Germane Din Sibiu, No
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
The People's Republic of China Connecting Europe
ADBI Working Paper Series THE PEOPLE’S REPUBLIC OF CHINA CONNECTING EUROPE? Julia Gruebler No. 1178 August 2020 Asian Development Bank Institute Julia Gruebler is an economist at the Vienna Institute for International Economic Studies (wiiw) and a lecturer at the Vienna University of Economics and Business, Vienna, Austria. The views expressed in this paper are the views of the author and do not necessarily reflect the views or policies of ADBI, ADB, its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms. Working papers are subject to formal revision and correction before they are finalized and considered published. The Working Paper series is a continuation of the formerly named Discussion Paper series; the numbering of the papers continued without interruption or change. ADBI’s working papers reflect initial ideas on a topic and are posted online for discussion. Some working papers may develop into other forms of publication. The Asian Development Bank refers to “China” as the People’s Republic of China. Suggested citation: Gruebler, J. 2020. The People’s Republic of China Connecting Europe? ADBI Working Paper 1178. Tokyo: Asian Development Bank Institute. Available: https://www.adb.org/publications/prc-connecting-europe Please contact the authors for information about this paper. Email: [email protected] The author has greatly benefited from previous work at wiiw, in particular, research conducted together with Robert Stehrer, Scientific Director at wiiw. -
Investing in Central Europe 2016
Investing in Central Europe Your move in the right direction December 2016 Investing in Central Europe | Your move in the right direction Content 1. Investing in Central Europe 3 Introduction The investment process 2. Why Central Europe? 9 3. Comparison of selected data 10 Basic facts Main macroeconomic data GDP growth in CE Taxation 4. Country guides for Bulgaria, Czech Republic, Hungary, Poland, Romania and Slovakia 15 General overview of economy Tax structure Legal entities Labor and wages Education Infrastructure The most active industries / sectors Industrial parks Investment Incentive Foreign Direct Investment (FDI) Expatriate life Weather and climate 5. The Social Progress Index and Foreign Direct Investment in CE Region 149 6. Deloitte Central Europe 164 Deloitte Central Europe Our expertise 7. Contact us 168 2 Investing in Central Europe | Your move in the right direction Introduction The economic and business outlook Indeed, Romania is “the new sexy” and we • When the Eurozone grows by an extra for Central Europe have “taken Romania out of the Balkans”. 1%, then the CEE region grows by In 2016-17 the core/central CEE region Growth exceeds 4% and a large majority an extra 1.3%. looks like a “safe haven” globally. When of companies report excellent business • But South-eastern Europe (SEE), with many emerging markets and developed and this is across most sectors. Romania the exception of Romania, was not ones face strained economic and is not as roller-coaster as it sued to be and performing as well due to structural political developments, core CEE looks the recent 18 months have been some economic issues such as budget comparatively much better. -
As of 30 June 2017
HALF-YEARLY REPORT as of 30 June 2017 WorldReginfo - 4f9e357e-8583-4bea-b777-fb2a0acebd95 Contents Executive summary 3 Financial and operating highlights 5 Analysis of the consolidated results for the first half of 2017 6 Expectations for the second half of 2017 10 Condensed consolidated interim financial statements as at and for the six-month period ended 30 June 2017 11 Statement of persons responsible 26 Annex – Resolutions of the Extraordinary General Meeting of Shareholders held on 12 April 2017 27 Contact us 30 Find out more about the Bucharest Stock Exchange 30 Notes The Directors’ consolidated report herein presents the interim condensed consolidated financial statements of the Bucharest Stock Exchange, prepared in accordance with the International Financial Reporting Standards as adopted by the European Union, and in compliance with the rules and regulations of the Financial Supervisory Authority (FSA). The financial results as of 30 June 2017 are not audited. The financial figures presented in the executive management commentary which are expressed in million RON are rounded off to the nearest integer and may result in small reconciliation differences. Entities included in the consolidation process: Bucharest Stock Exchange, Central Depository, Bucharest Clearing House, Investors Compensation Fund. Disclaimer This English language report is a convenience translation of the Romanian language “Raport semestrial la 30 iunie 2017”. The Romanian version of the report is the official document. Bucharest Stock Exchange Half-yearly report for the period ended 30 June 2017 2 WorldReginfo - 4f9e357e-8583-4bea-b777-fb2a0acebd95 Executive summary RON 3.77 bn, +34% The Bucharest Stock Exchange (BVB) had the best quarter of the last two years, in terms of trading value in all markets, with new public offerings from private companies Total trading value, and new educational projects dedicated to both investors and entrepreneurs. -
WP 2 Task 2.5-Report
Project: BiG>East (EIE/07/214) Biogas purification and assessment of the natural gas grid in Southern and Eastern Europe Deliverable 2.5 Task 2.5 Mag. Heinz Praßl Ing. Gerhard Agrinz GmbH Emmerich-Assmann-Gasse 6 8430 Leibnitz, Austria Leibnitz, 23.06.2008 Elaborated with input of the BiG>East partners Krasin Georgiev, Denitsa Dimitrova, Biljana Kulisic, Konstantinos Sioulas, Ilze Dzene, Augustin Ofiteru, Mihai Adamescu, Florian Bodescu, Aleks Jan, and Dominik Rutz. With the support of: The sole responsibility for the content of this publication lies with the authors. It does not represent the opinion of the Community. The European Commission is not responsible for any use that may be made of the information contained therein Task 2.5 Report Index Foreword................................................................................................................................... 5 1. Introduction .......................................................................................................................... 6 2. Properties of the natural gas grid ....................................................................................... 6 2.1 Classification according to grid levels .......................................................................................... 6 2.2 Classification according to pressure levels.................................................................................. 7 2.2.1 Low pressure grid .................................................................................................................................... -
Emerging Markets Economics and Business. Contributions of Young Researchers
Emerging Markets Economics and Business. Contributions of Young Researchers Proceedings of the 6th Conference of Doctoral Students in Economic Sciences 2 UNIVERSITY OF ORADEA FACULTY OF ECONOMIC SCIENCES Emerging Markets Economics and Business. Contributions of Young Researchers Proceedings of the 6th Conference of Doctoral Students in Economic Sciences No. 3 - December 2015 Editor-in-Chief: Prof.Dr. Alina Badulescu Oradea University Press 2015 3 Scientific Board: Prof. Dr. Laura Mariana Cismaș – West University of Timișoara, Romania Associate Prof. Dr. Adriana Giurgiu – University of Oradea, Romania Prof. Dr. Dongheng Hao – Shijiazhuang University of Economics, China Prof. Dr. Dezhi Liu – Shijiazhuang University of Economics, China Editorial Board: Prof. Dr. habil. Daniel Bădulescu – University of Oradea, Romania Prof. Dr. Mihai Berinde – University of Oradea, Romania Associate Prof. Dr. Olimpia Ban – University of Oradea, Romania Associate Prof. Dr. Ioana Meșter – University of Oradea, Romania Associate Prof. Dr. Adrian Florea – University of Oradea, Romania Assistant Professor Dr. Dorin Bâc – University of Oradea, Romania Reviewers: Prof. Dr. habil. Daniel Bădulescu – University of Oradea, Romania Prof. Dr. Mihai Berinde – University of Oradea, Romania Associate Prof. Dr. Olimpia Ban – University of Oradea, Romania Associate Prof. Dr. Ioana Meșter – University of Oradea, Romania Associate Prof. Dr. Adrian Florea – University of Oradea, Romania Assistant Professor Dr. Dorin Bâc – University of Oradea, Romania Assistant Professor Dr. Mariana Sehleanu – University of Oradea, Romania Assistant Dr. Diana Perțicaș – University of Oradea, Romania Scientific Assistants: PhD.s. Diana Sava – University of Oradea, Romania PhD.s. Felix-Angel Popescu – University of Oradea, Romania PhD.s. Otilia Cadar – University of Oradea, Romania Emerging Markets Economics and Business. -
PDF-Xchange 4.0 Examples
BVB Directors’ Consolidated Report for 2017 WorldReginfo - 9d2dcd2f-cde3-4735-ae49-ef198a0ef219 Table of contents Message from the BVB Chairman 3 Executive summary 4 Financial highlights 7 BVB Group information 8 Main events 10 Projects and accomplishments 13 Analysis of financial results for 2017 21 Other information 26 Corporate Governance 29 Annex 1 – Statement with regard to BVB’s compliance with the Corporate Governance Code 44 Annex 2 – Annual Environmental & Social Report 49 Statement 56 Contact us 57 Find out more about the Bucharest Stock Exchange 57 Note The report herein presents the annual consolidated financial results of the Bucharest Stock Exchange, prepared in accordance with the International Financial Reporting Standards as adopted by the European Union, and in compliance with the rules and regulations of the Financial Supervisory Authority (FSA). The financial results as at 31 December 2017 are audited. The financial ratios presented in the executive management commentary which are expressed in million RON are rounded to the nearest integer and may result in small reconciliation differences. The information presented in the report herein are compliant with the FSA Rule no. 39/2015 for the approval of accounting regulations compliant with the International Financial Reporting Standards, applicable to entities regulated, authorized and/or supervised by the FSA, within the Financial Instruments and Investments Sector, as well as with the FSA Regulation no. 1/2006 on issuers of and operations with securities (the information presented herein is equivalent to that required by Annex no. 32). In order to comply with the requirements of FSA Rule no. 39/2015, the BVB Board of Governors, the parent company of BVB Group, has the obligation to prepare the consolidated directors’ report that presents the development and performance as well as the financial position of the entities included in the consolidation process. -
BVB Directors' Consolidated Report for 2018
BVB Directors’ Consolidated Report for 2018 WorldReginfo - 10cb5d95-c4af-4b8d-a456-f55c0f75327a Table of contents Message from the BVB Chairman 3 Executive summary 5 Financial highlights 7 BVB Group information 8 Main events 10 Projects and accomplishments 12 Analysis of financial results for 2018 17 Other information 21 Corporate Governance 24 Annex 1 – Statement with regard to BVB’s compliance with the Corporate Governance Code 39 Annex 2 – Annual Environmental & Social Report 45 Statement 52 Contact us 53 Find out more about the Bucharest Stock Exchange 53 Note The report herein presents the annual consolidated financial results of the Bucharest Stock Exchange, prepared in accordance with the International Financial Reporting Standards as adopted by the European Union, and in compliance with the rules and regulations of the Financial Supervisory Authority (FSA). The financial results as at 31 December 2018 are audited. The financial ratios presented in the executive management commentary which are expressed in million RON are rounded to the nearest integer and may result in small reconciliation differences. The information presented in the report herein are compliant with the FSA Rule no. 39/2015 for the approval of accounting regulations compliant with the International Financial Reporting Standards, applicable to entities regulated, authorized and/or supervised by the FSA, within the Financial Instruments and Investments Sector, as well as with the FSA Regulation no. 5/2018 on issuers of financial instruments and market operations (the information presented herein is equivalent to that required by Annex no. 15). In order to comply with the requirements of FSA Rule no. 39/2015, the BVB Board of Governors, the parent company of BVB Group, has the obligation to prepare the consolidated directors’ report that presents the development and performance as well as the financial position of the entities included in the consolidation process. -
Member's Profile
Member’s Profile Organization Name: Depozitarul Central S.A. (Romanian CSD) Country/ Region: Romania, European Union Name of CEO: Adriana Tanasoiu 7.77 mil US$ ( = 25.29 mil RON, exchange rate as of Capital (US$): st 31 December 2013) Number of Officers and Employees: 9 Members of the Board and 56 Directors and Employees Depozitarul Central is a joint stock company, which is Ownership and Governance 69.04% owned by the Bucharest Stock Exchange, (Main Shareholders) 18.74 % by issuers, and 12.22% by banks and brokers. Depozitarul Central started operations from 3 Brief History January 2007 and provides clearing, settlement, custody, safekeeping and registration services for securities traded on the regulated markets and alternative trading systems. It also provides safekeeping and registration services for securities that are not publicly held. In addition, Depozitarul Central performs other collateral operations in accordance with the Law 297/ 2004 regarding the capital market, acting as the administrator of the payment system which ensures the clearing of funds and the settlement of trades, according to the National Bank of Romania regulations. Since 2007, Depozitarul Central took over clearing- settlement, custody, safekeeping and registry operations from the Bucharest Stock Exchange, and the 5 independent registrars, thus offering one single point of access for the participants (brokers and custodian banks) and trading venues to the post- trading operations in the Romanian capital market. Brokers 43; Types and number of Participants Custodian banks 12; Payment banks 15; Central depositories/other international financial institutions 1; (as of 31st December 2013) Depozitarul Central is regulated by Law 297/ 2004 Regulatory Environment regarding the capital market, Regulation No 13/2005 issued by the Romanian National Securities Commission, Regulation No 1/2005 issued by the National Bank of Romania and Rule Book of Depozitarul Central. -
Summary Report of the WP2
Project: BiG>East (EIE/07/214) Deliverable 2.2 Summary Report of the WP2 Augustin Ofiteru, Mihai Adamescu, Dan Ionescu SC Mangus Sol SRL, Romania With the support of: 1 Introduction This paper presents the results and conclusions of work tasks within WP2 of the BiG>East project in order to implement and develop biogas production in Bulgaria, Croatia, Greece, Latvia, Romania and Slovenia, the participant and also target countries of this project: ¾ Task 2.1. - Biogas installations in Romania ¾ Task 2.2. - Technical review of the utilisation of waste material for biogas production in Romania ¾ Task 2.3. - Estimation of the potential feedstock availability in Eastern Europe ¾ Task 2.4. - Assessment of the agricultural structure ¾ Task 2.5. - Biogas purification and assessment of the natural gas grid ¾ Task 2.7. - Impact of biogas production in Bulgaria, Croatia, Greece, Latvia, Romania and Slovenia All these results and conclusions provide an general overview about the actual state of technical-economical and material availabilities and opportunities for biogas production in the target countries of the BiG>East project, also considering the main ecological aspects. Furthermore, these studies support the key objective of BiG>East, providing the appropriate information for the biogas experts of Western Europe in order to transfer the knowledge from them to farmers, biogas plant operators and decision makers in Bulgaria, Croatia, Greece, Latvia, Romania, and Slovenia. 2 Renewable Energies in Romania With an electricity consumption of 58.49 TWh (2007), Romania has a net excedent of electricity production, based on a huge hydropower system counting for almost 40 % of the total produced energy. -
Investing on the Bucharest Stock Exchange
INVESTINGROMANIA International Investors’ Guide Investing on the Bucharest Stock Exchange Disclaimer: Information provided in this guide was prepared by the Bucharest Stock Exchange (BVB). Information included on the following pages has not been independently verified and no representation or warranty expressed or implied is made as to it. No reliance should be placed on the fairness, accuracy, completeness or correctness of this information, although BVB made efforts in order to make sure the information here provided is accurate. This document does not constitute an offer or invitation to purchase any shares. The data and information provided below is valid as of June 2016. INVESTINGROMANIA Why Romania? Section developed in cooperation with Andrei Radulescu, Senior Economist, Banca Transilvania Interested in Romania? Located at the crossroads between the European Union, the Balkans and CIS countries, Romania sees the conjunction of three important pan-European transportation corridors. With almost 20 million inhabitants it is the 7th largest EU market by population, and its capital, Bucharest, is the 6th largest European city. Romania is the fastest-growing European economy and base on the latest Berenberg calculations, Romania will remain the fastest-growing European economy over the next two years and among the top 20 in emerging markets. It stands out in a regional emerging Europe context due to its pro-foreign investment and pro-EU stance. On top of that, Romania is considered a politically and economically stable country. With low inflation, relatively low public debt, low interest rates and a relatively stable exchange rate, Romania gives a great sense of security to foreign investors and contractors. -
Projects Presented Under the EU-China Connectivity Platform
Projects presented under the EU-China Connectivity Platform The attached list is a compilation of transport infrastructure projects presented at Expert Group meetings of the EU-China Connectivity Platform between 2016 and 2019.1 Disclaimer: The TEN-T related projects included in the attached list have been presented by the Member States concerned on a voluntary basis, in order to explore solutions to cover a potential financing gap, without prejudice of the final decision on financing which could be taken. The importance of level playing field among investors and project promoters, of geographically balanced list of projects, reciprocity and compliance with applicable EU rules and standards was recalled during the Expert Group meetings. Projects in China # Project name Location 1 Multi-modal Water and Rail Transport Project for Hubei Province, Yichang City Yangtze River Three Gorges 2 Jiangsu (Suzhou) International Railway Logistics Center Jiangsu Province, Suzhou City 3 Lanzhou New Area Mutilmodal Logistics and Transport Gansu Province, Lanzhou City Infrastructure Project 4 Highway-Railway Multimodal Transport Area of Qianbei Guizhou Province, Modern Logistics New Town Zunyi City 5 Chongqing Fuling Longtou Port Railway Collection and Chengdu in Sichuan Province Distribution Centre 6 Reconstruction and Extension of airport projects: Urumqi Airport Reconstruction and Extension Project Xinjiang Uygur Autonomous Region Xi'an Airport Shenyang Airport 2nd Runway Project Shenyang in Liaoning Province Guangzhou Airport 7 Construction of metro -
Appendix 4 Status of the Study Transport Network 1
Louis Berger S.A. APPENDIX 4 STATUS OF THE STUDY TRANSPORT NETWORK 1. HIGHWAYS 1.1 Albania The road network consists of some 16,000 km with around 3,200 km of primary network. There are a further 12,000 km of local network (feeder and distributor roads) and some 1000 km of urban roads. The network is generally in a poor condition. The main regional and international network is focused around two axes: the North–South and East- West Highways, both of which have been attracting considerable donor funds for rehabilitation and development activities. Pan European Corridor VIII follows the line of much of the East-West Highway. A summary of the current status of the remaining unimproved sections of these strategic highways follows: North – South Highway: 1. Lezha – Shkoder section: Studies are current and construction should be complete by end 2003 using GoA funds. The project may consist of several lots to be tendered locally. 2. Shkoder – Han-i-Hotit section will be studied and designed by end 2002 (Italian aid). Italian funds may finance construction, which could start end 2003. Italian approval procedures for funding are very lengthy and delay implementation. Construction may be complete by 2005. 3. Rivers Drin and Mati bridges are still not started (delays from procedures for Italian Co- operation Fund). Road sections are completed between Milot and Lezha but cannot be used until Drin and Mati bridges are complete. 4. The listed “Quick Start” projects from the recent Regional Funding Conference remain confirmed (Lushnje – Fier and Fier – Vlora) but Fier – Vlora (to be funded by EIB) may become Near Term.