Press Review - March 28, 2016

03.28.2016 By Gabriela Stan

UNPR Names New President

National Union for the Progress of Romania (UNPR) elected Valeriu Steriu as the new UNPR president at the National Conference of the party held on Saturday in Bucharest.

During his speech, Steriu thanked for the support to Gabriel Oprea, the founder of the party, who resigned from the position of UNPR president on March 3, after being charged with abuse of office, as well as to Neculai Ontanu, the suspended mayor of Bucharest district 2, who is under preventive arrest.

Steriu added that the party should re-discuss several aspects in the party, including the protocol with the Social Democratic Party (PSD). (Puterea)

Traian Basescu Says PMP Targets Unification With Moldova

Traian Basescu, president of People’s Movement Party (PMP), stated that the party has registered its political program targeting the unification of Romania with the Republic of Moldova as a country objective.

 "There is no other more important objective than the reunion of the country. (...) The removing of Bessarabia from the body of the country was not based on Romania’s will. We ought to look to the future taking into account our own history," Basescu said.

The former President of Romania said there are two strong arguments supporting the steps taken by People’s Movement Party, a historical argument, because we all live as Romanians separated by the Prut River, and a legal argument, which concerns the observing of international laws for carrying out the unification.(Romania Libera)

BRICS Bank To Issue First Yuan Bond

The New Development Bank (NDB), established by the main emerging economies (BRICS), will sell its first bond, denominated in renminbi, worth 3-5 billion yuan ($460-767 million), in the second quarter of this year, according to China Daily.

The bank is a multilateral development institution operated by the BRICS members (Brazil, Russia, India, China and South Africa) as an alternative to the existing multilateral development bodies like the World Bank and the International Monetary Fund.

The five participating states will contribute to the bank’s initial capital of $50 billion by equal shares. The sum will be doubled in the upcoming years and the operations will start in 2016.  (Romania Libera)

OMV Petrom Convenes Ordinary General Meeting Of Shareholders On April 26

Romania's largest company OMV Petrom (SNP.RO) has convened the ordinary general meeting of shareholders on April 26, to decide on the extension until December 31, 2017, of the deadline to approve the secondary listing of the company on London Stock Exchange.

"Given the long period of time for which this approval is granted and the currently unpredictable market conditions, starting 1 January 2017 and until 31 December 2017, this authorization will be conditional upon the Supervisory Board approval, to be sought by the Executive Board at any time before the actual secondary listing of OMV Petrom on the London Stock Exchange,” the company said in a statement to the Bucharest Stock Exchange.

In September 2015, Petrom shareholders approved the secondary listing of the company on the London Stock Exchange.

Also on April 26, shareholders will discuss the approval of the Executive’s board proposal not to pay dividends for the 2015 financial year. (Puterea)

Proposed Law On Debt Discharge Hastens Buyers’ Decisions

The proposed law on debt discharge, allowing retail mortgage borrowers to return real estate collateral to banks in exchange for writing off their loans, hastens apartment buyers, who are concerned about the potential effects of the law on the future lending contracts.

According to the visitors and real estate developers attending the National Real Estate Fair, the apartment demand has sharply increased since the start of the talks related to the law on debts discharge.

Visitors of the real estate fair said they are concerned that banks will sharply increase the down payment for mortgage loans if the law on debt discharge is approved in its current form, so that many of them decided to buy a home, in order to “catch the last train” before the law on debt discharge is approved. (Adevarul)