English Section

15 iunie 2012

TWO SIDES ARE FIGHTING BUT IT'S THE BSE THAT LOSESThe Great Hullabaloo around the dividends of the Proprietatea Fund

• The Proprietatea Fund announces the payment of dividends, according to schedule

The anger which some shareholders of the Proprietatea Fund are angry with lawyer Ioana Sfîrăială, comes from the fact that she allegedly blocked the distribution of dividends through legal nitpicking, might be the result of a mistake in the notifications provided by "Franklin Templeton" (which still counts as the manager of the Proprietatea Fund), or of a mistaken assessment of the actions which the lawyer made, or of the bureaucratic mix-up of the Trade Registry, considering that Sfîrăială claims she did nothing to block the distribution of dividends.

CONSTANTIN BUZOIANU, THE PRESIDENT OF THE INSURANCE OVERSIGHT COMMISSION:"We will begin suspending the activity of insurers"

The Insurance Oversight Commission (CSA) may start levying far harsher sanctions against insurance companies, such as suspending their activities, considering the increasing number of complaints submitted by policy holders with the Commission, Constantin Buzoianu, the president of the Insurance Oversight Commission said yesterday, at the conference of Romanian Insurance Companies.

Antonio Tajani, the vicepresident of the European Commission: "As Europe is facing the most difficult situation since the end of WW2, the Commission wants to create and to implement a new strategy for economic growth, based on industrial innovation, estimating that the investments in top technologies and in the green economy would create millions of new jobs".

CORRESPONDENCE FROM BRUSSELSAn industrial policy for exiting the crisis

In September, the European Commission intends to launch a new industrial policy, focused on innovation, which would help its member states exit the crisis.

$\"If you have < Goldman Sachs > or < Morgan Stanley > as underwriters, don't you think they are going to know how to conduct the offering in such a manner as to maximize its value?", Adrian Lupşan asked rhetorically.$

THE CRISIS - THE BEST MOMENT TO ASK THE QUESTION:Do you want a market like "the ones abroad"?

• Adrian Lupşan, BVB: "Let's let people who know how to do business on the stock market do their job"

• Bogdan Chetreanu, CNVM: "The underwriters must take responsibility for the success of the offerings, if we want everything to be like < abroad >"

Two proposals generated heated debates over the public offerings of the state, that of the government, for the listings to be dual, and the one made by the Bucharest Stock Exchange, that the organization of the offerings be left exclusively to the underwriters.

Strikes, road and mine blockades continued yesterday in northern Spain, as 8,000 employees of the coal mines are protesting against the government's measure to reduce the subsidies in the industry.

The IMF, the European Commission and the ECB will monitor the rescue of the Spanish banks

• The yield of Spanish bonds is rising again

• Joseph Stiglitz: The plan for Spain may not work

The specialists of the International Monetary Fund (IMF), of the European Central Bank (ECB) and of the European Commission will monitor the bailout of up to 100 billion Euros intended to rescue the Spanish banking system, according to the announcement made yesterday by the officials in Brussels.

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

NATIONWIDE ELECTORAL FRAUD, BUT USING LOCAL METHODSThe ballot box as a cesspool

The stealing of votes is a generalized symptom, shared by all the political parties and spanning the entire country, so yesterday's elections do not illustrate the preferences of the voters, but rather how effective the stealing methods of...

A European banking union - the solution to the crisis?

Last week, the European Commission (EC) proposed several measures for the recovery and the resolution of the crises in the banking system.

The systematic electoral rigging - a general study

The methods for rigging the elections are divided into two major categories:

BUSINESS PEOPLE ABOUT THE EUROPEAN GRANTSThe management system is flawed

The crisis, the lack of co-financing and the insufficient administrative processing capacity - the hurdles for the Economic Competitiveness Sectoral Operational Program

EUROPEAN FUNDINGThe crisis, the lack of co-financing and the insufficient administrative processing capacity - the hurdles for the Economic Competitiveness Sectoral Operational Program

At the end of April, the Economic Competitiveness Sectoral Operational Program (POS CCE) had an absorption rate of 6.44% and a contracting ratio of 50%.

There is a need to unify the legislation for the structural instruments

• Interview with Mr. Radu Graţian Gheţea, the president of CEC Bank

So far, no illegalities have been uncovered in the Technical Assistance Program, Livia Chiriţă said.

ESTIMATION of THE "POAT" MANAGEMENT AUTHORITY FOR 2012:25-30% absorption rate, for the funds intended for the Technical Assistance

The estimated absorption rate for this year, for the funds attracted through the Technical Assistance Operational Program (POAT) is about 25-30%, according to Livia Chiriţă, the head of the Agency for the Oversight of the POAT: "Considering...

Success stories co-financed by CEC Bank

• Romad wants to access more European funding in the future

The big trouble

• The POSDRU program in danger of being halted

INTERVIEW WITH MISTER LEONARD ORBAN, THE MINISTER OF EUROPEAN AFFAIRSThe banks have a limited involvement in attracting European funds

People who want to get European grants need to prepare thoroughly. This is the advice of Leonard Orban, the Minister of European Affairs.

The authorities of Constanţa are considering the improvement of the old center of the city, the modernization of the infrastructure in Mamaia, the building of the Tomis riviera, the enhancement of the Mamaia -Năvodari and Năvodari-Lumina highway".

The South-Eastern Region has already spent 70% of the 534 million Euros allocated as part of the Regional Operational Program (2007-2013)

The six counties of the South-Eastern Region, namely Brăila, Buzău, Constanţa, Galaţi, Tulcea and Vrancea, have successfully spent 376.78 million Euros of the total funds allocated as part of the Regional Operational Program (2007-2013).

ITAR-TASS: Nabucco may be cancelled by the end of June

The project of the Nabucco pipeline may be cancelled by the end of June, sources from the London business environment claim, according to Russian press agency ITAR-TASS.

A new maximum loan granted to banks by the NBR

• Dragoş Cabat: Certain banks need liquidity, possibly the Greek ones

The 17th year

• Interview with Lucian Anghel, the chairman of the board of the Bucharest Stock Exchange

The ranks of replaced bankers are growingPeter Weiss leaves Bancpost

• Anthony C. Hassiotis is the new CEO of Bancpost

"The financial stabilization plan depends exclusively on the political decision, given the way the public television works", Alexandru Lazescu said.

THE ROMANIAN PUBLIC TELEVISION WILL STOP PRODUCTION OF NEW SHOWS, IF ANAF DOESN'T UNFREEZE THE ACCOUNTSTVR - it's all reruns from here

Banca Transilvania becomes a shareholder of SSIF Broker

Banca Transilvania (TLV) will become a shareholder of brokerage firm SSIF Broker (BRK) after, it obtained 23.4 million shares of the company on May 8th, representing 6.9091% of the share capital of the latter, according to a report sent yesterday...

Kazakh investments in Romania exceed 3 billion dollars

The investments made by the Kazakh companies in Romania amount to three billion dollars, the biggest investment made by the Kazakh state in Europe, Talgat Kaliyev, Business Director of the Embassy of the Republic of Kazahstan in Romania said at...

Losses of Vienna Insurance Group in Romania fell to 2.7 million Euros at the end of Q1

Insurance companies owned in Romania by Vienna Insurance Group recorded gross subscribed premiums of 134.5 million Euros, down 7% over the corresponding period of last year, and the losses of the group on the Romanian market fell to 2.7 million...

ROMANIA-RUSSIAStrategic Russian investments in Romania

• "Mechel" has 7,000 employees in Romania

"Facebook" shares fell 20% over the last two days.

THE "FACEBOOK" IPO - INVESTIGATIONS AND SOPHISMSBubble in America

The launch of the probe into the IPO of "Facebook" looks imminent, following the opinions expressed by the officials of the Securities and Exchange Commission (SEC) and of the Financial Industry Regulatory Authority, Inc. (FINRA), putting...

Leonard Orban: The successive managements of the Management Authority are to blame for the irregularities which were uncovered.

ALL THE POSDRU PAYMENTS MAY BE SUSPENDED, DUE TO VERY SERIOUS IRREGULARITIESPonta: We may lose 1.2 billion Euros of European funds

FROM THE SHAREHOLDERS OF ERSTE:"BCR could turn into a bottomless pit"

The General Meeting of the shareholders of Erste Bank, which was held last week in Vienna, was tense and lasted about twelve hours, according to stock market sources, who claim that the founding members of Erste protested, demanding the honoring...

The merger of Alpha Bank and EFG Eurobank - cancelled

• Yannis Costopoulos: The high capital requirements would have led to the nationalization of the entity resulting from the merger

Hiking the VAT has slowed down the recovery of the Romanian economy

• Interview with Sebastian Vlădescu, former minister of Finance

Isar: "We are adjusting the stock exchange privatization program to earn more money"

The Ministry of the Economy will make adjustments to the program for the privatization of the energy companies to earn more from them.

Bailing out banks has created a moral hazard

• Interview with Jörg Guido Hülsmann, professor at the University of Angers

LEONARD ORBAN:Greece's exit from the Eurozone will be on the table of the European Council on May 23rd

The Minister of European Affairs, Leonard Orban, yesterday said that the option of Greece's exit from the Eurozone will be placed on the table of the European Council for the first time, at the informal reunion scheduled for May 23rd, in...

Radu Gheţea: The Greek banks in Romania are solid

BLACK SEA DEFENSE & AEROSPACE 2012Eurocopter Romania will present two helicopters - EC 135 and TIGER

Between May 16th and May 18th, Eurocopter România, a joint-venture between the Eurocopter group and IAR Ghimbav, controlled by the Romanian state, will participate in the third edition of the Black Sea Defense & Aerospace 2012 (BSDA) fair,...

Nicolae Cinteză: I have received no information that the Greek banks have withdrawn money from Romania

• In just one day, the Greeks have withdrawn over 700 million Euros from bank deposits

Grigore Chiş: "We have asked the BSE to extend the trading schedule until 23:00 hours".

AFTER SIBIU,Dow Jones arrives in Bucharest

TYLER COWEN:Greece will run out of money within a year at most

Teodor Ancuţa: "Sibex is no longer a danger for the BSE"

EUROPEAN GRANTSThe first buffalo farm in the county of Arad is active in the town of Pecica

The first buffalo farm has been built in the town of Pecica, in the county of Arad, near the Natural Park "Lunca Mureşului", following an investment of 600,000 Euros.

When asked about the measures which the Government would take if the depreciation of the leu were to continue, Victor Ponta said that there are ongoing talks on that subject between the NBR and the Government: "It is an important subject and I would prefer it if you received the statement of the NBR on the importance of the Greek bank equity in Romania, compared to their influence on a European level, and what is going to happen on a European level".

The leu at its lowest against the Euro, worries at their highest

The Directorate of BCR Pensii, fined by the CSSPP

Three members of the Directorate of BCR Pensii were sanctioned by the Commission for the Oversight of the Private Pension System, due to operational problems (CSSPP), Mircea Oancea, the president of the Commission said, in an interview.

Alexandru Sârbu (Transletd by Cosmin Ghidoveanu)

THE LETTER OF THE GOVERNMENT TO THE IMF INCLUDES GOODS NEWS FOR INVESTORS:The payment of taxes on capital gains, to be simplified by next month

Investors will soon be spared from having to go to the offices of the tax administration to pay their taxes on capital gains, according to the draft of the letter of intent to the IMF, obtained exclusively by the BURSA newspaper.

THE GOVERNMENT TO THE IMF:The clawback tax helped the state budget raise 282 million lei

The clawback tax in the pharmaceutical sector, which was introduced in the beginning of Q1 2012, has earned the state budget 282 million lei, money which will be fully used to pay the unrecorded invoices found during last year's stock taking,...

Split-screen broadcasts: Alexandru Lăzescu, Dan Radu, Lucia Hossu Longin, Claudiu Lucaci.

The Romanian State Television, the war over bankruptcy

On May 3rd, that is one week after the passing of the vote of no-confidence which brought down the government, the Board of Directors of the TVR had a meeting and its members decided, upon the suggestion of Claudiu Brânzan, board member...

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