English Section

22 iunie 2012

We are a great country

We hear from Victor Ponta that he will leave Traian Băsescu at home and that the Minister of Foreign Affairs has informed the European Commission in Brussels, about the structure of our mission, which includes himself - prime-minister Victor Ponta -, the minister of foreign affairs, Andrei Marga and the minister of European Affairs, Leonard Orban.

Earlier, we had found out from him that he had been invited to Brussels, but in Brussels we had found out that the invitations could not be sent before the members of the Romanian mission had been selected, which as we found from Ponta, has only just happened.

We hear from Brussels that the European Commission did not receive any information about the members of the Romanian mission; but that the document was actually supposed to be sent to the European Council, not to the European Commission.

The efficient use of the European funds is essential

• Interview with Niculae Idu, the head of the Representative Office of the European Commission in Romania

Reporter: How would you describe the current situation of Romania from an economic point of view? What are the expectations of the Commission relating to the Romanian economy in the second half of the year?

THE "QUALITY TROPHY" LEGAL CASEDefinitive ruling against Adrian Năstase -two years in jail

Yesterday, a definitive ruling was rendered by which former PM Adrian Năstase was sentenced to serve two years in prison by the High Court of Cassation and Justice (ICCJ), in the "Quality trophy" case, where he was being charged in connection to the raising of funds for the electoral campaign of 2004, when he ran for Presidency from the PSD.

The press is not the fourth estate

Calling the media "the fourth estate" is insulting, because it works to keep the citizens informed, and to crystallize the public opinion based on which the population makes decisions, as an expression of its power; the power of the people is the only political power, in a regime which is called precisely that: "the power of the people" -; it is precisely to ensure the "power of the people" that the separation of the powers of the state was designed for.

On May 17th, minister Lucian Isar opened the trading session of the London Stock Exchange, but missed the opportunity to open that of the Bucharest Stock Exchange...

HIDROELECTRICAThe insolvency reinforces the investors' doubts

• Minister Lucian Isar: "Technically speaking, the privatization of Hidroelectrica still stands"

• Even if the request for insolvency were to be denied, the entire schedule of IPOs and SPOs is already being affected

The filing for insolvency "Hidroelectrica" is extremely bad for investors, as it comes in the midst of the government's program to privatize state-owned companies through the stock market.

1 Euro5.0881

1 Fr. elveţian5.4655

BNR

1 Liră sterlină5.8273

BNR

1 Dolar SUA4.3364

BNR

1 Gram Aur614.9369

BET23842.13

BET FI90854.1

BET NG1761.98

Incoherent babbling in the Hidroelectrica case

Over the last two days, the filing for insolvency of the biggest Romanian electricity producer, which was going to be the first company with private management and also to sell some of its stock on the BSE, has lit up the media, as it gets...

IN RELATION TO THE INSOLVENCY OF "HIDROELECTRICA"Lawyer Duţescu asks for an investigation of a potential market abuse concerning the Proprietatea Fund

Law firm "Duţescu şi Asociaţii" has asked the CNVM to initiate an emergency probe of the potential market abuse committed in relation to the shares of the Proprietatea Fund, by people who had knowledge of that Hidroelectrica S.A. would...

HIDROELECTRICA TURNS ITS BACK ON THE BUCHAREST STOCK EXCHANGE:Goodbye and I won't stay with you!

Taken completely by surprise, yesterday, our entire energy market was turned upside down by the news that "Hidroelectrica" has filed for insolvency last weekend in the Court of Bucharest. The Minister of the Economy had the following to...

The amendments of the Code of the BSE concerning structured products have been approved

SIX MONTHS AFTER THE PROPOSAL AND THREE MONTHS AFTER THE CNVM ISSUED THE FINESThe amendments of the Code of the BSE concerning structured products have been approved

The Bucharest Stock Exchange is adjusting the rules concerning the trading of structured products, after the National Securities Commission (CNVM), approved the modification of the Code of the Exchange last Tuesday.

The "clever boys", annihilated through the insolvency of Hidroelectrica

The Ponta government seems to have found a solution to get rid of the direct contracts between Hidroelectrica and "the clever boys" in the energy sector. Thus, Hidroelectrica has files for its insolvency with the Court of Bucharest...

Grand Hotel du Boulevard, turned into an office building

Crédit Agricole acquires Emporiki Bank Romania

Crédit Agricole has signed the agreement to acquire Emporiki Bank Romania, from Emporiki Bank Greece, which fully owns the Romanian subsidiary, with the operation being subjected to the approval of the National Bank of Romania, according to a...

ROMARM HAS PAID SOME OF THE OUTSTANDING WAGESThe unionists of the Gunpowder Plant of Făgăraş have stopped the protests until June 27th

The unionists of the Făgăraş Gunpowder Plant have stopped their protests, after Romarm paid some of the outstanding amounts to the employees of the plant.

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

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,...

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"

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...

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

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...