English Section

14 octombrie 2012

Greek prime minister Antonis Samaras said: "The Greeks are proud people. We know how to honor our friends. Today we welcome a friend".

THOUSANDS OF PROTESTERS ON THE STREETS OF ATHENSGreek prime-minister: "Today we say welcome to a friend"

• Greeks received Angela Merkel with anger

• Greek chancellor advises austerity

Tens of thousands of Greek protesters gathered on the streets of Athens yesterday, expressing their anger against German chancellor Angela Merkel, who made her first visit in this country, after the outburst of the sovereign debt crisis, in 2009.

Ponta has lost his optimism when it comes to the fate of the privatization of Oltchim

Prime Minister Victor Ponta isn't sounding so optimistic anymore when it comes to the chances of Oltchim of finding a great investor to save it.

SOURCES CONFIRM THE INFORMATION PUBLISHED BY BURSA:Romanian investors, very close to acquiring a part of "ATE Bank" Romania

• Marinel Burduja, in the cards for the management of the new bank

"ATE Bank" Romania, recently acquired by "Piraeus Bank", will be partially bought by several Romanian investors and initially capitalized up to 60 million Euros, and in 2013 more investors will be co-opted, including the financial investment companies (SIFs), and its equity will reach 200 million Euros.

According to some estimates, if the appeal gets admitted, Hidrolectrica will need to pay 2.8 billion lei to the "clever boys", an amount resulting from the energy deficit, as the company is contractually required to generate 19.8 TWh and it only generates 12 TWh.

Dancing on a high wire with the insolvency of Hidroelectrica in the balance

• "The clever boys" in the energy sector have great odds of seeing their rights reinstated

• If the court decides that Hidroelectrica should exit insolvency, the energy maker is at risk of going bankrupt, the receiver says

At the end of last week, the Bucharest Court of Appeal admitted the evidence brought by the companies in the Alpiq group and by the Hidrosind union, which have filed an appeal against the decision of the Court of Bucharest to admit the insolvency of Hidroelectrica.

ENERGY CORRIDORS"Nord Stream" is operating at maximum capacity

• The developers of the project intend to extend the gas pipeline with two more ramifications

Since yesterday, the "Nord Stream" pipeline is operating at maximum capacity, as announced by Russian president Vladimir Putin.

1 Euro5.0881

1 Fr. elveţian5.4655

BNR

1 Liră sterlină5.8273

BNR

1 Dolar SUA4.3364

BNR

1 Gram Aur614.9369

BET23767.42

BET FI90842.68

BET NG1754.82

ENERGY CORRIDORSNabucco may also buy gas from the countries it is crossing

The Nabucco pipeline may also buy natural gas from the countries it is crossing, if they will provide such sources, said Reinhard Mitschek, CEO of "Nabucco Gas Pipeline International GmbH".

SOURCES CONFIRM THE INFORMATION PUBLISHED BY BURSA:Romanian investors, very close to acquiring a part of "ATE Bank" Romania

• Marinel Burduja, in the cards for the management of the new bank

Dancing on a high wire with the insolvency of Hidroelectrica in the balance

• "The clever boys" in the energy sector have great odds of seeing their rights reinstated

BY THE LOGIC OF VICTOR PONTARemus Vulpescu - "the head and the life" of minister Chiţoiu

Remus Vulpescu, the head of the Office for the State's Interests and Industrial Privatization (OPSPI), has sacrificed himself on the altar of the failed privatization of Oltchim, by handing in his resignation, even though it is unknown what...

THE MIDDLE EAST IS BOILINGAre Turkey and Syria on the brink of war?

• Russia: "Don't look for pretexts for a military intervention in Syria"

A SUPER OFFER FOR THE ALTERNATIVE SYSTEM OF THE BSEThe listing of "Pro Vorbas" on the ATS cost less than 2000 Euros

• Federico Salmoiraghi: "We see our listing on the Bucharest Stock Exchange as a good opportunity for promotion"

Marius Mateescu: "The insolvency of Hidroelectrica indirectly affects the relations of Transelectrica with banks"

GELU STAN, THE HEAD OF ANCONAV:"The Romanian naval industry will only return to normal in 2014"

The past few years have represented a challenge for the Romanian naval industry: some of the shipyards managed to turn out a considerable profit, whereas others posted major losses.

YURY GUSHCHIN:"Mechel has invested over 200 million dollars in the Romanian plants"

• Interview with the CEO of the East European metallurgic division of "Mechel"

Credit Agricole is negotiating exclusively with Alpha Bank the sale of Emporiki

Credit Agricole yesterday announced that it is negotiating exclusively with Alpha Bank the sale of Emporiki Bank, in a deal with a symbolic price of 1 Euro, according to a press release by the French group.

The deadline for the signing of the contract, the stake in the "quidditch" game played by Diaconescu for Oltchim

Dan Diaconescu continues to play his game of "quidditch" for Oltchim around the deadline for the signing of the privatization contract.

Mechel: "We are negotiating with a potential investor interested in the plants"

The "Mechel" România Group is negotiating with a potential investor interested in its Romanian assets, according to the representatives of the company.

A trading platform on the OPCOM for the major consumers

The major electricity consumers have worked together with the representatives of the OPCOM, on a new product for trading on the centralized energy market, to satisfy their needs when it comes to long term contracts.

MOST LIKELY THE SHOW BY DAN DIACONESCU WON'T END TODAYDan Diaconescu has 15 days left to pay the money for "Oltchim"

Banking sources have confirmed the accuracy of our observation that the letter of "Gliding" Ltd from Amsterdam, which guarantees that Dan Diaconescu has 45 million Euros available in an account with HSBC is not credible, first of all...

Local Council of Sfântu Gheorghe to sell 3% of one of the garment factories in the city for 100,000 Euros

The local council of the town of Sfântu Gheorghe will begin the procedure for the sale of 1,200 shares it owns in the Transilvanian Trousers Company, a textile maker, and the sale price has been set at 100,000 Euros.

The Central Depository may waive the commissions for listed companies looking to transfer to another depository

The Competition Council (CC) has decided to accept the commitment of the Central Depository to set the commissions charged for transferring to another depository to zero, Bogdan Chiriţoiu, the president of the Competition Council told BURSA.

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 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...

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...

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.

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...