BURSA 10.08.2015

Adina Ardeleanu (translated by Cosmin Ghidoveanu)
 
mărește imaginea
     *  Interview with Mr. Patrick L Young, CEO DV Advisors
       Reporter: How do you see, so far, 2015 from a financial point of view, globally and in Europe?
     Patrick L Young: Globally I am worried. The Chinese bubble is bursting, the misguided extrapolation of Quantitative Easing is finally ending in much of the west and we are about to see a huge repricing of debt risk as interest rates rise. We already have a commodity price collapse, are on the verge of a bond bubble collapse and Chinese equities are sickly (albeit after significant Y/Y gains) despite the government essentially nationalising the stock exchange. This challenges the strongest vestiges of my sunny Reaganite optimism! A big dislocation may be imminent and that is a huge concern, as the world economy is not well placed to fight back this time around.
     Europe is a brilliant example of the mess the political classes will make when they believe they can somehow ignore the forces of, let's call it 'economic gravity.' The Euro is a political shambles, Greece is being beggared for a miasma of failures both within and beyond its borders. The single currency project is increasingly attempting to bind together multiple tectonic plates with duct tape which are all moving in opposite directions. No matter how strong the bandages, even carbon fibre composite bindings will break under enough strain!
     On a broader European level, essentially all governments have squandered the opportunity to make economic reforms, so they are now left to manage decline through a dismally unproductive socialist ethos, as opposed to growing which marks an interesting departure, as western Europe has lost its mojo.
     We live in interesting times...and I would wager very volatile ones in the interim period.
     Reporter: What is your view on the situation in Greece? What chances do you give to a Grexit?
     Patrick L Young: Greece is in a hideous situation. The only sane approach - presuming you do not endorse beggaring the population (which curiously it seems the current Marxist Prime Minister does...) - is Grexit.
     The whole affair is a disaster for Europe and Greece. The latter is impoverished, the former looks entirely incompetent and incapable. A third bailout merely renews the fuse of Grexit and the longer the fuse burns, the more likely the whole Eurozone will collapse. The political classes are incapable of evaluating the risks objectively (or are in denial about it). As an entrepreneur and investor, I cannot afford to avoid economic reality in the way the dysfunctional blob of Europe goes about conducting its (to put it mildly) rather disorganised affairs.
     Reporter: What investments do you consider to be most interesting at the moment? What estimations do you have for the next period? What events should investors pay attention to, this year?
     Patrick L Young: I happen to still like exchanges. We are working on several projects in this area, as the digital world perfectly fits with the benefits of exchanges. These network opportunities are enormous - everywhere.
     At the same time, I have a considerable involvement in startups per se and am closely involved in Poland (through a startup group I cofounded "Mission ToRun) and across the world.
     Technology is fundamentally interesting and there are huge opportunities for everybody at every age in the current environment. I am however worried about the overall macroeconomic picture and hence have been selling/pruning my portfolio of conventional assets in real estate, equities and so forth. I have no bond holdings right now - in fact I am more likely to be short of bonds/equities currently...awaiting much juicier yields in the near future (I like P2P / marketplace lending for this reason incidentally).
     The biggest issue to pay attention to is the state of the world economy. China is in difficulty, the US remains sluggish thanks to the leftward lurch of the Obama administration, yet the US expansion is surely closer to an end for this cycle. Europe is a basket case overall. Sorry I cannot be more optimistic on the short to medium term but look at it this way - we live in a world of opportunity and technology on the horizon is simply incredible.
     ...albeit we have to work hard to get government to move out of the analogue era and accept our exciting digital future, even at the cost of the upheaval it can create.
     Then again that could work hugely to Romania's advantage if we can break the remaining influence of corruption and empower a better, broader meritocratic society for the nation which thrives with a nimbler bureaucracy such as, say Estonia's wondrous digital government...
     Reporter: What are at the moment the favorite safe havens?
     Patrick L Young: I struggle to find any truly safe havens. Property and physical assets have generally been pushed up by QE. Stocks and bonds can look frothy (globally - I have not had much time to do incremental Romanian calculations of late). Right now I am mostly watching and playing from the short side. I hold a little Bitcoin and am broadly diversified but all investors will need to be nimbler not merely to profit but to protect their wealth in the months ahead, I fear.
     Reporter: What is the impact of the conflict in Ukraine on the markets?
     Patrick L Young: Currently not much. A rush of geopolitical madness to the head of the stubborn EU has been matched by a stubborn defensive reaction from Moscow. The Ukrainians are left in a limbo of bankruptcy - a bit like the Greeks but more militarised. The affair has not been the finest hour for 21st century international politics.
     Reporter: How do you see the asian markets?
     Patrick L Young: Dominated by China. The panda has flu, Asia has a problem until it is cured.
     Reporter: How do you see the evolution on the Romanian stock exchanges?
     Patrick L Young: I am delighted to see how Ludwik Sobolewski has made such progress with Bucharest SE. For the first time in its history the institution is truly beginning to look like a cohesive business where international investors will be attracted. That said, in terms of maturity, Bucharest remains little more than an infant and the danger of backward steps are considerable, especially without government support. I hope Ludwik can continue to build cohesion in the exchange, he has done well so far.
     However given that the total number of investors in Romania would barely fill a large football stadium, let's not delude ourselves, this is still an embryonic business and there are huge mountains to climb.
     Expanding investor education is clearly just one component to an ongoing approach to build an investor culture.
     Reporter: Are you still an investor in Sibex? How do you see this market, from the perspective of the partnership with Athex Clear?
     Patrick L Young: I have held a few SIBEX shares and I dearly would love to see that market succeed. However it has no vision, no coherent understanding of the opportunities available to it and thus is adrift in an ocean where fewer and fewer brokers even connect to it - Indeed I think my shares are back in limbo at the CSD after yet another broker quit the market! Exchanges have enormous potential. That SIBEX has comprehensively failed to exploit any of this, is a terrible indictment of dismal management and a missed opportunity for Romania.
     Reporter: Would you invest in Romania? Why?
     Patrick L Young: Romania remains a people play: marvellous well educated polyglot technologically literate employees. I wish I could employ more of them!
     I maintain some investment in Romania, with highly capable staff helping produce my daily newsletter "Exchange Invest" read by the world's market infrastructure executives from the Chairman of the NYSE across the world... Hence I am sold on the potential of investing more in Romania...
     ...but the bureaucracy and the corruption factors remain wearing. President Iohannis has his work cut out to turn Romania from its current post-feudal approach to commerce into being a vibrant prosperous capitalist democracy. The Romanian bureaucracy is so dispiriting it makes Poland look like an excerpt from Ayn Rand's ideal world - and in reality Poland is pretty sclerotic too! However Romania is just dire to run a business in - expensive, ridiculously bureaucratic and a waste of time that can be used to profit elsewhere. Rampant deregulation is required to reduce the insanity of a system which appears convinced private entrepreneurship is still some sort of anti-social activity.
     However, despite that dysfunction and because of the huge talent pool, I would love to invest more in Romania. I am particularly interested in working with startups and we're investigating bringing my crowdfunding entity "HanzaTrade" to Romania too.
     Reporter: What is the chance of Romanian exchanges, in the perspective on the Capital Market Union?
     Patrick L Young: Capital Markets Union is at that stage where everybody loves it because they all perceive it in a different way. As I put it at the FESE (European Stock Exchange Federation) Convention in Oslo last month: 'CMU is that ravishing dream girl at the prom you have glimpsed from the distance on a perfect midsummer's evening...but once you get up close you may notice she is nether as pretty, interesting or accomplished as you had hoped at first sight.'
     CMU is a huge opportunity.
     Romania is a nation bursting with opportunity.
     The historical record clearly states that both have a severe lack of political ability/will to actually make things work.
     ...and the EU is coming off the back of financial legislation such as MIFID II which is, like so many "sequels,' a dismally pointless continuation of a once worthwhile theme.
     Hopefully it will work out for the best... However when it comes to anything involving the EU, once again my sunny Reaganite optimism is challenged... 
 

 
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Aceeasi sectiune (English Section)
AFTER BEING INVESTIGATED BY THE TAX ADMINISTRATION AND THE ANPC, BANKS GET INVESTIGATED BY THE COMPETITION COUNCIL
THE COURT RULED THAT SOME CONTRACTS CONCLUDED BY CELL PHONE COMPANIES INCLUDE ABUSIVE CLAUSES
AFTER THE TRANSACTION BETWEEN BANCA TRANSILVANIA AND BANCPOST
PATRICIA SUÁREZ RAMÍREZ, THE PRESIDENT OF THE ASSOCIATION OF FINANCIAL CONSUMERS OF SPAIN:
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
Actualitate - vezi toate știrile mai jos.
Bănci-Asigurări, 13:11
     * Dolarul a pierdut 2,46 bani în fața monedei naționale
     * Francul a coborât la 3,9642 lei
       Banca Națională a României (BNR) a anunțat, astăzi, un curs de referință de 4,6332 lei pentru moneda europeană, în creștere cu 0,05 bani, comparativ cu ședința de ieri, când euro a fost cotat la 4,6327 lei.  detalii
Politică, 08:15
UPDATE
     * ACTUALIZARE 14:41 Dircă, USR: "Dacă se adoptă modificările propuse de PSD-ALDE la Coduri, datele informatice obținute în dosarul lui Dragnea trebuie șterse, iar înregistrările cu crima de la metrou nu ar mai putea fi folosite"
     Senatorul USR George Dircă a declarat astăzi că, în cazul în care propunerile de modificare a Codurilor penale formulate de PSD și ALDE ar fi adoptate, înregistrările informatice nu ar mai putea fi utilizate în instanțe, ceea ce ar avea impact inclusiv asupra dosarului lui Liviu Dragnea, dar și asupra cercetărilor crimei de la metrou.
     * ACTUALIZARE 11:24 Comisia parlamentară specială condusă de Florin Iordache a amânat pentru luni dezbaterea și votul modificărilor propuse la cele două Coduri penale pentru transpunerea Directivei Parlamentului European privind prezumția de nevinovăție și a dreptului de a fi prezent la proces.  detalii
Companii-Afaceri, 14:49
     
     Grupul Enel Spa ("Enel"), prin subsidiara sa americană de energie regenerabilă Enel Green Power North America, ("EGPNA"), a câștigat astăzi două Acorduri de Sprijin pentru Energie Regenerabilă ("RESA") pentru un nou parc eolian de 146 MW în Alberta, Canada, în cadrul unei licitații organizate de Alberta Electric System Operator ("AESO"), potrivit unui comunicat de presă trimis Redacției.  detalii
Companii-Afaceri, 14:47
DELOITTE ROMÂNIA:
     Pe fondul unei economii stabile în regiune și a indicatorilor macroeconomici în creștere, România a câștigat încrederea investitorilor, devenind astfel o piață principală în zonă, alături de Polonia, potivit Deloitte Central Europe Private Equity Confidence Survey, se arată într-un comunicat de presă remis Redacției.  detalii
Companii-Afaceri, 14:19
     Ministerul Energiei a autorizat plata primei cereri de rambursare prin Planul Național de Investiții (PNI), de la înființarea acestuia, în 2013, potrivit unui comunicat de presă remis Redacției.  detalii
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14.12.2017
BVB
     * Acțiunile Electrica au mai pierdut 1,82%, până la 10,78 lei/unitate
       Lichiditatea înregistrată pe Bursa de Valori București (BVB) în ședința de tranzacționare de la mijlocul săptămânii a fost de 64,3 milioane lei, peste media zilnică anuală de 47,9 milioane lei și...  detalii
14.12.2017
BURSELE DIN LUME
     Acțiunile de pe piețele din Europa au scăzut ieri, investitorii așteptând anunțul băncii centrale americane (Fed) privind politica sa monetară viitoare.  detalii
13.12.2017
BVB
     * "Întotdeauna, din piețele mici, se iese mai repede decât din cele mari, pentru că lichiditatea este mai scăzută", punctează analistul
     * "Deal" de aproape 17 milioane de lei cu titlurile DIGI
       Ședința de tranzacționare de ieri de la Bursa de Valori București (BVB) a fost marcată de o nouă scădere generalizată a pieței, toți indicii bursei suferind deprecieri ale cotațiilor.  detalii
13.12.2017
BURSELE DIN LUME
     Acțiunile de pe piețele europene au urmat un curs ascendent ieri, în baza avansului din sectorul petrolului și gazelor.  detalii
12.12.2017
BVB / SCĂDERI PE LINIE LA BVB
     * Lichiditate de numai 30 de milioane de lei
       Piața principală a Bursei de Valori București (BVB) a ieșit în evidență, în ședința de tranzacționare de luni, printr--o tranzacție realizată pe piața "deal", în valoare de 7,38 milioane...  detalii
12.12.2017
BURSELE DIN LUME
     Bursele din Europa au fluctuat ieri, în prima zi a unei săptămâni în care sunt așteptate reuniuni importante de politică monetară în SUA și Europa.  detalii
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English Section
12.12.2017
AFTER BEING INVESTIGATED BY THE TAX ADMINISTRATION AND THE ANPC, BANKS GET INVESTIGATED BY THE COMPETITION COUNCIL
     * Chirițoiu: "We suspect an exchange of sensitive information on the banking market"
     * Dan Suciu, NBR: "The audits of the Competition Council can't be a reason for panic whatsoever"
     * Unannounced audit at Finmedia
     * The investigated institutions are at risk of being fined 10% of their turnover
     * Vasilescu: "The NBR has nothing to do with these investigations"
       The financial banking system seems to be the focus of most of the investigation entities. After being audited by the National Tax Administration Agency (ANAF) and by the National Consumer Protection Authority (ANPC), some of the banks which operate in Romania have also been investigated by the Competition Council (CC).  details
11.12.2017
THE COURT RULED THAT SOME CONTRACTS CONCLUDED BY CELL PHONE COMPANIES INCLUDE ABUSIVE CLAUSES
     * The Bucharest Court of Appeal Bucharest yesterday ruled that RCS&RDS has abusive clauses in its contracts
     * The ANPC has also won the initial lawsuit against Telekom România
     * Vodafone has lost the case in the court of last instance against the ANPC
       The Courts have decided that some contracts concluded by the telephony companies contain abusive clauses. The Court rulings were rendered last year, as well as in 2016, but the argumentations have been formulated relatively recently.  details
08.12.2017
     The hope of an accession as quick as possible by Romania to the Eurozone was dealt a heavy blow precisely on the National Day.  details
06.12.2017
AFTER THE DRAFT HAD BEEN PUBLISHED IN OCTOBER
     * Gheorghe Șimon: "The royalties law will be voted in the Parliament in February next year"
     * Ministry of the Economy: "We will establish royalties which are fair both for the state as well as for the business sector"
     * Daniel Cătălin Zamfir, PNL: "I found out that there are companies that have never, take note, never paid even one leu in royalties to the Romanian state, even though they have been exploiting resources for over 20 years"
     * Last year, the Court of Auditors announced that Romania lost 1.4 billion dollars, because the ANRM established the oil royalties in a flawed manner
       The entire legislative package concerning the regulation of the system for the regulation of the mineral, oil and hydromineral resources will be revised and will be voted in the Parliament in February next year, Economics minister, Gheorghe Șimon, announced yesterday, after the debates of the Economic, Industries and Services Commission of the Senate.  details
28.11.2017
AFTER THE TRANSACTION BETWEEN BANCA TRANSILVANIA AND BANCPOST
     * Customers with borrowers in CHF from Bancpost are waiting for a conversion program with a discount
       After moving to second spot last year in the domestic banking system, through the acquisition of Volksbank, Banca Transilvania (BT) ends up on equal footing with BCR, taking over Bancpost, from Greek group Eurobank.  details
27.11.2017
     * MAKE, BURSA: "I want the new CEO of the BSE to participate in the drafting of a new strategy for the development of capital market"
       On Thursday night, "BURSA" received the Award for the promoting of high standards of corporate governance on the capital market, as part of the 2017 Capital Market Awards Gala, organized by the Association of Brokers.  details
24.11.2017
     * Ciprian Păltineanu and Adrian Tănase, scheduled for meetings with the board
     * Both candidates seem to be closet o the group in the shareholder structure of the BSE
     * George Butunoiu is in charge of recruitment
     * The waiting list may include a few foreigners, including former BRD executive Jacek Panczyk
       According to some market sources, banker Ciprian Păltineanu and Adrian Tănase, Chief Investment Officer at NN Pensii România, will hold interviews in the beginning of next week with the Board of the BSE, after Ludwik Sobolewski's term expired in the summer.  details
23.11.2017
PATRICIA SUÁREZ RAMÍREZ, THE PRESIDENT OF THE ASSOCIATION OF FINANCIAL CONSUMERS OF SPAIN:
     * The head of the ASUFIN: "The ruling of the Supreme Court of Spain in which the Andriciuc case has been invoked will be part of the Spanish case law and the lower courts will be required to apply the principle that underlies this decision"
       The ruling issued by the Court of Justice of the European Union (CJUE) in the Andriciuc versus Banca Românească case represents a great advantage for Spanish debtors, said Patricia Suarez Ramírez, the president of the Association of Financial Consumers in Spain (ASUFIN), as part of a response recently sent to BURSA.  details
22.11.2017
     * Dragnea: "Those who are against me are hiding behind institutions"
       The president of the Chamber of Deputies, Liviu Dragnea, leader of the PSD, thinks that his enemies are hiding behind some institutions, "they crucify people", and the real stake is "the blocking of the Laws concerning the Justice system".  details
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
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