Press review (Sept 25)

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Romania's national dailies of Thursday give coverage to a speech on domestic and foreign affairs delivered by President Basescu to Parliament; the measures envisaged by the Government to recover the Bourse; the delay in floating the Proprietatea Fund on BVB; the local currency depreciating against the single European currency.
 
Most of the Thursday's editorials focus on a speech on domestic and foreign affairs delivered to Parliament by President Traian Basescu.
Jurnalul national remarks in its editorial that, this time, the speech was more effective and more decent. After a long series of inconsiderate statements in the past, President Basescu offered a detailed analysis of the country's issues. This was undoubtedly a report to the nation, now that the Government that was brought to power by the will and might of the President is getting ready to leave, the paper says.
 
Cotidianul also notes what is says was an unusually moderate tone in Basescu's speech, unlike the infamous attacks, accusations and even innuendo of his past rhetoric, still pointing to 'babblings and stammering' in the speech delivered to a half-empty house.
The paper says the main themes of the speech were Romania's democratic deficit, economic collapse, justice, corruption, social insecurity, social polarization and demographic risks.
 
Ziarul financiar remarks that the President accused the incumbent Government of lacking a vision of Romania's development, and promised to work with any government that will issue form the November 30 general election that is not dependent on an oligarchy.
Evenimentul zilei argues that the Wednesday's speech of President Basescu was a first brick on the foundations for his campaigning in the 2009 presidential election, with a balanced and responsible rhetoric.
The pacifying president is replacing, at least for the time being, the player president, the paper remarks.
 
Jurnalul national carries the findings of a recent poll of Romanians' vote intentions conducted by Metro Media Transilvania, indicating that 29% of Romanians would vote for the candidates of the alliance between the opposition Social Democratic Party (PSD) and the Conservative Party (PC), and 29% would vote for the candidates of the opposition Democratic-Liberal Party (PD-L).
 
Ziarul financiar remarks that the Government and the capital market regulatory authority have joined sides for the first time in an attempt to pass a package of measures they deem extraordinary meant to revive the interest of investors in the Romanian Bourse, which has been seriously affected by the world financial crisis of late.
 
The paper continues by mentioning the 'intensive care measures' considered to this end: suspending taxes on profit for capital gains in 2009, rescheduling the recouping of the Bourse losses for the next fiscal years, suspending the commission fee charged by the National Securities Commission (CNVM) on stock deals and the CNVM fee on new listings.
 
The paper says stock brokers and investors believe that for the time being the measures to support the Bourse will have a positive effect on stock deals and quotes, but the future trend will be established by the developments in the world markets, which decline has dragged down the Romanian capital market.
Cotidianul remarks that the ongoing economic crisis might lead to delaying the flotation of the Proprietatea Fund on the Bucharest Stock Exchange (BVB), quoting to the point Proprietatea Fund Director General Daniela Lulache.
 
The crisis, says Lulache, have destabilised the big players and nobody would risk a flotation now. I do not know how the authorities should step in to regulate the market conditions so that the Proprietatea Fund may be listed, she says.
According to initial plans, the Fund should have been listed with the BVB in June 2009.
 
Evenimentul zilei remarks that the strongest effects of the world economic crisis will be felt by the population and the companies having taken out loans in a foreign currency, because of an expected plummeting in the value of the local currency, the (RON).
 
The paper cites from a recent survey conducted by Coface risk management company that also shows the risk for a new depreciation of the leu is now the highest in the past two years and the decline thought the year will be significant, at more that 10-15%, with negative impacts on the economy. According to Coface Romania Director General Cristian Iopnsescu, this is the biggest danger lurking ahead for Romania.
 
The paper quotes Coface chief economist Yves Zlotowsky as saying in the same context that the Romanians drawing wages in the local currency and taking out loans in a foreign currency will record massive losses.
Coface is said to have kept the outlook on Romania negative because of macroeconomic disbalanacements and issued a new rating on Romania's business environment, which is better than the country rating.
 
The papers report that Blue Air budget flight operator will relocate its arrivals and departures for the September 29 – October 12 interval from the Baneasa Airport to the Otopeni Airport because its usual venue will be closed for maintenance. WizzAir will also move its flights to the Otopeni, while MyAir will relocate half of its flights and cancel the remaining.
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