Leaked documents suggest oligarch’s billions were managed from UK, undermining offshore tax avoidance plan.
Roman Abramovich may owe as much as a billion pounds in UK tax and potential penalties on profits made through a vast offshore hedge fund operation, the Bureau of Investigative Journalism can reveal after an analysis of leaked documents.
If HMRC found wrongdoing and levied the maximum penalties available, this would surpass former F1 boss Bernie Ecclestone’s £653m record tax settlement last year.
Between the late 1990s and early 2022, the billionaire – who is now sanctioned in the UK and EU – held as much as $6bn in a global network of hundreds of hedge funds. The sums totalled nearly half his estimated fortune.
These generated huge returns, which were then used to bankroll other parts of his business empire – including his financing of Chelsea Football Club.
Now a joint investigation with the BBC and the Guardian based on documents from Cyprus Confidential, the project led by the International Consortium of Investigative Journalists and Paper Trail Media, reveals evidence that Abramovich may have avoided huge amounts of UK tax on the profits by skirting “corporate residency” rules.
The investments were structured through a series of British Virgin Island companies, which ultimately belonged to a Cypriot trust of which Abramovich was sole beneficiary. A so-called tax haven, the BVI does not levy taxes on profits generated by businesses registered there.
However, leaked documents and filings from the US financial regulator suggest that investment decisions were not really taking place in the BVI. Instead, one of Abramovich’s closest associates appears to have been controlling the companies from the UK.
UK tax laws state that a company’s residence – and therefore its tax jurisdiction – is based on where it is centrally managed and controlled. In other words, it’s about where the business decisions take place.
In simple terms, Abramovich’s companies were registered offshore but were apparently being run from the UK. That would mean they should have been paying UK taxes. The data is not always complete – and it’s possible some key elements were missing from the files reviewed by reporters. But, according to experts, the evidence is enough to raise serious questions.
While an exact figure is impossible to calculate, the total sums potentially owed are enormous. The Cyprus Confidential cache contains thousands of corporate documents laying out how Abramovich managed his enormous wealth. There is a window of time between 2013 and 2018 for which reporters were able to review a full set of financial accounts. Abramovich’s hedge fund investment companies recorded profits of $1.4bn in this period. Had a flat rate of UK corporation tax been levied, this alone would amount to over £200m.
Since the hedge fund operation lasted for over two decades, the real figure is likely to be much higher. Between 1999 and 2018, it’s possible to see the relevant companies made – at the very minimum – $3.8bn in profits.
Calculations based on UK corporation tax rates during that period give a minimum figure of £536m in unpaid tax.
On top of that, if HMRC were to deem the tax avoided or evaded, there could be penalties as well as interest. These could amount to about £1bn.
Representatives for Abramovich said he obtained independent professional tax and legal advice and acted in accordance with it. He denied knowledge of any unlawful tax avoidance or evasion scheme and said he was not liable for any scheme.
Offshore Network
Documents show Abramovich’s huge hedge fund investments date back to the late 90s, when he owned and managed the Russian oil giant Sibneft. The company’s 2005 sale to Russian state-backed oil company, Gazprom, netted Abramovich over $13bn, making him one of the world’s wealthiest men.
It was around the time of this sale that he began channelling billions of dollars into a BVI company he owned called Keygrove Holdings Ltd.
Keygrove lay at the centre of a complex web of investment holding companies. It owned more than a dozen other BVI companies, all set up to invest in hedge funds and other financial products. Sibneft money flowed into Keygrove, which injected the funds into these subsidiaries.
Huge profits accumulated in Keygrove, which then loaned the money out to other entities within Abramovich’s corporate network. Over $2bn went to a BVI company called Sonora Capital Holdings Ltd, which in turn lent money onwards to another offshore entity, Camberley International Investments Ltd.
Senate Banking Committee member Elizabeth Warren is concerned the Federal Reserve may be “turning a blind eye” to alleged misconduct by America’s largest bank.
JPMorgan Chase & Co. in New York.
JPMorgan Chase for years understated the risk it posed to the financial system, according to a whistleblower who claimed that America’s largest bank made billions of dollars by violating rules established to protect the global economy from crisis.
In a 35-page letter sent to JPMorgan Chase’s board audit committee, the whistleblower, a former JPMorgan Chase banker, alleged the firm “misrepresented” several indicators used to assess its complexity by the Federal Reserve by engaging in a process called “netting,” which is prohibited under Fed rules and international standards. This practice made the bank appear less complex, allowing the firm to hold less capital in reserve — in effect eroding the financial buffer meant to protect against future shocks.
Though the practice violates international standards, the Federal Reserve allowed JPMorgan Chase and other large U.S. banks to continue it, according to another banker familiar with the matter.
Sen. Elizabeth Warren, the top Democrat on the Senate Banking Committee, said she was deeply concerned that the Federal Reserve “may be turning a blind eye as JPMorgan and other Wall Street banks cook their books and skim off of funds meant to prevent a global economic collapse.”
“Inconsistent and lax bank supervision has crashed our economy before,” she told the International Consortium of Investigative Journalists and The Bureau of Investigative Journalism.
“[Federal Reserve Chair Jerome] Powell owes the American people an explanation for allowing CEOs to manipulate their financial reports so they can pay themselves and their wealthy investors more in executive compensation and buybacks.”
The whistleblower claimed that JPMorgan Chase was able to issue an additional $75 billion to $100 billion in loans by understating its complexity. They calculated that this could have allowed JPMorgan Chase to generate an additional $2 billion in net income in one year alone.
Former policymakers warned that the lack of proper enforcement of the rules established in the wake of the 2008 financial crisis — after which taxpayers footed the bill for colossal government bailouts to stabilize the global economy — could leave large U.S. banks without the necessary capital on hand in the event of another crisis.
“If [U.S. banks] don’t have enough capital for times when they experience financial stress, that is putting their domestic economies at greater risk because it’s eroding their ability to absorb losses,” said Graham Steele, a former assistant secretary for financial institutions at the U.S. Treasury Department. “It also imposes risks to the global financial system. They will spread risk and contagion because these are global financial institutions and global markets.”
In August 2023, the whistleblower wrote in the letter to JPMorgan Chase’s board audit committee, which oversees the firm’s financial reporting, that the bank had been misreporting complexity indicators since 2016. The whistleblower claimed they had raised the issue internally in 2018 and that they were ultimately retaliated against and laid off in 2022. According to the letter, they filed whistleblower complaints with the Federal Reserve and the Securities and Exchange Commission in 2022 and briefed both agencies on the matter that year.
The indicators are part of the Federal Reserve’s quarterly systemic risk report, which the U.S. regulator uses to calculate the risk posed by the eight largest American banks to the global financial system. The Federal Reserve uses the data in the report to calculate the additional capital each bank must hold above the minimum requirements set by U.S. law, which is known as the capital surcharge. The banks that pose a greater risk to the financial system are required to hold larger capital reserves.
A JPMorgan Chase spokesperson did not answer a question from ICIJ and TBIJ about whether the whistleblower’s description of how the firm reported these indicators was accurate. The spokesperson said in a statement that the bank fully complies with all capital regulations, and that the bank’s methodology “is fully transparent to our regulators.”
The Basel Accord, an international set of banking standards, also prohibits netting in reporting these complexity indicators. The framework is not legally binding, but the members of the international committee that sets these standards — which includes the Federal Reserve and other U.S. institutions — have agreed to fully implement them in their jurisdictions.
A Federal Reserve spokesperson did not answer a question by ICIJ and TBIJ about whether the regulator allowed banks to report the complexity indicators in the way described by the whistleblower. Instead, the spokesperson pointed to the overall higher amounts of additional capital that large U.S. banks must hold in comparison to European counterparts, and the advisory nature of the international banking standards.
“Comparing how U.S. and European banks calculate their capital surcharge exposures is not a proper comparison,” the spokesperson said. “The largest and most complex U.S. banks are required under Fed rules to have substantially higher capital surcharges than their international counterparts and substantially higher capital surcharges than specified under the non-binding Basel Accord.”
JPMorgan Chase CEO Jamie Dimon. Image: Fortune Global Forum via Flickr (CC BY-NC-ND 2.0)
‘Our smartest people’
In the aftermath of the 2008 financial crisis, banking regulators across the globe agreed to a set of rules designed to strengthen oversight and regulation of banks. These new rules attempted to ensure that banks kept enough capital on hand to survive another crisis on their own without relying on a large taxpayer bailout, as occurred in the United States in 2008.
The executives of the largest U.S. banks, meanwhile, have made no secret that they consider how the U.S. has implemented these rules a roadblock to greater profits.
JPMorgan Chase CEO Jamie Dimon said previously the bank was working hard to minimize the capital it was forced to hold — assets that could otherwise be loaned out, disbursed to shareholders as a dividend, or awarded to executives in the form of annual bonuses. “We’ve got our smartest people figuring out every angle to reduce capital requirements for JPMorgan,” Dimon said in 2023.
A spokesperson for the Financial Services Forum, which represents the largest U.S. banks, said that the amount of capital these banks hold has tripled to nearly $1 trillion over the past 15 years, and that the organization has urged the Fed to review U.S. capital requirements “which are higher than international standards and have increased due to economic growth and inflation unrelated to systemic risk.”
The complexity indicators described by the whistleblower constitute a substantial part of a bank’s total global systemic risk score. A reduction to the bank’s score on those indicators could therefore have a tangible effect on its capital requirements.
The complexity indicators also require banks to report their overall trading volumes. Large banks often hold both long positions, which increase in value when the assets appreciate, and short positions that decline in value if the assets appreciate. If the banks net, or offset, their long and short positions, their trading volume will look smaller.
A bank that holds long and short positions in a single security, for example, might have zero net exposure — but it would be more complex than a bank with no positions in that security. For that reason, Federal Reserve rules and international standards require banks to report the long position and specifically prohibit netting short and long positions.
The whistleblower included in their letter what they alleged was a description of JPMorgan Chase’s methodology for reporting these indicators. It described a practice dubbed “internal operational elimination,” which the firm asserted did not constitute netting. The whistleblower contended that this policy was functionally the same as netting and derided the interpretation as “nonsensical.”
Another former JPMorgan Chase banker, who has since moved to another large U.S. bank, said other banks subject to the capital surcharge have adopted similar policies to JPMorgan Chase in reporting these indicators.
It’s deeply unfortunate that [the Federal Reserve] would allow the banks to get away with violating very clear domestic and international standards, but even more shocking to do it in a way that’s so opaque— former U.S. Treasury official Graham Steele
Asked if the banks had sought approval for that interpretation from the Federal Reserve, the banker said: “U.S. firms are kind of discouraged from making the regulators their interpretive offices. Supervisors expect the banks to have expertise, to do their work and then it’s subject to review. It’s less asking for permission up front and more of doing the interpretations and being subject to being told that they’re wrong.”
Steele, the former Treasury official, said the Fed’s failure to enforce its own rules was concerning, and could potentially advantage some U.S. banks over others if all banks were not made aware of its position at the same time. “It’s deeply unfortunate that [the Federal Reserve] would allow the banks to get away with violating very clear domestic and international standards, but even more shocking to do it in a way that’s so opaque,” he said.
The U.S. Federal Reserve Bank headquarters building in Washington, D.C. Image: MacroEcon / Shutterstock.com
Gaming the rules
Former policymakers and economists critical of the Federal Reserve told ICIJ and TBIJ that the U.S. regulator’s approach on this issue fits within a larger pattern of caving to banks’ desire for less regulation, and could undermine international coordination on banking standards.
The banking industry waged a lobbying blitz in 2023 and 2024 against proposed rules, dubbed the “Basel Endgame,” that would increase capital requirements for the largest U.S. banks. Lobbyists for the banks paid to put up billboards opposing the new rules alongside major highways and Washington’s Reagan National Airport, and even aired ads during Sunday Night Football warning that the rules would increase costs for working-class Americans.
In September, the banking industry scored a major victory when the Fed dramatically revised its plan, proposing a 9% increase for large U.S. banks instead of the 19% increase it had proposed in summer 2023. The Fed’s vice chairman for banking supervision, Michael Barr, also announced in January that he would step down from his position after advisers to President Donald Trump mulled an effort to demote him. Barr had come under attack by Republicans in the Senate in part for his role in pushing for higher capital requirements.
Do you have a story about corruption, fraud, or abuse of power?
ICIJ accepts information about wrongdoing by corporate, government or public services around the world. We do our utmost to guarantee the confidentiality of our sources.
By deviating from international standards, critics also said the Fed had made it more difficult to ensure a level playing field among banks across the globe.
“No individual country will want to penalize its own large banks,” said David Aikman, a professor of finance at King’s College London. “They’ll only sign up to those rules if they think everybody else is applying the rules faithfully.”
Mihai Craiu – Owner/CEO – Media Consulta International – Part of Fininvest-USA
La Ville de Nice remet aujourd’hui les 1ers labels « Nice Hôtel Historique » qui visent à valoriser les établissements qui ont traversé les époques.
👉 Je m’inscris à l’Essentiel Nice, notre newsletter brève, gratuite et factuelle : nice.lessentiel.fr
Le contexte
• L’offre hôtelière ne cesse d’augmenter à Nice et plusieurs établissements ont ciblé la baie des anges pour s’implanter. On en dénombre près de 200 aujourd’hui.
• Ce label fait directement écho à l’inscription de Nice au patrimoine mondial de l’Unesco, en tant que « Ville de la villégiature d’hiver de Riviera ».
• Cette période retenue, qui va de 1760 à 1939, marque l’âge d’or. C’est dans cette effervescence, où l’on a pu compter jusqu’à 14 casinos, que la ville est passée de 40 000 habitants à près de 300 000 aujourd’hui.
• L’Office de tourisme, qui veut renouer avec cette attraction touristique en hiver, promeut ainsi la richesse de Nice au travers de différents labels dont celui des hôtels.
Concrètement
• « Nice Hôtel Historique » se décline en 3 catégories (or, argent, bronze) et vise à valoriser les hôtels se situant à l’intérieur du périmètre UNESCO.
• Il tient compte de l’histoire, de la façade et de l’agencement intérieur. Pas forcément des chambres qui ont dû évoluer avec les goûts de la clientèle.
• D’autres établissements remarquables pourraient être mis en valeur comme l’hôtel du Couvent, dont le site a été fondé en 1604. Entièrement réhabilité, l’établissement ne figure cependant pas dans le périmètre Unesco.
Integrarea OTP Bank, fără impact pentru clienții BT Am început 2025 cu încredere, pregătiți să susținem planuri și idei noi. Proiectele de anvergură, cu impact pentru clienții BT, comunități și pentru România, sunt în agenda noastră pentru acest an. Unul dintre ele este integrarea OTP Bank România, care va fi finalizată în 28 februarie 2025. În calitate de client BT, nu vei simți integrarea OTP Bank. Ca și până acum, ne străduim să te servim cât mai bine cu tot ce ai nevoie pentru banking de zi cu zi. BT & OTP Bank
300.000 de persoane economisesc prin BT Pay, opțiunea Round Up Plățile făcute la POS sau online cu cardurile de debit BT pot aduce economii în Round Up, cu o dobândă de 3,2%. Numărul de persoane care folosesc opțiunea Round Up din aplicația BT Pay a crescut cu 50% față de ianuarie 2023. Cum ajung banii în contul Round Up
Aplicația BT Pay, all-in-one BT Pay este aplicația cea mai folosită de clienții băncii. De la plata cu telefonul, verificarea banilor, administrarea conturilor și a cardurilor, trimitere și primire de bani, economisire și până la donații, totul se poate face de pe telefon. BT Pay a împlinit 7 ani
Întreb BT, număr record de vizitatori în 2024 5,6 milioane de persoane au vizitat site-ul Întreb BT în 2024, +13% față de 2023. 70% din cele 430.000 de persoane care s-au informat prin AI Search pe site-urile Grupului Banca Transilvania au folosit această opțiune pe Întreb BT. Ce mai spun cifrele
Siguranța online: Banca nu solicită niciodată aceste informații Înșelătoriile au forme diferite în banking și toate au același scop, să găsească victime, miza fiind atât banii, cât și informațiile personale. Unele sunt făcute în așa fel încât să pară din partea băncilor, dar nu sunt. Indiciile unei posibile fraude
Un om modest, trăind în suburbiile din New Jersey şi conducând un Hyundai… un “Pillar of his religious community” – personalitate religioasă, om modest – ziua susținător al bisericii sale şi propovăduind cuvântul domnului în seminarii mistico-logico financiare, având însă de asemenea o latură a personalităţii sale total diferită – un gambler care paria enorm pe acțiuni ale unor companii cumpărate însă cu bani împrumutați dar în care-și punea la bătaie şi banii proprii…
Cum a reușit însă Bill Hwang să fie cvasinecunoscut pe bursa de piața de stocuri din Wall Street? Nu simplu – însă foarte eficient… Sunt mulţi investitori pe Wall Street care sunt numiți “balene” sau “balene albe” datorită dimensiunii incredibile pe care o au în termeni de investiții financiare sau avere personală… Acești investitori însă preferă de multe ori să împrumute bani prin leverage de la bănci sau fonduri de management şi să cumpere/parieze în piață cu acești bani astfel însă-n față – ca deținători – apar cei care i-au împrumutat acești bani… Deci piața nu vede numele final al deţinătorului de acțiuni, ci numele celui care i-a împrumutat banii pentru a cumpăra acele acţiuni…
Pe 26 martie 2021 băncile mari care ofereau servicii de leverage şi acționau ca şi prime broker pentru Archegos (Family Office-ul creat şi condus de Bill Hwang pentru a-şi administra proprii bani, dar şi pentru a cumpăra şi vinde acțiuni cu bani împrumutați de la bănci) aceste bănci, deci au început să vândă într-o frenezie de neexplicat stocuri de acțiuni valorând miliarde de dolari după ce deținătorul principal -Archegos- nu a reușit să îndeplinească condiţiile de “margin call” ale băncilor.
Bill Hwang – deși ar fi putut să mai aducă niște capital şi să marcheze o pierdere, a preferat să nu îndeplinească condiţia de margin-call, iar băncile care aveau expunere pe Archegos au început să vândă masiv stocuri de acţiuni pentru a-şi recupera capitalul.
Această vânzare sub presiune a făcut ca Viacom CBS să înregistreze o scădere de 27% în prețul acțiunilor sale şi o scădere similară s-a înregistrat şi pentru Discovery Inc…
Un investitor financiar important – Bill Hwang – cu un început modest în piața de capital, dar care a avut un mentor important la Tiger Management unde s-a format inițial, cu o personalitate am putea zice dublă – una care predica şi participa activ la întâlnirile religioase şi ajuta comunitatea – şi alta care paria pe Wall Street cu bani împrumutați de la bănci – ajunge să producă o pierdere de aproximativ 14% pentru Credit Suisse – un gigant bancar şi lui Nomura Holdings – un alt gigant financiar experimentat în deal-uri pe Wall Street.
De ce giganţii americani implicaţi precum – Goldman Sachs şi Morgan Stanley au fost capabili să-și limiteze pierderile, iar alte bănci precum Deutsche Bank au fost capabili să vândă la începutul crizei lui Hwang şi să NU marcheze pierderi – ține numai de viteza cu care au luat deciziile şi de timingul de vânzare extrem de rapid.
Credit Suisse – gigantul financiar “gras” şi Nomura Holdings au acționat târziu şi au marcat pierderi incredibile. La data de 30 martie Mitsubishi Financial Group a declarat pierderi de 300 de milioane de euro relaţionate de pierderile financiare ale lui Archegos Capital Management pe operaţiunile cu stocuri EMEA sau China. SEC a început o anchetă pentru a elucida mecanismele pierderii.
Pe 15 aprilie Președintele Comitetului din Senatul american responsabil cu piața de capital a scris CEO-ului de la Credit Suisse, dar şi de la Nomura şi le-a dat 14 zile pentru a răspunde şi a elucida/oferi explicații privind deal-urile lor cu Archegos Capital. Nu mai târziu de 6 aprilie 2021 Credit Suisse îşi concediază șeful de la compliance şi şeful de risc al piețelor de capital şi raportează pierderi de 4,7 miliarde dolari pe deal-urile cu Archegos şi Greensill.
Banca Credit Suisse este forțată de reglementatorii de piaţă să aducă de acasă încă două miliarde de dolari la capitalul băncii – pentru a îndeplini condiţiile de lichiditate necesare pentru a funcţiona în piață şi pentru a nu-și pune în pericol investitorii. Morgan Stanley care părea că şi-a limitat pierderile – a anunțat un miliard de euro pierduţi în afacerile derulate cu Archegos, 644 de milioane de dolari la vânzarea de stocuri de acțiuni (în 16 martie 2021 a fost făcut anunţul) şi încă aproape 300 de milioane de dolari încercând să scape de acţiunile cu potențial de contagiune şi risc.
Nomura cu pierderi de două miliarde de dolari şi Credit Suisse cu aproape cinci miliarde de dolari, dar şi Bill Hwang personal (cu aproape 20 de miliarde de dolari) sunt principalii pierzători ai acestei afaceri în care s-au “topit” aproape 30 de miliarde de dolari într-o săptămână…
Pe 27 aprilie 2022 Bill Hwang şi CFO-ul lui de la Archegos Patrick Halligan au fost arestați şi acuzaţi de racketeering, fraudă financiară cu acțiuni – într-un act de acuzare care conținea 59 de pagini de acuzații şi explicaţii ale mecanismului de pierdere.
Au fost acuzaţi de asemenea şi de manipularea pieței de capital (au mințit că aveau cash colateral de nouă miliarde de dolari în conturi ceea ce la acel moment nu mai era adevărat) deşi avocații lor au adus argumente că şi Bill Hwang a pierdut proprii bani în aceste tranzacţii ceea ce e perfect adevărat.
Credit Suisse a mai încasat o amendă de aproape 300 milioane de dolari pentru că nu şi-a luat toate măsurile de compliance şi de reducere a riscului în asemenea tranzacţii.
Departamentele de risc ale băncilor au un rol extrem de important în a identifica cât mai devreme problemele care pot apărea în negocierea cu cei împrumutați, iar acest lucru face diferenţa între faliment şi succes… Goldman Sachs a fost aici un exemplu în acest sens întrucât a identificat cu trei zile mai devreme decât majoritatea actorilor din piață problemele în deal-urile cu Archegos şi a vândut rapid aproape 10 milioane de acțiuni recuperându-şi integral valorile de bani împrumutați.
Alte bănci care au întârziat o zi – max. două – au plătit un preț de aproximativ un miliard de dolari din aceste pierderi. Morgan Stanley, deşi a acționat tot în 26 martie 2021, nu a reușit să vândă integral şi la prețuri bune acţiunile deţinute şi au înregistrat o pierdere de aproximativ un miliard de dolari…
Mihai Craiu – Owner/CEO – Media Consulta International – Part of Fininvest-USA
Balint (BNR): “Rumanía está experimentando un milagro económico”
En una década, el PIB per cápita se ha acercado muy rápido a la media de la UE…
… por el contrario, el PIB per cápita de España se ha estancado o incluso retrocedido
La economía es caprichosa y el siguiente ejemplo real lo corrobora. Corría el año 2012. España se encontraba inmersa en una crisis histórica, la tasa de paro superaba el 20% y encontrar un trabajo era casi más difícil que ganar la lotería. Sin embargo, en ese justo momento, la población rumana que había llegado a España buscando un futuro mejor marcaba máximos. Año 2025: contra todo pronóstico y mostrando cómo la economía puede cambiar en unos pocos años, las empresas españolas tienen cada vez más problemas para encontrar determinados trabajadores en el mercado laboral. Frente a lo que sucedía en 2012, los ciudadanos rumanos están marchándose en desbandada, lo que puede agravar la escasez de mano de obra de España. El buen hacer de la economía rumana, el envejecimiento de la primera oleada migratoria y el lúgubre futuro que le depara a la economía española están generando esta peligrosa tendencia para el mercado laboral español. El 30% de los rumanos que residían en España se han marchado en unos pocos años, además, según los economistas, “una buena parte son los perfiles más preparados”. Perfiles con una cualificación media o medio-alta que desempeñaban algunos de los trabajos manuales más demandados en la actualidad.
Desde 2012 hasta los últimos datos publicados por el Instituto Nacional de Estadística (en 2022), la población rumana en España ha descendido en más de 250.000 personas. En 2012, tocó techoel influjo agregado de ciudadanos de ese país que rozó los 900.000. En la actualidad, los rumanos en España apenas superan los 620.000, según los últimos datos del Instituto Nacional de Estadística. El acusado descenso no ha terminado y es una auténtica pena que el tejido productivo español no haya podido retener a una población que comparte importantes lazos culturales, que se había integrado casi a la perfección y que presentaba una cualificación notable, sobre todo las segundas generaciones.
Stefan Posea, economista de ING, señala en declaraciones a elEconomista.es que “los datos recientes del Instituto Nacional de Estadística de Rumanía indican que se han producido flujos netos positivos de residentes. Creemos que la peor fase de las tendencias de emigración entre los rumanos nativos probablemente ya ha pasado y que cada vez más rumanos que viven en el extranjero están regresando a su país, siendo un factor clave el aumento del nivel de vida en el país”, explica este experto.
Los rumanos vuelven a casa pese a todo
Los rumanos están volviendo a casa. Es cierto que en las últimas semanas Rumanía ha ocupado los titulares de prensa por su crisis política. La decisión del Tribunal Supremo de anular unas elecciones en las que en la primera vuelta había vencido un candidato outsider del sistema y con simpatías hacia Rusia y Donald Trump ha conmocionado a la opinión pública y nublado un poco más las perspectivas económicas en la medida en las que las tradicionales fuerzas políticas se han visto zarandeadas y hace falta estabilidad para abordar los restos fiscales. Pero este contexto no tapa la historia de éxito económico de Rumanía en las últimas décadas, coronada con una buena noticia reciente opacada por el terremoto político: su adhesión este 2025 al espacio Schengen de libre circulación entre países de la UE.
“Las tensiones políticas en Rumanía se producen en el contexto de una generación o más de transformación general con éxito tras décadas de régimen comunista. El dictador comunista Nicolae Ceausescu -máxima autoridad del país durante más de 20 años- era represivo y económicamente incompetente, incluso para los estándares comunistas. Cuando los rumanos derrocaron su régimen en una rápida (y violenta) revuelta en diciembre de 1989, Rumanía era uno de los países más pobres de la Europa dominada por los soviéticos. Ahora ya no. Tras unos comienzos lentos, las reformas de libre mercado de Rumanía dieron sus frutos. Su economía se ha cuadruplicado desde 1989 y ha ingresado en la OTAN y la UE”, destaca Daniel Fried, exembajador de EEUU en Polonia en un análisis para el think tank Atlantic Council.
Un análisis reciente del banco central del país revela que el PIB per cápita de Rumanía, medido en paridad de poder adquisitivo en relación con el promedio de la UE, ha aumentado desde representar tan solo el 25% a principios de los años 90 a casi el 80% en la actualidad, alcanzando a sus pares de Europa central y oriental (CEE), Polonia, Eslovaquia y Hungría. Por el contrario, el de España se ha atascado en los últimos años.
El milagro económico de Rumanía
En las últimas tres décadas, Rumanía ha experimentado un “milagro económico”, logrando un crecimiento económico notable y transformándose en una economía de desarrollo medio, según ha declarado Csaba Balint, miembro de la junta directiva del Banco Nacional de Rumanía (BNR), en un artículo titulado ‘La ‘Edad de Oro’ económica de Rumanía: la percepción pública frente a la realidad en números’.
Además, la fuerza laboral de Rumanía es ahora tres veces más productiva que en 2000, aseguraba Balint. Rumanía ahora tiene una de las tasas de convergencia más aceleradas de Europa después de casi un siglo y medio de subdesarrollo y de lucha contra los desafíos tras la transición desde una economía centralizada a una de mercado. ¿Cómo fue posible este espectacular progreso en los últimos 20-25 años? La respuesta corta es: la integración europea, asegura el banquero central.
“La integración en la Unión Europea dio a Rumania acceso a un vasto mercado común, fondos estructurales y oportunidades de inversión sin precedentes. La adopción de estándares europeos, la implementación de reformas estructurales y el fortalecimiento de las instituciones democráticas fueron elementos clave en este proceso”, añade el experto del banco central.
Según la teoría económica, el crecimiento se basa en dos elementos fundamentales: la contribución de la fuerza de trabajo (número de empleados y horas trabajadas y la productividad laboral. Esta última está determinada por el capital (equipos, fábricas, infraestructura) y la productividad total de los factores (PTF), una medida de la eficiencia del uso de los recursos económicos, que refleja la innovación, el progreso tecnológico y la calidad de la gestión. “La integración europea ha permitido que la fuerza laboral rumana sea aproximadamente tres veces más productiva hoy en día en comparación con principios de este siglo, desbloqueando un enorme potencial de crecimiento”, asegura el miembro del banco central de Rumanía.
Un cambio radical
La transformación de Rumanía de una economía cerrada a una economía de mercado abierta nos ha permitido participar en el comercio internacional e integrarnos en las cadenas de valor globales. Este camino ha traído consigo desafíos y una intensa competencia, pero el impacto positivo en la economía es innegable. Además, los fondos europeos han apoyado reformas esenciales e inversiones en infraestructura y servicios públicos, contribuyendo directamente al crecimiento económico. La inversión extranjera directa (IED) también ha desempeñado un papel decisivo, proporcionando capital y aumentando la productividad total de los factores a través de la transferencia de tecnología y experiencia gerencial, elementos indispensables de una economía moderna, asegura este experto.
El economista de ING Stefan Posea aclara que “hay pruebas de que los inmigrantes rumanos cualificados están regresando a los centros urbanos. Además, un aumento significativo de los inmigrantes a Rumania, especialmente del sudeste asiático, ha contribuido a los flujos netos positivos de residentes… aunque todavía hay más rumanos que abandonan el país que los que regresan… la situación es definitivamente más equilibrada ahora en comparación con los años anteriores”, asegura el experto. Muchos de los que abandonan España tenían formación en fontanería, carpintería, electricidad, albañilería… perfiles que se demandan con gran intensidad en la actualidad.
No obstante, “para la diáspora rumana, unos servicios públicos de mayor calidad en el extranjero podrían seguir siendo más importantes que unos ingresos mejores a la hora de considerar regresar o emigrar. El desarrollo regional desigual en Rumania sigue siendo una barrera importante para quienes solo consideran su ciudad o pueblo natal como una opción para el retorno. En general, si bien hay algunos casos de retorno de rumanos, todavía no se trata de una tendencia extremadamente generalizada, ya que todavía existen muchos factores limitantes”, sentencia este experto.
Más crecimiento en el corto plazo
Pero Rumanía sigue creciendo, lo que puede incrementar aún más esta tendencia. El economista de ING aclara que hoy en Rumanía los principales factores que han impulsado la expansión del PIB son, en general, un fuerte apetito de los consumidores, una política fiscal expansiva y el aumento de las inversiones.
“El consumo privado se ha visto generalmente respaldado por tasas saludables de crecimiento de los salarios y las remesas. En la industria y los servicios, los sectores automovilístico y de las tecnologías de la información han sido los principales impulsores del crecimiento. Más recientemente, una visible aceleración de las mejoras de la infraestructura también mejorará el potencial productivo”, apunta Stefan Posea.
Más allá de los rumanos que vuelven a su país por la mejora de las condiciones económicas, también están los que deciden regresar para vivir allí la jubilación. Así lo destaca Flavia, coordinadora de la Asociación Hispano-Rumana Salva, que explica en declaraciones a elEconomista.es que existen otros factores relevantes que explican esta ‘fuga’ de rumanos de España. Por un lado, muchos de los ciudadanos que llegaron en la primera oleada migratoria han comenzado a jubilarse o están llegando a la etapa final de sus carreras laborales. “Cuando llega ese momento son muchos los que deciden volver a Rumanía, a sus pueblos o sus regiones de origen, donde suelen tener una casita y familia”. Esta experta matiza y asegura que aunque la economía ha mejorado, Rumanía todavía siguen siendo un país relativamente pobre de Europa.
Por otro lado, los datos de la Seguridad Social española plantean una radiografía radicalmente opuesta, en apariencia, a la del censo: desde 2012, los afiliados medios de nacionalidad rumana han aumentado un 24%, pasando de 266.433 a 336.599. Sin embargo, una lectura más profunda de las cifras arroja claves que no solo reducen la eliminación, sino que confirman que ambas estadísticas cuentan una historia similar.
La discrepancia entre el número de ciudadanos rumanos y el de afiliados se explica por dos razones: la primera es la volatilidad de los empleos de estos trabajadores, que los datos de la Tesorería de Seguridad Social no recogen tan claramente. Ello contribuye a que aparezca diferencia entre trabajadores en alta y población. La segunda es el empleo sumergido.
Pero, además, los datos demuestran un elevado retroceso de los trabajadores de menos de 35 años, que ha caído un 47%, pasando del 50% al 22% del total, mientras los de más edad han aumentado. ¿Qué significa esto? Que no llegan nuevos trabajadores, sino que los que llegaron hace unos años y se han estabilizado han ido accediendo a mejores empleos, el resto vuelve a sus países. Eso explica también que la brecha entre censo y afiliación se haya reducido.
También hay otro factor menos importante, pero también destacable, que son los rumanos que se marchan a otros países de la Unión Europea, donde los salarios son más altos y las oportunidades laborales mayores que en España, como puede ser el caso de Suiza o Alemania, sentencia la experta.
TEL AVIV/CAIRO, Jan 18 (Reuters) – Israel approved a ceasefire deal with Palestinian militant group Hamas on Saturday that involves releasing hostages in the Gaza Strip, and Israeli forces carried out new attacks in the enclave before the agreement’s scheduled start on Sunday.
The three-phased agreement is set to halt a 15-month-old war between Israel and Gaza’s rulers Hamas that has decimated the Gaza Strip, killed tens of thousands of Palestinians and destabilised the Middle East.
The war was triggered by Hamas’ Oct. 7, 2023 attack on southern Israel in which 1,200 people were killed and more than 250 taken hostage, according to Israeli tallies. More than 400 Israeli soldiers have been killed in combat in Gaza since.
The Israeli cabinet ratified the ceasefire deal which is meant to stop fighting and see the release of dozens of hostages held by Hamas in return for scores of Palestinians jailed in Israel. Its first stage will last six weeks.
Prime Minister Benjamin Netanyahu said that Israel was still waiting for a list of hostages to be released and reserved the right to resume the war, with U.S. backing, should the second stage of the ceasefire prove futile.
“If we must return to fighting we will do that in new, forceful ways,” Netanyahu said in a video statement.
In Gaza, Israeli warplanes have kept up attacks since the deal was agreed, and pounded the territory on Saturday.
Israeli tanks shelled Gaza City and airstrikes hit central and southern Gaza, residents said. Medics in Gaza said five people were killed in an airstrike that hit a tent in the Mawasi area, west of the city of Khan Younis.
The Israeli military said that since Friday it had struck Hamas and Islamic Jihad fighters who were among 50 “terror targets” it hit across Gaza.
Nearly 47,000 have been killed since the start of the war, according to the Palestinian health ministry, including 123 killed in Israeli strikes since the ceasefire deal was announced on Wednesday, according to emergency services.
COUNTDOWN
In Tel Aviv, a large clock at the so-called Hostage Square by Israel’s defence headquarters was still counting the days, hours, minutes and seconds since the hostages were taken. Protests for their release have been held there regularly since.
Hundreds gathered there on Saturday night, marking the second birthday of the youngest hostage, Kfir Bibas.
Images of his terrified mother Shiri surrounded by Palestinian gunmen and clutching her two young red-haired sons moments before they were dragged off to Gaza began circulating soon after they were seized. Father Yarden was also abducted.
“Today I tried to write a birthday message for his second birthday, for the second time, for a child who cannot celebrate, a child who isn’t here, a child who might not even be alive. But no words came, only tears,” said Ofri Bibas, Kfir’s aunt.
The Gaza ceasefire will come into effect at 0630 GMT on Sunday. The White House expects three female hostages to be released to Israel in the afternoon through the Red Cross.
Thirty-three of the 98 remaining Israeli hostages, including women, children, men over 50 and ill and wounded captives, are to be freed in the first phase of the ceasefire. In return, Israel will release almost 2,000 Palestinians from its jails.
They include 737 male, female and teen-aged prisoners, some of whom are members of militant groups convicted of attacks that killed dozens of Israelis, as well as hundreds of Palestinians from Gaza in detention since the start of the war.
Israel’s Justice Ministry published their details early on Saturday, along with the ceasefire agreement, which said 30 Palestinian prisoners would be released for each female hostage on Sunday.
After Sunday’s hostage release, lead U.S. negotiator Brett McGurk said, the accord calls for four more female hostages to be freed after seven days, followed by the release of three further hostages every seven days thereafter.
With the Gaza accord opposed by some Israeli cabinet hard-liners, media reports said 24 ministers in Netanyahu’s coalition government voted in favour of the deal while eight opposed it.
One of them was far-right police minister Itamar Ben-Gvir, who said his party’s ministers will submit resignation letters on Sunday.
MISSILES
The Gaza conflict caused shockwaves across the region, triggering a war with the Lebanese Hezbollah movement and bringing Israel into direct conflict with Iran for the first time.
The Yemeni Houthis, also backed by Iran, have carried out hundreds of attacks on what they say are Israeli-linked cargo ships travelling via the Red Sea and fired missiles at Israel, which has retaliated with airstrikes in Yemen.
At least two missiles were fired from Yemen on Saturday, the Israeli military said, setting off air raid sirens in Tel Aviv, Jerusalem and the southern resort town of Eilat before they were intercepted.
In Tel Aviv, a Palestinian man stabbed and wounded one person, police said, before he was shot by a passerby. His condition was not immediately clear.
Toatā lumea dezbate si critică ce conține ordonanța „trenuleț”. Nimeni nu vorbește ce anume NU conține.
Pe vremea prea stimabilei ministrese Sorina Pintea, pentru a nu văduvi spitalele private de fondurile publice, sub umbrela generoasa a sintagmei „banii urmăresc pacientul”, s-a decis ca spitalele private sa poată beneficia de decontarea serviciilor de către Casa Națională de Asigurări de Sănătate, la același tarif si in aceleași condiții ca decontarea pe care o aveau spitalele publice.
Superb! Deci pacientul românesc, indiferent de unde este, de unde vine, ce condiție sociala sau financiara are, poate beneficia de serviciile deosebite oferite de spitalele private.
Cu o condiție. Să suporte o coplată. Nu mică. Întrebarea este: pentru ce?
Răspunsul este simplu:
Pentru ca beneficiază pacientul romanesc de condiții excepționale de cazare si hrană
Pentru ca spitalele private nu ar putea supraviețui cu tarifele decontate de la CAS – asa cum supraviețuiesc spitalele publice –
Pentru ca chiar dacă supraviețuiesc vor sa facă profit mai mare, prin bani publici.
Chiar conducerea tuturor spitalelor private sunt de acord ca tariful decontat de CAS este sub prețul corect al serviciului medical spitalicesc (si nu numai ).
Aici suntem cu toții de acord. Public si privat.
Pai si atunci sa nu ne întrebăm:
Cum supraviețuiesc spitalele publice daca produc servicii medicale sub costul real al prestației ?
De ce nu sunt lăsate si spitalele publice sa întregească costul prestației medicale la tariful corect, solicitând si ele coplata ? Nota Bene: exista spitale publice in Romania care din punct de vedere al condițiilor hoteliere si al serviciului medical bat multe spitale private.
Nu cumva lobby-ul puternic al companiilor care stau in spatele spitalelor private, au obținut aceasta victorie financiara in detrimentul spitalelor publice?
Nu pot spitalele private sa supraviețuiască fără fondurile CAS ?
Ba da. Dar profitul nu ar fi la fel de mare.
Asta este unul din lucrurile care lipsește din celebra ordonanță. Dacă tot e austeritate, de ce să nu dam spitalelor publice fondurile care acum merg spre spitalele private ?
Răspunsul cred ca-l găsim în linkul: https://ro.wikisource.org/wiki/Cîinele_și_cățelul
LVMH, the French luxury conglomerate headed by Bernard Arnault, has completed its latest major acquisition, but instead of an exclusive fashion brand or jewellery marque, the multinational company has purchased a €46.5 million villa in Cannes. The stunning property is set to become a hub for high-end events and experiential branding.
French luxury conglomerate LVMH has acquired Villa Bagatelle, a historic Art Deco property in Cannes, for approximately €46.5 million, according to Bloomberg. The sale is believed to have been finalised in April and was reportedly brokered by Magrey & Sons.
Built in 1928, the villa boasts 12 bedrooms, three swimming pools—two outdoor and one indoor—and expansive terraced gardens overlooking the Mediterranean. LVMH, which owns brands such as Louis Vuitton, Christian Dior, and Moët & Chandon, is expected to use Villa Bagatelle to host exclusive events during Cannes’ flagship festivals, from Cannes Lions to the world-famous Film Festival. The villa will also be rented out during the summer months, when the French Riviera becomes a magnet for affluent tourists.
Cannes, located around an hour from Monaco, is a prime location for high-profile marketing opportunities, given its reputation for hosting large-scale, sophisticated events. The city and its glamorous neighbourhoods, such as La Californie and Super Cannes, are also home to an incredible mix of modern and Belle-Époque properties, making Cannes a key destination for high-end real estate.
LVMH’s acquisition reflects a growing trend among luxury and fashion companies of investing in real estate for experiential marketing. In 2023, LVMH spent €2.45 billion globally on real estate acquisitions, primarily for retail spaces, but also including premium residential and hospitality properties.
The move aligns with LVMH’s broader push into entertainment, announced earlier this year, which aims to enhance brand visibility through premium film, television, and audio productions.
With 2025 just around the corner, the Principality’s world-class venues are preparing to host a series of unforgettable New Year’s Eve celebrations that will blend fine dining with top-quality entertainment and that classic Monaco glamour.
From extravagant gala dinners to lively parties in iconic nightclubs, here is Monaco Life’s ultimate guide to welcoming in the New Year in style.
A feast to remember
Let us start with Mayabay, which is bringing back its festive Lantern Night celebration for New Year’s Eve. Beginning at 8pm, the evening will feature a lively DJ set, captivating performers and a vibrant atmosphere, with a minimum spend of €350 per person. For reservations, call +377 97 70 74 67.
The party will get going at Mayabay from 8pm. Photo source: Mayabay
Further along Larvotto, Cipriani is hosting a gala dinner on 31st December, offering festive entertainment and a specially tailored menu. Guests can expect an elegant evening in a refined atmosphere to mark the transition into the new year. Reservations can be made here.
For a dinner that transitions into a party, Gaia restaurant and NYX Monte Carlo are presenting The Modern Ball of the Season. The evening begins at 8.30pm with an indulgent feast at Gaia, featuring a New Year’s Special menu alongside à la carte options, before the festivities move to NYX for an exclusive after-party. Guests can expect captivating live DJ sets, curated cocktails and an intimate yet dynamic atmosphere that will carry the celebrations into the early hours of 2025. The theme calls for classic elegance, with formal tuxedos for gentlemen and floor-length gowns for ladies. To reserve, contact [email protected] or call +377 99 92 33 36.
On the way to the Place du Casino, Buddha-Bar is planning an Asian-inspired New Year’s Eve celebration, with dinner at its lounge priced at €450 per person, and dinner at the main restaurant priced at €490 per person, both including half a bottle of champagne. The evening will feature DJ performances and an evolving atmosphere as the night progresses. To book, call +377 98 06 19 19.
In the Place du Casino, the Café de Paris is hosting a New Year’s Eve dinner for €450 per person, with musical entertainment to enhance the experience. Guests can also return the day after for a New Year’s lunch in the iconic brasserie setting. For more information, click here.
Above the Café de Paris, Amazónico will be celebrating its first New Year’s Eve in the Principality with exclusive menus, signature cocktails and live DJ sets. An early dining option is available from 6pm to 8pm, perfect for those planning to continue their celebrations elsewhere later in the evening. Call +377 98 06 14 14 to make a reservation.
Down in Port Hercule, the Quai des Artistes will host a festive New Year’s Eve dinner priced at €275 per person, excluding drinks. The menu features dishes such as foie gras ravioli, a selection of seafood and turbot with champagne and caviar sauce. Live music by Emily Johnson will enhance the celebratory atmosphere in this refined venue. For reservations, click here.
Head down to the Quai des Artistes in Port Hercule for an elegant evening of champagne, caviar and delicious seafood. Photo source: Quai des Artistes
Right next to Quai des Artistes, Marius will offer a refined New Year’s Eve menu for €160 per person. Highlights include warm Monaco oysters, foie gras with black truffles, poached turbot, roasted beef tournedos and indulgent desserts like flambéed Baked Alaska and chocolate soufflé. For reservations, call +377 97 97 95 95.
Dance into 2025
Twiga Monte Carlo promises an evening of dining and entertainment, starting with a set menu and a live performance by Alessandro Ristori and The Portofinos. The celebration continues into the night at Twiga’s club, where the resident DJ will create a festive atmosphere for guests to dance their way into 2025. To make a reservation, email [email protected].
Right across from Twiga, Sass Café is offering a New Year’s Eve dinner priced at €650 per person. The experience includes a bottle of Dom Pérignon Blanc for every two guests, ensuring an indulgent celebration in one of Monaco’s most iconic venues. For reservations, call +377 93 25 52 00.
For those seeking a lively nightlife atmosphere, Jimmy’z will open its doors at 11pm for a glamourous and vibrant New Year’s Eve party, continuing its tradition as one of Monaco’s top nightlife destinations. For more information, click here.
Indulgent New Year’s Eve escapes
Ring in the New Year at the Fairmont Monte Carlo with a variety of celebratory experiences to suit every taste.
There’s the Prestige Gala Evening in the Salon de Gala, featuring a gourmet buffet, half a bottle of Taittinger Champagne and live entertainment, including a DJ, magician and dinner show, for €485 per person (€65 for children aged six to 12, free for children under five with a babysitter at the Kids Club) or you can head to Nobu Monte Carlo, which will be serving up a special omakase menu for €390 per person (excluding drinks). Expect dishes such as scallops with yuzu and slow-cooked Wagyu. À la carte dining is also an option, with a minimum spend of €350 per person after 9pm. For a more vibrant atmosphere, Amù Monte Carlo offers a festive à la carte evening with live music and a DJ to keep the celebrations going until the early hours. For more information, click here.
Additionally, several high-end dining options are available for the evening at the Hôtel de Paris.
Le Louis XV – Alain Ducasse, the hotel’s three-Michelin-starred restaurant, will serve a menu priced at €1,200 per person, with an optional food and wine pairing available for an additional €500. Le Grill, the hotel’s one-Michelin-starred restaurant, offers a set menu for €990 per person, while La Salle Empire will host a lavish New Year’s Eve dinner for €1,200 per person, including a food and wine pairing and live entertainment.
For a more casual yet sophisticated celebration, the Bar Américain will feature live music alongside its dinner offering, priced at €450 per person, with a minimum drink consumption of €750 per guest. More information on all Hôtel de Paris experiences is available here.
The Hôtel Hermitage is also providing multiple options for the evening.
Chef Yannick Alléno’s Pavyllon Monte-Carlo will offer a six-course menu for €990, including a glass of champagne, with an additional wine pairing available for an extra charge. L’Abysse Monte-Carlo will serve an omakase menu priced at €500, or €700 with wines included. The Salle Belle Époque will host a festive dinner featuring a single menu with half a bottle of champagne, priced at €700 per adult and €350 for children under the age of 12. For more information, click here.
The Monte-Carlo Bay Hotel and Resort is offering several choices for New Year’s Eve.
Blue Bay, led by Chef Marcel Ravin, has a menu priced at €850 per person, including half a bottle of Dom Ruinart Champagne. La Table de Marcel features a more exclusive dining experience at €1,100 per person, with wine pairings included. L’Orange Verte offers a festive menu for €395 per person, which includes half a bottle of Ruinart Champagne, live performances and dynamic entertainers.
For those looking for a lively evening, the pop-up bar at Blue Gin will host a party starting at 11pm, with a minimum table spend of €350 for two guests, including a bottle of champagne. More information is available here.
A grand finale
At the Opéra de Monte-Carlo, guests will have the chance to experience a unique New Year’s Eve that combines opera and fine dining. Donizetti’s L’elisir d’amore will be performed in the historic Salle Garnier, with tickets priced between €110 and €280.
For those seeking a more exclusive experience, the opera is paired with a gala dinner at the Hauser & Wirth gallery for €980 per person. This package includes a champagne reception and the opportunity to dine with artists from the production. Places are limited and reservations can be made by either calling +377 92 00 13 70 or clicking here.