WAIT&SEE

Monetary policy in 2015, the European Central Bank to stimulate economic activity - are expected confirmation after the meeting of 22.01

2015-01-21T20:04:00.000-08:00

"The ECB's bond purchases will clearly have a positive effect. Monetary easing may have a positive impact on the economies that are related to the region where such a policy is applied," said Piroska Nagy, an economist at the European Bank for Reconstruction and Development (EBRD), reports Bloomberg.

Most East European states do not use the euro, but will benefit because the ECB measures encourage cross-border lending and stimulate economic growth in the monetary union, their main trading partner.

Central banks in Eastern Europe are already occupied cope with withdrawal effect of stimulus measures by the US Federal Reserve and shock decision of the Swiss National Bank to remove the ceiling rate of 1.2 francs / euro, which has increased the cost of credit in francs.
Poland and Hungary currencies have depreciated strongly last week, the two countries with the largest share of housing loans in Swiss francs. Zloty and forint depreciated earlier this year by 1.1% and 0.7%.

Eastern Europe yet suffered the impact of the economic slowdown in the eurozone, but the collapse of oil prices has increased pressure lowering prices. Currently, Poland and Hungary is in deflation, while in neighboring countries inflation is at record lows.

ECB incentives could allow East European states to maintain borrowing costs at record lows, and in some cases their continued decline, thereby supporting economic growth, said Neil Schearing, chief economist for emerging markets at Capital Economics, in London.
"Monetary policy in Central and Eastern Europe will remain more relaxed than would have been otherwise. Poland and Romania could further reduce interest rates, while the Czech Republic may adjust the threshold appreciation of the crown," said Schearing.

Additional liquidity from the ECB could encourage Western European banks that dominate nearly two-thirds of the banking industry in the East, the banks and Erste Group Bank and Societe Generale, reduce capital withdrawals in the region, said economist.

Draghi involve risks Initiative for Eastern Europe, as well as inflows of speculative bubbles and bond markets, the central bank governor warned last week of Poland, Marek Belka. Poland has maintained last week monetary policy rate at 2%.
ECB will assess the key interest rate at 0.05% monetary policy meeting on Thursday, which most analysts anticipate that the institution will announce the launch of a program to purchase government bonds worth 550 billion euros.

Another risk is that the bond purchase program of the ECB to confirm the extent not already taken into account by active investors in Eastern European markets, said Helena Horské, director of research at Raiffeisen Bank in Prague.
However, the pace of economic growth in Central Europe and the three Baltic states will remain solid 2.6% this year, according to estimates released Monday EBRD. In Southeast Europe, economic advance will be 2.2% in 2015.

An optimistic effects conclude we will undertake measures that 2015 is the European Central Bank Eastern Europe has reason to enjoy the purchases of bonds of the European Central Bank (ECB), which would contribute to economic growth and to avoid deflation, unlike of Switzerland, to where incentives will result in appreciation of the franc.

P.S. And so we try to achieve our goals we have each one.

Traders and speculators week 19-25/01/2015

2015-01-19T19:54:00.001-08:00

Week January 19 to 25 in terms of European finance (and the European Union policy) is very delicate, because following the one in which it was decided to renounce the support threshold of 1.2 euro and the Swiss franc, the National Bank Swiss (weekend are early elections in Greece). There are very few of us little ones, who dream to give the stock market boom that can predict or estimate how scholarships will perform following measures already taken and which will be applied by the European Central Bank (NBS, ECB, NBR) and prefer to restrain myself from doing predictions of this week. A week with inspiration!

being updated

2015-01-12T18:44:00.004-08:00

To develop a more real estimation regarding how the ring will be closed from Bucharest, do I need a documentary on Reuters and AFP - 5 or 7 hours.

Forecast for Monday stock market developments - Part II

2015-01-11T13:48:00.001-08:00

News from Reuters optimistic the 2015 budget of the Government of Japan does not think it will alleviate European and Asian stock markets (on 12.01), an essential argument for continuing the decline started Friday quotation reducing support barrel again below $ 50 closing at 48.36 (-1.19%). If you look at the graphs on Friday, the FTSE has increased by 15.00 decrease in DAX and CAC40 after 15.30 (proportional to the evolution of the US market, which opened at 16.00). We hope that today will be more positive news like the Japanese budget to offset negative events in Paris Friday, but did not happen. The 2nd argument to decrease, as former Russian President Gorbachev statement published Saturday in the German press. There will be spectacular falls, between 0.4 and 0.8 percentage - A week with accumulations $$$

Estimate for 12.01 on the BSE, CAC40, DAX and FTSE

2015-01-10T12:22:00.003-08:00

Following Friday's events in France, on Monday all decrease estimate, just as the stock market in Bucharest will be more pronounced on Friday there were large volumes traded just below my expectations, about 5.16 mil. Euro and closed after Bucharest, European markets has increased and decreased in the State closed down 171 points all. History repeats, meaning that the stock exchange in Romania lags far back to the US, France. England and Germany. Back in the second half of tomorrow to continue on this post (pietele europene).

evolution thursday of the BSE, FTSE, CAC40, DAX but NYSE after 15-16

2015-01-07T22:57:00.001-08:00

Weather (low, average 1.5 - 2.5%) one day favorable for speculators who can afford to play with money, people like me to analyze and recommend only invest after the situation calms down in France and other negative news which can upset markets hopefully will not appear in the short term. Respect for those who have gone or are suffering from the events of Paris, stop me comments. RIP & HEALTH!

After declines will increase! but in the short term we need calm $$$ :)

2015-01-06T20:07:00.001-08:00

Disorientation admit the existence of the financial market in Romania today (especially in the capital market) and negative news from foreign markets me I could not imagine, but at the same time, we hope alive, he would join a trend positive somewhere in February-March 2015, when most economic sectors will restart (mainly agriculture and construction) and will help change the downward trend of the moment, in one ascending to 2015. I looked on estimates of major players in the SIBEX futures contracts for March and June, and the apathy of a ring from Sibiu blame the effect of the winter holidays, which will end today. Wanting to complete a positive note this post is gratifying that yesterday in a holiday important to us, Orthodox Christians, to run a volume of shares expressed in approximately 6.8 million euro (BSE ), which is not bad for this time. P.S. I keep posting previous estimates for this week. A beautiful day, you have! (07.01.2015)

Today and tomorrow does not deserve to enter the ring at the Bucharest Stock Exchange, analyzed the SIBEX, former BMFMS Sibiu.

2015-01-05T20:57:00.001-08:00

01/06/2015 Today and tomorrow will be interesting days at BSE, considering how dark last night on the NYSE (-331.34) and the European tone, such as 2% FTSE, CAC40 3.3% and the DAX by 3%, and as Asian markets taking place at 6.33 with decreases between 1-3%. Recommend to learn from the mistakes of others and not to be greedy and Friday or Monday but can invest in the short term, depending on what news will appear 07 and 08 at European level in Romania envisage a new benchmark discount rate NBR and my estimation ptr BSE today and tomorrow between 2 and 4% cumulative, but to be realistic, then overcast is clearing up, and after red is green. and not to get bored, DAYS OF INSPIRATION followed by achievements in accounts $$$!

Recommendation 2015 - Currency save what - why $$$ and not Euro

2015-01-01T22:46:00.001-08:00

1. I believe that it will continue economic cycle began in 2014 the dollar will appreciate against the euro, for other currencies Top British pound and Swiss franc Can not say yet, wait movements that central banks in England Switzerland. FED and ECB have shown mostly intentions. Quotation EUR / USD 1.205 (-0.4) at the beginning of the year.

2. Status of the European economies is not good and no signs that revival would occur in a short period of time (England and Germany are ok, but France, Italy, Spain does not look good). The American economy is on an upward trend, but the gap between the two continents is quite high, the numbers say, especially Unemployment, GDP related.

3. Prices barrel in early 53.8 (+ 1%), is on a downward trend during 2014 about losing tens of percent.

4. Smoldering conflict between the two great powers USA and Russia for domination of the world, both wanting their view count at the expense of the other. Between the two should be taken into account and the position of China, Japan, Germany, France, Britain and Arab countries, not least because the resources concerned.

P.S. If you have pros and cons opinions, please feel free to share, thanks.

Guidance for those who read this blog

2015-01-01T21:21:00.000-08:00

In "1" Thank you all, as I tune in during your precious attention to this blog and want recommendations or reviews which I will make will be helpful in choosing a solution with a satisfactory yield, given that this solution as you thought, but you are missing one or more arguments to decide on it. In the "2" row, I want to remind you, as a man (active player on securities markets) may go wrong and therefore recommend that the final decision filtered it with your own "hard" and to take responsibility for the chosen solution If you will put into practice.

In the "3" all but the last, I encourage you to come and other proposals and analyzes made by you, and we willingness to discuss on this blog to the extent that time permits me. P.S. Since the beginning of the year, what I want me and I wish you, in 3 words: HEALTH, INSPIRATION & FLAIR !

One of the most influential businessmen in the world - Warren Buffett - Respect

2014-12-25T22:27:00.000-08:00

Warren Buffett’s Best Advice for 2015 - As he wrote in his 2014 shareholders letter:

1. Put Your Estate in Index Funds

In his 2014 letter to Berkshire Hathaway shareholders, Buffett revealed his estate plan, reminding readers to keep their investments safe, low-cost and long-term.

Turns out, he’s planning on leaving all of the cash for his wife in a product that’s as old, stodgy and lucrative as himself.

“My advice to the trustee could not be more simple": Put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund. (I suggest Vanguard’s.) I believe the trust’s long-term results from this policy will be superior to those attained by most investors — whether pension funds, institutions or individuals — who employ high-fee managers.

2. Stay Away From Bitcoin

Given Buffett’s almost wholesale aversion to tech, this one isn’t a surprise; the Oracle refuses to invest in what he doesn’t know, and he doesn’t know the technology sector, IBM notwithstanding.

But Buffett’s problem with Bitcoin isn’t that it’s a tech investment — it’s that it’s not any kind of investment at all, because it doesn’t have value, as he explained in a March interview with CNBC.

“Stay away from it. It’s a mirage, basically. … It’s a method of transmitting money. It’s a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money, too. Are checks worth a whole lot of money just because they can transmit money? Are money orders? You can transmit money by money orders. People do it. I hope Bitcoin becomes a better way of doing it, but you can replicate it a bunch of different ways and it will be. The idea that it has some huge intrinsic value is just a joke in my view.”

3. Learn How to Read Financial Statements

Buffett gave this advice to Tre Grinner, a 17-year-old with Hodgkin’s Lymphoma who recently secured a Goldman Sachs internship with the help of the Make-a-Wish Foundation.

“Take all the accounting courses that you can find. Accounting is the language of business. … It’ll make it so much easier for years and years to come for reading financial statements, to get comfortable with it, because it is a language all of its own. Getting comfortable in a foreign language takes a little experience, a little study early on, but it pays off big later on.”

4. Focus on Saving, Not Getting Rich Quick

Ironically, Buffett dropped this tip when promoting his basically unwinnable billion dollar bracket challenge on the Dan Patrick Show.

The sweepstakes, backed by Buffett and Quicken Loans, would award $1 billion to anyone who devised a perfect NCAA March Madness bracket. (The odds of winning were about 1 in 9.2 quintillion — you were 53 billion times more likely to win the Powerball.) Still, the Oracle’s advice was solid:

“Well, I think the biggest mistake is not learning the habits of saving properly early. Because saving is a habit. And then, trying to get rich quick. It’s pretty easy to get well-to-do slowly. But it’s not easy to get rich quick.”

5. When Stock Prices Drop, Buy — Don’t Sell

It was a volatile year for the market and Buffett’s wealth; the investor lost about $2 billion in the course of several days in October when Coke and IBM took a hit after their quarterly earnings reports. Buffett kept calm, though, giving several interviews in which he explained why he was a fan of bear markets.

Granted, when you’ve got $63 billion to your name, this kind of a hit is lunch money. But, as the Oracle explained to CNBC, investors with itchy trigger fingers rarely succeed.

“I like buying it as it goes down, and the more it goes down, the more I like to buy. … If you told me that the market was going to go down 500 points next week, I would have bought those same businesses and stocks yesterday. I don’t know how to tell what the market’s going to do. I do know how to pick out reasonable businesses to own over a long period of time.”

6. Stop Pretending to Be an Expert

“If you don’t invest in things you know, you’re just gambling,” Buffett told CNBC earlier this year. It’s advice he’s rarely strayed from, and the reason why tech, gold and airlines will never get his money (or, in the case of airlines, get his money again).

“You don’t need to be an expert in order to achieve satisfactory investment returns. But if you aren’t, you must recognize your limitations and follow a course certain to work reasonably well. Keep things simple and don’t swing for the fences. When promised quick profits, respond with a quick ‘no.'

NEWS ALERT :) Relaunches 100% Romanian financial blog "The impact 3A" - about emerging market's

2014-12-23T05:17:00.000-08:00

Since January 2015 relaunches 100% Romanian financial blog "The impact 3A" that you will find at: https://valori-mobiliare-iutu.blogspot.com - currently in progress :) A day with achievements !!! we wish :)

am prevazut ca se va tipari ptr a se linisti apele, dar astia emit precum ies ziarele din tipografie, sa speram ca va fi bine :)

2012-12-14T20:50:00.000-08:00

Recunosc ca nu e scris de mine articolul dar imi regasesc gandurile in gandirea autorului :) Respect Calin Rechea

La ultima şedinţă a Comitetului de Politică Monetară al Federal Reserve s-a anunţat lansarea unui nou program de relaxare cantitativă. QE4, conform acronimului care include şi numărul noii iteraţii monetare sau QE4EVER conform descrierii mai plastice de la ZeroHedge, presupune achiziţionarea de pe piaţa secundară a obligaţiunilor pe termen lung emise de guvernul american.
     Valoarea lunară a noilor achiziţii va fi de 45 de miliarde de dolari, iar noul program va începe în ianuarie 2013, adăugându-se programului QE3 iniţiat doar cu trei luni în urmă. Astfel, Fed-ul va tipări câte 85 de miliarde de dolari pe lună de la începutul anului viitor (n.a. programul QE3 are o valoare lunară de 40 de miliarde de dolari, care sunt utilizaţi pentru cumpărarea obligaţiunilor ipotecare).
     Scopul este mai mult decât nobil: stimularea economiei şi reducerea şomajului. Nu mai contează că niciunul dintre programele anterioare nu a contribuit la îmbunătăţirea condiţiilor economice, ci doar la "coafarea" solvabilităţii sistemului bancar.
     Bloomberg prezintă decizia lui Ben Bernanke drept o premieră istorică: "Bancherii centrali au legat, pentru prima dată, evoluţia dobânzii de politică monetară de ţinte economice", în condiţiile în care preşedintele Federal Reserve a declarat că dobânzile se vor menţine scăzute cât timp şomajul rămâne peste 6,5%, iar prognoza inflaţiei nu va depăşi 2,5% în următorii doi ani.
     "Trecerea la stabilirea unor praguri pentru variabilele economice reprezintă o altă inovaţie a lui Bernanke", mai scrie Bloomberg.
     Inovaţie, într-adevăr! Singurul lucru care i-a mai rămas preşedintelui Federal Reserve este să treacă la paraşutarea directă a sacilor cu "bani" din elicopter. "Guvernul SUA are o tehnologie, numită tiparniţă, care îi permite să producă la discreţie dolari fără niciun cost", declara Bernanke în 2002.
     "Condiţiile existente acum pe piaţa muncii reprezintă o risipă enormă de potenţial uman şi economic", a declarat Bernanke în conferinţa de presă ţinută după întrunirea Comitetului de Politică Monetară al Fed-ului.
     Preşedintele Federal Reserve trebuie felicitat pentru spiritul său de observaţie. Dar care sunt cauzele acestei risipe? Din păcate, Ben Bernanke încă refuză să-şi asume o responsabilitate cât de mică pentru starea actuală a economiei americane şi mondiale.
     Dacă dorim răspunsuri, trebuie să căutăm în scrierile lui Mises, Rothbard şi alţi reprezentanţi de seamă ai Şcolii Austriece. Au trecut multe decenii de când aceştia au avertizat că manipularea dobânzilor şi a condiţiilor monetare de către băncile centrale vor conduce la alocarea defectuoasă a resurselor economice reale. Criza datoriilor şi explozia bulei imobiliare din Statele Unite arată că alocarea resurselor nu a fost defectuoasă în ultimele decenii, ci chiar dezastruoasă.
     Acum am ajuns în faza finală a tipăririi iresponsabile, iar marile bănci centrale continuă să se întrebe de ce nu mai răpunde economia stimulilor monetari.
     Dacă pentru Bernanke costul tipăririi dolarilor este nul, nu acelaşi lucru se poate spune despre economiile ale căror monede sunt legate de dolar printr-un curs fix sau o bandă de fluctuaţie foarte îngustă.
     Presa financiară internaţională a scris în ultimele luni de problemele majore cu care se confruntă Hong Kong-ul, în condiţiile în care Autoritatea Monetară a trebuit să lanseze intervenţii majore pe piaţa valutară pentru a apăra cursul fix al dolarului din Hong Kong faţă de dolarul american.
     Regimul monetar din fosta colonie a Marii Britanii, stabilit în urmă cu 29 de ani, a determinat, în ultimii ani, umflarea periculoasă a unei bule imobiliare, pe fondul unor costuri de finanţare aflate la minime istorice.
     Într-o critică voalată la adresa politicii monetare a Federal Reserve, Norman Chan, directorul executiv al Autorităţii Monetare din Hong Kong, a precizat că îndatorarea excesivă din ţările industrializate a fost cauza principală a crizei financiare globale şi a crizei datoriilor suverane din Europa.
     "Pentru a rezolva dezechilibrele structurale acumulate în ultimele două decenii, trebuie să pornim de la cauzele problemei", spune Norman Chan. Şeful Autorităţii Monetare din Hong Kong este îngrijorat de faptul că "exis-tă posibilitatea ca reducerea gradului de îndatorare să fie perturbată de relaxarea cantitativă, care va conduce, într-o primă etapă, la creşterea preţurilor activelor financiare", dar "astfel de creşteri nu sunt susţinute de elementele economice fundamentale". Pentru Chan, relaxarea cantitativă nu este un panaceu universal, ci doar un mijloc pentru împiedicarea reducerii gradului de leverage, cu efecte limitate de stimulare a economiei reale.
     Despre costurile tipăririi nelimitate a banilor de hârtie a vorbit recent şi Glenn Stevens, guvernatorul Băncii Australiei. "Există un anumit dis-confort în anumite părţi, deoarece băncile centrale par să manifeste un comportament discreţionar fără precedent, introducând politici cu rezultate incerte şi posibile costuri", a declarat Stevens în cadrul unei conferinţe organizate de către Banca Thailandei.
     În discursul său, Glenn Stevens a mai precizat că "băncile centrale nu pot pune finanţele publice pe o traiectorie sustenabilă" şi nici nu pot crea "resursele reale necesare pentru întărirea capitalului băncilor".
     Guvernatorul Băncii Australiei a continuat apoi cu o afirmaţie care ne face să credem că a fost "infectat" de învăţăturile Şcolii Austriece: "Băncile centrale nu pot corecta fără costuri efectele alocării defectuoase ale investiţiilor anterioare".
     Stevens a remarcat şi faptul că "cetăţenii Asiei continuă să ofere, prin intermediul rezervelor valutare oficiale, credite foarte mari guvernelor din ţările dezvoltate, la randamente sub cele care ar putea fi obţinute prin utilizarea capitalului acasă".
     Prin această declaraţie, Glenn Stevens recunoaşte, de fapt, că programele de relaxare cantitativă ale marilor bănci centrale nu sunt decât paravane pentru un transfer al bogăţiilor la scară planetară, fără precedent în istorie. Oare cât timp vor mai accepta autorităţile din Asia împilarea propriilor popoare?
     Deocamdată Stevens se întreabă doar dacă "oamenii înţeleg pe deplin limitele băncilor centrale". Când înţelegerea fenomenului se va extinde la nivelul autorităţilor din Asia, acestea nu vor mai accepta dictatul monetar al Vestului şi vor îmbrăţişa o nouă ordine monetară internaţională, în centrul căreia se va afla, probabil, China.
     Despre celelalte costuri ale politicilor de relaxare cantitativă, cele reprezentate de accelerarea tendinţei inflaţioniste, scrie Paul Mylchreest, economist la banca de investiţii Seymour Pierce. "Majoritatea analiştilor nu realizează că ne aflăm deja pe o megatendinţă inflaţionistă", conform opiniei sale din raportul "Deflaţia inflaţionistă".
     Mylchreest aminteşte, pentru comparaţie, de fenomenul cunoscut sub numele "Revoluţia Preţurilor", din perioada 1496 - 1650. În cei 154 de ani, preţurile au crescut de circa şase ori, în condiţiile unei rate anuale a inflaţiei de 1,2%. Analistul de la Seymour Pierce nu găseşte suficiente cuvinte pentru a ironiza bancherii centrali de astăzi, pentru care o inflaţie sub 2% reprezintă "stabilitatea preţurilor".
     Prezentat de multe ori drept un geniu economic, Ben Bernanke pare încremenit în proiectul său gigantic, asemeni unui "savant nebun" obsedat de microcosmosul laboratorului său, fără a mai avea timp să privească pe fereastră cum "înfloresc" preţurile.
     Oare chiar crede preşedintele Fed-ului că poate salva lumea prin tipărire de bani? Sau este mulţumit doar să continue şarada până la transferul complet al bogăţiei reale în schimbul banilor de hârtie?

2013 gold forecast quote

2012-11-14T20:35:00.001-08:00

There are fears that economic stimulus programs, implemented by governments and central banks will depreciate the currencies of those countries and will fuel inflation.

The price of gold will reach a new record next year, over $ 2,000 per ounce, whereas central banks will accelerate the money printing programs to support national economies, according to the head of metals trading division of Deutsche Bank, Raymond Key, quoted by Bloomberg. "We will exceed $ 2,000, we get up. This estimate is based on the view that (central banks, no) will continue to print money," said Key in Hong Kong, where he participated in the annual gold traders association in London.

Gold goes to the 12 th consecutive year, amid fears that economic stimulus programs, implemented by governments and central banks will depreciate the currencies of those countries and will fuel inflation, says Tuesday.

"Of all the metals, gold will be the best development," said the head of metals trading division of Standard Chartered Bank.

Gold for immediate delivery, which reached a record $ 1,921.15 in September 2011, Wednesday trading at about $ 1,728, up 11% compared to earlier this year. From December 2008 until June 2011, gold rose by 70%, in the context of acquisitions of financial assets amounting to 2,300 billion run by the U.S. Federal Reserve (Fed).

Fed announced in October that it would buy bonds backed by mortgages up to 40 billion dollars a month and will keep interest rates near zero until 2015 to support economic growth and employment.

Bank of Japan extended a financial asset purchase program in October for the second time in two months, and the European Central Bank announced that it is ready to buy bonds of eurozone countries with financial problems.

ECB keeps key lending rate at record low of 0.75%

2012-11-08T20:41:00.001-08:00

European Central Bank (ECB) held on Thursday (8 nov) monetary policy rate at record low of 0.75%, in line with analysts' expectations and the Bank of England took a similar decision, maintaining minimum, 0.5% of key rate.

ECB lowered the key rate in early July by 0.25 percentage points, from 1% to 0.75%, and reduced the deposit rate to zero, both indicators reaching historic lows.

The Bank of England also held Thursday monetary policy rate but also the value of assets acquisition program to 375 billion pounds.

Decisions of the two central banks have been anticipated by analysts, Mediafax.

ECB expected to work a program of bond purchases as soon as Spain will require external financial assistance, according to CNBC. The bank announced in October that it is prepared to buy bonds of countries with financing problems, such as Spain and Italy, after they ask for help eurozone emergency fund.

So far no country called activation program, but the ECB announcement was enough to calm markets.

The unlimited purchases of bonds of troubled eurozone countries, the ECB announced in September, is conditioned by accessing the eurozone emergency fund and meeting strict conditions, including austerity measures and reforms.

Barack Obama wins second term as president of the U.S., and the news has sparked mixed reactions in financial markets, where not everyone sees kindly re-election of the Democratic candidate. What were the most important reactions shortly after reelection leader in the White House?

2012-11-07T20:14:00.000-08:00

Lionachescu Doru, a partner at consulting house M & A Capital Partners, believes that financial markets will have a neutral reaction in a first phase, followed by developments but not very good in the coming months.

"For the current stage is U.S. Republican presidential version I think, that much more strict with public money and more realistic about what can America in 2012, was the best choice. As investors will appreciate the inconsistency and inability of Democrats and Barack Obama to come up with real solutions, financial markets will be affected, "said Lionachescu.

He adds that investors will have a neutral reaction in the short term, but eventually "will be expected continuation of a president who insists on social action rather than on economic revitalization."

But this view is not Andrei Radulescu, an analyst at brokerage company Broker Cluj.
"In the short term fluctuations in the markets we attend, but long-term effect relegerii Barack Obama will be positive. But we must also consider that the end of the year is likely to see a decision on the fiscal cliff (editor's note. U.S. budget deficit), a decision which may not please the markets. From this perspective may arise from fluctuations on the stock market later this year and early next year, "says Radulescu.

Gabriel Philemon, executive director SAI Muntenia, SIF Muntenia administrator, believes that Obama's re-election term remains positive.

"Maintaining continuity in the leadership of the U.S. will have positive effects on the U.S. economy and thus on financial markets. I do not think the U.S. will get to enter a new recession because of problems with the budget deficit. I expect Democrats and Republicans to reach an agreement on solving the "fiscal cliff, '" said Philemon.

Barack Obama defeated Mitt Romney in prezindentiale election but faces a strong Congress split between Democrats and the Republicans members. Republicans hold the majority in the House of Representatives and Senate Democrats in a crucial period for the U.S. economy.

Investors believe that the U.S. money printing press will go crazy

2012-11-07T19:57:00.000-08:00

Investors should prepare for price increases and new expansionary monetary policy from the Fed after the current president, Barack Obama won a second term, according to Jim Rogers, co-founder with George Soros of Quantum investment fund.

U.S. Federal Reserve (Fed) lowered in recent years monetary policy rate close to zero and make important purchases of bonds to lower borrowing costs in the long term. Even before Obama won the estimates are presented as more television stations, Rogers rejected his hard on both candidates, calling them "evil," writes CNBC. Quantum co-founder said he expects Obama's policies lead to increased commodity prices and the weaker dollar. "If Obama wins there will be more inflation, more debt, print money and higher expenses. It will not be good for anyone. I think that printing money will go crazy now, as well as expenses, "he said. Rogers said he did not vote for either of the two candidates, "because they are both evil."

painful truth - ECB reiterates that he is impossible to restructure Greek debt

2012-10-07T10:39:00.003-07:00

European Central Bank reiterated that a restructuring of Greek debt they hold them legally impossible, according to statements made by Joerg Asmussen, a member of management, the newspaper Bild am Sonntag."We can not extend the time limits / of Greek bonds / or reduce interest rates. And one and the other would return to Athens deletion of part of the debt and would lead to direct financing of the Greek State. The ECB has no legal right, "Asmussen said Sunday newspaper, quoted by AFP.
Senior official of the ECB, which has already made similar statements at the end of September, also recalled that getting the next tranche of bailout last of Athens, as at be paid in November, there would be "no effort".
Government of Antonis Samaras is still awaiting the report troika - the EU, IMF and ECB - to take or not for this new tranche of aid to Athens.
Asmussen said on the other newspaper Die Welt as a restructuring expense ECB is "not possible", signaling a potential need for additional financing for Greece from the eurozone members.
He also said "clearly" to keep Athens in the euro zone, but reiterated that "the key is in the hands of the Greek state."

"The condition of payment of the next tranche for Greece is to offset the budget deficit for 2013-2014 and implement comprehensive structural reforms," he insisted.
Samaras: The Greek State has cash only to end of NovemberGreek Prime Minister Antonis Samaras said Friday that without the next tranche of international aid, Greece can no longer do after November and suggested the ECB could support the Greek State by rolling the Greek bond that matures Reuters.
"The key is liquidity. Therefore the next installment credit is so important for us, "said Samaras to the German magazine" Handelsblatt ".
Asked how long it might do without help Greece, Greek official said: "By the end of November, then we will not have cash."
ECB could be helpful accepting low interest rates for Greek bonds they hold "or could approve a roll these bonds as mature," said Greek Prime.
"I-I could also imagine a recapitalization of Greek banks as considered for Spain, where it will be included in the debt of the country but will be made directly via ESM (European Financial Stability Fund). It would be a great help for Greece, "said Samaras.
Greece resumed talks with international creditors Monday (EU, ECB and IMF), aiming to release the next tranche of loan of 31.5 billion euros in exchange for new austerity measures that provide savings of 13.5 billion euros.

According to a source in the Ministry of Finance, austerity measures include cutting about 7 billion of pension, the wages of certain categories of state (judges, academics, police and fire) and social benefits.
Savings of nearly 3.5 billion will be achieved through "structural reforms" in the administration, especially the early retirement of about 15,000 officers. Finally, tax revenues should increase by 3 billion over the next two years.
Unlimited ECB bond purchases for a limited time
The European Central Bank plans to buy massive government bonds for a period of one to two months as soon as it launches "Outright Monetary Transactions" but then suspend purchases to assess the impact of WTO, a source told Reuters the ECB.
So far, details of how to make the new ECB bond purchase program was vague. ECB chief Mario Draghi said on Thursday that the European Central Bank is ready to buy bonds of euro zone countries if they agree to accept fiscal rehabilitation programs. New bond purchasing program called "Outright Monetary Transactions" (UNWTO), will allow us to provide, in appropriate circumstances, effective protection to avoid turbulence scenarios that could potentially severe price stability in the euro area, "said Mario Draghi.

Economists are wondering what could be the ECB's exit strategy, or in other words, how will end once OMT program started to buy sovereign bonds of euro area countries facing financial problems. Possible answer is that the ECB will suspend purchases on a regular basis, for a period of one to two months to assess the impact of WTO.
During this period, the inspectors EU, ECB and IMF will assess whether a country meets the conditions to benefit from WTO. A financial aid program is a precondition for the ECB to intervene in the secondary market. Once a country accepts a package of financial assistance, the ECB will begin sovereign bond purchases for a period of one to two months and then stop to appreciate the impact of the program and then decide whether to continue the acquisition.
ECB representatives have not commented on the information.
Last month, the Governing Council created a new bond purchasing program, OMT, which will replace the previous program and help the ECB to buy unlimited bonds with maturity between one and three years.
Countries that want the ECB to buy their bonds will have to accept certain conditions that will be partially monitored by the IMF, Mario Draghi said, adding that the acquisition will not result in printing additional money for the 17 euro area countries. Draghi assured that the ECB will only help states accept and implement strict conditions and euro zone rescue fund will purchase also bonds.
Spain could be the first eurozone country to benefit from the new program of the ECB, although not yet officially made for a complete package of financial assistance.

Zece sfaturi de business de la unul dintre cei mai excentrici antreprenori, Richard Branson

2012-09-23T12:02:00.002-07:00

Fondator al brandului Virgin în 1970, Richard Branson este singurul antreprenor care a construit opt companii în industrii diferite care valorează miliarde de dolari.

Britanicul a atins această performanţă fară a avea o diplomă în domeniu, scrie Business Insider.

"Deseori mă întreb cum ar fi fost viaţa şi cariera mea dacă aş fi continuat studiile suficient de mult încăt să învăţ toate lucrurile pe care trebuie (sau nu) să le faci pentru a demara o afacere", a afirmat omul de afaceri în noua sa carte, "Like a Virgin: Secrets They Won't Teach You at Business School".

În 1972 Richard Branson a inaugurat primul său magazin de discuri, Virgin Records cunoscut ulterior sub denumirea de Virgin Megastore. De altfel, brandul Virgin s-a dezvoltat rapid în anii 1980, odată cu apariţia pe piaţă a companiei de transport aerian Virgin Atlantic Airways.

Potrivit revistei Forbes, Richard Branson avea în 2011 o avere estimată la 4,2 miliarde de dolari.

Iată câteva dintre sfaturile lui Branson pentru succesul în afaceri:

1.Nu face un lucru dacă nu îţi face plăcere

A conduce o afacere presupune multă muncă, sudoare şi lacrimi (şi cofeină). Dar toate aceste se merită atât timp cât la sfârşitul zilei vei construi ceva de care eşti mândru.

2.Fii remarcabil

Publicitatea este cheia succesului. "Asigura-te că o să apari pe prima pagină şi nu pe ultima", este sfatul primit de Branson de la Sir Freddie Laker, un simbol în industria aviaţiei din Marea Britanie.

3.Alege-ţi cu grijă numele companiei

Numele inedit al companiei "Virgin" este unul dintre elementele care au transformat această afacere într-un succes. "Virgin"a adus un plus de valoare companiei, o abordare fresh.

4.Asumă-ţi riscuri

Branson are o vorbă preferată când vine vorba de riscul în afaceri: Curajosul nu trăieşte pentru întotdeauna, însă precautul nu supravieţuieşte deloc.

Orice afacere implică riscuri iar succesul apare rareori când eşti precaut. Poţi avea eşecuri dar nu există "eşec total", spune Branson.

5.Prima impresie este esenţială. La fel de importantă este şi a doua

Pentru Branson, a doua impresie se referă la situaţia când un client contactează compania pentru eventualele probleme cu produsele. Modul în care te prezinţi în astfel de situaţii spune multe despre capacitatea companiei de a menţine relaţii bune cu clienţii şi de a depăşi obstacole.

6.Perfecţiunea nu poate fi atinsă

Oricât de perfect poate părea ceva, întotdeauna există loc pentru mai bine.

7.Clientul are (aproape) întotdeauna dreptate

Opiniile clienţilor sunt importante, însă nu ar trebui să-ţi construieşti întreaga divizie de servicii cu clienţii după premisa că nu te vei îndoi niciodată de capriciile consumatorilor.

8.Defineşte-ţi brandul

Când vine vorba de definirea brandului, Branson sfătuieşte antreprenorii să facă exact ceea ce el nu a făcut cu Virgin, să răspândească vestea existenţei companiei peste tot.

Deşi Virgin activează în mai multe industrii, compania este centrată pe un singur lucru: "să găsească modalităţi noi pentru ca oamenii să se simtă bine".

9.Nu oricine este potrivit pentru funcţia de director

Un manager trebuie să fie cineva capabil "să scoată ce e mai bun din oameni", să ajute un angajat să înveţe din greşeala sa, nu sa îl critice pentru ea.

Proprietarul unei companii "poate fi" şi nu "trebuie să fie" preşedinte al companiei. Acesta trebuie să conştientizeze dacă postul i se potriveşte sau nu.

10.Nu te teme de schimbări dar fii pregătit de ele

Nimic nu durează la nesfârşit. Un antreprenor trebuie să fie pregătit să se adapteze la noi situaţii, determinate de diferite circumstanţe şi oportunităţi.

Union bank, the Franco-German vision - Francois Hollande / Angela Merkel

2012-09-23T11:38:00.000-07:00

Angela Merkel and Francois Hollande and Saturday reaffirmed their differences in terms of banking supervision in the European Union, amid beautiful indestructible related statements Franco-German friendship, writes AFP.
"The sooner, the better," said the French president, in a joint conference with German Chancellor at Asberg (southwest Germany). Will last "as you have," replied Angela Merkel.
Paris wants European countries to acquire such a mechanism in January 2013, while Germany seems less pressing.
The question is to know "how do you account for all possible institutions," said Hollande, after a working lunch with Merkel in Ludwigsburg, Asberg not far from where the 50th anniversary of General de Gaulle's historic speech addressed to the German youth.
As the European Commission, Paris wants to entrust the European Central Bank (ECB) supervision of about 6,000 banks in the euro area, while Berlin prefer to limit this task only for large financial institutions.
"For me, the importance is quality. Serves no purpose to do things very quickly and then not work," said Angela Merkel.

"You must be serious, have quality time and see how long (...) We ask our Finance Ministers to work as quickly as possible," she said.
Regarding other thorny file of the day the merger of giants EADS and BAE, the two leaders were more elusive.
"I made decisions, we know that we have to give in the near future companies answer. Discussions were good and friendly. But the details have not debated in public, especially considering jobs," said Angela Merkel .
Previous press conference, the two leaders praised each other on the Franco-German language in front of several thousand people gathered in the courtyard of Ludwigsburg castle.
"Long live Franco-German youth, European youth live," he said, in French, Chancellor. In response, Hollande addressed in German youth: "Your role is to give the European dream reality and give them a future. Viva Franco-German friendship."Then ask what characterizes their personal relationships, Merkel has described as "friendly" because "both trying to do what is best for the progress of the two countries and that of Europe."
As it concerns the Hollande, he referred to the "Merkozy" awarded during the Franco-German presidency of Nicolas Sarkozy: "Do we need to unite to give a new name patronymic European political behavior because it is our conception. (...). looking to train compromise the others. "

Crucial decision for the future of the EU: Germany's Constitutional Court authorized the euro rescue mechanism

2012-09-12T20:45:00.001-07:00

German Constitutional Court approved the administration Wednesday to adopt the Berlin of the latest Eurozone rescue mechanisms: European Stability Mechanism (ESM) and the Treaty on Stability Coordination and Governance (TSCG) in the Economic and Monetary Union, informs AFP .
Moreover, judges have set a limit Germany's financial involvement in setting up the ESM. According to the German Constitutional Court, the funds provided by Germany not to exceed 190 billion euros. A change in the amount can not be done without the approval of the German parliament, said the Supreme Court in Karlsruhe.
German President Joachim Gauck received such permission to sign documents which regulates European Stability Mechanism and Stability Treaty in the Economic and Monetary Union adopted by the German Parliament in late June.
"The second room of the Federal Constitutional Court rejected the amendment which stipulated that a ratification of the ESM can not be envisaged unless there are safeguards in conformity with international law," said Court.
Thus, the government in Berlin has permission to participate in government emergency fund of 500 billion euros of euro area countries.

German Constutionala Court has previously rejected a last attempt to delay its decision on the permanent bailout fund euro area. This decision means that the long-awaited decision of the Court of ratification European Stability Mechanism will be made on Wednesday as it was originally intended, reports Der Spiegel.
Another obstacle in the way European leaders to counter eurozone crisis was overcome. Germany's Constitutional Court has rejected a new petition, belonging to Peter Gauweiler, a member of the German parliament. Court discussed the petition of Gauweiler in the afternoon on Monday and announced its decision earlier Tuesday.
The decision means that on Wednesday, the Court will anuta long awaited decision on the European Stability Mechanism (ESM), the permanent eurozone rescue, as was originally planned.
Gauweiler, a member of the conservative party Christian Social Union (CSU), tried to postpone decision on ESM Court requesting it to hold another meeting. He argued in the petition that the announcement last week by the European Central Bank, which said it would buy unlimited amounts of government bonds of euro area Member States in difficulty, increase the financial risk to taxpayers.
He also said the ECB's operations are not subject to any parliamentary control.
This, says Gauweiler, "has created an entirely new situation" which the Court must take into account when considering the original petitions against ESM and Fiscal Pact.
"Almost all the discussions that have taken place so far are invalid," he said.
MSE Gauweiler wanted ratification of the Constitutional Court will be postponed until the ECB will reverse its decision to purchase sovereign bonds. He argued that, if necessary, the Court should stay its proceedings scheduled for September 12 relief fund.

MES has a total value of 500 billion euros, as Germany contribute to this fund by 27% from Germany ratification is essential.
Additionally verdict on the ESM, the Constitutional Court must also rule on the new fiscal treaty, adopted in a bid to force euro area governments to adopt stricter budget discipline.
Possibility of postponing the decision of the Court has created uncertainty in Berlin and Brussels. MSE is an essential element in addressing European leaders on fighting the eurozone crisis and was originally envisaged that it will be operational from 1 July and another delay could disrupt financial markets.
However, most of the politicians in Berlin, including Chancellor Angela Merkel believes Wednesday's decision will be in favor of ratification Court MSE.

Reuters Analysis: Week dangerous for Eurozone. Draghi's project to save the single currency, a ray of hope

2012-09-09T07:48:00.001-07:00

Euro zone enters a rough week, filled with potential surprises, but in a more optimistic mood as investors welcomed the project proposed by the European Central Bank Governor Mario Draghi, designed to prevent a possible dissolution of the monetary union, writes Reuters.
According to British agents, judges Germans, Dutch voters, IMF inspectors and authorities in Brussels are the main players that could next week to launch potentially "explosive mines" to hinder resolving the sovereign debt crisis.
Wednesday is a day with three key important events. German Constitutional Court will give a ruling on the legality permanent bailout fund, the European Commission will present detailed plans for a union bank in the Eurozone and the Netherlands organize general elections.
European finance ministers meet on Friday to discuss the Cyprus banking supervision and further possible support for Spain, the fourth largest economy in the Eurozone and Greece, the country that triggered ceiza issue sovereign debt.
Decisions regarding Spain and Greece are expected in October, but talks could indicate whether the administration will ask the Madrid European aid, with the risk of being subjected to harsh conditions and supervision. Also, the debate could indicate whether the EU and IMF lean toward granting a new tranche of aid to Greece.

Germany: A verdict that could threaten aid to indebted states
German Constitutional Court decision was expected for two months. According to the lawyers consulted by Reuters, it is likely that judges give a verdict in favor of the European Stability Mechanism and an EU pact of fiscal discipline, but is expected to add tough conditions for further help.
Such a decision could affect the willingness Chancellor Angela Merkel said the bailout's future, especially given that the European Central Bank's decision to buy bonds fragile States was received negatively by German public opinion.
A verdict against European Stability Mechanism would have a devastating effect on bond markets and exchange rate turbulence creating new monetary union and raising questions about whether the rescue of heavily indebted states.
On the other hand, a favorable decision but with limitations could scare off investors and would complicate crisis management.
Judges decision could attach an amendment that gives Parliament a veto over future aid or whether to limit liability for the debts of other countries German monetary union.
Elections in the Netherlands, a chance for rising populist?
Regarding the legislative elections in the Netherlands for several months it was thought that they would result in either a block or a Eurosceptic government either extreme left or extreme right, which would support future bailouts Eurozone members in critical condition.

The latest opinion polls show, however, that the center-right Liberal Prime Minister Mark Rutte and the center-left Labour party are tied while their support of left parties and the populist anti-immigration with policies is declining. In these circumstances, the elections could result in a pro-European coalition.
Such an alliance could have but need a few months of negotiations before the Netherlands, a founding member of the European Union to have a government in power fullness so that plans for tighter integration in the euro zone should be postponed.

Thorny issue of banking supervision
The land bank has already started a dispute between proposals for a unified system of banking supervision conducted by the ECB and a new banking system that the new European Commission President Jose Manuel Barroso, are about to appear before the European Parliament.
Germany, keen to keep their state-owned banks and the savings on to foreign control, insisting that the ECB should supervise only the top 25 cross-border systemic banks and leave the rest of the banks under national regulations.
German Finance Minister Wolfgang Schaeuble said the ECB can not monitor all the 6000 euro area banks. According to the Bruegel think-thank, but the real problem lies in the approximately 200 banks that hold approximately 95% of banking assets.
European Commission and the ECB want to apply supervision to all creditors, even if by delegating responsibility to the national tier and the plan seems to be seen in the eyes of bankers.

"If we all banks in the same supervisory mechanism, this would ensure a balance of competition," said chief executive of UniCredit Italy, Federico Ghizzoni, told Reuters adding that "not only big banks systemic risks."
German lawmakers fiercely oppose but long-term plans for a pool and a deposit insurance system, which could present Barroso in his speech Wednesday.

GOOD NEWS from BCE : "We have a powerful tool to avoid damaging scenarios with possible severe challenges for price stability," Draghi said, quoted by Bloomberg.

2012-09-06T19:58:00.001-07:00

European Central Bank (ECB), the guardian of the euro, monetary policy has kept interest at 0.75% in yesterday's meeting the Governing Council and the President of the institution, Mario Draghi, has announced a program of bond purchases Unlimited, part of efforts control to bring high interest rates the borrower some euro area countries. Criticism of the plan did not fail to appear.
"We have a powerful tool to avoid damaging scenarios with possible severe challenges for price stability," Draghi said, quoted by Bloomberg. Previous program run by ECB bond purchases (Securities Markets Programme - SMP) ended, he said, adding that the ECB should be in place to ensure the transmission of bank rates to all Member States of the euro area.
Head ECB's credibility at stake with bond purchase plan announcement, saying MEPs this week that the ECB should intervene to regain control fragmented interest in the euro area economy and save the single currency. States with problems, Spain and Italy, can start an application program for emergency financial aid to fund the euro area, the European Stability Mechanism. But his support is conditional on austerity measures.

"Governments must be prepared to operate" emergency fund bond markets when necessary and "strict conditions and effective," said Draghi. The ECB reserves the right to discontinue purchases of bonds if governments do not trespectă commitments. Purchases will be sterilized completely, so that the impact on money supply is neutral, and the bank will publish monthly data by country on bonds it holds. Maturity bonds covered by the ECB on the secondary market will be for 1-3 years without a limitation on randamentelelor and institution will have the same status as any other creditor countries.
Critics
"There was nothing new. Much depends on the country that requires help European Stability Mechanism and Spain does not seem ready. This means that many decisions remain in the hands of politicians. Germany may impose tough conditions of a potential plan to stop Rajoy Spanish (Prime Minister of Spain, no) to accept help, "commented François Savary, CIO of Swiss financial group Reyl for The Telegraph.
Edward Smyth, director of investments at JN Financial London, was of the view that Draghi "has not done enough to restore confidence at this turning point."

Ranvir Singh, chief executive RANsquawk, said that Germany wants to stand in the way will not be easy. "For the Bundesbank, to keep inflation under control is something holy and bank president did not hide the fact that the ECB plan to buy the debts of weaker eurozone economies will be the road to ruin," he said, quoted by the Guardian.
Jason Conibear, Director of Trading at Cambridge Mercantile, wonders whether the ECB will be forced to write checks and greater than or promise on holding his vast powers will be enough to calm markets.
He believes that the ECB can not do much to save the euro. Worse prognosis ECB eurozone economic growth this year and next because of higher uncertainty on adjustment measures in the financial and non-financial, high unemployment and uneven global recovery.
Thus, euro area GDP this year will record a decrease of -0.6% and -0.2%, while the forecast for 2013 is between -0.4% and 1.4%.
In June, the ECB predict a GDP growth between -0.5% and 0.3% this year and 0 to 2% in 2013.
Its liquidity
Firefighters were called to the headquarters of the European Central Bank (ECB) for "emergency cash", writes the Financial Times, after they were asked yesterday to intervene in the institution's headquarters in Frankfurt.
"The ECB someone to sing a little too literally Lich emergency calls?", Asked publication, commenting that no analyst has predicted the situation.

Bundesbank head may resign over plan ECB bond buying - why Jens Weidmann isn't agree ???

2012-09-01T11:44:00.000-07:00

President of the Bundesbank, the German central bank, Jens Weidmann, she decided to resign due to plan the European Central Bank (ECB) to resume purchases of sovereign bonds, which has strained relations between these institutions, according to German newspaper Bild quoted by Bloomberg.
Bundesbank representatives declined to comment on the information.
"Weidmann expressed his views in an interview with Der Spiegel," said a spokesman for the Bundesbank, Michael Best.
According to sources quoted by Bild, Weidmann considered resigned because ECB plan for a new round of bond purchases of sovereign and discussed this possibility with board members BundesbankWeidmann, the only member of the Governing Council who opposed the plan, decided to remain in office to defend position at next monetary policy meeting next week.
Bundesbank has become increasingly isolated as the ECB has advanced more than an unmarked teritioriu its policy to combat the debt crisis.

Former head of the Bundesbank, Axel Weber, resigned in April last year in part because of his opposition to the ECB the first to purchase sovereign bonds.
ECB chief economist, Juergen Stark, who previously was the vice president of the Bundesbank, resigned in late 2011 to protest against these acquisitions, in his view, violate the line between monetary and fiscal policy.
Weidmann German Government asked to remain in office, told Bild.Weidmann told Der Spiegel that a new wave of bond purchases by the ECB could increase dependence on government for this type of financing and will not solve the debt crisis.
ECB President Mario Draghi responded to an article in Die Zeit, which said that fulfilling the mandate of the central bank sometimes requires unconventional measures.
Draghi announced the plan in early august is buying bonds in the secondary market to reduce interest rates European countries requiring rescue fund to buy bonds on the primary market.

Treichl: Eastern Europe overcome the toughest effects of the euro crisis - positive news :)

2012-09-01T11:29:00.002-07:00

Director General of Erste Group Bank, present in Romania through BCR, said Eastern Europe has gone over the toughest EFCT of sovereign debt crisis in the euro area Bloomberg.

"I do not expect to worsen the situation, but it is pretty bad at the moment. Mainly because credit growth is relatively weak for now, understandably in that general feeling that hit Europe also affected Central and Eastern Europe" said Treichl in an interview with Bloomberg in Alpbach, Austria.

He added that margins and returns that can be achieved in Central and Eastern Europe are significantly better than in Western Europe.

"The total efficiency of banks in those markets is much better than at home," added the head of Erste.

Eastern Europe can "hope for growth," he added.

"We have a fantastic - subpenetrate banking markets, people with incomes significantly lower than in Eastern Europe, but much more productive," he stated Treichl, referring to Eastern Europe.

He described the Russian Sberbank group entry in the region as a "good sign" because it shows that Russians "believe in the future of the region". Sberbank has taken over operations of Volksbank International, with the exception of Romania, who remained in the Austrian portfolio.