was his accomplice.
     At this time, the eyes are turning to Lucian Anghel because Sobolewski has compromised himself. People are starting to talk about how the BSE deserves a true president, rather than a puppet. Lucian Anghel's only escape is to bring Sobolewski back and to restore the harmful formula that has been in place, an objective for which he is willing to do anything.
     For instance, while everybody expects the situation at the BSE to get resolved and him to publish a current report by which to announce Alin Barbu as interim CEO, he all of a sudden starts singing the praises of Alpha Giant Sobolewski. 
 

 
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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
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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
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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"
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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
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