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20261012 133000 UTC
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[00:00:00] nor production and what to see, we can't even
[00:00:04] imagine how we could form a government, we don't even imagine it through
[00:00:07] early elections, and then the Leu loses ground.
[00:00:11] Given that the Leu remains the currency of a
[00:00:15] large economy outside the
[00:00:17] Eurozone, it will not benefit from
[00:00:21] the same support and aid that the economies
[00:00:24] that have the Euro will give
[00:00:27] to the currencies in a certain area so as not to depreciate. So from this
[00:00:31] point of view, reactions are difficult to anticipate regarding what
[00:00:35] is happening at the moment in
[00:00:38] Europe. We maintained a somewhat stable exchange rate,
[00:00:41] having a preference for the entry of
[00:00:45] external liquidity into the banking market. We had the largest inflows of
[00:00:48] speculative funds,
[00:00:51] being a happy policy at that time of the NBR. Why do I say at that
[00:00:55] time? Because in economy nothing goes
[00:00:58] permanently, you have to adapt at the moment. What will
[00:01:02] be the monetary policy response? Because it is clear that
[00:01:05] we are talking about a depletion of the National Bank's resources,
[00:01:08] the lack of how many efforts more can it make? To Mr. Peia,
[00:01:12] did you remember anything? I looked and smiled, thinking that it's among the few
[00:01:16] times when I hear that the ANAF official must be protected
[00:01:20] from possible actions to force
[00:01:24] the law. At the moment when a complaint is filed, the official is
[00:01:27] no longer an official. How does ANAF attract
[00:01:30] more money, the increase in collections? There are many questions
[00:01:33] for which we will find answers as
[00:01:36] politicians decide to show us something, because
[00:01:39] for now we remain on the fence and watch them argue
[00:01:42] from one fence to another. The leu will fall, which will moderate
[00:01:46] inflation. At the moment
[00:01:48] so the rains from Romania's economy does not consider international
[00:01:51] orientation, where things change a lot.
[00:01:54] You see, who would have thought when he went to bed, if I'm not
[00:01:58] mistaken, on Thursday evening. and we woke up in the morning to hear Donald Trump saying
[00:02:02] that he is opening diesel imports from Russia. Who
[00:02:06] could have thought of such a thing? Things are changing so
[00:02:09] rapidly at the moment that it is difficult
[00:02:12] to make another prediction related to the level and the timing.
[00:02:16] However, trends show both the increase in inflation and the depreciation of the exchange rate.
[00:02:20] Professor, I propose that we listen to what Luca
[00:02:23] Niculescu declared this morning on public radio. These are very interesting statements
[00:02:27] regarding the economic situation. Let's listen to the statement and comment.
[00:02:32] For example, we need a budget rectification, because without
[00:02:35] an urgent budget rectification, there are risks, risks
[00:02:39] of blockages, blockages in
[00:02:42] the functioning of hospitals, in the supply of medicines, in
[00:02:46] the activity of city halls, especially now that winter is approaching,
[00:02:50] there is a risk of delays in some payments. We
[00:02:53] money, but also contracts worth millions of also have an emergency, which is the budget for next year, meaning we need
[00:02:57] to have a budget that is. that is
[00:03:00] credible, that is realistic, that is
[00:03:03] adopted by the end of this year and that
[00:03:07] respects Romania's commitments.
[00:03:10] As you know, at the beginning of the year
[00:03:13] rating agencies will come again to Romania, they will analyze our
[00:03:17] situation again and there is a risk that we cannot afford to
[00:03:21] underestimate, namely a loss of the rating that
[00:03:24] recommends Romania for investments. This will obviously
[00:03:28] mean more expensive
[00:03:31] loans, more reluctant investors and
[00:03:34] additional pressures on the economy, so we already have
[00:03:38] worrying signals, as you know and as
[00:03:40] you also said, foreign investments have
[00:03:44] strongly decreased,
[00:03:45] Obviously, when we talk about strong instability, political instability, pardon,
[00:03:49] obviously only amplifies
[00:03:52] uncertainty. Winter is coming, we need measures
[00:03:56] to help Romanians cope with energy bills. We
[00:04:00] need to help businesses too, Romanian businesses, because the price of energy
[00:04:04] is not just a social problem, but also
[00:04:08] one of economic
[00:04:09] competitiveness. This is how things stand at this
[00:04:13] moment.
[00:04:16] shutdown of Budgetary, which was already projected from the beginning of the moment when the
[00:04:19] budget was made, because that's how we act,
[00:04:22] we solve and we'll see how we make it work at the rectification
[00:04:26] because the budget has to pass quickly.
[00:04:30] attention, everyone talks about investments, about
[00:04:33] attracting investments, about courses but
[00:04:36] as long as we don't realize that at the moment
[00:04:40] when it rains today, we no longer have money to pay our electricity bill, so
[00:04:44] we will not invest in energy, because any future
[00:04:47] investment will mean a much higher energy consumption. At the
[00:04:51] moment when we don't realize that
[00:04:55] that ultimately for investments we need qualified labor and
[00:04:58] to look carefully.
[00:05:00] and without getting annoyed at education to develop
[00:05:04] the qualification of the workforce, here being a longer term, in
[00:05:07] energy we probably manage to recover faster, but then
[00:05:11] what do we do? to attract investments that should actually be
[00:05:14] somewhere, remember in the 90s, we're not
[00:05:17] selling our country, well now what are we doing, we're making investments to sell what's left
[00:05:21] to sell, because you have nothing to exploit in Romania, if energy
[00:05:25] is at an uncompetitive price and the workforce
[00:05:27] is of an unsuitable quality from the point of
[00:05:31] view of the competition of some complex
[00:05:34] products, why would anyone else come to
[00:05:37] invest, okay, we still have some things to sell, but then,
[00:05:41] this is the circle. in which Africa functioned for
[00:05:45] long periods of time, I would not necessarily make a forced comparison with
[00:05:48] what Africa did about 200 years ago, but
[00:05:52] it never managed to become a
[00:05:55] developed continent, because they sold what they had to sell and probably
[00:05:59] considered them investments, but selling raw material
[00:06:02] is not an investment, we complain today that we have
[00:06:05] deficiencies in the port of Constanta and we cannot export wheat and
[00:06:09] this increases the price. Well yes, but what about our bread?
[00:06:14] a question, how serious does the situation become, Professor, if we will not
[00:06:17] have a fully empowered government at the end of the year? The level of
[00:06:21] uncertainty is quite high, I see that we don't even agree on
[00:06:25] the nature of the government at the moment, is it technocratic or political,
[00:06:29] we don't even know that, political, I want him, but I don't want him, tomorrow
[00:06:33] I want him, it's chaotic and I wonder, I wonder if any rectification that is needed would pass, the rectification
[00:06:36] means nothing else at
[00:06:40] the moment than an adjustment.
[00:06:43] of a delay from the moment the budget was conceived. I
[00:06:46] noted with you last time that we are not
[00:06:50] referring to shocks in the economy that
[00:06:53] would require a re-evaluation of how
[00:06:56] you allocate money, such as the unexpected increase in energy
[00:07:00] prices. We're talking about salaries, Mr. Deacu, we knew that 12 months
[00:07:04] of salaries were needed since the beginning of the year. We budgeted money
[00:07:07] for nine months in some places, meaning
[00:07:11] we know we need this. rectification, but at
[00:07:14] this effort of populism, because one of the
[00:07:18] politicians said he doesn't want a technocratic government, I wouldn't either, I would like
[00:07:22] it to be formed by politicians, but behind them should no longer be
[00:07:25] sinecures, but technocrats, even if
[00:07:28] they are called sinecurists, at least they should know what they are
[00:07:32] discussing, meaning why did you take him to be your advisor at that
[00:07:36] ministry, because if someone calls me now to
[00:07:39] be whatever I would be in I don't know what
[00:07:42] sports I wouldn't go
[00:07:45] or you understand the idea, it's terribly
[00:07:49] simple, until we think things like that, we can
[00:07:52] end up in a very serious crisis and because you mentioned energy,
[00:07:56] we will discuss this immediately, Professor, in the meantime, I suggest we find out what else is
[00:08:00] happening in the country, perfumes, clothes and cosmetics bought with the institution's
[00:08:06] lei awarded directly, these are the irregularities reported at the
[00:08:09] National Meteorological Administration following checks by the control body of
[00:08:13] the Minister of Environment. Minister Diana Buzoianu demands the resignation of the leadership and announces
[00:08:17] that the report will be sent to the General Prosecutor's Office and the Court of
[00:08:20] Accounts. The director of ANM claims, however, that she did not use the institutional
[00:08:23] card and did not approve illegal acquisitions. Elena Matescu states
[00:08:27] that she ordered an internal audit and notified the police as early as August after
[00:08:30] the discovery of some irregularities. Last night in
[00:08:33] the show "Culoarele Puterii" on TVR Info, the Minister of Environment spoke
[00:08:37] exclusively about the contracts that would have been awarded with dedication to
[00:08:41] two companies. Diana Buzoa claims that the acquisitions department is under the
[00:08:45] direct subordination of Elena Mateiescu and that she would have signed the contested
[00:08:49] acquisitions.
[00:08:51] The control body actually revealed many more
[00:08:55] problems than just this part of unjustified
[00:08:58] expenses from cards. Uh, one of
[00:09:02] the essential things that came to light was that in recent years
[00:09:06] contracts were awarded by dedication to two companies,
[00:09:09] practically affiliated with ANM. They
[00:09:12] awarded by dedication contracts through
[00:09:16] direct acquisition worth millions,
[00:09:20] even though there are very clear limits for what you can
[00:09:23] do by direct acquisition, an amount of 270,000 RON. So
[00:09:27] practically we see how the system was used, how the money was used,
[00:09:31] including to favor, let's say, some in-house companies
[00:09:35] close to this institution. And I just want to mention, Ms.
[00:09:38] Director Mateescu is under her direct subordination.
[00:09:42] exactly the acquisitions department, so all these acquisitions
[00:09:45] were signed at some point by
[00:09:49] her as well, no matter how much she wants to exclude herself from this
[00:09:52] process. And this is not all, approximately 300 employees of
[00:09:56] Iarea Ghimbav participated today in a protest organized within the
[00:09:59] company, dissatisfied with the low level of activity and the
[00:10:02] blocking of salary indexation with inflation. Employees demand
[00:10:06] that the authorities bring new contracts to the Romanian defense industry and
[00:10:09] warn that they will resort to new actions if their demands are not
[00:10:12] resolved by mid-December. Unionists complain about
[00:10:16] the lack of firm contracts for the production of military helicopters in Romania.
[00:10:20] Although in the last year there have been discussions regarding the manufacturing of Airbus
[00:10:23] helicopters at Ghimbav. H215M and
[00:10:27] H225M, employees say they are waiting for concrete
[00:10:30] documents to guarantee the factory's
[00:10:32] activity.
[00:10:34] And since the professor mentioned what is happening in energy, let's talk about this sector at the end of
[00:10:38] the show. Nuclear electric representatives announced that
[00:10:41] units 1 and 2 of the Cernavodă plant remain safely
[00:10:44] shut down. Authorities emphasize that the population and the
[00:10:48] environment are not exposed to any danger. The technical maneuver was
[00:10:51] automatically or programmedly triggered in accordance with the strict procedures for
[00:10:55] nuclear safety of the plant to perform routine checks and
[00:10:58] preventive works on electrical systems. Company
[00:11:02] experts explained that the temporary shutdown does not affect national security and that
[00:11:06] all installations operate at designed safety parameters. Until
[00:11:10] reconnection to the national energy grid, electricity
[00:11:13] production is supplemented by the country's other resources, and engineering
[00:11:16] teams are working to resume deliveries as soon as
[00:11:20] possible. The problem, you know, is that in the meantime Romania has started
[00:11:24] to import electricity even during the day, which didn't happen in the summer
[00:11:27] except in the evening at peak hours, because otherwise we relied mostly on solar
[00:11:31] panels and if we look at the data from Transelectrica we will see
[00:11:34] at least a little earlier what the
[00:11:37] situation was, we were talking about quite large imports that reached
[00:11:41] 1700 MW, compared to a consumption of 6600
[00:11:44] approximately a quarter and all these things will ultimately lead to
[00:11:48] higher tariffs for consumers, we have the figures on
[00:11:51] the screen, look at them and you too, in some places in some cities it has come
[00:11:55] to suppliers having offers of over 2 RON per
[00:11:57] kWh. Mr. Ionuț Purica,
[00:12:00] energy expert at the Romanian
[00:12:10] you to explain how serious the situation at the Cernavodă plant really is.
[00:12:14] Here, they are discussing safe shutdown and cooling
[00:12:17] systems that can act at different levels. What is actually
[00:12:21] happening there and why have the authorities come to discuss this issue,
[00:12:25] including nuclear safety, nuclear security.
[00:12:29] Uh, first of all, a nuclear power plant
[00:12:32] has a number of security
[00:12:35] systems that, even in the event of a
[00:12:38] serious accident, especially the Candu type,
[00:12:40] I mean, are
[00:12:44] designed to contain, to
[00:12:48] maintain any
[00:12:50] radioactive leaks inside.
[00:12:55] uh the plant
[00:12:57] envelope. The envelope means
[00:13:00] the cylindrical building that we see when we go to
[00:13:04] the sea or come along
[00:13:07] Cernavodă. Uh, well,
[00:13:11] the shutdown of a nuclear reactor
[00:13:14] involves a series of cooling
[00:13:17] elements, because even if the fission
[00:13:20] reaction that releases
[00:13:24] very powerful heat, by the way, on the basis of which
[00:13:27] electricity
[00:13:31] is produced, there
[00:13:34] are in that fuel a series of
[00:13:38] isotopes, which
[00:13:41] still have
[00:13:44] radioactive disintegration, so they produce heat, but
[00:13:48] at a completely different level than
[00:13:51] that of fission,
[00:13:56] this heat must be
[00:13:59] eliminated, it must be cooled, so to speak,
[00:14:02] and there are systems provided
[00:14:05] to do this.
[00:14:10] the safe shutdown of the plant,
[00:14:13] we are talking about the activation of these
[00:14:16] systems, some of them at the
[00:14:20] spent fuel storage, which sits
[00:14:23] in some cooling
[00:14:26] pools, anyway, I won't go into technical
[00:14:28] details, they function all
[00:14:32] the time, others are
[00:14:35] intended for cooling the reactor during
[00:14:39] the period of effective the fission
[00:14:43] reaction, I understand under these
[00:14:45] conditions,
[00:14:47] it is normal that we are talking about nuclear and
[00:14:50] nuclear has a psychological
[00:14:54] component, if you will, of
[00:14:56] security and everyone
[00:14:59] says it is a safe
[00:15:01] shutdown, nothing happens, no
[00:15:05] dangers appear for the environment
[00:15:08] or for the population, especially and so on,
[00:15:11] I understand, Mr. Purica, Mr. Huru,
[00:15:15] since you mentioned what is happening in energy, we were looking at the tariffs
[00:15:20] suppliers offer, they even jumped over 2 RON per kilowatt
[00:15:23] hour, these are higher tariffs for companies too, what consequences can arise from
[00:15:27] this? First of all,
[00:15:31] we are already paying more, given
[00:15:33] that the authorities responsible in the field, should
[00:15:38] somewhere intervene as a counterpoint in
[00:15:42] this price negotiation, they say that a
[00:15:44] 10% increase would be a moderate
[00:15:48] price increase, it is enormous, so I believe
[00:15:52] that and I will take a risk, because I will
[00:15:55] bother some politicians, even though it is a technical observation, I believe that
[00:15:58] we should return to the idea that
[00:16:02] we shouted loudly that we are liberalizing the energy
[00:16:05] markets, the energy markets cannot be liberalized, because production
[00:16:09] is identical in one, two, three places and consumption
[00:16:13] is clearly inelastic and I believe
[00:16:16] that ultimately at the moment, besides the fact that we will pay
[00:16:20] more, we lose our attractiveness for
[00:16:23] investments, energy today
[00:16:26] in many fields has a very,
[00:16:30] very high
[00:16:33] share in production processes, even in
[00:16:37] agriculture, that's the subject at the beginning, yes
[00:16:40] drought, drought means energy consumption to bring water to
[00:16:44] the field, because we, or to extract it from the ground,
[00:16:48] everything, everything becomes energy, humanity in general throughout
[00:16:51] its historical development has learned to
[00:16:55] produce more energy in a more efficient, more
[00:16:58] environmentally friendly way, even if the impact was greater, because we had a
[00:17:02] greater production, and we have regressed enormously from this point of view,
[00:17:05] Mr. Purica, we have two minutes left from this. this show, the conclusion will belong to
[00:17:09] you, what should we expect in the coming period given the situation in the energy
[00:17:13] sector.
[00:17:15] The idea is the following, as you can see, the
[00:17:18] rains have started and it is
[00:17:21] expected that the Danube's flow will increase,
[00:17:26] the mountains, the rains from downstream
[00:17:29] from in fact from upstream
[00:17:32] from the Cernavodă
[00:17:35] point should lead to the return of the Danube's
[00:17:39] flow, what is happening however
[00:17:42] is that at the moment
[00:17:45] we no longer have the available
[00:17:49] photovoltaic and wind energy that
[00:17:52] maybe wind energy because the wind starts to blow, but
[00:17:56] not photovoltaic because the sky is
[00:17:58] cloudy, obviously in these
[00:18:01] conditions, short-term measures
[00:18:05] are those related to starting
[00:18:09] coal-fired units, which has already happened,
[00:18:12] a series of things related to increasing,
[00:18:16] or finally, emptying the accumulation
[00:18:19] lakes
[00:18:20] in winter,
[00:18:23] obviously, under conditions to produce
[00:18:27] heat, under the
[00:18:30] given conditions, it is clear that in the medium and
[00:18:34] long term we will have to start building some
[00:18:37] cooling towers at Cernavodă to
[00:18:40] avoid situations like the one that happened or the one
[00:18:44] now, cooling towers that also cover
[00:18:48] units three and four. Secondly,
[00:18:52] Tarnița Lăpușelul, which is 1000 MW, must be finished.
[00:18:56] of
[00:19:07] Unfortunately, our show's time is drawing to a close.
[00:19:10] We only have time for one more piece of information. Today, the
[00:19:13] annual meeting of the IMF and the World Bank begins in Bangkok, an event that will last
[00:19:17] until October 18. Over 15,000 participants from
[00:19:21] all over the world are expected. The Managing Director of the IMF,
[00:19:23] Kristalina Georgieva, stated that massive investments in
[00:19:27] AI infrastructure contribute to maintaining global economic growth
[00:19:30] around the 3% level. According to the IMF, AI investments can
[00:19:34] add between 0.5 and one percentage point to the growth of some
[00:19:38] advanced Asian economies, and countries that produce semiconductors, equipment and
[00:19:41] components for data centers are the main
[00:19:44] beneficiaries. Professor, thank you for your presence at
[00:19:47] the show "Bani Azi". Unfortunately, we no longer have time to comment on this topic, we will
[00:20:06] for those who make investments on the stock exchange. Today, the
[00:20:09] ETF, which is the investment fund that tracks the main
[00:20:13] expanded index of the Polish capital market, began trading on the BVB.
[00:20:16] Don't forget, tomorrow the International Monetary Fund will publish a detailed
[00:20:20] report on the state of the global economy, and the National Institute of
[00:20:23] Statistics will come with new data on inflation and wage
[00:20:26] gains. We'll see you tomorrow at 4 PM. Until then, stay with us
[00:20:29] on TVR Info.