English Section

9 septembrie 2014

A Stock Exchange standing on the legs of the government

The kindness of the government when it comes to privatizations has led to the increase of the performance of the Bucharest Stock Exchange, without the market having displayed any improvement in its attitude or in its strategy.

A progress is visible if we look comparatively at the ratios of the BSE, in the first eight months of the last five years. But the Bucharest Stock Exchange isn't able to succeed on its own.

On the contrary, the attempted IPO of AdePlast saw a notorious failure, when it is precisely from that direction that the Stock Exchange should have expected support and encourage the listing of private companies.

Banks hammering the Parliament in the head, using the People as an anvil

THE NUMBER OF PROJECTS ON THE ISSUE OF LOANS DENOMINATED IN SWISS FRANCS IS STARTING TO INCREASEBanks hammering the Parliament in the head, using the People as an anvil

The issue of loans denominated in Swiss Francs (CHF) is becoming increasingly disputed in the Parliament, where it seems that an increasing number of controversies are taking place concerning the numerous draft laws filed on the matter.

Jabs between Konieczny and Lulache

The Proprietatea Fund (FP) is reviewing the announcement made by Nuclearelectrica (SNN), concerning the intention to increase the share capital by 241.5 million lei, and has asked the company for additional information, according to Greg Konieczny, the executive vice-president of Franklin Templeton.

A DELIBERATELY INDUCED CONFUSIONBanks promise higher "interest", but on mutual fund units that are not guaranteed, not on bank deposits

"Read the prospectus carefully" is a piece of advice that applies not only to drugs, but to financial products as well. A practice reported by some readers, as well as by analyst Valentin Cismaru, is the pushing by the banks of investments in mutual funds, through a biased discourse, which emphasizes "superior returns" and their similarity with the bank deposits, over the risks and the fact that the investments are not guaranteed.

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".

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

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...

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...

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).

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.

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,...

"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

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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"

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Gazprom hasn't decided yet the South Stream route change

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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

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The Chinese discreetly analyzing the assets of Enel in Romania

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Dinu Patriciu, the harshest sentence

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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!

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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%

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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

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

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The beautiful Laura Nureldin is a graduate in psychology.

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

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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.

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