Electrica Furnizare
CONFERINȚA "Fondurile Europene" - Ediția a IX-a
BURSA 08.01.2013
Patrick Young: 2012, a lost year for Romania
     Reporter: Mr. Young, how was, in your opinion, the year 2012, from economic and financial point of view, globally, regionally (Europe) and locally (Romania).
     This has been a tough year for many economies and while the world limped along (with a few areas of eager consumer expansion such as Russia), the situation in the EU was precarious at best and little short of dire in the worst places.
     In terms of Romania, it felt to me like another year that was largely lost to growth which is such a pity when we see the wealth of talent and resources in this wonderful country.
     The problem for every government in 2012 has been the need to realize (not achieved by any major government so far) that the old era of the delusional European "third way" of a quasi-socialist government spending to control vast swathes of the economy is simply unaffordable. Now some nations are suffering appalling shocks because the money has run out, e.g. Greece, while others such as Spain have horrific problems with youth unemployment and overall joblessness. Then again, investors are not very motivated to invest in countries where they don't see much potential for reform and here governments have been cowardly in "biting the bullet. Put simply: the era of spendthrift government is over.
     Patrick Young: How do you think the things will evolve in 2013, from the same perspective of financial and economic issues at global, regional and local level?
     Well here we are chatting away with the USA dangling precariously on the precipice of the fiscal cliff. The USA exemplifies the "spend like a footballer's wife' approach to government. In just 30 years "pork barrel' politics have multiplied the US balance sheet from a total debt of 908 billion dollars thirty years ago to now borrowing 100 billion dollars per month. No, don't even think of translating those numbers into Lei, they are grim enough in US dollars! The US government spending limit was increased from 14.3 trillion to 16.4 trillion dollars as recently as 2011. In terms of spending what you cannot afford, it is difficult to tell who is worse when comparing western Europe with the USA! ...and don't get me started about Japan with debt well in excess of 200% to GDP. That is an ugly ratio for any nation!
     Even if the US government manages to turn around its addiction to spending, US consumers may simply stay away from the shops. In Western Europe, there is a total vacuum in economic leadership and governments such as France live in a Shangri-la world where economic gravity can apparently be defied.
     In summary, I am deeply concerned as, unfortunately, many of the chapters in "The Gathering Storm" which I edited a few years back are becoming reality.
     At a regional level, the "New Europe" is going to suffer the tail winds of any storm battering either the West or the Far East. Moreover, the region's economic powerhouse Poland is already encountering difficulties sustaining growth. Only in Russia does there seem to be sustainable consumer demand currently and even that may yet shut down if a sudden western recession hurts demand for oil and gas.
     Overall, I see a challenging year ahead although as a natural optimist I also must stress that there are great opportunities to be found, particularly in the New Europe and especially in Romania. However, funding acquisitions is tough and that will keep a lot of investors on the sidelines.
     Reporter: What do you think about Romanian Capital Market evolution in 2012? Please give some perspectives for 2013.
     Patrick Young: I really don't want to sound overly cynical here but the truth is the Romanian capital market is in crisis.
     Brokers and bankers have been fleeing Romanian investment markets. BVB and SIBEX are both seen as utterly peripheral (at best) to investors and it is difficult to justify maintaining capital markets teams in the face of markets which simply don't even begin to fulfill their potential.
     Adjusting prices may help create a blip but the difficult is that Romania's exchanges are like a pair of corner shops when what we need is a supermarket.
     From what I can see, there is no coherent plan or thinking to actually create a tangible Romanian capital market. As I understand it, there are less than 85,000 customer accounts in Romanian exchanges. Even during a bruising year for stocks, the Warsaw SE added more than 25,000 accounts in one month.
     Put simply: nobody trusts or sees the benefit of the Romanian capital market and there is no leadership to define it going forward. That is a tragedy for the many good people employed in the industry who are being held back by a complete lack of understanding how to go about providing capital markets services to the Romanian and regional economy. It is a very frustrating affair but confidence is a very precious thing and alas, as a whole, Romanian markets do not engender confidence in investors either at home or abroad. The images of Romanian investing in the minds of foreign investors currently is one of liars, fraudsters and cheats...and let's face it that was the one big story which emanated from the Romanian marketplace last year.
     One positive, albeit complex, step will be the creation of a new unitary regulator. I say this not to criticise CNVM but rather that a new unitary regulator can hopefully help mark a new beginning for Romania's markets in every sense. It will be hard work to create this new body but it can do a lot of good and I wish it every success.
     Reporter: We know that you are an active entrepreneur. Would you invest in Romania in the future or advise somebody to do it, in the capital market or any other domain?
     Patrick Young: I have been investing in Romania recently along with other nations in the New Europe and maintain staff in Sibiu. Then again I am willing to be a contrarian investor. Romania's many incredible fundamentals (an amazing qualified, diligent, and enthusiastic, talent pool, low costs of operation and good internet connectivity to name just three core facets) are often over-shadowed by the utterly sclerotic bureaucracy and the perception of corruption.
     At present, I continue to look for investments and am interested both in private and publicly held businesses in capital markets and elsewhere. I see a vast amount of untapped opportunity in Romania. Then again, the problem is that the same can be said of Poland, Serbia & the former Yugoslavia, Slovakia and a dozen other countries in the "New Europe." It's a competitive market for investment and to succeed, a nation needs to give investors confidence.
     Reporter: As a shareholder of Sibex, what do you expect from the new Board? Are you satisfied with the results?
     Patrick Young: I had hoped to see immediate action after the EGM to restore confidence in the marketplace but in fact there seems to be total inaction so far. The market has made no attempt to atone for its scandalous past and the board of directors collectively has yet to demonstrate that they understand the core failings of the exchange.
     Ultimately, there is little confidence in using SIBEX. It has not got a sensible product mix for the markets we are in. The management is not credible and the only plan from what I can see is to attempt a little granular tinkering around the edges of existing products when what the exchange needs is a total revolution and restoration from the ground up. True, Rome wasn't burnt in a day and alas SIBEX continues to fester.
     SIBEX is not so much an exchange, more a discredited entity missing a rich seam of opportunity.
     The current plan for SIBEX is reminiscent of buying a man in a coma a pair of running shoes in the anticipation it will make him fit and healthy again.
     Yet with exchange platforms remaining an exciting arena for development, in the right hands there is still a great opportunity to create a regional marketplace even from the current mess which can within a few years be worth 30-50 million Euros and more.
     Naturally, I am a very disappointed small shareholder. I invested in an exchange with a future, found myself soon owning a glorified ponzi scheme and now we have a very sick enterprise with no clear direction. This is another tragedy of the Romanian capital market...
     I sincerely hope 2013 will be better than 2012 but right now I am not very confident. 
 

 
Readers' comments    [ add a comment ] 
1.  interesting...
    (mesaj trimis de eu****** în data de 08.01.2013, ora 12:54)  
 Well a lot of disappointing points regarding SIBEX, but very clear said.
 I love the sentence:"True, Rome wasn't burnt in a day and alas SIBEX continues to fester." that I may concluded for a subtitle for this article " SIBEX contnues to fester..."


 
Aceeasi sectiune (English Section)
AT THE INVESTIGATIVE COMMISSION OF THE ACTIVITY OF THE ANRE
RADU CRĂCIUN, APAPR, ABOUT THE INVESTMENT OF PRIVATE PENSION FUNDS IN DIGI, A COMPANY WHICH HAS CRIMINAL ISSUES:
UNICREDIT WARNS THAT THE ROMANIAN GOVERNMENT IS REPEATING MANY OF THE MISTAKES THAT HAVE LED TO THE RECESSION OF 2009-2010
AFTER BEING FORCED TO MOVE THE BRD NĂSTASE ȚIRIAC TROPHY TOURNAMENT TO BUDAPEST
THE CONFERENCE "THE FUTURE OF THE ROMANIAN CAPITAL MARKET" - THE 6TH EDITION/MIRCEA URSACHE, ASF:
FINANCE MINISTRY LAYS GROUNDWORK FOR BUYING GOVERNMENT BONDS DIRECTLY THROUGH THE TREASURY
Actualitate - vezi toate știrile mai jos.
Companii-Afaceri, 19:00
     Ministrul Transporturilor, Felix Stroe s-a întâlnit astăzi, la sediul Ministerului Transporturilor, cu liderii federațiilor sindicale feroviare, potrivit unui comunicat de presă remis Redacției.  detalii
Strategia Naţională Anticorupţie, 18:41
     Un polițist din Giurgiu, prins în flagrant după ce a primit 3.000 de lei mită de la o persoană cercetată penal pentru că a refuzat să i se recolteze probe de sânge, a fost plasat în arest la domiciliu, potrivit unui comunicat de presă trimis Redacției.  detalii
Politică, 17:59
     Președintele Klaus Iohannis a declarat, astăzi, la Bruxelles, că o reuniune a liderilor UE va avea loc la Sibiu în 9 mai 2019, de Ziua Europei, fiind probabil ultima întâlnire din Agenda liderilor prezentată de către președintele Consiliului, Donald Tusk, și la care se vor trage concluziile în aceea ce privește viitorul Uniunii.  detalii
Companii-Afaceri, 17:42
     Conducerea interimară a Companiei Naționale Poșta Română a decis crearea unui grup de lucru, format din angajați ai instituției din toată țara, care va stabili liniile directoare pentru înființarea centrelor regionale de profit, potrivit unui comunicat de presă remis Redacției.  detalii
Strategia Naţională Anticorupţie, 17:22
     Ofițerii Direcției Generale Antocorupție (DGA) au descins, astăzi, la Spitalul Județean din Urgență din Galați, într-un dosar în care se fac cercetări pentru fals și abuz în serviciu, potrivit unui comunicat de presă.  detalii
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
19.10.2017
BVB
     * Acțiunile "Aerostar" - avans de aproape 15%, după semnarea memorandumului cu "Raytheon International Defence System" privind înzestrarea armatei cu sisteme Patriot
       Piața Bursei de Valori București (BVB) a înregistrat, în ședința de tranzacționare de ieri, o lichiditate de 31 milioane de lei (6,75 milioane euro), sub media zilnică a acestui an (48,13 milioane...  detalii
19.10.2017
BURSELE DIN LUME
     Bursele europene s-au înscris pe un curs pozitiv ieri, investitorii fiind atenți la rezultatele financiare anunțate de companii.  detalii
18.10.2017
BVB
     * Creșteri pe linie pentru toți indicii bursei
     * Acțiunile "Impact Developer & Contractor" înregistrează un salt de 3,04%
       După evoluția mixtă de luni a indicilor Bursei de Valori București (BVB), ședința de tranzacționare de ieri a fost marcată de creșterea generală a pieței, în contextul unui rulaj de aproape 24...  detalii
18.10.2017
BURSELE DIN LUME
     Acțiunile tranzacționate la bursele din Europa au scăzut ieri, în majoritate, în special cele din sectorul auto, din cauza slăbirii cererii din domeniu.  detalii
17.10.2017
BVB
     * Titlurile "Fondul Proprietatea" conduc topul lichidității
       Săptămâna de tranzacționare a debutat cu un rulaj de 32,54 milioane de lei, superior celui înregistrat vineri, de circa 23 milioane de lei, în contextul în care cinci dintre indicii Bursei de...  detalii
16.10.2017
BVB / ÎN ULTIMA ȘEDINȚĂ A SĂPTĂMÂNII,
     * Dragoș Mesaroș, "Goldring": "După demisiile miniștrilor, de joi seară, probabil că investitorii au prins curaj, intrând la cumpărare"
       Ultima ședință de tranzacționare a săptămânii a încheiat în teritoriul pozitiv, toți indicii Bursei de Valori București (BVB) marcând creșteri.  detalii
Cotații Internaționale

Curs Valutar

Curs valabil din data de 18 octombrie 2017
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
TRL
USD
ZAR
BRL
CNY
INR
KRW
MXN
NZD
RSD
UAH
AED
HRK
THB
XAU
XDR
3,0529
2,3438
3,1159
3,9799
0,1783
0,6158
0,2211
4,5841
5,1388
1,4872
3,4624
0,2244
0,4904
1,0831
0,0680
0,4778
1,0591
3,9032
0,2893
1,2360
0,5892
0,0599
0,3449
0,2076
2,7804
0,0385
0,1468
1,0627
0,6106
0,1178
160,6797
5,4996
..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
18.10.2017
OVIDIU DEMETRESCU, ARBA:
     * The management of the company accepted two applications that were sent in late, for the elections of October 26th, claiming they were submitted "within reasonable delays"
     * "I think that we are embarrassing ourselves, by the mere fact that we were able to interpret the law in such a way", said Ovidiu Demetrescu
     * "Demetrescu: "ASF and BVB should react, in the case of Electrica, if they had a management with a free spirit"
       The directors of "Electrica" (EL) violated the law when accepting the applications backed by the government for the elections of the new management, recorded eight minutes after the deadline from the convening notice, claiming they were submitted "within a reasonable delay", says Ovidiu Demetrescu, the president of the Romanian Association for Good Management (Asociația Română de Bună Administrare - ARBA).  details
16.10.2017
EXCLUSIVE
     * "The US and Saudi Arabia - the main sponsors of terrorism in the world"
     * (Interview with His Excellency, Mr. Hamid Moayyer, ambassador of the Republic of Iran in Romania)
       Donald Trump, the United States president, must decide by October 15th whether or not he will certify if Iran has followed the terms of the nuclear agreement signed in 2015 by Iran and six major western powers.  details
12.10.2017
EARTHLY LAWS, IGNORED ON THE BSE PLANET
     The Bucharest Stock Exchange (BVB), the operator of the Romanian capital market, still stands by the nonsensical claim made by its former CEO Ludwik Sobolewski, that his contract expired on August 21st, but not his mandate.  details
12.10.2017
AT THE INVESTIGATIVE COMMISSION OF THE ACTIVITY OF THE ANRE
     * Sources: PSD has four names for the head of the ANRE
     * Rumored names: Florentin Pandele, mayor of Voluntari, Iulian Iancu, president of the Industries Commission, former prime-minister Sorin Grindeanu and deputy Eugen Nicolicea
       Niculae Havrileț, the president of the National Authority for Regulation in the Energy Sector (ANRE), together with other members of the Regulatory Committee of the ANRE, will arrive before the Commission for the Investigation of the activity of the ANRE.  details
11.10.2017
RADU CRĂCIUN, APAPR, ABOUT THE INVESTMENT OF PRIVATE PENSION FUNDS IN DIGI, A COMPANY WHICH HAS CRIMINAL ISSUES:
     Mandatory private pension funds which have invested in Digi Communications, the parent company of RCS&RDS, which was indicted on money laundering and offering bribes, have taken this operating risk into account, by offering a lower price in the IPO, Radu Crăciun, member on the Board of Directors of the Romanian Association of Privately Managed Pensions (APAPR).  details
09.10.2017
     President of BURSA Press Group, Florian Goldstein (MAKE), participated, as speaker, on September 26th, at a debate regarding the future of the European Union, in Brussels, at the invitation of Group of the European People's Party.
     The subject of the debate can be synthesized in four questions:
     1. Would it be recommendable for the EU Non-Eurozone States to adopt Euro currency?(...)
     -------------
     Question nr.1 answers given by my fellow citizens are divided, and this summer polemic between the Euro MP Theodor Stolojan and Daniel Daianu (member of the Romanian National Bank Board of Directors) in the financial newspaper BURSA has shaped up the idea we could adopt Euro anytime (given the condition of maintaining the macroeconomic balances), an idea opposed to the one claiming Euro adoption should wait till the convergence criteria would be fulfilled.  details
09.10.2017
UNICREDIT WARNS THAT THE ROMANIAN GOVERNMENT IS REPEATING MANY OF THE MISTAKES THAT HAVE LED TO THE RECESSION OF 2009-2010
     * Vasilescu: "There are many crystal ball readers, even in the banking system"
     * UniCredit estimates that the leu will continue to weaken against the Euro to 4.6-4.7, in the first quarter of 2018, and that the policy rate will increase to 2.5%
       UniCredit Bank analysts are issuing a warning that the Romanian government is repeating many of the mistakes that have led to the recession of 2009-2010. The quoted experts are mentioning both the fiscal policy that is risky for the economy, as well as the fact that the leu will significantly weaken in 2018, and the deficit may increase to 3.7%. Among other things, the UniCredit report issued on Friday predicts an EUR/RON exchange rate of 4.7 and a policy rate of 2.5%, for the beginning of next year.  details
05.10.2017
AFTER BEING FORCED TO MOVE THE BRD NĂSTASE ȚIRIAC TROPHY TOURNAMENT TO BUDAPEST
     * Ilie Năstase: "If I was Țiriac, I would sue Mugur Isărescu"
       PNL senator Daniel Zamfir, president of the Budget Commission in the Senate, a vocal critic of the banking system, of the NBR and of its governor is adamant about bringing up the activity of the NBR from all angles.  details
03.10.2017
     * The BSE may be taken off the watchlist
     * FTSE only noted improvements when it comes to stock lending, while the liquidity requirement has not yet been met
     * Poland, upgraded to the emerging market status
     * Mongolia and Nigeria, removed from the watchlists
       The Bucharest Stock Exchange (BSE) remains a frontier market, for at least a year, after, on Friday night, FTSE Russell did not give promote it.  details
02.10.2017
     * Iulian Iancu: "We shouldn't stand out by being silent in Brussels and be forced to give natural gas to the neighboring countries, by taking it away from our industrial consumers"
     * Emil Calotă: "If we do not take action, the natural gas stored by the Romanian producers will remain unused, because there will be far cheaper imported gas available"
       The National Authority for the Regulation of the Energy Market (ANRE) has asked for the reconsideration of gas storage policies in Romania to be made a priority, Emil Calotă, the vice-president of the ANRE recently said, in the debates in the Industry Commission of the Romania Parliament about the Draft Law concerning the approval of the Government Emergency Ordinance no.64/2016 for the amendment and completion of the Law of Electricity and of natural gas no. 123/ 2012.  details
29.09.2017
LUCIAN ANGHEL:
     We can't expect Romania to be upgraded to the emerging market status right now, BSE president Lucian Anghel said yesterday, as FTSE Russell will publish today its annual classification report.  details
28.09.2017
     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.  details
27.09.2017
     The Romanian Commercial Bank (BCR) is saying for the first time, that the sale of the Cemacon was made at a price of 1 Euro, and the lender stressed that this was done to save the company.  details
26.09.2017
THE CONFERENCE "THE FUTURE OF THE ROMANIAN CAPITAL MARKET" - THE 6TH EDITION/MIRCEA URSACHE, ASF:
     * Cappon, Prodan and Sobolewski yesterday had their interviews for the position of CEO of the BSE
     Ludwik Sobolewski is no longer the CEO of the Bucharest Stock Exchange (BVB), Mircea Ursache, the vice-president of the Financial Oversight Authority (ASF) said yesterday. He added that the ASF has conducted an analysis concerning corporate governance at the BSE.  details
25.09.2017
FINANCE MINISTRY LAYS GROUNDWORK FOR BUYING GOVERNMENT BONDS DIRECTLY THROUGH THE TREASURY
     The Ministry of Public Finance (MFP) has created the legal framework which will allow it to sell government bonds to the population directly through the State Treasury and intends to use that system for the next issue aimed at individual investors as early as this year, according to market sources.  details
.