English Section

4 septembrie 2017

ISAR, ABOUT THE CONSTANT INCREASE OF THE EURO:"The movement of the exchange rate - the best way for the NBR to pressure MPs"

The leu yesterday weakened again, reaching the level of 4.5985 lei against the Euro, after on Monday it was quoted at 4.5958 lei.

Dragnea wants the managers of pension funds to work for free

The 2nd pension pillar continues to be the focus of politicians, who come out with conflicting statements on the matter. After last week, PM Mihai Tudose and deputy prime-minister Marcel have confirmed that the Government is working intensely on changing this private mandatory pension system, with the "amounts paid to the 1st pillar to be a bit higher than the ones paid to the 2nd pillar", PSD leader Liviu Dragnea said on Sunday, in a televised show, that "in actuality", the talks about the cutting of the contribution to the 2nd pillar concern the elimination of the fee that the managers of these private funds collect.

THE BSE CRISISSobolewski drove away one quarter of investors

The embarrassing situation generated at the Bucharest Stock Exchange (BSE) by its former CEO Ludwik Sobolewski, who, with the complicity of BSE president Lucian Anghel, has tried, against the will of the Board of the Exchange, to perpetuate its term beyond its expiration, this situation which is more awkward than any other in the 22-year history of the BSE, is being ignored by the festive and misleading press releases of the BSE, which have started coming out at Agerpres, since two days ago.

IF THE CONTRIBUTION IS REDUCEDDochia: "The 2nd pillar will die a slow death"

The 2nd pension pillar is once again grabs the attention of the public, after information from sources surfaced yesterday that the Ministry of Public Finances intends to cut by half the contribution to the private mandatory pension funds.

Two days of gridlock at the BSE. Does Anghel want to perpetuate it?

Ludwik Sobolewski announced, on Monday night, that he has decided not to exercise his mandate as CEO of the Bucharest Stock Exchange, "even though he could", invoking an alleged difference between "mandate" and "the mandate contract", a distinction which does not exist in the Romanian Civil Code.

1 Euro5.0677

1 Fr. elveţian5.4183

BNR

1 Liră sterlină5.8708

BNR

1 Dolar SUA4.3157

BNR

1 Gram Aur461.0847

BET18680.54

BET FI61196.1

BET NG1361.48

The man called by the author "citizen Cepraga" is a Senior PR Specialist at the BSE and in that position, he conducts interviews with Sobolewski on stadiums.

Sobolewski's madness

We are left with one expression - "You've stooped to Sobolewski's level?!" - because the former CEO of the BSE has become a proverbial figure through his unprecedented scandal which he sparked off yesterday, after the end of his...

Mihai Fercală, SIF Transilvania: "Sobolewski's mandate has expired"

Mihai Fercală, the executive chairman of SIF Transilvania, a shareholder which owns approximately 8% of the BSE, thinks that the mandate of Ludwik Sobolewski as CEO of the BSE has expired yesterday, August 21st.

THE LAST DAY OF HIS TERMSobolewski, likely to hand in the keys at the BSE

Starting today, Ludwik Sobolewski should be handing in the keys to the BSE (more specifically, the access card, the computer passwords), as well as the goods availed to him by the exchange - the car, the phone, the laptop.

27 banks - no profit, no taxes paid

Twenty seven banks haven't paid any profit tax in the last 6 years, which has shaken Minister of Public Finances Ionuţ Mişa, as well as some MPs, bankers and even the Governor of the National Bank of Romania (NBR) Mugur Isărescu.

11 DAYS LEFT / TRICKS TO FORCE THE EXTENSION OF THE MANDATE OF THE CEO OF THE BSEAnghel wants to bring down the barriers in front of Sobolewski

Considering how many tricks Lucian Anghel, the president of the Bucharest Stock Exchange has tried, in order to extend the term of CEO Ludwik Sobolewski, it would be actually crazy if they didn't pull it off.

JACK CUTIŞTEANU, PETPROD:"The state speculates the economy and household consumers, through Hidroelectrica, CEO, Nuclearelectrica and CEH"

The state speculates the economy and household consumers, through Hidroelectrica, CEO, Nucleareletrica and CEH, says Jack Cutişteanu, the CEO of Petprod, referring to the evolution of the price of electricity on the spot market of the OPCOM...

"Three quarters of Romanian banks haven't paid any profit tax in the last five years"

FINANCE MINISTER CONFIRMS WHAT BURSA REPORTED FIVE MONTHS AGO:"Three quarters of Romanian banks haven't paid any profit tax in the last five years"

Public Finance Minister Ionuţ Mişa says that almost three quarters of banks operating in Romania haven't paid profit tax in the last few years. With that statement, the head of the Finance Ministry confirms what BURSA reported five months ago.

GABRIEL DUMITRAŞCU, ABOUT THE INCREASE OF THE PRICE OF ELECTRICITY:"There is a profound management crisis of in the energy system "

The price of electricity and its increase on the Day-ahead market (PZU) of the OPCOM exchange keeps causing discontent among the players and specialists on the market and is keeping consumers on edge, as they will probably feel the price hikes of...

EUROPEAN MP RAMONA MĂNESCU:Hungary's decision concerning the BRUA goes against Europe's Energy Security Strategy

The announcement of Hungarian gas operator FGSZ that BRUA would end in Hungary instead of in Austria was surprising and it didn't come as a result of consultations with its regional partners or the European Commission, European MP Ramona...

STOCK MARKET SOURCES:Lucian Anghel wants Sobolewski as CEO of the BSE for four more years, for the same salary

Lucian Anghel, the president of the BSE, today summoned the Board of the BSE to discuss the terms of the contract of Ludwik Sobolewski, whose mandate expires on August 21st. According to sources close to the situation, Lucian Anghel is going to...

IN THE ROW OF THE DOUBLE STANDARDPetre Daea has exasperated Mihai Tudose

The results of the tests concerning the double standard, conducted on some of the foods and presented on Wednesday by agriculture minister Petre Daea has raised a series of questions, angering both the press and the representatives of consumer...

ROW AROUND OLTCHIMGheorghe Piperea trading jabs with Ştefan Vuza

At Oltchim there is corruption and there are no parasite companies, lawyer Gheorghe Piperea, bankruptcy trustee of the Râmnicu Vâlcea plant, in response to the statements made over the course of last week by Ştefan Vuza, the owner of Chimcomplex...

SOURCES CLOSE TO THE SITUATION:"The Austrians of Strabag are asking for 140 million Euros for the Marriott building in Bucharest"

The Austrians of Strabag are asking for 140 million Euros for the building the Marriott hotel of Bucharest is operating in, according to sources close to the deal.

SPECIALISTS:"The BRUA pipeline will have the same fate as Nabucco - it will die"

The BRUA pipeline, which was supposed to go through Bulgaria, Romania, Hungary and Austria, will have the same fate as Nabucco, meaning it won't be built, some market specialists think.

CEC BANK CHAIRMAN REACTS TO THE STATEMENTS OF LUCIAN ISAR:"A case of sour grapes"

CEC Bank intends to end this year with a three figure profit, Radu Graţian Gheţea, the chairman of the bank told us in a sizeable interview.

MIRCEA URSACHE, ASF:"The investigation of Romcab by the ASF is ongoing"

"Romcab" (MCAB) has the same reporting obligations, during the restructuring period, that it does during its regular operation, said Mircea Ursache, vice-president of the Financial Oversight Authority, (ASF), who told us that the ASF has...

MIRCEA URSACHE CONFIRMS:"The ASF is analyzing the manner of summoning and unfolding of BSE Board meetings"

The Financial Oversight Authority is conducting an analysis of the manner of summoning and unfolding of the Board of Directors of the Bucharest Stock Exchange Mircea Ursache, vice-president of the ASF confirmed for BURSA.

The Association of Brokers: «The BSE needs to ensure the unimpeded access of specialized journalists to its events»

The Association of Brokers has taken a stand against the exclusion of the BURSA newspaper from the guest list of the official events of the Bucharest Stock Exchange, reported on Friday.

THE WEAKNESS OF THE MANAGEMENT OF THE BSE IN ACTIONAnghel and Sobolewski are persecuting the BURSA newspaper

The officials of the Bucharest Stock Exchange avoid explaining why they are excluding BURSA from events.

AFTER FOUR YEARS AT THE HELM OF THE BSELucian Anghel has proposed to the "Alpha male" the halving of his salary

Ludwik Sobolewski, who called himself the Alpha Male of the stock market, has received from BSE president Lucian Anghel, an offer for a new term as CEO of the Bucharest Stock Exchange, which includes a fixed salary cut by half, according to some...

Dragnea's bearer shares aren't criminal

The commotion caused by the old news that BURSA published, which were revealed as if they were new, by the Rise Project "investigators", drew attention to the detail, (that we presented eight years ago), that Liviu Dragnea, as president...

JOURNALISTS WITHOUT MORAL BOUNDARIESRise Project «revealed» the revelations that BURSA published eight years ago, without mentioning us once

The news that PSD president Liviu Dragnea is the shareholder of Tel Drum S.A., which does road infrastructure works and which was awarded all the contracts of the County Council of Teleorman in 2007-2008, which was led by Dragnea, is the main...

MINISTRY OF PUBLIC FINANCES (MFP):"EximBank had the certification of the inventories of Romcab, of 493 million lei, at the end of the year"

"Romcab", which filed for insolvency in February, had inventories of 493 million lei at the end of 2016, according to the certification report received by EximBank, according to a response of the Ministry of Public Finances to an enquiry...

The end of the "Oltchim" soap opera, away from the TV cameras

IN 2012, THE OPENING OF THE BIDS FOR THE PRIVATIZATION OF THE PLANT TOOK PLACE IN THE PRESENCE OF THE PRESSThe end of the "Oltchim" soap opera, away from the TV cameras

Whereas in 2012, the privatization of "Oltchim" generated a media blitz, as the opening of the bids occurred with the participation of the press, yesterday, the closing of the call for tenders for the nine asset packages of the plant...

How close is the controlled default and Italy's exit from the Eurozone?

The Italian Chamber of Deputies recently organized the conference called "Italy's public debt in the Eurozone", which saw experts in the restructuring of public debt, academics, journalists and investment fund managers.

Toma Petcu - a source of inept statements about the stock market

While Agriculture Minister Petre Daea causes amusement through his speeches about sheep, Energy Minister Toma Petcu seems to be the champion of blunders.

Ianfred Silberstein is an administrator at Easy Credit and strategy consultant with the NBR

FINES OF 337,000 LEI, FOR ABUSIVE CLAUSES IN LENDING CONTRACTSThe ANPC has revealed the deceitful practices of Non-banking Financial Companies

The non-banking financial institutions have been fined a total of 337,000 lei, following the audit conducted by the National Consumer Protection Agency (ANPC), between May 8th, 2017 - June 16th, 2017, according to a report of the ANPC, published...

We are replacing the governing program and the government program, but not Dragnea

Liviu Dragnea "swore", in December 2016, on the electoral program, which then became the governing program and the "Bible of the PSD": he guaranteed, in a TV Show, that he would abide by it or else he would resign.

Ludwik Sobolewski, in the post-truth age

Nearing the end of his term, Ludwik Sobolewski, the CEO of the Bucharest Stock Exchange (BSE), is bragging about things that he didn't do, perhaps in an attempt to persuade he deserves to stay at the helm of the BSE, especially for the...

ALMOST THREE MONTHS AFTER THE ELECTION OF NEW MANAGEMENTDeadlock at the SIFs, because the ASF has not approved the new board members

Two SIFs are in complete deadlock and one more is getting close to a similar situation, as the Financial Oversight Authority (ASF) has not approved the new board members elected in the General Shareholder Meetings of April.

The ECB has greenlit the liquidation of Veneto Banca and Banca Popolare di Vicenza

• UPDATE The liquidation of Veneto Banca and Banca Popolare di Vicenza can cost 17 billion Euros

The Grindeanu snake, torn off with a "pop" from the bosom of Dragnea's PSD

The motion of no-confidence did not decapitate the Grindeanu cabinet, because through the mass resignations of its ministers one week ago, all that was left of the Government was precisely the head which they had nothing to separate it from,...

ONE EURO - ALMOST 4.6 LEIPolitical stupidity killing the leu

The National Bank of Romania yesterday announced a reference exchange rate of 4.5957 lei/Euro, the lowest level since August 3rd, 2012, when it stood at 4.6481 lei for an Euro, as, since the beginning of the crisis within the PSD, the national...

COUNTRY PROJECTSeller: Liviu Dragnea, PSD

• Update 11:56 The deal between the UDMR and the PSD on the vote of no-confidence fell through

The anathematization of the PSD

As Pope of the PSD, Liviu Dragnea has issued a vicious Papal "Bull" whereby he authorizes anybody to obstruct the government and grants anybody the permission to hurt PM Sorin Grindeanu, using whatever means at hand.

How close is the global recession and the Romanian one?

The global crisis at the end of the last decade has been "resolved" through an unprecedented stimulation of lending, but the turnaround of the real economy, whose sustainable character is still making its presence felt, did not live up to...

The meeting between Iohannis and Trump, small leaders, great hopes

The reception of president Klaus Iohannis in the White House in a working visit has been analyzed as a state one, following the good agreement that the two leaders had.

"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...

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...

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...

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