English Section

24 octombrie 2016

THE ANAF TAKES A SWING AT MULTINATIONALS: "Almost one billion Euros have been taken out of Romania in the last five years"

Almost one billion Euros was removed from Romania in the last five years, and all that money could have been used to finance many projects, the General Manager of the Major Taxpayers Department of the National Tax Administration (ANAF), Ionuţ Mişa, said at the end of last week, referring to transfer pricing.

Deputies want the investigated companies to participate in public calls for tenders and the awarding of concessions

PROSECUTORS HAVE PREDOMINANTLY INVESTIGATED DOMESTIC COMPANIESDeputies want the investigated companies to participate in public calls for tenders and the awarding of concessions

This month, in the Senate, several deputies have proposed a draft to amend the Law of public procurement acquisitions and of the Law concerning the concession of works and services, which would allow investigated companies to participate in the public calls for tenders.

HUMBLE, BUT FILLED WITH ARROGANCE NBR governor disregards his own advice

NBR governor Mugur Isărescu apparently ignores the fact that banks are refusing to negotiate with their customers and insists, after the passing of the law of giving in payment, that the parties of the loan agreement should negotiate: "Negotiation is the basis of the functioning of the market economy, in the European Union, because that is where we are living.

THE CONVERSION OF CHF DENOMINATED LOANS AT THE HISTORIC EXCHANGE RATE IS A FIT PUNISHMENT FOR BANKSSwatch watches and bitter chocolate

Three media people (I find it hard to call them journalists) were trying to outdo each other in presenting comparative calculations originating from the specialists of the NBR, proving using arithmetic that loans denominated in CHF have been more advantageous than those denominated in lei and Euros, even after the unprecedented explosion of its exchange rate against the other currencies, including against the leu.

CORRESPONDENCE FROM ISTANBUL / IONEL BLĂNCULESCU:"A new global energy economy is developing"

A new world energy economy is in the process of developing, says economic analyst Ionel Blănculescu, who says that our civilization "needs to embrace renewable energy at a rate and at a pace that has never been seen before".

1 Euro5.0645

1 Fr. elveţian5.4146

BNR

1 Liră sterlină5.8692

BNR

1 Dolar SUA4.3179

BNR

1 Gram Aur459.5007

BET18630.78

BET FI61171.84

BET NG1358.44

The offensive against the banks halted by the MPs and the judges of the Constitutional Court

LOAN CONVERSION AND THE GIVING IN PAYMENT ARE LEFT STRANDEDThe offensive against the banks halted by the MPs and the judges of the Constitutional Court

The bank debtors' struggle seems to be neverending.

Shocker when it comes to the conversion of CHF denominated loans

The long awaited proposal of the conversion of CHF loans was rendered toothless yesterday by some proposals backed by the Government and by most MPs who were present yesterday in the meeting of the specialized commissions of the Chamber of Deputies.

THE EURO AND THE SWISS FRANC ROSE CONSTANTLY LAST WEEKZamfir: "The NBR is using pressure once again, because the vote on the law of Conversion is up"

The Euro rose constantly last week against the leu, from 4.4484 lei/Euro on Monday, October 3rd, to 4.4949 lei/euro - on Friday, October 7.

Why is capital flight from Italy and Spain accelerating?

The European Central Bank has recently published the data of the TARGET2 (Trans-European Automated Real-time Gross settlement Express Transfer) system, which facilitates real time settlement for payments in Euros.

CORDIAL POLEMICS / THE NATIONAL BANK UNDER THE RULE OF THE LAWThe watchword for gold is: keeping it safe

In its Tuesday issue, "Bursa", printed an interview with Lucian Isar. It was recorded by: Emilia Olescu and Ancuţa Stanciu. The first question: "Adrian Vasilescu claims that during the crisis, the National Bank would have committed a...

The conversion of loans denominated in foreign currencies - once again put on the back burner

DEPUTIES HAVE POSTPONED THE TALKS ON THE DRAFT LAW UNTIL MONDAYThe conversion of loans denominated in foreign currencies - once again put on the back burner

Deputies of the legal and budget commission have once again postponed the talks on the legislative draft concerning the conversion of foreign loans taken out in foreign currencies. The debates have been postponed until Monday, and MPS have...

BUCHAREST'S WARM WATER SUPPLY WON'T BE SUSPENDED, AT LEAST FOR SEVEN DAYSRomgaz keeps cool

Bucharest's warm water supply won't be cut off in the next seven days, because ELCEN has found the funds it needs to pay the gas supplied by Romgaz, Corina Popescu, state secretary in the Ministry of Energy said yesterday, after an...

Romanian state defends itself against the blackmail of foreign banks

RAIFFEISEN LOSES ANY CHANCE OF BRINGING A LAWSUIT AGAINST ROMANIA WITH THE ICSIDRomanian state defends itself against the blackmail of foreign banks

Raiffeisen Bank Internaţional is about to lose any chance of taking the Romanian state to the International Centre for Settlement of Investment Disputes (ICSID), after sending a notification to the Romanian institutions about the law of giving in...

The remarkable shift in discourse change among the NBR members

Daniel Dăianu yesterday published his opinions about the mistakes that Romanian banks have made lately, in their relations with their customers - a remarkable change in discourse compared to the one that we had become accustomed from the members...

MADNESS OR DESPAIR AT THE HIGHEST LEVEL IN EUROPE?European leaders are against the increase of bank capital

The global financial crisis, after which large international banks needed the help of governments in order to survive, has led to the demolition of the myth that financial institutions can manage the risks that they have assumed.

FRANCOIS HOLLANDE INAUGURATED THE AIRBUS PLANT IN GHIMBAVSerge Durand, Airbus: "The first helicopters - in 2018, if a major order comes soon"

French President Francois Hollande is visiting Romania, three days ahead of a European summit ahead of a post-Brexit European summit in Bratislava meant to breathe new life into the European Union, shaken by the decision of Great Britain to leave...

WHY IS PRESIDENT HOLLANDE COMING TO ROMANIA?Airbus Helicopters wants to sell us 10 helicopters for the UN missions

Like any member of the UN, Romania has an annual membership fee to pay. The amount can be reduced or fully offset by providing some services. One way for Romania to meet these obligations would be to make available 10-12 military helicopters to...

The NBR still isn't complying with the law

The law has achieved a new victory against the National Bank of Romania yesterday, as the latter has posted the full wealth statements (including the annual net revenues) of its executives, on the website of the institution.

HAVE THE LOVE TIES BETWEEN ANGHEL AND SOBOLEWSKI BEEN BROKEN?BSE performance is dropping, three years into Sobolewski's term

The Bucharest Stock Exchange (BSE) has been going from bad to worse over the last three years, after the arrival of Ludwik Sobolewski as CEO, according to the performance ratios, which were set in his contract.

HAVE THE LOVE TIES BETWEEN ANGHEL AND SOBOLEWSKI BEEN BROKEN?BSE performance is dropping, three years into Sobolewski's term

Advertising on Profit.ro and News.ro, sold through a company started by the wife of Dan Pazara

Advertising on Profit.ro and News.ro gets sold through "Ead.Ro Interactive", currently owned by Raduly Ramona-Cristina, who was among the names proposed as board members for Profit.ro Publishing, in the place of journalist Oana Osman, but...

Inflation and unemployment in the Eurozone have stabilized

The annual inflation rate in the Eurozone has remained stable in August compared to July, at 0.2%, according to a preliminary estimate published on Wednesday by the European Statistics Office (Eurostat).

Francois Hollande will inaugurate the 55 million-Airbus investment of Ghimbav

French president, Francois Hollande, will inaugurate the Airbus plant in Ghimbav on September 13th, according to sources close to the investors. According to Serge Durand, the CEO of Airbus Helicopters Industries, the first helicopter made in...

Nazare-Eugen Ţapu, of the Senate: "Rompetrol must pay its debts to the Romanian state"

NEGATIVE OPINION ON THE APPROVAL OF THE MEMORANDUM WITH ROMPETROL, IN THE ECONOMIC COMMISSION IN THE SENATENazare-Eugen Ţapu, of the Senate: "Rompetrol must pay its debts to the Romanian state"

Senators of the Economic, Industry and Services Commission have voted against the draft law to approve the Memorandum of Understanding between the Romanian state and The Rompetrol Group N.V of February 15th, 2013.

SIX FOREIGN COMPANIES WILL BE PAID MONEY FROM THE STATE BUDGETCioloş finances the multinationals and ignores Romanian entrepreneurs

The granting of state aids to companies with foreign shareholders is a controversial subject, as Romanian businesspeople claim that while the state finances the multinationals, it doesn't support domestic entrepreneurs. It is well known that...

FIVE BANKS HAVE REVEALED THEIR HAND THROUGH VAN GRONINGEN'S MOUTHDiscredited lenders

Banks continue to discredit themselves publicly, now drawing the hostility of the Supreme Council of Magistrates (CSM), in the war they are waging both against their own customers and against the Parliament: in the beginning of July, Steven van...

What will the anti-EU revolution in Greece be like?

Most Eastern-European countries have succeeded in getting rid of communism, at least on a declarative level, through "the victory" of some "velvet" revolutions.

THE NBR BELIEVES THAT IT IS BEING ATTACKED BECAUSE OF THE UPCOMING ELECTIONSLucian Croitoru poisons the wells

Lucian Croitoru, advisor to NBR governor Mugur Isărescu, last Wednesday issued some kind of political theory by which, if I understand it correctly, he accredits the principle that the NBR necessarily becomes the whipping boy of the political...

PricewaterhouseCoopers is fighting for survival in a lawsuit in the United States

HOW MUCH LONGER WILL THE "BIG FOUR" EXIST, BEFORE PEOPLE START TALKING ABOUT THE "LAST THREE"? PricewaterhouseCoopers is fighting for survival in a lawsuit in the United States

Once upon a time, there were five international audit, tax and audit consulting firms. Arthur Andersen disappeared in 2002, after it was convicted for the involvement in the Enron fraud.

Mişu Negriţoiu criticizes the Bucharest Stock Exchange

The Ministry of Public Finances plans to issue government bonds for the population annually or even twice a year, but the amount will be announced for each individual case depending on needs and market conditions, Minister of Public Finance Anca...

Sources: Six bidders for "Monte Dei Paschi's non-performing loan management platform

Six investors, including American funds Apollo Global Management and KKR, are interested in the platform that will manage non-performing loans of approximately 9 billion Euros of the portfolio of "Banca Monte dei Paschi di Siena" SpA,...

CORINA CREŢU CONFIRMS:Zero absorption in the 2014-2020 budgetary exercise

Romania currently has an absorption rate of 0% of European funds a in the 2014-2020 budgetary exercise, European Commissioner for regional policies, social-democrat Corina Creţu said on August 2nd. She says that Romanian authorities are working...

BOGDAN OLTEANU HAS RESIGNEDNational Liberal Party wants the nomination of the new NBR deputy governor

Bogdan Olteanu yesterday resigned from the position of deputy governor of the National Bank of Romania, after he was detained by the National Anticorruption Department and placed under house arrest by the supreme court, on allegations that he has...

Bogdan Olteanu - the death throes stage of the National Bank of Romania

Activist Liviu Mihaiu said: "Vîntu doesn't own stock in me or in my conscience", a statement made after the nomination as journalist at "Caţavencu" (a press entity which was owned by Vîntu at the time), directly in the...

THE MADNESS AROUND THE LAW OF THE SEIZURE OF DEPOSITSVasilescu, NBR: "Romanians have begun going into bank branches to withdraw their savings"

The bail-in (the seizure of unguaranteed deposits to save distressed banks) has become a hot topic over the last few days, increasingly approached by the media institutions, but also by analysts, legal experts and members of Parliament.

BAIL-INBichi's guarantees

The reaction of NBR counselor Cristian Bichi, who posted on the NBR website the following clarifications, is increasingly important for BURSA's readers, because the "bail-in" subject (which BURSA has been debating since 2013) has been...

Credibility, the fundamental element that is missing from the European banks' stress tests

At a late hour on the last working day of the month of July 2016, the European Banking Authority will publish the result of the latest stress test applied to the most important financial institutions on the continent.

Tower of Babel, a painting by Pieter Bruegel the Elder (1563).

What do states owe us?

The enumeration might begin with the astronomic amounts that modern day states have borrowed from their citizens. And they keep on taking on more debt! I will leave this analysis to economists.

"Turkey's future in the European Union is not currently a priority"

EXCLUSIVE - JANE LOUISE KANDUR, MEMBER OF THE AKP PARTY AND DAILY SABAH JOURNALIST:"Turkey's future in the European Union is not currently a priority"

Turkish president Recep Tayyip Erdogan has announced last Wednesday that he was declaring a state of emergency for three months in Turkey, following the failed coup that occurred last week.