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CONFERINȚA "Fondurile Europene" - Ediția a IX-a
THE CONFERENCE "THE FUTURE OF THE ROMANIAN CAPITAL MARKET" - THE 6TH EDITION/MIRCEA URSACHE, ASF:
BURSA 26.09.2017

Translated by Cosmin Ghidoveanu
 
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     * 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.
     He was asked what was the result of the research conducted at the market operator, when the ASF analyzed the behavior of president Lucian Anghel concerning the summoning of the Board of Administrators meetings.
     The board members of the BSE failed to meet to decide on extending the mandate of Ludwik Sobolewski as CEO, after he notified the market, through a current report, that his contract had expired, while claiming that his mandate hadn't.
     Mircea Ursache said: "We have conducted an internal analysis of the governance. It is an internal document, which was not made public. The only element we have made public on this analysis is referring to the contract of the CEO. As long as the contract of the CEO was valid in every aspect, except one, the one concerning the duration of the term, we have intervened on that aspect. Anything else is an internal issue which are looking at in relation to the authorization procedure. I think that it was the correct way to act".
     He added: "To us, the major surprise was that the market operator, instead of notifying investors about the decision that we made, meaning the finding of the ASF (ed. note that Sobolewski is no longer a CEO), found it appropriate to answer through the media".
     The behavior of the BSE caused by the expiration of Sobolewski's mandate was criticized yesterday, at the "Future of the Romanian Stock Market" conference organized by BURSA.
     Cristian Agalopol, Executive Director of Capital Markets at Citi for Romania and Bulgaria, said that it is very hard to increase investor confidence in the BSE, as long as there are dissensions among the board members over the appointment of a new executive.
     On the other hand, the president of the Association of Brokers, Dan Paul, who is also a vice-president of the BSE, said that the report signed by Sobolewski couldn't fool anybody, because any Law student knows the provisions of article 2009 of the Civil Code, according to which "the mandate is a contract between two parties".
     From the point of view of small investors, the former head of privatizations in the Energy sector, Gabriel Dumitrașcu, stressed that "the lack of ethics" has spread to the BSE as well: "If the market operator is facing the same problem, at the top level management, I ask myself: is anybody thinking of the small investors? Is it worth it for the small investors to invest in the stock market?"
     * The Board of the BSE has interviewed the candidates for the position of CEO
     The candidates for the position of CEO of the BSE - Paul Prodan, the chairman of the Board of Directors of BT Capital Partners, Andre Cappon, the president of the CBM, Inc Consulting Group of New York, and former CEO Ludwik Sobolewski - yesterday had their job interviews, with the Board of the Exchange, according to some market sources.
     The BSE recently announced that it has initiated an internal selection process for the candidates for the CEO position, and the directors of the BSE have made nominations until September 15th.
     Since only three names were on the list - Cappon and Prodan have submitted CVs and cover letters, and Sobolewski was included by default, against the selection procedure -, they have all been called in for an interview.
     Andre Cappon held the interview first, over the web, from the US, followed by Paul Prodan and Ludwik Sobolewski.
     Apparently there is a chance that the selection process will take less time than in the past, even though the BSE has set a precedent when it comes to violating its procedures. In 2013, BSE president Lucian Anghel brought in Sobolewski from Poland, even though the Exchange had hired a head-hunting firm to find a CEO.
     The Board of Directors of the BSE is still incomplete, as the ninth member, Radu Hanga, who was elected in the General Shareholder Meeting of September 14th, is in the process of being validated by the Financial Oversight Authority. 
 

 
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Aceeasi sectiune (English Section)
AFTER FINDING THAT THE STRATEGY OF RAIFFEISEN BANK WAS DISHONEST
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UNICREDIT WARNS THAT THE ROMANIAN GOVERNMENT IS REPEATING MANY OF THE MISTAKES THAT HAVE LED TO THE RECESSION OF 2009-2010
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Actualitate - vezi toate știrile mai jos.
Bănci-Asigurări, 14:32
UPDATE
     * ACTUALIZARE 18:19
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UPDATE
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Internaţional, 10:20
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Politică, 16:30
TUDOSE:
     Premierul Mihai Tudose a declarat, astăzi, în Valea Jiului, la finalul unei întâlniri cu sindicaliștii și cu conducerea Complexului Energetic Hunedoara, că își dorește ca anul viitor România să nu mai fie nevoită să importe jumătate din stocurile de cărbune pentru iarnă, așa cum s-a întâmplat anul acesta, potrivit unei surse din presă.  detalii
Companii-Afaceri, 13:09
     CE Oltenia a achizitionat peste 3,7 milioane certificate de CO2 aferente producției de energie realizate în acest an, din care circa 3,4 milioane unități EUA au fost alocate prin Planul Național de Investiții (PNI), restul fiind achiziționate de pe piața primară EEX, pentru respectarea obligatiilor de conformare impuse de prevederile HG nr.780/2006, potrivitt unui comunicat de presă.  detalii
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20.10.2017
BURSELE DIN LUME
     Acțiunile companiilor listate la bursele din Europa au scăzut ieri, din cauza escaladării tensiunilor politice din Spania.  detalii
19.10.2017
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     * Acțiunile "Aerostar" - avans de aproape 15%, după semnarea memorandumului cu "Raytheon International Defence System" privind înzestrarea armatei cu sisteme Patriot
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19.10.2017
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English Section
19.10.2017
AFTER FINDING THAT THE STRATEGY OF RAIFFEISEN BANK WAS DISHONEST
     * Daniel Zamfir: "It has been proven that Raiffeisen has cheated people. There is nothing left to debate"
     * Bogdan Pandelică: "The order for the cessation of the unfair practice of Raiffeisen Bank has been issued, I will sign it in a few days"
       All the banks that have granted CHF loans will be audited by the National Consumer Protection Authority (ANPC), its chairman Bogdan Pandelică, announced yesterday in the Economic Commission of the Senate.  details
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
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