English Section

17 aprilie 2012

THE CULTURE OF THE CRISIS, AT "GUARANTEED 100%", ON TVR1, ON APRIL 29THWhat I said and what I didn't say

• I said "The Lord's Prayer"

• I have warned that we didn't honor the Commandments

• I did not say that, had we abided by the Commandments, we would have avoided the crisis (because that is obvious)

• I did not draw any conclusions

Out of the blue, I found myself invited by Cătălin Ştefănescu to appear on "100% Guaranteed", on TVR1, an invitation which surprised me, because the show is in the area of culture and I thought folks like that cringe as soon as you mention finance (in my case, the opposite isn't true), and when he told me on the phone that he would like to have me talk about "the Culture of the crisis", I appreciated the fact that he was giving me an opportunity which I had been looking for a long time.

THE CULTURE OF THE CRISIS, AT "GUARANTEED 100%", ON TVR1, ON APRIL 29THWhat I said and what I didn't say

• I said "The Lord's Prayer"

• I have warned that we didn't honor the Commandments

• I did not say that, had we abided by the Commandments, we would have avoided the crisis (because that is obvious)

• I did not draw any conclusions

ROMANIA-RUSSIAThe strategy of the Romanian-Russian Chamber of Commerce and Industry for the 2009-2015 period

The Romanian-Russian Chamber of Commerce (CCIRR) is in the process of implementing a strategy for the development of exports and economic cooperation between the two countries, valid until 2015.

The ECHR suggests moral hazard in the payment of compensations to former asset owners

The draft law by which the Romanian state would only compensate the owners of nationalized properties for only 15% of their real value, which the news agencies informed about yesterday, had already started being discussed about a year and a half ago, and started taking shape in October 2010, after the trial in Strasbourg of two "pilot causes", by the European Court of Human Rights (ECHR), which has demanded that Romania adjust the legislation which governs the compensation, to stop the ECHR from being flooded with thousands of complaints.

ROMANIA-RUSSIA: DATA FOR 2011Russia's economy grew 4.2%, foreign investments in the country rose 66%

• The financial industry - the area which saw the highest volume of investments last year

Russia's economy rose 4.2% in 2011, after rising 4% in 2010, as the growth rate remained steady this year as well, according to official figures from Moscow.

1 Euro5.1417

1 Fr. elveţian5.5821

BNR

1 Liră sterlină5.9370

BNR

1 Dolar SUA4.3965

BNR

1 Gram Aur653.5585

BET28263.9

BET FI98133.49

BET NG2102.67

ROMANIA-RUSSIA"Gazprom" shifting the transit of natural gas to Europe through Nord Stream

Russian giant "Gazprom" is moving the transit of natural gas to Europe through Nord Stream, informs 4-traders.com. From Ukraine, the company began redirecting the gas intended for Europe to alternative transport routes such as the Nord...

ROMANIA-RUSSIAProduction of natural gas begins at Kirinskoye

Gazprom announced that this year it will begin production of natural gas and condensed gas from the Sakhalin oil field at Kirinskoye. For the first time, natural gas will be extracted underwater in Russia.

ROMANIA-RUSSIASouth Stream is progressing

Russian company "Gazprom" has announced that it has completed the project documentation for a gas transit system intended to feed South Stream among others.

The extinction of the Rasdaq, postponed

The commissioners of the CNVM did not make a decision on the disbanding of the Rasdaq, proposed through the draft instruction which stipulates the moving of the issuers listed on the Rasdaq to the alternative trading system of the Bucharest Stock...

Cupru Min "X Files"

The story of the failed privatization of Cupru Min is far from over. In fact, it is actually beginning to look more like the famous series "X Files".

ROMANIA-RUSSIAThe strategy of the Romanian-Russian Chamber of Commerce and Industry for the 2009-2015 period

The Romanian-Russian Chamber of Commerce (CCIRR) is in the process of implementing a strategy for the development of exports and economic cooperation between the two countries, valid until 2015.

GOING AGAINST THE CLAIMS OF THE GREEK PRESSAlpha Bank is looking for recapitalization

Alpha Bank is assessing several equity bolstering measures, bank officials said yesterday, after the Greek press reported that the lender may sell 30% of its Eastern European countries, including the one in Romania, to the EBRD.

ROMANIA-RUSSIAIonel Blănculescu: Targeting exports towards the countries in the Persian Gulf and Russia is a priority

It is a priority for Romania to export to countries such as those of the Persian Gulf and Russia, economic analyst Ionel Blănculescu said, who considers that we should focus our exports on other areas besides the European Union: "Countries in...

ON THE DEATH OF A MARKET, THREE WORDS IN ONE:Lies, stupidity and blackmail - Rasdaq

Blinded by the way the Rasdaq market was created - on command - the CNVM of today can't even fathom that the fate of issuers after the disbandment of the market is regulated by the laws of the country, and is therefore reinventing the wheel,...

ROMANIA-RUSSIAThe consolidation of Russian energy companies abroad

Russia is trying to return to a position of international monopoly in the energy sector.

"I have seen Romanian products being sold at outrageously high prices in the Russian stores", said Mihai Ionescu.

ROMANIA-RUSSIA: MIHAI IONESCU:After the '90s, trading between Romania and Russia came to a halt

Reporter: How would you describe the economic relation between Romania and Russia?

ROMANIA-RUSSIAInfrastructure projects

1. The following large scale projects, concerning the infrastructure intended to increase the reliability of the supply and transit of the Russian energy resources, have been implemented:

ROMANIA-RUSSIAThe Russian- Romanian Chamber of Commerce and Industry has launched the project "Romania - a European Energy Hub"

Reporter: You have launched the project "Romania - a European Energy Node". What does this project consist of?

Lucian Bode, the Minister of the Economy, Trade and Business Environment

ROMANIA-RUSSIA:ROMANIA-RUSSIA

"I think that Romania's relationship with Russia is fair, based on mutual respect and benefits, when it comes to trade".

ROMANIA-RUSSIABetween myths and inconvenient truths

The uniqueness of its structure and of its political, social and historical destiny is one of Russia's features that few would feel inclined to challenge.

ROMANIA-RUSSIAMircea Vescan: There is a need for the normalization of the Romanian-Russian relations

• Interview with Mircea Vescan, the general head of Armax Gaz

Mr. Gogulescu says it is imperiously necessary to relaunch the bilateral economic relations.

ROMANIA-RUSSIA: THE CHAMBER OF COMMERCE AND INDUSTRY PRAHOVA HAS OPENED A REPRESENTATIVE OFFICE IN MOSCOWThe market of the Russian Federation is very important for Romanian businesspeople

• Interview with Mr. Aurelian Gogulescu, the president of the Chamber of Commerce and Industry of Prahova

ROMANIA-RUSSIARussia is preparing the sale of stakes in state owned companies such as Sberbank, VTB and Agricultural Bank

Russian president Dmitri Medvedev has asked the government and the Russian Central Bank to draft by September proposals on how to reduce the stakes of the government in state owned banks to less than 50%.

ROMANIA-RUSSIAVTB Capital, interested in the privatization of CFR Marfă

VTB, the second largest state owned bank in Russia, wants to invest "a few hundred million Euros" in the Balkan region in the coming years, and its objectives include the privatization of CFR Marfă, Atanas Bostandjiev, the CEO of VTB...

ROMANIA-RUSSIATonny Lybek, IMF: Romania imports expensive gas and then sells it cheaply to specific companies

The representative of the IMF in Romania, Tonny Lybek, recently said that, despite the fact that it has significant, but not sufficient reserves of natural gas, Romania imports natural gas from Russia at high prices and sells it cheaply to...

Investments are one the solutions "Upetrom" used to overcome the crisis

Interview with Radu Petrescu, Communications Manager of "Upetrom Group"

THE RIGHT TO REPLYThe BURSA newspaper: The shirking of its duties by the CNVM is real

The resignation of Ionel Oprea from the position of General Inspector of the Bucharest Stock Exchange did indeed occur on September 1st, 2006.

THE RIGHT TO REPLYThe CNVM: We do not substitute ourselves to the institution of the inspector

Following the publication of the article "The CNVM shirks its duties" - (,,C.N.V.M. se derobează de atribuţii"), which was published on March 30th, 2012 in the BURSA newspaper, the CVNM feels that it needs to make the following...

The results of the investigations of the AVAS on Rodipet - the cancellation of the contract and lawsuits

• Interview with Mrs. Cristina Chiriac, vice-president of the AVAS

Cars Târnăveni files for insolvency

Construction material maker Cars Târnăveni, whose main shareholder is businessman Gheorghe Călburean, filed for insolvency in a case submitted last week with the Court of Mureş, after posting losses of several million lei over the last few years.

The strike at the metallurgic plant of Galaţi continues

The general strike sparked off by the employees of "ArcelorMittal Tubular Products", located on the platform of the metallurgic plant of Galaţi, continues into this week as well.

"The tidal wave is gone and we are seeing a recovery, especially as we have an electoral year", Laszlo Diosi considers.

Laszlo Diosi, OTP Bank: the electoral year will have beneficial effects towards reducing the non-performing loans

Non-performing loans remain a factor of concern for the banking system, but an indirect help may come from politicians.

Zaremba: "No investor will ever accept for the state to change the rules mid-game."

EXCLUSIVE: A WARNING FROM THE MINORITY SHAREHOLDERSThe government could end up stuck with "Oltchim"

• Interview with Wojciech Zaremba, the representative of PCC SE in Romania

"Unfortunately, the cuts of the policy rate have overlapped with the tensions in Europe and in particular at the level of commercial banks in the Eurozone", Mugur Isărescu said.

THE NBR CUT THE POLICY RATE TO A NEW HISTORICAL LOWAnalysts: The government will be able to borrow at a lower cost

The Board of Directors of the NBR yesterday decided to cut the policy rate from 5.25%/year, to 5.5% a year, a communiqué of the Central Bank states.

Răsvan Radu, "Unicredit": Romania has too many universal banks

Răsvan Radu, the executive director of "UniCredit Ţiriac Bank" considers that there are too many universal banks in Romania, and that in the near future we will see the consolidation and specialization of the banks present on the market.

"UniCredit Ţiriac Bank" sees a profit of 38 million Euros in 2011

Last year, "UniCredit Ţiriac Bank" had a net profit of 159.4 million lei (38 million Euros), according to the international reporting standards (IFRS), down 6.9% over the previous year, according to a press release by the bank.

The officials of "Transelectrica", of the BSE and of the intermediation consortium, at the beginning of the Secondary Public Offering for the sale of 15% of "Transelectrica".

OVERSUBCRIBED SPOThe discount granted by the state has ensured the success of the "Transelectrica" secondary offering

The public offering of "Transelectrica" (symbol: TEL) has been oversubscribed by 34.18%, with the highest interest coming from retail investors who subscribed 2.844 million shares of TEL (258.71% of their allocated tranche) at prices...

The sense of humor

Gentlemen, I was just kidding!

The government will take the energy distribution branches of Electrica public

Yesterday, the government decided to begin the procedure for listing 15% stakes in Electrica Distribuţie Transilvania Sud, Electrica Distribuţie Transilvania Nord and Electrica Distribuţie Muntenia Nord on the Bucharest Stock Exchange, government...

The Bucharest Stock Exchange wants to incentivize its employees and its management team with stock

The management of the Bucharest Stock Exchange wants to conduct stock buyback programs in the coming years in order to motivate its employees and managers, according to the draft budget published by the BSE for 2012.

WITH THE GUN OF THE IMF TO OUR HEADA public private partnership in "Cupru Min" was no longer possible

An alternative for "Cupru Min" would have ben the conclusion of a public-private partnership, Lucian Bode the minister of the Economy recently said, who went on to say the following, one week ago: "I am not necessarily a supporter of...

Slovenia, yet another "success" story of the Eurozone

The European authorities have engaged in a shameless PR campaign, presenting the Greek default as a resounding success.

Lawyer Marius Coltuc: Customers have won over 1,000 lawsuits against banks

2012 brings an increasing number of good news for customers who denounced the abusive clauses of loan agreements.

The general manager of BT Securities, Rareş Nilaş, accused of stock market manipulation in the ACIS case, told us: "Me and my clients will be acquitted".

The Court of Justice of the European Union claims that the Rasdaq is not a regulated market

The Court of Justice of the European Union claims that the Rasdaq is not a regulated market, even though stocks listed on it are traded with the help of the electronic system provided by the Bucharest Stock Exchange, according to a communiqué...

ELECTORAL CAMPAIGN FOR THE BOARD OF DIRECTORS OF SIF MOLDOVAValentin Ionescu thinks he can get the projects of SIF Moldova in gear

• He would prefer Vienna for a dual listing of SIF2

The BSE has not yet decided whether it will participate in the privatization of the Bulgarian Stock Exchange

The representatives of the Bucharest Stock Exchange have not yet decided whether they are going to participate in the privatization of the Sofia Stock Exchange.

SOCAR is reviewing any opportunity in the oil and natural gas sectors

Present in Romania since 2007, Azeri state owned company SOCAR has already become familiar with the Romanian market and it is reviewing any opportunity (ed. note: for acquisition) in the oil and gas sector, according to Hamza Karimov, General...

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