Financial Mirror - August 1 - 7

August 1 - 7, 2012

FinancialMirror.com

2 | NEWS

Draghi’s pledge becomes make or break l Stabilisation of euro crisis may be needed to avoid Aug 2011 rout ECB chief Mario Draghi may now have positioned himself as the difference between a tranquil August and an action replay of 2011’s nightmare summer shakeout in global markets.

Between July 27 and the end of September last year, world stock markets lost almost 20%.

Back then, the triggers - a debt ceiling row in Washington and U.S. government credit rating downgrade - may have been different. But the backdrop was the same: a smouldering crisis in the euro zone, relentless retrenchment of bank lending and household borrowing, and a spluttering global economy.

The epicentre has now shifted very much to Frankfurt.

As policymakers at the world’s two most powerful central banks, the U.S. Federal Reserve and European Central Bank, prepare to meet again against deepening global market and economic gloom, it’s difficult to overstate Draghi’s role.

His pledge on Thursday that the ECB would do everything in its power to save the euro ignited world markets only because it was twinned with his assertion that some stabilisation and reversal of now wildly divergent government borrowing rates within the bloc was central to its mandate.

Draghi’s ability to quickly back his words with action that cuts those extreme bond yield spreads and at least neutralises the corrosive effect on global economic confidence of the lingering euro threat, is easily the biggest make-or-break issue for investors for the next seven days.

“What these extreme euro government yields are telling us is there’s no single money in the euro zone. You can’t have a single currency where 50% of the members are paying near zero for funds and 50% are paying more than four or 5%,” said Ewen Cameron Watt, portfolio manager and Chief Investment Strategist at Blackrock Investment Institute.

“To the extent the ECB is the provider of the single currency, it’s tremendously important it does something now about this ‘Balkanisation’ of the euro zone. That’s precisely what Draghi’s getting at and we shall see next week.”

That herding of markets and investors to core “safety” within euro markets is best illustrated by two-year bond yields: currently anywhere from negative up to 0.4% for Germany, the

Netherlands, Finland, France, Austria and Belgium, but 3.7% for Italy, 3.9% for Ireland, 5.2% for Spain and 8.2% for Portugal.

The asset manager said ECB moves to address this now, via outright bond buying or otherwise, was critical to encouraging what he felt was otherwise a relatively constructive market environment - if only because positioning had again become extreme and expectations sufficiently scaled back.

The three biggest drivers of world markets - the euro crisis, the U.S. fiscal tightening and politics, and China’s slowdown should be ranked 50:30:20, said Cameron Watt at Blackrock, which has $3.56 trln assets under management.

If Draghi delivers, he will also take pressure off Fed chairman Ben Bernanke to act again, not just because a euro solution would have a positive impact on U.S. firms and markets but also because monetary and fiscal policy is becoming trickier in the highly-politicised pre-election environment stateside.

MARKET WATERSHED? So how bad had the past week become and how much difference did Draghi’s verbal intervention make?

Looking at 10-year Spanish government bonds as a bellwether shows a spike in yields to new euro-era highs above 7.6% has completely unwound. At 6.7% on Friday they were 30 basis points down on the week.

A 3% drop in world stocks in the week to Wednesday has also been completely reversed, leaving them unchanged from last Friday. The euro is more than cent higher versus the dollar on the week, while U.S. 10-year Treasury yields and crude oil are also back to their levels of a week ago.

But pre-Draghi, the danger of a tipping point had been real.

Renewed fears that the seemingly endless euro crisis will spiral into a barely affordable sovereign bailout for Spain, drawing Italy back into the fray into the process, has once again drained global investor and business confidence in July.

U.S. bank Citi captured the gloom on Wednesday when it told clients it now saw a 90% chance of a Greek exit from the euro over the next year and that it expected Spain and Italy to require formal bailouts.

Writing before Draghi’s comments, Deutsche Bank chief economist Thomas Mayer said the ECB now had three options - further interest rate cuts with a negative deposit rate, more of the cheap liquidity it provided to banks in December and February, and a revival of its government bond-buying programme.

But overall he said the bloc needed a further drop in the euro exchange rate and a zone-wide current account surplus. “The more other countries resist euro depreciation, the higher is the probability that the euro crisis will get worse and push the global economy into recession.”

DOLDRUMS There were few bright sparks elsewhere, either, with a shocking contraction of British second-quarter output and disappointment on U.S. housing market data that had recently offered a rare flicker of hope.

Societe Generale strategist Albert Edwards, a long-time bear, claimed last week the United States was already back in recession. “It is time to take our heads out of the sand, dust ourselves off and embrace the consequences,” he told clients. ECB intervention aside, the data backdrop to the Fed policy decision on Wednesday and ECB and Bank of England meetings on Thursday is unlikely to be much brighter. The release of the U.S. July employment report on Friday will be preceded by the key monthly business surveys of purchasing managers worldwide.

Policymakers and markets alike have drawn some cheer of late from ebbing inflation, flash July readings of which for the euro zone are due out ahead of Thursday’s ECB meeting.

Even here the picture has been muddied by the steep backup in oil and food prices, however, with drought catapulting wheat, corn and soybeans 20-30% higher year-to-date. That clouds the outlook not only for western central banks but also their peers in emerging economies which are more sensitive to food prices and had been shifting gear into full easing mode.

SEE ALSO: “ECB thinks the unthinkable, action likely weeks away” on pages 22-23

Man United sets IPO terms Football giant Manchester United has set the terms for its U.S. initial public offering saying it will offer 16.67 mln shares at between $16 and $20 each, which values the club at $3.3 bln at the top of the range.

Man United has been struggling with a hefty debt burden ever since being acquired by the family of Florida-based businessman Malcolm Glazer and his family in 2005.

The club and the Glazers each will be selling half the IPO shares in an offering that will raise as much as $333 mln. The club’s proceeds from the IPO will be used to reduce its debt.

The Glazers will remain in a dominant position after the offering with 89.8% of the Combined class A and B shares.

The IPO may be a tough sell in the United States given the lack of U.S. publicly traded sports teams to compare Manchester United against and given that many Americans don’t regard soccer as a top sport.

The company’s latest financials may also give investors pause. Revenue for the fiscal year 2012 is expected to 315 - 320 mln pounds ($495-503 mln), down 3 to 5% from the previous year, the company said in its S-1 filing.

Operating expenses also increased 4 to 5% as a result of a jump in player and staff compensation.

Shares are highly priced based on earnings of a range of 21 mln to 23 mln pounds in the year just ended. This makes the price to earnings ratio based on both A and B shares at a very steep 95 times.

“It could be challenging to justify such strong multiples for a company that needs to spend a lot of money to generate success,” Ken Perkins, an analyst with Morningstar said. “Even if their performance is good their price may be a bit high.”

The details of the sale were announced just as it was revealed that the club had signed a 7-year sponsorship deal with General Motors to have the Chevrolet brand on their shirts starting in 2014. The deal is worth roughly $600 mln, Reuters reported.

The club had filed to raise up to $100 mln in its IPO of Class A stock earlier last month.

United will kick off a two-week investor roadshow on Wednesday, with stops expected in the U.S., Europe and Asia.

The roadshow stops will be done concurrently, with two separate management teams covering different geographies. One will be responsible for meeting with investors in the United States and the other with investors in Europe and Asia. Pricing is expected on August 9. The team chose to list in the U.S. after scrapping listings in Singapore and Hong Kong. It had original-

ly looked to raise as much as $1 bln in Singapore.

“I’m a little concerned that the offering couldn’t be done initially and now all of a sudden it has a heartbeat,” said David Menlow, president of IPO Financial which tracks IPOs. “The mentality with sports teams is that people like owning a piece as a trophy investment, but will it live up to expectations?”

The Glazers also own the U.S. football team the Tampa Bay Buccaneers. They will retain control after the sale because their Class B shares will have ten times the voting power of average investors’ Class A shares.

Jefferies Group Inc is the lead book runner in the syndicate, which also includes Credit Suisse, JPMorgan Chase, Bank of America Merrill Lynch and Deutsche Bank. The company will list on the New York Stock Exchange under the ticker “MANU.” Morgan Stanley bowed out of bringing the deal to market when Manchester United decided to list in the United States.

Greece eyes Postbank, OPAP privatisations Greece will focus on selling off state-controlled lender Hellenic Postbank and betting firm OPAP as it revives a long-stalled privatisation drive, a government official said on Tuesday.

“Postbank and OPAP are the priorities in our privatisation drive,” the official told Reuters after a meeting between the finance minister and the prime minister on privatisations.

He added that the state lotteries and a building in Athens were also on the government’s list of

sales expected soon.

The official said the government had already received interest from some banks on Postbank, whose sale could begin in August. The sale of OPAP will start in early autumn, the official said.

Near-bankrupt Greece is fast running out of cash while it waits for its next instalment of aid from international lenders. Greece’s European partners have repeatedly promised the country will be funded through August, when it must repay a 3.2

bln euro bond, but the details of the funding have yet to be disclosed. In the absence of that money, Greece would run out of funds to pay everyday public expenses ranging from police and other public service wages to pensions and social benefits.

The country is wholly reliant on aid from its European partners and the IMF, who have turned up the pressure in recent weeks by withholding further aid until an assessment of Greece’s compliance with reforms is complete.

FinancialMirror.com

August 1 - 7, 2012

CYPRUS | 3

Hands off BOCY Is the government meddling in the bank’s affairs?

The banking crisis does not seem to be going away. Worse still, the problem has evolved from a can of worms to a Pandora’s Box with a power struggle within the island’s leading bank as the government continues to keep a stick-in-the-sand policy in dealing with the economy, amid allegations of meddling in the affairs of the Bank of Cyprus.

After the resignation of former CEO Andreas Eliades over the bank’s need to seek some 500 mln euros in state aid, just weeks after the bank’s management had assured the market that it was “nearly on track” with its recapitalisation plan, the board seems to be split over the handling of the whole affair.

The bank also missed the boat to offload its profitable EuroLife and General Insurance Co. subsidiaries, probably for some 200 mln euros, to Trust Insurance Cyprus, part of a healthy consortium of financial, trading and insurance companies.

Had that deal gone through, the bank may have been closers

to completing its recap plans.

Added to this, the bank now has to deal with improper selling of its share of the 1.4 bln euros worth of securities to depositors who may see their family savings disappear into thin air, despite reassurances from the Securities and Exchange Commission that the securities’ prospectuses were legitimate.

It seems that the government has found allies within the board and is exerting pressure through its Central Bank contacts to have senior managers Costas Tsolakis and Nicholas Karydas removed, as they are supposedly to blame for the Bank of Cyprus’ exposure to Greek sovereign debt.

Ironically, both Tsolakis and Karydas left the Central Bank a few years back to join the island’s biggest lender and are considered as experts in bank supervision, probably an area where they must have come into conflict with former colleagues or central bank directors.

In his duties as internal compliance officer, Tsolakis could

not have been responsible for the decision making to buy Greek government bonds, at the behest, at the time, of Greek government officials and their friends in Cyprus. Quite the contrary, the decision was taken by a three-man committee, the executive management team of the bank.

It seems that the bank’s initial rejection for loans to proadministration borrowers may also have caused a rift among board members, while investors say this amounts to “looting” of the Bank of Cyprus, simply to cover the bad loans the bank had given out to certain organisations and sports clubs.

The bank is now also being considered by a second Russian investor seeking a significant stake, probably to compensate for the losses that billionaire Dmitry Rybolovlev made after he saw the stock price tumble to its current value, a tenth of what he had paid for.

Rybolovlev also abstained from the bank’s recent ruights issue that diluted his stake from 9.9% to 5.2%.

Troika proposals not a surprise, says Shiarly l Bailout would make public debt unsustainable, say analysts The proposals made during the second visit to Cyprus by the “troika” auditors from the European Commission, the ECB and the IMF, did not come as a surprise to Finance Minister Vassos Sharly, who said that any austerity measures will be determined

by Cyprus and not the Troika.

“Given the methodology with which Troika is operating and knowing that in their second visit they had a good knowledge of all issues, both in the banking sector as well as the public finances, I would say that (their suggestions) did not come as a surprise,” he said.

“We saw these measures being implemented in other countries which have received financial support from the EFSF,” he said.

Shiarly said that on some issues the difference between the two sides is “considerable and needs to be bridged while on other issues the distance may not be big because there is a common understanding.”

On the fact that the bulk of the Troika suggestions mainly concerns state expenditure and not state income, Shiarly said the Troika did not limit its proposals to state expenditure, adding that it proposed taxation that would not negatively affect the economy. “The Troika proposals are not one-sided, rather they are a combination of tax increases (and public expenditure reduction) on the sectors with the least negative impact on the economy,” he said.

Shiarly said that the Troika delegation will visit the island again in September.

Asked whether cutting the 13th salary of civil servants is included in the proposals, Shiarly said that such measures had also been proposed by the Troika in the adjustment programme with other Eurozone member-states.

“On the basis of the experience from Portugal and Spain, we believe that the Troika expects public expenditure reduction to include the public wage bill, as well as increase in taxation which would not have negative impact on the economy,” he said.

EXCESSIVE SPENDING “If you are seriously concerned about reducing expenditure, apart from cutting down excessive spending, once might be obliged to cut down other costs. If the 13th salary, the wage bill and allowances are part of state expenditure, I believe it is up to us to decide what to do, unless we have other measures, such as cutting electricity or phone bills,” he remarked.

Shiarly said the aim is to conclude the discussions on the adjustment programme within September, adding that there are factors outside the government’s control, such as other Eurozone member-states which will approve the loan to Cyprus.

He said that in the meantime Cyprus has settled its refinancing needs. “We are optimistic that we have faced the problem and I feel confident that we can manage these issues by September, October and perhaps November, without resorting to other means of finance,” Shiarly noted.

Economists contacted by the Financial Mirror have suggested that the real needs for a bailout are far less than what the government has been seeking, using the pretext of state aid to the two banks most exposed to Greek government bonds in order to cover the runaway public sector debt.

At most, the banks would not need more than 10% of GDP, with a further 75% of GDP accounting for the public sector debt.

However, if Cyprus seeks a bailout of nearly or more than 10 bln euros, saying that the bulk would go to support the banks, then this would put the needs for the banking sector closer to 50% of GDP, which, combined with the 75% of GDP reserved for the public sector debt, would push Cyprus’ needs to beyond 120% of GDP, the benchmark over which the IMF considered as “unsustainable.”

This is why, the economists argue, that the government is pushing to load more debt onto Bank of Cyprus and Laiki Bank, beyond the 2.3 bln euros they currently need, as a smokescreen for the state’s inability to reduce public spending, particularly on high wages and a plethora of privileges afforded exclusively to civil servants.

OPPOSITION TO BLAME In an interview on London Greek Radio over the weekend, President Demetris Christofias criticised the opposition leaders Averoff Neophytou and Nichola Papadopoulos, as well as the former Central Bank Governor Athanassios Orphanides, for the dire situation of the economy.

Christofias said that it was unfortunate (of them) to make statements that ooze hate. He added that such behaviour characterises countries with low culture in politics.

As regards the exposure of the Cypriot banks to the Greek bonds, the President said that the former Governor should have warned the government and the political parties on the possible dangers.

President Christofias went on to say that Orphanides had

never in the past warned him about the exposure to the Greek debt.

He also assured that he is ready to assume any responsibility that belongs to the government, similar to pledges he made after the Mari disaster last year, but later rejected the findings of the independent inquiry. However, Christofias said he does not accept any blame as regards the Greek debt and the exposure of the banks to the Greek bonds.

PRESSURE In his deposition to a closed-door parliamentary hearing, Orphanides reiterated previous statements that he had been warning President Christofias of the impending dangers surrounding the banks’ decision to invest in Greek government bonds, pressured by investors in Cyprus and in Greece.

He accused Christofias of handling the Greek sovereign debt haircut in the worst possible way which cost Cypriot banks some 4 bln euros in losses, which had a knock-on effect, proving destructive for the island’s economy.

Referring to Christofias’ involvement in the 2011 decision by EU leaders to write down Greek debt, Orphanides said: “That decision was of such historic importance for Cyprus and I want to believe he prepared for it. He may have taken it for discussion to the AKEL central committee as he does with other issues of vital importance to the country.”

House Finance Committee Chairman Nicolas Papadopoulos said Orphanides made specific claims about political interventions from AKEL and the president to serve the interests of Laiki Bank and its former chairman Andreas Vgenopoulos.

The committee chairman said deputies were informed that Orphanides had warned Christofias in a letter in February 2009 of the dangers to the banking system and the economy in general.

The former governor also bemoaned the lack of consultation with finance minister at the time, Charilaos Stavrakis.

August 1 - 7, 2012

FinancialMirror.com

4 | CYPRUS

Petroleum product sales drop 7.3% y/y in H1 In a sign of weaker demand sales of petroleum products fell by 7.3% compared with the same period of the previous year in January to June, with almost all categories recording a decline.

Sales of unleaded gasoline 98 used fell by 14.8% year on year, although the more standard 95 version was steady at a drop of just 0.3%.

There was a 6.4% drop in aviation kerosene and a 12.2% drop in aviation gasoline, perhaps reflecting moves by Cyprus Airways to cancel flights with low bookings and merge them with flights in other days.

Regular kerosene sales were up 29.9%, however.

This is used in traditional portable heaters and might reflect a switch back to old methods of heating after electricity costs soared.

In June alone sales of petroleum products rose by 2.3% compared with the previous month, driven by aviation kerosene and Unleaded 95.

Both these trends probably reflect the summer season, as the number of flights increased and as Cypriots flocked at weekends to the beach. www.sapientaeconomics.com PETROLEUM PRODUCT SALES '000 tonnes

Jan-Jun 2011

Jan-Jun % change 2012

Unleaded Motor Gasoline 95 RON Unleaded Motor Gasoline 98 RON Kerosene Aviation Kerosene Aviation Gasoline Gasoil Gasoil low Sulphur Gasoil for Agriculture use Gasoil for Marine use Light Fuel Oil Heavy Fuel Oil Lubricants Asphalt Liquefied Petroleum Gases Total petroleum product sales

170 023 14 679 8 700 124 004 49 56 827 169 719 11 760 29 552 14 447 88 282 3 065 30 335 31 390 752 832

169 571 12 513 11 303 116 068 43 63 131 152 882 11 783 27 002 11 450 68 590 2 832 18 065 32 835 698 068

-0.3 -14.8 29.9 -6.4 -12.2 11.1 -9.9 0.2 -8.6 -20.7 -22.3 -7.6 -40.4 4.6 -7.3

Source: Statistical Service.

Hotels, restaurants account for 5.9% of GVA Gross output in the hotels and restaurants sectors reached EUR 1.815,7 mln in 2010, up from EUR 1.751,6 mln in 2009 according to the Statistical Service’s annual report entitled Hotels and Restaurants Statistics.

The sector’s value added at current market prices increased by 1.9% to EUR 927.8 mln, from EUR 910.2 mln in 2009.

However, its contribution to the economy (gross value-added or GVA) in 2010 fell slightly to 5.9% from 6.0% in 2009.

Value added in constant (real) terms increased by 3.4% after a 6.0% decrease in 2009.

Around half of the sector is accounted for by hotels.

Of the total value added in 2010, 48.4% was generated by the activity of hotels and hotel apartments, 34.7% by restaurants and mobile food service activities and 12.5% by cafeterias, coffee shops, bars, pubs and night clubs.

Only 2.3% was generated by event catering and other food service activities and 2.1% by other short-stay accommodation such as camping sites.

Employment in hotels and restaurants increased by 3.7% in 2010 compared to the previous year, reaching 37,427 persons, accounting for 8.4% of the total economically active population and 9.2% of the total gainfully employed population.

Investment tumbled Gross fixed capital formation in the sector fell dramatically, falling by 31.0% in 2010 to EUR 99.9 mln.

Investment in buildings (hotels, hotel apartments, restaurants etc.) accounted for EUR 53.1 mln, machinery and equipment for EUR 19.8 mln, furniture and fixtures EUR 25.2 mln and transport equipment EUR 1.8 mln.

Recession bites Ryanair profits, threatens to cut Cyprus flights Ryanair, Europe’s biggest budget airline, undershot analyst forecasts with a profit slide of 29% in the three months to June as it grappled with a toxic mix of austerity, recession and stubbornly high fuel prices.

The Dublin-based airline, famous for its no-frills service, said the weak economic outlook for Europe would continue to restrain fare growth for the rest of the year, but maintained its forecast of a profit of 400 mln to 440 mln euros for the year to March.

“Austerity is biting. There is just less money around,” said Chief Financial Officer Howard Millar. “There are no particular bright or black spots.”

The airline is pressuring the Cypriot authorities to double the incentives offered by the Cyprus Tourism Organisation, an amount kept secret so as not to upset other carriers, or else Ryanair said it would terminate five flights out of Larnaca and Paphos, within an agreement that expires in October.

The Larnaca destinations that could be terminated are to Brussels Charleroi, Barcelona, Milan and Dusseldorf. Paphos flights, used as a hub since April, travel to 14 destinations, but only one is expected to be cut.

However, following the recent adoption of the “open skies” policy, charter operators such as Russia’s TransAero has shown interest to use Cyprus airports for scheduled traffic to other destinations.

Already, Nakhal Tours from Lebanon inaugurated a twiceweekly route between Beirut and Paphos, carrying 155 passengers.

Ryuanair’s net profit for three months to June was 99 mln

euros, compared with a forecast of 123 mln by four analysts polled by Thomson Reuters. Earnings per share were 6.9 cents in the quarter, compared to an average analyst forecast of 9 cents.

The airline, which has a lower cost base than many of its competitors, said it had hedged 90% of its fuel needs for the year to March at approximately $1,000 per tonne, up 21% on last year.

But it said the fuel price savings would be more than offset by a lower euro to dollar exchange rate.

Average fares were up 4%, in line with mid-single digit growth forecast by the airline in May, and were on track for average growth of around 3% in the year to March, Millar said.

The airline does not expect to change plans to ground 80 of its 270 planes over the winter due to high fuel costs, Millar said.

“With oil prices at $100 per barrel it really doesn’t makes sense to fly these aircraft,” Millar said. “The more you fly, the more you lose.”

Ryanair’s share price closed at 3.92 euros on Friday, up 7.5% since the start of the year, compared to a rise of 8.4% in the broader Irish market.

Poor weather in the U.K. boosted sales at budget rival easyJet Plc in the three months to June, pushing revenues up by 10.5%.

But European carriers, including Air France-KLM and Lufthansa, have seen recent results hit by high fuel costs, weak consumer confidence and the euro zone crisis.

Ryanair said it was involved in “an extensive process of engagement” with the European Commission in its bid for Irish rival Aer Lingus, but it said it would not comment further.

Cyprus has second highest presence of foreigners Cyprus has the second highest proportion of foreign citizens among the EU27 member states, reaching 20%, according to Eurostat. Eurostat said that non-EU citizens made up 4.1% of the Union’s population last year.

In 2011, 33.3 mln foreign citizens lived in the EU27 members, accounting for 6.6% of the EU27 population.

This comprised 12.8 mln EU citizens living in another member state, i.e. 2.5% of the EU27 population, and 20.5 mln non EU citizens, i.e. 4.1% of the EU27 population.

The highest proportion of foreign EU citizens were recorded in Luxembourg, Cyprus, Belgium and Ireland.

In 2011, the largest numbers of foreign citizens were in Germany (7.2 mln or 9% of the total), Spain (5.7 mln or 12%), Italy (4.6 mln or 8%), the United Kingdom (4.5 mln or 7%) and France (3.8 mln or 6%). In total, more than 75% of the foreign citizens in the EU27 lived in these five member states.

The highest proportion of foreign citizens was in Luxembourg (43% of the total), followed by Cyprus (20%), Latvia (17%) and Estonia (16%). The percentage of foreign citizens was less than 2% in Poland, Bulgaria, Lithuania and Slovakia.

Focusing on EU citizens, Luxembourg recorded the highest proportion of foreign EU citizens (37% of the total), followed by Cyprus (13%), Belgium and Ireland (both 7%), Spain (5%) and Austria (4%). Nearly 50 mln foreign-born people lived in EU member states in 2011.

FinancialMirror.com

August 1 - 7, 2012

CYPRUS | 5

Industrial output drops 9.8% y/y in May

The smaller the country, the easier it is for the economy to bounce back On Monday, June 25, Cyprus became the fifth country to request a euro zone bailout, out of the 17 countries that use the euro currency. With an official bailout request of 1.8 billion euros – 10% of the Cyprus economy – the potential bailout and figure needed has become a highly debated issue, and recent reports stated that the bailout request could reach double figures.

Limassol-based Alpari Financial Services Ltd (Alpari FS), one of the fastest growing providers of online forex trading services, looks at what effect the bailout request has had on the currency market, and discusses the implications and concerns surrounding it.

By PETER LEONIDOU The total bailout figure being discussed (around 10 billion euros) is a Head of Sales at Alpari FS relatively small amount in comparison to bailout requests from other European countries, so at a glance might not appear particularly problematic. This is reflected in the fact that Cyprus’s bailout request has not particularly affected the euro currency rate which remained relatively stable following the announcement, unlike with bailout requests from other euro zone countries.

However a source of uneasiness, and a key topic of discussion, is the fact that 10 billion euros is a large figure as a percentage, relative to the size of the Cyprus economy.

Nevertheless Cyprus is a small country, and the smaller the country, the easier it is for the economy to bounce back. In general, Cyprus has a strong economy so the tools are there for a recovery.

The concern in the immediate future however is time. Government funds have been frozen until further notice, until we see exactly what the amount of the bailout is, how it will be distributed, how long it will take, and what austerity measures will be attached.

Banks have also frozen all assets due to a lack of liquidity. This is going to affect businesses in Cyprus. Everything that was lent out or promised by banks to business institutions has been put on hold, so things are stagnant. Everything is on hold, and the longer it takes to reach these decisions, the bigger the effect it will have on businesses in Cyprus. It is this state of limbo that is having the most negative effect on businesses.

Note: This article expresses personal opinions and ideas and should not be taken or misunderstood as investment advice. Alpari Financial Services Ltd is registered as a Cyprus Investment Firm (CIF) and regulated by the Cyprus Securities and Exchange Commission (CySEC), licence number 129/10. www.alparifs.com

Pharmaceuticals and electronics hold up The index of industrial production for May 2012 fell by 9.8% over the year earlier in May 2011, with manufacturing declining by 8.4%.

However, the overall index hides a strong showing by “Chemical Products and Pharmaceutical Products and Preparations”, which rose by 15.5% compared with May 2011 and electrical equipment, which increased by 12.2%.

As well as overall manufacturing other broad industrial sectors also recorded a decline.

Mining and quarrying was down a whopping 45.7%, electricity supply fell 9.3% and water supply and materials recovery down dropped 9.3%.

In January -May 2012, industrial production fell by 10.6% compared with the same period of the previous year while overall manufacturing decreased by 8.4% in the same period.

Meanwhile, industrial output prices in June 2012 rose by 0.4% over the previous month and manufacturing rose by 0.5%.

In January-June 2012, the price index increased by 8.1% compared with the corresponding period of the previous year.

Car sales slump further in June Registrations of motor vehicles dropped by 33.5% over the year earlier in June, from 24.4% in May. Registrations for the first six months of 2012 fell by 26.9% to 14,613 vehicles in January - June 2012, from 20,003 in the first six months of 2011.

Registrations of private saloon cars fell by 23.3% to 10,806, from 14,066 in January-June 2011.

Among the saloon cars, 53.7% were new and 46.3% were used.

Other categories of vehicles dropped even further: goods conveyance vehicles by 42.4%, light goods vehicles by 41.6%, heavy goods vehicles by 56.1% and road tractors (units of trailers) by 12.0%.

Moped registrations fell by 48.5% and motor cycles fell by 18.3%.

Motor registrations have been falling for more than three and a half years.

Some pick up in second hand car sales could occur once Cyprus passes legislation to amend registration fees on second-hand cars, which currently ignores the age of the vehicle.

At the end of May the European Commission formally requested that the Republic of Cyprus remove discriminatory taxation on second hand cars.

Gov’t expects Russian loan “soon” The government aims at concluding a deal with the Russian Federation on a second bilateral loan agreement “the soonest possible”.

Acting Government Spokesman Christos Christofides said the issue was “delicate” and noted that publicity could harm the process, while it is still ongoing.

Asked whether there is a deadline for concluding the deal, estimated for 4.5 bln to 5 bln euros, Christofides said “the soonest possible, respecting always the procedure and the dialogue with the other side”.

The Russian government last year gave Cyprus a three-year loan of 2.5 bln euros.

How can the state reduce its deficit?

The focal point of discussions during the past few weeks has been the state deficit and suggestions of how to slash it. Suggested steps range from taxing wealth and luxury cars to taxing houses over 300 sq.m. We want to point out from the outset that these are populist measures which sound well for voters but will at the same time do nothing to tackle the problem at hand. On the contrary, they will ditch whatever little consumption and financial movement there is in the market.

What must have been very clear by now is that Cyprus’ problem is that, in an attempt to cover growing state spending, we generate, year in year out, more debt. The economy is no longer in a position to withstand the burden of new taxation to cover the state’s needs in running costs and interest payments.

departments are short of staff. These are gaps easily filled if the above practice is adopted.

- Overtime hours must be reduced. It is unheard of to have civil servants getting more money from overtime than their regular pay month after month.

- Serious steps must be taken to reduce or even abolish altogether perks and allowances enjoyed by high-ranking state officials.

A few simple measures

- Shift allowances must be abolished and a more flexible work schedule adopted.

- Another phenomenon which is unacceptable and must be stopped is the use of state vehicles by state officials. It is beyond our understanding why police and National Guard officers must have cars to take them to work every day.

- Business trips and allowances must be reduced drastically.

- There must be a strict check before dishing out taxpayers’ money for travel expenses.

- Strict control of ridiculous waste of electricity. It is not uncommon for us to notice lights switched on in

There are several simple measures which will, if adopted, put state finances in order, without affecting drastically the interests of civil servants.

Here are some of these measures: - Reduce the number of part-time employees hired by the state. The much-talked-about measure of hiring only one state employee for every four that retire is not being implemented. Statistics show that the number of parttimers being employed is growing.

- Transfers within the civil service. There are departments with redundant personnel while other

GEORGE MOUSKIDES President, Association for the Promotion of Property Development and Manager, FOX Smart Estate Agency

government buildings during the night and on weekends.

- A limit must be put to rentals of buildings to house government departments. Unnecessary contracts must be terminated.

- More Citizen Service Centers must be established and their role be strengthened.

- Government agencies must relocate to the outskirts of towns and the vacant ones in the town centre be used to generate income.

- Government buildings must play host to renewable energy solutions.

- Private initiative must be encouraged to develop state property (i.e. the site opposite the Hilton Hotel in Nicosia).

Don’t leave it to strangers These are a few simple measures we can adopt to put our house in order, otherwise, very soon others will step in to enforce salary cuts and other measures that will only make things worse.

We reject imposing new taxes as the time is not right for such a move. What we need is growth and more jobs, not new taxes, businesses shutting down and rising unemployment.

We also oppose the idea of taxing dormant wealth because the real estate sector can generate income for the state, not through new taxation; it’s already carrying a heavy burden, but with growth incentives.

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6 | COMMENT

Forget conspiracies, let the Troika do its job EDITORIAL A lot has been said about the “evil” Troika inspectors and the conspiracy by “Troika-supporters” to demolish all that has been achieved in the labour market of the past few decades. At the same time, wise economists have repeated what members of the troika, particularly the IMF, has been telling us all this time – abolish counter-productive and rigid wage benefits, reform the pension fund and balance the pay-scale between the overpaid, under productive civil servants and the overworked, underpaid private sector.

With the salary scale often in the range of 40-80% above private sector employees, civil servants work less and enjoy all the benefits of state favouritism, ie. untaxed

retirement golden handshake, free access to public hospitals regardless of pay grade and automatic wage hikes, despite all governments’ pledges to freeze increases.

It is now clear that the public sector union chiefs are directing the smear campaign against the troika delegations, putting the fear of God into members, saying that the foreign inspectors are here to abolish the COLA automatic wage indexation system, take away their 13th salaries and tax their retirement nest eggs.

Come to think of it, COLA is a nuisance and an obstacle to innovation and productivity, the 13th salaries should be withheld for at least two years and civil servants’ privileged retirement bonus should have been taxed ages ago, just as private sector worker’s retirement funds are. If everyone gets a pension, why should civil servants get a double one, tax-free?

It is ironic that civil service leaders keep on threatening that they will expose all tax dodgers, especially high net worth individuals, in order to raise the funds that Inland Revenue maintains as ‘uncollected’ in its books, while we have yet to see this threat materialise. Could it be that union chiefs backed down when they saw whose names they would expose or is it that the list and the amounts were far from reality?

As long as private sector union leaders remain serfs to their public sector peers, labour issues will never be resolved in Cyprus, especially the disparaging gap between ordinary workers and civil servants. In which case, we will have IMF teams and troika-like inspectors visiting us more frequently until we can convince that austerity measures will be taken and Cyprus will no longer be a burden on its European partners and international creditors.

Europe’s Zero-Sum Poison Whenever a society regards its problems solely through the prism of distributional disputes, its chances of solving them diminish greatly, because the “us versus them” mentality distorts analysis and blocks solutions that would unambiguously improve the overall situation.

Every policy choice is perceived as a zero-sum game, whereby a gain for one group is necessarily a loss for another group.

The very notions of trust and progress vanish.

We have seen in the past the extent to which such conflicts – between rich and poor, landlords and industrialists, or capital and labor – can hamper development. We are seeing today in the United States how entrenched antagonisms result in a stalemate on tax and budgetary matters. And there are many examples of failed economic reforms that fundamentally boil down to the same zero-sum logic.

But that logic is nowhere as salient today as it is in Europe.

Since the euro crisis began, almost three years ago, there has been a continuous struggle between two readings of it.

The first interpretation emphasizes the eurozone’s policymaking shortcomings and the reforms needed to remedy them.

The second highlights individual eurozone countries’ failings and the costs that they impose on their neighbors. Until now, a rough balance between these two interpretations has prevailed.

But the second is increasingly gaining the upper hand.

In northern Europe, public opinion is increasingly exasperated by what many view as an attempt by the south to rob it of its savings. A recent letter signed by 160 German economists claiming that the European Union’s plan for a banking union was little more than an attempt to make Germany pay for Spanish mistakes is revealing in this respect.

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By JEAN PISANI-FERRY Director of Bruegel, an international economics think tank, Professor of Economics at Université Paris-Dauphine, and a member of the French Prime Minister’s Council of Economic Analysis

The economists largely overlook the problem of financial fragility that a banking union is supposed to address, claiming instead that there would be no problem if governments simply stopped intervening in banking crises. And they overstate the risk that a common deposit-insurance scheme could turn into a massive north-south transfer channel.

In turn, southern Europe is getting angry. Italian Prime Minister Mario Monti recently decried the emergence of a European “creditocracy” – governance by those who pretend to be on the giving side of Europe – and pointed out that, contrary to widespread perception, Italy is not relying on anyone else’s support. (Italy is indeed contributing to support other crisis countries, so, objectively, it is still a creditor). If the mild-mannered Monti speaks in these terms, what can we expect from the new breed of populism that is bound to result from the southern European crisis?

Admittedly, Europe’s increasingly divisive zero-sum thinking is not entirely new: the EU is accustomed to distributional disputes, and the lengthy budget discussions (which take place every seven years) are typically acrimonious affairs. But, until now, policymakers could contain controversies to the usual political give-and-take of taxation and cross-country transfers.

The problem with the current debate is that distributional disputes now contaminate the entire policy spectrum.

One man saw this coming. American economist Martin

Feldstein wrote in 1997 that monetary union would create conflict within Europe. At the time, he was derided and regarded as an entrenched opponent of the European project.

Unfortunately, his insight was correct: European countries today are at loggerheads not despite the common currency, but precisely because of it.

History suggests that international disputes over debt and transfers are a serious danger. In the 1920’s and the 1930’s, representatives of European states devoted countless meetings to resolving them (at the time, mainly German reparations).

Despite US goodwill, they were unable to overcome their differences, and let the reparation problem degenerate into a poisonous financial conflict that contributed to much worse.

But conflict is not inevitable. Many societies have proved able to overcome a zero-sum mentality and project their perceptions of national interest into the future; Europe must find in itself the ability to do the same.

An important lesson from how countries address internal disputes is that the attitude needed does not require overlooking distributional issues. Successful societies do not stop having arguments about who benefits or loses from taxation, redistribution, or regulation. But they do not let distributional issues take over the entire debate. They are able to separate efficiency or stability issues from distributional controversies.

That is the lesson that Europe must learn. It must recognize that it is bound to live with distributional disputes, and that it must find ways to address them. But, even more important, it should contain the scope of these disputes, and avoid becoming mesmerized by them. Doing so requires courage, vision, and trust – qualities that are currently in dangerously short supply. © Project Syndicate, 2012. www.project-syndicate.org

MANAGEMENT TIP OF THE WEEK

Get unstuck when innovating Thinking outside the box might not be as easy as it sounds, but there are ways to get your innovation engines revving, says Harvard Business Review in its quick, practical management tips and ideas at www.hbr.org.

“To innovate, you need to think differently. If you find yourself struggling to get something started or you’re stuck in the middle of a project, try to get into a new frame of mind,” says Scott Anthony in “Four Ways to Think Like an Innovator”.

1. Get inspiration from outside. Think about what problems your customers are trying to solve. Spend time

with them to understand what they actually need and how you might help them.

2. Learn from mistakes. There’s no such thing as a perfect plan. Assume your first idea is partially right and partially wrong, and then reassess your approach.

3. Resist the pull of the core. Don’t shift ideas toward how you currently operate, even if that’s what you’re most comfortable doing.”

(For the full post and to watch the video, see: http://blogs.hbr.org/video/2012/04/four-ways-to-thinklike-an-inn.html)

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8 | CΟΜΜΕΝΤ

Do’s and Don’ts for the European Central Bank Recent statements by European Central Bank President Mario Draghi and Bank Governor Ewald Nowotny have reopened the debate about the desirable limits to ECB policy.

The issue is not just the ECB’s legal authority under the Maastricht Treaty, but, more importantly, the appropriateness of alternative measures.

Nowotny, the president of the National Bank of Austria, suggested that the European Stability Mechanism (ESM) might (if the German Constitutional Court allows it to come into existence) be given a banking license, which would allow it to borrow from the ECB and greatly expand its ability to purchase eurozone sovereign bonds. Draghi later declared that the ECB can and will do whatever is necessary to prevent high sovereign-risk premia from “hampering the functioning of monetary policy.”

Draghi’s statement reprised the rationale used by his predecessor, Jean-Claude Trichet, to justify ECB purchases of eurozone members’ sovereign debt. Not surprisingly, financial markets interpreted his declaration to mean that the ECB would buy Spanish and Italian government bonds again under its Securities Markets Program, as it did earlier this year. Although the previous purchase of more than €200 billion ($246 billion) had no lasting effect on these countries’ risk premia, the presumption is that the effort this time could be much larger. But is that what the ECB should be doing?

While any central bank must be able to conduct open-market operations to manage liquidity in financial markets, selective purchases of individual country bonds that bear high interest rates because of current and past fiscal profligacy is both unnecessary and dangerous. A better rule for the ECB would be to conduct open-market operations by buying and selling a “neutral basket” of sovereign bonds, with each country’s share in the basket determined by its share in the ECB’s capital.

This “neutral basket” approach would permit the ECB to purchase substantial volumes of Italian and Spanish bonds, but only if it was also buying even larger amounts of French and German bonds. The ECB’s bond purchases would become as similar to the open-market operations of the

United States Federal Reserve and the Bank of England as is possible in the absence of a single eurozone sovereign government.

By contrast, focusing potential ECB purchases on the sovereign debt of those countries with high interest rates would have serious adverse effects. It would reduce pressure on the governments of Italy, Spain, and other high-interest countries to make the politically difficult decisions that are needed to cut long-term fiscal deficits. Spain needs to exercise

MARTIN FELDSTEIN Professor of Economics at Harvard, was Chairman of President Ronald Reagan’s Council of Economic Advisers and is a former president of the US National Bureau for Economic Research

greater control over its regional governments’ budgets, while Italy needs to shrink the size of its public sector. An ECB policy that artificially reduces their sovereign borrowing costs would make these steps even more politically difficult.

Indeed, when the ECB controls interest rates on long-term bonds, it is hard for political leaders, parliaments, and voters to know whether they have achieved significant fiscal improvement. The peripheral eurozone countries became over-indebted in the last decade because the bond market failed to provide a signal that debts were too high. That has now ended, because bond investors no longer treat all eurozone sovereign debt as equal. But an ECB program to limit interest-rate differentials would eliminate this important signal.

Moreover, because the ECB cannot simply buy sovereign bonds without regard for individual governments’ fiscal policies, it risks finding itself in the politically dangerous position of deciding whether a country’s fiscal actions are tough enough to be rewarded with lower interest rates. The ECB would thus cross the threshold from monetary policy to fis-

cal policy. Would it put a common ceiling on “well-performing” governments’ interest rates, as Italy’s Prime Minister Mario Monti suggested not long ago? Or would it set and revise sovereign interest rates according to its current evaluation of each country’s fiscal efforts?

Finally, Germany might not continue to accept the default risks implied by large ECB purchases of high-risk sovereign bonds. Germany already faces large financial risks, owing to the ECB’s balance sheet and the Target2 balances at the Bundesbank that are generated by international flows of deposits to German commercial banks.

While German political leaders now declare their allegiance to the eurozone, opinion polls in Germany show that public support for the euro is very weak. As the risks accumulate, it is not inconceivable that Germany might conclude that, despite the potential impact on its exchange rate, it would be better off returning to the Deutsche Mark.

For all of these reasons, the ECB’s direct purchase of highyield sovereign bonds to limit their interest rates would be a mistake. It would also be a mistake to do this indirectly by another trillion-euro long-term refinancing operation aimed at encouraging commercial banks to buy those bonds. And it would be a mistake to allow the ESM to have a banking license so that it can borrow from the ECB, greatly increasing its purchase of peripheral countries’ bonds.

Individual governments should take the tough political steps needed to reduce the risk of a eurozone breakup, which would have very substantial financial costs for all – and not only its members. Unfortunately, ECB officials’ recent statements may have reduced the pressure on governments to do those things, and, by reversing the decline of the euro’s value, may have blocked the market response that is needed to shrink current-account imbalances and boost GDP in the eurozone. Sooner or later, the ECB will have to clarify the limits of its policy. © Project Syndicate, 2012. www.project-syndicate.org

Recovery and Equality The global economic crisis is exacerbating an existing human crisis. Prior to 2008, there were widespread inequalities: lavish lifestyles for some, while half of the world’s children were living on less than $2 per day, suffering from malnutrition and limited access to health, education, drinking water, and adequate housing. As the crisis unfolded, millions confronted deteriorating living conditions.

Today, while global attention focuses on Europe’s woes, the economic crisis continues to inflict devastating social consequences worldwide. In a new book from UNICEF’s Division of Policy and Practice, A Recovery for All: Rethinking Socioeconomic Policies for Children and Poor Households, analysis of the latest international data shows that unaffordable food, pervasive unemployment, and dwindling social support threaten much of the world’s population.

For starters, after two major international food-price spikes in 2007-2008 and 2010-2011, people in nearly 60 developing countries are paying 80% more, on average, for local foodstuffs in 2012 than they did before the crisis. As a result, poor families’ food security is threatened, as they are forced to reduce the quality or quantity of their food.

Furthermore, labor markets around the world are providing fewer jobs and lower salaries, increasing the incidence of poverty among employed people, which has already trapped nearly one billion workers and their families. Moreover, two of every five workers worldwide are unable to find a job, while rampant youth unemployment, coupled with a quickly growing pool of young laborers – more than one billion are expected to enter the world’s workforce between 2012 and 2020 – is further complicating labor-market recovery.

Finally, access to public goods and services is under growing pressure in the global shift toward austerity. In 2012, 133 countries are expected to reduce annual spending by an average of 1.6% of GDP, with 30% of governments undergoing excessive contraction (defined as cutting expenditures to below their pre-crisis levels).

In fact, while the world remains fixated on austerity in high-income economies, developing countries are imple-

menting extensive austerity measures of their own. As a result, developing economies are expected to reduce expenditures by an average of 1.8% of GDP in 2012 – nearly twice the pace of their developed-country counterparts, which are adjusting by 1% of GDP. And many cost-cutting measures worldwide disproportionately affect the poor.

A review of the 158 most recent International Monetary Fund country reports reveals that governments are considering four major types of fiscal reform:

By ISABEL ORTIZ and MATTHEW CUMMINS Isabel Ortiz is Associate Director of Policy and Strategy at UNICEF. Matthew Cummins is Social and Economic Policy Specialist at UNICEF l In 73 countries, governments are considering cutting or

capping wage bills, thereby reducing the salaries of publicsector workers, who provide essential services to the population. l Governments in 73 countries are seeking to reduce or cancel subsidies, including on food and fuel, despite record-high food prices in many regions. l Cuts in social-protection programs are under consideration in 55 countries, at a time when governments should be looking to scale up benefits. l Many governments are pursuing other budget-slashing strategies, such as tax increases on basic goods and services that are consumed by the poor (in 71 countries), which may further contract economic activity.

These reforms could have serious and irreversible consequences, especially for infants and young children.

Households worldwide are experiencing increased hunger and malnutrition, worsening health outcomes, lower school attendance, higher rates of child labor and domestic violence, and greater vulnerability to future shocks. Meanwhile, social

unrest is increasing as people lose faith in governments and public institutions. Indeed, citizens in high- and low-income countries alike are the victims of a crisis that they did not create.

But the current crisis also presents an opportunity to rethink socio-economic policies. This requires abandoning the myopic focus of the past, which denied so many a decent living, and instead basing macroeconomic and fiscal policy decisions on their potential to foster human development and employment-generating growth.

Contrary to claims that investments aimed at improving the lives of children and poor households are not affordable, especially during this period of global adjustment, policymakers do have options, even in the poorest countries.

There are six broad methods – all supported by United Nations policy statements – by which governments could find additional fiscal space: re-allocating expenditures; increasing tax revenues; lobbying for increased aid and transfers; tapping into fiscal and foreign-exchange reserves; borrowing and restructuring existing debt; and adopting a more accommodative macroeconomic framework.

Policymakers must consider the variety of financing options that are available to governments everywhere to bolster much-needed investments in labor-intensive growth, food security, social protection, health, and other necessary public services.

The simultaneous adoption of fiscal austerity in countries worldwide is driving the global economy toward recession, imposing human costs that are detrimental to high-income and developing countries alike. It is time for global leaders to turn the current blight of unemployment, food insecurity, and austerity shocks into a virtuous cycle that promotes development and prosperity for all people. An inclusive recovery is not only feasible; it is an imperative of social and economic justice. © Project Syndicate, 2012. www.project-syndicate.org

August 1 - 7, 2012

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COMMENT | 9

Our Summer of Climate Truth For years, climate scientists have been warning the world that the heavy use of fossil fuels (coal, oil, and natural gas) threatens the world with human-induced climate change. The rising atmospheric concentration of carbon dioxide, a byproduct of burning fossil fuels, would warm the planet and change rainfall and storm patterns and raise sea levels. Now those changes are hitting in every direction, even as powerful corporate lobbies and media propagandists like Rupert Murdoch try to deny the truth.

In recent weeks, the United States has entered its worst drought in modern times. The Midwest and the Plains states, the country’s breadbasket, are baking under a massive heat wave, with more than half of the country under a drought emergency and little relief in sight.

Halfway around the world, Beijing has been hit by the worst rains on record, with floods killing many people. Japan is similarly facing record-breaking torrential rains. Two of Africa’s impoverished drylands – the Horn of Africa in the East and the Sahel in the West – have experienced devastating droughts and famines in the past two years: the rains never came, causing many thousands to perish, while millions face life-threatening hunger.

Scientists have given a name to our era, the Anthropocene, a term built on ancient Greek roots to mean “the Human-dominated epoch” – a new period of earth’s history in which humanity has become the cause of global-scale environmental change.

Humanity affects not only the earth’s climate, but also ocean chemistry, the land and marine habitats of millions of species, the quality of air and water, and the cycles of water, nitrogen, phosphorus, and other essential components that underpin life on the planet.

For many years, the risk of climate change was widely regarded as something far in the future, a risk perhaps facing our children or their children. That threat would, of course, have been reason enough to act. Yet now we understand better that climate change is also about us, today’s generation.

We have already entered a new and very dangerous era. If you are a young person, climate change and other human-caused environmental hazards will be major factors in your life.

Scientists emphasize the difference between climate and

weather. The climate is the overall pattern of temperature and rainfall in a given place. The weather is the temperature and rainfall in that place at a particular time. As the old quip puts it: “Climate is what you expect; weather is what you get.”

When the temperature is especially high, or rains are especially heavy or light, scientists try to assess whether the unusual conditions are the result of long-term climate change or simply reflect expected variability. So, is the current US heat wave (mak-

By JEFFREY D. SACHS Professor of Economics and Director of the Earth Institute at Columbia University.

He is also Special Adviser to United Nations Secretary-General on the Millennium Development Goals

ing this the hottest year on record), the intense Beijing flooding, or the severe Sahel drought a case of random bad weather, or merely the result of long-term, human-induced climate change?

For a long time, scientists could not answer such a question precisely. They were unsure whether a particular weather disaster could be attributed to human causes, rather than to natural variation. They could not even be sure that they could detect whether a particular event (such as a heavy rainfall or a drought) was so extreme as to lie outside the normal range.

In recent years, however, a new climate science of “detection and attribution” has made huge advances, both conceptually and empirically. Detection means determining whether an extreme event is part of usual weather fluctuations or a symptom of deeper, long-term change. Attribution means the ability to assign the likely causes of an event to human activity or other factors. The new science of detection and attribution is sharpening our knowledge – and also giving us even more cause for concern.

Several studies in the past year have shown that scientists can indeed detect long-term climate change in the rising frequency of extreme events – such as heat waves, heavy rains, severe

droughts, and strong storms. By using cutting-edge climate models, scientists are not only detecting long-term climate change, but also are attributing at least some of the extreme events to human causes.

The past couple of years have brought a shocking number of extreme events all over the planet. In many cases, short-run natural factors rather than human activity played a role. During 2011, for example, La Niña conditions prevailed in the Pacific Ocean. This means that especially warm water was concentrated near Southeast Asia while colder water was concentrated near Peru. This temporary condition caused many short-term changes in rainfall and temperature patterns, leading, for example, to heavy floods in Thailand.

Yet, even after carefully controlling for such natural year-toyear shifts, scientists are also finding that several recent disasters likely reflect human-caused climate change as well. For example, human-caused warming of the Indian Ocean probably played a role in the 2011 severe drought in the Horn of Africa, which triggered famine, conflict, and hunger, affecting millions of impoverished people. The current US mega-drought probably reflects a mix of natural causes, including La Niña, and a massive heat wave intensified by human-caused climate change.

The evidence is solid and accumulating rapidly. Humanity is putting itself at increasing peril through human-induced climate change. As a global community, we will need to move rapidly and resolutely in the coming quarter-century from an economy based on fossil-fuels to one based on new, cutting-edge, low-carbon energy technologies.

The global public is ready to hear that message and to act upon it. Yet politicians everywhere are timid, especially because oil and coal companies are so politically powerful. Human wellbeing, even survival, will depend on scientific evidence and technological know-how triumphing over shortsighted greed, political timidity, and the continuing stream of anti-scientific corporate propaganda. © Project Syndicate, 2012. www.project-syndicate.org

The East Asian Miracle Revisited Almost two decades ago, the World Bank published its landmark study The East Asian Miracle, analyzing why East Asian economies grew faster than emerging markets in Latin America, Africa, and elsewhere. These economies, the study concluded, achieved high growth rates by getting the basics right, promoting investment, nurturing human capital, and opening up to export manufacturing.

But that was not all. The World Bank also acknowledged, grudgingly, that governments intervened – systematically and through multiple channels – to foster development, including in specific industries in specific locations via subsidies, tax incentives, and financial repression.

In the intervening years, particularly after the Asian Financial Crisis, the pro-market, anti-intervention Washington Consensus fell out of favor. A “New Institutional Economics” (NIE) gained ground by filling in the gaps left by mainstream models, which ignored the central importance of institutions in managing the change and uncertainty that affect resource allocation and social choice. Indeed, in light of today’s Great Recession and the current European debt crisis, the main question remains that of the role of the state in promoting growth and development.

It was the collapse of the Soviet bloc’s planned economies that spurred both free-market hubris and the realization that institutions matter. But it was China’s ability to sustain rapid economic growth for three decades that necessitated a revisionist look at statist capitalism.

Nobel laureate economist Douglass North argued early on that human society created institutions to deal with information asymmetry, but that their creations immediately gave rise to the problem of how to constrain such institutions to fulfill their intended objectives. In 2000, Oliver E. Williamson classified four levels of social analysis for institutions – informal institutions, customs, traditions, norms, and religion; formal institutions with rules governing property rights, social order, the judiciary, and the bureaucracy; governance structures and their alignment to economize on transaction costs; and decentralized decisionmaking in resource allocation (the domain of neo-classical economics).

According to Williamson, NIE is primarily concerned with the

economic and political ramifications of formal rules and governance structures. But, for many emerging economies, it is the embeddedness of informal rules, norms, and beliefs, and their slowness to change, that prevents many economies’ breakthrough to more advanced, knowledge-based growth.

Francis Fukuyama’s new book The Origins of Political Order attempts to address this problem. He examines the emergence of three categories of political institutions – the state, the rule of law, and accountable government, the latter two being constraints on the state that prevent it from becoming despotic.

By ANDREW SHENG and XIAO GENG

Fukuyama argues that patrimonialism – defined as the natural human propensity to favor family and friends – is the bane of the rule of law and accountable government. But, while patrimonialism may well be the main barrier to countries’ advance to middle-class democracy – and a key reason for autocratic states’ fragility – it may also be a more general feature of all political and economic systems.

Witness the current debate about whether governments in advanced economies have been captured by financial interests – a question that Gillian Tett poses in a recent review article in Foreign Affairs. “Should governments rein in finance to crush the elite,” she asks, “or should they simply accept income differentials and financial savings as the inevitable price of dynamic societies?”

This is not a trivial question, given the role of unabated inequality in growing social unrest and even revolution around the world. Indeed, the real surprise is that protests such as “Occupy Wall Street” have resulted in so little change, suggesting that institutions, once established, are “sticky” in preserving

the status quo.

This is particularly relevant to Asia’s growth story. Former British colonies like India and Malaysia inherited common law and institutional checks and balances, but several today confront institutional decay, rising corruption, and creeping patrimonialism. Other economies, such as China, are seeking ways to establish the rule of law by strengthening the institutional framework within the framework of one-party rule.

Both Fukuyama and North conclude that strong state-led economies can be accountable, but become fragile should the ruling elites fail to respond to popular majorities and to global norms of behavior and governance. North argues that competition is a key force driving adaptive efficiency among institutions.

A basic insight of NIE is that measuring transaction costs in various factor and product markets can reveal inefficiencies and barriers to better performance. An examination of transaction costs in global and domestic supply chains would reveal the extent to which rent-seeking activities and policy distortions deter the emergence of competitive markets.

For advanced economies, the study of Williamson’s levels two and three – formal institutions and their governance – can lead to important insights. But, for emerging markets in Asia and elsewhere, we are convinced that the study of informal institutions, behavior, and norms offers a better understanding of the challenges of managing growth and performance.

Simply put, in many emerging markets, it is not a lack of understanding of international best practices that holds back economic performance. Rather, it is the conflict between these practices and traditional or domestic social relations and practices that entrench vested interests opposed to change.

Andrew Sheng, President of the Fung Global Institute and an adviser to China’s Banking Regulatory Commission, is a former deputy head of the Hong Kong Monetary Authority.

Xiao Geng is Director of Research at the Fung Global Institute. © Project Syndicate, 2012. www.project-syndicate.org

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12 | PROPERTY NEWS

Askanis adds more luxury to Limassol with Opera Askanis Group is developing an exclusive project in the heart of Limassol’s most sought-after area, Yermasogia, utilising an ultra-modern design that enjoys breathtaking sea views.

The modern and impressive project includes villas, maisonettes, apartments and penthouses located directly on the beach, overlooking the beautiful, landscaped gardens and the sea.

Opera also includes an array of glamorous facilities setting a new trend in Limassol’s lifestyle with a gym, equipped with a sauna and hamam set in gorgeous gardens with cascading fountains. The whole effect will be a beautifully composed complex evoking awe and wonder – a priceless jewel and a brilliant masterpiece and one which is testament to Askanis Group professionalism.

Opera’s neighbours include luxury 4 and 5-star hotels, numerous trendy coffee bars, restaurants and other places of entertainment all within a short walking distance, yet the proj-

UK mall rents fall Capital Shopping Centres (CSC), which owns 15 of Britain’s biggest malls, said like-for-like net rental income fell 2.3% in the first half of 2012 as retailers went bust in an increasingly tough economic climate.

The figure was 181.8 mln pounds in the six months to June 30, with rental increases in some parts offset by tenant failures.

“For CSC, tenant failures are the most direct effect of the weak environment, with some short term disruption while agreements are reached with successor or replacement operators,” the company said.

CSC owns more than 16 mln square feet of shopping space valued at 7 bln pounds in some of the UK’s biggest malls like Lakeside in Essex, southeast England, and the Trafford Centre in Manchester.

The economic impact of a sodden summer was laid bare last week by dire news from major retailers showing that torrential rain had hurt already weak demand in an economy showing few signs of pulling out of recession.

CSC said footfall was down 1% in the year to date, outperforming the UK benchmark, which dropped by 3%, due to the fact its malls were among the biggest and most popular in the country.

ect offers a peaceful and tranquil contrast to the liveliness of the tourist area. The setting includes an attractive pedestrian footpath along the shores of Limassol that allows for very pleasant

and relaxing walks.

Opera offers luxury 2, 3 and 4 bedroom apartments ranging from 85 to 220sq.m. with spacious verandas and magnificent

sea views. All flats enjoy clear views of the beautiful gardens and the sea. The internal layout of individual apartments can be redesigned according to the taste and needs of the buyer, while the penthouses ranging from 250 to 315sq.m. will be among the most luxurious with top of the range fixtures and fittings in exceptional designs. All penthouses will have their own private access to their rooftop which will include private hydromassage tubs and barbeques.

Opera will also offer elegant and spacious villas starting from 770 to 1080sq.m. of covered areas with beautifully landscaped gardens at the front and back of each property. All front-row villas will be built with their own private pools, underground parking area and spacious storage facilities.

For information on the project, contact the Sales Department at Askanis Group on +357 25336171 / +357 99586977 or visit the website www.askanis.com.

German office take-up plunges 10% The take-up in office space lettings in Germany’s nine leading office hubs totalled 1.54 mln sqm in the first half of 2012, a 9.6% decline year-on-year, according to BNPP RE. The slowdown in floor space absorption was most pronounced in Cologne (-20%), Munich (-16.5%) and Frankfurt (-12%). With 328,000 sqm, Munich remains Germany’s largest office market, ahead of Berlin (250,000 sqm) and Frankfurt (242,000 sqm). At the same time, the vacancy rate in nine German cities was said to have declined by 8%, down to 8.4 mln sqm. Both the DIP federation of estate agents and BNPP RE determined an average increase in prime rents by 0.40 euros / sqm/ month or 2% up to 24.60 euros.

Nationwide, the first semester of 2012 saw investments of 9.7 bln euros in commercial real estate, a year-on-year drop of 14%. Of these, 40% were in office and a third in retail. The share of foreign buyers matched last year’s level at 32%.

Berlin’s average office rent appears to be between 11.96 euros/ sqm (Savills) and 13.00 euros/ sqm (Angermann), with prime rents generally at 22.00 Euros/ sqm.

According to Süddeutsche Zeitung, Germany’s office market is considered robust compared to other countries, on a level with the markets in the United Kingdom and Luxembourg. This is better than Spain, Portugal and Belgium which are plagued by massive letting issues.

Gekterna wins Athens opera project The consortium comprising Gekterna and Italian contractor Impregilo won a major bid in the depressed Greek property market as it was the lowest bidder for the construction of the new national opera house in southern Athens, a private project worth 566 mln euros financed by the Stavros Niarchos Foundation.

The construction is expected to begin by the end of this year and be completed in 2016. Gekterna’s backlog currently stands at around EUR 1.75 bln, of which a third is outside Greece.

“This is positive news for the group’s construction activity given the significant size of the project and the secured financing” said Vassilis Roumantzis, analyst at the Investment Bank of Greece, a Laiki Group subsidiary.

EB¢OMA¢IAIA OIKONOMIKH ¶√§π∆π∫∏ EºHMEPI¢A

www.financialmirror.com

AÚ. 875

∆∂∆∞ƒ∆∏, 1 ∞À°√À™∆√À, 2012

H Alpha Bank ‰È·„‡‰ÂÈ Û˘Ìʈӛ· Ì ∂ÌÔÚÈ΋… ÚÔ˜ ÙÔ ·ÚfiÓ Τισ πληροφορίεσ που έκαναν λÞγω για ένα µεγάλο διπλÞ deal-έκπληξη, διέψευσε χθεσ υψηλÞβαθµο στέλεχοσ τησ Alpha Bank. Ùπωσ δηµοσίευσαν ελληνικά µέσα ενηµέρωσησ η διοίκηση του τραπεζικού οµίλου τησ Alpha Bank, βρίσκεται κοντά σε δύο στρατηγικήσ σηµασίασ συµφωνίεσ. Η πρώτη συµφωνία αφορά στρατηγική συµµαχία του ελληνικού οµίλου, µε τον γαλλικÞ κολοσσÞ Credit Agricole µέσω τησ απÞκτησησ τησ ελληνικήσ θυγατρικήσ τησ, τησ Emporiki Bank και η άλλη, µε την κεφαλαιακή στήριξη του νέου σχήµατοσ, απÞ το Paramount Fund του Κατάρ. Το ψηλÞβαθµο στέλεχοσ τησ Alpha Bank διέψευσε τα δηµοσιεύµατα υπογραµµίζοντασ Þτι δεν η τράπεζα δεν είναι κοντά σε συµφωνία για την εξαγορά τησ Εµπορικήσ. Οι πληροφορίεσ θέλουν την συµφωνία να οριστικοποιείται στα µέσα Σεπτεµβρίου, Þταν θα έχει ολοκληρωθεί η ανακεφαλαιοποίηση των τραπεζών. Οι πληροφορίεσ λένε πωσ αυτέσ οι στρατηγικέσ συµφωνίεσ, εφÞσον οριστικοποιηθούν, θα ενδυναµώσουν περαιτέρω τον ελληνικÞ Þµιλο, εξασφαλίζοντασ παράλληλα µεγάλο τµήµα των κεφαλαιακών αναγκών τησ, απÞ τον ιδιωτικÞ τοµέα για το νέο τραπεζικÞ σχήµα τησ Alpha και, εποµένωσ, θα µειώσει το ύψοσ των κεφαλαίων τα οποία θα κληθεί να αντλήσει απÞ το Ταµείο Χρηµατοπιστωτικήσ ΣταθερÞτητασ κατά την ανακεφαλαιοποίησή τησ. Πάντωσ οι ίδιεσ πηγέσ, υπογραµµίζουν πωσ αναµένεται να διευκρινιστούν κάποια διαδικαστικά ζητήµατα που υπολείπονται, και µετά οι δύο Þµιλοι θα προχωρήσουν στισ υπογραφέσ. Το χρονοδιάγραµµα έχει ορίζοντα έωσ τα µέσα Σεπτεµβρίου, περίοδο κατά την οποία θα έχουν ολοκληρωθεί Þλεσ οι απαιτούµενεσ διαδικασίεσ. Στισ απαιτούµενεσ διαδικασίεσ εντάσσεται και η οριστικοποίηση των Þρων τησ επανακεφαλαιοποίησησ των ελληνικών τραπεζών, γεγονÞσ που θα είναι καθοριστικÞ και για τη συγχώνευση τησ Alpha Bank µε την Emporiki, αλλά και για την κεφαλαιακή στήριξη του νέου ελληνικού τραπεζικού σχήµατοσ απÞ το Paramount Fund του Κατάρ. Βεβαίωσ, αυτÞ ισχύει για τα πλάνα και των τεσσάρων µεγαλύτερων και συστηµικών τραπεζών (Εθνική, Alpha, Eurobank, Πειραιώσ). Ùπωσ αναφέρει η εφηµερίδα Ηµερισία, µετά τη συγχώνευση τησ Emporiki Bank µε την Alpha Bank, η Credit Agricole θα κατέχει στο νέο τραπεζικÞ σχήµα στρατηγικÞ ποσοστÞ το οποίο θα προσδώσει, αφενÞσ, µεγαλύτερη αξία στην προοπτική των Γάλλων στην ελληνική τραπεζική αγορά και, αφετέρου, στισ αγορέσ τησ νοτιοανατολικήσ Ευρώπησ στισ οποίεσ ο Þµιλοσ Alpha Bank έχει σηµαντική παρουσία. Υπενθυµίζεται Þτι η

Alpha Bank διατηρεί παρουσία στην Αλβανία, την Βουλγαρία, την Κύπρο, τη Ρουµανία, τη Σερβία, τα ΣκÞπια και την Ουκρανία. Ο Þµιλοσ Alpha Bank απÞ την άλλη πλευρά, θα αποκτήσει έναν ισχυρÞ τραπεζικÞ εταίρο και καλύτερεσ προοπτικέσ ευνοϊκÞτερησ χρηµατοδÞτησησ στο µέλλον, υπÞ την προϋπÞθεση Þτι οικονοµικÞ περιβάλλον σε Ελλάδα και Ευρώπη βελτιωθεί και τα εξαγγελθέντα µέτρα αντιµετώπισησ τησ κρίσησ χρέουσ στην Ευρωζώνη υλοποιηθούν απÞ τουσ πολιτικούσ αξιωµατούχουσ .

∂ıÓÈ΋ - Eurobank ΑπÞ την πλευρά τουσ η Εθνική Τράπεζα και η Eurobank εξετάζουν ενδελεχώσ τισ επικρατούσεσ συνθήκεσ στον τραπεζικÞ κλάδο, µε διαφορετικούσ τρÞπουσ η κάθε µία και εκτιµάται Þτι θα εµπλακούν στην αναδιάταξη του τραπεζικού χάρτη. Στο πλαίσιο αυτÞ, δεν θα µπορούσαν να αποκλείσουν την ανάµειξή τουσ στην υπÞθεση τησ Emporiki Bank.

™ÙËÓ ¶ÂÈÚ·ÈÒ˜ ÙÔ «˘ÁȤ˜» ̤ÚÔ˜ Ù˘ ∞∆∂ Tην ίδια ώρα θετικÞ κλίµα στην αγορά και διεθνέσ ενδιαφέρον έχει προκαλέσει η ανακοίνωση τησ απορρÞφησησ του υγιούσ τµήµατοσ τησ Αγροτικήσ Τράπεζασ απÞ την Πειραιώσ (µεταξύ των οποίων οι καταθέσεισ και ο τοµέασ των εξυπηρε-

τούµενων δανείων, µε τα «µη υγιή» στοιχεία να βαίνουν προσ εκκαθάριση). Ήδη, τα 468 υποκαταστήµατα τησ ΑΤΕbank λειτουργούν υπÞ την οµπρέλα τησ Πειραιώσ. Η συγχώνευση των δυο τραπεζών άνοιξε την αυλαία τησ αναδιάρθρωσησ του τραπεζικού κλάδου, καθώσ αναµένονται και άλλεσ απορροφήσεισ . Ùπωσ επισηµάνθηκε τα brand names Πειραιώσ και ΑΤΕ θα λειτουργούν παράλληλα, υπÞ τη σκέπη µίασ τράπεζασ, ενώ οι τελικέσ κεφαλαιακέσ ανάγκεσ τησ νέασ τράπεζασ θα καθοριστούν µέσα στο επÞµενο τρίµηνο. Η προσφορά τησ Πειραιώσ για τη συγχώνευση τησ Αγροτικήσ προκρίθηκε καθÞτι εξασφαλίζει το σύνολο των 5.500 θέσεων εργασίασ, διασφαλίζει στο ακέραιο τισ καταθέσεισ του συνÞλου των πελατών τησ καθώσ και την οµαλή συνέχιση των εργασιών τησ. ΤαυτÞχρονα, η Τράπεζα Πειραιώσ δηλώνει Þτι θα συνεχίσει να παρέχει απÞλυτη προστασία στον αγροτικÞ τοµέα. Σύµφωνα µε ανακοίνωση τησ Τράπεζασ Πειραιώσ, απÞ τη συγχώνευση προκύπτουν συνέργειεσ που εκτιµάται Þτι θα φτάσουν τα 155 εκατοµµύρια ευρώ στο τέλοσ τησ πρώτησ τριετίασ και στη συνέχεια 155 εκατοµµύρια ευρώ ετησίωσ µετά απÞ φÞρουσ, ενώ αναβαθµίζεται σηµαντικά η θέση και η παρουσία του Οµίλου τησ Τράπεζασ Πειραιώσ στην Ελλάδα µε µερίδιο αγοράσ 19% στισ καταθέσεισ και 16% στισ χορηγήσεισ. Το προσωπικÞ του οµίλου θα ανέλθει σε 17.000 εργαζοµένουσ και το σύνολο του δικτύου των καταστηµάτων σε 1.230, µε παρουσία σε εννέα ακÞµη χώρεσ εκτÞσ Ελλάδασ.

Champions League Î·È Europa League

∂›Ó·È ÔÏÏ¿ Ù· ÏÂÊÙ¿! ™ËÌ·ÓÙÈΤ˜ ·˘Í‹ÛÂȘ ÛÙ· ¤ÛÔ‰· ÙˆÓ ÔÌ¿‰ˆÓ Οι οµάδεσ που θα συµµετάσχουν φέτοσ στουσ οµίλουσ του Champions League, έχουν εξασφαλισµένα έσοδα 8,6 εκ. ευρώ, ποσÞ το οποίο αποτελεί το µπÞνουσ συµµετοχήσ τουσ στουσ οµίλουσ, σύµφωνα µε την ιστοσελίδα τησ Κυπριακήσ Οµοσπονδίασ Ποδοσφαίρου. Το ποσÞ αυτÞ αυξάνεται στα 10,7 εκ. ευρώ για τισ οµάδεσ οι οποίεσ θα προκριθούν στουσ οµίλουσ µέσω των play offs τησ διοργάνωσησ, αφού, υπάρχει µπÞνουσ συµµετοχήσ στα play offs ύψουσ 2,1 εκ. ευρώ. Τα 2,1 εκ. θα τα πάρουν και οι οµάδεσ οι οποίεσ θα φτάσουν µέχρι τα play offs αλλά δεν θα προκριθούν στουσ οµίλουσ του Champions League. Αύξηση και στα ποσά για νίκη ή ισοπαλία στη φάση των οµίλων του Champions League. Πλέον, η κάθε νίκη έχει αξία ένα εκατοµµύριο ευρώ. Τα µισά, δηλαδή 500.000 ευρώ, είναι η αξία τησ κάθε ισοπαλίασ. Η πρÞκριση στη φάση των 16 του Champions League αποφέρει στισ οµάδεσ 3,5 εκ. ευρώ. Στα προαναφερθέντα ποσά, δεν υπολογίζεται το ποσÞ

που δικαιούνται οι οµάδεσ για το market pool, το οποίο θα ξεκαθαρίσει µε το τέλοσ τησ διοργάνωσησ. Πέρσι, ο ΑΠΟΕΛ πήρε απÞ το market pool 1,76 εκ. ευρώ. Για σκοπούσ σύγκρισησ, πέρσι η πρÞκριση στουσ οµίλουσ απέφερε 7,2 εκ. ευρώ, σε σχέση µε τα 8,6 που αποφέρει φέτοσ. Παρέµεινε σταθερÞ το ποσÞ των 2,1 εκατοµµυρίων ευρώ για τη συµµετοχή στα play offs του Champions League. Επίσησ, πέρσι, οι οµάδεσ έπαιρναν 800.000 ευρώ για κάθε νίκη και 400.000 ευρώ για κάθε ισοπαλία, ενώ η πρÞκριση στη φάση των «16» είχε αξία 3 εκ. ευρώ. Σηµαντικέσ είναι και οι αυξήσεισ στα έσοδα των οµάδων που θα παίξουν στουσ οµίλουσ του EUROPA League. Το ποσÞ πρÞκρισησ στουσ οµίλουσ αυξάνεται απÞ ένα εκατοµµύριο ευρώ στα 1,3 εκ. Επίσησ, η νίκη στουσ οµίλουσ τησ διοργάνωσησ έχει αξία 200.000 ευρώ και η ισοπαλία 100.000 ευρώ. Πέρσι, η ισοπαλία στη φάση των οµίλων απέφερε στισ οµάδεσ 70.000 ευρώ και η νίκη 140.000 ευρώ.

Οι οµάδεσ που θα τερµατίσουν πρώτεσ στον Þµιλο τουσ και θα προκριθούν στη φάση των «32» θα πάρουν επιπλέον ποσÞ 600.000 ευρώ, ενώ οι οµάδεσ που θα τερµατίσουν στη δεύτερη θέση στον Þµιλο τουσ, θα πάρουν 400.000 ευρώ. Στα πιο πάνω ποσά, δεν υπολογίζεται το market pool. Πέρσι η ΑΕΚ Λάρνακασ πήρε απÞ το market pool 276.000 ευρώ. Συνολικά η ΟΥΕΦΑ για τη σεζÞν 2012-2013 θα µοιράσει στισ οµάδεσ οι οποίεσ θα παίξουν στα play offs και στουσ οµίλουσ του Champions League 910 εκ. ευρώ και στισ οµάδεσ οι οποίεσ θα παίξουν στουσ οµίλουσ του Europa League 209 εκ. ευρώ.

ΧΡΗΜΑ&ΑΓΟΡΑ

1 ΑΥΓΟΥΣΤOY, 2012

2/14 | ΕΙ∆ΗΣΕΙΣ

√È Ê‹Ì˜ ·Ú¤Ì‚·Û˘ Ù˘ ∂∫∆ ÛÙËÚ›˙Ô˘Ó ÙÔ Â˘ÚÒ ¡π∫√™ ªπÃ∞∏§π¢∏™ Foreign Exchange Analyst

Σηµαντική ανοδική αντίδραση σηµειώθηκε στην ισοτιµία Ευρώ – ∆ολαρίου την εβδοµάδα που µασ πέρασε, ενισχύοντασ την ισοτιµία σε υψηλÞ δύο µηνών και αποµακρύνοντασ την αρκετά απÞ τα πολύ κρίσιµα επίπεδα του 1.20. Συγκεκριµένα η ισοτιµία απÞ τα 1.2050 τησ περασµένησ εβδοµάδοσ αναρριχήθηκε µέχρι και τα 1.2380 για να διορθώσει στην συνέχεια κοντά στα 1.2250 Þπου και κινείται τισ τελευταίεσ ηµέρεσ. Καταλυτικέσ για την σηµαντική αυτή άνοδο ήταν οι έντονεσ φηµολογίεσ που καλλιεργήθηκαν τισ τελευταίεσ ηµέρεσ πωσ επίκειται σηµαντική παρέµβαση στην Ευρωπαϊκή αγορά οµολÞγων τÞσο απÞ την ΕΚΤ Þσο και απÞ τα κράτη µέλη. Ο πρÞεδροσ τησ ΕΚΤ, Mario Draghi µιλώντασ σε επενδυτικÞ συνέδριο στο Λονδίνο, υποσχέθηκε αρχικά να κάνει οτιδήποτε είναι αναγκαίο για να προστατέψει την ευρωζώνη απÞ την κατάρρευση, συµπεριλαµβανοµένησ και τησ αντιµετώπισησ των αδικαιολÞγητα υψηλού κÞστουσ δανεισµού για τα κράτη. ΠρÞσθεσε ακÞµη πωσ η ευρωζώνη είναι πολύ πιο ισχυρή απÞ Þ,τι αντιλαµβάνονται οι άνθρωποι, προσθέτοντασ Þτι η ευρωζώνη έχει έλλειµµα και χρέοσ πολύ µικρÞτερο απÞ αυτÞ των Ηνωµένων Πολιτειών.

∆ιεµήνυσε ακÞµη Þτι το ευρώ είναι µη αναστρέψιµο, ενώ τÞνισε Þτι η ρευστÞτητα δεν µπορεί να ρεύσει, εξαιτίασ των εθνικών εποπτικών οργάνων, τα οποία συνολικά, είχαν κάνει λάθη. Στισ πιο πάνω δηλώσεισ ήρθαν να προστεθούν και οι δηλώσεισ του διοικητή τησ κεντρικήσ τράπεζασ τησ Αυστρίασ, κ. ΝοβÞτνι, Þτι ίσωσ έχει έρθει η στιγµή για να συζητηθεί η παλιά πρÞταση παροχήσ αδείασ στον EFSF και το ESM µετά τισ 12 Σεπτεµβρίου, Þταν µε το καλÞ θα έχει περάσει απÞ την γερµανική Βουλή ο νÞµοσ για τον ESM. ΤαυτÞχρονα οι φήµεσ φούντωσαν τισ τελευταίεσ ηµέρεσ πωσ το Eurogroup εξετάζει το ενδεχÞµενο να ζητήσει απÞ την ΕΚΤ να παρέµβει άµεσα για λογαριασµÞ του EFSF και να αγοράσει κρατικά οµÞλογα ισπανικά απÞ την δευτερογενή αγορά προκειµένου να εκτονώσει την δραµατική πίεση που έχει εκδηλωθεί απÞ την αγορά. Η αλήθεια είναι Þτι η ραγδαία αυξανÞµενη πίεση των αγορών στα ισπανικά και ιταλικά οµÞλογα τα τελευταία 24ωρα έχει αυξήσει τον αριθµÞ των µελών του συµβουλίου τησ ΕΚΤ που πιστεύουν πια Þτι θα πρέπει να παρέµβει η ΕΚΤ για να ανακÞψει την καταβαράθρωση των ισπανικών οµολÞγων. ΑπÞ την άλλη Þµωσ ακÞµα και αν αυτÞ υλοποιηθεί δεν αναµένεται να προσφέρει τίποτα περισσÞτερο απÞ µια προσωρινή ηρεµία στισ αγορέσ. Και η αποτελεσµατικÞτητα τησ πολιτικήσ αυτήσ χρήζει συζήτηση αφού ακριβώσ το ίδιο είχε γίνει και το περασµένο καλοκαίρι µε τισ αποδÞσεισ των οµολÞγων να αυξηθούν τελικά περισσÞτερο απÞ Þ, τι είχαν αυξηθεί πριν ξεκινή-

σουν οι αγορέσ τουσ. Και έπειτα υπάρχει, φυσικά, και το πρÞβληµα τησ επιβράδυνσησ τησ οικονοµίασ τησ Ευρώπησ, το οποίο επιδεινώνει την κρίση του χρέουσ στο σύνολÞ τησ. Η πολιτική αυτή δεν προσφέρει τίποτα για να αποτραπεί µια ύφεση στην Ευρώπη. ΤυχÞν νέεσ ενέργειεσ τησ ΕΚΤ θα σταθεροποιήσουν την κατάσταση, αλλά αυτÞ που θέλουν πραγµατικά οι αγορέσ είναι δηµοσιονοµικά µέτρα για την τÞνωση τησ οικονοµικήσ ανάπτυξησ. Επίσησ ασ µην αγνοούµε και τον παραφουσκωµένο ισολογισµÞ τησ ΕΚΤ που κάθονται ήδη πάνω σε 4 τρισεκατοµµύρια δολάρια. Το µέγεθοσ αυτÞ είναι σχεδÞν διπλάσιο απÞ τα 2,2 τρισεκατοµµύρια δολάρια του ισολογισµού τησ Fed και σαφώσ φέρνουν τουσ εαυτούσ τουσ σε δυσµενέστερη θέση και πολλαπλασιάζουν τον παράγοντα κινδύνου. Πολλά αναµένονται να ξεκαθαρίσουν αυτή την εβδοµάδα Þπου η ΕΚΤ συνεδριάζει σε µία απÞ τισ πιο κρίσιµεσ συνεδρίεσ τησ σύντοµησ ιστορίασ τησ. Σαφέστατα η Þλη συζήτηση θα περιστραφεί γύρω απÞ τισ προθέσεισ τησ ΕΚΤ και εδικά του προέδρου κ. Draghi, µετά τισ τελευταίεσ του υποσχέσεισ, πωσ θα δράσει άµεσα και δραστικά. Τεχνικά η πτωτική τάση τησ ισοτιµίασ διατηρείται Þσο Þµωσ τα κρίσιµα επίπεδα του 1.20 κρατάνε και µε Þλεσ τισ ενδείξεισ να µιλάνε για παρέµβαση τησ ΕΚΤ είναι πολύ πιθανÞν η ισοτιµία να δοκιµάσει, έστω και προσωρινά, τα 1.25 αφού ο χρÞνοσ πλέον είναι µε το µέροσ τησ. Η µεταβλητÞτητα βέβαια επιστρέφει και πάλι στην ισοτιµία και µαζί τησ πιθανÞτατα θα επιστρέψουν και οι ακραίεσ διακυµάνσεισ.

∆· ·˙¿ÚÈ· Ì ÙËÓ ∆Úfi˚η Πολύ πιο σκληρέσ απÞ Þτι ανέµενε η Κυβέρνηση, είναι οι αλλαγέσ που πρÞτεινε η ΤρÞϊκα, τÞσο για τα δηµοσιονοµικά, Þσο και στον τραπεζικÞ τοµέα. Η ΤρÞικα σχετικά µε τα δηµοσιονοµικά τÞνισε Þτι βλέπει τρύπα ύψουσ 1 δισ ευρώ, και πρÞτεινε πρÞγραµµα εξυγίανσησ τριετούσ διάρκειασ το οποίο να περιλαµβάνει: Μη καταβολή 13ου µισθού στον ευρύτερο δηµÞσιο τοµέα, Κατάργηση τησ ΑΤΑ, Μείωση των απολαβών των κρατικών και ηµικρατικών υπαλλήλων κατά 15% για τα έτη 2013-2014, Αύξηση των εισφορών στο συνταξιοδοτικÞ, ΦορολÞγηση του εφάπαξ των δηµοσίων υπαλλήλων και Μείωση των κοινωνικών παροχών κατά 10%. Η δε Κυβέρνηση απÞ την πλευρά τησ φαίνεται να αντιπροτείνει:ΠρÞγραµµα εξυγίανσησ πενταετούσ διάρκειασ (το οποίο να λαµβάνει υπÞψη και τισ προοπτικέσ µε το φυσικÞ αέριο), Παγοποίηση τησ ΑΤΑ µÞνο σε περιÞδουσ οικονοµικήσ ύφεσησ, Να ληφθεί υπÞψη το τρίπτυχο εξυγίανση, ανάπτυξη, κοινωνική συνοχή. Αποδέχεται επίσησ µερική µείωση στισ απολαβέσ των δηµοσίων υπαλλήλων, αλλά κλιµακωτά για να επηρεάσει λιγÞτερο τουσ χαµηλÞµισθουσ. Σχετικά µε το τραπεζικÞ σύστηµα η ΤρÞικα ζήτησε Þπωσ: Τα χρηµατιπιστωτικά ιδρύµατα αυξήσουν τα ίδια κεφάλαια τουσ απÞ το 9% (που είναι η βασική απαίτηση τησ Ευρωπαϊκήσ Αρχήσ Τραπεζών) στο 10%, Να υιοθετηθεί αυστηρÞτεροσ δείκτησ προσµέτρησησ για τα ρευστά διαθέσιµα, ΑυστηρÞτερεσ ρυθµίσεισ στισ καταθέσεισ ξένων σε ευρώ, Τα Συνεργατικά να τεθούν υπÞ την εποπτεία τησ Κεντρικήσ Τράπεζασ, Αλλαγή τησ µεθοδολογίασ υπολογισµού των µη εξυπηρετουµένων δανείων. Η Κεντρική Τράπεζα απÞ την πλευρά τησ φαίνεται να διαφώνησε, τονίζοντασ Þτι η αλλαγή τησ µεθοδολογίασ θα αυξή-

σει τισ κεφαλαιακέσ ανάγκεσ των τραπεζών, θα περιορίσει σηµαντικά το δανεισµÞ και θα οδηγήσει σε µεγαλύτερη απÞ την αναµενÞµενη ύφεση, ενώ ζήτησε διατήρηση τησ δικέφαλησ εποπτείασ Þσον αφορά στισ τράπεζεσ και τα συνεργατικά. Η κυπριακή πλευρά ανέλαβε επίσησ να ετοιµάσει µελέτη για τισ επιπτώσεισ που θα επιφέρουν οι αλλαγέσ. Σε τηλεοπτικέσ του δηλώσεισ, ο ΥπουργÞσ Οικονοµικών, Βάσοσ Σιαρλή, επιβεβαίωσε το χάσµα στισ εκτιµήσεισ των δύο πλευρών και τÞνισε επίσησ Þτι παραµένει ανοικτÞ το θέµα τησ επιµήκυνσησ τησ δανειακήσ σύµβασησ στα πέντε χρÞνια. Σηµείωσε πωσ στÞχοσ είναι η δανειακή συµφωνία να υπογραφεί πριν τισ 14 Σεπτεµβρίου του 2012, ηµεροµηνία Þπου θα πραγµατοποιηθεί Ecofin στην Κύπρο.

ºÔÚfi ÔÊÂÈϤ˜ €300 ÂÎ. Ένα άλλο σηµαντικÞ θέµα που προωθεί η κυβέρνηση το οποίο είναι εισ γνώση τησ αντιπροσωπείασ τησ ΤρÞικα είναι αυτÞ τησ προσπάθειασ για πάταξη τησ φοροδιαφυγήσ. Τισ τελευταίεσ µέρεσ το Τµήµα Εσωτερικών ΠροσÞδων έχει διαδοχικέσ συναντήσεισ µε άτοµα που οφείλουν µεγάλα ποσÞ στο Κράτοσ µε στÞχο να έλθει µαζί τουσ σε διακανονισµÞ. ΣτÞχοσ είναι να εισπραχθεί ένα ποσÞ το οποίο πλησιάζει τα 300 εκ. ευρώ Þπωσ πληροφορούµαστε και τονίστηκε στα άτοµα αυτά Þτι σε περίπτωση που δεν συµµορφωθούν τÞτε εντÞσ του επÞµενου µηνÞσ ο ΥπουργÞσ Οικονοµικών Βάσοσ Σιαρλή θα δώσει στη δηµοσιÞτητα τα ονÞµατα τουσ. Στα ονÞµατα περιλαµβάνονται γνωστοί επιχειρηµατίεσ, δικηγÞροι και ιατροί.

§¿ÙÚÂȘ ÙÔ˘ ebay oÈ ∫‡ÚÈÔÈ H υψηλÞτερη online αγοραστική κίνηση Þλων των εποχών µε 66.1% καταγράφηκε τον Ιούνιο, ρεκÞρ που κατείχε ο περασµένοσ ∆εκέµβριοσ ωσ µήνασ Χριστουγέννων µε 64.2%. ΑυτÞ προκύπτει απÞ τα στοιχεία του «the i report», που καταγράφει τισ online αγορέσ στην Κύπρο. Το i report κατέγραψε ωσ δεύτερο σε online αγορέσ µήνα τον Μάιο µε 54.8% και ωσ τρίτο τον Απρίλιο µε 50%. Το i report κατέγραψε επίσησ σηµαντική µείωση στισ online αγορέσ που έγιναν απÞ το Γραφείο κατά 74% σε σύγκριση µε το προηγούµενο τρίµηνο. Παράλληλα κατέγραψε αύξηση σε αγορέσ που έγιναν µέσο Tablet κατά 27%. Το 92.2% των online αγορών έγιναν απÞ το σπίτι και το 10.8% απÞ το κινητÞ. Ùσον αφορά τισ κατηγορίεσ και τα είδη προϊÞντων που αγοράστηκαν online, το i report κατέγραψε: Πρώτη την κατηγορία Ειδών Ένδυσησ µε 36.6% µε αύξηση 1%, µε τα αθλητικά ρούχα να εκτοξεύονται στο 72.1% και τα ρούχα εργασίασ να µειώνονται δραστικά στο 27.9%. ∆εύτερη την κατηγορία Αεροπορικών Εισιτηρίων µε

27,2% και αύξηση 15.4%. Τρίτη την κατηγορία ΥπÞδησησ µε 15.1% και αύξηση 0.7%. Η κατηγορία Είδη για το Σπίτι είχε την δεύτερη µεγαλύτερη αύξηση απÞ το 2.6% στο 13.2%. Ùσον αφορά τισ ιστοσελίδεσ και τα online shops απ’ Þπου έγιναν οι αγορέσ, το i report κατέγραψε το Ebay να παραµένει το πρώτο µε 53.5% και αύξηση 6.9%, δεύτερο ακολουθεί το Amazon µε 13.7% και µικρή µείωση 1%, και τρίτο το Asos µε 8.9% και ελάχιστη µείωση 0.3%. Τέταρτο ακολουθεί το Direct Shop µε 6.7% και πέµπτη η Cyprus Airways µε 5.6%. Επίσησ απÞ τα υπÞλοιπα online shops, το i report κατέγραψε ανάµεσα στα Top Ten µεταξύ άλλων - το Victoria’s Secret και το Net-A-Porter µε 5.4%, την Aegean µε 5.1%, και την AirTickets µε 4.3%. Σε ερώτηση ποιÞσ είναι ο κύριοσ λÞγοσ που ψωνίζουν online 7 στουσ 10 απάντησαν Þτι ‘είναι πιο φθηνά’. Τα αποτελέσµατα ανακοίνωσαν η εταιρία ερευνών Evresis και η εταιρία υπηρεσιών διαδραστικού µάρκετινγκ ImarComms.

•¤Ï˘Ì· ‚ÚÒÌÈÎÔ˘ ¯Ú‹Ì·ÙÔ˜ Εν τω µεταξύ σύµφωνα µε πληροφορίεσ κλιµάκιο τησ ΤρÞικα στο οποίο µετείχαν και εµπειρογνώµονεσ απÞ το ∆ιεθνέσ ΝοµισµατικÞ Ταµείο και την ΚοµισιÞν είχαν συνάντηση µε την υπεύθυνη τησ ΜΟΚΑΣ Εύα Παπακυριάκου η οποία τουσ ενηµέρωσε Þτι δεν υπάρχει κενÞ στη νοµοθεσία στην Κύπρο αναφορικά µε το ξέπλυµα βρώµικου χρήµατοσ. Η κυρία Παπακυριακού αναφέρθηκε εκτεταµένα στη συνεργασία τησ Κύπρου µε τισ υπÞλοιπεσ χώρεσ τησ Ευρωπαϊκήσ Ένωσησ και τουσ παρουσίασε στατιστικά στοιχεία αναφορικά µε υποθέσεισ που αναµείχθηκε η ΜΟΚΑΣ. Το κλιµάκιο τησ ΤρÞικα µασ ανέφεραν αξιÞπιστεσ πηγέσ έµεινε πλήρωσ ικανοποιηµένο απÞ τισ απαντήσεισ τησ ΜΟΚΑΣ και υπογράµµισαν Þτι τουσ δÞθηκαν πλήρη στοιχεία για ερωτήµατα τα οποία είχαν σκοπÞ να υποβάλουν.Το θέµα του κατά πÞσον γίνεται ξέπλυµα στην Κύπρο δεν έχει κλείσει για την ΤρÞϊκα αφού σκοπεύει να συνεχίσει τισ συζητήσεισ µε την κυβέρνηση και τον Αύγουστο µέσω τηλεδιασκέψεων. Πάντωσ οι αιχµέσ που αφέθηκαν απÞ πλευράσ ΤρÞικα βρήκαν την άµεση αντίδραση των κυπριακών αρχών, αφού σε Þλεσ τισ διαχρονικέσ εκθέσεισ ξένων οργανισµών η Κύπροσ δείχνει να βελτιώνεται τÞσο σε επίπεδο πρακτικών Þσο και σε επίπεδο νοµοθετικών ρυθµίσεων. Παράλληλα οι κυπριακέσ αρχέσ φρÞντισαν να εκφράσουν την επιθυµία τουσ να συνεργαστούν µε το ∆ιεθνέσ ΝοµισµατικÞ Ταµείο και άλλουσ οργανισµούσ στην περαιτέρω βελτίωση του συστήµατοσ αλλά απέρριψαν την προσπάθεια διασύνδεσησ τησ στήριξησ µε το ζήτηµα αυτÞ.

Cyprus Fiduciary Association

Ανακοίνωση Με την παρούσα ανακοίνωση θα θέλαµε να ενηµερώσουµε το κοινό ότι το ∆ιοικητικό Συµβούλιο του Cyprus Fiduciary Association Ltd προτίθεται να υποβάλει αίτηση προς τον Υπουργό Εµπορίου, Βιοµηχανίας και Τουρισµού για απάλειψη της λέξης «Ltd» από την ονοµασία του οργανισµού µας. Για οποιεσδήποτε ενστάσεις και/ή περαιτέρω πληροφορίες παρακαλώ όπως αποταθείτε στα γραφεία του Εφόρου Εταιρειών και Επίσηµου Παραλήπτη το αργότερο µέχρι την Παρασκευή, 17 Αυγούστου 2012.

1 ΑΥΓΟΥΣΤOY, 2012

ΧΡΗΜΑ&ΑΓΟΡΑ

ΕΙ∆ΗΣΕΙΣ | 3/15

∂ÁÁ˘‹ÛÂȘ Î·È ·ÓÔËÛ›· √ÚÈṲ̂Ó˜ ÙÚ¿Â˙˜ ¤¯Ô˘Ó ÛÎÂÊı› ÛÙËÓ ÛÔÊ›· ÙÔ˘˜ Î·È ˘ÈÔı¤ÙËÛ·Ó ¤Ó· Ó¤Ô Û‡ÛÙËÌ· ‰·ÓÂÈÔ‰fiÙËÛ˘ ·ÁÔÚ·ÛÙÒÓ Î·ÙÔÈÎÈÒÓ fiÙ·Ó ‰ÂÓ ˘¿Ú¯ÂÈ Ù›ÙÏÔ˜ ȉÈÔÎÙËÛ›·˜ ∞¡∆ø¡∏™ §√π∑√À ∞ÓÙÒÓ˘ §Ô›˙Ô˘ F.R.I.C.S. & ™˘ÓÂÚÁ¿Ù˜ §Ù‰, ∂ÎÙÈÌËÙ¤˜ ∞ÎÈÓ‹ÙˆÓ & ¢È·¯ÂÈÚÈÛÙ¤˜ ŒÚÁˆÓ ∞Ó¿Ù˘Í˘

ΕκτÞσ του Þτι έχουν υποθήκη το έργο, εκτÞσ απÞ την εγγύηση του πωλητή, επιβάλλουν την έκδοση τραπεζικήσ εγγύησησ για την ηµεροµηνία έκδοσησ τίτλου, προσ Þφελοσ του αγοραστή. ∆ηλαδή, περίπου, η τράπεζα εγγυάται στον εαυτÞ τησ Þτι θα εκδοθεί τίτλοσ και άρα η ίδια η τράπεζα είναι καλυµµένη απÞ τον αγοραστή (δεν το καταλαβαίνουµε)! Το µέτρο αυτÞ µÞνο καταστροφή µπορεί να προκαλέσει τÞσο στον επιχειρηµατία ανάπτυξησ, Þσο και στην τράπεζα την ίδια και ακÞµα-ακÞµα στον αγοραστή τον ίδιο για τον οποίο (εκείνεσ τισ τράπεζεσ που το υιοθετούν) ενεργούν και εξηγούµεθα: - Η τραπεζική εγγύηση έστω και εάν ο αγοραστήσ δεν το ζητά, εκδίδεται απÞ την τράπεζα µε το «έτσι θέλω».

- Το κÞστοσ τησ τραπεζικήσ εγγύησησ (αν και οµολογουµένωσ χαµηλÞ) το επιβαρύνεται ο πωλητήσ.

- Η τραπεζική εγγύηση αναφέρει την ηµεροµηνία έκδοσησ τίτλου µε το απÞλυτο δικαίωµα του αγοραστή να την καταθέσει. Έτσι σε τέτοια περίπτωση και επειδή δεν υπάρχουν άλλοι

Þροι, ο αγοραστήσ θα κατέχει την κατοικία και θα εισπράξει και την εγγύηση. Έχει κανένα αγοραστή που δεν θα καταθέσει την εγγύηση µε αυτούσ τουσ Þρουσ; - Θα µασ ήτο καταονητÞ, έστω, εάν στην τραπεζική εγγύηση αναφέρετο Þτι τυχÞν κατάθεση τησ θα πρέπει ο αγοραστήσ να επιστρέψει την µονάδα πίσω στον πωλητή και µε κενή διακατοχή (χωρίσ ενοικιαστέσ που θα προστατεύονται απÞ µακροχρÞνιο συµβÞλαιο, ενοικιοστάσιο κλπ). Με αυτÞν τον τρÞπο ο µεν αγοραστήσ θα εισπράξει την εγγύηση και ο πωλητήσ την µονάδα του πίσω και προσθέτουµε µε ταυτÞχρονη ακύρωση του πωλητηρίου εγγράφου και απÞσυρση εάν έχει κατατεθεί στο ΚτηµατολÞγιο, πληρωµή οφειλών στα κοινÞχρηστα, φÞροσ ακίνητησ ιδιοκτησίασ κλπ.

- Εάν τα πιο πάνω ελάχιστα µέτρα προστασίασ του πωλητή δεν καλύπτονται απÞ την εγγύηση, τÞτε εκείνο που θα συµβεί είναι Þτι ο πωλητήσ θα χρεωθεί απÞ την τράπεζα το ποσÞ τησ εγγύησησ, ίσωσ να µην µπορεί να την πληρώσει, θα κινηθεί ωσ εκ τούτου η τράπεζα εναντίον του πωλητή για εκποίηση (τι θα εκποιήσει αφού ο αγοραστήσ είναι κάτοχοσ ) και εφÞσον δεν υπάρχουν τίτλοι θα εκποιήσει Þλο το έργο. Έτσι «αχάπαροι» αγοραστέσ θα κινδυνεύουν να βγουν οι µονάδεσ τουσ προσ πώληση. Και µÞνο αυτÞ; Εάν ο ίδιοσ ο πωλητήσ (developer) έχει άλλα δικά του έργου σε άλλεσ περιοχέσ, τυχÞν µη πληρωµή τησ εγγύησησ θα συµπαρασύρει και Þλουσ τουσ υπÞλοιπουσ και σε άλλα έργα. ∆εν αστειευÞµεθα αγαπητοί µασ αναγνώστεσ και έχουµε ένα απτÞ παράδειγµα για σασ

το οποίο και σασ υποβάλλουµε. Έργο µε 30 διαµερίσµατα στην Πάφο µε εκδοµένεσ τραπεζικέσ εγγυήσεισ για έκδοση τίτλων εντÞσ του έτουσ 2010 για συνολικÞ ποσÞ 5 εκ. ευρώ. Μέχρι σήµερα δεν εκδÞθηκαν οι τίτλοι αν και ο πωλητήσ έχει καταθέσει τα έγγραφα στο ΚτηµατολÞγιο πρÞσφατα. Η τράπεζα θα «πληρώσει» τώρα γύρω στα 5.000.000 ευρώ στουσ αγοραστέσ, οι αγοραστέσ θα έχουν κατοχή των µονάδων και άρα ο πωλητήσ δεν µπορεί να τισ πωλήσει για να καλύψει το ποσÞ των 5.000.000 ευρώ και επειδή αναµένουµε Þτι η τράπεζα θα κινηθεί εναντίον του πωλητή για είσπραξη των 5 εκ. ευρώ σε άλλα έργα του τα οποία είναι πλήρωσ εξοφληµένα, θα βρεθούν ακÞµα 60 περίπου αγοραστέσ στον κίνδυνο εκποίησησ τουσ και Þλα αυτά γιατί; Μήπωσ οι εγγυήσεισ των 30 τουσ προστάτεψαν; Ùχι ασφαλώσ και ακριβώσ το αντίθετο Þχι µÞνο κατέστρεψαν τον πωλητή, Þχι µÞνο τουσ δικαιούχουσ 30 αγοραστέσ µια και µε την διαδικασία εκποίηση κλπ η διαδικασία έκδοσησ τίτλων θα µακροχρονίσει, αλλά το χειρÞτερο θα τύχουν εκποίησησ και οι υπÞλοιποι αγοραστέσ (του ίδιου πωλητή/επιχειρηµατία ανάπτυξησ)!! Εάν είναι δική σασ ιδέα κ. ∆ηµητριάδησ τησ Κεντρικήσ, σασ παρακαλούµε µελετάτε το ξανά διÞτι πιστεύουµε Þτι οι επιχειρηµατίεσ ανάπτυξησ και οι αγοραστέσ χρειάζονται την προστασία σασ.

ÃÚ. ¶ÈÛÛ·Ú›‰Ë˜: ∆· Ï¿ıË ÛÙËÓ ∫‡ÚÔ ¤ÁÈÓ·Ó ÌÂÙ¿ ÙËÓ ÎÚ›ÛË Το πρÞβληµα τησ Κύπρου δεν είναι µÞνο τραπεζικÞ αλλά και δηµοσιονοµικÞ, ενώ είναι αναγκαίοσ ο εξορθολογισµÞσ των δηµοσίων δαπανών, σύµφωνα µε τον νοµπελίστα καθηγητήσ του LSE και του Πανεπιστηµίου Κύπρου, ΧριστÞφορο Πισσαρίδη. Ο κ. Πισσαρίδησ σε συνέντευξη του στην Stockwatch, τÞνισε πωσ κύριο µέληµα µασ πρέπει να είναι το πώσ θα πείσουµε την τρÞικα να στηρίξει έργα υποδοµήσ που είναι απαραίτητα για την ανάπτυξη τησ κυπριακήσ οικονοµίασ. Σε σχέση µε τισ διαπραγµατεύσεισ µε την τρÞικα, ο κ. Πισσαρίδησ αναφέρει Þτι η Κύπροσ θα πρέπει να διαπραγµατευτεί τη χρηµατοδÞτηση έργων υποδοµήσ σε τοµείσ που είναι σηµαντική για την ανάκαµψη τησ κυπριακήσ οικονοµίασ.

«Τα έργα υποδοµήσ, κυρίωσ στον τοµέα του τουρισµού, τησ εκπαίδευσησ και τησ υγείασ, είναι απαραίτητα για µια οικονοµία Þπωσ τησ Κύπρου», αναφέρει. «Άλλοι “πράσινοι” τοµείσ που µπορούν να επωφεληθούν απÞ την ανάπτυξη των υποδοµών είναι η αιολική ενέργεια, ηλιακή ενέργεια και τα γεωργικά προϊÞντα υψηλήσ προστιθέµενησ αξίασ Þπωσ το κρασί, ελαιÞλαδο, τυροκοµία και άλλα παρÞµοια προϊÞντα». «Η τρÞικα θα πρέπει να πιεστεί να δώσει βοήθεια για τισ επενδύσεισ αυτέσ για να βοηθήσει την οικονοµία να βγει απÞ την κρίση πιο γρήγορα». Σχολιάζοντασ τα Þσα είδαν το φωσ τησ δηµοσιÞτητασ για την κάθοδο τησ τρÞικα, ο κ. Πισσαρίδησ ασκεί κριτική στη

∂ÈÛÙÔÏ‹ ∫ÂÊ·Ï·È·ÁÔÚ¿˜ ÁÈ· ∞ÍÈfiÁÚ·Ê· Επιστολή προσ τον ΥπουργÞ Οικονοµικών Βάσο Σιαρλή, µε κοινοποίηση στην Επιτροπή Θεσµών τησ Βουλήσ και στην Κεντρική Τράπεζα, στην οποία περιλαµβάνει αριθµÞ εισηγήσεων σε σχέση µε το θέµα καταγγελιών επενδυτών για τον τρÞπο προώθησησ των αξιÞγραφων απÞ τισ τράπεζεσ, απέστειλε η Επιτροπή Κεφαλαιαγοράσ. Σύµφωνα µε την ΠρÞεδρο τησ Επιτροπήσ Κεφαλαιαγοράσ ∆ήµητρα Καλογήρου η αποστολή τησ σχετικήσ επιστολήσ αποφασίστηκε για να προστατευθούν αφενÞσ οι επενδυτέσ και αφετέρου γιατί υπάρχουν αρκετέσ καταγγελίεσ για τισ πρακτικέσ που ενδεχοµένωσ ακολούθησαν οι τράπεζεσ για προώθηση των αξιÞγραφων, τα οποία εκδÞθηκαν απÞ το 2007 έωσ σήµερα. «Εισηγούµαστε κάποιου είδουσ παγώµατοσ των αξιογράφων για να µην αποτελέσουν οποιαδήποτε διαβούλευσησ ενÞψει των συζητήσεων που γίνονται µεταξύ του Υπουργείου Οικονοµικών και τησ ΤρÞικα µέχρι την υποβολή του πορίσµατοσ των ερευνών. ΑυτÞ θα γίνει µε τη συµβολή του Γενικού Εισαγγελέα», τÞνισε. Η Επιτροπή Κεφαλαιαγοράσ σηµείωσε η κ. Καλογήρου εισηγείται να τεθεί σαφέσ χρονοδιάγραµµα για τη διερεύνηση των καταγγελιών απÞ επενδυτέσ και την καταβολή αποζηµιώσεων σε Þσουσ είναι κάτοχοι αξιÞγραφων, εάν διαπιστωθεί απÞ τισ έρευνεσ Þτι υπήρξε παραπλάνηση εκ µέρουσ των τραπεζών. «Αυτή τη στιγµή υπάρχουν συνολικά µÞνο γύρω στα 60 παράπονα σε σχέση µε 13.500 κατÞχουσ αξιÞγραφων. Εµείσ δώσαµε αυτά τα ονÞµατα στην Κεντρική Τράπεζα. Προτρέπω τουσ επενδυτέσ αξιογράφων να καταθέσουν µαζικά και εµπεριστατωµένα γραπτά παράπονα στισ εποπτικέσ αρχέσ», κατέληξε. Αξίζει να σηµειωθεί πωσ στο θέµα των αξιογράφων οι ξένοι τεχνοκράτεσ τησ ΤρÞϊκα ήταν κάθετοι και θεωρούν αναπÞφευκτη την µετατροπή τουσ σε µετοχέσ. ΑπÞ αυτή την εισήγηση για να το αντιληφθούν οι τηλεθεατέσ µασ συνεπάγεται Þτι η µετατροπή θα γίνει στην ονοµαστική αξία των αξιογράφων, που σε ορισµένεσ περιπτώσεισ συνεπάγεται κεφαλαιουχικέσ ζηµιέσ 75% για τουσ οµολογιούχουσ. Οι κυπριακέσ αρχέσ πάντωσ έθεσαν στο τραπέζι τησ συζήτησησ το ζήτηµα τησ πιθανήσ εξαπάτησησ των οµολογιούχων κατά τη διάθεση των αξιογράφων µε την ΤρÞικα να ανοίγει παράθυρο για την πιθανÞτητα δηµιουργίασ ενÞσ ταµείου αποκατάστασησ Þσων εξαπατήθηκαν, που θα τουσ αποζηµιώνει. Ùσον αφορά το που θα εξευρεθούν αυτά τα χρήµατα για τισ αποζηµιώσεισ αυτά θα τα καταβάλλουν οι τράπεζεσ σε περίπτωση που εντοπιστούν λάθη στη διάθεση των αξιογράφων.

µονÞπλευρη εξήγηση που φέρει τισ τράπεζεσ να είναι η µÞνη αιτία των προβληµάτων που αντιµετωπίζει σήµερα η οικονοµία. «∆ιάβασα κάποια σχÞλια στον κυπριακÞ τύπο Þτι τα λάθη που µασ ανάγκασαν να έρθει η τρÞικα οφείλονται εξολοκλήρου στον τραπεζικÞ τοµέα. ΑυτÞ δεν είναι σωστÞ», ανέφερε. ΤÞνισε παράλληλα Þτι το πρÞβληµα είναι επίσησ δηµοσιονοµικÞ και Þτι τα λάθη στην Κύπρο έγιναν µετά την κρίση. «Το 2007 τα δηµοσιονοµικά τησ Κύπρου ήταν απÞ τα καλύτερα στην Ευρωπαϊκή Ένωση. Μέχρι το 2011 είχαν καταντήσει να είναι απÞ τα χειρÞτερα», σχολίασε παραθέτοντασ στοιχεία για το δηµοσιονοµικÞ έλλειµµα. Τέλοσ ο κ. Πισσαρίδησ υπογράµµισε πωσ πρέπει να είµαστε προετοιµασµένοι για περισσÞτερη λιτÞτητα.

1 ΑΥΓΟΥΣΤOY, 2012

ΧΡΗΜΑ&ΑΓΟΡΑ

4/16 | ΡΕΠΟΡΤΑΖ

°È· ηʤ ÛÙËÓ ™Ù·˘ÚÔ‡...

YOU ªUST DO IT! στήµατα είναι µε διαφορά η µεγαλύτερη στην Κύπρο. Ακολουθώντασ ξεχωριστή τακτική απÞ τουσ ανταγωνιστέσ τησ η εν λÞγω αλυσίδα καφέ ανοίγει καταστήµατα σε περιοχέσ που θεωρεί υπάρχει πρÞσφορο έδαφοσ για εργασίεσ ανεξαρτήτωσ του µεγέθουσ του καταστήµατοσ που θα λειτουργήσει. Υπάρχουν και αλυσίδεσ στην Κύπρο που λειτουργούν µέχρι στιγµήσ ένα µÞνο κατάστηµα, ωστÞσο, η έωσ τώρα παρουσία τουσ σε

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ΣΤΗΝ ΚΥΠΡΟ ΛΕΙΤΟΥΡΓΟΥΝ 42 ΕΠΩΝΥΜΕΣ ΚΑΦΕΤΕΡΙΕΣ. ΠΡΙΝ ∆ΕΚΑ ΧΡΟΝΙΑ ∆ΕΝ ΥΠΗΡΧΕ ΟΥΤΕ ΜΙΑ

∞fi ÙÔ 2003 Η πρώτη αλυσίδα καφέ που «κατέβηκε» στην Κύπρο, ήταν η αµερικανική αλυσίδα Starbucks που άνοιξε την πρώτη τησ καφετέρια το 2003 στο κέντρο τησ Λευκωσίασ, στη συµβολή των λεωφÞρων Γρίβα ∆ιγενή και Θεµιστοκλή ∆έρβη. ΑπÞ τÞτε η συγκεκριµένη αλυσίδα άνοιξε άλλα οκτώ καταστήµατα τÞσο στη Λευκωσία Þσο και σε άλλεσ πολλέσ, ενώ παράλληλα και άλλεσ αλυσίδεσ έκαναν το µπάσιµÞ τουσ στην Κύπρο κτίζοντασ γερά θεµέλια µιασ αγοράσ που προ δεκαετίασ ήταν άγνωστη στον τÞπο. Η δηµιουργία µιασ δυναµικήσ τάσησ που στην πορεία κατέστη συνήθεια, αποτελεί το κλειδί τησ επιτυχίασ. Ùµωσ η αλυσίδα Costa Coffee µε 20 κατα-

Με εννέα καταστήµατα στισ πλείστεσ πÞλεισ τησ Κύπρου, η αλυσίδα έχει φτιάξει καλÞ Þνοµα και υλοποιεί κατά γράµµα το πλάνο επέκτασησ που έχει σχεδιάσει µε την κάθοδÞ τησ στη χώρα. Θετική πορεία καταγράφουν και οι αλυσίδεσ των Coffee Beanery (µε νέα πλέον διεύθυνση και ιδιοκτησιακÞ καθεστώσ) αλλά και τα Presse Cafe, που αριθµούν απÞ δύο καταστήµατα στη Λευκωσία.

ºÈÏÔÛÔÊ›·

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Μπορεί απÞ την 1η Μαΐου να άλλαξε και επίσηµα χέρια το Coffee Beanery στην Κύπρο, Þµωσ οι εξελίξεισ στην κυπριακή αγορά του καφέ δεν σταµατούν εδώ, ειδικÞτερα στην αγορά τησ Λευκωσίασ. Εντύπωση αποτελεί το γεγονÞσ πωσ στην Κύπρο λειτουργούν τώρα γύρω στισ 42 επώνυµεσ καφετέριεσ ενώ πριν δέκα χρÞνια δεν υπήρχε ούτε µια. Ùπωσ είχε δηµοσιεύσει λοιπÞν η Financial Mirror ο µεγαλοµέτοχοσ του Coffee Beanery, Λάµπροσ Χριστοφή πώλησε την εταιρεία ελέω των προβληµάτων ρευστÞτητασ που αντιµετωπίζει, στουσ επιχειρηµατίεσ Κυριάκο Ζιβανάρη και Μάρκο Κυριακίδη καθώσ και στον τερµατοφύλακα του ΑΠΟΕΛ ∆ιονύση Χιώτησ και πρώην άσσο των γαλαζοκιτρίνων τησ Λευκωσίασ Χρίστο ΚÞντη, για το ποσÞ των 1,3 εκ. ευρώ. Μέσα σε 3 µήνεσ λοιπÞν, απÞ τισ αρχέσ Μαΐου µπορεί κάποιοσ να καταλάβει πωσ είναι ΜUST να πιεί κάποιοσ τον καφέ του στην ΛεωφÞρο Σταυρού στην Λευκωσία, µιασ και σε µικρÞ χρονικÞ διάστηµα έχει ανοίξει µια σειρά καφετεριών. Πλέον βρίσκει κανείσ ονÞµατα Þπωσ είναι το Presse Caféé, Coffee Island, Costa Coffee, Gloria Jeans και το Coffee Beanery… που Þπωσ φαίνεται οι νέοι ιδιοκτήτεσ αφουγκράστηκαν τον παλµÞ τησ αγοράσ του καφέ. Η Λευκωσία αριθµεί πλέον 26 καφετέριεσ, γνωστών αλυσίδων απÞ το εξωτερικÞ, και κατέχει τα σκήπτρα τησ αγοράσ καφέ. Σε αυτέσ φυσικά προστίθενται οι δεκάδεσ άλλεσ καφετέριεσ στισ εµπορικέσ οδούσ Μακαρίου, Λήδρασ, ΟνασαγÞρου και βεβαίωσ σε Þλα τα προάστια τησ πρωτεύουσασ. Πολλοί µάλιστα είναι αυτοί που λένε πωσ η αγορά τησ Λευκωσίασ είναι πλήρησ. Ίσωσ η εν λÞγω θέση να ανατραπεί απÞ µια νέα κίνηση ενÞσ νέου, επίδοξου «παίκτη» τησ αγοράσ ή και πλάνου επέκτασησ των υφιστάµενων οι οποίοι απέδειξαν πωσ έχουν τον τρÞπο να κάνουν την επιχείρησή τουσ να δουλέψει.

συνδυασµÞ µε το πλάνο επέκτασήσ τουσ επιτρέπουν πλάνο για καινούργια µαγαζιά τÞσο στη Λευκωσία Þσο και σε άλλεσ πÞλεισ. Ο λÞγοσ για τισ αλυσίδεσ Second Cup και Wayne’s Coffee που έδωσαν ώθηση στην αγορά του καφέ στην περιοχή τησ Έγκωµησ που πέρσι είχε γίνει το hot spot τησ πρωτεύουσασ µε τη λειτουργία πολλών καφέ.

Second Cup και Wayne’s Coffee, προέρχονται απÞ Καναδά και Σουηδία αντίστοιχα και εντÞσ του έτουσ αναµένονται νέεσ καφετέριεσ απÞ τισ συγκεκριµένεσ αλυσίδεσ στη Λευκωσία. ΑπÞ τη µακρινή Αυστραλία έρχεται το Þνοµα των Gloria Jeans’s στην Κύπρο, τα οποία είναι επίσησ απÞ τα πλέον επιτυχηµένα ονÞµατα στην αγορά του καφέ τησ Κύπρου.

ΒασικÞ χαρακτηριστικÞ των αλυσίδων καφέ µε τη µορφή self service ή καλύτερα του καφέ… to go Þταν κάποιοσ το επιθυµεί, είναι η υψηλή ποιÞτητα καφέ, σε συνδυασµÞ µε την παροχή σειράσ υπηρεσιών Þπωσ δωρεάν internet, χώροσ για διάβασµα ή εργασία στον υπολογιστή και παροχή ηλεκτρικού ρεύµατοσ για συσκευέσ Þπωσ lap tops. Με αυτÞν ακριβώσ τον τρÞπο οι αλυσίδεσ απÞ το εξωτερικÞ έγιναν ο χώροσ συνάντησησ νεανικού κοινού για ένα καφεδάκι, αλλά και για διάβασµα. Εξάλλου, επαγγελµατίεσ προτιµούν τη δουλειά που «παίρνουν» απÞ το γραφείο για το σπίτι να την διαπεραιώνουν σε µια καφετέρια απολαµβάνοντασ το αγαπηµένο τουσ ρÞφηµα. Την ίδια στιγµή πολλέσ απÞ τισ αλυσίδεσ παρέχουν πρÞσβαση σε παιδÞτοπουσ, καθιστώντασ τισ επιχειρήσεισ τουσ ιδανικÞ προορισµÞ για τουσ γονείσ που θέλουν να αφήσουν για λίγη ώρα τα… αεικίνητα τέκνα τουσ και να πάρουν έναν καφέ.

™ÙËÓ ·ÁÔÚ¿ Î·È ÙÔ ∞RABICA Aξίζει επίσησ να αναφερθεί Þτι η ανάπτυξη τησ αγοράσ του καφέ κινείτε και γύρω απÞ την ΛεωφÞρο Σταυρού, µιασ και περί τα µέσα Σεπτεµβρίου αναµένεται να ξεκινήσει τη λειτουργία του το ΑRABICA COFFEE HOUSE, στην οδÞ Περικλέουσ στον ΣτρÞβολο. Πληροφορίεσ θέλουν και την εταιρεία

Starbucks, να λειτουργεί ακÞµα µια καφετέρια στη λεωφÞρο Αθαλάσσασ. Στην περιοχή συναντά κανείσ και το Café La Mode, που βρίσκετε στον 3ο Þροφο του Marks & Spencer.

Hard Rock Café Τέλοσ Þπωσ πρώτη είχε δηµοσιεύσει η Financial Mirror, γίνονται Þλεσ οι προετοιµασίεσ για τα εγκαίνια του πρώτου Hard Rock Cafe στη Λευκωσία και πιο ειδικά στη λεωφÞρο Σπύρου Κυπριανού Þπου δραστηριοποιούνται ήδη µεταξύ άλλων το Gloria Jeans, Costa Coffee, το Jacksons Hall και το La Pasteria. Στο πολυχώρο Þπωσ πληροφορούµαστε θα υπάρχουν χώροσ εστίασησ, roof garden, ενώ θα υπάρχει και κατάστηµα ειδών πώλησησ τησ γνωστήσ αµερικανικήσ αλυσίδασ. Ιδιοκτήτησ τησ αλυσίδασ είναι ο γνωστÞσ επιχειρηµατίασ Άκησ Έλληνασ ο οποίοσ στοχεύει σύντοµα να επεκτείνει την αλυσίδα και στη ΛεµεσÞ και συγκεκριµένα και στο πολυσύχναστο χώρο του Εναερίου. Παράλληλα η εταιρεία στοχεύει να έχει παρουσία σύντοµα µε κατάστηµα ειδών πώλησησ και στα κυπριακά αεροδρÞµια.

1 AΥΓΟΥΣΤΟΥ, 2012

ΧΡΗΜΑ&ΑΓΟΡΑ

ΡΕΠΟΡΤΑΖ | 5/17

∞fi ÙËÓ ™·ÓÙÔÚ›ÓË... ÛÙËÓ ∆·¸Ï¿Ó‰Ë OÈ ‰È·ÎÔ¤˜ Â›Ó·È ÁÈ· fiÏ· Ù· ÁÔ‡ÛÙ· Î·È fiÏ· Ù· ‚·Ï¿ÓÙÈ·. ª¤Û· ·fi ÙËÓ ¤Ú¢ӷ Ô˘ ¤¯ÂÈ Î¿ÓÂÈ Ë Ì˯·Ó‹ ·Ó·˙‹ÙËÛ˘ ÍÂÓÔ‰Ô¯ÂÈ·ÎÒÓ ÙÈÌÒÓ trivago.gr, ÌÔÚ›Ù ӷ ‚Ú›Ù ÙÔ˘˜ ÈÔ ÊÙËÓÔ‡˜ Î·È ÙÔ˘˜ ÈÔ ·ÎÚÈ‚Ô‡˜ ÚÔÔÚÈÛÌÔ‡˜ ·Ó¿ ÙÔÓ ÎfiÛÌÔ ÁÈ· Ó· ÂÚ¿ÛÂÙ ÙȘ ‰È·ÎÔ¤˜ Û·˜ ·˘Ùfi ÙÔ Î·ÏÔη›ÚÈ fiÔÈÔ Î·È ·Ó Â›Ó·È ÙÔ ÔÛfi Ô˘ ›ÛÙ ‰È·ÙÂıÂÈ̤ÓÔÈ Ó· ÍÔ‰¤„ÂÙ Υπάρχουν προορισµοί που µπορείτε να επισκεφτείτε φέτοσ χωρίσ να πληρώσετε µια περιουσία αλλά και εκείνουσ για τουσ οποίουσ θα πρέπει να βάλετε βαθιά το χέρι στην τσέπη αν τουσ επιλέξετε. ΑπÞ την Ελλάδα µέχρι και την Αµερική, απÞ την Ιταλία µέχρι την Τουρκία και απÞ την Ταϋλάνδη µέχρι την Ισπανία, η λίστα των προορισµών περιλαµβάνει τα πάντα. Οι τιµέσ των προορισµών είναι αποτέλεσµα τησ έρευνασ που διενεργήθηκε στισ πλατφÞρµεσ τησ trivago και αντικατοπτρίζουν τη µέση τιµή δίκλινου δωµατίου για τουσ µήνεσ Ιούλιο και Αύγουστο.

√È ÊÙËÓfiÙÂÚÔÈ ÚÔÔÚÈÛÌÔ›: ∏ ∂ÏÏ¿‰· «·Ô‡Û·» Ο πιο φτηνÞσ προορισµÞσ για την περίοδο Ιουλίου Αυγούστου είναι η παραλία ΠατÞνγκ στην Ταϋλάνδη (34 ευρώ για δίκλινο δωµάτιο), και ακολουθεί το Πουέρτο Ντε Λα Κρουζ στην Τενερίφη Þπου ο ταξιδιώτησ θα κληθεί να πληρώσει 60 ευρώ για ένα δίκλινο δωµάτιο. Η Ισπανία έχει την τιµητική τησ στη λίστα µε τουσ πιο φτηνούσ προορισµούσ, καθώσ αρκετέσ Ισπανικέσ περιοχέσ εµπεριέχονται σε αυτήν. Ακολουθούν η Σικελία και πιο συγκεκριµένα το Παλέρµο (79 ευρώ) και η Τουρκία µε την Αντάλια (76 ευρώ). Για τουσ λάτρεισ του καλοκαιριού που θέλουν κάτι διαφορετικÞ, πέρα απÞ τισ µεσογειακέσ θάλασσεσ και να κοιτάζουν τα βράδια τον καθαρÞ ουρανÞ µετρώντασ αστέρια, την λίστα ολοκληρώνουν προορισµοί Þπωσ το Φορντ Λοτερντέιλ στη ΦλÞριντα (86 ευρώ) και το Παλµ Σπρίνγκσ στην ΚαλιφÞρνια µε 89 ευρώ για δίκλινο δωµάτιο.

¢¤Î· ÊÙËÓ¤˜ ÚÔÙ¿ÛÂȘ, ÌÈ· ·Ó¿ ÚÔÔÚÈÛÌfi 1. Deevana Patong Resort & Spa Phuket (Παραλία ΠατÞνγκ, Ταϋλάνδη) 3 αστέρια “9 ευρώ” κατ΄άτοµο για την περίοδο απÞ 23.08 – 30.08 µέσω agoda.com 2. Las Aguillas (Πουέρτο ντε λα Κρούζ, Τενερίφη) 4 αστέρια “32 ευρώ” κατ’άτοµο για την περίοδο απÞ 24.08 - 30.08 µέσω agoda.com 3. Husa Gran Fama (Αλµερία, Ανδαλουσία) 4 αστέρια “26 ευρώ” κατ’ άτοµο για την περίοδο απÞ 04.08 - 11.08 µέσω lastminute.com 4. NH Imperial Playa ( Λασ Πάλµασ, Κανάρια) 4 αστέρια “27 ευρώ” κατ’ άτοµο για την περίοδο απÞ 09.08 - 11.08 µέσω agoda.com 5. Eurostars Lucentum ( Αλικάντε, ΚÞστα Μπλάνκα) 4 αστέρια “30 ευρώ” κατ’ άτοµο για την περίοδο 04.08 - 11.08 µέσω hotusahotels.com 6. Guacimeta (Πουέρτο ντελ Κάρµεν, ΛανθαρÞτε) ∆ιαµερίσµατα “17 ευρώ” κατ’ άτοµο για την περίοδο 25.08 - 01.09 µέσω venere.com 7. Marina Residence (Αντάλια, Τουρκική Ριβιέρα) 5 αστέρια “34 ευρώ” κατ’ άτοµο για την περίοδο 25.08 - 01.09 µέσω booking.com 8. Residenza d’Aragona (Παλέρµο, Σικελία) 4 αστέρια, “27 ευρώ” κατ’άτοµο για την περίοδο 25.08 - 01.09 µέσω hotels.com 9. Crowne Plaza Ft Lauderdale Airport Cruise (Φορντ Λοτερντέιλ, ΦλÞριντα) 4 αστέρια “45 ευρώ” κατ’άτοµο για την περίοδο 25.08 - 01.09 µέσω crowne plaza.com

10. 7 Springs Inn and Suites (Πάλµ Σπρίνγκσ, ΚαλιφÞρνια) 3 αστέρια “27 ευρώ” κατ’άτοµο για την περίοδο 25.08 - 01.09 µέσω hotels.com * Οι τιµέσ ενδέχεται να αλλάξουν λÞγω έλλειψησ διαθεσιµÞτητασ

¢È·ÎÔ¤˜ ÛÙË ¯Ïȉ‹ Î·È ÙËÓ ÔÏ˘Ù¤ÏÂÈ· Για τουσ τουρίστεσ που αναζητούν την πολυτέλεια στισ διακοπέσ τουσ και είναι διατεθειµένοι να πληρώσουν αρκετά, η λίστα µε τουσ ακριβÞτερουσ προορισµούσ θα καλύψει κάθε προσδοκία. Στην κορυφή βρίσκεται το ΜÞνακο, ένα απÞ τα πιο ακριβά παραθαλάσσια θέρετρα στη Γαλλική Ριβιέρα µε µέση τιµή διανυκτέρευσησ για δίκλινο δωµάτιο τα 362 ευρώ. Στην δεύτερη θέση βρίσκεται το Κάπρι τησ Ιταλίασ µε µέση τιµή τα 267 ευρώ, ενώ στην τέταρτη θέση των ακριβÞτερων προορισµών βρίσκεται η Ελλάδα και το Ηµεροβίγλι τησ Σαντορίνησ µε µέση τιµή διανυκτέρευσησ τα 234 ευρώ. ΙδανικÞσ προορισµÞσ για διασκέδαση και ταυτÞχρονα χαλαρέσ στιγµέσ απολαµβάνοντασ τα υπέροχα νερά του Αιγαίου. Στισ υπÞλοιπεσ θέσεισ συναντάµε το θέρετρο Σέµινιακ στο Μπαλί, Þπου οι ταξιδιώτεσ θα πρέπει να πληρώσουν 197 ευρώ τη βραδιά, τη Σάντα Μπάρµπαρα τησ ΚαλιφÞρνιασ (µέση τιµή 192 ευρώ), την Ταορµίνα τησ Σικελίασ (187 ευρώ) και στην τελευταία θέση τη Μαρµπέλα τησ Ισπανίασ µε 175 ευρώ µέση τιµή ανά διανυκτέρευση.

ª›· ÚÔÛÊÔÚ¿ ·Ó¿ ·ÎÚÈ‚fi ÚÔÔÚÈÛÌfi 1. Port Palace (ΜÞνακο, Κυανή Ακτή) 4 αστέρια “184 ευρώ” (43% έκπτωση ) κατ’άτοµο για την περίοδο 08.08 – 11.08 µέσω venere.com 2. Villa Marina Capri Spa (Κάπρι, Ιταλία) 5 αστέρια “175 ευρώ” (59 % έκπτωση) κατ’άτοµο για την περίοδο 23.08 – 30.08 µέσω hotusahotels.com 3. Sol S’ Argamassa (Ίµπιζα) 4 αστέρια “85 ευρώ” (30 % έκπτωση) κατ’άτοµο για την περίοδο 24.08 – 27.08 µέσω hotels.com 4. On the Rocks (Ηµεροβίγλι, Ελλάδα) 4 αστέρια “160 ευρώ” (30 % έκπτωση) κατ’άτοµο για την περίοδο 17.08 – 20.08 µέσω

5. Natura Park Eco Resort and Spa (Πλάια Μπαβάρο, ∆οµινικανή ∆ηµοκρατία) 5 αστέρια “49 ευρώ” (45 % έκπτωση) κατ’άτοµο για την περίοδο 24.08 – 30.08 µέσω hotelwebsite.com 6. The Bali Dream Villa Seminyak (Σέµινιακ, Μπαλί) 4 αστέρια “54 ευρώ” ( 36 % έκπτωση) κατ’άτοµο για την περίοδο 27.07 – 03.08 µέσω booking.com 7. De l’Ocean (Μπιαρίτσ, Ακτέσ του Ατλαντικού) 3 αστέρια “73 ευρώ” (19 % έκπτωση) κατ’άτοµο για την περίοδο 23.08 – 29.08 µέσω booking.co 8. Hyatt Santa Barbara ( Σάντα Μπάρµπαρα, ΚαλιφÞρνια) 4 αστέρια “113 ευρώ” (42 % έκπτωση) κατ’άτοµο για την περίοδο 30.08 – 06.09 µέσω lastminute.com 9. Sirius (Ταορµίνα, Σικελία) 4 αστέρια “86 ευρώ” (31 % έκπτωση) κατ’άτοµο για την περίοδο 30.08 – 06.09 µέσω hotels.com 10. Los Monteros (Μαρµπέλα, ΚÞστα ντε Σολ) 5 αστέρια “64 ευρώ” (25 % έκπτωση) κατ’άτοµο για την περίοδο 30.08 – 06.09 µέσω prestigia.com * Οι τιµέσ ενδέχεται να αλλάξουν λÞγω έλλειψησ διαθεσιµÞτητασ. Οι µέσεσ τιµέσ βασίζονται στισ αναζητήσεισ που έγιναν µέσω trivago την περίοδο απÞ 11η Μαΐου µέχρι 15 Ιουνίου 2012 για παραθαλάσσια θέρετρα ανά τον κÞσµο.

∆rivago Οι ταξιδιώτεσ βρίσκουν στην trivago ιδανικά ξενοδοχεία στισ καλύτερεσ τιµέσ. Η online υπηρεσία τησ είναι να συγκρίνει τιµέσ ξενοδοχείων απÞ περισσÞτερα απÞ 100 διαφορετικά sites κρατήσεων για 500.000 ξενοδοχεία ανά τον κÞσµο. Επιπλέον η trivago προσφέρει 28 εκατοµµύρια αναφορέσ για ξενοδοχεία και δείχνει τη γενική βαθµολογία για κάθε ένα απÞ αυτά. Η trivago δε συγκρίνει µÞνο τισ τιµέσ απÞ τα online sites για κρατήσεισ ξενοδοχείων, αλλά και τισ βαθµολογίεσ τουσ. Οι χρήστεσ µπορούν να δουν εάν συµπεριλαµβάνεται το πρωινÞ αλλά και εάν είναι δυνατή η κράτηση ή η ακύρωση µέσω πιστωτικήσ κάρτασ. Η trivago έχει το πρώτo “ελεύθερο” meta search: οι ταξιδιώτεσ µπορούν να ψάξουν ανάλογα µε την περιοχή των διακοπών τουσ, την πÞλη ή το Þνοµα του ξενοδοχείου. Η trivago GmbH έχει την έδρα τησ στο Ντύσσελντορφ στη Γερµανία και ιδρύθηκε το 2005. Αυτή τη στιγµή λειτουργούν στην trivago 30 διεθνείσ πλατφÞρµεσ.

1 ΑΥΓΟΥΣΤOY, 2012

ΧΡΗΜΑ&ΑΓΟΡΑ

6/18 | ΕΙ∆ΗΣΕΙΣ

TÔ Â˘ÚÒ ı· Ûˆı›, Ë ∂ÏÏ¿‰· ›Ûˆ˜ «Ο επικεφαλήσ τησ ΕΚΤ µπορεί να κάνει τη διαφορά ανάµεσα σε έναν ήρεµο Αύγουστο και µια επανάληψη του εφιάλτη του 2011». Η πατρÞτητα τησ φράσησ ανήκει σε αναλυτή και αποτυπώνει µε τον καλύτερο τρÞπο το κλίµα που επικρατεί στισ αγορέσ, τισ προσδοκίεσ που έχει δηµιουργήσει στουσ επενδυτέσ ο Μάριο Ντράγκι για την προστασία του ευρώ και το ύψοσ στο οποίο έχει τοποθετηθεί ο πήχησ. Οι δηλώσεισ περί πάση θυσία προστασίασ του ευρώ και οι ανάλογεσ διαβεβαιώσεισ των ευρωπαίων ηγετών εξακολουθούν να επιδρούν κατευναστικά στισ αγορέσ. Τα ισπανικά και τα ιταλικά σπρεντ κινoύνται πτωτικά, γεγονÞσ που δίνει την αίσθηση Þτι αποµακρύνεται ο κίνδυνοσ αποκλεισµού τησ τρίτησ και τησ τέταρτησ µεγαλύτερησ οικονοµίασ απÞ τισ αγορέσ. Η νηνεµία των αγορών, ωστÞσο, οφείλεται στην κινητικÞτητα που επικρατεί στην ευρωζώνη. Ο αµερικανÞσ υπουργÞσ Οικονοµικών Τίµοθι Γκάιτνερ ταξίδεψε ώσ τη ΒÞρεια Θάλασσα για να συναντηθεί µε τον γερµανÞ οµÞλογÞ του ΒÞλφγκανγκ ΣÞιµπλε κι έπειτα πέταξε έωσ τη Φρανκφούρτη για να συναντηθεί µε τον Ντράγκι. Ο Μάριο ΜÞντι είδε τον Φρανσουά Ολάντ στο Παρίσι και σήµερα θα συναντηθεί

τον Μαριάνο ΡαχÞι στη Μαδρίτη. Αυτά είναι τα καλά νέα για την Ευρώπη. Αλλά ειδικά για την Αθήνα, τα νέα είναι κάπωσ δυσάρεστα. Γκάιτνερ και ΣÞιµπλε είχαν µια καλή κουβέντα για Þλουσ τουσ αδύναµουσ κρίκουσ τησ ευρωζώνησ. «Ξέχασαν», Þµωσ, τον ελληνικÞ... ΕκτÞσ ατζέντασ έµεινε η ελληνική κρίση στη συνάντηση που είχε ο αµερικανÞσ υπουργÞσ Οικονοµικών Τίµοθι Γκάιτνερ µε τον οµÞλογÞ του τησ Γερµανίασ ΒÞλφγκανγκ ΣÞιµπλε στη νήσο Σιλτ τησ ΒÞρειασ Θάλασσασ Þπου ο γερµανÞσ αξιωµατούχοσ περνάει τισ διακοπέσ του. Τα νέα για την υπÞλοιπη Ευρώπη, πάντωσ, δεν είναι άσχηµα. Οι υπουργοί Οικονοµικών τησ πρώτησ οικονοµίασ του κÞσµου και τησ µεγαλύτερησ οικονοµίασ τησ ευρωζώνησ «έλαβαν υπÞψη τουσ» τισ δηλώσεισ των ευρωπαίων ηγετών την περασµένη βδοµάδα πωσ «θα κάνουν Þ,τι είναι απαραίτητο προκειµένου να εξασφαλιστεί η οικονοµική σταθερÞτητα» στη ζώνη του κοινού νοµίσµατοσ.

°ÈÔ‡ÓÎÂÚ: H ∂˘Úˆ˙ÒÓË ‰ÂÓ Â›Ó·È ˘ÔηٿÛÙËÌ· Ù˘ °ÂÚÌ·Ó›·˜ Εξαιρετικά επικριτικÞσ απέναντι στη Γερµανία εµφανίστηκε ο επικεφαλήσ του Eurogroup Ζαν-Κλοντ Γιούνκερ, υποστηρίζοντασ Þτι µεταχειρίζεται την Ευρωζώνη σαν υποκατάστηµά τησ και Þτι στηρίζει έναν φθηνÞ εσωτερικÞ διάλογο, στισ αναφορέσ περί εξÞδου τησ Ελλάδασ απÞ το ευρώ. «Για ποιο λÞγο επιτρέπει η Γερµανία στον εαυτÞ τησ την πολυτέλεια να εξυπηρετεί συνέχεια εσωτερικέσ πολιτικέσ σκοπιµÞτητεσ χρησιµοποιώντασ το ευρώ; Για ποιο λÞγο µεταχειρίζεται η Γερµανία την Ευρωζώνη σαν να πρÞκειται για υποκατάστηµά τησ; Αν το έκαναν αυτÞ και οι 17 κυβερνήσεισ, τι θα έµενε Þρθιο απÞ Þσα έχουµε κοινά;» διερωτήθηκε ο κ. Γιούνκερ. Εξίσου αιχµηρÞσ ήταν και Þσον αφορά τη στάση τησ Γερµανίασ στο ελληνικÞ ζήτηµα: «Λένε στο Βερολίνο Þτι πρέπει να περιµένουµε την έκθεση τησ τρÞικασ αλλά κάνουν ήδη δηλώσεισ για το τι θα περιέχει αυτή», είπε ο κ. Γιούνκερ και προειδοποίησε σε πολύ αυστηρÞ τÞνο πωσ Þποιοσ νοµίζει Þτι τα προβλήµατα τησ ευρωζώνησ µπορεί να αρθούν είτε αποκλείοντασ την Ελλάδα είτε αφήνοντάσ την

να καταρρεύσει «δεν έχει συνειδητοποιήσει τισ πραγµατικέσ αιτίεσ τησ κρίσησ». «Η συζήτηση για έξοδο τησ Ελλάδασ απÞ το ευρώ δεν βοηθά στη σωτηρία του κοινού νοµίσµατοσ» υποστήριξε».

Ο κ. Γιούνκερ ζήτησε να φορολογηθούν οι πλούσιοι στην Ελλάδα, δηλώνοντασ χαρακτηριστικά πωσ «δεν είναι δυνατÞν οι µικροµεσαίοι και τα χαµηλά εισοδήµατα να επιβαρύνονται και οι πλούσιοι να κάνουν πάρτι στισ θαλαµηγούσ τουσ». Εµφανίστηκε δε ιδιαίτερα ανήσυχοσ για «ξεχασµένα εθνικά αντανακλαστικά», τα οποία, Þπωσ εκτιµά, δεν είχαν καθÞλου ξεχαστεί. «Ο τρÞποσ µε τον οποίο γερµανικά ΜΜΕ και άλλοι επαρχιώτεσ πολιτικοί επιτίθενται στην Ελλάδα, δεν θα µπορούσε να προβλεφθεί, Þπωσ και η βίαιη αντίδραση απÞ την Ελλάδα µε τα ναζιστικά σύµβολα. Αν δεν υπήρχαν εξαρχήσ λάθοσ διατυπώσεισ, τα πράγµατα δεν θα είχαν εξελιχθεί έτσι» εκτίµησε». «Οριακέσ» χαρακτήρισε τισ δηλώσεισ Γιούνκερ ο πρÞεδροσ τησ Χριστιανοκοινωνικήσ Ένωσησ (CSU), του αδελφού κÞµµατοσ των Χριστιανοδηµοκρατών (CDU) στη Βαυαρία και πρωθυπουργÞσ του κρατιδίου, Χορστ ΖεεχÞφερ, ενώ ο γενικÞσ γραµµατέασ του κÞµµατοσ Αλεξάντερ Ντοµπρίντ διατύπωσε αµφιβολίεσ για το εάν ο κ. Γιούνκερ είναι το σωστÞ άτοµο για το αξίωµα του προέδρου του Eurogroup.

∞ÔÙÚ¤„Ù ÙËÓ Î·Ù¿ÚÚ¢ÛË ÙÔ˘ Û˘ÛÙ‹Ì·ÙÔ˜ Αίσθηση προκάλεσαν οι δηλώσεισ του Π. ΜπÞφινγκερ, ενÞσ εκ των πέντε «σοφών» που συµβουλεύουν τη γερµανική κυβέρνηση, ο οποίοσ προειδοποιώντασ πωσ οι συνέπειεσ απÞ την έξοδο τησ Ελλάδασ απÞ το ευρώ θα ήταν πιο καταστροφικέσ για την Ευρώπη απÞ Þ,τι για την ίδια τη χώρα, υποστηρίζει πωσ η συνταγή τησ επιβολήσ διαδοχικών πακέτων λιτÞτητασ σε µια χώρα µε τέτοια ύφεση απλώσ επιδεινώνει την κατάσταση. Εκτιµώντασ πωσ η Ελλάδα θα βρίσκεται εντÞσ τησ Ευρωζώνησ το 2013, τάσ-

σεται υπέρ τησ πρÞτασησ για τη σύσταση ενÞσ κοινού ταµείου εξυπηρέτησησ του χρέουσ στην Ευρωζώνη και προειδοποιεί πωσ Þποιοσ οχυρώνεται στην αυστηρή ρήτρα τησ «µη διάσωσησ» εµµέσωσ ζητά το τέλοσ τησ ΟΝΕ.

O κ. ΜπÞφινγκερ εκτιµά πωσ η Ελλάδα θα βρίσκεται εντÞσ Ευρωζώνησ το 2013 ενώ οι συνέπειεσ απÞ ένα ενδεχÞµενο Grexit θα είναι πιο καταστροφικέσ για τισ υπÞλοιπεσ χώρεσ τησ Ευρωζώνησ απÞ Þ,τι θα ήταν για την ίδια την Ελλάδα, καθώσ σε µια τέτοια

περίπτωση θα χρειαζÞταν τεράστια προσπάθεια ώστε να αποτραπεί η κατάρρευση του συστήµατοσ. Σύµφωνα µε τον ίδιο αυτÞ αποδεικνύει ήδη η µαζική φυγή κεφαλαίων που καταγράφεται στην Ισπανία και την Ιταλία. Πρέπει να επιδειχθεί ιδιαίτερη προσοχή, προειδοποιεί ο σύµβουλοσ τησ γερµανικήσ κυβέρνησησ ώστε να µη δούµε στην Ισπανία σε ένα χρÞνο εξελίξεισ ανάλογεσ µε εκείνεσ που καταγράφονται στην Ελλάδα, µε την εµπειρία στη χώρα µασ να δείχνει πÞσο µεγάλη είναι τελικά η δυναµική για καθοδι-

κή πορεία. Εχει πετύχει πολλά η Ελλάδα - Η συνταγή είναι λάθοσ: Εν µέσω των διεργασιών που γίνονται στην Αθήνα για τη διαµÞρφωση ενÞσ ακÞµη πακέτου λιτÞτητασ, µε τα µέτρα των 11,5 δισ., ο κ. ΜπÞφινγκερ υποστηρίζει πωσ παρά την ύφεση που καταγράφεται στισ προβληµατικέσ χώρεσ σχεδιάζονται επιπλέον µέτρα λιτÞτητασ. Ακολουθείται δηλαδή, Þπωσ υποστηρίζει, µια πολιτική που επιδεινώνει περαιτέρω την κατάσταση τησ οικονοµίασ.

™ÙÔ «ÌÈÎÚÔÛÎfiÈÔ» √Ì¿Ì·: «£˘ÂÏÏÒ‰ÂȘ ηٷÛÙ¿ÛÂȘ» ÏfiÁˆ Ù˘ ∂˘ÚÒ˘ ÔÈ Î·Ù·ı¤ÛÂȘ ÛÙËÓ ∂Ï‚ÂÙ›· Για «θυελλώδεισ καταστάσεισ» που θα αναγκαστεί να αντιµετωπίσει η αµερικανική οικονοµία, τουσ επÞµενουσ µήνεσ, εξαιτίασ τησ κρίσησ χρέουσ τησ Ευρώπησ, προειδοποίησε ο πρÞεδροσ των ΗΠΑ, Μπαράκ Οµπάµα. Προέβλεψε, ωστÞσο, Þτι οι Ευρωπαίοι ηγέτεσ δεν θα αφήσουν την ευρωζώνη και το νÞµισµά τησ να «ολισθήσουν». «∆εν νοµίζω Þτι οι Ευρωπαίοι θα αφήσουν το ευρώ να ολισθήσει, γι’ αυτÞ Þµωσ θα πρέπει να κάνουν ορισµένα αποφασιστικά βήµατα» τÞνισε σε δηλώσεισ του ο ΑµερικανÞσ πρÞεδροσ. «Περνάω πολύ χρÞνο προσπαθώντασ να βρω µαζί τουσ µια λύση, το ίδιο κάνει και ο Τιµ Γκάιτνερ. Ùσο πιο σύντοµα γίνουν αυτά τα βήµατα, τÞσο καλύτερα θα είναι» πρÞσθεσε ο Μπαράκ Οµπάµα.

Αίτηµα προσ την ελβετική κυβέρνηση, για επανενεργοποίηση τησ διαδικασίασ για τη σύναψη συµβάσεωσ µεταξύ Ελλάδασ και Ελβετίασ για τη φορολÞγηση των καταθέσεων και άλλων χρηµατοοικονοµικών προϊÞντων που διατηρούν Έλληνεσ πολίτεσ στισ ελβετικέσ τράπεζεσ, κατέθεσε το υπουργείο Οικονοµικών. Σύµφωνα µε τα στοιχεία του υπουργείου Οικονοµικών, το 2011 τα έσοδα τησ Ελλάδασ απÞ τη φορολÞγηση των τÞκων των «φανερών» ελληνικών καταθέσεων στισ ελβετικέσ τράπεζεσ αυξήθηκαν άνω του 50%, γεγονÞσ που αποτελεί ένδειξη Þτι η εκροή κεφαλαίων προσ τη χώρα ήταν σε έξαρση.

ΑπÞ τα επίσηµα ελβετικά έγγραφα που δηµοσιεύθηκαν, προκύπτει Þτι οι Έλληνεσ µε καταθέσεισ στην Ελβετία που συµφώνησαν το 2011 να κοινοποιηθούν τα στοιχεία τουσ στισ ελληνικέσ φορολογικέσ Αρχέσ ανέρχονται σε 1.360, έναντι 365 το 2010 και µÞλισ 70 το 2009. Συγκεκριµένα, οι «επώνυµοι» καταθέτεσ το 2011 φαίνεται πωσ έλαβαν συνολικούσ τÞκουσ 10 εκατ. ευρώ µε τη σηµερινή ισοτιµία (12,1 εκατ. ελβετικά φράγκα), ενώ τα προηγούµενα έτη οι τÞκοι αυτών των καταθετών απÞ την Ελλάδα κυµαίνονταν απÞ απÞ 800.000 έωσ 2,5 εκατ. ευρώ.

1 ΑΥΓΟΥΣΤOY, 2012

ΧΡΗΜΑ&ΑΓΟΡΑ

ΕΛΛΑ∆Α | 7/19

ÀÔ¯ÒÚËÛË 20% ÛÙȘ ÙÈ̤˜ ÙˆÓ ÂÏÏËÓÈÎÒÓ ·ÎÈÓ‹ÙˆÓ ·fi ÙÔ 2008 ΑπÞ το 2008, µε την έλευση τησ ύφεσησ στην Ελλάδα, οι τιµέσ ακινήτων υποχωρούν, τα ενοίκια µειώνονται δραστικά ενώ οι επενδύσεισ και η απασχÞληση στον κατασκευαστικÞ κλάδο βρίσκονται σήµερα σε ιστορικώσ χαµηλά επίπεδα. Σωρευτική πτώση κατά 19,8% σηµείωσαν απÞ το υψηλÞ τουσ το 2008 οι τιµέσ των ακινήτων στην Ελλάδα µετά το ξέσπασµα τησ κρίσησ. Είχε προηγηθεί η αύξηση των ονοµαστικών τιµών των κατοικιών κατά 171,6% απÞ το α’ τρίµηνο του 1997 έωσ το γ’ τρίµηνο του 2008 (+171,6%). Τα στοιχεία αυτά έδωσε στη δηµοσιÞτητα η Eurobank, στο πλαίσιο τησ έκδοσησ ειδικήσ µελέτησ µε θέµα «Η ελληνική αγορά ακινήτων στα χρÞνια τησ κρίσησ», των Γκίκα Χαρδούβελη και ΘεοδÞση Σαµπανιώτη. Στη µελέτη περιγράφονται οι εξελίξεισ και οι προοπτικέσ τησ ελληνικήσ αγοράσ ακινήτων στην εποχή τησ κρίσησ. Τα στοιχεία δείχνουν επιπλέον Þτι η πτώση των τιµών είναι µεγαλύτερη για παλαιά διαµερίσµατα (χρÞνοσ κατασκευήσ µεγαλύτεροσ των πέντε ετών), Þπου η πτώση είναι 19,7%, απÞ Þ,τι για νεÞτερα διαµερίσµατα (χρÞνοσ κατασκευήσ µικρÞτεροσ των πέντε ετών), Þπου η πτώση είναι 18,3%. Ενδιαφέρον παρουσιάζει και η εξέλιξη του Þγκου των συναλλαγών (µετρούµενοσ σε τετραγωνικά µέτρα). Συγκεκριµένα, ο αριθµÞσ (απÞλυτοσ) των συναλλαγών έπεσε απÞ 39.700 το πρώτο τρίµηνο του 2007 σε περίπου 5.900 το πρώτο τρίµηνο του 2012.

∞¡∞∫∞ªæ∏ Αν και το κλίµα στην αγορά ακινήτων σήµερα εξακολουθεί να είναι έντονα αρνητικÞ, ιδιαίτερα µετά τη δραµατική αύξηση τησ φορολογίασ στην ακίνητη περιουσία, η έρευνα δείχνει Þτι η αγορά ακινήτων θα είναι η πρώτη που αναµένεται να ανακάµψει εφÞσον η Ελλάδα ξεφύγει απÞ το σηµερινÞ υφεσιακÞ φαύλο κύκλο. ∆ιεθνώσ, οι αγορέσ ακινήτων, σε συνδυασµÞ µε τα παράγωγα χρηµατοοικονοµικά προϊÞντα που βασίστηκαν στισ αγορέσ αυτέσ, έπαιξαν ιδιαίτερο ρÞλο στη γένεση τησ διεθνούσ χρηµατοοικονοµικήσ κρίσησ, ιδίωσ στισ ΗΠΑ και την Ιρλανδία. ΤαυτÞχρονα, Þµωσ, έχουν υποστεί και σοβαρÞτατεσ συνέπειεσ. Στη διάρκεια τησ διεθνούσ κρίσησ, ο τοµέασ των κατασκευών επλήγη αναλογικά περισσÞτερο απÞ Þ,τι η συνολική οικονοµία. Οι τιµέσ, που σε πολλέσ χώρεσ είχαν αποκτήσει τα χαρακτηριστικά “φούσκασ”, κατέρρευσαν. Οι επενδύσεισ σε κατοικίεσ µειώθηκαν, ιδίωσ

στισ οικονοµίεσ Þπου υπήρχαν και υπερτιµήσεισ. Η απασχÞληση φυσικά µειώθηκε δραµατικά. Στην Ελλάδα, µε το ξεκίνηµα τησ παγκÞσµιασ ύφεσησ το 2008, η επερχÞµενη εγχώρια ύφεση ήταν τÞτε σχετικά εύκολα προβλέψιµη. Οι αδυναµίεσ και οι ανισορροπίεσ τησ ελληνικήσ οικονοµίασ ήταν γνωστέσ στουσ ειδικούσ (βλέπετε Οικονοµία & Αγορέσ «Μακροοικονοµική ∆ιαχείριση και η Ανάγκη ∆ιαρθρωτικών Μεταρρυθµίσεων µετά την Είσοδο στη Νοµισµατική Ένωση», Οκτώβριοσ 2007), αφού ήταν βαθιέσ και χρÞνιεσ, και είναι αυτέσ που τελικά αποκαλύφθηκαν στο ελληνικÞ και το διεθνέσ κοινÞ µετά τη διεθνή κρίση και σταδιακά οδήγησαν στισ σηµερινέσ δυσκολίεσ. Την ελληνική κρίση λοιπÞν δεν την προξένησε η αγορά ακινήτων ούτε τα στεγαστικά δάνεια των τραπεζών, Þπωσ έγινε προηγουµένωσ στο εξωτερικÞ µε τη διεθνή κρίση. Μάλιστα, ο κερδοσκοπικÞσ παράγοντασ στην αγορά κατοικίασ στην Ελλάδα εµφανίζεται µικρÞσ σε σχέση µε άλλεσ αγορέσ, καθώσ τα ελληνικά νοικοκυριά θεωρούσαν πάντοτε µακροχρÞνια και ασφαλή την επένδυση σε ακίνητα.

™¶∞∆∞§√™ √ ¢∏ª√™π√™ ∆√ª∂∞™ Στην Ελλάδα οι αιτίεσ που οδήγησαν στην κρίση σχετίζονται µε το σπάταλο δηµÞσιο τοµέα και την έλλειψη ανταγωνιστικÞτητασ τησ ευρύτερησ οικονοµίασ. Τα µεγάλα και διαρκή δηµοσιονοµικά ελλείµµατα, που δεν άφησαν το δηµοσιονοµικÞ χρέοσ να µειωθεί, αλλά και το πρÞβληµα ανταγωνιστικÞτητασ, δεν είχαν ποτέ αντιµετωπιστεί αποφασιστικά µε τισ απαραίτητεσ διαρθρωτικέσ µεταρρυθµίσεισ. Αντιθέτωσ, η συµµετοχή τησ χώρασ στην Ευρωζώνη µε τα χαµηλά επιτÞκια δανεισµού και η άγνοια των ελληνικών προβληµάτων απÞ τουσ συµµετέχοντεσ στισ ξένεσ αγορέσ επέτρεψαν στο ∆ηµÞσιο να δανείζεται απερίσκεπτα και προκάλεσαν εφησυχασµÞ ευδαιµονίασ στουσ πολίτεσ και τουσ πολιτικούσ. Η ελληνική αγορά ακινήτων γνώρισε σηµαντική άνοδο τιµών και επενδυτικήσ δραστηριÞτητασ µετά το 1996 και έωσ το 2007. Οι τιµέσ κινήθηκαν σε γενικέσ γραµµέσ στηριζÞµενεσ στα θεµελιώδη µεγέθη τησ ελληνικήσ οικονοµίασ: Χαµηλά επιτÞκια δανεισµού, αύξηση εισοδηµάτων των νοικοκυριών, έντονο επενδυτικÞ ενδιαφέρον για την κατοχή γησ, ραγδαία πιστωτική επέκταση και γενικÞτερη ευφορία στο οικονοµικÞ κλίµα.

Επιπλέον, η φορολογία στην ακίνητη περιουσία ήταν χαµηλή ενώ η ιδιοκατοίκηση παρουσίαζε ένα απÞ τα µεγαλύτερα ποσοστά στην Ευρώπη. ∆υστυχώσ, στη συνέχεια, η αγορά ακινήτων υπήρξε ένα απÞ τα πρώτα θύµατα τησ ελληνικήσ κρίσησ, τησ πτώσησ των εισοδηµάτων, τησ ανεργίασ και των υψηλÞτερων επιτοκίων. ΑπÞ το 2008 οι τιµέσ υποχωρούν συνεχώσ, ενώ οι επενδύσεισ και η απασχÞληση έχουν υποχωρήσει σε ιστορικώσ χαµηλά επίπεδα. Τελευταία, µάλιστα, η διαρκήσ πτώση των ενοικίων και η αύξηση τησ φορολογίασ στην ακίνητη περιουσία έχουν αποθαρρύνει ακÞµα περισσÞτερο το ενδιαφέρον για νέεσ κατασκευέσ. Φυσικά, η αγορά ακινήτων δεν είναι αµέτοχη στα γενικÞτερα προβλήµατα ανταγωνιστικÞτητασ τησ ελληνικήσ οικονοµίασ. Οι σχετικοί δείκτεσ για την ευκολία του επιχειρείν στον κατασκευαστικÞ κλάδο είναι χαµηλοί, ενώ και το κÞστοσ συναλλαγών είναι ιδιαίτερα υψηλÞ. Επιπλέον, η παραοικονοµία στο χώρο των κατασκευών συµβάλλει στα δηµοσιονοµικά ελλείµµατα και συνεπώσ ο κατασκευαστικÞσ χώροσ δεν είναι παντελώσ άµοιροσ ευθυνών για την ελληνική πορεία προσ την κρίση. Σύµφωνα µε τη διεθνή εµπειρία, οι ανοδικέσ φάσεισ στην αγορά ακινήτων διαρκούν κατά µέσο Þρο περισσÞτερο απÞ Þ,τι οι καθοδικέσ, ενώ η πτώση των τιµών είναι µικρÞτερη σε ποσοστÞ απÞ Þ,τι η άνοδοσ που προηγήθηκε. ΣηµαντικÞ είναι το εύρηµα Þτι οι αυξήσεισ των επενδύσεων σε κατοικίεσ προηγούνται του οικονοµικού κύκλου. Έτσι, σε περίπτωση εξοµάλυνσησ του µακροοικονοµικού περιβάλλοντοσ, η δραστηριÞτητα στην αγορά κατοικίασ αναµένεται να επανέλθει σε ανοδική τροχιά πριν απÞ την υπÞλοιπη οικονοµία. Οι προοπτικέσ τησ αγοράσ ακινήτων είναι

απÞλυτα εξαρτηµένεσ απÞ την άρση τησ αβεβαιÞτητασ, την αποκατάσταση ενÞσ σταθερού µακροοικονοµικού περιβάλλοντοσ και την επαναφορά τησ φορολÞγησησ τησ ακίνητησ περιουσίασ σε λογικÞτερα πιο χαµηλά επίπεδα. Οι Έλληνεσ κατασκευαστέσ (προσφορά) δεν είναι αισιÞδοξοι για το µέλλον, Þπωσ άλλωστε και οι Έλληνεσ καταναλωτέσ (ζήτηση). Οι εισοδηµατικέσ αντοχέσ των ελληνικών νοικοκυριών είναι σήµερα χαµηλέσ. Στουσ θετικούσ παράγοντεσ που επηρεάζουν τισ µελλοντικέσ προοπτικέσ τησ αγοράσ ακινήτων στην Ελλάδα µακροπρÞθεσµα περιλαµβάνονται ο τουρισµÞσ, ο εκσυγχρονισµÞσ του θεσµικού και νοµικού πλαισίου και η σταδιακή αποκατάσταση ενÞσ σταθερού οικονοµικού περιβάλλοντοσ µέσω τησ εφαρµογήσ των µεταρρυθµίσεων και τησ συµφωνίασ για µια νέα αρχιτεκτονική τησ Ευρωζώνησ που θα εξασφαλίσει την σταθερÞτητα του κοινού νοµίσµατοσ. Στουσ αρνητικούσ παράγοντεσ περιλαµβάνονται το δηµογραφικÞ πρÞβληµα, η συνεχήσ µεταβολή προσ το δυσµενέστερο του φορολογικού περιβάλλοντοσ για την αγορά κατοικίασ και η αντικειµενική αδυναµία επανάληψησ των ρυθµών πιστωτικήσ επέκτασησ τησ προηγούµενησ δεκαετίασ. Κυρίωσ, Þµωσ, τισ προοπτικέσ βαρύνει το Þτι το διαθέσιµο εισÞδηµα των ελληνικών νοικοκυριών στο ορατÞ µέλλον θα είναι χαµηλÞτερο απÞ Þ,τι την περίοδο πριν απÞ την κρίση. Σήµερα στην Ελλάδα, η αγορά κατοικίασ και τα επαγγέλµατα που υποστηρίζει, καθώσ και Þλεσ οι υπÞλοιπεσ αγορέσ και το εισÞδηµα και βιοτικÞ επίπεδο των πολιτών, εξαρτώνται απÞ τη δυνατÞτητα τησ οικονοµίασ να ξεφύγει απÞ την κρίση. Το στοίχηµα τησ ανάπτυξησ µέσα απÞ το ΠρÞγραµµα Οικονοµικήσ Προσαρµογήσ είναι κοµβικÞ.

¶ÂÚÈÎÔ¤˜ Î·È ÛÙÔ „ˆÌ› οÓÔ˘Ó ÔÈ ∂ÏÏËÓ˜

◊ÚıÂ Ë ÒÚ· ÙÔ ¢¡∆ Ó· ÂÁηٷÏ›„ÂÈ ÙËÓ ∂ÏÏ¿‰·

ΑκÞµη και την αγορά αρτοσκευασµάτων και ψωµιού έχει πλήξει η οικονοµική κρίση, παρά το Þτι θεωρείται µια απÞ τισ ανθεκτικÞτερεσ σε περιÞδουσ που τα εισοδήµατα πιέζονται. Σύµφωνα µε εκτιµήσεισ, η κατανάλωση ψωµιού στουσ φούρνουσ υποχωρεί κατά περίπου 5%-6% ενώ ανάλογη κάµψη παρατηρείται στισ πωλήσεισ αρτοσκευασµάτων (αφορά µεταξύ άλλων στο ψωµί του τοστ, τισ µπαγκέτεσ, τα κριτσίνια κ.ά.) στα ράφια των οργανωµένων αλυσίδων σούπερ µάρκετ. Σύµφωνα µε στοιχεία τησ εταιρείασ ερευνών SymphonyIRI Group οι πωλήσεισ αρτοσκευασµάτων στα σούπερ µάρκετ σε αξία υποχώρησαν 2,8% στο πρώτο πεντάµηνο του 2012 και διαµορφώθηκαν σε 41,1 εκατ. ευρώ έναντι 42,3 εκατ. ευρώ το αντίστοιχο διάστηµα το 2011. Και Þλα αυτά, τη στιγµή που σηµαντικέσ προσφορέσ βρίσκονται σε εξέλιξη, σε µια προσπάθεια να τονωθεί η ζήτηση και το ενδιαφέρον του αγοραστικού κοινού. Είναι πλέον εµφανέσ πωσ τα νοικοκυριά µετά τισ περικοπέσ που έχουν υποστεί τα εισοδήµατά τουσ αλλά και την αύξηση τησ άµεσησ φορολογίασ περικÞπτουν απÞ παντού, ακÞµη και Þταν πρÞκειται για είδη πρώτησ ανάγκησ Þπωσ τα αρτοσκευάσµατα. ΦαινÞµενο, το οποίο προβλέπεται να πάρει µεγαλύτερεσ διαστάσεισ εάν δεν σταµατήσουν οι περικοπέσ στα εισοδήµατα των καταναλωτών και η επιβολή νέων φορολογικών µέτρων.

Έχει έλθει η ώρα το ∆ΝΤ να εγκαταλείψει την προσπάθεια για διάσωση τησ Ελλάδασ στην Ευρωζώνη και να αποχωρήσει απÞ το πρÞγραµµα στήριξησ. ΑυτÞ υποστηρίζουν αναλυτέσ τησ Financial Times, εκτιµώντασ πωσ το ∆ΝΤ αγωνίστηκε σκληρά και επιτυχώσ για να συνεργαστεί για τη διάσωση τησ Ελλάδασ, παρά το Þτι αυτÞ «δεν ήταν ευχάριστη εµπειρία». Η ελληνική οικονοµία δεν έχει επιτύχει τουσ στÞχουσ τησ και σήµερα είναι «εγκλωβισµένη σε µετεκλογικά µπερδέµατα» αναφέρουν και εκτιµούν πωσ εάν δεν περιοριστεί η διαµάχη και η άρνηση µεταξύ των συνεργατών του ταµείου, «έχει έρθει η ώρα το ∆ΝΤ να εγκαταλείψει Þλη την προσπάθεια στουσ ώµουσ τουσ». Υποστηρίζουν πωσ το Ταµείο «νιώθει άβολα µε την Ελλάδα εδώ και ένα χρÞνο, αφού τÞτε άρχισε να αναγνωρίζει την πραγµατικÞτητα: Έπρεπε να έχει επιδιώξει εξαρχήσ την αναδιοργάνωση του ιδιωτικού ελληνικού χρέουσ και να επιµείνει σε µια πιο ρεαλιστική άποψη για το πÞση ανάπτυξη µπορεί να παράγει µια καταπονηµένη και αρτηριοσκληρωτική οικονοµία». Το Ταµείο «δεν πρέπει να συρθεί να συµµετάσχει και σε τρίτο πακέτο -ούτε καν να συνεχίσει να εκταµιεύει δÞσεισ απÞ το τρέχον πρÞγραµµα- σε µια βάση µε Þλο και λιγÞτερο βιώσιµεσ προβλέψεισ και Þλο και πιο ανεπαρκή σχέδια χρηµατοδÞτησησ για να κλείσουν οι τρύπεσ» επισηµαίνουν.

1 ΑΥΓΟΥΣΤOY, 2012

ΧΡΗΜΑ&ΑΓΟΡΑ

8/20 | ΑΓΟΡΑ

∫Ï‹ÚˆÛË ∫·ÚÙÒÓ Prepaid Visa Ù˘ ∆Ú¿Â˙·˜ ∫‡ÚÔ˘ Η Τράπεζα Κύπρου λάνσαρε στισ αρχέσ Μαρτίου την κάρτα Prepaid Visa µε το σλÞγκαν «Εσύ πÞσο Prepaid είσαι;». ΠρÞκειται για µία κάρτα η οποία προσφέρει στον κάτοχÞ τησ ελευθερία, ξεγνοιασιά, ασφάλεια και πάνω απ’ Þλα ευκολία, γι’ αυτÞ και η ανταπÞκριση απÞ τον κÞσµο ήταν πολύ µεγάλη. Παράλληλα µε την εκστρατεία, Þσοι πελάτεσ απέκτησαν την Prepaid Visa µέχρι και τισ 15 Ιουνίου και έκαναν έστω και µία συναλλαγή µε την κάρτα τουσ, έλαβαν µέροσ στην κλήρωση για να κερδίσουν ένα πακέτο για 2 άτοµα για να παρακολουθήσουν τη συναυλία τησ Rihanna στο Wireless Festival στο Λονδίνο στισ 7 και 8 Ιουλίου. Η κλήρωση πραγµατοποιήθηκε στο Κέντρο Κάρτασ στισ 19 Ιουνίου 2012, παρουσία δηµοσιογράφων. Ο τυχερÞσ νικητήσ που παρακολούθησε τη συναυλία τησ Rihanna είναι ο κ. Jurie Roibu. Στη φωτογραφία ο µεγάλοσ τυχερÞσ τησ κλήρωσησ µαζί µε τη σύζυγÞ του και τον Υπεύθυνο Μάρκετινγκ του Κέντρου Κάρτασ τησ Τράπεζασ Κύπρου, κ. Κυριάκο Σιηµιλλά.

√¶∞¶: ¢ˆÚ¿ ÔÎÙÒ Ì·ÛÙÔÁÚ¿ÊˆÓ Παρουσία του Υπουργού Υγείασ κ. Σταύρου Μαλά και του Γενικού ∆ιευθυντή τησ ΟΠΑΠ Κύπρου κ. Μιχάλη Χειµώνα, παραδÞθηκαν οι οκτώ υπερσύγχρονοι µαστογράφοι απÞ την ΟΠΑΠ Κύπρου στο Υπουργείο Υγείασ. Η ΟΠΑΠ Κύπρου, είχε προβεί σε αγορά οκτώ υπερσύγχρονων, ψηφιακών µαστογράφων στο πλαίσιο τησ κοινωνικήσ τησ προσφοράσ στον τοµέα τησ ΥΓΕΙΑΣ, και µε στÞχο να βοηθήσει αποτελεσµατικά στην έγκαιρη διάγνωση και πρÞληψη του καρκίνου του µαστού. Oι Μαστογράφοι αυτοί θα εγκατασταθούν σε νοσοκοµεία και κέντρα Υγείασ σε Þλη την Κύπρο. Πιο συγκεκριµένα: Στο ΓενικÞ Νοσοκοµείο Λευκωσίασ, στο ΓενικÞ Νοσοκοµείο Λεµεσού, στο ΓενικÞ Νοσοκοµείο Λάρνακασ, στο ΓενικÞ Νοσοκοµείο Πάφου, στο ΓενικÞ Νοσοκοµείο Αµµοχώστου, στα εξωτερικά ιατρεία ΛινÞπετρασ, στο Κέντρο Υγείασ Αγλαντζιάσ και στη Στέγη Αγίου Χαραλάµπουσ στη Λάρνακα. Η επένδυση σε αυτούσ τουσ µαστογράφουσ που είναι τησ τάξεωσ των 2.000.000 ευρώ περίπου, αποτελεί και τη µεγαλύτερη χορηγία που έχει κάνει ποτέ η ΟΠΑΠ στον τοµέα τησ Υγείασ.

¶ÔÈfiÙËÙ· Î·È ÔÏ˘Ù¤ÏÂÈ· ÛÙÔ Leptos Latchi Beach Villas Η χερσÞνησοσ του Ακάµα, η Φοντάνα ΑµορÞζα και τα Λουτρά τησ Αφροδίτησ είναι τρεισ περιοχέσ µοναδικήσ οµορφιάσ, γεµάτεσ πεύκα, φαράγγια, θαλάσσιεσ σπηλιέσ, φυσικούσ Þρµουσ και άγρια βλάστηση, στο βορειοδυτικÞ τµήµα τησ Κύπρου. Πολύ κοντά στισ περιοχέσ αυτέσ και στην ΠÞλη Χρυσοχούσ, δίπλα στο γραφικÞ λιµανάκι του Λατσιού, η Leptos Estates δηµιουργεί ένα θέρετρο υψηλών προδιαγραφών, µε εντυπωσιακέσ παραθαλάσσιεσ επαύλεισ. ΧαρακτηριστικÞ τουσ είναι η πολυτέλεια και η φινέτσα. Το Leptos Latchi Beach Villas βρίσκεται πάνω στο κύµα, δίπλα σε µία διεθνώσ αναγνωρισµένη περιοχή µοναδικήσ φυσικήσ οµορφιάσ. Οι επαύλεισ βρίσκονται κυριολεκτικά πάνω στο κύµα, σε µία αµµώδη παραλία µε κρυστάλλινα καταγάλανα νερά.

µÚ·‚›· ÁÈ· ÙÔ Caffè Ritazza Î·È Upper Crust Η Cyprus Airports (F&B) Ltd, η εταιρεία που διαχειρίζεται τα καφεστιατÞρια στο αεροδρÞµιο Λάρνακασ και Πάφου, µε µεγάλη τησ χαρά ανακοινώνει Þτι το Caffè Ritazza που βρίσκεται στο αεροδρÞµιο Λάρνακασ πήρε το πρώτο βραβείο “International Brand Standard Audit”, σηµειώνοντασ βαθµολογία 99% και είναι η δεύτερη συνεχÞµενη φορά που κερδίζει το ίδιο βραβείο. Το ίδιο επίσησ βραβείο πήρε και το Upper Crust µε βαθµολογία 98%, που βρίσκεται στο αεροδρÞµιο Πάφου. Τα πιο πάνω brands κέρδισαν τα βραβεία αφού πέρασαν απÞ ελέγχουσ ποιÞτητασ και εξυπηρέτησησ, που διεξάγονται κάθε τρίµηνο απÞ ελεγκτέσ των συγκεκριµένων brands. Το Caffè Ritazza είναι ιταλικÞ brand και είναι καφετέρια γνωστή για τον εξαιρετικÞ καφέ τησ – firenze blend. ΣλÞγκαν τησ είναι: “The art of great coffee”. Το Upper Crust είναι αγγλικÞ bakery brand και είναι γνωστÞ για τα φρέσκα, µυρωδάτα και ξεχωριστά σάντουιτσ σε µπαγκέτα. ΣλÞγκαν του είναι: “Three hours freshness guarantee”. Οι ελεγκτέσ των Caffè Ritazza και Upper Crust επισκέπτονται τρεισ φορέσ το χρÞνο Þλα τα εστιατÞριά τουσ, ανά τον κÞσµο, και τα ελέγχουν εξονυχιστικά προκειµένου να κρατούν τα κριτήρια αξιολÞγησησ σ’ ένα υψηλÞ επίπεδο. Ο έλεγχοσ βασίζεται σε υψηλά πρÞτυπα παροχήσ άριστησ ποιÞτητασ προϊÞντων και υπηρεσιών εξυπηρέτησησ.

∞‡ÍËÛË ‰ÚÔÌÔÏÔÁ›ˆÓ ·fi Î·È ÚÔ˜ ™ÂÔ‡Ï ·fi ∂tihad Η Etihad Airways, ο εθνικÞσ αεροµεταφορέασ των Ηνωµένων Αραβικών Εµιράτων, ανακοίνωσε πρÞσφατα σηµαντικέσ αλλαγέσ στισ προγραµµατισµένεσ πτήσεισ στη Ν. Κορέα, που στÞχο έχουν να βελτιώσουν τη σύνδεση µε τον κÞµβο τησ εταιρείασ στο Άµπου Ντάµπι και να δώσουν πρÞσβαση σε περισσÞτερουσ προορισµούσ. Τα δροµολÞγια των πτήσεων µεταξύ Άµπου Ντάµπι και Σεούλ (Ίντσεον) που τώρα πραγµατοποιούνται σε διαφορετικέσ ώρεσ και ηµέρεσ τησ εβδοµάδασ, θα γίνουν καθηµερινά και σε σταθερή ώρα. Η αεροπορική εταιρεία απασχολεί συνολικά και στο παγκÞσµιο δίκτυÞ τησ 159 Κορεάτεσ εργαζÞµενουσ, απÞ τουσ οποίουσ 28 είναι πιλÞτοι µε βάση τον κÞµβο τησ εταιρείασ στο Άµπου Ντάµπι και οι 109 είναι πλήρωµα καµπίνασ. Επιπλέον, η Etihad Airways έχει συµφωνία Κοινού Κώδικα µε την Asiana Airlines (OZ), την πιο σηµαντική αεροπορική εταιρεία στη Ν. Κορέα, για πτήσεισ µεταξύ Σεούλ (Ίντσεον), Άµπου Ντάµπι και άλλων προορισµών.

∆ÒÚ· Î·È ·È‰Èο ÁÂÓ¤ıÏÈ· ÛÙ· Hamleys Τo τµήµα µάρκετινγκ των HAMLEYS, ενηµερώνει το κοινÞ τησ Κύπρου για τη δυνατÞτητα διοργάνωσησ πάρτι παιδικών γενεθλίων στo κατάστηµα HAMLEYS. Σύµφωνα µε τον διευθυντή µάρκετινγκ των HAMLEYS Κύπρου, τα παιδιά τώρα έχουν την ευκαιρία να γιορτάσουν τα γενέθλια τουσ στο χώρο του καταστήµατοσ των HAMLEYS µε νÞστιµο φαγητÞ, πολύ παιγνίδι, σειρά ψυχαγωγικών δραστηριοτήτων και εκπλήξεισ που θα ενθουσιάσουν τα παιδιά! Για Þσουσ επιθυµούν περισσÞτερεσ πληροφορίεσ, µπορούν να απευθυνθούν στο τµήµα µάρκετινγκ των HAMLEYS στο 22570999. Το τµήµα µάρκετινγκ των HAMLEYS ανακοινώνει την έλευση του BRINC BOLL, το διασκεδαστικÞ παιγνίδι στο νερÞ που έχει ενθουσιάσει µικρούσ και µεγάλουσ ανά το παγκÞσµιο! Το κοινÞ µπορεί να επισκεφτεί τα HAMLEYS και να δοκιµάσει το πρωτοποριακÞ αυτÞ παιγνίδι, στριφογυρίζοντασ, χοροπηδώντασ και περπατώντασ στο νερÞ!

∏ Lidl Cyprus Î·È ÛÙÔ Facebook ΑπÞ 01.08.2012 η Lidl Cyprus έρχεται ακÞµη πιο κοντά σασ µε το νέο τησ προφίλ στο Facebook µε στÞχο την άµεση, συνεχή και καθηµερινή επικοινωνία µε Þλουσ τουσ πελάτεσ τησ, µε Þλουσ τουσ καταναλωτέσ! Επισκεφθείτε απÞ 1η Αυγούστου το νέο προφίλ στο Facebook, κάντε like στη σελίδα µασ και δηλώστε ενεργά την παρουσία σασ στη νέα µεγάλη παρέα του διαδικτύου! Μέσα απÞ το νέο προφίλ θα έχετε την ευκαιρία να διασκεδάζετε, συµµετέχοντασ σε ψυχαγωγικά παιχνίδια και να λαµβάνετε µέροσ σε διαγωνισµούσ, κερδίζοντασ πλούσια δώρα αλλά και κουπÞνια για δωρεάν αγορέσ απÞ τα καταστήµατά µασ. Θα έχετε ακÞµη τη δυνατÞτητα να ενηµερώνεστε για τισ δράσεισ Εταιρικήσ Κοινωνικήσ Ευθύνησ που αναπτύσσουµε, για τισ προσφορέσ µασ, τα νέα µασ προϊÞντα, τισ δυνατÞτητεσ καριέρασ και γενικÞτερα να πληροφορείσθε άµεσα και έγκαιρα για Þλα τα νέα σχετικά µε τη Lidl. Μέσα απÞ το Facebook θα παρέχεται επιπλέον η δυνατÞτητα να συζητούµε µαζί σασ, να ανταλλάσουµε απÞψεισ, καθώσ επίσησ και να προτείνετε εσείσ οι ίδιοι τισ δικέσ σασ δηµιουργικέσ ιδέεσ.

FinancialMirror.com

August 1 - 7, 2012

WORLD | 21

Gold medals: Athletes gett the Midas touch Winning a gold medal is the aspiration of all Olympics athletes yet its physical value is a token compared to the cash bonuses many nations pay winners and the impact on an athlete’s brand value.

Gold medals at the London Games are made largely of silver with a thin gold coat and some copper which values them at $706 by current prices, according to the World Gold Council. In fact, for the first time, the silver content in the 2012 medals is worth more than the gold.

Although all that glitters is not gold, winning a gold medal can give athletes the Midas touch with sponsors, or, for some medallists, offer an attractive resale value.

Peter Carlisle, managing director of Olympics and Action Sports at sport consultancy Octagon, said the marketing value of a gold medal varies from sport to sport and country to country but could translate into sponsorships worth millions of pounds.

Swimming, track and field, and gymnastics attract the most interest from sponsors.

“British athletes winning gold at London can expect over the four years to Rio 2016 to be earning into the 7 figures,” Carlisle told Reuters.

“But it really does need to be a gold medal, not a silver or bronze, to have that marketing impact, unless there is an exceptional story behind the athlete.”

In the near term, athletes with the golden touch can expect a handout from their country as many of the 204 National Olympic Committees have financial incentive schemes for gold winners.

Singaporean athletes are being offered one of the biggest incentives with an offer of 1 mln Singapore dollars ($800,000) for a gold. Singapore has never won gold at the Olympics.

STAMP AND GLORY The United States will pay 15,000 pounds ($25,000) to gold medallists while Australians will receive A$20,000 ($20,900), feature on an Australia stamp and get a flight upgrade home.

Russia, battling Britain to keep its third place in the gold medal table, has promised athletes 85,000 pounds ($135,000) for golds while there are reports Italy has offered 116,000 pounds ($182,000).

China, which is jostling with the United States for top of the gold medals tally, has not released details of financial incentives but the Chinese language Sports Weekly reported they were likely to hand gold winners $51,000.

India has promised coaching jobs to athletes who win medals.

British athletes, however, will have to settle for national glory and their image on a stamp rather than cash.

RESALE VALUE While many athletes treasure their gold medals, others give them to charity or sporting foundations, or even sell them.

British Olympian Daley Thompson gave his two decathlon gold medals from the 1980 and 1984 Games to his training partners.

“If it wasn’t for them, it would not have been as much fun,” he told Reuters recently.

Ukrainian heavyweight boxer Wladimir Klitschko sold his medal from the 1996 Atlanta Games for $1 mln in March this year with the funds going to the Klitschko Brothers Foundation which promotes sports among children.

Cuban boxer Yuriorkis Gamboa Toledano sold the gold medal he won at the 2004 Athens Games to support his family before he defected to Germany in 2006.

Such sales have created a market for Olympic gold medals with mixed selling prices.

“Medals do come up for sale every four years in the lead-up to an Olympics when interest in all Olympic memorabilia is high and they tend to come from deceased estates,” Bob Wilcock, vice-chairman of the Society of Olympics Collectors, told Reuters.

“Like coins they have a greater value than the gold content but it is very much the story behind the medal that makes its value. Older medals tend to be worth more as there are fewer. Gold medals were only handed out from 1904 onwards.”

Last week, Bonhams auction house in London sold two gold medals in a batch of Olympic memorabilia from the first double gold winner, Australian rower Henry “Bobby” Pearce, who won at the 1928 and 1932 Games. The lot sold for 49,250 pounds ($77,350).

A solid Olympic gold won at the 1908 Games by British rower Raymond Etherington-Smith was also put up for sale by his family recently and is expected to raise up to 7,000 pounds ($11,000) at Christie’s auction house in London on September 3.

There have not been solid gold medals since the 1912 Stockholm Games and the 400 gram medals at London would cost 25 mln pounds ($40 mln) if made entirely of the precious metal.

Modern medals need to have a minimum of 92.5% silver content and at least six grams of gold, International Olympic Committee rules state, although the host city gets to choose its design.

The current world record price for an Olympic medal was achieved in November 2010 when a gold won by Mark Wells, a member of the 1980 “miracle on ice” U.S. men’s hockey team, was sold for $310,700, a spokeswoman for Christie’s said.

It was the first time any of the 1980 hockey gold medals were offered at a public auction.

“It is hard to put a value on medals as they come up so rarely. They are such a sentimental piece of memorabilia and families tend to keep them,” the spokeswoman said.

“But there is always interest in Olympic medals and particularly in Britain this year with the London Games.”

GE says London Olympics bring in $100 mln in sales General Electric Co sold about $100 mln of lights, power supplies and medical devices for the London Olympic Games, less than for Beijing’s massive build-out but still enough to justify the largest U.S. conglomerate’s sponsorship.

Since signing on as a top-level Olympic sponsor in 2005, GE has generated about $1 bln in revenue from selling equipment for the stadiums and athlete villages in Torino, Beijing and Vancouver — with about half that amount coming from China’s 2008 games. “At the time when Beijing went for the Olympics, they invested a lot. There was just a lot more to be built and developed,” said Beth Comstock, GE’s chief marketing officer.

“London has a much more measured approach in terms of infrastructure, but we certainly are happy that we participated.”

The backers of the London games spent about $14 bln in building new Olympic venues and overhauling existing sites, well less than the estimated $40 bln that China spent.

GE declined to say how much it paid for its Olympic spon-

sorship — Olympic contracts prohibit sponsors from disclosing the amount — but said the revenue generated from Olympic projects has justified its sponsorship.

“It has been a good return for us,” said Comstock. “It has been easily justifiable, a no-brainer in terms of the return.”

GE’s sponsorship contract runs through 2020. While the world’s largest maker of electric turbines and jet engines no longer owns a majority stake in U.S. Olympic broadcaster NBC Universal — now majority owned by Comcast Corp — it is still finding that the sponsorship has paid off, Comstock said.

That is largely because the Olympics gives it a chance to show off its ability to sell into large-scale projects. GE has made a practice of pitching its wares directly to governments in emerging markets, from Saudi Arabia to China, for large-scale infrastructure projects like power plants and water purification systems, Comstock said. The 11 top-level Olympic sponsors also include McDonald’s Corp, Dow Chemical Co and Visa Inc.

U.S. athletes stage Twitter protest over ad rules A group of U.S. athletes protested on Twitter on Sunday over curbs on appearing in commercials during the Olympics in what looked like a concerted challenge to rules designed to protect Games sponsors.

Athletes including Dawn Harper, gold medallist in the 100 metres hurdles in Beijing four years ago, took to the social networking site to call for the restrictions to be relaxed.

“I am honored to be an Olympian but #wedemandchange #rule 40,” Harper tweeted, accompanied by a picture of a group of U.S. team mates in a meeting room. Others including

triple Olympian Sanya Ross-Richards echoed the message. The target of their ire was rule 40 of the Olympic Charter which forbids athletes from taking part in advertising for anyone except sponsors during a Games.

The rules protect the 11 international companies including Visa, McDonald’s and Coca-Cola which help to bankroll the Olympic movement, paying around $100 mln each for four years of global rights to sponsor a winter and summer Games.

Those companies and sponsors of national Olympic committees are exempt from rules designed to prevent what is

called “ambush marketing”, non-sponsors getting free publicity on the back of the Games. However, the curbs mean that athletes are cut off from some of their own individual sponsors just when they are enjoying maximum exposure.

Guidance issued to athletes and their agents before the Games warned them that they risk sanctions including disqualification if they broke the rules.

The IOC has been actively encouraging athletes to use social media during the Games. However, the guidelines on blogging contain a warning about adhering to the rules on advertising.

FinancialMirror.com

August 1 - 7, 2012

24 | MARKETS

Gold up on stimulus hopes Gold edged up ahead of the Federal Reserve’s policy meeting, which is expected to shed light on the bank’s stance on monetary stimulus, a key factor driving bullion prices.

The Fed’s non-committal attitude towards easing monetary policy has trapped gold in a sideway pattern over the past couple of months, with investors moving to sidelines.

Besides the Fed meeting, the ECB will hold its policy meeting on Thursday, under pressure from investor expectations of immediate action after its chief, Mario Draghi, vowed last week to do anything within the bank’s mandate to preserve the single currency.

“Gold may come under some pressure in the run-up to this week’s central bank meetings with the possibility of a dip below $1,610, but direction will depend almost entirely on policy decisions,” said ANZ in a research note.

More quantitative easing, or cash-printing, by central banks will raise the inflation outlook and drive investors to buy gold, seen as a good hedge against rising prices.

Spot gold inched up 0.2% to $1,623.56 an ounce. Enthusiasm from gold investors has cooled off in recent months. By July 24, speculators had cut their net long positions in U.S. gold futures and options to the lowest level since December 2008.

Holdings of exchange-traded funds also declined. SPDR Gold Trust, the world’s biggest gold-backed exchange-traded fund, saw its holdings drop to the lowest level since last November, at 1,248.606 tonnes.

Dominic Schnider, an analyst at UBS Wealth Management in Singapore, expected gold prices to fall to as low as $1,520 an ounce in the next three months, on the absence of more bond buying by the Fed. Spot silver rose to $28.28, its highest in nearly four weeks, before easing slightly to $28.24.

Brent slips to $106 Brent crude oil fell to near $106 per barrel as worries that expected stimulus from the U.S. and Europe may not be enough to lift their slowing economies overshadowed signs of lower production from OPEC in July.

Supply from the 12-member cartel fell by 450,000 bpd in July to 31.18 mln bpd, a Reuters survey showed, as Western sanctions further cut supply from Iran and due to reduced shipments from Angola, Saudi Arabia and Libya.

“The fundamentals are looking more constructive for the second half of this year, with the supply and demand balance now close to a deficit compared to the large surplus in the first half,” said Katherine Spector, a commodity strategist at the Canadian Imperial Bank of Commerce in New York.

Slowing growth in the United States, the world’s top oil consumer, has triggered expectations of stimulus measures from the Fed. Brent has risen more than 8% in July while U.S. crude has gained around 6%, supported largely by hopes of more economic stimulus.

OPEC’s production has declined since it pumped 31.75 mln bpd in April, the highest since September 2008. The biggest drop of 150,000 bpd in July came from Iran, whose crude is subject to a July 1 embargo barring EU insurance firms from covering Iran’s exports.

Obama sees euro surviving President Barack Obama warned the U.S. economy would face continuing “headwinds” over the next few months, with Europe’s debt crisis still posing a challenge, but predicted the euro zone and its currency would remain intact.

“I don’t think ultimately that the Europeans will let the euro unravel but they are going to have to take some decisive steps,” Obama said at a campaign fundraiser in New York.

“I am spending an enormous amount of time trying to work with them, and (Treasury Secretary) Tim Geithner is trying to work with them,” he said. “The sooner they take some decisive action, the better off we’re going to be.”

Obama’s re-election bid is threatened by high U.S. unemployment and a stumbling economy, which has felt shockwaves from Europe’s debt troubles.

“Right now, the economy is still rough enough for enough people that this is going to be a close election,” Obama said. Polls show him in a dead heat with Republican challenger Mitt Romney ahead of the November 6 election.

U.S. economic growth slowed in the second quarter to a 1.5% annual rate, the weakest pace in a year, the Commerce Department said on Friday.

“We’re going to have some continued headwinds over the next several months,” Obama said. “Europe is still a challenge.”

FOREX COMMENTARY TECHNICAL ANALYSIS The euro edged higher against the dollar on Tuesday but stayed off a recent three-week high, while the Australian dollar hit a four-month high, supported by expectations that major central banks may add more stimulus.

The focus is on the European Central Bank’s policy meeting on Thursday, after ECB President Mario Draghi pledged last week to do whatever was necessary to protect the euro zone from collapse. Draghi’s remarks last week have stirred market expectations that the ECB may soon reactivate its bond-buying programme to help cut Spanish and Italian borrowing costs.

“The most significant possible measure would be for the ECB to buy bonds and to leave such purchases unsterilised, but I don’t think such steps can be taken as they are likely to meet German opposition,” said a trader.

Last week, the ECB bought no government bonds via its Securities Markets Programme (SMP) for a 20th straight week and it has barely conducted such purchases this year, even as rising borrowing costs in Spain fuelled jitters Madrid may eventually need a full-blown sovereign bailout. When the ECB bought government bonds in the past, it offset, or sterilised, its purchases by draining equal amounts of liquidity from the banking system to avoid stoking inflation.

In any event, traders and analysts are sceptical that ECB bond-buying by itself would be enough to change the euro’s weak overall trend. The euro eased 0.2 percent against the high-flying Australian dollar to A$1.1656, after having hit a record low around A$1.1646 the previous day. The Aussie and other highbeta currencies, which are relatively volatile and tend to benefit when investor optimism about the outlook for the global economy picks up, have been among the best performers recently.

Such currencies have gotten a lift from market expectations that both the ECB and Federal Reserve are closer to providing more aid for their respective economies.

The Aussie rose 0.3 percent to $1.0526, having hit a four-month high of $1.0538 earlier on Tuesday.

The modest rise in the euro weighed on the dollar index, which measures the greenback’s value against a basket of major currencies. The dollar index stood at 82.749, holding near a three-week low of 82.343 hit last week. Against the yen, the dollar edged up 0.1 percent to 78.26 yen.

While the Fed is seen likely to hold off from adopting another bond-buying programme at its two-day policy meeting that starts on Tuesday, some market players think the U.S. central bank might adopt such monetary stimulus in coming months.

Disclaimer: The commentary appearing on this page is for indication purposes only and Eurivex does not take any responsibility for investment action taken. Nothing in this report should be considered to constitute investment advice. It is not intended, and should not be considered, as an offer, invitation, solicitation or recommendation to buy or sell any of the financial instruments described herein. Trading on leverage is very risky and may lead to losses.

FinancialMirror.com

August 1 - 7, 2012

MARKETS | 25

Russia’s Reluctant Move To Abundance Marcuard’s Market update by GaveKal Research As Frederic Bastiat explained more than 150 years ago in his essay “Sophisms of the Protectionists”, it is not easy to fight the arguments of the protectionists. This is mainly because “our adversaries in the discussion have a signal advantage over us.

They can, in a few words, present an incomplete truth; which, for us to show that it is incomplete, renders necessary long and uninteresting dissertations”. Who then can be surprised that it took almost 20 years for a statist and protectionist country as Russia to, reluctantly, enter the World Trade Organisation? Most in Russia put forth the classical arguments against free trade that Bastiat had to face in his times. They argued that Russia has nothing to gain with free trade (it already exports all the mineral products it can) and everything to lose (as foreign competitors will “steal their jobs and shut down their factories”).

But hopefully the proponents of these “incomplete truths” have finally lost. Earlier this month the Duma narrowly approved accession of Russia’s US$2trn to the trade organization, and over the weekend Vladimir Putin officially signed the deal. All WTO commitments—which include tariffs reductions but also the opening of many economic sectors to competition and foreign direct investment—should be implemented by the end of this decade.

Three main benefits which should be expected from this move include: l Abundance. The protectionists are Malthusian; they want to organize scarcity. Opening borders provides access to a much broader range of goods and services. This will contribute to

raising the general standard of living, especially for groups in lower socio-economic brackets. l “Tax” cuts. Tariff reductions will begin as soon as September 1, with average import duties being reduced from 9.5% to 7.4% next year and to 6% by 2015. For Russian consumers, these reductions in tariffs are exactly equivalent to tax cuts. l Competitiveness. By exposing itself to more competitive technologies and processes, the post-Soviet upgrade and modernization of the Russian economy will accelerate. This process will also help cure Russia of “Dutch disease” — in which only one sector (energy) captures most of the available capital, while many others are artificially kept alive through protectionism.

“We urge Congress to take action on this important legislation as soon as possible,” she said.

Unions contend the deal Russia made to join the WTO is too weak in a number of areas, and the bill would not ensure Moscow lives up to the WTO pact.

Ways and Means Committee Chairman Dave Camp, a Republican, said the House could take up the measure next week, but only if the Democratic-controlled Senate agrees not to tinker with it extensively. “We can’t send a revenue bill over to the Senate without understanding what they’re going to do with it,” Camp said. “Once they commit to a process we can rely on, we can move in the House. But we can’t move in the House until we get a commitment on that process.”

The uncertain outlook left business leaders pleading for Congress to act. “It would be the height of irresponsibility to have a situation where our Chinese competitors have more rights to compete in the Russian market than American companies and we’ve got to make sure that doesn’t happen,” said Bill Lane, director of government affairs for Caterpillar Inc. Russia is the largest economy still outside the WTO and its entry is expected to help double annual U.S. exports to that country to about $19 bln over the next five years.

If Congress does not act, Moscow could deny U.S. companies some of the market-opening concessions it made to join the WTO, putting them at a disadvantage to foreign competitors in one of Europe’s fastest-growing economies.

Interest Rates Base Rates

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0-0,25% 0.50% 0.75% 0-0,1% 0-0,25%

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0.25 0.56 0.10 0.14 0.03

0.34 0.62 0.16 0.16 0.04

0.44 0.75 0.27 0.20 0.06

0.73 1.01 0.58 0.33 0.17

1.06 1.49 0.91 0.55 0.37

USD GBP EUR JPY CHF

0.42 0.77 0.58 0.28 0.05

0.49 0.80 0.68 0.29 0.09

0.62 0.89 0.86 0.31 0.17

0.80 1.06 1.06 0.36 0.26

1.19 1.43 1.44 0.49 0.57

1.63 1.96 1.83 0.78 0.91

Exchange Rates Major Cross Rates CCY1\CCY2 USD EUR GBP CHF JPY

Opening Rates

100 1 USD 1 EUR 1 GBP 1 CHF JPY 1.2263 0.8155

1.5709

1.0209

1.2784

1.2810

0.8325

1.0425

0.6499

0.8138

0.6366

0.7806

0.9795

1.2012

1.5387

78.22

95.92

122.88

1.2522 79.86

WORLD CURRENCIES PER US DOLLAR CURRENCY

CODE

RATE

EUROPEAN Belarussian Ruble British Pound * Bulgarian Lev Czech Koruna Danish Krone Estonian Kroon Euro * Georgian Lari Hungarian Forint Latvian Lats Lithuanian Litas Maltese Pound * Moldavan Leu Norwegian Krone Polish Zloty Romanian Leu Russian Rouble Swedish Krona Swiss Franc Ukrainian Hryvnia

BYR GBP BGN CZK DKK EEK EUR GEL HUF LVL LTL MTL MDL NOK PLN RON RUB SEK CHF UAH

8280 1.5709 1.5949 20.5508 6.0663 12.7602 1.2262 1.645 226.61 0.5671 2.8155 0.3501 12.4800 6.0471 3.3505 3.72 32.2234 6.8007 0.9796 8.0856

AUD CAD HKD INR JPY KRW NZD SGD

1.0514 1.0015 7.7545 55.7950 78.22 1130.30 1.2348 1.2455

BHD EGP IRR ILS JOD KWD LBP OMR QAR SAR ZAR AED

0.3770 6.0711 12081.9023 4.0407 0.7072 0.2817 1501 0.3850 3.6406 3.75 8.1740 3.6727

AZN KZT TRY

0.7844 149.99 1.7979

AMERICAS & PACIFIC Australian Dollar * Canadian Dollar Hong Kong Dollar Indian Rupee Japanese Yen Korean Won New Zeland Dollar * Singapore Dollar MIDDLE EAST & AFRICA

The Financial Markets

CCY

www.marcuardheritage.com Disclaimer: This information may not be construed as advice and in particular not as investment, legal or tax advice. Depending on your particular circumstances you must obtain advice from your respective professional advisors. Investment involves risk. The value of investments may go down as well as up. Past performance is no guarantee for future performance. Investments in foreign currencies are subject to exchange rate fluctuations. Marcuard Cyprus Ltd is regulated by the Cyprus Securities and Exchange Commission (CySec) under License no. 131/11.

U.S. House panel OKs bill on Russia trade ties A key U.S. congressional committee has voted overwhelmingly to lift a Cold War-era restriction on trade with Russia, but the top congressional Republican said President Barack Obama must do more to get the bill passed into law.

The White House and business groups want lawmakers to approve the legislation before leaving this week for a monthlong recess so U.S. companies can share in the full benefits of Russia’s entry in the World Trade Organization on August 22.

But House of Representatives Speaker John Boehner appeared to throw cold water on the idea of final congressional approval, despite the bipartisan vote in the House Ways and Means Committee in favor of the trade legislation.

“If the president really thinks this is an important issue that we have to deal with, then maybe he ought to be out there making the case for it. I haven’t seen that as yet,” Boehner told reporters.

The White House has said passage of the bill is its top trade priority. But the measure faces opposition from unions, an important Democratic constituency ahead of the November 6 presidential and congressional elections.

“The President is committed to working with Congress to seek passage of this bill that will enable him to extend Permanent Normal Trade Relations to Russia and allow American businesses, ranchers, farmers, and workers to receive the full benefit of Russia’s WTO commitments,” White House spokeswoman Caitlin Hayden said.

Assuming Russia plays by the rules (even if only partially so), we can expect a disinflationary boom for Russian consumers and businesses (except of course for the zombie industries). The World Bank has estimated that WTO accession would add 11% to Russia’s real GDP by 2020, or 1% per year. Summer 2012 thus represents a major turning point for the Russian economy, and a crucial event for Europe as a whole. Although we can expect the Kremlin’s bad habits to spoil part of the expected benefits (through tricky regulations or other non-tariff protectionist moves), the path taken is very promising. Even if only half of the benefits materialize, that would be enough to spur a significant disinflationary boom in Europe. Economists at the IMF project that the Russian economy will be as large as Germany’s by the end of this decade. These projections now need to be taken seriously. As we have already argued, the best way to play the Russian story is to invest in European and US export companies in the free, non-strategic sectors, where there is less of dubious intervention by the Russian administration. European exporters of consumer and business services should in particular be favored as these two sectors are what the Russian economy lacks the most.

ASIA

Weekly movement of USD

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10.07

17.07

24.07

31.07

CCY

Today

USD GBP JPY CHF

1.2558

1.2250

1.2259

1.2094

1.2248

0.8001

0.7903

0.7828

0.7787

0.7792

GBP EUR JPY CHF

1.5709 1.2263 78.22 0.9795

99.99

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1.1964

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Last Week %Change 1.5510 1.2106 78.26 0.9920

Bahrain Dinar Egyptian Pound Iranian Rial Israeli Shekel Jordanian Dinar Kuwait Dinar Lebanese Pound Omani Rial Qatar Rial Saudi Arabian Riyal South African Rand U.A.E. Dirham

-1.28 -1.30 -0.05 -1.26

Azerbaijanian Manat Kazakhstan Tenge Turkish Lira Note:

* USD per National Currency

August 1 - 7, 2012

FinancialMirror.com

26 | WORLD MARKETS

SEC alleges insider trading ahead of CNOOC-Nexen deal

Rolling out red carpet for central banks Stocks took off at the end of last week, drawn by the allure of a helping hand from the world’s two most powerful central banks. Traders are unlikely to resist those charms again this week WALL ST WEEKAHEAD The U.S. Federal Reserve and the European Central Bank both meet this week amid investor expectations of action to stimulate economic growth and, in the case of the ECB, tackle the spreading euro zone debt crisis.

The drumbeat of weak economic data and disappointing U.S. corporate profits and outlooks mean central banks can be stocks’ best friends.

Equity prices tend to rise sharply in the hours before a Fed statement like the one expected on Wednesday as traders and investors jockey for position and a chance to make a profit.

This week’s calendar has a double-whammy. The Fed’s monetary policy statement will come one day before an ECB meeting packed with intrigue. ECB President Mario Draghi said last week the bank was ready to do whatever was necessary, within its mandate, to save the euro.

“People in this business like to get in front of big events, especially if (they) could be very, very positive for the market,” said Brian Reynolds, chief market strategist at agency brokerage Rosenblatt Securities.

In that sense the strategy “is almost like a lottery ticket,” he said.

But was that ticket already cashed? The S&P 500 rallied to levels not seen since May on Friday, a rally that was sparked a day earlier after Draghi stoked expectations the ECB might resume its Securities Markets Programme (SMP) and possibly adopt more aggressive quantitative easing.

Reports of meetings with the head of Germany’s Bundesbank fueled a Friday rally that outpaced Thursday’s gains.

Equity markets have for weeks been leaning on hoped-for stimulus from the Fed or ECB. Despite weeks of softening economic data, including a dismal payrolls report for June and a poor outlook for corporate profits, the S&P 500 has risen in seven of the past ten weeks. It closed on Friday near a three-month high.

REMARKABLE PATTERN At the same time that traders position themselves to benefit from the Fed’s latest easy-money policy, those betting against market gains get out of the way and selling pressure recedes.

“It’s very scary to short the market ahead of a Fed meeting,” said Dennis Dick, a proprietary trader at Las Vegas-based Bright Trading and co-founder of Premarketinfo.com. “So you have this short-covering that drives prices up.”

That helps explain the rise in stocks in the 24 hours prior to the U.S. central bank’s policy decisions — a pattern that tends to hold irrespective of what the Fed actually says in its statement.

Economists at the Federal Reserve Bank of New York performed a study of the pattern.

Starting mid-afternoon the day before such decisions, stocks in the United States, Britain, Germany and other major markets begin a sharp rise and don’t stop, on average, until just before the Fed unveils its policy decision the following day.

Since 1994 a whopping 80% of the premium in gains of U.S. stocks over yields on short-term government bonds has been earned in these 24-hour periods, the study found.

The pattern has grown starker as the Fed took increasingly aggressive actions to rescue the U.S. economy from recession. The two rounds of major asset purchases, known as quantitative easing, or QE1 and QE2, in recent years strongly boosted stocks.

“Perhaps this shows markets have given the Fed their seal of approval,” said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin.

“At least from a market participant perspective, they are confident the Fed will fulfill its mandate. I try to talk to individual investors to remind them that the stock market is going to react much more quickly than the economy to what the Fed does,” he said.

CENTRAL BANKS OVERSHADOW EARNINGS The focus on central bank meetings will get in the way of a heavy week of earnings for S&P 500 companies at a time when the outlook continues to worsen.

Major companies due to report include AIG, Kellogg , Procter & Gamble, Kraft Foods, Pfizer , MasterCard and General Motors.

Among the 290 companies in the S&P 500 index that have reported earnings for the second quarter, about 67% have beaten analysts’ estimates, slightly higher than the long-term average of about 62%.

But just 40% have beaten on revenues, the worst record since the first quarter of 2009.

More worrisome is the market’s outlook. Third-quarter earnings are now expected to decline 0.4% from a year ago, compared with an expected rise of 1.4% last week, according to Thomson Reuters data.

Also on investors’ radar this week is another legal battle in California over patents between Apple and South Korea’s Samsung. The trial’s outcome could reshape the smartphone and tablet wars between the iPhone’s maker and its rivals.

The U.S. securities regulator filed a complaint in court on Friday against a firm controlled by a Chinese billionaire and other traders, accusing them of making over $13 million from insider trading ahead of a bid by China’s CNOOC for Canadian oil company Nexen Inc. The SEC said the federal court in Manhattan had frozen assets worth over $38 mln belonging to Hong Kong-based Well Advantage, controlled by businessman Zhang Zhirong, and other unnamed traders who used accounts in Hong Kong and Singapore to trade in Nexen stock. They made trading profits of $7 mln and $6 mln, respectively by using inside knowledge of the merger to buy Nexen shares before the announcement, the SEC said.

The trading was suspicious, the SEC claims in its complaint, because the accounts used to buy the shares had “either no history or extremely limited history” of buying Nexen shares before July 2012.

CNOOC said on July 23 it had agreed to acquire Nexen for $15.1 bln, China’s biggest foreign takeover bid. Shares of Nexen jumped almost 52% that day.

The unnamed Singapore traders used accounts in the names of Phillip Securities and Citibank, while Well Advantage made its trades through accounts held at UBS Securities and Citigroup Global Markets. Neither of the Well Advantage accounts had traded Nexen shares since January 2012, and the Citigroup account had been completely dormant for over six months. Zhang Zhirong also controls China Rongsheng Heavy Industries Group Holdings, which according to a company filing in October 2010, entered a strategic cooperation agreement with CNOOC. The SEC does not allege any wrongdoing by Zhang, but notes that he is the controlling shareholder of a company that engages in significant business activities with CNOOC. Zhang was ranked the 22th richest Chinese person by Forbes Magazine in September 2011. But his net worth fell by more than half in the past year to $2.6 bln in March 2012 as shares of Rongsheng tumbled. The stock ended at HK$1.4 on Friday against an IPO price of HK$8.0 fixed in November 2010.

Well-timed bullish bets in Nexen options ahead of the announcement also raised eyebrows among some market watchers on the day the deal was announced. In addition to freezing the traders’ assets and directing them not to destroy any evidence, the SEC is seeking a judgment “ordering the traders to disgorge their ill-gotten gains with interest, pay financial penalties, and permanently bar them from future violations,” according to a statement.

The SEC is cracking down on insider trading having brought 57 insider trading actions in the financial year 2011 against 124 individuals and entities, a nearly 8% increase in the number of filed actions from the prior fiscal year.

6 jailed in UK insider dealing Six members of an illegal UK trading ring that netted 732,000 pounds were jailed on Friday for what the judge described as deliberate, planned and dishonest insider share dealing, marking another coup in the regulator’s crackdown.

The four-and-a-half-month trial cost the Financial Services Authority 5 mln pounds — the longest and most complex prosecution to date in its “credible deterrence” drive against market abuses. “You knew precisely what you were doing,” Judge Jeffrey Pegden told Southwark Crown Court in London, adding that an element of deterrence was included in the prison terms because of the time-consuming nature of such cases.“Insider dealing is not a victimless crime,” he said. “Those involved are criminals, no more, no less.”

The case marked a strategic push into so-called digital forensics, whereby experts use the latest technology to sift through emails, telephone records and computers.

Last month the FSA said that a fifth of company announcements in Britain were still preceded by unexplained share price movement, indicating possible insider trading.

The judge sentenced Ali Mustafa, who obtained confidential information on planned mergers from where he worked in the print room of UBS, to three and a half years in prison.

“You stole information from your employer,” the judge said.

Pardip Saini and Paresh Shah were also sent down for three and a half years.

Neten Shah, a former company director and accountant whose involvement was said by his defence to be more limited, was jailed for 18 months. Bijal Shah and Truptesh Patel, two day-traders, were imprisoned for two years each.

Ali Mustafa’s brother, Ersin, who worked in the print room of JPMorgan Cazenove, was also involved but failed to turn up for a police interview during the investigation. The trial was told that he was living in northern Cyprus.

The day-traders used information from the “drop box” to place spreadbets on 500 different stocks. The ring used 130 trading accounts, usually in third-party names, making it hard initially to identify the culprits.

FSA officials said that they began seeing a pattern of unusual trading activity in 2006 and made a key breakthrough the following year to reveal the links.

Saini had placed a spreadbet on Reuters in May 2007 after receiving a text message from Ersin Mustafa a few minutes earlier. Thomson was preparing a bid for Reuters at the time.

The FSA saw that Ersin was print room manager of JPMorgan Cazenove and his brother Ali worked in the UBS print room, links that enabled the watchdog to uncover other members of the ring. It culminated in raids and arrests in July 2008, when a search of Paresh Shah’s home uncovered a wealth of evidence.

They found notes on dealings and a computer memory stick with confidential documents from UBS, complete with code names that the bank had been using to identify companies involved in mergers, such as Temple for Thomson and Robson for Reuters.

In all, 500 different stocks were traded using inside information, including Vega, Biffa, Premier Oil, Enodis and Thus.

FinancialMirror.com

August 1 - 7, 2012

WORLD MARKETS | 27

FinancialMirror.com

August 1 - 7, 2012

28 | WORLD MARKETS

Cautious consumers, foreign trade curb U.S. Q2 growth l Spending growth slowest in a year as inventories rise, pointing to slower third-quarter growth U.S. economic growth slowed in the second quarter as consumers spent at their slowest pace in a year, increasing pressure on the Federal Reserve to do more to bolster the recovery.

Gross domestic product expanded at a 1.5% annual rate between April and June, the weakest pace of growth since the third quarter of 2011, the Commerce Department said on Friday.

First-quarter growth was revised up by a tenth of a percent to a 2.0% pace.

Details of the report were weak, with foreign trade being a drag and stocks of unsold goods rising. That, together with signs that activity slowed further early in the third quarter strengthens the argument for the Fed to offer the economy additional stimulus at its September meeting.

“The economy has lost altitude and flying pretty close to stall speed. Monetary policy is the only game in town and additional easing is highly likely,” said Sung Won Sohn, an economics professor at California State University Channel Islands in Camarillo.

The ailing economy could cost President Barack Obama a second term in office when Americans vote in November. Obama’s approval rating on his handling of the economy is slipping.

An Ipsos/Thomson Reuters poll showed 36% believe Republican candidate Mitt Romney has a better plan for the economy, compared to 31% who had faith in Obama’s policies.

The economy’s expansion following the 2007-09 recession is the slowest since the 1980-81 period and the recession itself was the deepest in the post-war period.

FED MAY KEEP POWDER DRY No major policy announcement is expected at the Fed’s twoday meeting this week, but many economists now say the central bank could launch a third round of bond purchases, also known as quantitative easing, when policymakers gather on September 12-13. The Fed has already injected $2.3 trln into the economy through asset purchases and overnight interest rates are near zero.

But not all economists believe the Fed will pump more money into the economy in September, arguing that the slowdown in

Insurer swings to profit as catastrophes abate Bermuda-based insurer and reinsurer Hiscox returned to profit in the first six months of 2012 as a spate of costly natural catastrophes that pushed it deep into the red a year earlier eased. Hiscox, whose insurance spans oil refineries to fine art and vintage cars, made a pretax profit of 125.8 mln pounds compared with a loss of 85.6 mln a year earlier.

Hiscox, a major provider of event cancellation insurance in Britain, sidestepped some 10 mln pounds of losses in the first half of this year by refusing to cover events including the Badminton horse trials that were abandoned due to heavy rain, Chief Executive Bronek Masojada said.

Outgoing chairman Robert Hiscox, said the results marked “a welcome return to our profitable course after the battering we and the insurance industry received from Mother Nature last year.” In the first half of 2011, insurers paid out billions in claims after Japan and New Zealand were struck by major earthquakes.

Severe tornadoes in the U.S. and heavy flooding in Thailand made 2011 as a whole the industry’s secondcostliest natural catastrophe year on record, with insured losses totalling $116 bln, according to reinsurer Swiss Re. The company, which insures wealthy individuals in continental Europe, named its chief underwriting officer, Robert Childs, as the successor to Hiscox, who announced his intention to step down in February.

The stock has risen 8.3% in the past year, compared with a 4.5% decline in the FTSE non-life insurance index.

Hiscox is paying a first-half dividend of 6 pence per share, an increase of 18%.

growth was not that alarming. They said the Fed would want to save its limited arsenal for a real crisis.

“The Fed will pull the trigger on QE3 if the sense is we are getting into trouble, but if we are just weak and somewhat limping forward, they will prefer to stay pat,” said Adolfo Laurenti, a senior economist at Mesirow Financial in Chicago. “They do not want to use whatever ammunition they have left too soon, they want to keep some just because things might get even worse later on.”

The economy has been hit by worries of deep government spending cuts and higher taxes scheduled to kick in at the start of 2013, as well as troubles from the debt crisis in Europe.

The biggest factor weighing on the recovery is fear that politicians in Washington will be unable to avoid the so-called fiscal cliff at the turn of the year, economists said. Third-quarter growth is forecast at a rate between 1 and 1.5%.

Stocks on Wall Street rose on expectations of further monetary stimulus. However, Treasury debt prices fell as the GDP report was in line with economists’ expectations. The dollar rose against the yen.

CONSUMERS HUNKER DOWN Much of the slowdown in growth in the second quarter was caused by a softening in consumer spending as Americans eased off on automobile purchases due to tepid job and income growth.

Consumer spending, which makes up about 70% of U.S. economic activity, increased at a 1.5% rate, a step down from the 2.4% pace logged in the previous three months.

Consumer spending was the weakest in a year. Much of that reflected a drop in outlays for long-lasting goods such as automobiles, which had buoyed consumption in the prior period.

Ford Motor Co this week said that because of cooling demand it now expected industry wide U.S. auto sales to be at the lower end of its forecast of 14.5-15 mln vehicles, including mediumand heavy-trucks.

The outlook for spending is not promising. Worries over jobs and income pushed consumer sentiment to its lowest level in a year in July, a second report showed. The Thomson

Reuters/University of Michigan’s consumer sentiment index fell to 72.3 this month from 73.2 in June.

Employment growth averaged 75,000 jobs a month in the second quarter, compared to an average monthly increase of 226,000 in the first three months of the year.

The unemployment rate was 8.2% in June. The economy needs to grow at a rate of between 2 % and 2.5% just to keep the unemployment rate stable.

Wary of the economic outlook, Americans pocketed money from falling gasoline prices in the second quarter, pushing the saving rate up its the highest level in a year.

INVENTORY LIQUIDATION LOOMING While business inventories contributed nearly a third of a percentage point to GDP growth, slowing domestic demand means businesses could find themselves with unwanted stock. That would be drag on third quarter growth.

Excluding inventories, GDP rose at a 1.2% rate, the weakest pace since the first quarter of 2011. In the first quarter, the comparable figure was 2.4%. “The inventory build was larger than we thought, I think that’s going to come at the expense of growth this quarter,” said Ryan Sweet, a senior economist at Moody’s Analytics in West Chester Pennsylvania. “You take in the drought, and I think that’s going to hurt farm inventories. It’s getting more and more difficult to identify a spark for the economy.”

Export growth pushed higher, despite slowing demand in Europe and China, but it was offset by a strong rise in imports.

Trade subtracted almost a third of a percentage point from GDP growth. Government spending contracted for an eighth straight quarter, but the pace of decline slowed. Defense spending fell marginally after two quarters of hefty declines.

Weak demand muzzled inflation pressures during the quarter. A price index for personal spending rose at a 0.7% rate, the lowest rate since the second quarter of 2010, after rising 2.5% in the first quarter. A core measure that strips out food and energy costs advanced at a 1.8% rate, moderating from 2.2% in the prior quarter.

Central banks up the stakes with stimulus offer, but it could backfire Global share prices and the euro rallied sharply, boosted by creating enough jobs.

The Fed has already launched two quantitative easing (QE) expectations that the U.S. Federal Reserve and European Central programmes, during which the Fed buys US Treasury bonds, Bank will provide stimulus to support their struggling economies.

Risk appetite remerged after ECB President Mario Draghi said helping push borrowing costs lower in an effort to lower interest the central bank would do whatever it takes to preserve the euro, a rates for the benefit of the economy in general. It remains to be message echoed by German Chancellor Angela Merkel, French seen how successful a third QE programme will be considering that bonds prices and are at all-time record high while bond yields President Francois Hollande and Italian Premier Mario Monti. are at record low.

This raised expectations that the ECB The same cannot be said for the ECB, could take bold measures to lower soarwhich unlike the Fed, the Bank of ing Italian and Spanish borrowing costs By SHAVASB BOHDJALIAN England and the Bank of Japan has resisand supported riskier assets. ted to launch a major QE programme.

It remains to be seen if ECB policy- Certified Investment Advisor and CEO of Eurivex Ltd. Instead, the ECB has lent more than makers would deliver in line with market EUR 1 trillion to banks for 3-years and is expectations when they meet on providing liquidity to banks by accepting Thursday, and if “Super Mario” as many are now referring to ECB President Mario Draghi can follow-up his their government bonds as collateral.

An economist at Goldman Sachs said one of the options available bold statements and rhetoric with concrete action.

Germany’s Bundesbank has in the meantime said it is opposed to the ECB is to buy unsecured debt of banks or firms via the to a resumption of the ECB’s bond-buying program. Reuters also national central banks to spare its own balance sheet while others reported that German Economy Minister Philipp Roesler warned expect policymakers to give the ESM access to ECB funding.

Central bankers can at any given time raise expectations, but if the ECB about any large-scale government bond purchases and a German government spokesman on Monday reiterated Berlin’s they fail to deliver, they are likely to cause even more damage. As both Bernanke and Draghi have repeatedly said, the central banks opposition to any form of mutualisation of euro zone debt.

The odds are that the ECB will fall short of expectations, sending have stepped in far many times than their mandate allows them and a new wave of disappointment which will lead to the building of new its time for politicians to step up and deliver fiscal solutions to the short euro positions against all major currencies and renewed sell- debt crisis now hurting both the US and the EU. ing of Italian and Spanish bonds.

The Fed is also holding a policy meeting on Wednesday with shavasb@eurivex.com most economists polled by Reuters and Bloomberg expecting no (Eurivex Ltd. is a Cyprus Investment Firm, authorized and change in policy, but analysts are bracing for some sort of indica- regulated by CySEC, license #114/10 and approved by the Cyprus tion from Fed Chairman Ben Bernanke about some kind of action Stock Exchange to act as Nomad for listings on the Emerging in the face of the unemployment situation, with the headline jobless Companies Market. The views expressed above are personal and do rate stuck at 8.2% and the slow growth environment, which is not not bind the company and are subject to change without notice)

FinancialMirror.com

August 1 - 7, 2012

GREECE | 29

Alpha Bank confirms eyeing Emporiki, denies deal… for now Alpha Bank said in a bourse filing on Tuesday that it has made an offer to France’s Credit Agricole to buy its subsidiary Emporiki, but denied a newspaper report that a deal had already been clinched.

Alpha said it had offered to acquire all of Emporiki.

Financial daily Imerisia, citing sources, said a deal would be signed in mid-September after the terms of a planned Greek bank recapitalisation are finalised and that a Qatari fund with a stake in Alpha would offer “capital support” for the deal to buy its struggling rival. “We deny the report saying we are close to a deal to buy Emporiki,” a bank official said.

In June, Alpha denied a similar news report saying it was in intensive talks to acquire Emporiki assets.

Credit Agricole has been scrambling to scale back its 4.6 bln euro exposure to Emporiki after concern that a Greek exit from the euro zone would prompt massive writedowns and force a capital increase.

Emporiki has previously confirmed it is in “preliminary discussions” with Greek lenders and regulatory authorities.

Greece’s biggest lender, National Bank, had previously confirmed it was in talks with the French bank over Emporiki, while banking sources have said both Alpha and EFG Eurobank had

also shown interest. The Imerisia report comes days after Greece’s fourth-largest bank Piraeus agreed to take over the healthy assets of troubled state lender ATEbank.

Greece’s banking sector, battered by the country’s sovereign debt crisis that has triggered deposit outflows and left it reliant on the central bank for liquidity, has been under pressure to consolidate to weather the crisis.

A fifth year of recession, deposit outflows and fears that Greece could crash out of the euro have hammered the country’s banking system, which relies on the European Central Bank and the Greek central bank for their liquidity needs.

The country’s four biggest banks this year received 18 bln euros in capital under its EU/IMF bailout after the banks suffered heavy losses from a landmark sovereign debt swap.

Athens and its central bank have urged the country’s banks to explore alliances in a bid to cope better with the debt crisis, but their call has met little success so far.

According to the Imerisia report, Alpha Bank would acquire Emporiki, while Credit Agricole along with Alpha’s strategic shareholder Paramount, will participate in the forthcoming capital increase, securing at least the minimum required funds (10%) that will allow Alpha to be recapitalised via the HFSF.

Accordingly, Credit Agricole will end up holding an unspecified strategic stake in the combined entity (Alpha - Emporiki), which will be present, apart from Greece, in Romania, Albania, Bulgaria, Serbia, Fyrom and Cyprus.

Same sources argue that Alpha’s strategic investor Paramount will participate in the bank’s forthcoming capital increase with the aim to maintain at least its current stake of 4.7% while it will also examine the possibility of enhancing its position in the bank further, via a CoCo issue. The same report argues that despite the fact that NBG was also interested in acquiring Emporiki, Credit Agricole seems to favour Alpha given its lower capital needs following the implementation of the PSI deal (GGB exchange). Finally, sources argue that most of the due diligence processes have been concluded but the deal will be announced in mid-September after the finalisation of the terms of Greek banks recap plan, which could affect the details of the deal. “It is too early to have a clear view on the issue. Still, any such deal could be a win-win one for both Alpha and Credit Agricole as a result of the synergies generated. In our view the details of Greek banks recap terms are of equal importance,” said Konstantinos Manolopoulos, analyst at the Investment Bank of Greece, a Laiki Group subsidiary.

ATEbank deal boosts Piraeus, shares rise l Trade union, leftist opposition against deal Piraeus Bank’s plan to take over the healthy chunk of ailing state lender ATEbank boosted its shares on Monday as the deal will benefit its balance sheet, help it cope with a debt crisis and make it Greece’s second largest bank by assets.

Piraeus, the country’s fourth largest bank, on Friday agreed to absorb ATEbank’s performing loans and securities portfolio and its deposits while the bad part will be liquidated.

The move signals the coalition government’s determination to stick with a bailout plan agreed with its international lenders and resume the flow of funds from the IMF and its euro zone partners.

Central bank chief George Provopoulos will brief parliament on ATEbank’s restructuring on Friday.

ATEbank, about 90% state owned, required a significant capital injection to continue operating. Getting it off the government’s books was a condition of the 130 bln euro bailout keeping Greece afloat.

EU sources said in June the European Commission had been pushing Greece to wind down certain banks, possibly including ATEbank, an agricultural lender founded in 1929.

“Piraeus Bank gets the sound part of ATEbank, including assets whose value could rise in the future, and its deposits for just 95 mln euros. It’s a good deal for Piraeus,” said a banking analyst.

Piraeus will pay the 95 mln euros deal price to the liquidator of ATEbank’s bad part to cover costs. The state will get no cash from the deal, letting go of an undercapitalised asset it would otherwise have to nurse.

The deal will leave Piraeus Bank with total assets of 74 bln euros, a deposit base of 35 bln and a loan book of 44 bln. It will rank second after National Bank, analysts said. “At first glance, Piraeus significantly improves its deposit base and deleverages

its balance sheet,” said Euroxx Securities analyst Manos Giakoumis. “The sound part of ATEbank will add 27.5 bln euros in assets, 14.1 bln in deposits and 11.1 bln in loans to Piraeus Bank’s first quarter figures,” he said.

The enlarged bank’s loans-to-deposits ratio will improve to 134 from 172%. Deposits as a percentage of total assets will rise to 46.7 from 44% and loans as a percent of assets will drop to 62.7 from 75.6%, Giakoumis said.

Piraeus will operate as one bank but with two brand names.

It expects the deal to generate synergies, mainly in the back office. Executives told analysts that the two branch networks were largely complementary and called the move liquidity friendly but would not speculate on whether the group would go after more deals.

“One thing at a time. We need to participate in the ongoing Greek banking evolution as a systemic bank but did a major part of this with ATEbank,” said Piraeus Treasurer Tom Arvanitis.

Piraeus Bank, which in May was recapitalised with 4.7 bln euros by the Hellenic Financial Stability Fund (HFSF), a state bank support fund, will get an additional 500 mln euros to maintain its Core Tier 1 capital ratio above 8%.

The difference between the assets and liabilities that Piraeus will take over from ATEbank, the so-called funding gap, will amount to 6.7 bln euros and will be covered by the HFSF, which will hand Piraeus EFSF notes of that amount.

Shares in Piraeus, which surged over 16% early on Monday trimmed gains to end 9.5% higher, slightly outperforming the banking sector’s 9.09% advance. “The market is reacting positively to the deal, waiting to see what will happen as far as the wider restructuring of the banking sector is concerned,” said Takis Zamanis, head of trading at Beta Securities.

Earlier on Monday, the Athens stock exchange suspended

trading in shares of ATEbank after the deal. ATEbank’s union started 24-hour rolling strikes, opposing the deal even though there will be no layoffs among the 6,400 employees.

The network of 483 branches in Greece and 31 overseas will operate within the Piraeus Bank entity under the “ATEbank” brand name. The deal will also include financial subsidiaries ATE Insurance and ATE Leasing, while the non-financial subsidiaries (SEKAP, Hellenic Sugar, Dodoni, etc.) will be transferred to the government to be later sold by the Hellenic Republic Asset Development Fund. GGBs held by ATEbank will be transferred at fair value to Piraeus Bank, with the losses set to burden the bad part of ATEbank.

“This decision signals the commencement of the restructuring of the Greek banking system. In addition, we expect more deals to follow, with a clear focus centering on Emporiki Bank and Hellenic Postbank. The deal contains implementation risk given the different cultures of the two banks, while on the other hand synergies will be achieved over the long-term,” said Konstantinos Manolopoulos, analyst at Investment Bank of Greece, a Laiki Group subsidiary. Meanwhile, Piraeus has halted the sale of its Egyptian subsidiary, the bank said on Tuesday, without offering reasons for the move.

In a filing to the Athens Stock Exchange, Piraeus said it would not seek offers of interest for the unit in the near future.

Jumbo in capital return, freezes Cyprus expansion Jumbo shareholders approved the reduction of the company’s share capital by EUR 27.3 mln at an EGM last week and the distribution of a special dividend of EUR 0.21/share in the form of a share capital return.

The management also provided its guidance for the next fiscal year, which calls for sales growth of 0% - 2% but a 26% fall in net earnings to EUR 70 mln, while according to early indications there will be a 1% increase in FY11-12 net profits, implying a figure close to EUR 96 mln, higher than analyst

estimates of EUR 94.7 mln.The company informed its shareholders that it is planning to open five new stores (4 in Greece and one in Bulgaria) during this fiscal year, while the first store of 8,000 sq.m started its operation in Nea Philadelphia a few days earlier. The company has decided not to expand its presence in Cyprus with a fourth store in the second half of the financial year 2012/2013.

The company attributed the drop in its FY12-13 net earnings to the deflationary pressures in Greece, the increase in

transport costs and the strengthening of the dollar that are expected to impact the gross margin. “However, Jumbo continued its generous dividend policy distributing a special cash dividend to its shareholders. Its forecast regarding FY1213 net earnings is disappointing and a downward revision of our estimates and target price should be expected,” said Dimitris Birbos, analyst at the Investment Bank of Greece, a Laiki Group subsidiary. IBG maintains an “accumulate” recommendation on the stock.

August 1 - 7, 2012

FinancialMirror.com

30 | CSE PRICES CSE CODE OASIS Index performance CSE General Index FTSE/CySE 20 FTSE/XA & XAK Banking MAIN MARKET MAIN MARKET INDEX BANK OF CYPRUS CYPRUS POPULAR BANK HELLENIC BANK LOGICOM LOUIS LTD A. TSOKKOS HOTELS ORPHANIDES SECTOR TOTAL / OΛIKO PARALLEL MARKET PARALLEL MARKET INDEX WOOLWORTH (CYPRUS) PROP VASSILIKO CEMENT ERMES DEPARTMENT STORES A&P (ANDREOU&PARASKEV.) LAIKI CAPITAL PUBLIC CO K. ATHIENITIS CONTR. - DEV. G.A.P VASSILOPOULOS KANIKA HOTELS MITSIDES LIBERTY LIFE INSURANCE PHIL. ANDREOU LORDOS HOTELS HOLDINGS LORDOS UNITED PLASTIC SECTOR TOTAL / OΛIKO ALTERNATIVE MARKET ALTERNATIVE INDEX A. PANAYIDES CONTRACTING AD SHOPPING GALLERIES ALKIS HADJ. (FROU-FROU) A.L. PROCHOICE FIN. SERV. AMATHUS PUBLIC LTD ASTARTI DEVELOPMENT ATLANTIC INSURANCE FIRSTDELOS GROUP BLUE ISLAND FISH FARMING CCC TOURIST ENT. CHARILAOS APOSTOLIDES CHRIS JOANNOU LTD CLARIDGE INVESTMENTS CLR INVESTMENT FUND CONSTANTINOU BROS. CPI ENTER. DEVELOPMENT C.T.O. PUBLIC CO CYPRINT LTD. CYPRUS CEMENT CYPRUS FOREST IND. CYPRUS TRADING CORP. CYVENTURE CAPITAL DIMCO PLC DISPLAY ART LTD ELLINAS FINANCE ELMA HOLDINGS EMPIRE CAPITAL INV. EUROPROFIT CAPITAL EXELIXIS INVESTMENT FILOKTIMATIKI K & G COMPLEX KARAOLIS GROUP KARKOTIS MANUFACTURING KEO LTD KOSMOS INSURANCE KRONOS PRESS DIST. JUPITER PORTFOLIO INV. L.P. TRANSBETON LEPTOS CALYPSO HOTELS MALLOUPAS & PAPACOSTAS MINERVA INSURANCE MODESTOU SOUND & VISION NEMESIS CONSTRUCTIONS O.C. OPTIONS CHOICE PANDORA INVESTMENTS PIPIS FARM PETROLINA HOLDINGS PIERIDES HOLDINGS PRIMETEL PLC PROODOS AGROS RENOS HADJIOANNOU FARMS ROYAL HIGHGATE LTD SALAMIS TOURS SFS GROUP PUBLIC CO. STADEMOS HOTELS STARIO INVESTMENTS TOP KINISIS TRAVEL TOXOTIS INVESTMENTS UNIFAST FIN. & INV. VISION INTL PEOPLE GROUP SECTOR TOTAL / OΛIKO

ΟΑΣΗΣ

Kωδ.

Number

Nominal

Market

Book Value

Shares ('000) Aριθµός µετοχών

Value euro Aξία EUR

Cap. ('000) Kεφαλ.

EUR

Per Share euro Λογιστική αξία

Price to

Profit/(Loss)

Book Value 2010 Times EUR ('000) Tιµή προς Κέρδη µετά λογιστ. αξ. φορολ.

2010 BOCY CPB HB LOG LUI TSH ORF

ΤΡΚΥ ΛΑΙΚ ΕΛΗΤ ΛΟΤΖ ΛΟΥΗ ΤΣΟΚ ΟΡΦΑ

1 795 141 1 611 111 579 914 74 080 460 547 246 214 80 966

1.00 0.10 0.43 0.35 0.17 0.35 0.35

385 955 96 667 101 485 19 261 9 211 18 958 6 072 637 610

1.54 0.38 1.45 0.76 0.25 0.53 1.72 0.95

0.14 0.16 0.12 0.34 0.08 0.15 0.04 0.15

114 320 28 774 22 575 31 063 16 571 3 770 5 231 7 893 4 756 3 541 4 275 3 710 2 400 248 881

1.75 3.07 0.45 0.26 0.27 4.39 0.33 0.68 3.50 0.09 0.12 1.69 0.56 1.32

0.16 0.13 0.29 0.66 0.22 0.06 0.41 0.19 0.17 0.44 0.78 0.06 0.09 0.28

6 217 11 604 15 818 3 173 8 578 4 996 21 119 9 433 2 779 7 085 3 000 201 5 408 2 881 11 250 7 314 6 261 1 336 20 642 4 130 35 911 2 096 7 290 810 5 600 6 967 39 239 627 4 760 1 874 10 000 447 956 12 391 2 158 12 036 4 371 1 971 7 118 7 346 1 568 149 15 875 464 29 710 773 59 500 1 547 18 012 5 816 2 979 1 650 2 922 3 991 6 825 386 3 175 414 200 75 000 548 150

0.90 0.06 0.51 0.04 0.52 0.02 0.73 0.29 0.77 0.49 0.25 0.46 0.44 0.07 0.75 0.65 0.12 0.36 1.66 6.13 1.82 0.47 0.23 0.35 0.76 0.06 0.05 0.20 0.79 2.47 0.62 0.07 0.12 3.71 0.48 0.74 0.36 0.41 0.94 0.62 0.14 0.02 0.57 0.22 0.24 0.36 1.29 0.42 0.04 3.43 0.04 0.16 0.48 1.89 2.34 0.05 0.41 0.04 0.12 0.15 0.71

0.19 1.50 0.31 0.57 0.15 2.27 0.74 0.44 0.23 0.10 0.24 0.04 0.11 0.14 0.09 0.46 0.26 0.73 0.09 0.22 0.21 0.30 0.39 0.17 0.46 0.33 16.40 0.10 0.18 0.16 0.16 0.27 1.04 0.11 0.25 0.80 0.20 0.56 0.07 0.27 0.14 0.43 0.45 0.04 0.29 0.22 0.53 0.17 1.67 0.47 0.25 0.32 0.17 0.03 0.09 0.64 0.50 0.17 6.61 0.74

306 000 87 100 8 889 3 274 -10 243 -17 397 3 328 380 951

2010 FWW VCW ERME APE LI ACD GAP KAN MIT LIB PHIL LHH LPL

APC AD FBI PROP ANC AST ATL ACS BLUE CCCT CHAP CJ CLA CLL CBH CPIH CTO CYP CCC CFI CTC EXE DES DISP ELF ELMA EMP ERP EXIN PES KG KARA KARK KEO COS KRO ARI TRB LCH MPT MINE MSV NEM OPT PND PIPF PHL PGE PTL AGRO FRH ROY SAL SFS SHL STAR TOP COV UFI VIP

ΓΟΥΛ ΤΣΙΒ ΕΡΜΕ ΑΝΠΑ ΛΕΠΕ ΑΘΗΕ ΒΑΣΙ ΚΑΝΙ ΜΙΤΣ ΛΙΠΕ ΦΙΛΑ ΛΟΞΕ ΛΟΡ∆

ΑΠΑΝ ΑΘΩΣ ΦΡΟΥ ΠΡΟΠ ΑΜΑΘ ΑΣΤΑ ΑΤΑΣ ΑΒΑΚ ΜΠΛΕ ΣΙΤΟ ΧΑΡΙ ΙΟΑΝ ΚΛΑΡ ΣΛΕΠ ΚΩΝΣ ΚΕΑΕ ΣΤΟ ΣΑΙΠ ΚΕΤΣ ∆ΒΚ∆ ΣΤΣ∆ ΒΕΝΤ ΝΤΙΜ ΝΤΙΑ ΕΛΛΗ ΕΛΕΠ ΕΜ ΓΙΟΥ ΕΞΕΠ ΦΙΛΟ ΚΚΟΜ ΚΑΡΚ ΚΕΟ ΚΟΣΑ ΚΡΟΝ ΤΖΕΠ ΤΡΑΝ ΛΕΠΤ ΜΑΠΑ ΜΙΝΕ ΜΟ∆Ε ΝΕΜΕ ΟΚΑΣ ΠΑΝ∆ ΠΙΠΗ ΛΙΝΑ ΠΙΕΡ ΠΤΕΛ ΑΓΡΟ ΡΕΝΟ ΡΟΧΑ ΣΑΛΑ ΕΣΕΦ ΣΤΑ∆ ΣΤΕΠ ΤΟΚΙ ΤΟΕΠ ΦΑΣΤ ΒΙΖΝ

114 252 71 936 175 000 182 725 285 713 13 416 38 750 60 250 8 200 90 804 45 000 35 000 48 006

36 572 128 936 98 861 158 660 107 226 99 925 39 109 72 562 15 438 141 692 50 000 10 070 108 163 288 141 160 714 24 379 208 700 5 140 137 611 3 059 92 079 14 973 80 999 13 506 16 000 348 333 47 853 31 344 34 000 4 805 100 000 22 343 7 967 30 978 17 985 20 400 62 446 8 571 101 683 43 211 78 415 14 900 61 056 46 355 424 435 9 660 87 500 22 100 300 194 3 590 297 915 33 000 36 529 66 520 32 500 38 581 12 212 20 700 9 988 75 000

0.34 0.43 0.34 0.17 0.27 0.35 0.17 0.35 1.03 0.10 0.17 0.35 0.35

0.35 0.17 0.26 0.09 0.35 0.35 0.35 0.34 0.17 0.43 0.35 0.35 0.35 0.08 0.35 0.17 0.87 0.43 0.43 1.73 0.85 0.43 0.09 0.35 0.62 0.09 0.87 0.09 0.29 0.87 0.17 0.34 0.35 0.43 0.31 0.43 0.20 0.35 0.35 0.35 0.17 0.14 0.17 0.17 0.17 0.35 0.35 0.34 0.17 1.73 0.03 0.17 0.43 1.00 0.69 0.17 0.34 0.03 0.05 $ 0.10

6M 2011 EUR ('000) Kέρδη 2011

6M '11

6M 2012 EUR ('000) Kέρδη 2012

6M '12

2 904

2 697

2 904

2 697

6M '11

6M '12

Profit/(Loss)

2011 EUR ('000) Κέρδη µετά φορολ.

1 038

1 906

1 038

1 906

2010

6M '11

6M '12

2011

-5 391

-16 719

-3 664

-2 768

-2 739

-2 043

-463

-1 653

1 239

43

-111

-75

-1 396

-840

-347

-372

1 094

-1 506

-16

-133

-11 794

-26 066

373 -12 265 2 334 -2 594 -2 121 -6 400 2 306 -2 754 570 -3 519 -7 900 -375 -3 942 -7 654 -4 006 -65 -3 921 -513 -4 630 -4 127 5 693 1 104 1 604 -526 -257 -551 -212 -15 562 1 608 5 130 -2 198 -110 -3 948 -804 100 -1 392 -438 -6 299 1 345 -3 185 -281 2 076 -2 192 -16 880 -1 314 10 753 -868 -6 352 73 151 546 964 -19 100 1 577 -1 737 -689 11 -37 2 753 -110 647

Dividend Per

Dividend Yield

Share

Share 2011 Cents

%

Cents

n/a n/a n/a 5.37 n/a n/a n/a 0.16

2011 6 674 -1 174 245 4 122 -1 734 2 133 -1 600 -77 -947 -2 667 -1 333 759 -1 302 3 099

Earnings Per

Results

2011 -1 371 000 -3 650 380 -100 658 3 585 -82 674 -6 894 -8 648 -5 216 669

8 848 1 310 6 309 4 108 -47 25 987 -1 903 -703 2 574 -8 419 -1 453 456 71 37 138

1 767 -3 960 4 363 -5 724 -1 339 -11 422 4 108 -2 203 257 -6 512 1 542 -622 -3 641 -7 007 440 -157 1 211 -1 031 -6 432 568 13 270 1 157 2 183 -380 575 -5 602 -504 -980 1 048 614 -1 668 -844 -738 -3 358 -760 969 -2 094 -501 -3 469 -1 746 -4 952 -594 5 981 -9 573 -9 238 313 8 617 11 -5 231 362 14 344 131 -9 983 1 165 -1 062 -181 -25 -43 -330 -62 896

P/E ratio 2011

4.72 n/a 92.14 7.54 n/a 1.77 n/a n/a n/a n/a n/a 4.89 n/a 10.25

2012 High Low EUR EUR Aνώτατο Kατώτατο

Last Close EUR Kλείσιµο

Price 31/12/2011 EUR Tιµή 31/12/2011

31/12/2011 Ποσ. Μετ.

31/12/2011

% Change

since

385.85 134.85 365.45

107.74 42.14 116.68

111.20 43.54 154.76

295.94 104.60 196.84

-62.42 -58.37 -21.38

377.70 0.76 0.39 0.36 0.34 0.04 0.08 0.12

98.51 0.21 0.06 0.17 0.26 0.02 0.05 0.07

101.85 0.22 0.06 0.18 0.26 0.02 0.08 0.08

286.83 0.61 0.30 0.36 0.27 0.04 0.05 0.12

-64.49 -64.75 -79.80 -51.52 -3.35 -45.95 50.98 -38.02

Cents -76.37 -226.58 -17.36 4.84 -17.95 -2.80 -10.68

Cents

%

2.50

9.62

Cents 5.84 -1.63 0.14 2.26 -0.61 15.90 -4.13 -0.13 -11.55 -2.94 -2.96 2.17 -2.71

Cents 5.80

% 21.01

704.24 0.34 0.57 0.17 0.20 0.07 1.10 0.18 0.14 0.65 0.05 0.10 0.12 0.07

573.37 0.26 0.35 0.13 0.16 0.05 0.28 0.13 0.10 0.58 0.03 0.09 0.08 0.05

579.59 0.28 0.40 0.13 0.17 0.06 0.28 0.14 0.13 0.58 0.04 0.10 0.11 0.05

656.6 0.32 0.35 0.167 0.18 0.06 1.00 0.18 0.11 0.63 0.05 0.10 0.08 0.06

-11.73 -13.48 15.94 -22.75 -5.03 -7.94 -71.90 -25.00 19.09 -7.94 -17.02 -3.06 27.71 -16.67

Cents 1.02 -9.51 2.36 -1.63 -1.98 -6.40 5.90 -3.80 3.69 -2.48 -15.80 -3.72 -3.64 -2.66 -2.49 -0.27 -1.88 -9.98 -3.36 -134.91 6.18 7.37 1.98 -3.89 -1.61 -1.15 -0.68 -45.77 33.47 5.13 -9.84 -1.38 -12.74 -4.47 0.49 -2.23 -5.11 -6.19 3.11 -4.06 -1.89 3.40 -4.73 -3.98 -13.60 12.29 -3.93 -2.12 2.03 0.05 1.65 2.64 -28.71 4.85 -4.50 -5.64 0.05 -0.37 3.67

Cents

%

740.44

660.99

0.91

5.69

7.00

12.96

1.20

6.67

8.50

12.50

2.00

9.52

671.61 0.17 0.09 0.16 0.02 0.08 0.05 0.54 0.13 0.18 0.05 0.06 0.02 0.05 0.01 0.07 0.30 0.03 0.26 0.15 1.35 0.39 0.14 0.09 0.06 0.35 0.02 0.82 0.02 0.14 0.39 0.10 0.02 0.12 0.40 0.12 0.59 0.07 0.23 0.07 0.17 0.02 0.01 0.26 0.01 0.07 0.08 0.68 0.07 0.06 1.62 0.01 0.05 0.08 0.06 0.21 0.01 0.26 0.02 0.02 1.00

738.87 0.17 0.11 0.16 0.02 0.10 0.05 0.83 0.16 0.21 0.07 0.06 0.02 0.05 0.01 0.09 0.31 0.05 0.32 0.18 3.20 0.32 0.17 0.09 0.06 0.38 0.02 0.62 0.03 0.15 0.48 0.12 0.03 0.14 0.70 0.09 0.65 0.09 0.23 0.08 0.19 0.04 0.01 0.21 0.01 0.11 0.08 0.52 0.06 0.06 1.62 0.01 0.08 0.09 0.10 0.23 0.01 0.26 0.02 0.02 1.00

-9.10 0.00 -18.18 0.00 0.00 -20.00 0.00 -34.94 -18.75 -14.29 -28.57 0.00 0.00 0.00 0.00 -22.22 -3.23 -40.00 -18.75 -16.67 -57.81 21.88 -17.65 0.00 0.00 -7.89 0.00 32.26 -33.33 -6.67 -18.75 -16.67 -33.33 -14.29 -42.86 33.33 -9.23 -22.22 0.00 -12.50 -10.53 -50.00 0.00 23.81 0.00 -36.36 0.00 30.77 16.67 0.00 0.00 0.00 -37.50 -11.11 -40.00 -8.70 0.00 0.00 0.00 0.00 0.00

FinancialMirror.com

August 1 - 7, 2012

CSE PRICES | 31 CSE CODE OASIS

ΟΑΣΗΣ

Kωδ.

APPROVED INVESTMENTS / EΠEN∆YTIKOI OPΓAN. INVESTMENT INDEX ACTIBOND GROWTH FUND ACT ΑΚΕΠ APOLLO INVESTMENT FUND APOL ΑΠΕΠ FINIKAS AMMOCHOSTOU CONF ΚΟΕΠ CYTRUSTEES INV. PUBLIC CO CYTR ΣΑΕΠ DEMETRA INV. PUBLIC CO. DEM ∆ΗΕΠ DODONI PORTFOLIO DOD ∆ΩΕΠ HARVEST CAPITAL HCM ΧΑΕΠ INTERFUND INVESTMENTS INF ΙΝΕΠ ISCHIS INVESTMENT ISXI ΙΣΕΠ REGALLIA HOLD. & INV. REG ΡΕΕΠ TRIENA INV. INCOME TINC ΤΕΕΠ TRIENA INV. CAPITAL TCAP ΤΚΕΠ TRIENA INTERNATIONAL TINT Τ∆ΕΠ UNIGROWTH INVESTMENTS UNI ΓΙΕΠ SECTOR TOTAL / OΛIKO SHIPPING COMPANIES SECTOR SPECIAL CATEGORY / AIANTAS INVESTMENTS A. ZORBAS & SONS CEILFLOOR CYPRUS AIRWAYS D.H. CYPROTELS D&M TELEMARKETING DOME INVESTMENTS EFREMICO HOLDINGS KARYES INVESTMENTS KNOSSOS INV. K. KYTHREOTIS HOLDINGS LASER INVESTMENT GROUP LIBRA GROUP OCEAN TANKERS ROLANDOS ENTERPRISES SAFS HOLDINGS SEA STAR CAPITAL SUPHIRE HOLDINGS USB BANK SECTOR TOTAL / OΛIKO

Number

Nominal

Market

Book Value

Shares ('000) Aριθµός µετοχών

Value euro Aξία EUR

Cap. ('000) Kεφαλ.

EUR

Per Share euro Λογιστική αξία

Price to

Profit/(Loss)

2010 Book Value Times EUR ('000) Tιµή προς Κέρδη µετά λογιστ. αξ. φορολ.

NAV

Disc/Prem

0.0379 0.2721 0.0048 0.2741 0.7502 0.0174 0.0674 0.1633 0.0734 0.0320 1.0430 2.1427 0.6125 0.2500

-47.23 -63.25 316.67 -67.17 -66.68 -42.53 33.53 -69.38 -45.50 -37.50 -23.30 -6.66 -2.04 16.00

2010 58 430 56 147 49 385 44 494 200 000 282 483 14 000 56 545 11 000 20 247 2 729 2 729 1 364 13 468

0.17 0.27 0.10 0.30 0.87 0.02 0.17 0.51 0.51 0.09 0.85 0.85 0.85 0.17

1 169 5 615 988 4 004 50 000 2 825 1 260 2 827 440 405 2 183 5 458 818 3 906 81 898

-760 -3 213 -2 533 -10 875 -15 581 -5 227 -6 -12 850 -112 -195 389 -446 -7 -127 -51 543

6M 2011 EUR ('000) Kέρδη 2011

6M 2012 EUR ('000) Kέρδη 2012

6M '11 -59 -1 207 -284

6M '12 -43 -316 -705

-2 488

-1 489

-3 619

-873

-43 -7 700

-241 -3 667

6M '11

6M '12

2010 AIAS ZRP CFL CAIR DHH TLM DOME EFR KAR KNO KYTH LAS LHG OCT ROL SAFS SEAS SUP USB

ΑΙΕΠ ΖΟΡΠ ΣΙΦΛ ΚΑΕΡ ∆ΡΟΥ ΤΕΛΕ ΝΤΟ∆ ΕΦΡΕ ΚΑΕΠ ΚΝΕΠ ΚΥΘΡ ΛΕΕΠ ΛΙΠΡ ΤΑΝΚ ΡΟΛΑ ΣΑΦΣ ΣΕΑΣ ΣΑΠΦ ΤΡΑΓ

81 202 15 296 5 055 391 155 157 138 7 700 25 000 11 385 2 000 21 827 42 450 61 739 189 377 296 665 54 166 70 220 629 785 124 009 60 674

0.21 0.34 0.03 0.086 0.17 0.12 0.43 0.43 0.43 0.17 0.17 0.06 0.01 $0.20 0.17 0.17 0.04 0.09 0.57

812 8 872 202 23 469 1 571 385 16 250 228 540 218 5 519 8 643 1 894 5 933 5 417 702 6 298 1 240 36 404 124 598

0.1769 2.40 -0.61 -0.06 -0.20 -0.01 1.35 0.086 0.2224 0.11 0.45 0.06 -0.38 -0.27 0.29 0.000 -0.04 -0.1180 0.43

1 641 135

MARKET TOTAL / OΛIKO AΓOPAΣ

-94.35 0.24 -0.07 -1.05 -0.05 -5.00 0.48 0.23 1.21 0.09 0.29 2.47 -0.03 -0.07 0.35 33.33 -0.26 -0.08 1.40

-214 1 846 -1 353 232 -31 800 -335 -1 938 221 -180 774 999 -2 378 -7 100 -50 257 93 -173 -50 598 -764 -6 534 -149 459 154 191

Profit/(Loss)

2011 EUR ('000) Κέρδη µετά φορολ.

P/E ratio 2011

Dividend Per

Dividend Yield

Share

Share 2011 Cents

%

Cents

%

11.00

13.75

Results Cents

2011 -737 -4 301 -1 465 -10 771 -14 687 -6 357 -255 -9 493 -165 -150 331 -136 -36 -303 -48 525

Earnings Per

Cents -1.26 -7.66 -2.97 -24.21 -7.34 -2.25 -1.82 -16.79 -1.50 -0.74 12.13 -4.98 -2.64 -2.25

2012 High Low EUR EUR Aνώτατο Kατώτατο

555.14

441.63

0.80

0.46

0.06

0.03

Last Close EUR Kλείσιµο

Price 31/12/2011 EUR Tιµή 31/12/2011

31/12/2011 Ποσ. Μετ.

31/12/2011

555.14 0.02 0.10 0.02 0.09 0.25 0.01 0.09 0.05 0.04 0.02 0.80 2.00 0.60 0.29

454.51 0.02 0.09 0.03 0.14 0.19 0.01 0.10 0.10 0.04 0.02 0.80 2.00 0.60 0.25

22.14 0.00 11.11 -33.33 -35.71 31.58 0.00 -10.00 -50.00 0.00 0.00 0.00 0.00 0.00 16.00

0.01 0.58 0.04 0.06 0.01 0.05 0.65 0.02 0.27 0.01 0.13 0.14 0.01 0.02 0.10 0.01 0.01 0.01 0.60

0.01 0.65 0.04 0.06 0.01 0.05 0.65 0.02 0.27 0.01 0.13 0.14 0.01 0.02 0.10 0.01 0.01 0.01 0.60

-10.49 0.00 -

% Change

since

0.00

2011 `

-75

-57

369

-919

-2 708

-2 452

-3 801 -10 248

616 -7 157

-27 989 -1 856 -18 954 -9 100 -245 -701 35 -180 87 612 -2 656 -11 700 -32 272 -328 -320 -16 501 -60 -6 248 -99 425

-25 800

-32 287

-5 472 167

-4 033

-4 345

8.97

-0.03 6.47 -36.72 -4.85 -5.79 -3.18 -2.80 0.31 -9.00 0.40 1.44 -4.30 -6.18 -10.88 -0.61 -0.46 -2.62 -0.05 -10.30

1.12

1.72

source: Eurivex Ltd. PAT:Profit After Tax

NAV: Net Asset Value

Bold: Final results

EPS: Earnings per Share based on existing number of shares.

P/E: Price to Earnings ratio. Weighted P/E ratio: Calculated based on market cap weighting of profit reporting companies, Book Value: According to our estimates. N/A Indicates Not Applicable, Price 31/12/2009 is the closing price or in case of New Listings the opening price.

EMERGING MARKET (N.E.A.) FOCUS FINANCIAL SERVICES CONSTANTINOU BROS PROPERTIES CYPRUS LIMNI RESORTS & GOLF PHONE MARKETING S.A. ITTL TRADE TOURIST & LEISURE INT'L LIFE GENERAL INSURANCE SA ORCA INVESTMENT PLC P.C. SPLASH WATER PUBLIC CO. WARGAMING PUBLIC CO. ECHMI S.A. INVESTMENT CONSULTANTS EPILEKTOS ENERGY S.A. KERVERUS IT (CYPRUS) LTD C.O. CYPRUS OPPORTUNITY ENERGY TOTAL

CSE Code EXTE/EXTE ΚΩΑΜ/CBAM ΛΙΜΝΗ/LIMNI PHONE/PHONE ΙΤΤΛ/ITTL INLE ΟΡΚΑ/ORCA ΠΚΣΓ/PCSW ΓΚ/WG EXMI/ΕΗΜΙ ΕΠΙΕΝ/EPIEN ΚΕΡΒ/KERV ΓΚΑΖ/GAS

No. of Shares (000) 1 690 1 950 300 000 1 575 100 000 8 057 1 200 35 052 3 400 321 10 906 1 810 8 390

Market Cap EUR (000) 11 830 36 855 300 000 5 513 75 000 21 834 14 280 42 062 3 400 1 611 43 624 2 552 15 270 573 832

Latest price Nominal EUR Value EUR 7.00 0.30 18.90 0.01 1.00 0.10 3.50 0.30 0.75 0.50 2.71 1.00 11.90 0.01 1.20 0.25 1.00 0.10 5.02 1.00 4.00 0.32 1.41 1.00 1.82 0.01

Listing Date 29/3/10 29/3/10 29/3/10 29/3/10 06/8/10 21/7/11 10/9/10 10/10/11 2/11/11 10/04/12 28/06/12 29/06/12 17/07/12

WARRANTS EUROPROFIT (WAR. 2005/2012) ALKIS HADJ. FROU-FROU (WAR. 2015) AMATHUS NAVIGATION (WAR.07-2013) UNIGROWTH INV (WAR.10/12) TOTAL EMERGING MARKET (N.E.A.) GreenTea SA

Ignores weighted number of shares in circulation Forecasted profits are liable to change without notice and responsibility

No. of warrants (000) 893 24831 17606 2218

Mkt Cap (00) 1 25 176 22 224

CSE Code

No. of Bonds

Exercise Period

Exercise Price euro cents

Expiry Date

41212 20-30 Jun 2001-2015 1-15 May & 1-15 Nov 07-13 1-15 Nov 2010 and 2012

8.67 173 20c or EUR 35c 29

30-10-2012 30-06-2005 15-11-2013 15/11/2012

Latest Close 0.001 0.001 0.010 0.010

GRTEA

1 040

Market Cap EUR 104 000 000

Latest price EUR 100 000

Listing Date 8 Nov 2011

Latest NAV N/A

Kappasquare Ltd Nugreat Ltd Zetadynamic Ltd

KPSQ NGRT ZETA

17 000 23 000 9 000

1 700 000 2 300 000 900 000

100 100 100

30 Mar 2012 30 Mar 2012 30 Mar 2012

N/A N/A N/A

Akcern Ltd

AKCN

2 001

200 100

100

9 May 2012

N/A

DISCLAIMER: The information, comments, analyses and financial data published in this newspaper were obtained from sources believed to be reliable, but their accuracy or completeness cannot be guaranteed and may change without notice. Any of the information or opinions published herein should not be construed as an offer or solicitation to buy or sell investments.

No liability is accepted whatsoever for any direct or consequential loss arising from the use of this publication.

FinancialMirror.com

August 1 - 7, 2012

32 | BACK PAGE

World markets face Olympic challenges Following are five big themes likely to dominate thinking of investors and traders in the coming week:

1 WRESTLING WITH PROBLEMS

Surging Spanish borrowing costs have put pressure on euro zone policymakers to come up with speedy solutions. The whiff of desperation will grow stronger the longer it takes for clarity to emerge on the range of questions that are troubling investors. These include how long Spain can stomach rising borrowing costs and finance itself (and its regions); what will be done for Greece if - as predicted - it misses targets on which its bailout programme was predicated; whether the EFSF bailout fund will be enough to hold the fort until its successor, the ESM, is operational; how willing Germany is to put its triple-A credit rating at risk if bigger firewalls have to be constructed; and how to solve such intractable problems given the economic outlook is becoming ever more challenging. The growing scale of the problems to be addressed means that propositions previously deemed unpalatable may have to be considered. Several of these involve the European Central Bank going well beyond traditional rate cuts (which it delivered last month) and even the less traditional liquidity measures it has already implemented.

2 HEAVY LIFTING

Few in the market expect the ECB to deliver a second rate cut in two months when it meets on Thursday. Instead the focus will be on the extent to which its stance is changing on some of the unconventional steps that could help ease pressure on Spanish and Italian bond markets. Monetary policy transmission problems have been used to justify emergency steps in the past and could be deployed again if the ECB wishes to relaunch its bond-buying programme or embark on full-fledged quantitative easing. The problems are becoming more urgent given Italy’s bond market, the biggest in the euro zone, is being dragged into the crisis. Shorter-dated Italian yields have been rising faster than longer-dated ones, mirroring moves in Spain and reflecting the perceived rising risk of a credit event.

Investors’ appetite for Italian and Spanish debt that will be auctioned in the coming week will depend on how confident they are that the central bank cavalry is on its way.

3

CENTRAL BANK MARATHON

The Federal Reserve will share the central banking spotlight with the ECB in the coming week given investors are looking for signs that it too is willing to take more steps to shore up the economy. Any hint that this is the case would come in the statement

that will be issued after the FOMC meeting and could see U.S. benchmark yields plumb new lows before Friday’s non-farm payrolls report. The yield premium that U.S. 10-year bonds offer over Bunds has already halved in the past week with the trend reinforced by Moody’s warning about Germany’s credit rating. German credit default swaps could also widen further if the bill for saving the euro starts to look bigger given Berlin will pay the largest share. One trend which may be less guaranteed to continue is the steady shrinkage in the yield premium that UK bonds offer over Bunds. Investors’ quest for the best returns they can get without putting their capital at too much risk has benefited UK gilts. But UK outperformance could be jeopardised if Britain’s economic and fiscal outlook are reassessed in the light of the latest downbeat GDP data.

4 HIGH DIVE OVER?

A broad-based slide that has taken the euro to its lowest in a decade in trade-weighted terms is expected to pause, at least until financial markets see how far the ECB is willing to go to curb the surge in Spanish and Italian borrowing costs. That could give traders time to take stock of whether currencies like sterling and the yen are the best means of expressing persistent pessimism about the euro’s prospects. Sterling will be hampered by any signs that the economic weakness highlighted in second quarter GDP data could put fiscal consolidation, and therefore the UK’s credit rating, at risk. Meanwhile the yen, which has hit its highest in a dozen years against the euro, could become more vulnerable to official rhetoric. Japanese authorities have already protested against FX moves that have seen the yen strengthen. If their language becomes much more forceful, traders could find themselves remembering that IMF chief Christine Lagarde said on July 6 the yen was moderately overvalued and that rapid FX swings could justify intervention if Japan consulted with other countries.

5

NOT PLAIN SAILING

European earnings may have got off to a reasonable start with misses in the minority, but implied volatility has spiked and there are few signs of animal spirits in the stock markets given the flare-up in euro zone tensions. Central banks hold the key to whether investors will return to buy with any conviction in the coming weeks. Bond traders may want to see the colour of the ECB’s money, but even the promise of future central bank action may be enough to dispel some of the gloom in equity markets at a time when some firms are offering no more than very hazy guidance about the outlook. Now that the ECB has put problems with monetary policy transmission firmly on the radar, results and the loan book performance of banks such as HSBC, BBVA, Banco Espirito Santo, UBS, SocGen, BNP, Natixis and UniCredit will be as firmly in focus as their headline results.