English Section

4 septembrie 2019

DEEPENING OF THE POLITICAL CRISIS IN GREAT BRITAINElections or hard Brexit?

• Mark Blyth: "Jeremy Corbyn wants to destroy Thatcher's party"

• The pound, below the 1.2 dollar level - the lowest point since October 2016

A new conflict on the dilemma of the Brexit is taking shape, this time between prime-minister Boris Johnson, who promised he would take Great Britain out of the EU on October 31st, with or without a deal that would govern the relationship between the parties and the British parliament, where most members are opposing leaving the EU without a deal.

Announcement for the extension of the submission deadline for participating in the audit tender process according to Article 16 of EU Regulation 537/2014 on specific requirements regarding statutory audit of public-interest entities

ADVERTORIALAnnouncement for the extension of the submission deadline for participating in the audit tender process according to Article 16 of EU Regulation 537/2014 on specific requirements regarding statutory audit of public-interest entities

Following the invitation published on 1 August 2019, regarding the selection process of the financial auditor for the annual individual and consolidated financial statements of OMV Petrom SA ("OMV Petrom") and its subsidiaries, for the financial year ending 31 December 2021, OMV Petrom announces the extension until 5 September 2019, hour 13:00, of the deadline until which auditors/audit companies interested to participate should submit the information required.

"Romania could very well implode due to so much stupidity"

Reporter: How would you describe the current political situation and what do you think should happen to resolve the deadlock we are in?

Theodor Paleologu: I think is deplorable and it is the result of the worthlessness of the main players involved. Because Mrs. Dăncilă has clung to her position, even though the PSD had a resounding loss in the elections in the European parliament. I would like to bring up the example of Greece. I am not at all a fan of Tsipras (ed. note: Alexis Tsipras, former Greek prime-minister), but after the European parliament elections Tsipras had the decency to hold early elections and lost, but with an honorable score. That is how a responsible political leader operates, when they're not the puppet of a convicted felon, like Mrs. Dăncilă has been. She has clung to her position and her former government partner is cut from the same cloth aş her - Călin Popescu-Tăriceanu, an old courtesan who has now been seduced by her opportunistic lover Victor Ponta. Does Tăriceanu believe that he is saving his political destiny in doing so? I simply think that Victor Ponta is using Tăriceanu's desperation.

NEGATIVE INTEREST RATES "STIMULATE" THE CONTRACTION OF LENDING AND THEY CANCELING THE EFFECTS OF QUANTITATIVE EASINGWho still believes in the competence of central banks?

Lately, it seems that not a day goes by without the international press pointing out the inability of the central banks before the adverse dynamic of the real economies worldwide and the increased volatility on the international markets.

"For decades, the people of Bucharest have been misled by ELCEN"

• (Interview with lawyer Gheorghe Piperea, receiver of RADET)

• "I would launch a competitive bidding or tender selection process in which other providers of thermal energy would participate, and ELCEN would compete with them"

1 Euro5.1036

1 Fr. elveţian5.4412

BNR

1 Liră sterlină6.0523

BNR

1 Dolar SUA4.5335

BNR

1 Gram Aur471.3738

BET16506.97

BET FI57320.36

BET NG1195.96

Isărescu's term, Halep's victory, the fiscal amnesty, the budget deficit - all of it eclipsed by Caracal

Not only the weather was hot in July, but the economic, social and political matters as well. Even though it began with the validation of Mugur Isărescu for the sixth time at the helm of the NBR, it went on with Simona Halep winning Wimbledon and...

Invitation to participate in the audit tender process according to Article 16 of EU Regulation 537/2014 on specific requirements regarding statutory audit of public-interest entities

Inflection point, 75 years after Bretton Woods

The Bretton Woods moment has left a mark in politics. The conference which was held in New Hampshire, United States, 75 years ago, has represented a first globalization exercise, in which 44 states have participated, the effort of structuring the...

"It would be best if the US rejoined the nuclear agreement"

Reporter: Your Excellency, how would you describe the economic and diplomatic relations between Romania and Iran?

"It is the first time when France is organizing a cross season with a EU member"

FRANCE'S NATIONAL CELEBRATION/ H.E. MICHÈLE RAMIS, FRENCH AMBASSADOR IN BUCHAREST:"It is the first time when France is organizing a cross season with a EU member"

Reporter: How would you describe the economic and diplomatic relations between Romania and France?

ECONOMIST LUCIAN ISAR:"The 5 lei/Euro exchange rate will only occur after the presidential elections"

• Isar: "Starting today, the NBR will no longer draw liquidity from the interbank market, thus no longer being the competitor to the Ministry of Finance, like it has been for the last two years"

The tax amnesty, dissimulated in the form of a financial restructuring

The Finance Ministry is preparing the tax amnesty for all companies in Romania, for all debts owed to the state budget until December 31st, 2018. The amnesty is dissimulated into a project where the ministry claims it is a financial restructuring...

Stepping forward proudly, on the path of folk tradition

The Romanian blouse, the "Ie", the independence cry of the countryside garment, arising out of countless wars found in the room of great grandfathers, is now conquering the world. First was white, then black, and then a rainbow of colors...

Variations on a classic subject for managed democracy

Next stop: vote of no confidence. One of the most significant moments of the parliamentary and especially parliamentary dynamic. Will the majority set up after the elections fall or not? Can another government be formed that receives the...

Italian parliament wants to introduce a currency that is parallel to the Euro

THE TARGET2 PAYMENT SYSTEM, AN INESCAPABLE TRAP FOR BANKS IN THE EUROZONE?Italian parliament wants to introduce a currency that is parallel to the Euro

The Bundesbank warned that it might suffer great losses if a major country were to leave the Eurozone and stopped payments for debts based on the TARGET2 system.

How to start a business in Luxembourg

Luxembourg is a small country that manages to present numerous and important business advantages. It is conveniently located in the heart of Europe, with an attractive business and work environment and it has a highly skilled workforce. Investors...

The benefits of opening a company in Malta

Malta has pro-business and pro-foreign investment regimes that have helped it stand out as a preferred EU location for entrepreneurs and multinational corporations. Investors who open a company in Malta have a series of benefits, starting with a...

The advantages of starting a business in Romania as a foreign investor

Romania is a country with unmistakable natural beauty, a growing economy and a talented workforce that is strategically located to important markets because of its access to the Black Sea. There are several advantages of starting a business in...

"The national trade strategy does not answer Romania's current needs"

THE BURSA CONFERENCE - THE STRATEGY FOR ROMANIA'S DEVELOPMENT / ŞTEFAN-RADU OPREA, MINISTER FOR THE BUSINESS SECTOR, TRADE AND ENTREPRENEURSHIP:"The national trade strategy does not answer Romania's current needs"

We have a national trade strategy which is valid until 2020, but which does not answer Romania's current needs, says Ştefan Radu Oprea, minister in charge of the Business Sector, Trade and Entrepreneurship.

Dragnea in jail, the PSD on the brink of dissolution

The day after losing the elections, Dragnea has gone to jail.

"We are going down the wrong path, we need to follow another in order to develop the stock market"

THE "BURSA" CONFERENCE ON THE CAPITAL MARKET / MAKE, THE PRESIDENT OF THE BURSA PRESS GROUP:"We are going down the wrong path, we need to follow another in order to develop the stock market"

The Romanian stock market has started going off, 25 years ago, in the wrong development direction, and we can currently stop and go another way, Make, the president of the BURSA group said yesterday, in the opening of the eighth "BURSA"...

Central banks are driving the economy towards a global "zombification"

The risk of central banks leading the economy towards a period of stagnation is increasingly evident. Both the considerable drops in the growth estimates, as well as the expectations of the central banks concerning the GDP and inflation, as well...

China wants to invest half a billion Euros in smart city projects in Romania

Smart city type projects with potential for development in Romania are becoming increasingly attractive, with foreign businesspeople showing interest in investing in that kind of businesses.

THE COUNTRY REPORT OF THE EUROPEAN COMMISSION, EXTREMELY CRITICAL TOWARDS USRomania - in the category of countries with economic imbalances

• Eugen Teodorovici: "Everybody talks about a European family, but it's every man for himself"

Wall Street - a decade under the "bull sign"

Born from the ashes of the financial crisis of 2007 - 2008, the second largest bull market in history became ten years old on Saturday, as the current historic cycle represents the second biggest economic expansion in the history of the...

GHEORGHE PIPEREA:"In Romania, nobody cares about freelancers"

Romanian freelancers, a category which includes a number of economics specialists, are facing a number of difficulties in their activity and no one cares about them and their problems, lawyer Gheorghe Piperea says.

Wages - more money, more problems

The PSD did what everybody wants. It raised wages. We all want happy Romanians. If we could, we would raise employees' wages every day, in fact, we would do so hourly.

THE NIGHTMARE OF MINISTER TUDOREL TOADER TAKING SHAPEKovesi, a favorite for the position of chief prosecutor of the European Parliament

The saying goes that whatever doesn't kill you makes you stronger. That also applies to Laura Codruţa Kovesi, the former chief-prosecutor of the National Anticorruption Department, who has been dismissed for political reasons and in the...

"If the SRI stopped protecting Isărescu, the interest rates and the exchange rate would calm down right away"

• Interview with economist Lucian Isar

EU concert, in the winter of our discontent

Jean-Claude Juncker and the College of European Commissioner are in Bucharest since yesterday, where they are attending the festivities dedicated to the official takeover by Romania of the rotating presidency of the EU council.

The bidding war between the government and the opposition, staged by the de UDMR

The versatility of the UDMR is notorious, because we are talking about a political party which has always wanted to be in the government.

CRISTIAN PÂRVAN, PIAROM PRESIDENT:"The thinness of the economy cannot be hidden behind the numbers of the GDP"

• The estimated GDP for 2019 exceeds 1000 billion lei, Finance minister Eugen Teodorovici has announced on Tuesday

WE HAVE SCHEDULED DEFENSE SPENDING OF 9.3 BILLION EUROSArmament procurement offers benefits that the Government is refusing

After many years of the army getting ignored and budget allocations that seemed more like jokes, it took the White House demanding the splitting of the military bill, for the Romanian political decision makers to accept that the army needs equipment.

Did the Federal Reserve leave the president of the US in offside?

An unexpected change in the opinion of Jerome Powell, the president of the Federal Reserve, would show that, ar first glance, the president of the United States has imposed his will.

Romanians are the prisoners of the financialization of the economy by the National Bank

Adrian Vasilescu, strategy consultant at the NBR, has caused outrage in the press and in society through his statement madea the end of last week, that Romanians affected by the introduction of the new degree of indebtedness " should get 2-3...