English Section

21 septembrie 2019

The appointment of Kovesi as EU chief-prosecutor is now a matter of mere formality

In spite of - or perhaps because of the opposition of the power in Bucharest, Laura Codruţa Kovesi got the support to become the chief-prosecutor of the European Union (EU).

The expansion of the loan and deposits portfolio - the main benefit of the merger between Patria Bank and Banca Carpatica

• (Interview with Daniela Iliescu, CEO of Patria Bank)

Reporter: What is your view on the banking market, at this time, and what do you think the future will look like?

Daniela Iliescu: The banking industry in Romania had an extremely dynamic trajectory. In the ten years since the big crisis, the banking sector has continued to consolidate, in my opinion. The banking system had a positive evolution generated in particular by a positive macroeconomic evolution - and not just from a numbers perspective, but also in terms of the level of confidence of the population in general, which has also led to an acceleration in lending. Following the constant efforts of the banks, the ratio of non-performing loans dropped.

"Without Government Emergency Ordinance 114, the investment decisions for the Black Sea would have already been made"

DEPUTY VIRGIL POPESCU, VICE-PRESIDENT OF THE INDUSTRIES AND SERVICES COMMISSION:"Without Government Emergency Ordinance 114, the investment decisions for the Black Sea would have already been made"

The lack of legislative predictability and instability have caused investors not to make investment decisions concerning the extraction of natural gas in the Black Sea, says Virgil Popescu, vice-president of the Commission for Industries and Services of the House of Deputies.

SEPTEMBER: THE TENTH TODAY, 11TH JUST COULD BE ANYDAYTaliban threatening to kill Americans

The Taliban threatened the United States that they would "make them suffer more than anybody else", after the sudden decision of American president Donald Trump to break up the negotiations concerning the end of the Afghanistan war. Nevertheless, both parties - the US and Afghanistan - have left the door open for a future resumption of negotiations, according to AFP.

Dropping yields give investors cold feet

Revenues of the biggest investment banks in the world have been dropping constantly, reaching a 13-year low in the first half of 2019. According to Financial Times, this drop came as a result of the geopolitical tensions, the slowing growth and low interest rates, which have formed a structural decline which occurred after the financial crisis.

1 Euro5.0603

1 Fr. elveţian5.4141

BNR

1 Liră sterlină5.8612

BNR

1 Dolar SUA4.2917

BNR

1 Gram Aur461.6576

BET18642.09

BET FI61287.63

BET NG1347.17

Iohannis shakes hands with Trump, Tăriceanu with Ponta and Dăncilă is left with hers hanging

The breakup of the coalition, the meeting in the White House between Klaus Iohannis and Donald Trump and the IMF report concerning the outlook for our economy are the most important events which took place in August, that concern Romania's...

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

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

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...

"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?

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)

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.