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13 iulie 2012

Banca Italo Romena will focus on the SME segment

The strategy of the Romanian Italian Bank (BIR) will focus on Romanian and Italian Small and Medium Enterprises (SMEs) alike, and on the network which they interact with (consulting firms and the consulting firms and liberal professions practitioners), the new management team of the bank announced yesterday, on the first meeting with the press since the appointment of the new CEO, Paolo Mariani.

IN THE CASE OF THE LAW ON THE REFERENDUM,Ponta backs off on the discussions in Brussels

Seriously spanked in Brussels, prime Minister Victor Ponta announced on Wednesday night that the referendum concerning the dismissal of the president will take place according to the decision of the Constitutional Court - which involves the obligation of the quorum of 50% + 1 voter being met - even though there were hints that it would be ignored.

"The Romanian lawmakers could propose a law which would set things in order, when it comes to the Government Ordinance 50/2010", Gheorghe Piperea said.

THE COURT OF JUSTICE OF THE EUROPEAN UNION:The banks' customers are the ones who are right, not the NBR and the IMF

• The ordinance which caps fees would have been applicable to ongoing loans as well, according to the Court of Justice of the European Union

• Gheorghe Piperea: "The government should correct the law"

The representatives of the Court of Justice of the European Union yesterday ruled that the Emergency Government Ordinance no. 50/2010 concerning retail lending could have been applied to ongoing loans as well, not just to future ones, like it was stipulated in the law which was passed in its final form by the Chamber of Deputies, at the end of 2010.

Teodor Baconschi: The negative image we have abroad could lead to our isolation

Reporter: How would you describe the recent events occurring on Romania's political stage?

Teodor Baconschi: I will follow the logic of the European institutions (the Commission, the Parliament, the European Council, the Venice Commission) who have sentenced the abuse and the attacks against the state of law, which have occurred over the last few weeks.

The hit song of the day: "The magistrates are criminals/ the commissioner is an offender"

HEADS ARE ROLLING AT THE SUPREME MAGISTRATES COUNCIL AND THE MINISTRY OF INTERNAL AFFAIRSThe hit song of the day: "The magistrates are criminals/ the commissioner is an offender"

• At the High Council of Justice - prosecutor George Bălan and magistrate Marcel Sâmpetru and commissioner Vlad Adrian Mihai of the Internal Intelligence and Protection Service (SIPI) of Ilfov - , accused of influence peddling and disclosure of secret information

Suspended by the High Council of Justice (CSM), prosecutor George Bălan and magistrate Marcel Sâmpetru (who served as advisor to the former) were heard yesterday by the National Anticorruption Department, which accused them of having negotiated with leaders of the USL their appointments as general prosecutor of Romania for the former, replacing Laura Codruţa Kovesi, and as head of the National Anticorruption Department for the latter, replacing Daniel Morar, while providing secret information about political competitors in exchange, which the defendants allegedly obtained from the head of the Internal Intelligence and Protection Service (SIPI) of Ilfov, commissioner Vlad Adrian Mihai, who is also being charged, as announced by the news agencies.

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

IN THE CASE OF MANDATORY PUBLIC TAKEOVER OFFERSA shareholder complains that the fines levied by the CNVM are not paid

Even though it's been years since the CNVM has levied fines against "Corint" Târgovişte (CONY) for failing to conduct the tender offer and buy out the existing shareholders, the fines have not been paid nor have any assets seized in...

Annual inflation was 2.04% in June

• Monthly inflation was negative

Roubini, a reformer, not a revolutionary

An apocalyptic scenario was presented on Bloomberg TV, by American professor Nouriel Roubini, at the end of last week:

THE USL DOES NOT ABIDE BY THE REQUIREMENT OF THE CONSTITUTIONAL COURT OF ROMANIA CONCERNING THE REFERENDUMAntonescu, instead of Geoană

On Monday, the Romanian Constitutional Court (CCR) ruled that the procedure for the suspension of Traian Băsescu as president was complied with, meaning that the president of the Senate, Crin Antonescu, will act as interim president of the...

FOR THE NEW REPRESENTATIVES OF THE SHAREHOLDERSThe hard part is just beginning at SIF Muntenia

The 34 hour gathering of SIF Muntenia, which took place this weekend, which overthrew the Council of Representatives of the Shareholders (CRA), is just the beginning of the struggle between the group of shareholders which sought the change,...

MAN CHANGES HIS SURROUNDINGSThe eyes are crying and the mouth is laughing: Tamango is dead

Some say he was singing old gipsy music, but in actuality, Tamango was the shaman of the Universe.

HYDROLOGICAL DRAUGHTHidroelectrica, once again forced to resort to the "force majeure" clause

• The reorganization of the company is getting complicated

OPSPI: The dual management system will bring balance to Transelectrica in the long term

The shareholders of Transelectrica must decide, in the General Shareholder Meeting of July 17th, whether they will change the manner in which the company is managed, from a "unitary system" to "dual management system".

THE ORDINANCE FOR THE BAILOUT OF TROUBLED BANKSThe government limps in front of a cripple...

The National Bank of Romania (NBR) will rescue the possibly troubled banks, with money from the Fund for the Guarantee of Deposits in the Banking System (FGDB), according to an Emergency Government Ordinance (OUG), which will be discussed in the...

The crash?

The speed at which the USL is dealing blows to Băsescu is not just part of the technique for taking over power, but also signals a sense of urgency, which is no longer discernable through the dust kicked up by the movements of the armies.

BURSA journalist Viviani Mirică wins an award

Viviani Mirică, who has been a journalist at BURSA for four years, has won the award in the "business" category, granted by our colleagues from the "Piaţa Financiară" (Financial Market), at the second edition of the "Florin...

TODAY AND TOMORROWThe final battle at SIF4 Muntenia

• The management company has announced that four groups of shareholders are acting in concert

THE HEAD OF THE OPSPI:Over 36 candidates for the Board of Directors of Hidroelectrica

The Ministry of the Economy has not halted the process for the selection of the professional managers for Hidroelectrica, even though the company entered insolvency, said Remus Vulpescu, the head of the Office For The State's Interests and...

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"

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"

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.

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.

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.

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