DOCSLIB.ORG

GSS NEWSLETTER ISSUE 122 June 2011 2

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
GSS NEWSLETTER ISSUE 122 June 2011 2 GSS NEWSLETTER ISSUE 122 June 2011 2 CONTENT DEAR CLIENTS 5 JOHN'S CORNER 7 AustriA 8 UniCredit Bank Austria expects stock market in Vienna to rise 8 UniCredit Bank Austria raises GDP forecast for 2011 8 ATX companies distribute EUR 2.1 bn in dividends this year 8 BELARUS 9 National Bank of Belarus increases borders of price range 9 National Bank to increase the refinancing rate 9 BOSNIA AND HERZEGOVINA 10 Credit rating of Bosnia and Herzegovina 10 6th International conference of the Banja Luka Stock Exchange 11 BULGARIA 12 Draft law on collective investment schemes 12 Government measures for further development of the Bulgarian capital market 13 BNB transfers its Shares in CDAD to the Ministry of Finance 14 New tariff of the Financial Supervision Commission 14 CROATIA 15 Banks report HRK 1.26 bn in gross profits in Q1 15 10 bids submitted for construction of new passenger terminal at Zagreb airport 16 World Bank grants EUR 150 mn to Croatia 16 CZECH REPUBLIC 17 New issue of New World Resources Plc 17 New bonds on PSE markets 18 2010 annual report of the Prague Stock Exchange 18 Issue 122, June 2011 3 HUNGARY 19 Successful Eurobond launched by Hungary 19 GDMA buys back highest debt in the past two years 20 KAZAKHSTAN 21 Reorganisation of financial authorities 21 KYRGYZSTAN 22 Increased business activity 22 POLAND 23 NDS officially launches partial settlement project 23 ROMANIA 25 Stock Exchange companies announced an increase of 26% for the first quarter of 2011 25 Romanian investment fund, Fondul Proprietatea, received the approval of the National Securities Commission to invest in foreign markets 25 New changes in the management of Teraplast are meant to efficient the company 26 Vimetco plans to sell share package in Romania’s Alro Slatina through secondary public offering 26 Romanian Central Bank keeps main interest rate unchanged at 6.25% 26 Inflation reached a new high at 8.34% 27 The Romanian GDP increased by 0.6% in 1Q 2011 27 New Romanian accounting law 27 Romania up four places in competitiveness ranking 27 RUSSIA 28 A new strategy for the banking sector 28 Requirements to capital of professional market participants remain unchanged 29 Finance Ministry to place Eurobond 29 SERBIA 30 Serbian market posts growth in Q1 30 Risk rating downgraded 31 NBS appoints its lead economist 31 Benchmark rate unchanged, monetary policy to slowly ease 32 IMF discusses pension law changes 32 Issue 122, June 2011 4 SLOVAK REPUBLIC 33 Slovak banks passed stress tests 33 Bratislava Stock Exchange ranking in 1st quarter 2011 34 Central Securities Depository published annual statistics for 2010 34 Bratislava Stock Exchange trading in April 2011 35 SLOVENIA 36 Amended CSD regulations 36 PM meets UK investors, announces fresh round of privatistion 37 UKRAINE 38 Net direct investment inflow to Ukraine in Q1 increased by 8.4 times 38 SSMSC to invigorate stock market development through mini-IPO 38 GEORGIA 39 Financial assistance for Georgia 39 AZERBAIJAN 39 Central Bank of Azerbaijan has raised the refinancing rate from 5% to 5.25% 39 YOUR CONTACTS 40 DISCLAIMER 43 IMPRINT 44 Issue 122, June 2011 5 DEAR CLIENTS Lejla Sabljica (Head of GSS Bosnia and Herzegovina) It is my pleasure to introduce Bosnia and Herzegovina B&H is a signatory of the Central European Free Trade (B&H) in this issue and bring this country closer to you. Agreement (CEFTA). B&H also has free trade agreements B&H lies in the very heart of South Eastern Europe, at the with Turkey, as well as preferential export regimes with the crossroads of Europe, the Middle East and Northern Africa European Union, USA, Japan, Canada, Switzerland, Aus- with an area of 51.209 km2 and an estimated popula- tralia, Norway, New Zealand, Russia and Iran. tion of 3.9 mn. B&H is a very hilly country with the Dinaric Mountains dominating the landscape. The highest point, B&H is a potential candidate country for EU accession. In Mt. Maglic, rises to 2,387m. Thick forests cover almost this respect, it is worth mentioning that B&H has signed 50% of the land. In the north, along the Sava River valley, the Stabilization and Association Agreement (SAA) with the a hilly, fertile plain stretches east to west. The country has EU, establishing formal contractual relations between the 23 km of coastline in the southwest of the country, provid- EU and B&H. ing access to the Adriatic Sea. The capital city is Sarajevo and the other major cities are: Banja Luka, Bihac, Mostar, The last elections took place on 3 October 2010 and the Tuzla, Zenica. Bosnian winters can be very cold with a lot new government is elected on mandate period of four of snow, especially in the hills and mountains. Summers years. are generally warm and comfortable. The time zone is CET Capital markets in B&H are regulated at entity level (FB&H (GMT+1hour). and RS). There are two securities commissions, two CSDs The country comprises two governing entities, the Federa- and two stock exchanges (one in each entity). The legal tion of Bosnia and Herzegovina (FB&H) and the Republic framework for capital markets is to be found in the Law on of Srpska (RS), with a third region, the Brcko District being Securities Market in FB&H and Law on Securities Market administered by both. As regards the government struc- in RS. ture, B&H is a parliamentary democracy with a bicam- eral parliament (House of Representatives and House of Peoples), a three-member rotating presidency, a Council of Ministers, and Constitutional Court. The official currency is convertible mark (BAM) which is pegged to EUR at the following exchange rate: 1 EUR = 1.955830 BAM. In 2010 GDP per capita amounted to EUR 3.280. The current country ratings are: Moody's Investors Service B2 with negative outlook and Standard & Poor's B+ with stable outlook. Issue 122, June 2011 6 Dear Clients Trade of securities in B&H is conducted through two stock Market capitalisation of securities listed on Sarajevo Stock exchanges, The Sarajevo Stock Exchange (SASE) located Exchange and Banja Luka Stock Exchange has increased in Sarajevo and The Banjaluka Stock Exchange (BLSE) in the first four months of 2011 by 8.8% compared to capi- located in Banja Luka. According to the legal regulations talisation as of 31 December 2010. The main SASE index governing capital markets in B&H, the stock exchanges “SASX-10” recorded an increase of 10.8%, while the BLSE are places to organize a connection between the supply index “BIRS” increased by 22.3% as of the end of April. and demand in the securities trade and provide information on supply, demand, market price as well as other informa- In May 2011 new instruments became available on the tion on securities. The third function of stock exchanges is B&H capital market. The Government of Republic of to determine and publish quotation list of securities. Listed Srpska issued T-bills in the amount of BAM 30 mn. The securities are: equities, corporate bonds, government securities are listed on the BLSE. Furthermore, the Govern- bonds, municipal bonds, commercial papers, T-bills. The ment of Federation of B&H issued frozen savings bonds in settlement cycle is T+3. the amount of BAM 227 mn which are listed on the SASE. The Sarajevo Stock Exchange (SASE) was founded by In the following months we expect an increase of capital eight brokerage houses on 13 September 2001. SASE has of the SASE, a new Law on Take Over in the Federation of three segments, with trading conducted on separate rules: B&H and Amendments of the Law on Securities Market in The Official Quotation, The Fund Quotation (as a sub-seg- the Republic of Srpska. ment of official quotation), and The Free Market. The GSS Department wishes you a pleasant reading! The Banjaluka Stock Exchange (BLSE) was founded on 9 May 2001 by eight banks and one company to trade Kind regards, in securities. The BLSE has two stock-exchange market- segments: the Official Stock Market (Quotation), and the Free Stock Market. Lejla Sabljica Head of GSS Bosnia and Herzegovina Issue 122, June 2011 7 JOHN'S CORNER John Gubert As Target 2 for Securities works to finalise the I would recommend that CSD pricing follow the rule of user Framework Agreement, which will define the relationship pays, whereby costs are allocated for each service charged between CSDs and the ECB, it is crucial how little momen- and fees aligned to those costs. That means that the CSD tum is behind the CSD definition of their own T2S service would levy the T2S charge on each transaction it handles as offering to their users. it, itself, is charged, whilst mark-ups will need to be compat- ible with those of the major CSDs to avoid becoming uncom- I believe the preferred option for local custodians is to inter- petitive. T2S reports would be passed on at cost (being the mediate T2S through their CSD, at least in the initial stages. price charged by T2S for the package plus outbound com- However, such a routing has to allow them to offer their clients munication costs) as the CSD adds no value to them but is service compatible with the alternative model, namely the merely a conduit. Added costs and replacement of lost set- direct route into T2S through sponsorship of a home country tlement revenues (beyond any savings that can be made- if CSD or one of its peers. any) are best recouped through ad valorem charges, which are born by all CSD users.
Load more

Recommended publications
  • Vincent Verouden
    CURRICULUM VITAE Director Vincent Verouden E.CA Economics Louizalaan / Avenue Louise 222, B-1050 Brussels Phone: +32 2 808 4698 [email protected] Fax: +32 2 808 4744 www.e-ca.com Summary Dr. Vincent Verouden joined E.CA Economics in 2014 as a Director of the Brussels office, after having served as a Deputy Chief Economist at the European Commission’s Directorate-General for Competition (DG Competition). Vincent, a Dutch national, started his professional career at DG Competition in January 2000. In his early years there, he worked for the Merger Task Force (MTF). In addition to reviewing individual merger cases, he was also one of the co-authors of the Commission’s Horizontal Merger Guidelines, published in 2004. Subsequently, Vincent worked for DG Competition’s Chief Economist Team (CET), serving as Deputy Chief Economist between 2012 and 2014. In his time at the CET, Vincent took a lead role in the development of the Non-Horizontal Merger Guidelines (2008) and the Commission’s antitrust inquiry into the pharmaceutical sector (2008 - 2009) and related cases. He was also deeply involved in the economic analysis of state aid cases and the development of policy in this field (State Aid Modernisation). His present consulting activities span the fields of antitrust, merger control and state aid control. Recent engagements include work for ArcelorMittal, Airbus Helicopter, Heineken, HeidelbergCement, LG Chem, CVC Capital Partners and Jacobs Holding AG. Vincent is a Solvay Fellow at the Vrije Universiteit Brussel and teaches at the Brussels School of Competition’s LL.M. programme. He is the author of many publications on competition policy, and a co- editor of the reference book “EU State Aid Control: Law and Economics” (Kluwer, 2017).
    [Show full text]
  • Press Release
    No. 50/14.07.2021 To: Financial Supervisory Authority Bucharest Stock Exchange Current report in compliance with the stipulations of the Law no. 24/2017 and of the FSA Regulation no.5/2018 regarding the issuers of financial instruments and market operations Date of report: 14.07.2021 Name of issuer: Alro S.A. Headquarters: Slatina, 116 Pitesti Street, Olt County Telephone/ fax number: +40 249 431 901 / +40 249 437 500 Sole registration number at the Trade Register Office: RO 1515374 Trade Register Number: J28/8/1991 The European Unique Identifier (EUID): ROONRCJ28/8/1991 Legal Entity Identifier (LEI): 5493008G6W6SORM2JG98 Subscribed and paid-in share capital: 356,889,567.5 RON Regulated market on which the issued shares are traded: Bucharest Stock Exchange – Premium Tier Category (market symbol: ALR ) We hereby inform all persons who may be interested about the following important event to be reported: Press Release EximBank finances with RON 167 million the current activity of ALRO Slatina Bucharest, 14 July 2021 – EximBank granted a financing facility amounting to RON 167 million to ALRO Slatina, the only producer of aluminium and aluminium alloys in Romania and one of the largest vertically integrated aluminium producers in Europe, measured by production capacity. The funds are intended to provide the necessary liquidity for the current activity of the Company and were granted with a state guarantee issued under the state aid scheme COVID-19, dedicated to large companies. “EximBank always proposes concrete and efficient solutions to support the development of Romanian companies and we are glad that, through this financing, we provide to one of the most important companies in Romania and in Europe, the necessary funds for carrying out its current activities in optimal conditions.
    [Show full text]
  • CRISTIAN DIACONESCU Ministrul Afacerilor Externe Aleea Alexandru 31 Sector 1 RO-011822-BUCUREŞTI
    EUROPEAN COMMISSION Bruxelles, 25.04.2012 C(2012) 2517 final In the published version of this decision, some information PUBLIC VERSION has been omitted, pursuant to articles 24 and 25 of Council Regulation (EC) No 659/1999 of 22 March 1999 laying WORKING LANGUAGE down detailed rules for the application of Article 93 of the EC Treaty, concerning non-disclosure of information covered This document is made available for by professional secrecy. The omissions are shown thus […]. information purposes only. Subject: State aid No. SA 33624 (ex SA 32491) – Romania Preferential electricity tariffs for ALRO Slatina S.A. Sir/Madam, The Commission wishes to inform Romania that, having examined the information supplied by your authorities on the measures referred to above, it has decided to initiate the formal investigation procedure laid down in Article 108(2) of the Treaty on the Functioning of the European Union. 1. PROCEDURE (1) Based on information from the Romanian press, the Commission started in January 2011 an ex officio inquiry into the directly-negotiated long-term contracts for the supply of electricity between Romanian hydropower producer Hidroelectrica S.A. and aluminium producer ALRO Slatina S.A. (2) The Commission requested information on the measures that are the subject of this Decision by letters of 4 March 2011, 16 February 2011 and 14 April 2011. Romania replied by letters of 24 March 2011, 16 May 2011 and 6 June 2011. The Commission also CRISTIAN DIACONESCU Ministrul Afacerilor Externe Aleea Alexandru 31 Sector 1 RO-011822-BUCUREŞTI Commission européenne, B-1049 Bruxelles/Europese Commissie, B-1049 Brussel – Belgium Telephone: 00- 32 (0) 2 299.11.11.
    [Show full text]
  • Vincent Verouden
    CURRICULUM VITAE Director Vincent Verouden E.CA Economics Louizalaan / Avenue Louise 222, B-1050 Brussels Phone: +32 2 808 4698 [email protected] Fax: +32 2 808 4744 www.e-ca.com Summary Dr. Vincent Verouden joined E.CA Economics in 2014 as a Director of the Brussels office, after having served as a Deputy Chief Economist at the European Commission’s Directorate-General for Competition (DG Competition). Vincent, a Dutch national, started his professional career at DG Competition in January 2000. In his early years there, he worked for the Merger Task Force (MTF). In addition to reviewing individual merger cases, he was also one of the co-authors of the Commission’s Horizontal Merger Guidelines, published in 2004. Subsequently, Vincent worked for DG Competition’s Chief Economist Team (CET), serving as Deputy Chief Economist between 2012 and 2014. In his time at the CET, Vincent took a lead role in the development of the Non-Horizontal Merger Guidelines (2008) and the Commission’s antitrust inquiry into the pharmaceutical sector (2008 - 2009) and related cases. He was also deeply involved in the economic analysis of state aid cases and the development of policy in this field (State Aid Modernisation). His present consulting activities span the fields of antitrust, merger control and state aid control. Recent engagements include work for ArcelorMittal, Airbus Helicopter, Heineken, HeidelbergCement, LG Chem, CVC Capital Partners and Jacobs Holding AG. Vincent is an extramural fellow at the Tilburg Law and Economics Centre (TILEC) and a Solvay Fellow at the Vrije Universiteit Brussel. He also teaches at the Brussels School of Competition’s LL.M.
    [Show full text]
  • LOCAL AGENDA 21 – Local Plan for Sustainable Development of Slatina Municipality
    1 SLATINA SLATINA CITY HALL LOCAL AGENDA 21 – Local Plan for Sustainable Development of Slatina Municipality SLATINA 2004 2 MUNICIPALITY UNDP Project ROM 98/012, 0033238 Copyright 2004 Slatina City Hall, Romania 1 Mihail Kogalniceanu St., Olt County Tel: 0249/ 421210 Fax: 0249/ 439336 E-Mail: [email protected] © 2004 National Centre for Sustainable Development 15 Alexandru Philippide, Sector 2, Bucharest Tel: +4021 201 14 02 Fax: +4021 201 14 02 E-Mail: [email protected] The opinions expressed belong to the authors and do not necessarily represent the point of view of the UNDP. Document published with the support of the United Nations Development Programme, the Embassy of the Netherlands in Bucharest – MATRA/KAP Programme and Slatina City Hall Technical expertise provided by the National Centre for Sustainable Development. 3 SLATINA Local Steering Committee Gheorghe Paunescu - President, Mayor of Slatina Municipality Ion Ion, Vice-Mayor, Slatina Municipality City Hall; Meda Vasile, Service Chief, European Integration, Slatina Municipality City Hall; Ilie Alexie, Director, Economic Section, Slatina Municipality City Hall; Ilie Alexandru, President, Chamber of Commerce, Olt Industry and Agriculture; Daniela Lungu, Director, European Integration, Olt County Council; Dorin Rogojinaru, Director, Olt Inspectorate for Environmental Protection; Manuela Putinelu, Chief of Local Office, Olt, Agency for Regional Development, South-western Oltenia; Constantin Dutu, Commissary, Slatina Municipality Police Department; Aurelian Simionescu, Director, Olt Public
    [Show full text]
  • Wiiw Balkan Observatory Working Paper 26: SEE the Difference
    The wiiw Balkan Observatory March Working Papers|026| 2002 Liviu Voinea SEE the Difference: Romanian Regional Trade and Investment The wiiw Balkan Observatory www.balkan-observatory.net About Shortly after the end of the Kosovo war, the last of the Yugoslav dissolution wars, the Balkan Reconstruction Observatory was set up jointly by the Hellenic Observatory, the Centre for the Study of Global Governance, both institutes at the London School of Economics (LSE), and the Vienna Institute for International Economic Studies (wiiw). A brainstorming meeting on Reconstruction and Regional Co-operation in the Balkans was held in Vouliagmeni on 8-10 July 1999, covering the issues of security, democratisation, economic reconstruction and the role of civil society. It was attended by academics and policy makers from all the countries in the region, from a number of EU countries, from the European Commission, the USA and Russia. Based on ideas and discussions generated at this meeting, a policy paper on Balkan Reconstruction and European Integration was the product of a collaborative effort by the two LSE institutes and the wiiw. The paper was presented at a follow-up meeting on Reconstruction and Integration in Southeast Europe in Vienna on 12-13 November 1999, which focused on the economic aspects of the process of reconstruction in the Balkans. It is this policy paper that became the very first Working Paper of the wiiw Balkan Observatory Working Papers series. The Working Papers are published online at www.balkan- observatory.net, the internet portal of the wiiw Balkan Observatory. It is a portal for research and communication in relation to economic developments in Southeast Europe maintained by the wiiw since 1999.
    [Show full text]
  • Working Papers|026|March the Wiiw Balkan Observatory
    The wiiw Balkan Observatory March Working Papers|026| 2002 Liviu Voinea SEE the Difference: Romanian Regional Trade and Investment The wiiw Balkan Observatory www.balkan-observatory.net About Shortly after the end of the Kosovo war, the last of the Yugoslav dissolution wars, the Balkan Reconstruction Observatory was set up jointly by the Hellenic Observatory, the Centre for the Study of Global Governance, both institutes at the London School of Economics (LSE), and the Vienna Institute for International Economic Studies (wiiw). A brainstorming meeting on Reconstruction and Regional Co-operation in the Balkans was held in Vouliagmeni on 8-10 July 1999, covering the issues of security, democratisation, economic reconstruction and the role of civil society. It was attended by academics and policy makers from all the countries in the region, from a number of EU countries, from the European Commission, the USA and Russia. Based on ideas and discussions generated at this meeting, a policy paper on Balkan Reconstruction and European Integration was the product of a collaborative effort by the two LSE institutes and the wiiw. The paper was presented at a follow-up meeting on Reconstruction and Integration in Southeast Europe in Vienna on 12-13 November 1999, which focused on the economic aspects of the process of reconstruction in the Balkans. It is this policy paper that became the very first Working Paper of the wiiw Balkan Observatory Working Papers series. The Working Papers are published online at www.balkan- observatory.net, the internet portal of the wiiw Balkan Observatory. It is a portal for research and communication in relation to economic developments in Southeast Europe maintained by the wiiw since 1999.
    [Show full text]
  • Recent and Planned Changes in Production Capacity for Bauxite, Alumina and Aluminium
    Distr. GENERAL UNCTAD/ITCD/COM/13 23 December 1997 ENGLISH ONLY UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT Recent and planned changes in production capacity for bauxite, alumina and aluminium Note by the UNCTAD secretariat GE.97-52316 2 Contents Paragraphs A. Introduction 1- 2 B. Definitions 3- 5 C. Summary of recent and expected developments in production capacity 6-16 1. Bauxite 7- 9 2. Alumina 10-12 3. Aluminium 13-16 D. Market outlook 17-19 Table 1 Bauxite mine capacity 1996-2001 Table 2 Alumina refinery capacity 1996-2001 Table 3 Primary aluminium smelter capacity 1996-2001 3 A. Introduction 1. In 1995 and 1996, the UNCTAD secretariat published notes on "Recent and planned changes in production capacity for bauxite, alumina and aluminium" (UNCTAD/COM/RDS/1 and 4 respectively). The notes were intended to provide a continuation of a similar service formerly provided by the secretariat of the International Bauxite Association (IBA), which ceased its activities at the end of 1994. The notes were distributed to the member Governments of UNCTAD, as well as to about 100 companies, institutions and individuals interested in the bauxite/alumina/aluminium industry. Readers were invited to comment on the usefulness and accuracy of the information. The replies received were all positive, and accordingly, it has been decided to continue the service for the time being on a trial basis. In order to be able to assess the usefulness of the continued regular publication of this type of note, the UNCTAD secretariat would once again welcome any comments on its scope, format and contents and usefulness.
    [Show full text]
  • World Anti Doping Agency (WADA) Ethics and Education Committee
    World Anti Doping Agency (WADA) Ethics and Education Committee Application Form for Social Science Research Grant A. GENERAL INFORMATION ON PROJECT Date of Application: Project Category (please check only one box): X Increasing knowledge of causes and of risk and protective factors in doping behavior Evaluating anti-doping intervention programs Improving social science research on doping prevention Project Title: Risk Factors within Doping Behavior Related to Personality Structure and Social Environment of the Athletes Duration of Project Start (10/01/2006): (max. 3 years) End (10/01/2008): Amount requested from WADA for each year Year 1: _7.500__USD Year 2: __12.500____USD Year 3: ______- ___USD TOTAL ___20.000__USD Significance for Doping Prevention Understanding the phenomenon from an inter-disciplinary perspective may lead to learning a new dimension of the doping phenomenon, of some mechanisms and factors that may influence the athletes’ behavior towards fair-play attitudes. Obtaining this information about doping phenomenon by the research performed on the athletes in Romania allows ANAD and its operational structures to build a scientific base for the educational interventions. The “targets” of the educational interventions will be: children and adolescent athletes, high level amateur and professional athletes. The main purpose of this project was to asses the athletes in Romania’s attitudes towards the use of substances that increase the performance and the possible correlations between such orientations and the type of personality, other psychological factors and their social influences. Based on the results obtained by the analysis of the subjective conditions (personality structure and attitudes) and the influences of the environment that favored the temptation and the use of prohibited substances we may conduct in the future effective education and information campaigns for the high risk population.
    [Show full text]
  • Białoruś 2006
    O Ś R O D E K S T U D I Ó W W SCHODNICH Centre for Eastern Studies Gazprom in EuropE: FastEr Expansion in 2006 Gazprom’ accelerating expansion in Europe may be seen as an effort to gain a dominant position on the Eu market before another stage of liberalisation is complete WarsaW february 2007 Gazprom in EuropE: FastEr Expansion in 2006 In 2006, Gazprom’s expansion onto the european gas market accelerated considerably. The me- asures taken by the monopoly were aimed on the one hand at strengthening its market position in those states that traditionally buy russian gas, and on the other at gaining access to new mar- kets in Western europe, in particular the gas-producing countries and states where Gazprom has not been a major supplier so far. In its traditional markets, one of the ways in which Gazprom progressed towards achieving its goals was by extending already-existing gas deals. In return for offering guarantees of long- term supplies, it gained the right to directly sell gas in some of these markets, and to distribute and trade gas in most of them. In the new markets, Gazprom has established itself as a direct or indirect gas supplier, and an owner of companies authorised to operate on european markets or a shareholder of intermediary companies. Gazprom’s expansion in europe is increasingly proceeding in accordance with the monopoly’s plans. Its activities are clearly aimed at bringing about its domination of the european market, and are sometimes interpreted as an attempt to acquire a ‘controlling market share’ before another phase of market liberalisation is complete (by 1 July 2007, rules stimulating competition and restricting monopolistic practices should already be in force in the eu energy market).
    [Show full text]
  • Corporate Governance in Romania
    CORPORATE GOVERNANCE IN ROMANIA OECD 2001 TABLE OF CONTENTS PREFACE................................................................................................................................................................6 RECOMMENDATIONS.........................................................................................................................................8 PART I: THE CORPORATE GOVERNANCE ENVIRONMENT IN ROMANIA.............................................20 1.1. THE GENERAL ECONOMIC CONTEXT ...............................................................................................20 1.2. THE STRUCTURE OF THE CORPORATE SECTOR AND THE FINANCIAL SECTOR IN ROMANIA ........................................................................................................................................................24 1.2.1. THE CORPORATE SECTOR.............................................................................................................24 1.2.2. THE STRUCTURE OF THE FINANCIAL SECTOR........................................................................26 1.2.3. PATTERNS OF CORPORATE OWNERSHIP ..................................................................................32 1.2.4. INSTITUTIONAL INVESTORS ........................................................................................................35 1.2.5. SHAREHOLDER ACTIVISM............................................................................................................39 1.3 CORPORATE GOVERNANCE AND THE PROCESS OF TRANSITION..............................................42
    [Show full text]
  • Energy News in Southeast Europe Two Issues Per Month № 2010-IV/1 •17.04.2010
    Energy News in Southeast Europe two issues per month № 2010-IV/1 •17.04.2010 About: In this issue: Main focus of Balkan Energy NEWS is energy related news from coun- April (1) 2010 edition of Balkan Energy NEWS, with tries of South East Europe. Countries involved are: Albania, Bulgaria, Bosnia and Herzegovina, Croatia, Greece, FYR Macedonia, Montene- limited data. gro, Romania, and Serbia. Besides all regional energy related news, You can request free trial / latest issue on we are giving you in each issue one market analysis and review of the tenders announced and held in this area. You will be also able to see [email protected] review of relevant power exchanges. Actual data News are published to subscribers only as an .pdf edition, two times per month » Power sector operational and market data for the period of 1.4.-15.4.2010 Balkan Energy NEWS consulting: » Forecasted weather conditions for the following period § § § BalkanEnergy NEWS Consulting Analysis: Consulting, intellectual and assistance services » New generation projects in Bosnia and Herzegovina related to energy business in South Eastern Europe § § § Why Balkan Energy NEWS consulting? News headlines - More then five years in consulting business for SEE Energy Sector - More then three years leading info provider for energy business Region in SEE. » Zarubezneft interested in lease of oil terminals in Croatia For more information contact us on [email protected] » Gazprom: South stream pipeline will not be built across Romania » CEZ to give up expansion in Balkans Disclaimer: All rights reserved by Balkan Energy Solutions Team. No part of this pub- lication may be reproduced, redistributed, or in any other way copied as Albania a whole or partially without written permission of Balkan Energy Solu- » New Hydro Power Plants tions Team.
    [Show full text]