English Section

3 mai 2018

Financial fair-play means health of the press

Financial fair play is a concept that comes from the world of soccer. The notion is simple, don't spend more than you earn in a month, or in a year, regardless of what shareholder, mogul or investor enters the business.

Klaus Iohannis: "The entire legislative package has been passed by the parliament in one week, and then naturally, more than four months and three decisions of the CCR have been necessary to correct some of its provisions".

Iohannis has established the course of the law of the judicial system: The Venice Commission - the Romanian Constitutional Court

President Klaus Iohannis has announced that he has decided to send to the Constitutional Court the laws on the judicial system, but also to the Venice Commission. The president has issued a call to the CCR not to hurry and to work with the European entity, saying that after the Constitutional Court gets to issue an opinion on the new laws, a new analysis of the laws will be conducted and it will be decided then if a new reexamination of the three laws in the Parliament will be needed.

Rich - healthy, longevous; poor - fat chance of both

The dystopia of 2169 seems to be 151 years away from us, if we were to watch the American sci-fi movie "In Time", in which New Zealand screenwriter, director and producer New Zealand Andrew M. Niccol has imagined a world in which money has been replaced by the lifespan left and each individual over 25 years old (when they stop aging), are wearing a counter on their arm, displaying how much they have left to live; the economic system relies on transactions paid in lifespan - banks, loans, interest rates - the rich are storing billions of years, while the poor only have hours, minutes or seconds left and when their time is up they die suddenly, as if struck by a mace.

DEPUTY PRIME-MINISTER VIOREL ŞTEFAN: "The sale of ArcelorMittal Galaţi will be done only with the explicit agreement of the Romanian state"

• Bogdan Chiriţoiu: "The European Commission will force the future buyer of Sidex Galaţi to increase the output of steel"

ArcelorMittal may only sell the Galaţi metallurgic plant with the explicit agreement of the Romanian state, and the European Commission will ensure that the output of the plant will increase after the transaction, deputy prime-minister Viorel Ştefan said yesterday, in a conference on the issue of major industrial energy consumers.

Iliescu on trial - history begins now...

• "Iliescu on trial for all the bloodshed!" was one of the powerful slogans of the University Square, as well as "Iliescu - KGB, go back to the USSR!".

We, who had organized the marathon protest of the century, knew who Ion Iliescu was, as the rest of the Romanian people took a long time to catch on, even Brucan was wrong in his estimate that the much maligned "stupid people" would take two decades to "awake".

1 Euro5.0736

1 Fr. elveţian5.4336

BNR

1 Liră sterlină5.8607

BNR

1 Dolar SUA4.3612

BNR

1 Gram Aur470.1608

BET19777.63

BET FI62339.06

BET NG1421.1

"Mission Accomplished!"

• - The Syrian gas attack did not exist, the American missiles were brought down, then where are the dead coming from?!

Soros, Rothschild, Rockefeller and a buddy of mine from India are investing in the farce called Bitcoin

New Delhi, March 4th, 2017 - I am in the garden of the Royal Plaza hotel, sitting next to the table of a group of Indians, probably Hindus, two women in colorful saris and two men, all of them in their fifties. They are checking me out, I...

FOR THE FIRST TIME AFTER THE LOSS OF 2.6 BILLION LEI OF 2014BCR proposed the distribution of dividends

The Romanian Commercial Bank (BCR) has proposed to shareholders the distribution of dividends of 228.12 million lei, out of the profit of 570 million lei, for last year, this being the first year with such an item on the agenda of the General...

Does the National Bank of Romania still have a monetary policy strategy?

The website of the National Bank of Romania still includes the statement that its monetary policy strategy is the direct targeting of inflation.

No investor have expressed interest in the privatization of the Sanevit Arad syringe factory

No investor has expressed interest in the privatization of the "Sanevit 2003" disposable syringes factory of Arad, as part of the last procedure initiated by the Ministry of the Economy, which took over the company in 2012 to save ut from...

ALEXANDRU BOTEZ, ELECTRICA SHAREHOLDER:"Daniel Chiţoiu and ALDE are behaving as if Electrica were their own fief"

The proposal of the Ministry of Energy that the shareholders of Electrica (EL) decide, in the General Shareholder Meeting of April 27th, the election of the members of the Board of Directors, through the cumulative vote method, for a term of four...

Financial crisis yellow code warning in the United States

"The markets are turning into the markets' greatest enemy", wrote an analyst of Goldman Sachs in a note addressed to its customers, according to an article by Bloomberg, and the jump in the VIX volatility index last month "is a...

AS SHAREHOLDER,Dan Paul sues "Cemacon"

• UPDATE 15.45 "Cemacon" confirms the lawsuit brought by Dan Paul

Press: "The NBR has blocked the acquisition of Banca Românească by OTP Bank"

THE NATIONAL BANK OF ROMANIA ISN'T COMMENTING, EVEN THOUGH BOTH COMMERCIAL BANKS ARE LISTED ON THE STOCK EXCHANGEPress: "The NBR has blocked the acquisition of Banca Românească by OTP Bank"

The National Bank of Romania (BNR) has blocked the acquisition of Banca Românească by OTP Bank România, according to information which appeared yesterday in the Romanian press, as well as on some foreign websites. Thus, the NBR hasn't issued...

The OMV board has presented the company's strategy until 2025.

RAINER SEELE, OMV:"We are dedicated to collaboration with Gazprom and we won't endanger our partnership"

OMV wants to reduce its dependence on the European market, between 2020-2025, and will focus on acquisitions in the Middle East and Asia Pacific, according to CEO Rainer Seele.

ACCORDING TO AN EUROPEAN COMMISSION DOCUMENT, SEEN BY BLOOMBERGThe EU wants to set 25% tariffs on various US imports

The European Union (EU) intends to apply tariffs for imports of 2.8 billion Euros (3.5 billion dollars) in the US, from T-shirts and bourbon, to motorbikes, if American president Donald Trump continues its plan to impose 25% tariffs for foreign...

USA: "We will not exempt any country from the application of steel and aluminum tariffs"

One of the top advisors to US president Donald Trump has recently announced that the US will not make any exception from the application of tariffs set on imported steel and aluminum, even if the EU is preparing reprisals, according to ft.com.

LAST WEEK, ROMANIA HAD THE BIGGEST IMPORTS OF NATURAL GAS IN THE LAST FIVE YEARSANRE, auditing Transgaz, E.ON, ENGIE and OMV

Last week, Romania imported about one third of the daily natural gas consumption to get it through the cold winter period, these being the biggest daily imports of natural gas in the last five years, according to some sources from the energy...

A POSSIBLE CONTRACT FOR THE SPARE PARTS NEEDED BY PATRIOT MISSILESAll time high for "Aerostar" stock, after the "Raytheon" quote request

Shares of "Aerostar" Bacău (ARS) yesterday rose 6.5%, to 5.24 lei/share, taking the company's valuation to an all time high - 797.93 million lei, after American company Raytheon announced that it has requested a quote from ARS, to get...

REPORT FROM BRUSSELS / EUROPEAN ENERGY COMMISSION:"The amendments of the Industries Commission to Emergency Government Ordinance 64 cannot be approved"

The European Commission is encouraging dialogue with the Romanian authorities concerning Emergency Government Ordinance 64 of 2016 concerning the natural gas sector, but if the issues on this matter cannot be resolved, we may resort to the...

The merit of Antena 3

The success of Antena 3 is admirable! Dan Voiculescu has once again proved his usefulness, his television has created the somewhat plausible media context for justice minister Tudorel Toader to dare make his proposal for the revocation of Laura...

Toader proposes the revocation of Kovesi

The dismissal of chief DNA (National Anti-corruption Department) prosecutor Laura Codruţa Kovesi was announced last night by Justice Minister Tudorel Toader, at the headquarters of the Ministry, after presenting the justification of the decision,...

"The capping of interest rates is a European practice. There are numerous countries in Europe which practice a capping of interest rates and we have decided to join them as well. The measure will be valid for banks as well as for IFNs, only for new contracts", Daniel Cătălin Zamfir said.

LIBERAL SENATOR STRIKES AGAINZamfir caps interest rates on loans

PNL senator Daniel Cătălin Zamfir does not disappoint. His draft law concerning the capping of interest rates was the first that appeared on the agenda yesterday, in the common meeting of the specialized commissions and despite the controversies...

UPON REQUEST FROM ONE SHAREHOLDER,The DIICOT brings prosecution in rem, in the Romcab case

The DIICOT prosecutors have begun prosecution in rem of the actions, in the "Romcab" (MCAB) case, according to a response sent by the prosecutors to Valentin Stănescu, a shareholder in the company.

Prosecutor Mircea Negulescu was sending love messages to Andreea Cosma.

The Cosma family, by William Shakespeare

Decorated by Traian Băsescu with the Star of Romania, Gunther Krichbaum, the president of the European Affairs Commission of the Bundestag, asks the president of the European Commission, Jean Claude Juncker, through a letter, not to suspend the...

"We are happy that the offshore perimeters in the Black Sea will start being exploited"

VALERY KUZMIN, AMBASSADOR OF THE RUSSAIAN FEDERATION IN BUCHAREST: "We are happy that the offshore perimeters in the Black Sea will start being exploited"

We are happy that the perimeters on the continental coast of Romania (ed. note: offshore in the Black Sea) will start being exploited, because there lies inactive a very important resource of the energy industry, his excellency Valery Kuzmin,...

IN THE MEETING WITH THE ANRMSources: "The US embassy took interest in the reference price for natural gas"

The management of the National Mineral Resources Agency (ANRM) met on Tuesday with Shelley Saxen, deputy economic advisor of the US embassy in Bucharest. On the agenda was last Friday's order issued by the ARNM which establishes the reference...

The ANRM has once again decided to raise the reference price for natural gas

The reference price for natural gas extracted from Romania, in order to establish the royalties, will be calculated based on the trading prices of the CEGH Viena hub, the National Agency for Mineral Resources announced on Friday, which issued the...

Volatility is back on the global markets with a vengeance

The Black Monday of 1987 came two months after the beginning of the term of Alan Greenspan as head of the Federal Reserve. Back then, the Dow Jones Industrial Average (DJIA) fell 508 points, 22.61% below that of the previous trading day.

An investor has filed a complaint against "Certinvest" with the ASF

Investor Mihai Dragoş has filed a complaint with the Financial Oversight Authority concerning the open fund Certinvest Dinamic, managed by Certinvest.

Who "owns" the stupid things said by the employees of the NBR?

The National Bank of Romania (NBR) thinks that the National Liberal Party (PNL) is a pariah.

Sex and the country with Viorica Dăncilă

The female prime-minister seems like a victory against sexism. The emancipation of our women seems to find its expression in the appointment of Viorica Vasilica Dăncilă as head of the Executive.

Customer: "Bancpost has sold my loan to an LLC from Holland, and my money ended up in Cyprus"

THE SALE OF BANCPOST HAS REOPENED THE ISSUE OF LOANS PAID ON TIME, SOLD IN HOLLANDCustomer: "Bancpost has sold my loan to an LLC from Holland, and my money ended up in Cyprus"

The sale of Bancpost to Banca Transilvania, without the loans paid to day that were assigned in the past to a Dutch entity, has once again brought up the issue of loans sold abroad, even though they were performing. Customers who have found...

The year of the great budgetary leap... into the void

The issue of the funding of the budget deficit will become acute in 2018, as the government authorities show us that they haven't learned anything from last year's experience.

Journalist Cristi Popa wins the lawsuit against Profit.ro and is awarded compensatory salaries of over 40,000 Euros

RULING OF THE COURT OF APPEALJournalist Cristi Popa wins the lawsuit against Profit.ro and is awarded compensatory salaries of over 40,000 Euros

Journalist Cristi Popa has won in the Court of Appeal the lawsuit against Profit.ro Publishing SA, by which he had disputed the decision by which he had been laid off in 2016, as the court decided that he would be reinstated to the job he held...

GIGI DRAGOMIR, REINSTATED AT THE ANRMIs the formula for gas royalties the true reason for the resignation of Tudose?

Former prime-minister Mihai Tudose and the current interim prime-minister Mihai Fifor, seem to have something in common, aside from the position they fill - they seem to be seriously concerned with the natural gas royalties.

AFTER THE ROW CONCERNING THE AMENDMENT OF THE REFERENCE FOR THE NATURAL GAS ROYALTYProducers deny accusations of their failure to pay the royalties even though they did not concern them

The Romanian Association for Oil Exploration and Production (ROPEPCA) yesterday denied, in a press release, the "grave and unjustified" accusations made against the Romanian producers of natural gas, "accusations which concern the...

The NBR is trying to tether the economy and inflationary expectations to moving sands

The first hike of the policy rate in the last ten years, by 0.25 percentage points, is too small and has come too late to have a significant effect on inflationary expectations.

The strongest "statesmen in the PSD" are...women!

Unless something happens to cause us to hurry, by this Friday, or by Monday-Tuesday at the latest, we will be able to say: "Now we've seen everything!" For a historic first time, Romania will have a woman as a prime-minister!

Mariana Gheorghe, driven away from OMV Petrom (in corporate speak, "available for another challenge")

The Supervisory Board of OMV Petrom yesterday appointed Christina Verchere as president of the Directorate and CEO of OMV Petrom, replacing Mariana Gheorghe.

National illusions and hallucinations

The red spot on the white paper becomes greenish, but maintains it's shape, when you move your eyes to the empty part.

Hundreds of magistrates have protested on the steps of the Bucharest Court of Appeal

Approximately 700 magistrates from several courts and prosecutor offices in the country have gathered yesterday on the steps of the Bucharest Court of Appeal.

Complaints and discussions in Brussels about the assault on the freedom of the press

The political assault on the freedom of the press in Romania, through the amendment of the laws of justice by the coalition in power, was one of the main issues today in the meeting of the Social Dialog Commission of the European Commission,...

EXCLUSIVE:"We don't intend to resort to violence, but we have the right to peaceful resistance"

The UN stated it was "extremely concerned over the risks of a violent escalation of the situation" after the decision of Donald Trump to unilaterally recognize Jerusalem as the capital of Israel, in a reunion of the Security Council in...

Vasilescu, NBR: "We hope that banks will come out clean from the audit of the Competition Council"

AFTER BEING INVESTIGATED BY THE TAX ADMINISTRATION AND THE ANPC, BANKS GET INVESTIGATED BY THE COMPETITION COUNCILVasilescu, NBR: "We hope that banks will come out clean from the audit of the Competition Council"

The financial banking system seems to be the focus of most of the investigation entities. After being audited by the National Tax Administration Agency (ANAF) and by the National Consumer Protection Authority (ANPC), some of the banks which...

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