English Section

5 mai 2014

AstraZeneca rejected the 63.1 billion pounds offer by Pfizer for taking over the British Company

The AstraZeneca Board of Directors rejected on friday the improved offer for taking over the British company by the American group Pfizer, that evaluated AstraZeneca at 63.1 billion pounds (106.5 billion dollars), considering the proposal terms to be "unsatisfactory" and "substantially underestimating" AstraZeneca, according to a press release by the British company.

The battle between Pogonaru and Ciurezu, won by Bîlteanu

Tudor Ciurezu, the CEO of SIF Oltenia, seems to have won the first battle in the conflict with businessman Florin Pogonaru, at least according to the way some investors are viewing the outcomes of yesterday's General Shareholder Meeting, where none of the dividend alternatives was approved, and last year's profit remained unallocated.

The ASF has broken up "the concert" at SIF Oltenia

The shareholders of SIF Oltenia are meeting today in the General Shareholder Meeting to approve the balance sheet, on the second convening, which could provide a picture of the strength of the factions within the company, wherein the conflict between president Tudor Ciurezu and businessman Florin Pogonaru has come to light.

THE CEO OF THE BSE, SURPRISED AT BEING QUESTIONED IN THE GENERAL SHAREHOLDER MEETINGSobolewski has finally come down from the heavens

Accustomed as he was to the reverence that he was received with in the beginning, Ludwik Sobolewski, the CEO of the BSE, must have had a shock on Friday, at the General Shareholder Meeting, when the market community, which he remembered to be kneeling before him in admiration following his achievements in Poland, assaulted him with a flurry of questions, which hinted at the anger at his conceit, but also because some of the shareholders of the Bucharest Stock Exchange consider that he is disregarding the regulations of our market and that he is ignoring the institutional and market culture.

THE 45TH EDITION OF THE GENERAL SHAREHOLDER MEETING OF THE WTCA Cristina Chiriac: "The opportunities for global growth do exist!"

Reporter: Please give us more details about the international event that World Trade Center Bucharest will be hosting in the coming days.

Cristina Chiriac: This year, for the first time in the history of the WTCA (World Trade Centers Association), the 45th General Shareholder Meeting will be hosted in Romania, will be held in Bucharest and will be attended by 235 people, from all over the world - Asia, North and South America, Europe etc. The General Meeting of the WTCA is an annual forum of the members from the management of the WTCs, the Board of Directors of the WTCA and of the most important businesspeople, which is intended to facilitate the sharing of ideas, the development of commercial strategies and to help increase visibility.

1 Euro5.0705

1 Fr. elveţian5.4340

BNR

1 Liră sterlină5.8453

BNR

1 Dolar SUA4.3334

BNR

1 Gram Aur471.7572

BET19733.2

BET FI62339.12

BET NG1416.73

Sobolewski takes it too far; Dan Paul reacts

The admirable restraint shown by market participants for more than eight months now has been broken by the president of the Association of Brokers, Dan Paul, who just couldn't take it anymore after the aberration proposed by the CEO of the...

RĂZVAN NICOLESCU, THE MINISTER OF ENERGY:"Starting in 2019-2020, we will be producing more natural gas than what we consume"

According to the Delegate Minister for Energy, the tense situation in Ukraine is no major problem, because Romania is ready to deal with any situation. He told us in an interview that the country has enough domestically produced gas to meet...

Gabriel Dumitraşcu: "For the IPO of Electrica, we want to attract the money that is running away from the region"

THE TENSIONS IN UKRAINE, AN OPPORTUNITY FOR ROMANIAGabriel Dumitraşcu: "For the IPO of Electrica, we want to attract the money that is running away from the region"

Gabriel Dumitraşcu, the head of the Privatization Office of the Department for Energy, told us that he is more cautiously optimistic when it comes to the success of the IPOs scheduled to take place this year, in the current geopolitical and...

"We still make decisions based on pride and personal ambitions"

EXCLUSIVE - INTERVIEW WITH CRISTIAN AGALOPOL, THE PRESIDENT OF THE CENTRAL DEPOSITORY"We still make decisions based on pride and personal ambitions"

After the Bucharest Stock Exchange proposed the "in-house" development of a technical solution for joining "Target2-Securities" (ed. note: the single European service for cross border settlement), as they consider the investment...

INTERVIEW WITH MIKE BORZE, THE HEAD OF BENQ FOR FRANCE AND EASTERN AND CENTRAL EUROPE"The global financial system is rotten"

Reporter: What do you view Romania like, from a political and economic point of view, when you come back?

APPROVED FOLLOWING A ROWPlaying ping-pong with the law of insolvency

The draft of the Law of Insolvency is at the center of a new political scandal, as it was voted yesterday in the Chamber of Deputies, despite the fact that the PNL and the PDL voted against it.

One way or another, the president that gets elected this year will govern us until 2024

Reporter: Why did you choose to make an "analysis" of the Romanian political scene?

VAIN HOPES FOR THE BSEThe listing of Romtelecom is uncertain

The Bucharest Stock Exchange may miss out on the IPO of Romtelecom, even though the hopes of the telecom operator being listed on the BSE have been fueled for years.

CNADNR should invest EUR 22 million in the "Road of Shame" in Braşov

This week, the Government passed a bill by which CR 104 Sercaia - Hoghiz, known as the "Road of Shame", was classified from country road as national road, after the county authorities took the necessary steps for this purpose.

Law firms contradict Sobolewski

Ludwik Sobolewski, the CEO of the Bucharest Stock Exchange, wrote to Mircea Ursache, the vice-president of the ASF in charge of the capital market, an official letter in which he claims that the CEO and the president of the BSE (the two managers...

The victory of Jan Sobieski, the King of Poland, against the Turks in the battle of Vienna - a painting by Jan Matejko (1838-1893).

"Sobolewski and the Romanians"

The AD is no longer 1686, but 2014. Unlike Sobieski, Sobolewski is no longer angry at Romanian ruler Dimitrie Cantemir, quite the contrary, he often delights in the musical art of the great European, Kantemiroglu, "Kitabu...

An open letter to the CEO of the BSE Ludwik Sobolewski

Dear Mr. Ludwik Sobolewski,

LEVEL TWO:The chump, to the Alpha-Male

I've already told you that I think of myself as a chump, because I am easily fooled and I take the Bucharest Stock Exchange seriously and I can't imagine that Ludwik Sobolewski, its Polish CEO, has decided to start making fun of me...

Ursache: "The CEO of the BSE is part of the staff"

Mircea Ursache, the vice-president of the Financial Oversight Authority (ASF), disagrees with the opinion of the officials of the BSE and considers that the CEO of the Bucharest Stock Exchange (BVB) is part of the staff of the company.

The BSE: "The CEO of the BSE, Ludwik Sobolewski, is not part of the staff of the BSE".

THE PROBLEM OF THE SHARES OF SOBOLEWSKIChump, stage one

I swear, I don't know who is making fun of who on the trivial issue of the shares bought by Sobolewski, but I don't think it's all right at all that the official website of the Bucharest Stock Exchange is used to start a polemic with...

An article for the memory of Lucian Anghel.

HOW A MINOR DETAIL BECOMES TELLINGThe Board of the Bucharest Stock Exchange has forgotten its own Regulation

A small article published in BURSA which concerned a minor detail - the fact that the CEO of the BSE has bought shares in the company while the regulations of the latter prohibited him from doing so - caused quite a ruckus: first of all we...

REPLIESTHE BSE

"Following the article < By buying shares in the BSE, Sobolewski has violated the Regulations of the BSE > which was published in the April 2nd, 2014 issue of BURSA, the Bucharest Stock Exchange makes the following clarifications.

No winner in the match between Agalopol and Sobolewski

The Central Depository will join the TARGET2-Securities (T2S) in the first wave, just like its management wanted it to happen, but without the new software, sources from the stock market told us.

"Classic products through modern channels - a new banking model"

THE "EUROPEAN BANKING UNION AND THE NEW BANKING MODEL" CONFERENCE / MARINEL BURDUJA, CEO OF THE ROMANIAN BANK FOR LOANS AND INVESTMENTS (BRCI):"Classic products through modern channels - a new banking model"

The Romanian Bank for Loans and Investments (BRCI) wants to bring a new model to the Romanian market, according to Marinel Burduja, its CEO.

THE "EUROPEAN BANKING UNION AND THE NEW BANKING MODEL" CONFERENCE / NICOLAE DĂNILĂ, NBR:"Regaining trust, the main challenge for banks"

The major challenge for lenders, both locally and on a European level, is rebuilding the trust in the system, not only that of customers, but that of the state, of ratings firms, and of their employees, says Nicolae Dănilă, member on the Board of...

"The biggest problem of SMEs is the difficult access to financing"

THE "BANKING UNION" CONFERENCE - A DEBATE FOR THE FIRST TIME IN ROMANIA / ANCA LAURA IONESCU, SECRETARY OF STATE IN THE MINISTRY OF THE ECONOMY:"The biggest problem of SMEs is the difficult access to financing"

The problems of the private sector in Romania are the same as the ones faced by its peers in the European Union, according to the statements of Mrs Anca Laura Ionescu, secretary of state in the Ministry of the Economy, who says that in 2013 and...

"The implementation of the Banking Union can negatively affect lending to SMEs"

THE EUROPEAN BANKING UNION CONFERENCE - A DEBATE FOR A FIRST IN ROMANIA / MIRELA IOVU, VICE-PRESIDENT OF CEC BANK:"The implementation of the Banking Union can negatively affect lending to SMEs"

The implementation of the Banking Union is likely to negatively affect the lending to SMEs, said Mirela Iovu, the vice-president of CEC Bank. There are solutions to mitigate the negative impact, such as increasing the capitalization of banks,...

"The pressure of the new banking regulations in Europe will generate moves on the domestic market"

THE BANKING UNION CONFERENCE - A DEBATE FOR THE FIRST TIME IN ROMANIA / RĂZVAN NAN, KPMG:"The pressure of the new banking regulations in Europe will generate moves on the domestic market"

The pressure of the new banking regulations in Europe will generate "moves" on the Romanian market, considers Răzvan Nan, senior manager, banking advisory at KPMG, who expects that this year we will see significant changes in the...

"Any modification at the level of the banks affects the business environment"

THE EUROPEAN BANKING UNION CONFERENCE - A DEBATE FOR THE FIRST TIME IN ROMANIA / ADRIAN TIMAR, REMARUL 16 FEBRUARIE:"Any modification at the level of the banks affects the business environment"

Any change at the bank level affects the business sector, says Adrian Timar, the administrator of Remarul 16 Februarie. He told us: "The banking system is part of the market. Any change that happens in this sector, concerning regulation, the...

THE "EUROPEAN BANKING UNION" CONFERENCE - THE FIRST DEBATE ON THE TOPIC IN ROMANIA / DAN PAUL, THE ASSOCIATION OF BROKERS:"The stock market, an alternative to bank deposits"

Dan Paul, the president of the Association of Brokers, said that he does not believe that bank deposits will be seized to rescue the financial institutions, because it would mean a violation of human rights: "It's true that politicians...

THE "EUROPEAN BANKING UNION AND THE NEW BANKING MODEL" CONFERENCE / DANIEL DĂIANU (ASF):"The Eurozone will hobble unless mutualization is achieved"

The financial system that we have is flawed, says Daniel Dăianu, first vice-president of the Financial Oversight Authority (ASF), who mentioned that any considerations he was making on the topic were on his own behalf. In his opinion, in order to...

"The Banking Union is not a solution to the problem of financial instability"

THE BANKING UNION CONFERENCE - DEBATE FOR THE FIRST TIME IN ROMANIA / CĂLIN RECHEA:"The Banking Union is not a solution to the problem of financial instability"

The Banking Union does not represent a solution to solving the problems caused by financial instability, and Romania should postpone becoming part of this structure at least until joining the Eurozone, economic analyst Călin Rechea said.

"The Banking Union, an important element of the picture of a stronger Europe"

THE "EUROPEAN BANKING UNION AND THE NEW BANKING MODEL" CONFERENCE / GUILLERMO TOLOSA, IMF:"The Banking Union, an important element of the picture of a stronger Europe"

The Banking Union represents an important element of the picture of a more integrated and solid European Union, but it does not represent a magical solution for dealing with all the issues of the continent, said Guillermo Tolosa, the...

THE "EUROPEAN BANKING UNION AND THE NEW BANKING MODEL" CONFERENCE / GHEORGHE PIPEREA:"Bank deposits could migrate to the stock market"

Savings from bank deposits could be transferred to the stock market, says professor Gheorghe Piperea, who considers that the fear of the bail-in could help the growth of the stock market.

THE BANKING UNION - A DEBATE THAT IS A FIRST IN ROMANIAA drop of order, in a sea of chaos

The issue of the Banking Union is attracting the attention of an increasing number of players involved in the Romanian market, whether it is the authorities, representatives of lenders or of the real economy, as proven by the high number of...

EXCLUSIVE INTERVIEW WITH CRISTIAN AGALOPOLThe Central Depository waves the white flag before the confrontation with Sobolewski

The shareholders of the Central Depository are meeting tomorrow, in a General Shareholder Meeting, convened at the request of the majority shareholder, the Bucharest Stock Exchange. There is talk in the market that the event will be the stage for...

Dragnea: "Advanced negotiations with China for Rovinari steam power plant"

The negotiations with the Chinese party for the building of a new steam power plant in Rovinari are advanced, the investors representatives are to come in Romania in the immediate period, stated the deputy prime minister Liviu Dragnea at the...

Singapore, the preferred destination for offshore bank accounts

An increasingly high number of rich Westerners are moving their money from their domestic bank accounts into exotic countries such as Singapore or Hong Kong. The exodus is happening amid fears that, after the implementation of the bail-in...

Large energy and gas consumers have convinced Ponta

The Prime Minister Victor Ponta has been analyzing the possibility of giving up the semestral rise schedule of gas price for the industrial consumers, according to some market sources. Thus, in order to support the industry, Government would...

Ponta provides substantial support for industry

The Prime Minister Victor Ponta announced last night in Parliament, a number of measures by which he intends to support large energy and gas consumers to maintain their competitiveness on the European and global markets, but without providing any...

TOO LITTLE RESULTS AND FAR TOO MUCH COMPLEXITY, AFTER TWO YEARS OF NEGOTIATIONSThe banking union, another European project without a future?

After negotiations which have lasted once again all night, the European authorities have announced, in the middle of last week, the completion of a new stage in the process towards the creation of the banking union. This new European structure is...