English Section

28 septembrie 2012

Dan Simionescu distances himself from the decisions of his colleagues on the Board of Directors of Sibex

• Sibex: The action of Dan Simionescu represents a conflict of interests

The conflict between the current management of Sibex and some of the company's shareholders has escalated after the Romanian National Securities Commission (CNVM) has postponed the General Shareholder Meeting, which was scheduled for last Saturday, and has led to a flurry of press releases on the website of Sibex.

The building of the new tuberculosis department will comply with the European standards.

The County Council of Arad will invest 2.2 million Euros in the construction of a new tuberculosis hospital

A new building which will host the tuberculosis department of the Arad Emergency Clinical Hospital will be built in the city in the next three years, with the financing of over 10 million lei to come from the Arad County Council.

The privatization of Oltchim, according to the plan of Constantin Roibu (through "Harry Potter")

I have announced that Dan Voiculescu is interested in Oltchim a month ago (see BURSA of August 24th, 2012, the article called "Even though the plant owes over 700 million Euros/ Dan Voiculescu, among those interested in the takeover of Oltchim"), and yesterday, after the letter of the Dutch offshore Gliding Ltd Amsterdam, which notifies the Ministry of the Economy that Dan Diaconescu owes 46 million Euros in an account opened with London-based HSBC, the presence of Dan Voiculescu in the privatization of Oltchim seems to become more obvious.

SMEs and the loan deficits

Starting from the statements of Radu Gheţea, the president of CEC Bank, that only 21% of the small and medium enterprises (SMEs) in Romania resort to bank loans, whereas the others use their own or third party resources, in this article I want to speak about the chances of SMEs of making a decent profit in Romania, if not even to represent the engine of the economy, like they are in developed countries.

FIVE COUNTRIES VISITED IN LESS THAN 48 HOURSDiaconescu, playing "quidditch" abroad for Oltchim

The "quidditch" game around Oltchim has been played away for one day and a half, as Dan Diaconescu flew off on a broom, just like Harry Potter, to look for investors in Germany, France, Spain, Austria and Monaco.

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

Autumn is the time for budget cuts in the media industry

This autumn doesn't bring good news for the media industry: staff cuts, wage cuts, TV stations going off the air. Costs are invariably being cut, in the print media, in the online media and in TV and radio.

THE BLUFF AT OLTCHIMDan Diaconescu, in a SRI-type operation, but without the SRI

Dan Diaconescu hasn't fled the country, instead he is in Spain, to get money from his Russian investor, according to our Israeli correspondent, who has tight connections in Madrid, which means that Victor Ponta was probably too quick to say...

ADRIAN VASILESCU, BNR:"SMEs have lost the vocation of the job well done"

Small and medium enterprises (SME) need to learn to be competitive and to operate in a hostile environment, Adrian Vasilescu, advisor to th governor of the National Bank of Romania (BNR), said yesterday, in a conference on the topic of financing...

Societe Generale wants to increase its retail profits in Romania and Russia

Societe Generale has set itself a target to increase profits at its retail banking arms in Russia and Romania, the chief executive of the bank has told the Financial Times.

NEW COMMISSIONERS STARTING NEXT MONTHCarmen Negoiţă, expected to become the next CEO of the CNVM on October 4th

The new members of the National Securities Commission, approved by the Parliament in March, will begin their terms at the beginning of October, according to market sources, which also say that the CEO of the CNVM will be replaced on October 4th.

THE MINISTER OF THE ECONOMY, DANIEL CHIŢOIU:"The people who bear the blame for the current situation of Oltchim will be held responsible"

Daniel Chiţoiu, the minister of the Economy, is confident that the privatization of Oltchim will not fail.

THE "YOUNG MARKETS" CONFERENCEAndre Cappon: "A country doesn't need two exchanges"

The consolidation of the stock exchanges all over the world has increased their market value, and a country doesn't need several market operators, considers Andre Cappon, the president of the CBM Group, a consulting company specializing in...

"The problems with the visas for Chinese citizens have gotten worse, under the new government"

GABRIEL GHELMEGEANU, THE CHAIRMAN OF THE ROMANIAN CHINESE CHAMBER OF COMMERCE AND INDUSTRY:"The problems with the visas for Chinese citizens have gotten worse, under the new government"

• The law is good, but it is not implemented the way it should be

A call for tenders with a scandal at Oltchim

• PCC, the only bidder for the receivable of the AVAS

THE "YOUNG MARKETS" CONFERENCEAndre Cappon: "A country doesn't need two exchanges"

GABRIEL GHELMEGEANU, THE CHAIRMAN OF THE ROMANIAN CHINESE CHAMBER OF COMMERCE AND INDUSTRY:"The problems with the visas for Chinese citizens have gotten worse, under the new government"

• The law is good, but it is not implemented the way it should be

The unionists of "Tarom" don't want a foreign manager

The National Technical Union (SNT) "Tarom" is against the implementation of a private management at the national airline, but they think that the future CEO should be Romanian, rather than a foreigner.

"O" day

• Ştefan Vuza yesterday withdrew his bid for Oltchim, to submit an improved tender today

IN 2012,Household appliances distributor "Marelvi" wants a turnover of 40 million Euros

For 2012, household appliance distribution company "Marelvi" has set a goal of 40 million Euros in turnover for itself, up 10% compared to 2011, when the distributor's sales reached approximately 38 million Euros, said Daniela Bîzgan,...

The shadow of Ioan Niculae at Oltchim

Prime Minister Victor Ponta yesterday commented on the privatization of Oltchim, saying that the situation of the plant is not exactly, great, because one of the bids is "exotic" (most likely he was speaking of Diaconescu), and...

GEShale gas, a chance for the competitiveness of the Romanian and Europe

In the coming years, the cohesion funds of the European Union must be directed towards increasing the competitiveness of its member states, which are losing ground to countries with an accelerated development.

DEADLINE EXTENDED BY THREE DAYSThe privatization of Oltchim part two, on Thursday

• UPDATE 3: Victor Ponta announces that the privatization terms will not be changed

THE FINAL BIDS ARE BEING SUBMITTED TODAYOPSPI: "The privatization of Oltchim, threatened by a lawsuit filed by Dan Diaconescu"

The privatization of Oltchim is placed in jeopardy by a lawsuit filed by Dan Diaconescu, said Remus Vulpescu, the head of the OPSPI.

FIVE DAYS UNTIL THE OPENING OF THE PRIVATIZATION BIDSThe employees of "Oltchim" threaten with a new wave of protests, unless their wages are paid

Bogdan Hossu, the president of Cartel Alfa, announced yesterday in a press conference that on Monday, the employees of "Oltchim" will start a large scale protest at the plant's headquarters, if they do not get at least part of their...

THE TWO SIDES WILL FIGHT IT OUT IN COURTThe court, the final solution for the conflict at SIF Muntenia

• A lawsuit requesting the suspension of the election of the new Council of the Shareholders' Representatives

CRISTINA CHIRIAC:"Since 2007, privatization with a strategic investor is no longer possible"

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

Tab Construct: "Next week we will begin cleanup at Hidromecanica"

• "Cora România" will build a retail center on the plot of land of the former plant

EXCLUSIVE: MALAYSIA LOOKS TO THE EAST:Romania - increasingly attractive for Malaysian exports

• Interview with E.S. Dato' Nik Mustafa Kamal Bin Nik Ahmad, Malaysian ambassador in Bucharest

CRISTINA CHIRIAC:"Since 2007, privatization with a strategic investor is no longer possible"

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

The developer of "Seasons Residence" is bankrupt

• In 2007, Gespi Investments was announcing an investment of 45 million Euros

The Central Depository has unlocked 225,310 shares of the Proprietatea Fund owned by the Romanian state

The Central Depository has made available 225,310 shares issued by the Proprietatea Fund (FP), which were owned by the Romanian state through the Ministry of Finance, according to a report sent to the Bucharest Stock Exchange.

Show around the sale of "Oltchim"

• The owner of Rafo Oneşti, interested in the plant of Vâlcea

"RAFAEL & SONS": "2013 - a more economically stable year, with more customers"

• Interview with Noam Lenzini, managing director at "Rafael & Sons"

Cristian Sima and Dan Simionescu, in the line of sight of the shareholders of Sibex

• Two shareholders have asked for a lawsuit against the CEO of the Sibiu Exchange

The developer of "Seasons Residence" is bankrupt

• In 2007, Gespi Investments was announcing an investment of 45 million Euros

THE MOLDOVANS BREAK THE SILENCESolomiţchi: "We want Prodlacta to become a market leader in three years"

• JLC wants to bring the dairy factory of Braşov to peak capacity and to complete the portfolio with new products

THE BUCHAREST STOCK EXCHANGE HAS A CEOVictor Cionga, validated by the CNVM

Victor Cionga has been validated by the Romanian National Securities Commission as CEO of the Bucharest Stock Exchange, in yesterday's meeting, after more than a month and a half after being proposed for this position.

MIRCEA SCÂNTEI, METAROM:"Russia's joining of the WTO would no longer justify the presence of Mechel in Romania"

Tensions at Mechel Câmpia Turzii continue. The employees of the plant will take to the streets next Friday (September 14th), unhappy that Russian investors are generating a new round of layoffs, said Mircea Scântei, the president of the Metarom...

Transparency a la Deloitte - i.e. "leak"

Even though it is an audit and tax services company, which promotes compliance with corporate governance and transparency, Deloitte Romania leaked its information one day before making it public, to a carefully selected publication.

"Oltchim" greets investors with protesters standing before the gates

• Constantin Roibu and the entire executive at "Oltchim" have resigned

CORRESPONDENCE FROM POLAND - THE KRYNICA ECONOMIC FORUMInvestments in increasing competitiveness, a solution to the European crisis

Government officials and the representatives of the major companies in the European Union consider that in the coming years, the cohesion funds need to be directed towards increasing the competitiveness of the European economy, which is losing...

Political war over the absorption of EU funds

The government and the opposition have come up wit ha new reason for a dispute: the absorption of EU funds.

Băsescu knows best

Băsescu has finally spoken.

OCCURRING JUST A FEW WEEKS BEFORE THE LAUNCH OF THE SECONDARY PUBLIC OFFERThe downgrade of Transgaz looks quite "convenient"

Yesterday's decision by "Standard&Poor's" to cut the rating of natural gas transporter "Transgaz" (TGN) comes just a few weeks before the government is set to launch the secondary public offer (SPO) for the sale of 15%...

Casa de Investiţii ALIANŢA completes 1.7 MW photovoltaic farm

EPC contractor EPC Egnatia Romania, provider of turnkey services for photovoltaic services, has completed the works and the connection to the grid of the 1.7 MW photovoltaic park built by Romanian privately owned company "Casa de Investiţii...

SAI Muntenia calls for a General Shareholder Meeting, but not at SIF4

• SAI Muntenia wants to change its Board of Directors, a move which could extend the battle with the Council of the Shareholders' Representatives ( Council of the Shareholders' Representatives)

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