Radio România Internațional

Tag: Eurobonds

  • October 6, 2018

    October 6, 2018

    EUROPEAN PARLIAMENT – The European Parliament has approved a report proposing new rules for freezing and confiscating the proceeds of crimes. The new regulation will allow for quicker and more efficient implementation of confiscation and asset freeze orders, as well as tighter deadlines for authorities and standard certificates for all EU member states. Experts estimate that offenders keep 98% of the proceeds of criminal activities. The EP report estimates that criminal activities generate around 110 billion euros per year. A 2016 EUROPOL report shows that only 2.2% of the money generated by criminal activities has been frozen or confiscated. At present, cross-border asset confiscation within the EU is regulated by several regulations containing major loopholes that criminals and terrorists take advantage of.



    REFERENDUM – Nearly 19 million Romanian voters are invited today and tomorrow to vote on a proposed redefinition of the concept of family in the Constitution. The initiators aim to define “family as an institution based on the marriage of a man and a woman, rather than the marriage of spouses, as it is at present. According to data released by the Central Electoral Bureau, in the first 3 hours of the vote 0.97% of the total eligible voters showed up in polls. 100,860 votes were reported in towns and cities and 77,081 in communities. According to the Bureau, 0.85% of the voters registered in Bucharest have cast their ballots, while 3,346 Romanian citizens have voted abroad. Parliament has passed a bill rephrasing the Constitutional definition of marriage, based on a citizen initiative signed by 3 million people. The referendum sparked fiery debates between the initiators, a Christian coalition primarily supported by the Romanian Orthodox Church, and the promoters of sexual minority rights. The Romanians living abroad can vote in 378 polls hosted by diplomatic missions, consular offices, cultural institutes and other locations. The largest number of polls abroad will be in Italy, Spain, the Republic of Moldova, the USA, UK, France and Germany. The vote in the diaspora started on Friday night in Auckland, New Zealand. On the whole, the vote abroad will take 58 hours. The voting process abroad will conclude on the US West Coast and in Canada on Monday morning, according to Romanian time. The referendum will be validated provided that a 30% turnout rate is met and 25% of the eligible voters cast valid votes.




    SOPRANO – World-famous Spanish soprano Montserrat Caballé died on Saturday at the age of 85, in a hospital in Barcelona where she had been admitted a month ago, the BBC reports. With a career spanning 50 years, Montserrat Caballé performed on some of the worlds greatest stages, alongside such personalities as Luciano Pavarotti and Placido Domingo. Together with Freddie Mercury she sang the hit Barcelona, which was the anthem of the 1992 Olympics hosted by the Spanish city.





    INTERPOL – French police are investigating the disappearance of the Interpol chief, Meng Hongwei, the French Interior Ministry told Reuters on Friday. Mengs wife reported him missing at the headquarters of the international police organisation in Lyon, because she had not heard from him since September 25. The Interpol chiefs wife and 3 children are under police protection, after they received threats over the telephone and social media, the French Interior Ministry also said. Meng, 64, was appointed head of the Interpol in 2016. He went missing during a visit to China.




    FINANCIAL – The Romanian Ministry for Finances has recently drawn 1.75 billion euros, through a Eurobond issue in international financial markets. The largest part of the bonds, amounting to 1.15 billion euros, has a 10-year maturity, and the remaining have 20-year maturity. According to Finance Minister Eugen Teodorovici, the issue clearly reflects the positive international perception of the Romanian economys medium and long-term prospects. The strong demand and the quality of the investors confirm Romanias strengths, namely the sound macroeconomic foundation, coherent fiscal discipline and economic-financial stability. Teodorovici added that the Eurobond issue is designed to strengthen the State Treasurys foreign currency reserve and to minimise long term borrowing costs.




    HANDBALL – The Romanian side AHC Dobrogea Sud Constanţa is playing today against Talent Robstav MAT Plzen, of the Czech Republic, in the first leg of the second preliminary round of the EHF Cup in mens handball. Yesterday, Romanias womens handball champions, CSM Bucharest, defeated at home, 36-31, the Hungarian team FTC Rail Cargo, in Group D of the new Champions League season. It is for the 4th consecutive time that CSM takes part in the leading continental competition. The first time, in 2016, the Romanian handballers won the Champions League trophy, and in the following editions they came out 3rd in the Final Four.


    (translated by: Ana-Maria Popescu)

  • February 2, 2018 UPDATE

    February 2, 2018 UPDATE

    CORRUPTION — The Prosecutors’ Office with the High Court of Cassation and Justice in Bucharest on Friday announced it made public the irregularities with which an anti-corruption prosecutor was prosecuting a famous corruption case as early as last September. The reaction comes against the background of concern voiced by civil society and mass media in Romania over the solutions in the so-called Microsoft case. We recall that six former Romanian ministers have been acquitted in a big corruption case as the statute of limitation has expired. In the case of the 7th minister involved with the file, the anti-corruption prosecutors have ruled to close the case. Three of the officials involved in the case, who had occupied portfolios at the Ministries of Education and Finances, were being investigated in the so-called Microsoft case, which caused 70 million dollars in prejudice to the state. The seven officials are accused of having resorted to illegal actions over 2003-2004 to sign a contract with a private company for operating Microsoft licenses in schools.



    BREXIT — Romanian Minister Delegate for European Affairs Victor Negrescu said the rights of Romanians currently living in the UK will be fully guaranteed post-Brexit, in the wake of the first round of Brexit negotiations. The statement comes as British Prime Minister Theresa May spoke of possibly limiting the rights of EU citizens who will settle in the UK after Brexit. The statement refers to citizens arriving after March 2019, so that these provisions cannot apply to citizens currently residing in the UK.



    DEFENCE — 2018 will be devoted to modernizing the Romanian Naval Forces, Defense Minister Mihai Fifor on Friday said in the military port of Constanta on the Black Sea coast. The Romanian official said Wednesday’s government session will occasion a presentation of a project devoted to the purchase of four multi-purpose corvettes. The contract could be signed by the end of the year and the corvettes will be manufactured at a shipyard in Romania. Two frigates will also be upgraded, while most of Romania’s naval military could be fitted with anti-ship missiles. In turn, Vice-Admiral Alexandru Mirsu said Romania needs a strong and well-equipped naval force, considering Russia’s increased military presence in the Black Sea. The two officials met in Constanta with the crews of British and Turkish naval forces, who are part of NATO’s permanent military force, currently taking part in joint maritime surveillance operations.



    FINANCE — Romania has attracted €2 billion from external markets by issuing Eurobonds with maturities of 12 to 20 years in two installments. The transaction covers part of the minimum financing capital on external markets for this year, at the same time consolidating Romania’s hard currency reserves, the Finance Ministry has announced. The Ministry plans to attract Eurobonds up to €5 billion and issue government bonds worth €11 billion on the internal market. Romania has a positive investment rating with a stable outlook from the world’s top three financial rating agencies, Standard & Poor’s, Moody’s and Fitch.



    HEARING — Romania’s Ambassador to the United States, George Maior, will appear before Parliament’s Romanian Intelligence Service Control Committee on February 27, the Committee chairman Claudiu Manda has said. On Friday Manda met with Maior in Bucharest, saying talks were short. A former Social-Democrat MP, Maior acted as head of the Romanian Intelligence Service over 2006-2015. Maior said he does not refrain from appearing before the Committee and wants to clarify information appeared in the media, without saying exactly what. More and more journalists speculate the intelligence service is allegedly serving political interests.



    MOLDOVA — Moldovan President Igor Dodon on Friday called an official meeting to launch the so-called “Stephen the Great” Year. According to our correspondents in Chisinau, the move is seen as an extension of his pro-Russian policy, an attempt to undermine the Great Union Centennial in Romania. His initiative is in no way connected to any event in the life of Moldovan Ruler Stephen the Great, historian and political expert Octavian Tacu said, adding that Dodon wants to promote Moldovan identity, imposed by his political patrons in Moscow. Dodon is known for his anti-unionism and his plans to ban numerous organizations and parties calling for the reunification of Moldova and Romania.



    DAVIS CUP — On Saturday and Sunday in Piatra Neamt, eastern Romania, the country’s tennis team will be playing the selection of Luxembourg in the first round of group two, of the Davis Cup’s Europe-Africa zone. The Romanian line-up includes Marius Copil who will play in the single contest, Horia Tecau and Florin Mergea in the doubles, Nicolae Frunza and Bogdan Borza in the singles. Romania has been relegated from group one for the first time since 1993 after a five-nil defeat by Israel. Romania has to win three rounds to make a comeback to world group one. Unless they win against Luxembourg, our tennis players are to join a play-off to maintain their position or be demoted. (Translated by D. Bilt & V. Palcu)

  • December 17, 2017 UPDATE

    December 17, 2017 UPDATE

    THE KING — The last king of Romania, Mihai I, on Saturday was interred at the royal necropolis in Curtea de Arges, southern Romania, the resting place of his wife, Queen Ana and the other three kings of Romania. The king died on December 5 in Switzerland aged 96. 21 cannon salvos were shot to honor Romania’s marshal and supreme army commander during World War II. Tens of thousands of people paid their respects to the King at the Royal Palace in Bucharest, accompanying the funeral convoy from the Palace to the train station. The funeral started on Saturday with a religious service in the Throne Room at the Royal Palace, followed by a second one in the Royal Palace Square. The coffin was laid on a gun carriage pulled by a military vehicle and transported to the Orthodox Cathedral, where the last religious service in Bucharest was held. The coffin was then transported by train to Curtea de Arges, where the final interment service was officiated. Attending the funerals were representatives of European monarchies and scores of high-ranking officials from all over the world.



    COVERAGE — The Government of the State of Israel shares in the grief of the Romanian Royal Family for the death of King Mihai I, a friend of the Jewish people, Prime Minister Benjamin Netanyahu has said, adding that he was grateful for the royal family’s role in saving Jews during the Holocaust in Romania, especially HRM King Mihai I, who’s been declared “righteous among nations”, a press releases of the Israeli Embassy in Bucharest reads. Additionally, the state funeral of King Mihai I made headlines with the main international news agencies. Televisions from all over the world broadcast images from the events held in Bucharest. According to the BBC, attending the funeral were numerous representatives of Europe’s royal houses, including Prince Charles of Great Britain and the former King of Spain, Juan Carlos. King Mihai is best remembered for his decision in August 1944 to switch sides with the Allies and turn arms against Germany during the Second World War. France Press news agency also highlighted that thousands of Romanians bid farewell to their king. Since the king passed away on December 5, Romanians have proved their affection for their beloved king, amidst popular disgruntlement with the political class, France Press also reports.



    COMMEMORATION — A national day of mourning was decreed on Sunday in Timisoara, western Romania, to mark 28 years since the 1989 anti-communist revolution and in memory of those who lost their lives. Religious ceremonies were held and floral tributes were paid to monuments devoted to the city’s heroes. Events will continue until December 20, Victory Day, when Timisoara will play host to a rock concert. Started out as a grassroots movement against the local authorities’ abusive decisions, the revolution spread quickly across the country, and led to the demise of dictator Nicolae Ceausescu on December 22. Over 1,000 people were killed and nearly 3,400 were wounded over December 16-25. Romania was the only country from the Soviet bloc where the anti-communist revolution ended in violence with the dictatorial couple being executed.



    MEMORANDUM — Romania’s Justice Minister Tudorel Toader has paid a visit to Malaysia, where together with Prosecutor General Tan Sri Dato’ Sri Haji Mohamed Apandi bin Ali, signed a Memorandum of Understanding between the Government of Romania and the Government of Malaysia on judicial cooperation. According to the Romanian Justice Ministry, the memorandum provides for various forms of cooperation, such as exchanges of legislation, experience and best practices in areas of joint interest, mutual visits of representatives of various justice institutions, promoting projects and programs for judicial cooperation. During his visit to Malaysia, Minister Toader had talks with Ionut Alexandru Gologan, the Romanian citizen who received a death sentence for drug trafficking in 2012. The Romanian delegation has expressed its hope that the memorandum would fulfill the two sides’ interests, while observing the legislation in force.



    VISIT — EU Commissioner for Regional Policy, Corina Cretu, will pay a two-day visit to Romania on Monday. Her agenda includes meetings with Prime Minister Mihai Tudose and several members of the Government. Corina Cretu will also attend the 2017 Structural Funds Gala. Prior to her visit Corina Cretu said Romania has made sustained efforts to implement programs funded with cohesion funds, but these efforts must continue, Corina Cretu said.



    BUDGET — Parliament’s joint budget and finance committees have adopted the state and social security budgets for next year. The state budget is based on an economic growth of 5.5%, an exchange rate of 4.55 lei against the euro and a monthly average income of some €570. The budget deficit is set at 2,97% of the GDP. On Monday, Parliament’s two chambers will debate the two bills in a joint plenary session, and a final vote on this matter has been scheduled for December 21.



    FINANCE — The Romanian Finance Ministry plans on issuing short-term Eurobonds worth some €8 billion over 2018 and 2019, according to a Government bill. The measure is aimed at financing the budget deficit and re-financing public debt. The Finance Ministry estimates the value of current non-refunded bonds at some €19 billion. This year the Government borrowed some €3 billion on external markets. At present Romania has positive ratings with most financial rating agencies.



    COMMITTEE — Parliament’s committee on the justice laws will convene on Monday to discuss amendments to the law package, which will be submitted to the Senate for debate, the decision-making body in this case. The amendments concern the status of magistrates and the laws on judicial organization and the functioning of the Superior Council of Magistracy. Also on Monday, the Committee will start debates to transpose into national law a European directive on the presumption of innocence.


    (Translated by V. Palcu)

  • October 23, 2015

    October 23, 2015

    Greece, Hungary, Romania and Spain have not yet fully implemented the EU Timber Regulation, which was introduced to prevent illegal timber entering the EU market, according to a new report from the European Court of Auditors. “As the chain of control is only as strong as its weakest link in the single market, illegal timber could still be imported into the EU via these four countries,” says the Court of Auditors report. According to the Environmental Investigation Agency in Bucharest, one in every two trees is cut down illegally in Romania, which means that around half of all logging in the last ten years has been illegal.




    Romania is switching to the wintertime on Sunday morning, when 4:00 a.m. becomes 3:00 a.m. This makes Sunday, October 25, the longest day of the year with as many as 25 hours. The switch to the Eastern European Time does not affect the current timetable of trains. Daylight Saving Time (DST) is the practice of turning the clock ahead as warmer weather approaches and back as it becomes colder again so that people will have one more hour of daylight in the afternoon and evening during the warmer season of the year. The assumption is also that it would decrease the need for artificial light sources and, as a result, save energy. In Romania, clocks will spring ahead one hour on the last Sunday of March.




    The Bucharest Government is today passing the second budget adjustment this year. According to the Finance Ministry’s draft ordinance, revenues and expenditure will each go up by around 2.6 billion lei (600 million euros) while de deficit will further stand at 1.85% of the GDP. The Agriculture Ministry will get most of the money. The Transport and Energy ministers, on the other hand, will lose important amounts. The budget of the national health insurance fund will be increased, to finance the rise in salaries in place as of October 1. The Liberal opposition has criticised the fact that, under this budget adjustment, the road infrastructure sector is again underfinanced.




    Romania implements its own reconfiguring and adjustment measures of its defensive capabilities to the new realities, the country’s Defense Minister, Mircea Dusa said on Friday in a message on the Romanian Army Day. According to Minister Dusa Romania witnesses, alongside its allies, a very complex security situation. The crisis in Ukraine and the developments at NATO’s southern border have prompted the Alliance to reconsider its priorities. At national level, Romania’s top priority is to strengthen the Army’s operational capability.




    European Commission chief Jean-Claude Juncker has called a mini-summit in Brussels for Sunday, October 25, to tackle the migrant crisis along the Western Balkans route. The leaders of Austria, Bulgaria, Croatia, Germany, Greece, Hungary, Romania and Slovenia will meet their counterparts from non-EU states Macedonia and Serbia. Tensions have built along the migrant trail after Hungary shut its borders, diverting the flow west to Slovenia, which in turn has also limited arrivals, along with Croatia. Over 12,000 migrants have crossed the border to Slovenia in the last 24 hours alone. In its turn, Greece, the first stage on the refugees’ Balkan route, has asked for additional financial support while Turkey argues that the migrant wave gets bigger because of the military operations around the Syrian city Aleppo.




    Romania does not plan to issue any more foreign debt this year, given that the budget currently has a surplus, a Finance Ministry official told Reuters. The Bucharest Government raised 2 billion euros in 10- and 20-year Eurobonds this week, without the safety net of an agreement with the IMF, which is a first after 2009. Romania issued foreign debt four times last year, raising the equivalent of over 5 billion dollars in 10- and 30-year Eurobonds.