Romania OMV Petrom Starts Trading in London
Romania’s largest oil and gas company OMV Petrom (SNP.RO) starts trading global depository receipts (GDRs) on the London Stock Exchange Thursday.
On October 20, 2016, Citibank, N.A., a national banking association organized under the laws of the United States of America, issued 2.5 million GDRs representing 374 million ordinary shares of OMV Petrom with a par value of RON0.1 per share, the company said in a statement.
As of October 20, 2016, the GDRs have been admitted to listing on the standard segment of the official list of the United Kingdom Financial Conduct Authority and admitted to trading on the London Stock Exchange’s main market for listed securities, the company announced. (Adevarul)
Companies Run From Tax Havens Generate 20% Of Local Companies’ Turnover
Some of the favorite destinations for local businessmen registered in tax havens are Barbados, the Netherlands Antilles, Bahamas, and Belize.
Thus, the Romanian state is stripped of important amounts of money coming from taxes and fees, but businessmen are not to blame as they are trying to optimize their business while observing the laws, according to a KeysFin study.
Nearly 20% of the turnover of companies active in Romania is generated by companies with at least one shareholder which is a legal entity registered offshore. In 2015, there were over 5,300 such companies active in Romania, with an overall turnover of EUR48 billion.
The number of employees in companies with shareholders which are legal entities registered offshore rose from 271,000 in 2010 to 341,000 in 2015, which is a relevant indicator related to the evolution of the offshore-related business.
According to analysts, the offshore business is extending in Romania and other countries in the absence of an additional regulation framework, restricting the budget resources of the states. (Evenimentul Zilei)
PM Statements On Future Government
Prime Minister Dacian Ciolos stated he does not see himself involved in a future governing formula that would include PSD, adding that, in his opinion, a PNL-PSD coalition government would not work in the upcoming period.
Asked whether he would agree to be the head of a PNL – PSD government if the liberals and USR cannot form a majority, Ciolos said: ““I believe that Romania currently needs a clear governing, with a clear direction, in one way or another. I do not see myself involved in such a structure.”
The PM said he would not get involved in a large coalition government that does not have a clear reform direction and he would not join a political party just for the sake of joining it. (Puterea)
Romanian President: Dacian Ciolos Would Be A Good PM Option
Romanian president Klaus Iohannis stated, before the European Council talks in Brussels, that the future PM should not necessarily be a member of a political party, adding that Dacian Ciolos would be a good PM option.
“He is definitely a good option. He was a good option for one year, I appointed him, why wouldn’t he be good anymore? Nevertheless, this appointment depends on the parties, if the parties assume this nomination. The president has meetings with the parties after the election. If the parties say: «we probably have a majority, we propose Ciolos», then I will consider it a political proposal and I will seriously take it into account”.
Late September, asked whether Ciolos should register in a political party, the president said that he should better continue the projects he started but at least declare his affinity for the party that he would like to collaborate with in the future, after the parliamentary election. (Adevarul)
APAPR: Romanians Should Add Extra Contribution To Mandatory Pension
After 2030, the mandatory pension will account for approximately 25% of the last salary, which will not guarantee a good living for Romanians after retirement, the representatives of local pension fund association APAPR said.
According to APAPR president, Raluca Tintoiu, the list of priorities of youngsters does not currently include concerns about their life after retirement.
Tintoiu warned that a Romanian who retires in 2032 will get a mandatory pension of approximately 25% of the last salary, while the mandatory private pension (Pillar II) adds up to approximately 40% of the salary. Thus, Romanians should save extra money on long term in order to maintain their living standards after retirement. (Evenimentul Zilei)