ASPECTS REGARDING THE DEVELOPMENT OF BUCHAREST STOCK EXCHANGE

Capital market in Romania is in a slow process of development, because the performances of the Bucharest Stock Exchange (BSE) are ranking it among the last ones in Europe. The causes of slow development of capital market and remain behind compared to other Eastern European markets are numerous and consist of: late establishment of the two parts of the capital market – stock exchange and OTC market, modest use of capital market in the privatization process of state-owned companies; compromise of investment funds after scandals with SAFI and FNI; delay reform of the pension system, withdrawal from Bucharest Stock Exchange of major companies such as Dacia Piteºti, Arctic Gãieºti or Terapia Cluj Napoca, using bank credit as financing method of Romanian companies. Products lunched by BSE must satisfy the requirements of local and foreign investors who were already accustomed to derivatives launched by the Financial and Commodities Exchange from Sibiu. In addition, Bucharest Stock Exchange should use the experience of major European and American ones that run large financial processes of innovation and launched contracts on weather, volatility indices, price indexes for real estate, etc.securities, derivatives, capital markets, development, integration, and financial innovation

The Romanian Municipal Bond Market and the International Financial Crisis

In Romania, the bond market was set up later, comparatively to the equity market. This market is in a development process, but the international financial crisis has affected even the interest of investors in bonds. The secondary municipal bond market is not a very liquid market because these securities are bought from the primary market and held in portfolios by investors because these bonds have a low risk. The issue of these bonds is correlated with the financial independence and the level of decentralization of the local public authorities. The issuance of these bonds is correlated with financial independence and decentralization level specific to local public authorities. Under crisis conditions, the volatility of this market is more significant, the increasing deficits of local budgets decreasing the interest of the middle-class in investing in such financial instruments.bonds, crisis, stock exchange, municipalities

CONSIDERATIONS REGARDING THE ROLE OF FOREIGN DIRECT INVESTMENT IN ROMANIAN BANKING SYSTEM

The foreign banks could be a key element in the process of financial integration of our country in the international and European financial system. This paper analyses the importance of foreign capital in world economy and implications of foreign direct investment in Romanian banking system.investment, banks, mergers, acquisitions

Considerations Regarding the Social Responsible Investments on Capital Market

The social responsibility concept has a dramatic dynamics in the last decades taking in account typology of economic agents involved: transnational corporations, small and medium enterprises and portfolio investors. In this paper, we analyze the development of environment, social and governance (ESG) practices on the European capital market and the active implication of investment consultants and stock exchanges in this field. Taking in account the conclusions of this article, some legal measures could be set up in Romania in order to promote the concept of social responsible investment (SRI) on the local capital market.investments, social responsibility, capital market, social governance.

The Romanian Municipal Bond Market and the International Financial Crisis

In Romania, the bond market was set up later, comparatively to the equity market. This market is in a development process, but the international financial crisis has affected even the interest of investors in bonds. The secondary municipal bond market is not a very liquid market because these securities are bought from the primary market and held in portfolios by investors because these bonds have a low risk. The issue of these bonds is correlated with the financial independence and the level of decentralization of the local public authorities. The issuance of these bonds is correlated with financial independence and decentralization level specific to local public authorities. Under crisis conditions, the volatility of this market is more significant, the increasing deficits of local budgets decreasing the interest of the middle-class in investing in such financial instruments

Comparative Antifungal Effect of Lactic Acid Bacteria Strains on Penicillium digitatum

Lactic acid bacteria (LAB) are natural alternative to chemical preservatives for fruits. The aim of the research was to select LAB strains with high antifungal activity against Penicillium digitatum for the biopreservation of fruits. The antifungal activity of eight lactic acid bacteria strains has been evaluated against Penicilliuum digitatum isolated from orange, by overlay assay method and by optical microscope examination. The reversion of inhibition zone after 96 h was recorded as a fungistatic effect while those with inhibition zone for at least 7 days were recorded as fungicidal. The antifungal effect of efficient LAB strains was assessed by comparing inhibition of fungal biofilm formation in liquid media. The strains Lpl, Lpa, LAB 13, LAB 15, LAB 43 and LAB 58 presented intense antifungal activity with clear inhibition zones diameter over 20 mm. The microscopy evidenced atypical hyphae and delaying of conidial chain formation. The strains Lpa, LAB 13, LAB 15 fully inhibited the mycelia growth, strains LAB 43 and LAB 58 partly with delaying of biofilm formation on the surface of culture medium. The results of comparative antifungal activity of LAB strains evidenced the highest inhibition of fungal biofilm formation and structural damages of hyphae and spores caused by the strains Lpa, LAB 13 and LAB 15. These strains could be efficient biocontrol agents of Penicillium digitatum in fruits

Preliminary study of microbial communities in soil contaminated with oil hydrocarbons from Icoana

Soil contamination with crude oil or petroleum residues is worldwide the major problem occurred consequently to exploitation, transport and processing. The presence of hydrocarbons leads to increased quantities of carbon and imbalances in C:N ratio with consequences on microbial life from soil. A wide variety of edaphic microorganisms including bacterial and fungal species are known as hydrocarbon bio-degraders, contributing to soil decontamination. Research has been carried out to characterize the microbial communities in soil contaminated with oil hydrocarbons by an accidental spill from broken pipes in Icoana, Olt county. The results revealed important decrease in both bacterial and fungal counts under the impact of contaminant hydrocarbons as compared to non-contaminated soil, accompanied by biodiversity loss (SR2 values 1.49 for bacteria and 2.32 for fungi comparatively with 7.02 and respectively 3.27 in non-contaminated soil). Low levels of global physiological activity of microorganisms registered in contaminated soil and 2.34 times higher levels in non-contaminated soil. Changes in species composition of microbial populations indicated moderate similarity between bacterial species lists (SI=67) and important dissimilarity between fungal species lists (SI=16). Hydrocarbon utilizers from microflora included pseudomonads, bacilli and cosmopolitan fungal species from genera Cladosporium, Fusarium, Sporothrix in contaminated soil and Trichoderma, Cladosporium, Aspergillus, Penicillium in non-contaminated soil

Some challenging (macro)economic aspects of FDI in Romania

The research intends to analyse a series of FDI effects on Romania from the viewpoint of structure, volume and dynamics by types, sectors and branches, development regions and origin countries, as well as the impact on the expatriated and reinvested earnings, trade balance, and profitability of economic agents with FDI, transfer prices, and competitiveness of exports.The outcome of the research highlights the overall negative trade balance of enterprises with FDI between the years 2007-2010, the relation between reinvested and expatriated profit, and the unfavourable impact of some energy traders on competitiveness. The importance of foreign investments in industry is highlighted, especially in the manufacturing industry and the unsatisfactory structure of FDI, which in Romania aims at the medium- and low-tech level branches.FDI; repatriated earnings; trade balance; state-owned transnational corporations, transfer prices

STUDY ON THE PRODUCTIVE CAPACITY OF AN ASSORTMENT OF JERUSALEM ARTICHOKE GROWN AT ARDS CARACAL

Jerusalem artichoke is a plant native to North America, having numerous features from the agronomic point of view, such high growth rate, good tolerance to frost, drought and poor soil, strong resistance to pests and plant diseases and very low requirements related the fertilizers. Usually, Jerusalem artichoke has been used for food or animal feed, but due his chemical compounds it starts to be used for the production of functional food ingredients such as inulin, oligofructose and fructose. The biomass is considered a rich source of ethanol and the production of biogas from Jerusalem artichoke is much higher compared to other energy crops. The variety is one of the main factors of technology, the cultivation of a variety should be done only after a prior test on its adaptability to natural environmental factors. In this paper we present the behavior of 4 tested variety of Jerusalem artichoke cultivated in the conditions of the argic chernozem from the Caracal Plain. The most valuable variety proved to be Olimp, which generate o biomass production of over 49 tons/ha, followed by Rareș variety with 43 tons/ha

THREE MAIN PATHOGENS THAT AFFECT APPLES DURING STORAGE AND THEIR INFLUENCE ON FRUITS QUALITY

The postharvest pathogens that infect apples during storage period affect fruits quality and lead to important economic losses worldwide every year. Three appreciated apple varieties (Golden Delicious, Jonathan, Starkimson) have been evaluated for the incidence of main storage pathogens that operate in fruits (Penicillium expansum, Botrytis cinerea and Monilinia fructigena) and their impact on fruits quality. The results emphasized negative correlation between water content and dry matter for all apple varieties affected by storage pathogens. Despite the fact that were not significant differences between apple varieties, Golden Delicious has been recorded the lowest water content (74,62% for fruits affected by Penicillium expansum, 77,87% for fruits affected by Botrytis cinerea and 74,68% for fruits affected by Monilinia fructigena) and highest dry matter (24,63% for fruits affected by Penicillium expansum, 25,38% for fruits affected by Botrytis cinerea and 21,86% for fruits affected by Monilinia fructigena). Potassium and Phosphorus content decreased, while Iron content increased for all apple varieties affected by pathogens. The sugar content decreased with almost 20% for apple fruits, the lowest values for all varieties have been recorded in case of Botrytis cinerea and Monilinia fructigena attack. The highest raw protein values have been determined to all apple varieties affected by Monilinia fructigena (Golden Delicious 0,69g, Jonathan 0,89g and Starkimson 0,52g). The study revealed that apple quality during storage depends on the variety susceptibility, postharvest fruit health, fruit mineral composition, fungal inoculum and storage conditions