English Section

4 noiembrie 2012

The forex reserves of the NBR fell by 657 million Euros

In October, the forex reserves of the National Bank of Romania (NBR) fell to 31.77 billion Euros, from 32.42 billion Euros on September 30th, according to a press release of the institution.

EXCLUSIVERemus Vulpescu: "I have opposed three times the liquidation of the stake the Romanian state had in Petrom "

Remus Vulpescu, former head of the OPSPI (The Office For The State's Interests and Industrial Privatization), currently an advisor to the Minister of the Economy, Daniel Chiţoiu, kindly visited our newsroom and answered many questions about his brief stint as head of the OPSPI.

Cristian Sima, prohibited from operating on the stock market for five years

THE INVESTIGATION OF THE CNVM, AFTER THE ROW SPARKED BY THE CASE OF THE FORMER SIBEX CEOCristian Sima, prohibited from operating on the stock market for five years

• The CBVM has shut down "WBS România", because the company was not recording on its books the operations it conducted in the accounts it had abroad

• Inaccurate reports on the balances of the company's accounts

Cristian Sima will be restricted from operating on the local stock market for five years, after the investigation of the CNVM at WBS Romania has revealed serious irregularities in the company's activity, where the broker had served as president and CEO until April 26th, 2011.

Dragoş Bîlteanu: "We are not looking for a controlled liquidation at SIF1, but rather a sustainable and durable development based on a defined period to restructure the portfolios and the capitalization of profits, and this is what my proposal to the Board of Directors will concern."

EXCLUSIVE INTERVIEW WITH THE NEW PRESIDENT OF SIF BANAT CRIŞANADragoş Bîlteanu: "We do not want a controlled liquidation at SIF1"

Unlike other SIFs, the fights for power at SIF1 Banat Crişana took place behind closed doors, without any scandals, at least as far as the media was concerned.

Yesterday, at the meeting with the CEO of OMV, Gerhard Roiss, the Romanian president said: "Romania will become an important player on the energy market in the next 10 years, if we get lucky with the Black Sea".

IN THE CONTEXT OF THE FINDING OF THE GAS DEPOSITS IN THE BLACK SEAThe failure of the secondary offer of Petrom is in fact a major success

• Băsescu: "At the present time, we won't sell the 10% stake in Petrom; we were lucky that we didn't sell in 2011"

• Romania is heavily courted to sell its minority stake in Petrom, according to the statements of Remus Vulpescu, the former head of the OPSPI

The gas reserves found in the Black Sea, announced in the month of February, are a good reason for Romania not to want to sell its minority stake in "Petrom" (symbol: SNP), according to yesterday's statements made by president Traian Băsescu.

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

AFTER NINE MONTHSThe total provisions of BCR exceed the total level of 2011

The Romanian Commercial Bank (BCR) saw a net loss of 762.5 million lei (172.1 million Euros) at the end of Q3 2012, whereas over the same period of last year it had net profit 67.6 million lei (16.1 million Euros), according to a press release by...

Cezar Scarlat (left), Gian Sharp (right)

AFTER THE ACQUISITION OF CARGUS FROM DHL"Abris Capital Partners" is looking for investments between 20 and 100 million Euros in Romania

Investment fund "Abris Capital Partners", which entered the Romanian market by acquiring courier company "Cargus" from DHL, is considering investments of at least 20 million Euros in majority stakes in Romanian companies, but it...

A PROFIT 30% GREATER AT NINE MONTHSBrokers: Earnings of Banca Transilvania are encouraging

• The bank is on schedule for the revenue targets, but it needs to be careful with provision costs, analysts say

"The microfinancing of SMEs in Romania is a very well developed activity"

PETER BARTA, THE GENERAL MANAGER OF THE POST-PRIVATIZATION FOUNDATION - FPP:"The microfinancing of SMEs in Romania is a very well developed activity"

AFTER THE ACQUISITION OF CARGUS FROM DHL"Abris Capital Partners" is looking for investments between 20 and 100 million Euros in Romania

Erik de Vrijer, the head of the IMF mission to Romania

IF THE CRISIS IN THE EUROZONE WORSENSIMF: "Romania's economy could contract by 5%"

• The leu risks a depreciation of 15-20%

The president of SIF Banat Crişana does not rule out the relocation of the company's headquarters.

Ioan Cuzman, the president of SIF Banat Crişana will step down

PRELIMINARY RESULTS OF THE INVESTIGATIONThe CNVM has suspended the operation of WBS Romania

IF THE CRISIS IN THE EUROZONE WORSENSIMF: "Romania's economy could contract by 5%"

• The leu risks a depreciation of 15-20%

The plan for the reorganization of Prodlacta may only be confirmed on November 12th

• Oleg Solomiţchi, the representative of the JLC group, has acquired the receivables of the two large shareholders of the milk producer - ASMC and Olympus Dairy

EVEN THOUGH THE CALL FOR TENDERS ENDED A LONG TIME AGONuclearelectrica is still negotiating with SNC Lavalin

• Nuclearelectrica: "There is no reason to hold a referendum on continuation of the project build the Units 3 and 4"

Autoliv has invested 15 million Euros in the steering wheel factory of Sfântu Gheorghe

• The company is hiring 45 people a month, and hopes to reach 1,000 employees by the end of the year

Swiss Capital and BT Securities will intermediate the listing of Nuclearelectrica on the BSE

The consortium made up of Swiss Capital and BT Securities won the call for bids held by Nuclearelectrica to underwrite the listing of the shares on the Bucharest Stock Exchange (BSE), stock market sources told us.

Cezar Scarlat has been working as Managing Director at Abris Capital Partners, since May 2012, after spending almost four years at "Bridgepoint Capital"

AFTER THREE YEARS WENT BY IN ROMANIA WITHOUT ANY DEALS"Abris Capital Partners" breaks the ice and buys "Cargus" from DHL

• Cezar Scarlat, "Abris Romania": "We have 450 million Euros available to invest in Poland, Romania and Ukraine, in that order"

ZAREMBA'S FIRST MOVE, AFTER THE FAILURE OF THE PRIVATIZATIONPCC wants to see the plan for the restructuring of "Oltchim", announced by Ponta

• The minority shareholder wants the replacement of the Board of Directors

The chairman of SIF Banat-Crişana urges reason and pragmatism in the economic policy

At the end of last week, the president of SIF Banat-Crişana, Ioan Cuzman, attended the debate "Strategic approach in the management of business", hosted by the Faculty of Economics and Business Management of the of the Western University...

Banca Transilvania to issue 30 million Euros worth of bonds

• Bank of Cyprus, shareholder of Banca Transilvania, is requesting that the Board of Directors be given the power to perform share capital increases, by converting bonds into stock

A NEW SUMMIT OF DESPAIR, AND YET ANOTHER "SOLUTION" FOR A RUDDERLESS EUROPE?The banking union is more elusive than the European Union itself

The lawbreakers of the European Union worked on a European banking union at their last high level meeting.

Romania's energy, under assault

The battle for the energy resources has been constantly in play over the course of history, it has generated coup d'etats and led to regimes being overturned, has generated colonialism, conquests of land, armed and economic conflicts, but, at...

Cernavodă and the congratulations

In September, Japan decided to become independent from nuclear energy, by 2030, joining countries such as Germany and Switzerland, which made the same decision after last year's Fukushima disaster.

"Gangnam Style" causing a storm on the Seoul Stock Exchange

Shares of the company led by the father of South-Korean performer Park Jae Sang (Psy) have risen over 500% since July, as investors on the Seoul Stock Exchange are speculating that DI Corp., which produces electronic equipment, could somehow...

Romanian mask for meeting with the Chinese.

NO ROMANIAN DIGNITARIES AT THE CHINESE EXHIBITION AT THE TIBThe authorities are ambivalent about China

• The Chinese still seem to be patient with us

Sima continues his charade, but he isn't fooling anyone anymore

• It's very likely that he wasn't in Iceland (Reykjavik), but in Romania (Cluj)

Sima's scheme

Sima claims that I played "a crucial part" in his flight, because he was scared by the questions asked by BURSA, in the interview we published on September 3rd.

Sima continues his charade, but he isn't fooling anyone anymore

• It's very likely that he wasn't in Iceland (Reykjavik), but in Romania (Cluj)

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

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

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

ENERGY CORRIDORS"Nord Stream" is operating at maximum capacity

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

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".