English Section

7 septembrie 2014

The banking system, close to getting a seizure

The draft law which says that borrowers that have taken out loans denominated in foreign currencies may be allowed to repay early or to refinance their loans at the exchange rate effective at the time the loan was contracted was approved yesterday by the Commission for Industries of the Chamber of Deputies, UDMR deputy Odon Szabo, one of the initiators of the draft, told us.

The draft went tacitly through the Senate, and it is set to be approved by the Chamber of Deputies, which is the decision-making chamber of the Parliament, even though, all this time, the banking system has exerted heavy pressure, to stop it from being passed, as political sources told us.

"There is enormous pressure from the banking system for the initiative to be withdrawn. We are getting new versions which favor the banks, we are being threatened and even worse. The banks are lobbying for the elimination of the draft, claiming that it would cause the market to grind to a halt".

In June, Russian president Vladimir Putin met with Austrian president Heinz Fischer, and the latter said that talks with Russian officials yield better results than sanctions.

Băsescu issues a warning to OMV Austria

The increasing closeness between Austria and Russia seems to have greatly upset Traian Băsescu, who has announced yesterday that he has sent a message to the Austrian officials of OMV, telling them that they would be Romania's partners as long as Romania's national is served with priority. The president said: "There are numerous pieces information in the press that OMV Austria seems to be engaging in policies which are not beneficial to the Romanian state. I am saying it openly, directly, that they will be our partners as long as Romania's national interest is served with priority".

Daniel Dăianu: "It would be better if in the remaining months we saw a reinvigoration of public spending in Romania".

"Europe in a major quandary. What can Romania do?"

Reporter: The economy has entered a recession, after two consecutive quarters of economic contraction. How do you think the economy will evolve in the coming months, given a weaker harvest, the drop in investments, the drop in exports and the upcoming period of the presidential elections?

Daniel Dăianu: The economy will end 2014 with a real growth of the GDP of over 2%. 2013 has raised the bar 0nly circumstantially, because the harvest was outstanding. While in the first semester the level of public spending was in line with the schedule, aggregate demand and the dynamic of the economy would been better.

Pogonaru replies to Ciurezu, through proxies

The harsh attack of the CEO of SIF Oltenia, Tudor Ciurezu, against businessman Florin Pogonaru, has received a response, indirectly, from the management of "Prodplast Imobiliare" (PPLI).

After the chairman of SIF5 accused the Pogonaru family of resorting to a concealed spin-off of "Prodplast Imobiliare", to the detriment of the other shareholders, by transferring the main asset - the building which houses the company's headquarters - to a new company, the management of "Prodplast Imobiliare" maintains that, on the contrary, this action is intended to limit the risk of the retail project which is set to be developed.

PMP deputy Adrian Gurzău: "The stress tests, intended to pressure some of the insurers".

CORNELIU MOLDOVEANU WHO IS BEING INDICTED, HAS BEEN KEPT AS VICE-PRESIDENT FOR ALMOST A YEAR NOWAdrian Gurzău: "The ASF defies us every day"

The criteria for the evaluation of the insurance companies in Romania have been agreed by the Financial Oversight Authority (ASF) in cooperation with the European Insurance and Occupational Pensions Authority (EIOPA) and the European Commission, as announced by the ASF yesterday.

1 Euro5.0831

1 Fr. elveţian5.5054

BNR

1 Liră sterlină5.8393

BNR

1 Dolar SUA4.3835

BNR

1 Gram Aur572.5594

BET22139.63

BET FI79363.95

BET NG1649.81

The population gets a two-year respite from the increase of gas bills

The Department for Energy yesterday put up for public debate, the project for the expansion of the schedule for the liberalization of the price of natural gas for the population by 2021.

"Secretive-hearted King Crypto reigned over the mushroom kingdom" (paraphrase of a poem by Romanian poet Ion Barbu).

THE BOARD OF THE BSE, ONCE AGAIN DISREGARDED BY THE CEOKing Sobolewski and Queen Tănăsoiu

A decision with major implications when it comes to the execution of trades on the Romanian stock market - the move to the two-day settlement cycle ("T+2", instead of "T+3"), starting on October 6th,- seems to have been made by...

The Minister of Energy: "Gas price liberalisation for the population, extended till 2021"

The Delegated Minister for Energy, Răzvan Nicolescu, reported a moment ago that he will propose the European Commission the gas price postponement for population till 2021.

THE MINISTER OF FINANCE CONTINUES THE DEBATE OF THE MISSING FISCAL CODEWhat does Ioana Petrescu care if the dogs bark at her?

In a caricature of public debate, the officials of the Ministry of Public Finance (MFP) insist on discussing a draft of the new Fiscal Code, which they are, however, keeping secret and only leak small chunks of it at conferences organized by an...

THE RUSSIAN-UKRAINEAN CONFLICT, ABOUT TO EXPLODEMilitary sources: "Vladimir Putin wants to cut off Ukraine's access to the Black Sea"

Yesterday afternoon, Ukraine summoned its Security and Defense Council, and president Petro Poroshenko postponed his visit to Turkey, after Russian armed forces allegedly entered the country through the South-East, conquering the city of...

I don't think there is any other country in the world where the courts render conflicting rulings

THE MAJORITY SHAREHOLDER HAS BEEN UNABLE TO HOLD THE GENERAL SHAREHOLDER MEETING AT BUCUR OBORI don't think there is any other country in the world where the courts render conflicting rulings

Laurenţiu Postovaru, who controls 49.89% of Bucur Obor (BUCU), says that in order to keep their seats, the members of the current Board of Directors are using as an excuse to keep their seats, a court ruling, according to which the shareholders...

The ASF has notified the criminal investigation bodies about thefts of shares through Harinvest

The Financial Oversight Authority (ASF) has notified the competent bodies, after reviewing two complaints from investors, who reported that their shares were sold through "Harinvest", even though they did not have a contractual...

THE NEW MANAGEMENT CHANGES THE DIRECTION OF PRO TVAleksandras Cesnavicius: "There are no commercial or political pressures in Pro TV"

There are no commercial or political pressures in Pro TV, people are simply allowed to do their job and are focused on it, Aleksandras Cesnavicius, the CEO of Pro TV said yesterday, at the event for the launch of the autumn schedule of the...

Gazprom hasn't decided yet the South Stream route change

The preparations for the construction of Serbia section of South Stream pipeline is on schedule, Gazprom considering that it's too early to speculate on a new route, state sources cited by Tanjug.

A NAME THAT HAS BEEN PRESENT IN EVERY MAJOR PRIVATIZATIONA Rothschild nominated for the Board of Directors of Electrica

Arielle Malard de Rothschild, the vice-president for Central and Eastern Europe of & Cie Banque, is on the shortlist of candidates for the position of independent member of the Board of Directors of Electrica SA, according to a document...

CERNAVODĂ, THIS WEEKThe call for bids for Units 3 and 4

The call for bids for attracting investors at the Units 3 and 4 of the nuclear electric plant of Cernavodă may be launched this week, according to sources close to the situation.

MARKET "GOSSIP"Are the SIFs courting Banca Carpatica?

Three of the five financial investment companies (SIFs) - SIF1 Banat Crişana, SIF2 Moldova and SIF4 Muntenia, may be interested in becoming shareholders of Banca Comercială Carpatica (BCC), market sources claim.

FEE CUTS AND CHANGES IN REGULATIONSThe ASF will no longer charge fees for trades involving government securities

The Financial Oversight Authority (ASF) will no longer charge any fees for government bonds trades on the Bucharest Stock Exchange, according to the new set of tariffs approved on Wednesday, which also lowered the fee for stock trades from 0.08%,...

Ţuca Zbârcea & Asociaţii advises the ASF on the restructuring process

EVEN THOUGH THE STATE AUTHORITIES ARE NO LONGER ALLOWED TO HIRE LAW OUTSIDE LAWFIRMS IF THEY HAVE A LEGAL DEPARTMENTŢuca Zbârcea & Asociaţii advises the ASF on the restructuring process

The Financial Oversight Authority (ASF) has hired law firm "Ţuca Zbârcea & Asociaţii", to advise it on labor legislation, during the restructuring process, according to some market sources.

GREG KONIECZNY, THE PROPRIETATEA FUND:"We sold our stake in Transelectrica because we had lost our voting rights"

Reporter: What effect do you expect the listing on the London Stock Exchange will have on the liquidity of the BSE?

THE CLEAN MOUNTAINS PROJECT IN THE TRANSALPINA:Gefco Romania contributes by the materials' transport

The Gefco Romania logistics company for industry assists the international project for sustainable development in the Transalpina (Clean Mountains and Waters Project), by the construction materials' donation, according to a press release sent...

The Chinese discreetly analyzing the assets of Enel in Romania

The Chinese have allegedly asked the Enel officials for access to the data room of the assets of the Italian group in Romania, sources close to the situation claim.

Dinu Patriciu, the harshest sentence

Businessman Dinu Patriciu (aged 64) died yesterday in a clinic in London, after having suffered for a long time due to an unforgiving disease.

The trail left in the BURSA newspaper

Dinu Patriciu was a personality who has left a mark on the transition period, both in politics and in business. In the beginning of 1990 he set up the very first private company in Romania, called Alpha Construcţii şi Investiţii Imobiliare, and...

Save Vama Veche... from itself!

The boulders have been removed from the beach in front of the castle of Queen Mary in Balchik and yet tourists flock to the other holiday spot not very far from it, where you hurt your feet on rocks when going into the water.

THE WAR BETWEEN CIUREZU AND POGONARU CONTINUES AT PRODPLAST IMOBILIARECiurezu: "The nuclear bombs of the Pogonaru family"

"Prodplast Imobiliare" (symbol: PPLI on Sibex), more specifically the building it owns in the center of Bucharest, is the new bone of contention between Tudor Ciurezu, the president of SIF Oltenia, and businessman Florin Pogonaru.

DURING THE FIRST SEMESTERThe Biofarm sales rose by 5%, to 61 million lei

The Biofarm Bucuresti (BIO) pharma producer sales rose by 4.7% during the first semester, to 61.1 million lei (EUR 13.7 million), while the profit rose by 9%, to 14.74 million lei (EUR 3.3 million), according to the financial results for the...

AFTER 20 YEARSThe ASF begins the reform of the stock market

The Board of the Financial Oversight Authority (ASF) has approved the "STEAM - The plan for action intended to secure the status of Emerging Market" project, which represents a program for the reformation of the Romanian capital market,...

DURING THE FIRST HALF OF THE YEAR,INS: The volume of construction works dropped by 10%

The volume of construction works dropped to six months by 10.2%, as gross series, taking into account the drops in capital repairs' works, by 18.4%, and in the maintenance and current repairs, by 12%, and as adjusted series after the number...

FIVE ANSWERS FROM LUDWIK SOBOLEWSKINo comment

Reporter: What is the current progress of the elimination of the eight barriers which hinder the development of the stock market? When is the integral elimination of the eight barriers expected to happen?

CORRESPONDENCE FROM PARISCheating death: the pill for living for 200 years

Longevity has reached a record-level in the developed countries. In France, for example, women live on average 85 years, which is three and a half times more than the life expectancy in mid 18th century, which was limited at 25 years.

A GENERAL SHAREHOLDER MEETING WITHOUT SURPRISESFercală has "executed" Frăţilă

Constantin Frăţilă has been dismissed from the position of member on the Supervisory Board of SIF3 Transilvania, following yesterday's General Shareholder Meeting, and all of his proposals have been rejected.

NEXT YEARThe installed capacity for green energy might rise by 57 %

The installed power in the renewable energy production units might rise by 57.4%, next year, from 4.350 MW to almost 7.000 MW, as the authorities estimate.

The beautiful Laura Nureldin is a graduate in psychology.

THE MARTYRDOM OF THE TUMOR AND THE CONVULSIONS OF ITS PRESS ENTITIESMythomania is destroying Dan Voiculescu

Click!, I turn on Antena 3 on CNN, and I see "TV CHANNEL SEIZED" displayed on the screen, in red letters.

THE REPORT OF THE BSE ON THE FIRST SEMESTERTriumphant, with or without accomplishments

The Bucharest Stock Exchange has yesterday published its financial results, which it presented in a triumphalist manner, in the report for the first semester of 2014. Nicolae Gherguş, general manager of Confident Invest and vice-president of the...

IF THE SITUATION IN UKRAINE WORSENSTampiza: "Lukoil will be forced to sell its assets in Romania as well"

Lukoil may be forced to sell its Romanian assets, if the conflict between the Russian Federation and Ukraine escalates, says Constantin Tampiza, former CEO of Lukoil România.

What dangers do the issues of bonds dedicated to the population hide?

The Ministry of Finance has recently announced that it is preparing a bonds issue aimed at retail investors, in other words any citizen that has at least 1,000 lei available, the face value of such a security.

A VISIT IN FOUR AFRICAN COUNTRIES AT THE END OF JUNEFrank Timiş: "Business will continue in spite of the threat of the Ebola virus"

The business of Frank Timiş in Africa will take place normally, in spite of the threat of the Ebola Virus, according to his own statements made at the end of June, during a tour in four African countries.

ARPIM/APMGR: The supplementation by 175 million to BaT starting from the 4th quarter is necessary

The Romanian Association of the International Drug Manufacturers (ARPIM) and the Association of Generic Medicine Manufacturers in Romania (APMGR) consider that the supplementation of the drugs' budget must be considered a priority for the...

The National Bank of Romania brings its own contribution to maintaining the illusive solvency of the state.

THE DECISIONS OF THE NBRCutting the interest rate can not restart the seized up engine of the economy

This year as well, the official statistics have continued to show that our economy is growing, and the unemployment is dropping.

THE STOCK MARKET IS IGNORED, THE BANK MARKET IS PROMOTEDThe Coalition for Romania's Development has forgotten about the development part

The so-called "public debate" of the new Fiscal Code with the representatives of the academic and business sector, initiated by the Ministry of Public Finance, has confused even the employees of the Ministry.

Hidroelectrica - new terminations of contracts with the entrepreneurs of "historical investments"

Hidroelectrica SA has made a milestone profit of 509 million lei, in the first six months, up 28 million lei compared to the similar period of last year, amid a drop in revenues, which led to much criticism against the receiver of the company,...

MIHAI BOGZA"We don't want what was given to us this year with one hand, to be taken away with both hands next year"

The Council of Foreign Investors supports the cut of the Social Security Contributions (CAS), but the measure must be sustainable, so that the budget can meet the deficit target in the coming years without the need for further tax increases, Mr....

Mircea Geoană told Ioana Petrescu a joke that they both understand.

The Minister of Academic, Business and Fridays Finance

The young lady who has come out of the mist to take the seat of Minister of Finance, gets affected emotionally by any contact with anyone else except herself, meaning she is incapable of understanding the meaning of "public" (even though...