Showing posts with label ziare.ro. Show all posts
Showing posts with label ziare.ro. Show all posts

Friday, June 29, 2018


BUCHAREST - NBR: Placing gold operations arbitrage or speculative involve counterparty risk and it increased with the crisis gloală said Friday Mugur Isăescu Governor National Bank of Romania (BNR), a conference of press. "The gold held by the central bank to the account opened at the Bank of England, which is a custodian solid financially and reputation is always our gold, so there is NETeller through various operations and is available to us at any time. Placing gold operations arbitrage or speculative involve counterparty risk and it increased with the crisis gloală. an eventual recovery by operations, as suggested in some discussion in the media, through television, would involve a form of alienation, even if stock would remain deposited with the Bank England ", said Isarescu.  "We have not considered that such a period is better to resort to such operations for gains that otherwise are small. Not worth, so to speak.   Not only that but I did not, at least not us has it occurred to play gold in păcănele as suggest a character. "
He referred to the Romanian gold held by the Russians. "I see that Hungary has repatriated gold abroad. Well Hungary has three tons of gold. They held abroad or kept them in Budapest was the same thing, why would not we increased our stock of gold, enough big as Poland? If we take into account that we have a gold stock stored elsewhere with the relevant documents, but still unrecognized, I think our stock of gold is high enough but we are ready to buy at competitive conditions to be hereinafter yellow metal. As a proportion of gold in total international reserves, are beyond the means ", said BNR governor.

Sunday, June 17, 2018

   Mugur Isărescu, about NBR policies :
     - The decisions of the Board of Directors of the NBR have targeted the behavior of the monetary policy in the context of the significant and quick increase of inflation;
     - the lack of reaction of the NBR would have led to inflation expectations being tethered to a new higher level, because economic operators would have interpreted the lack of reaction from the NBR as a tacit acceptance of the new inflation level;
     - The risk of depreciation of the leu would have increased, which could generate new inflationary pressures, because the NBR can't fight the pressures of the monetary market regardless of the circumstances, especially if they are accompanied by a change in the perception by investors;
     - The hike of the annual inflation rate was generated first and foremost by exogenous, temporary and statistical factors;
     - The monthly price increases also reflect fundamental inflationary factors, such as the accumulation of inflationary pressures on the demand side, the increase of wage costs and increased inflationary expectations in the short term;
     - The measures passed by the NBR represent the only correct, justified and proportionate reaction to the inflationary threats and to the growing imbalances in the economy;
     - we share the point of view of a good combination between the monetary policy and the government's economic policy;
     - Inflation and the exchange rate represent symptoms of the quality of the mix of economic policies, and the chain of causes - budget deficit - current account deficit - weakening of the leu - inflation must be viewed as in correlation not just with the monetary policy, but with the government's fiscal-budgetary and tax receipts policy;
     - the full management of the aggregated demand by the NBR involves the more intense use of monetary policy instruments, which would generate a larger rise of the interest rate, because the use of macroprudential instruments, to reduce demand by compressing credit, is not enough;
     - a potential intervention on the exchange rate would not only prove unsustainable and would lead to the pointless loss of the currency reserves, but it would also affect the credibility of the central bank;
     - the situation in Romania is different from the one in Czech Republic, Poland or Hungary, as the inflation rate is within the targeted range (mostly due to some prudent budget policies), and the pressures are on the strengthening of the currencies, unlike Romania, where the pressures are towards its weakening;
     - the announcing of risks to the balances of the economy does not amount to expressing suspicions concerning the government's policy;
     - The NBR has opted to use the annual inflation rate because the ratio allows the ongoing observation of the inflation in relation to the target, and what the average citizen feels is more the CPI inflation, rather than the one calculated based on the Eurostat methodology;
     - the demand surplus is an unobservable size and it is justifiable its more cautious approach, because when its effects manifest themselves through inflation and foreign deficit it is too late for an effective action of the monetary authority;
     - Regardless of the level of surplus demand, its very existence requires a prudent economic management, which relies on anti-cyclical policies, and the pro-cyclical policies from the public authorities do nothing but deepen the imbalances;
     - In this context, the measures taken by the NBR had as their goal minimizing the risks of a eventual forced adjustment when the economic cycle enters a negative slope.
Un sondaj Europa FM despre cum percep românii Justiția și amestecul politicului în dosare. Sondajul comandat de postul de radio Europa FM arată că un referendum organizat de Klaus Iohannis pe tema independenței Justiției ar strânge o prezență considerabilă la vot. Președintele, preferat să numească procurorii șefi de parchete. „Ați participa sau nu la un referendum convocat de președintele României pe tema justiției?”, este una dintre cele mai importante întrebări cuprinse în sondajul realizat de IMAS, la comanda Europa FM. Aproape 37% au răspuns că ar participa cu siguranță, peste 15,5% au spus că probabil ar participa, iar cei care cu siguranță nu ar participa se numără într-un procent de 34,7%. În condițiile în care pragul pentru validarea referendumului este de 30%, un astfel de referendum ar trece ușor peste acest procent. O altă întrebare se referă la numirea șefilor de parchete - cine ar trebui să-i numească? Aproape 22% consideră că numirile ar trebui făcute de Consiliul Superiro al Magistraturii, 35,3% au răspuns că Președintele României, iar ministurl Justiției a strând doar 17,2%, conform EurActiv.

Tuesday, February 27, 2018

Guy Verhofstadt declared on Tuesday the European Parliament would fight to ensure that Northern Ireland remains subject to EU law after Brexit and heaped yet more pressure on Mrs May in a crunch week for the Prime Minister.
British MEPs accused the parliament’s Brexit coordinator of "intolerable interference" in UK affairs and of trying to topple Theresa May’s government.
Mr Verhofstadt, the parliament’s Brexit coordinator, told MEPs in the Constitutional Affairs Committee that it was the only way to prevent a hard border between Ireland and Northern Ireland.
“It’s for us key that there will be in future, whatever the outcome of negotiations will be, no divergence in norms, rules or standards...

Wednesday, February 7, 2018

European stocks make modest rebound after US shares end a wildly volatile session on the rise last night
  • Futures indicate that US stocks will slide back into the red when markets open in New York
  • FTSE 100 claws back 1pc while the DAX and CAC 40 nudge up 0.7pc and 0.5pc, respectively, in early trading
  • Asian markets rebound but run out of steam
  • European markets made a tentative recovery following yesterday's global stocks sell-off but futures contracts indicate that US stocks are set to tumble back into the red once again.
    After tumbling 2.6pc to a nine-month low in yesterday's global sell-off, the FTSE 100 has clawed...

    Thursday, February 1, 2018

    A cancer jab that can eliminate tumours even when they have spread throughout the body is about to start human trials.  Scientists at Stanford University in the US found that injecting tiny amounts of two drugs directly into a tumour not only kills the original cancer, but also triggers an ‘amazing bodywide’ reaction which destroys distant cancer cells.
    The drug combination works by switching on immune cells inside the tumours which have been deactivated by the cancer, then boosting them so they can go to work killing the disease.
    And once the immune cells have been reactivated, they recognise other cancer cells elsewhere in the body and set about clearing them out.
    Scientists said the therapy worked ‘startlingly well’ in mice. Nine out of 10 animals were cured of cancer after just one jab, and the rest after a second injection.

    Wednesday, January 17, 2018

    With Brexit entering a critical phase, the arrival of French President Emmanuel Macron in Britain tomorrow should give Theresa May a golden opportunity to begin work on building the new set of alliances Britain will need for life beyond the EU. Immigration issues are certain to dominate the agenda, as Mr Macron seeks to resolve the disruption caused by the hundreds of illegal migrants who have once again gathered in the Pas-de-Calais.   The French president has caused a degree of consternation in some circles with his suggestion that Britain should do more to resolve the seemingly perennial Calais issue by agreeing to take more migrants, as well as contributing more to the costs of cross-border security enshrined in the Le Touquet accords.  Such demands might appear presumptuous to committed Brexiteers, who take umbrage at the prospect of any foreign power telling the British government how...

    Friday, January 12, 2018

    Often, when a product is marketed as being 'for women', you can safely assume it will be a rip-off, covered in pink. See the ‘Bic for Her’ ballpoint pen, or women's razors. In fact, I have made it my policy to avoid anything that shouts about being made specially for us ladies.
    The once exception, though, just might be porn. PornHub, one of the world's genre’s biggest websites, has released a deep dive into the search terms entered by people all over the world, combined with their location and gender. It might sound a bit like Big Brother is watching you masturbate, but it's a fascinating insight. Interestingly, the year's top search term was 'porn for women'. Combine that with 359 per cent increase in female users and you are faced with an undeniable truth: women like porn. Women watch porn. But is this sweeping generalisation - ‘porn for women’ - really good enough? Is there really a consensus...

    Friday, December 15, 2017

    New archaeological excavations at the ancient port of Corinth have uncovered evidence of large-scale Roman engineering. Named Lechaion, the port was one of a pair that connected the city of ancient Corinth to Mediterranean trade networks. Lechaion is located on the Gulf of Corinth, while Kenchreai is positioned across the narrow Isthmus of Corinth on the Aegean Sea. These two strategic harbours made Corinth a classical period power, but the Romans destroyed the city in 146 BC when conquering Greece. Julius Caesar rebuilt the city and its harbours in 44 BC, ushering in several centuries of prosperity. Recent excavations by the Lechaion Harbour Project have revealed the impressive engineering of the Roman Empire. Caesar’s Corinthian colony developed into one of the most important ports in the eastern Mediterranean. Ships filled Lechaion with international goods and Corinth became so well known for luxury and vice that a Greek proverb stated, “not everyone can afford to go to Corinth.” However, while ancient coins depict a formidable harbour with a large lighthouse, visible remains of Lechaion are scarce. Visitors to the coastline today can see the foundations of two large structures forming the outer harbour, but otherwise the remains are buried under centuries of sediment. The excavations are beginning to reveal the secrets of this largely forgotten port.

    Wednesday, December 13, 2017

    SAN FRANCISCO — San Francisco Mayor Edwin Lee, a champion of housing, civil rights and immigration issues, died Tuesday at 65.  Lee and his wife were grocery shopping at a Safeway supermarket just blocks from their home in San Francisco's Glen Park neighborhood when he collapsed from a heart attack about 10:30 p.m. Monday, the San Francisco Chronicle reported. Lee was taken to San Francisco General Hospital and died early Tuesday, according to his family.“It is with profound sadness and terrible grief that we confirm that Mayor Edwin M. Lee passed away," a statement from the mayor's office said. "Family, friends and colleagues were at his side. Our thoughts and prayers are with his wife Anita, his two daughters, Brianna and Tania, and his family.” San Francisco Board of Supervisors President London Breed steps in as acting mayor. The city's Board of Supervisors, the equivalent of a city council, will vote on a new mayor in the coming weeks. Lee was appointed in January 2011 to replace then-mayor Gavin Newsom, who won election as the state's lieutenant governor. Lee won a full term that November and was re-elected in 2015.

    Friday, December 8, 2017

    SPD members voted overwhelmingly to allow their party’s leadership to enter talks with the CDU. The vote means leaders can discuss options including a renewed “grand coalition”, an informal cooperation or a formal agreement to tolerate a conservative minority government by not voting down certain parliamentary motions.  Attempts to build Germany’s next government have been at a standstill since last month’s collapse of coalition talks between the CDU, the Free Democrats and the Greens. Other European states have expressed their growing impatience with Germany’s political paralysis. Leaders including the French president, Emmanuel Macron, and the Greek prime minister, Alexis Tsipras, have called on Schulz to break the deadlock. The SPD leader acknowledged those appeals on Thursday when he warned that “the continent cannot afford four more years of German European policy a la Schäuble”, referring to the austerity measures of the country’s conservative former finance minister. Schulz told delegates that he wanted EU member states to sign off on a “constitutional treaty” that committed the bloc to take steps towards a federal Europe – a proposal likely to be met with some resistance from Merkel and other EU leaders.

    Thursday, December 7, 2017

    The management of OMV Petrom, namely Mrs. Mariana Gheorghe, as well as the representatives of the Romanian state on the Supervisory Board of OMV Petrom, Sevil Shhaideh and Radu-Spiridon Cojocaru will be invited to appear in the hearings on the Investigation Commission for the activity of the ANRE, the members of the Commission decided on Thursday.  This is the third invitation sent by the Chamber of Deputies to Mrs. Mariana Gheorghe, who refused to show up twice for the hearings, and announced she would send in all the answers to the Comission in writing. Dumitru Costin, the president of the National Union Block (BNS- Blocul Naţional Sindical), yesterday said, in the Parliamentary commission concerning the activity of the ANRE, that OMV Petrom has caused the Romanian state a loss of 7 billion lei, according to some audits made by the Court of Auditors, and the money has yet to be recouped, even though the loss was uncovered in 2015. Iulian Iancu, the president of the Commission, said: "Colleagues have requested extending the invitations again to the management of OMV Petrom. Personally, I don't have much hope. In fact, I had given up making any further invitations. But following the statements of Mr. Costin, I will resume the invitations addressed to Mrs. Mariana Gheorghe and to the members on the Supervisory Board of OMV Petrom, who are the representatives of the Romanian state". Iulian Iancu also said: "Dumitru Costin, the head of the National Union Block (BNS), has presented to the Commission for the Investigation of the activity of the ANRE a document which has also been submitted with the Romanian government, specifically to the General Secretariat of the Government, to the attention of the prime-minister, in which Costin says that, he has received from the Romanian authorities documents concerning OMV, which describe investigations at various stages concerning tax evasion when it comes to salaries, VAT, the modification of the formula and the incorrect payment of royalties by OMV, which, according to the presented data, resulted in a loss of over 1 billion Euros, data backed by the report of the Court of Auditors. That document states that the case has reached the court.

    Saturday, December 2, 2017

    ECB recommends dropping the guarantee of bank deposits. The Banking Recovery and Resolution Directive, which came into effect less than two years ago, explicitly states that the guaranteed deposits may not be frozen and may not be subject to suspension of payments.  With the recommendation to drop the guarantee of bank deposits, the ECB has included the central banks and the Bank of International Settlements in the list of institutions whose accounts and transactions may not be frozen. But we shouldn't be overly worried, because the ECB has proved "generous". "During the transition period, depositors will have access to an adequate quota of their guaranteed deposits to cover the cost of living within five days from submitting the request", the proposal of the ECB shows. But who sets the cost of living and which is the "competent authority" that decides on the withdrawal of the funds? The national institutions for the guarantee of bank deposits have been created precisely to stop or at least to temper massive bank deposit withdrawals. The new proposal of the ECB directly undermines this institutional framework. "If the collapse of a bank looks imminent, a substantial number of guaranteed deposits may be subject to massive withdrawals, because customers want to ensure direct access to their own resources or no longer trust the guarantee scheme", the ECB document further states.The true stake is presented thereafter: "Such a scenario is very likely especially in the case of major banks, where the volume of guaranteed deposits is extremely high and can lead to the erosion of the trust in the guarantee scheme".  In the opinion of the European Central Bank, "if the moratorium applied to deposits doesn't include the guaranteed ones as well, then that moratorium can alert the customers with guaranteed deposits that a bank is at imminent risk of collapse", and under these circumstances "the moratorium can prove counterproductive and can result in a deposit flight instead of preventing it". Such proposals aren't just simple prudential measures of authorities that want to show that they have learned the lessons of the crisis, but instead they represent, particularly in the case of the European Central Bank, a tacit acknowledgment of the fact that the monetary policy has failed.

    Saturday, October 7, 2017

    Spain’s constitutional court has moved to stop the Catalan government making a unilateral declaration of independence by suspending the regional parliament session in which the results of Sunday’s referendum were due to be discussed. On Thursday, the court upheld a challenge by Catalonia’s Socialist party – which opposes secession from Spain – ruling that allowing the Catalan parliament to meet on Monday and potentially declare independence would violate the rights of the party’s MPs. Catalonia's political turmoil prompting firms to consider relocating . Banks Sabadell and Caixa among first to respond amid fears about access to rest of Spain and EU if independence is declared  The court warned that any session carried out in defiance of its ban would be “null”, and added that the parliament’s leaders could face criminal action if they ignored the court order.  Carme Forcadell, president of the Catalan parliament, said Monday’s session had not yet been formally convened, but that the court’s decision to suspend it “harms freedom of expression and the right of initiative of members of this parliament and shows once more how the courts are being used to solve political problems.” The Catalan government is understood to be meeting to discuss its response to the latest move by the court. It has previously ignored the constitutional court’s rulings, not least its order to suspend the referendum itself.  In a television address on Wednesday evening, the Catalan president, Carles Puigdemont, repeated his calls for mediation and dialogue with the Spanish government, but said the results of the vote would be put before parliament. “On Sunday we had a referendum under the most difficult circumstances and set an example of who we are,” he said. “Peace and accord is part of who we are. We have to apply the results of the referendum. We have to present the results of the referendum to parliament.”

    Saturday, September 30, 2017

    SPAIN - Police have sealed off more than half of the 2,315 schools in Catalonia designated as polling stations for a banned independence referendum as tensions rise ahead of the controversial ballot.  Tens of thousands of Catalans are expected to vote in the ballot, which will have no legal status as it has been blocked by Spain’s constitutional court. Madrid has sent thousands of police to the north-eastern region to stop it taking place.  A Spanish government source said 163 schools designated as voting centres had been occupied by families as images of families including children in sleeping bags have emerged. Although the polls say the independence side would not win a referendum, Catalans, watching Brexit, have seen how easy it is for polls to be wrong.  
    People supporting the referendum have camped out overnight in schools in an effort to prevent an order by the head of the Catalan regional police to evacuate and close polling stations by 6am on Sunday. Voting is due to begin at 9am.  Catalan police have been instructed to empty the buildings by Sunday morning, but not to use violence to remove the people occupying schools.
    The police in the region issued an ultimatum to the separatists, parents and children who are occupying schools to leave by 6am on Sunday – a deadline designed to prevent the vote from taking place, since the polls are supposed to open three hours later.  Spain’s foreign minister, Alfonso Dastis, said on Saturday the Catalan government’s plan was anti-democratic and runs “counter to the goals and ideals the European Union” is trying to advance. “What they are pushing is not democracy. It is a mockery of democracy, a travesty of democracy,” he added.

    Monday, September 11, 2017

    When Truls Gulowsen began campaigning in the 1990s, telling Norway it had both a moral obligation and an economic interest in phasing out the industry that has made it rich was not what might be called a vote winner.  But as Norwegians go to the polls on Monday, the future of their country’s giant oil and gas business is a major electoral issue – with parties that back curbs or even a shutdown of the industry set to play a key role in post-election coalition-building.
    “The public mood has changed,” said Gulowsen, who heads Greenpeace Norway. “Something’s really happening. For the first time, our national dependency on oil, our responsibility as oil pushers to the rest of the world, are real questions.” With the ruling rightwing bloc of parties and the opposition neck and neck, smaller parties may find themselves kingmakers   “It looks like it’s going to be very, very close,” said the election analyst Svein Tore Marthinsen. “Both major parties are declining and the landscape is fragmenting – we could have nine parties in parliament, a record. The final outcome is wide open.”
    Public opinion certainly is split. “I think the government’s done OK,” said Harald Bergh, 73, a retired engineer. “They’ve spent wisely, cut taxes, kept us afloat. And no one should touch the oil industry – it’s been our salvation.”

    Monday, September 4, 2017

    The Turkish government has accused Angela Merkel and Martin Schulz of practising the politics of populism and exclusion after the German election frontrunners agreed that the EU should break off negotiations over future Turkish membership. In a televised debate on Sunday evening, the German chancellor said she did not believe Turkey should become a member of the EU, and that she would take up with her EU partners the issue of ending accession talks with Ankara.  Schulz, her Social Democrat rival in elections on 24 September, said if he became the next chancellor, he would be much more candid than Merkel in his criticism of Turkey’s contravention of human rights under the Turkish president, Recep Tayyip Erdoğan.   Turkey, he said, had “crossed all the red lines” and therefore it could no longer become a member of the EU. He added that as German chancellor he would break off EU accession talks with Ankara.  İbrahim Kalın, a spokesman for Erdoğa, said Merkel and Schulz had focused on Turkey in their television encounter – which was watched by between a third and a half of German voters – to divert attention from more pressing problems. “It is not a coincidence that our president, Erdoğan, was a main topic of the debate,” Kalın tweeted, criticising German politicians’ “indulgence in populism”. He continued: “Germany and Europe’s attacks on Turkey/Erdoğan, in ignoring necessary and pressing problems, are reflections of the narrowing of their horizons.  “We hope the problematic atmosphere that made Turkish-German relations the victim of this narrow political horizon will end.”  Merkel’s stance was more reserved than Schulz’s, largely because of her dependence on Ankara abiding by a deal to keep hundreds of thousands of migrants inside Turkey’s borders in return for financial aid, visa-free travel for Turks in Europe as well as the promise of faster EU membership talks.
       
    Turkey, he said, had “crossed all the red lines” and therefore it could no longer become a member of the EU. He added that as German chancellor he would break off EU accession talks with Ankara.
    İbrahim Kalın, a spokesman for Erdoğa, said Merkel and Schulz had focused on Turkey in their television encounter – which was watched by between a third and a half of German voters – to divert attention from more pressing problems.
    “It is not a coincidence that our president, Erdoğan, was a main topic of the debate,” Kalın tweeted, criticising German politicians’ “indulgence in populism”.
    He continued: “Germany and Europe’s attacks on Turkey/Erdoğan, in ignoring necessary and pressing problems, are reflections of the narrowing of their horizons.
    “We hope the problematic atmosphere that made Turkish-German relations the victim of this narrow political horizon will end.”
    Merkel’s stance was more reserved than Schulz’s, largely because of her dependence on Ankara abiding by a deal to keep hundreds of thousands of migrants inside Turkey’s borders in return for financial aid, visa-free travel for Turks in Europe as well as the promise of faster EU membership talks.

    Thursday, August 31, 2017

    Gerhard Schröder defied critics on Wednesday night, insisting that joining the board of Russian energy giant Rosneft was entirely up to him.
    "I will do this. This is about my life and I decide – not the German press," he said in his usual candid manner. He was speaking at an election campaign event for the Social Democrats (SPD) in the northern town of Rotenburg on the Wümme. He added that he could not see a problem and that "I'm not going to allow anyone to make it into one."Schröder, who was German chancellor from 1998 to 2005, was harshly criticized for his decision by the media, but also – among others - by his successor Angela Merkel as well as Martin Schulz from his own SPD party.  Rosneft has been subject to EU sanctions due to Russia's unlawful annexation of Crimea, the Ukrainian peninsula.  Schröder, however, stressed that getting involved with the world's biggest oil company was in Germany's interest. "I stand by what I've said before – that it's not wise to isolate our big neighbor Russia both politically and economically," he said adding that his critics were apparently interested in a new Cold War with Russia.  He said he was "fed up" with the criticism of Russia and its president, Vladimir Putin, saying that compared to US President Donald Trump, Putin was "highly rational" and that "demonizing Russia" would get us nowhere.He emphasized that Rosneft was an international company and not "the extended arm of the Russian government." Russia owns just over 50 percent of Rosneft.  The former German chancellor is known for his connection to Russia – he once dubbed Russian President Vladimir Putin a "flawless Democrat."  After he lost to Merkel in the 2005 election, he joined the Nordstream pipeline consortium, which is controlled by Russia's Gazprom. He has since switched to join an extension of the original pipeline, known as Nordstream 2. Schröder is due to be formally elected to Rosneft's supervisory board on September 29. It is not clear yet whether he will lead the board or just become a member.

    Saturday, August 26, 2017

    A US appeals court panel has said that federal officials must reconsider their decision not to regulate the size of airline seats as a safety issue. In a ruling on Friday, one of the judges called it “the case of the incredible shrinking airline seat”.  The Flyers Rights passenger group challenged the Federal Aviation Administration in court after the agency rejected its request to write rules governing seat size and the distance between rows of seats.  New York senator calls for FAA action over 'shrinkage' of airplane seats A three-judge panel for the federal appeals court in Washington said the FAA had relied on outdated or irrelevant tests and studies before deciding that seat spacing was a matter of comfort, not safety.  The judges sent the issue back to the FAA and said the agency must come up with a better-reasoned response to the group’s safety concerns.  “We applaud the court’s decision, and the path to larger seats has suddenly become a bit wider,” said Kendall Creighton, a spokeswoman for Flyers Rights.  The passenger group says small seats bunched too close together slow down emergency evacuations and raise the danger of travellers developing vein clots.  FAA spokesman Ian Gregor said the agency was considering the ruling and its next steps. He said the FAA considers the spacing between seat rows when testing to make sure airliners can be evacuated safely.