English Section

8 iunie 2017

"GOOD LORD. GOOD LORD, GOOD LORD!..."The investigation of the DNA against RCS&RDS is advancing and it is inconveniencing the price of DIGI shares

The National Anti-Corruption Department yesterday announced the placing of Ioan Bendei, vice-president of RCS&RDS under court supervision for offering bribes and complicity to money laundering, and a seizure of 13.7 million lei of RCS&RDS assets, in the case concerning the assignment of the broadcasting rights for football matches of Romanian soccer League I.

The electoral campaign is beginning in Washington: The Romanians are coming (again)!

A good starting point in analyzing the current domestic politics is the visit of president Iohannis to the United States, which will take place between June 4th and June 10th. It is important not just from the angle of strengthening the relationship between Romania and the US, but also as a political victory in a future electoral campaign.

GOVERNMENT SOURCES:ANAF has found irregularities in one bank's non-performing loan portfolio

Most likely this week, the government is set to approve the draft law which, according to the European directive in the sector, provides the exchange of fiscal information between countries, in order to allow a thorough control of revenues and profits recorded by multinationals, in order to be taxed in the country where they have been made, according to representatives of the Ministry of Public Finances (MFP).

"We have had a EU-facing strategy, now we need a Eurozone facing strategy"

ROMANIA'S DEVELOPMENT STRATEGY "BETWEEN THE EUROZONE AND THE SIGN OF THE LEU" 3RD EDITION / ADRIAN VASILESCU, BNR:"We have had a EU-facing strategy, now we need a Eurozone facing strategy"

In 2007, we had a EU-facing strategy, and now we need a Eurozone-facing strategy, said Adrian Vasilescu, strategy consultant with the National Bank of Romania (NBR).

Gabriel Dumitraşcu: "OMV - the major beneficiary of the change of the legal framework"

THE MINISTRY OF ENERGY HAS PROPOSED THE AMENDMENT OF THE LEGISLATION ON SHARE CAPITAL INCREASES WITH THE PLOTS OF LAND CONTRIBUTED BY THE STATE, IN THE PRIVATIZED COMPANIESGabriel Dumitraşcu: "OMV - the major beneficiary of the change of the legal framework"

After neglecting its own interest for years and despite the warnings of the Court of Auditors, the authorities of the state have accepted the postponement of the share capital increase, with the plots of land contributed by "OMV Petrom", the Ministry of Energy has now proposed legislative changes in the sector that seem to favor OMV.

1 Euro5.0851

1 Fr. elveţian5.4787

BNR

1 Liră sterlină5.7713

BNR

1 Dolar SUA4.3947

BNR

1 Gram Aur566.1560

BET22516.79

BET FI80316.18

BET NG1693.93

The move to the Euro doesn't have a place on its public agenda

The public agenda in Romania is dominated by the SIPA scandal, and, more recently, by the activity of the Parliamentary Investigation Commission concerning the presidential elections of 2009. There is no more room for anything else and much less...

Sources: "Arab investors, interested in Bancpost"

Aside from the banks in Romania interested in acquiring Bancpost, there are also apparently some foreign entities that have set their sights on Bancpost, according to some market sources. They are saying that one of the players who may be...

FOLLOWING THE ARTICLE PUBLISHED YESTERDAY IN BURSACustomer: "The bank apologized, but provided no justification"

BCR yesterday apologized to one of its customers, after BURSA reported that their performing loan with no arrears is registered with the Cadastre Office as having been assigned to a company headquartered in Luxemburg.

THE EUROPEAN COMMISSION CRITICIZING THE MONOPOLY IN THE TRADING OF NATIONAL GASThe BRM, kicked out by Iancu

The European Commission reacted on Tuesday, after the deputies of the Commission for Industries and Services have passed a series of amendments to the Natural Gas Law, according to which the gas producers will be required to fully trade their...

Serghei Bulgac, DIGI: "I have not seen any withdrawals following the investigation of the DNA against RCS&RDS"

Shares of DIGI Communications (DIGI) have been listed yesterday, on the Bucharest Stock Exchange, closing the session at 41.2 lei/share, up 3% over the price in the IPO, after closing at 41.7 lei/share. In the beginning of the trading session,...

The ASF has asked brokers for data about the subscriptions in the DIGI offer

• UPDATE 10:12 DIGI stock opened at 41.7 lei/share

SIF Moldova wants to make a public buyback offer

SIF2 Moldova wants to conduct public buyback offer for its own shares and has already submitted the prospectus for that offer with the Financial Oversight Authority (ASF), according to an announcement.

COPY-PASTE ANSWERSThe Ministry of Energy is dragging its feet on the memorandum with Rompetrol

• The draft law concerning the approval of the Memorandum of Understanding concluded between the Romanian state and The Rompetrol Group NV got a negative opinion from the Constitutional Commission in the Senate

Piperea makes accusations of market manipulation in the DIGI IPO

THE DIGI OFFER HAS ENDED AT A PRICE OF 40 LEI/SHARE, AND THE LISTING IS SCHEDULED FOR MAY 16Piperea makes accusations of market manipulation in the DIGI IPO

The Financial Oversight Authority (ASF) needs to urgently refer the matter to itself concerning a potential market manipulation, in the case of the use of bank guarantee letters in the Digi Communications IPO, which inflated demand, leading to an...

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...

"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...

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.

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 -...