English Section

11 mai 2017

UNPRECEDENTED SITUATIONThe National Anti-Corruption Department, a player in the DIGI Communications public offer

Whether it meant to or not, the National Anti-Corruption Department was a major player in the offer for the listing of Digi Communications, the parent company of RCS&RDS.

The DNA investigation concerning the heads of RCS&RDS did not scare off many investors

SUBSCRIPTION RATE OF 2783%, ON THE UNGUARANTEED RETAIL TIER UNTIL YESTERDAYThe DNA investigation concerning the heads of RCS&RDS did not scare off many investors

Few of the investors in the Digi Communications offer got scared off by the prosecution of two of the RCS&RDS executives and withdrawn their subscriptions, after the amendment of the prospectus of the IPO.

ANDREEA LAMBRU, THE PRESIDENT OF HIDROELECTRICA:"There isn't any chance of Hidroelectrica getting listed this year"

Andreea Lambru, the new chairman of the supervisory Board of Hidroelectrica, doesn't expect the company to get listed this year, hinting that time is needed for the Ministry of Energy to change the privatization method, in order to make the proceeds from the sale of the 15% stake to go to the state budget rather than the company.

Andreea Lambru recently became the president of Hidroelectrica, after Liviu Nistoran resigned for personal reasons.

"Investing on the stock market should be a rule for those with money in banks or under the mattress"

For the economy to grow, we need as many privatizations on the stock exchange as possible, listings of great companies and a sustained education at the national level, so that the investment in the stock market becomes a rule for people who have cash available and keep it in banks or "under the mattress", says Mr. Dorel Goia, the majority shareholder of the Teraplast Group. He gave us a small interview, in which he talked about the evolution of the Bucharest Stock Exchange (BSE), as well as about the expectations that he has from the state.

Valentin Lazea promoting culture at the National Bank.

FINANCIAL EDUCATION FOR BANKERSThe education of the chief-economist of the NBR

Valentin Lazea, the chief-economist of the NBR, is making progress, setting foot into cultural territory.

In a speech at the Cristian Popişteanu symposium of April 26th, 2017, Valentin Lazea noted the need for our convergence with the North European culture, as a requirement for integration in the Eurozone: "Finally, cultural convergence, [should be achieved] which has only started being discussed recently and which is incomplete even in the Eurozone".

1 Euro5.0860

1 Fr. elveţian5.4550

BNR

1 Liră sterlină5.7723

BNR

1 Dolar SUA4.4037

BNR

1 Gram Aur567.2995

BET22865.87

BET FI85906.21

BET NG1710.45

AN EXPLANATION ON BITCOIN AND THE FUTURE OF BLOCKCHAIN TECHNOOGIESIn the Bitcoin world, everyone is a central bank governor

The blockchain technology is part of a recent technological revolution, started in 2008 with the alternative currency bitcoin. In the aftermath of the appearance of p2p programs (such as BitTorrent, Napster, KaZaA), an architecture which,...

ILAN LAUFER, MMACA:"We will only pay the taxes that can be paid online"

Taxes that can't be paid online will not be paid at all, Ilan Laufer, state secretary in the Ministry for the Business Environment, Trade and Entrepreneurship (MMACA), who mentioned that by December 2nd, 2018, every payment to the state would...

"En marche", towards the precipice

EU politicians and the international markets have received with enthusiasm the result of the first round of the presidential elections in France.

OMV has brought a case against the Romanian state

WHILE THE GOVERNMENT IS POSTPONING THE INCREASE OF THE SHARE CAPITAL WITH THE VALUE OF THE PLOTS OF LANDOMV has brought a case against the Romanian state

OMV, the majority shareholder in "Petrom", has initiated an arbitrage proceeding against the Romanian government, on March 7, in the International Court in Paris, for the payment of environmental obligations of 34 million Euros, which the...

"The low price that non-performing loans have been sold at justifies the investigation of banks by the ANAF"

FLORIN GEORGESCU, FIRST DEPUTY GOVERNOR OF THE NBR:"The low price that non-performing loans have been sold at justifies the investigation of banks by the ANAF"

The quick expansion of lending and the effects of the crisis have led to the accumulation of a high volume of non-performing loans, (NPL), "substantially resolved in the last two years", Florin Georgescu, first deputy governor of the...

THE NATIONAL BANK OF ROMANIA IS PROVIDING FINANCIAL EDUCATION TO MAGISTRATES (II)Never borrow over more than 10 years, and never borrow at a variable interest rate

The lending boom in the second half of the last decade was caused by a combination of factors, with the most important being, according to the opinion of the NBR, the overall trend towards deregulation and laissez-faire worldwide, the full...

THE NATIONAL BANK OF ROMANIA PROVIDES FINANCIAL EDUCATION TO MAGISTRATES (I)Does the NBR know how money is created in the modern economy?

The National Institute of Magistrates organized on April 10th, 2017, in its continuous training program, a new seminar with the participation of representatives of the National Bank of Romania.

IN THE ABSENCE OF ANY ACHIEVEMENT, DECISIONS MADE LIGHTLY"The voting machine" of the BSE has approved stock bonuses for the current management

The current management of the Bucharest Stock Exchange and its employees will be awarded shares that are bought back as part of a buyback program, as the shareholders of the BSE have decided yesterday, who have thus rejected the proposal of SIF...

THE FIRST TRANSPARENCY EXAM, FAILEDThe announcement concerning the intention to take DIGI public is confusing

Dutch company "Digi Communications N.V.", the majority shareholder of "RCS&RDS" SA which holds 95.79% of the shares, yesterday announced that it intends to get listed on the BSE. The details of the offer will be published in a...

ALREADY FIVE YEARS OF DELAYFlorin Cîţu, PNL: "Ponta and the PSD government should have raised the stake of the state in Petrom"

It's been already five years since Victor Ponta and the PSD government should have raised the state's stake in the biggest Romanian company, OMV Petrom, Florin Cîţu, the vice-president of the Budget an Finance Commission of the Senate...

Brexit: Heathrow airport owner halts future investments

"Ferrovial" SA, the Spanish company that is the biggest shareholder in London airport Heathrow, has decided to halt future investments in the airport, due to the uncertainties tied to the exit of Great Britain from the EU (Brexit).

The majority shareholder of "Romcab" has entered insolvency

"Sadalbari" SRL, which owns 69% of "Romcab" (MCAB) has entered insolvency upon request, on March 31st, according to the ruling of the Court of Mureş.

Consumers doubt the impartiality of the NBR banking law seminars

IN A LETTER SENT TO THE INM AND THE CSM, CONSUMER ASSOCIATIONS WANT TO BE PRESENT IN THE DEBATESConsumers doubt the impartiality of the NBR banking law seminars

Four consumer associations - Parakletos, the Association of Romanian Financial Services Users (AURSF), the Association for the Counseling of Romanian Bank Customers and Insurance Policy Holders (ACCBAR) and the Pro-Consumer Association (APC...

Crushing victory for Tudor Ciurezu and his team at SIF Oltenia

Tudor Ciurezu, together with four other candidates for the Board of Directors of SIF5 Oltenia, have won new four-year terms each, following the elections held in yesterday's General Shareholder Meeting.

THE CURRENT MANAGEMENT HAS RECEIVED A NEW TERM, IN JUST ONE VOTING ROUNDCostel Ceocea remains CEO of SIF Moldova

The elections for a new board of SIF Moldova yesterday went without unspectacularly, as the five board members of SIF2 who were in the running - Costel Ceocea, Horia Ciorcilă, Claudiu Doroş, Cătălin Iancu Jianu and Radu Octavian - succeeded in...

THE FIRST COMPLETED AUDIT, AFTER THE TAX INSPECTIONS IN THE BANKING SYSTEMThe ANAF has uncovered 9 Euros in unpaid taxes in one bank

The National Tax Administration (ANAF) has found, following the specialized inspections conducted in the banking system, that one of the banks that operates on the Romanian market owes the state about 9 million Euros, according to the...

ELECTIONS WITH ALL WEAPONS ON THE TABLESources: "The ASF has not found any concertations at SIF Oltenia"

The Financial Oversight Authority (ASF) has not identified any groups of shareholders acting in concert with holdings that exceed the 5% legal process, at SIF5 Oltenia, according to sources from the stock market, meaning that no limitations of...

Semi-liberalization of the gas market, starting on April 1st

The intense debates in the Industries Commission of the Chamber of Deputies, about Government Emergency Ordinance 64/2016 concerning the liberalization of the natural gas market did not yield any results, because the Ministry of Energy thought...

Mircea Ursache, ASF: "We will treat all ties between shareholders as acting in concert"

THE "FUTURE OF THE SIFS AND OF THE PROPRIETATEA FUND" CONFERENCE / BEFORE THE ELECTIONS AT THE SIFSMircea Ursache, ASF: "We will treat all ties between shareholders as acting in concert"

Mircea Ursache, the vice-president of the Financial Oversight Authority (ASF), has announced yesterday that the institution will sanction shareholders acting in concert, prior to the general shareholder meetings scheduled next month at the SIFs,...

Hans Klemm, the bludgeon of Laura Codruţa Kovesi

ON MARCH 29TH, JUSTICE MINISTER WILL BE CONDUCTING THE EVALUATION OF THE HEADS OF THE PROSECUTORS' OFFICE OF THE HIGH COURT OF CASSATION AND JUSTICE AND OF THE NATIONAL ANTI-CORRUPTION DEPARTMENT Hans Klemm, the bludgeon of Laura Codruţa Kovesi

The chief prosecutor of the DNA, Laura Codruţa Kovesi, yesterday had a meeting with Justice Minister Tudorel Toader, after which she stated that she wasn't going to resign as head of the DNA nor was she asked to.

Greece no longer matters

Greece's national motto is "Freedom or death", and the title of the state hymn is "Hymn to Freedom". On March 25th, the Greek republic celebrates its National Day, which marks the beginning of the Independence War of 1821,...

Does Romania still have a future as a unified state?

The survival of empires, and even that of countries that do not harbor such ambitions, depends on the existence of at least two fundamental conditions: a functional economy, that ensures its citizens' prosperity, and social cohesion.

The Finance Ministry pretends not to see the problem with the illegality of the cash distributions of the Proprietatea Fund in 2016

AS THE PROPRIETATEA FUND POSTED LOSSES UNDER THE IFRS SYSTEM,The Finance Ministry pretends not to see the problem with the illegality of the cash distributions of the Proprietatea Fund in 2016

An issue raised by lawyer Gheorghe Piperea, last year - the fact that the Proprietatea Fund has reduced its share capital, even though it was posting losses in 2015, a fact which is prohibited by the Law 31/1990 concerning commercial companies -...

GABRIEL PURICE, BRM:"The placement on real economic foundations of the natural gas market is the most correct solution"

The recent debates on the Emergency Government Ordinance 64/2016 concerning the liberalization of the natural gas market starting with April 1st have caused arguments in the Industries Commission of the Chamber of Deputies. Some claim that this...

"I have witnessed the gradual and slow death of the old streets of Bucharest, which are so beautiful"

His Excellency, Kisaburo Ishii, the Ambassador of Japan to Bucharest, arrived in Romania in October 2015.

Surprise element: even though there are market rumors that BT is allied with Pogonaru, it is possible it will support Tudor Ciurezu at SIF Oltenia.

The SIF elections are in play until the last minute

The elections for new elections at the SIF are causing tumult on the stock market. What's at stake are the assets of 1.69 billion Euros of the five companies.

Several shareholders of "Romcab" have proposed the bringing of a liability lawsuit against Zoltan Prosszer

A group of "Romcab" (MCAB) shareholders, who together hold more than 5% of the company, has asked for an addition to the agenda of the General Shareholder Meeting of March 27th: the proposal for the approval of the liability lawsuit...

NBR governor Mugur Isărescu will no longer have immunity on the Macroprudential Oversight Committee

AFTER IOHANNIS SENT THE LAW BACK TO THE PARLIAMENTNBR governor Mugur Isărescu will no longer have immunity on the Macroprudential Oversight Committee

The governor of the NBR will not have criminal and civil immunity for his position of president of the National Committee for Macroprudential Oversight, according to the new form of the law which regulates the creation of this entity, passed...

CRISTINA CHIRIAC:"Pavel Avrămoiu hired Dragoş Bîlteanu as his personal advisor at World Trade Center"

WTCB was created in 1994, as a joint Romanian-French company, in which the Romanian party held 55% of the shares. The World Trade Center Bucureşti complex also includes the 4-star Pullman hotel, which is part of the Accor international network....

Is the finance minister deceiving himself or us?

The signals on the domestic market, as well as the ones from the international markets, increasingly show us that the budget "fantasy" of the new government will be very costly for Romania, and the "price" that we are going to pay...

"Debtors who can't pay their First Home loans will be foreclosed on by the ANAF"

FINANCE MINISTRY SAYS THAT THE LIKELIHOOD OF DEFAULTS ON FIRST HOME LOANS IS LOW:"Debtors who can't pay their First Home loans will be foreclosed on by the ANAF"

The amounts paid to banks by the National Fund for the Guarantee and Counterguarantee of Small and Medium Enterprises Loans (FNGCIMM) for the First Home Program get recouped from debtors, through foreclosure, by the National Fiscal Administration...

The rescue of banks, a business profitable only for auditors and consultants

Nongovernmental organization Transnational Institute (TNI) of Holland recently published an analysis of the costs and losses borne by the European taxpayers for the rescue of some of the important banks in the EU.

FOLLOWING THE POLISH MODELThe BSE wants the state to subsidize the listing costs for small and medium enterprises

The management of the Bucharest Stock Exchange (BSE) wants the Romanian state to subsidize the listing costs for small and medium companies in Romania, following the Polish model, according to sources from the capital market.

SOURCES:"Romanian banks - a vehicle for multinationals to take money out of the country"

Romanian banks only pay taxes if they want to, as they have a very complicated profit reporting system, according to official, very reliable sources.

The domestic gambling market - among the best regulated in Europe

The Romanian gambling sector has the best regulations in Europe, which has been admitted in the meetings which the National Gambling Office (ONJN) had at the level of the European Commission and the events it has attended, according to Odeta...

"The ASF has the obligation to require OMV PETROM to increase its share capital with the value of the plots of land"

DAN PAUL, THE PRESIDENT OF THE ASSOCIATION OF BROKERS, TO THE COURT OF AUDITORS:"The ASF has the obligation to require OMV PETROM to increase its share capital with the value of the plots of land"

The Financial Oversight Authority (ASF) could intervene, through the legal means that it has available, to ask OMV PETROM to proceed to the increase of the share capital through contribution in kind with the equivalent value of the plots of land...

The language of Wolfgang Schäuble and Raiffeisen Bank has created its own synonym in Romanian for bribe

Steven Van Groningen confuses me with every one of his actions: "I care. That's why I was in that square", the Dutchman who is the president of Austrian bank Raiffeisen Bank, the chairman of the Council of Foreign Investors (for a...

SGS alleges confidentiality clauses from the contract with "Romcab"

UPON THE INQUIRY OF THE BURSA NEWSPAPER CONCERNING THE AUDITING OF THE INVENTORIES SGS alleges confidentiality clauses from the contract with "Romcab"

SGS Romania, a company that provides certification and inspection services, yesterday confirmed, upon the enquiry of the BURSA newspaper that it has indeed signed a contract for the provision of services with "Romcab" Târgu Mureş.

Vlădescu doesn't rule out a criminal complaint against Prosszer

Reporter: How do you think the major loss of approximately 39 million Euros which Romcab reported last weekend for the year 2016 can be explained, considering that after nine months, it had posted a net profit of approximately 9 million...

RAPID FIRE DISASTER"Romcab" has lost 217 million lei in the last three months of 2016

Cable maker "Romcab", which filed for insolvency on February 10th, yesterday posted a loss of 178.23 million lei in 2016, compared to a net profit of 42.13 million lei in 2015, as, on September 30, 2016, it had a net profit of 39.6...

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