English Section

5 iulie 2012

The need to set up provisions is knocking on the door of the creditors of "Hidroelectrica"

• Remus Borza: Some banks are acting hypocritical in their relationship with "Hidroelectrica"

• Bank sources: Lenders need to set up provisions at the end of he month

• Gelu Gherghescu, "Ernst&Young": Some bankers are afraid things might spiral out of control and they may opt to set up partial provisions for their exposure

The banks which lent money to "Hidroelectrica" will set up provisions at the end of the month, which will pressure their profits, as the local resources are getting increasingly more expensive, and their parent banks are reducing their exposure, because they need to find financing sources for recapitalization.

A screenshot from the "Dan Spătaru" video.

ADRIAN NĂSTASE ISN'T DEAD/THIS SONG IS A HITVictor(ious) Ponta

Adrian Năstase was the professor who supervised the PhD thesis of Victor Ponta.

The need to set up provisions is knocking on the door of the creditors of "Hidroelectrica"

• Remus Borza: Some banks are acting hypocritical in their relationship with "Hidroelectrica"

• Bank sources: Lenders need to set up provisions at the end of he month

• Gelu Gherghescu, "Ernst&Young": Some bankers are afraid things might spiral out of control and they may opt to set up partial provisions for their exposure

STEVEN VAN GRONINGEN, RAIFFEISEN:The insolvency of Hidroelectrica and the legislative amendments raise uncertainties for investors

The insolvency of "Hidroelectrica" and the amendments pertaining to the labor legislation and the fiscal system present uncertainties for investors, considers Steven van Groningen, the CEO of Raiffeisen Bank Romania.

Good thing that Băsescu stayed home!

The voluntaryism of the prime minister and of the president (a character trait they share) turns the people of Romania into a collateral victim.

1 Euro5.0889

1 Fr. elveţian5.4743

BNR

1 Liră sterlină5.7733

BNR

1 Dolar SUA4.4142

BNR

1 Gram Aur576.7247

BET23137.29

BET FI89841.11

BET NG1720.33

THE LESSONS OF THE CRISISStructural reforms can no longer be postponed

• Interview with Mr. Claudiu Doltu, state secretary in the Ministry of Finance

Băsescu's bullhorn

I have two possible explanations for yesterday's speech by PM Victor Ponta, who, upon hearing that president Traian Băsescu was confirmed by the Constitutional Court as the representative of Romania for the European reunion in Brussels, said:...

THE LESSONS OF THE CRISISStructural reforms can no longer be postponed

• Interview with Mr. Claudiu Doltu, state secretary in the Ministry of Finance

"Ameropa" now owns 96% of "Azomureş" and can take the company private

"Ameropa Holding" has come to own 96.43% of the shares of "Azomureş" (symbol: AZO), following the public takeover bid which expired yesterday, exceeding the 95% threshold which allows it to legally request that the company be...

Bogdan Patriniche, speaking at the Conference of Romanian Students, Professors and Researchers in Great Britain, in 2010. To the left, cut off by the edge of the photo, we have Mr. Radu Furnica, the recruiter of Patriniche for the BSE.

A ROMANIAN IN BUCHARESTThe name sought by the BSE and hunted by the press: Bogdan Patriniche

• The London-based Romanian is in advanced negotiations to become the general manager of the BSE

Involuntary sarcasm. In a B1 TV show broadcasted yesterday, at the bottom of the screen, the strip said "The top most romantic destination", and the top strip said "Adrian Năstase may be taken to the Rahova penitentiary".

Missing the national carotid

Suicide is a protest against the world, in every case, even when the person suicidal person does it so their heirs can collect on the life insurance policy.

The executive neuron

But what does it matter to you what the president says, Mr. Ponta?!

Russia protects its citizens from the crisis

• Interview with his Excellency, Mr. Oleg S. Malginov,

Bankers: "What is hard is just to get boulder rolling down the hill, after that it keeps going by itself"

CONSEQUENCES OF THE INSOLVENCY OF HIDROELECTRICABankers: "What is hard is just to get boulder rolling down the hill, after that it keeps going by itself"

• Banks going up hat in hand to the Ministry of the Economy

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...

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

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...

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...

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...

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"

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.