Gala BURSA "Deceniul European din Centenarul României"
BURSA 27.10.2017

ANCUȚA STANCIU (translated by Cosmin Ghidoveanu)
 
mărește imaginea
     * 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. (See also www.bursa.ro).
     The election of the members of the Board of Directors of Electrica has already created a major scandal in the energy market, revealed by BURSA first.
     The management of Electrica accepted the applications of the government back candidates, respectively of Doina Dascălu, former vice-president of the Court of Auditors and of lawyer Ciprian Iacob, even though they had been submitted 8 minutes after the deadline in the convening notice and rejected those of Alexandru Botez and Gabriel Dumitrașcu.
     The management of Electrica claimed the two applications from the government had been submitted within a reasonable delay.
     Both Gabriel Dumitrașcu, shareholder in Electrica, as well as Alexandru Botez have submitted complaints with the ASF for the clarification of the situation.
     Gabriel Dumitrașcu told us Wednesday: "I am waiting for the ASF to issue an opportune statement prior to a decision of the General Shareholder Meeting in relation to the illegality of the applications, so that it doesn't generate a lawsuit that would cause the instability of the Board of Directors and implicitly to cause the lack of trust among investors.
     The ASF shouldn't forget that Electrica is also listed in London and any procedure declared illegal in the election of the directors will also be reflected in way London investors perceive the company. I hope that by tomorrow (ed. note: Thursday) at 10, the ASF will issue a message, otherwise it would mean Mircea Ursache (ed. note: vice-president of the ASF) is reckless".
     When asked by BURSA about the notification submitted by Gabriel Dumitrașcu, the ASF officials gave us the following statement, on Wednesday: "The ASF does not comment on aspects that concern its current activities. Should the result of the analyses conducted result in measures which qualify as public information, it will be reported to investors appropriately".
     Speaking about the transaction between Electrica and the Proprietatea Fund, Gabriel Dumitrașcu said that the price was too high without any justification: "On the other hand, rather than have Electrica keep its money in the bank, from an investor's point of view, I would rather have the money generate a higher return for the Electrica Group, than the one than that it can get by keeping it in the bank".
     About the fact that Electrica is now willing to pay more money for the stakes of the Proprietatea Fund than it did in the previous years, Gabriel Dumitrașcu said: "There is pressure from investors concerning what's happening with their money, and on the other hand, I think it is also an inability of the majority shareholder to correctly perceive the market position of the stake offered by the Proprietatea Fund".
     * PNL deputy Lucian Bode: "I've never seen a serious justification from Electrica for this transaction"
     As for the acquisition by Electrica SA of the 22% stake held by the Proprietatea Fund in the four branches of Electrica, Lucian Bode, former minister of the Economy and current president of the Transports and Infrastructure commission, thinks that those who made the decision were too rash: "Honestly, I haven't seen a serious argumentation from Electrica for this transaction".
     In his opinion, such a decision needs to be made taking into account several elements:
     "1. I would have wanted to see an analysis proving the fact that during those years, the Proprietatea Fund has honored, according to the Government Decision by which it was set up, the objective for which it was created. Meaning, how many Romanians have been rewarded out of the shares they were compensated in various lawsuits on the issue of nationalized properties.
     2. Also, out of this Government Decision it follows that the share capital increase is done with the amount which is being asked for the compensation of the potential beneficiaries. We don't know on what basis the Proprietatea Fund has increased its repeated holdings in the state companies.
     3. From my point of view, even though there are specialists that claim the contrary, the par value of a share in the Proprietatea Fund was never been bought back by the Romanians who received shares in this Fund.
     4. I think Electrica could have managed its cash-flow much better, but it chose to conclude this memorandum, instead of making the investments it had committed to, and allocate out of its budget the amount of 163 million Euros for this acquisition, perhaps out of the will to gain its decision independence".
     Lucian Bode says he has doubts that the state will come out a winner out of the FP-Electrica transaction: "I am telling you openly that I doubt the state will come out a winner out of this deal and I don't think that this acquisition represents the most important thing for the company to do. On top of that, we have the number of individuals that held key positions in the Proprietatea Fund, to then find them in the same decision-making positions in state owned companies, switching sides, strictly out of personal interest, and nothing more.
     It remains to be seen how Electrica will use this decisional independence and how it will succeed in consolidating its market position, how it will improve its services and how it will fulfill its obligations to consumers. I hope the price paid isn't too high, and the performances will match the financial effort".
     In the opinion of Lucian Bode, lately, energy companies seem to be under assault by the government, through the Ministry of Energy. He explained: "Through the appointments made in the management structures of these companies, through the major decisions that do not express a strategic vision meant to guarantee the sustainable development of these companies, the Ministry of Energy serves interests that seem to have no connection to the main concern which ought to be ensuring a stable and professional framework for the manifestation of market players. Furthermore, the destabilization of this strategic sector through the decapitalization of state owned companies which have been forced to pay to the state budget 90% of their profit and the reserves, leads to their draining of financial resources and represents a threat to Romania's energy security".
     * Piperea: "When you apply a double standard and especially if that comes from the state, you can't complain about others using a double standard themselves"
     Exceeding the deadline for the submission of applications for the management of Electrica by 8 minutes seems to be an irregularity, but to claim that they are invalid because of that is a kind of formalism, said lawyer Gheorghe Piperea. He does say however, that not accepting the other two applications from candidates that weren't backed by the government, is wrong: "When you apply a double standard and especially if that comes from the state, you can't complain about others using a double standard themselves".
     In the opinion of lawyer Piperea, the FP- Electrica transaction is part of a double process that FP has been subjected to over the last three years: the liquidation of the major holdings and the restitution to the shareholders of amounts as restitution of contributions to the share capital.
     The lawyer say: "What is important is that these restitutions are barely legal, because, according to the international reporting standards, FP has losses, whereas according to the Romanian standards it has a profit. I think that the Tax Administration should check whether this isn't a kind of fiscal optimization that leans towards tax evasion, because these capital restitutions are not taxable".
     The articles of incorporation of the "Proprietatea Fund" of November 24th, 2005 stipulated that "the main line of business of this fund is to manage its portfolio in order to grant the compensations pertaining to properties which may not be distributed in kind, through the free of charge transfer of shares to the ownership of the entitled individuals".
     Lawyer Gheorghe Piperea said: "The line of business of the Proprietatea Fund changed in 2010, insidiously, gradually, without the people's knowledge. The line of business of the Proprietatea Fund is no longer to compensate its investors, instead it has been changed into an investment fund. There have been some lawsuits on the matter, but they have been done by somebody who did not have enough strength, (ed. note: lawyer Ioana Sfîrăială) and they have been dismissed. I think that the change of the line of business was done illegally.
     Somebody could raise the issue of the absolute nullity of the articles of incorporation precisely because it clearly and blatantly violates the law which says that this fund is the only avenue of compensation. Besides, it is no longer the only one actually because honorable Victor Ponta had another law concerning the compensation put out, namely that stupid points-based system which will probably have the same fate and in another ten years we taxpayers will end owing more compensations.
     Of course it is within their right, it's just that nothing was done here to solve all those losses. The Proprietatea Fund has been nothing but a mere mechanism, but an absolutely perfect one for draining public money to private pockets. And not just any kind of pockets, but those of people who traded information at a certain point". In the opinion of lawyer Gheoghe Piperea, for the FP-Electrica transaction a serious evaluation is needed, as the branches are not listed. 
 

 
Readers' comments    [ add a comment ] 
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
Newsletter Facebook Twitter YouTube LinkedIn RSS
Actualitate - vezi toate știrile mai jos.
Strategia Naţională Anticorupţie, 21:44
LAURA CODRUȚA KOVESI:
     Din cauza deciziei Curții Constituționale a României (CCR) de redefinire a abuzului în serviciu, peste 200 de dosare au fost clasate în acest an, iar prejudicii de 188 de milioane de euro din aceste dosare nu mai pot fi recuperate, întrucât faptele nu mai pot fi cercetate, a declarat în această seară procurorul șef al Direcției Naționale Anticorupție (DNA), Laura Codruța Kovesi.  detalii
Companii-Afaceri, 21:08
     Agenția Națională pentru Ocuparea Forței de Muncă (ANOFM) avea înregistrate astăzi, în evidențele sale, un număr de 26.081 de locuri de muncă vacante, potrivit datelor furnizate de agenții economici, se arată într-un comunicat de presă al instituției.  detalii
Strategia Naţională Anticorupţie, 20:44
KOVESI, DESPRE O POSIBILĂ REVOCARE A SA:
     Procurorul șef al Direcția Națională Anticorupție (DNA), Laura Codruța Kovesi, a afirmat, în această seară, că nu are emoții privind o posibilă revocare a sa din funcție și că își va face treaba până în ultima zi de mandat sau "până în ziua în care se cere revocarea sau ce se mai poate cere".  detalii
Internaţional, 20:22
     Patru din principalii indici bursieri europeni au închis ședința de tranzacționare de astăzi în apreciere.  detalii
Piaţa de Capital, 20:03
     Indicii de pe Bursa de Valori București (BVB) au închis în teritoriu pozitiv a doua ședință de tranzacționare a săptămânii, lichiditatea totală fiind de 40,28 milioane de lei (8,65 milioane euro), peste rulajul înregistrat ieri (5,7 milioane euro).  detalii
Ediții precedente
Jurnal Bursier
21.11.2017
BVB
     Bursa de Valori București (BVB) a înregistrat, în prima ședință de tranzacționare a săptămânii, o lichiditate de 26,7 milioane de lei (5,7 milioane de euro), cu mult în scădere față de ședința de...  detalii
21.11.2017
BURSELE DIN LUME
     * Piețele au depășit impactul inițial negativ generat de impasul politic din Germania
       Bursele din Europa s-au înscris pe un curs pozitiv ieri, în a doua parte a zilei, după ce, anterior, scăzuseră pe motiv că negocierile pentru formarea unei coaliții de guvernământ în Germania erau...  detalii
20.11.2017
BVB
     * Piața, dominată de tranzacțiile cu obligațiuni, care au generat peste 80% din rulajul total
       Lichiditatea înregistrată pe Bursa de Valori București (BVB) în ultima ședință de tranzacționare a săptămâ-nii a fost de 266,56 milioane lei, mult peste media anuală de 48,61 milioane de lei, în...  detalii
20.11.2017
BURSELE DIN LUME
     Acțiunile de pe piețele europene au scăzut vineri, din cauza estimărilor dezamăgitoare lansate de unele companii.  detalii
17.11.2017
BVB
     * SIF5 a cumpărat 7,57% din "Turism Felix", printr-un "deal" de 7,5 milioane lei
     * Rulaj de 10 milioane euro, în ședința de joi
       Lichiditatea înregistrată pe Bursa de Valori București (BVB) în penultima ședință de tranzacționare a săptămânii a fost de 46,21 milioane lei (9,96 milioane euro), puțin peste rulajul de miercuri...  detalii
17.11.2017
BURSELE DIN LUME
     Acțiunile tranzacționate pe piețele din Europa au urcat ieri, cele mai importante câștiguri fiind înregistrate în sectorul construcțiilor, după ce firma franceză "Bouygues" SA a raportat...  detalii
Cotații Internaționale

Curs Valutar

Curs valabil din data de 21 noiembrie 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
3,0042
2,3802
3,0995
3,9960
0,1822
0,6255
0,2249
4,6551
5,2461
1,4877
3,5249
0,2251
0,4802
1,0999
0,0667
0,4669
1,0017
3,9650
0,2813
1,2166
0,5977
0,0611
0,3643
0,2091
2,7052
0,0392
0,1498
1,0795
0,6153
0,1210
163,2575
5,5883
..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
21.11.2017
     The Council of the European Union and the European Parliament have sent to the ECB, in the beginning of this year, a request concerning the sending of some proposals to revise the framework for managing crises.  details
20.11.2017
ANPC STRIKES AGAIN
     * BCR: "Ongoing contracts no longer contain the clauses that have been subjected to examination"
     * Sources: "ANPC has 6 lawsuits against BCR, which will lead to enormous losses for Erste Bank if BCR loses in court"
       After forcing Raiffeisen Bank to eliminate the unfair practices from the loan agreements, the National Consumer Protection Authority (ANPC) strikes again, this time the biggest bank in the system. BCR lost in the court of first instance, against the ANPC, in a class action lawsuit concerning abusive lending clauses.  details
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
       Banca Transilvania intends to buy an initial stake of over 39% of Victoriabank, the third largest bank in the Republic of Moldova, and together with the EBRD, would own a majority stake, according to a press release sent yesterday.  details
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
.