Financial Mirror

November 7 - 13, 2012

FinancialMirror.com

2 | NEWS

Greece shuts down l

Will the new cuts scrape through parliament?

Hundreds of thousands of Greeks began a crippling 48-hour strike on Tuesday to protest against a new round of wage and pension cuts that parliament is expected to approve by a narrow margin on Wednesday.

The parliamentary vote is the biggest test yet for Prime Minister Antonis Samaras, who needs victory to secure aid from foreign lenders but has failed to convince his smallest coalition partner and the public to back the reforms.

The strike, called by the two biggest labour unions representing half of the 4 mln workforce, brought public transport to a virtual standstill and shuttered schools, banks and local government offices.

A crowd of about 16,000 protesters - fewer than is usual during the frequent strikes - gathered outside parliament in Athens, waving flags, beating drums and chanting “People, don’t bow your heads!” and “This strike is only the beginning”.

It was the third major walkout in two months against the package of public spending cuts and reforms making it easier to hire and fire workers, which many feel penalise the poor and spare a wealthy elite.

“The measures are wrong, the politicians and the rich aren’t paying their taxes and the only ones paying are those on 300

and 500 euros a month,” said Dimitris Karavelas 42, who has been forced to shut down his small construction company.

Successions of strikes since Greece fell into crisis in 2009 have so far failed to prevent parliament from approving the international lender-prescribed cuts, which have inflicted misery on the country and kept the economy in a deep recession.

The government has implored Greeks to endure the cuts to avoid national bankruptcy and promised this will be the last round of pain. Greeks, who have seen many such promises broken before, have responded with a mix of resignation and anger.

Parliamentary approval for the package - which includes cutting pensions by as much as a quarter and scrapping holiday bonuses - is needed to ensure the EU and IMF lenders release more than 31 bln euros of aid, much of it aimed at shoring up banks.

With 16 deputies from the small Democratic Left planning to vote against reforms and a non-committal response from at least five Socialist MPs, Samaras can count on the support of only about 154 lawmakers in the 300-seat parliament.

Any further defections from the Socialist PASOK could put the government at risk of falling below the 151 votes needed to pass the measures, ushering in political chaos that would once

again raise fears of a Greek euro zone exit.

Trains, buses and the subway came to a halt as the strike began. Many flights were been cancelled, ships remained in port and taxi drivers stayed off the streets.

The opposition anti-bailout Syriza party, which polls show is leading in popularity, called for a big turnout in rallies against measures it said would deal a “final blow” to society.

Police beefed up security to prepare for clashes with hooded protesters that usually mark demonstrations.

But by noon demonstrators had peacefully dispersed from Syntagma Square, where protesters have frequently clashed with police in front of parliament.

Euro zone decision unlikely on Nov 12 A deal to keep near-bankrupt Greece afloat by providing more bailout money is unlikely to be struck next week when euro zone finance ministers meet in Brussels.

A senior EU official, who was attending a meeting of G20 finance ministers in Mexico City, said the euro zone still had to find a formula to make Greek debt sustainable and that several countries, including Germany, had to discuss the matter with their parliaments.

Athens also needs to push through spending cuts and tax measures worth 13.5 bln euros as well as a raft of economic

reforms that will satisfy EU and IMF lenders but anger the Greek population.

“The November 12 meeting will not be the final stage.

We’re not so much under the gun as it may seem,” the official said, adding that Greece could meet its financial obligations without further financial assistance until the end of November or even early December.

Until now, next Monday’s Eurogroup meeting had been pencilled in as a likely venue to sign off on a new Greek programme.

“A deal is still likely in November, but not necessarily on November 12,” the official said. “There will be no deal until there is a deal on all the different strings of the package. We will not disburse the next tranche until all details are in place”.

A second European official told Reuters the threat of Greece missing the repayment of a 5 bln euro treasury bill falling due on November 16 had been exaggerated.

The bulk of the new aid tranche, some 25 bln euros, is earmarked to recapitalise Greece’s struggling banks and kick-start moribund lending.

Crucial vote breathes life into bond trade l

Worsening debt problems may prompt bond-friendly solutions

The Greek bond market is springing back to life as hedge funds bet on whether parliament approves more budget cuts to unlock vital foreign aid, or rejects them and threatens a default.

New Greek bonds issued under a debt swap deal earlier this year are trading, at best, at less than a third of their face value.

Nevertheless, this is twice their lowest value hit when an imminent Greek departure from the euro zone seemed possible.

Buyers expect MPs to vote on Wednesday for the 13.5 bln euros of spending cuts and tax increases in next year’s budget.

As optimists, they hope that one day they will be repaid in full, or at least that the euro zone’s bailout fund will buy back their bonds at a higher price.

Sellers, however, believe parliament will vote against the extra austerity which international lenders have made a condition for releasing 31.5 bln euros of aid that Athens urgently needed to avoid bankruptcy.

Together they have boosted trade sharply.

“A lot of our investors are getting involved in this story.

Some people have taken really big positions, and a very significant proportion of hedge funds in that distressed debt area now have a Greek position,” said Gabriel Sterne, an economist at London-based Exotix, a broker that deals in Greek debt.

The bulk of privately-held Greek debt is now owned by hedge funds which can take bigger risks than traditional investors such as pension funds.

Betting on the vote is undoubtedly risky. The result is expected to be close and with striking workers crippling the country, members of parliament are under intense pressure to reject inflicting another wave of misery on Greeks. “It looks like we’re going to be watching the Greek vote live on TV again,” said Sohail Malik, lead portfolio manager of a special situations fund at ECM Asset Management which held Greek bonds until 2011.

Malik said expectations of a Greek exit from the euro zone,

which have eased since earlier this year, could rapidly revive.

“The door is not shut on the Greek position within Europe. The odds have clearly reduced, but these fears can come back pretty quickly if we have an extraordinary political event this week.”

The volume of benchmark Greek bonds traded over HDAT, the trading platform operated by the Bank of Greece, has risen steadily from 26 mln euros in April to 88 mln in the first three weeks of October. This put October on track to be the busiest month this year, according to the latest data.

The data show only part of the market because many trades take place away from the exchange, but reveal a marked increase in general interest in Greek bonds over the last month.

The gap between the prices at which participants will buy and sell Greek debt, which narrows as activity picks up, is tighter than in August. However, at 100 cents it remains around double that on Spanish debt and 33 times that of ultraliquid German Bunds.

A TIME TO SELL

Greece’s chronic recession and sky-high debts have forced Athens to seek two massive bailouts from its euro zone peers and the IMF, and in March this year private Greek bondholders took a nominal 53.5% loss on their investment.

As part of that deal, which eased Greece’s huge debt burden, old bonds were replaced with new ones. These quickly slumped to around 14% of their face value, a level that is too risky for most investors but prized by some because they could be repaid in full for a handsome profit when the bonds mature.

Since then, prices more than doubled after a coalition government committed to keeping Greece in the euro zone took power in June.

London-based Adelante Asset Management achieved a 70% gain on Greek debt but recently decided to sell some of its holdings. This was due to the renewed uncertainty over the auster-

ity demanded by “Troika” inspectors from the European Commission, European Central Bank and IMF. “The reason for our sale is to protect some of our gains. We think the market is vulnerable ahead of the key vote on the 2013 budget and structural reforms the country needs to implement as agreed with the Troika,” Adelante CEO Julian Adams said.

Before the latest vote, profit taking has pushed prices lower for all maturities of Greek bonds, with the 2023 bond trading at 31.5 cents in the euro after peaking at 34 in early October.

Other maturities have lower prices.

Adelante said it would consider using the price fall as an opportunity to buy more Greek debt if it felt the coalition had sufficient support to force through the required measures.

BAD NEWS SIGNAL

Even if parliament approves the extra cuts and international lenders release the aid, the severity of Greece’s recession means budget targets will be missed by two years, requiring 30 bln euros more funding. For those willing to take a punt on Greek debt, bad news on meeting the budget targets could signal the right time to buy.

The euro zone has little appetite to lend more cash upfront to Greece and officials are unwilling to take losses on bailout loans and bonds held by the ECB. Policymakers are therefore mulling creative ways to reduce Greece’s debt, which is expected to hit 189% of GDP next year even after the bond swap.

FinancialMirror.com

November 7 - 13, 2012

CYPRUS | 3

Troika? No problem, says gov’t The government said on Saturday it had seen no sign in talks with the troika of international lenders that its proposals on an austerity package were “insufficient”, as suggested by a document last week.

While Finance Minister Vassos Shiarly openly admitted on Friday that a number of issues were still unresolved with lenders, authorities took issue with the language in the document, obtained by Reuters in Berlin on Friday.

“After many days of negotiations the government sent its final answers and clarifications to all issues raised by the troika on Thursday,” government spokesman Stefanos Stefanou said in a statement.

“Since then the government has not received any answer, or assessment that the troika believes its proposals are insufficient,” he said.

The document obtained by Reuters in Berlin read: “An agreement between the troika and Cyprus over key data of the programme is pending. In the meantime Cyprus has submitted its own proposals on a possible MOU which above all target the

fiscal aspects of the MOU and which in the view of the troika are insufficient.

“The Eurogroup working group has again urged Cyprus to cooperate with the troika.”

The main issues of conflict remain the privatisation of public assets and government-owned services and a scrapping of the automatic wage indexation system, COLA. There is also disagreement between the two sides on the capital requirements of its banks.

Shiarly said there were also differences with the European Central Bank, International Monetary Fund and European Commission on recapitalisation needs of the island’s Greekexposed banks.

“We are waiting ... to hear when they will come to Cyprus to conclude the final round of negotiations... Now the ball is in their court,” he said.

Shiarly said Cyprus had held “long-distance” talks with representatives of the ECB, the IMF and the European Commission and was expecting them to set a date to come to

Commission clears banks’ guarantee scheme to end-2012 Cyprus secured EU regulatory approval on Tuesday for a guarantee scheme for its banks on condition that lenders that get help limit their expansion and provide viability plans to ensure they do not have an unfair advantage over rivals.

The two largest lenders – Bank of Cyprus and the Laiki Popular Bank – suffered huge losses due to writedowns of Greek debt and they turned to the government for aid in recapitalising. The government is itself now in talks with international lenders on a possible sovereign bailout expected to total 10 bln euros.

The European Commission said Cyprus notified regulators of its proposed bank guarantee scheme which will cover new loans agreed and new bonds issued before December 31, with

a maturity of up to five years.

The executive Commission said the scheme complied with EU state aid rules, but it laid out some conditions for applicants to the plan.

“Beneficiaries will be subject to behavioural commitments to avoid any abusive use of the state support. These include limitations on expansion and marketing and conditions for staff remuneration and bonus payments,” it said in a statement. “Finally, Cyprus has committed to notify viability plans for companies making intensive use of the scheme.”

The Commission has approved similar plans for a raft of countries in the 27-European Union bloc in the last three years.

the island to resolve “no more than five” outstanding issues.

He said the issues yet to be resolved included the troika’s call for privatisations, its demand that wage indexation be scrapped, the supervision method of co-operative banks, and the recapitalisation needs of the banking system.

“I’ll say it from now, I am ready to take to the streets with the workers to defend COLA,” President Demetris Christofias said last month.

The government has been careful to state it is against privatisations of “profitable” state assets, such as the telecoms operator CyTA. That organisation pays dividends to the state on its profits each year.

But in the case of other assets, like loss-making Cyprus Airways, it is looking for a buyer.

The island needs at least 5 bln euros to recapitalise its banks, while the troika puts the figure at about 10 bln. A more accurate picture of potential banking needs would only be ready by mid-January, when an outside asset quality review is completed, Shiarly said.

November 7 - 13, 2012

FinancialMirror.com

4 | CYPRUS

ACCA proposes way out of crisis l

Professionals need to become more socially interactive

Leading figures from Cyprus and world accounting industry have called on the Cyprus and other governments to better utilise the services of professionals when handling public funds, as one way to help make the management of public funds more efficient.

Dean Westcott, President of the Association of Chartered Certified Accountants (ACCA), said at the ACCA President’s Debate on Friday that in times of crisis, more and more governments, local administration, regulators and policymakers seek the Association’s professional advice.

Addressing the public debate entitled “Regional solutions for a changing Europe – Celebrating the Cyprus Presidency of the EU Council,” Westcott urged public officials “to use

the skills of the accountancy professionals in order to overcome many problems and to prevent similar problems from recurring in the future.”

However, he also said that the accountancy profession, too, needs to undergo major reforms, with some groups, such as the ACCA, seeking a more forward-looking approach to issues and clarity when it comes to reporting, as opposed to just recording events and figures.

Westcott recognised the need to learn from mistakes of the past (Enron, etc.) in order to be “more fair and become socially interactive” when it comes to responsibility and transparency.

Theo Parperis, President of the Institute of Certified Public

Accountants of Cyprus (ICPAC) that co-hosted the event and is partnered with the ACCA to introduce higher stands in the profession, said that developments as regards improvements in the regulation of the profession and negotiations with EU and other opfficials will take time.

“We all talk about growth, but this will not be achieved unless we change something, and for the time being, we are not changing anything,” he said.

He said that the ICPAC’s proposals to the government are still being reviewed, especially when it comes to custodial issues and other legislation that could make Cyprus more competitive and improve further the reputation of the Cyprus financial services professionals.

Education and health indicators up

Unemployment continues to climb in October Registered unemployment continued to climb on both a seasonally adjusted and actual basis in October.

According to the seasonally adjusted data the number of registered unemployed for October 2012 increased to 39,510 from 38,375 in the previous month.

Actual data show that unemployment rose by 29% over the year earlier to 34,752 from 26,947 in October 2011.

The year on year increase was mainly in construction (an increase of 1,774), wholesale and retail trade (1,692), manufacturing (900), accommodation and food service activities (704) and public administration (690).

Newcomers to the labour market rose by 446.

According to Eurostat, which makes frequently revised estimates based on registered unemployment and the quarterly Labour Force Survey, the unemployment rate for Cyprus in September was 12.2%.

Tourism revenue rises faster than arrivals in August Tourism revenue rose more than twice as fast as tourism arrivals in August according to the results of the Passenger Survey.

Revenue from tourism rose over the year earlier by 16.9% in August, reaching EUR 312.1 mln, compared with EUR 267.0 mln in August 2011.

Tourism arrivals in the same month rose by 7.9% to 363,573.

For the period January - August 2012 revenue from tourism is estimated at EUR 1,321.9 mln, a rise of 8.5% compared with the EUR 1,218.4 mln recorded in the corresponding period of 2011. Tourism arrivals in the first eight months of the year rose by 3.5%.

Travel abroad up 3.3% Outbound travel continue to rise in September despite the weak economy.

According to the Passengers’ Survey the number of residents of Cyprus returning from a trip abroad in September rose over the year earlier by 3.3% to 118,702 in September 2012 compared with 114,911 in September 2011.

There was an increase of 15.6% in the number trips of residents to Greece (from 36,109 in September 2011 to 41,731 in September 2012) and a 4.9% increase in the number trips of residents to the United Kingdom (from 28,317 to 29,700 this year).

Value added in education reached EUR 1,033.2 mln (EUR 1 bln) of 6.6% of gross value added (GVA) in 2010. Gross output was EUR 1,187.7 mln in the same period.

In private education, the biggest contribution to value added was from “other education” (presumably afternoon private lessons), which accounted for 34.1%.

Tertiary education accounted for 19.8%, general secondary education 18.7% and Pre-primary and primary education 13.7%.

In public education the biggest contribution to value added was general secondary education, at 44.2% and pre-primary and primary education, at 38.3%.

Employment in education reached 24,734, or 6.0% of the gainfully employed population.

Investment in education fell in 2010 to EUR 132.1 mn from EUR 137.9 mn in 2009. Investment in buildings and other

works accounted for EUR 76.9 mn, in machinery and equipment EUR 23.4 mn, in furniture and fixtures EUR 30.0 mn and in transport equipment EUR 1.8 mn.

Healthcare

In the healthcare sector, value added at current market prices reached EUR 611.0 mln in 2012 and accounted for 4.1% of gross value added, while gross output reached EUR 956.4 mln.

Employment reached 16,841 persons, or 4.5% of the gainfully employed population.

Gross fixed capital formation in 2010 decreased by 20.9% to EUR 28.4 mln from EUR 35.9 mln in 2009. Investment in new buildings accounted for EUR 9.4 mln, in machinery and equipment EUR 15.0 mln, in furniture and fixtures EUR 3.3 mln and in transport equipment EUR 0.7 mln.

General business services 23.2% of GVA General business services accounted for 23.2% of gross value added (GVA) in 2010 according to an annual publication by the Statistical Service.

Value added at current market prices increased by 7.8% to EUR 3,618.9 mln in 2010 while gross output increased by 7.0% to EUR 4,882.0 mln.

The largest contribution to total value added was generated through the real estate activities, which accounted for 50.3%.

Professional, scientific and technical activities accounted for 26.2% and information and communication activities for 17.9%.

Employment in the business services sector increased by 10.7% in 2010 compared with the previous year and reached 38,762 persons.

This was equivalent to 9.4% of the economically active population and 10.3% of the gainfully employed population.

However, while total output rose, gross fixed capital formation fell by 10.7% in 2010 to EUR 1.292.0 mln.

This clearly reflected the slump in the construction sector as investment in new buildings accounted for EUR 1,202.0 mln of this total and investment in machinery and equipment for EUR

Inflation drops to 1.7% in October The national consumer price inflation dropped to 1.7% in October 2012, from 2.5% in September and 3.0% in October 2011.

Compared with the previous month prices rose by 0.68%.

The Statistical Service reported that this was mainly owing to increases in the prices of certain clothing and footwear items, potatoes and electricity.

Decreases were recorded in the prices of certain vegetables and petroleum products.

In January-October 2012, the CPI rose by 2.6% compared with the corresponding period of 2011.

Meanwhile, the EU-harmonised consumer price inflation rate (HICP) fell to 2.6% in October, from 3.6% in September 2012 and 3.2% in October 2011.

The HICP figures are higher in 2012 than the CPI owing to a change in weighting that will affect the figures in 2012.

64.9 mln.Furniture and fixtures investment amounted to just EUR 9.7 mln and transport equipment to EUR 15.4 mln.

Industry flat in August Industrial output was flat in August according to the Statistical Service.

The index of industrial production for August 2012 was 73.2 (base 2005=100), the same level as in August 2011.

The manufacturing subindex dropped compared with the year earlier by 4.1% in August. In January - August 2012, the industrial production index fell by 8.8% compared with the same period of the previous year.

FinancialMirror.com

November 7 - 13, 2012

CYPRUS | 5

Why is Russian money “dirty” in Cyprus, but “clean” elsewhere?

By SHAVASB BOHDJALIAN Certified Investment Advisor and CEO of Eurivex Ltd.

All the major financial centres in the world where multinational financial institutions are based, deal heavily with Russians while European and American banks are home to billions in deposits from Russian nationals and Russian companies.

Cyprus, which is certainly not a financial centre and nowhere near the likes of London, Frankfurt and New York, has become home to thousands of Russians who use the country as their booking centre, and by registering a company here, book their investments back to Russia through the Cyprus companies.

For this reason, the island usually takes the top spot as the largest foreign investor in Russia. While this may please many Cypriots and make them feel important, it does not mean that Cyprus is a major financial centre or anything.

Just a wonderful booking centre with many advantages including generating millions in revenue for many Cypriot lawyers, accountants, auditors and advisory firms providing fiduciary and other corporate related services.

Cyprus is also home to deposits by non-EU nationals, most of whom are believed to be from Russia with some estimates suggesting that up to EUR 20 bln in foreign deposits are held with Cypriot banks. The EUR 20 bln may be large compared to the size of Cyprus but is small change compared to the size of the Russian economy or the amount

of money held by Russians abroad.

Fact is, all the financial centres, all the multinational banks and major financial firms are eager to get a slice of the growing Russian business and it is natural for them to target the money and business now being routed through Cyprus.

Instead of competing on level of service and expertise or fees, our fellow Europeans are following the lead of the Americans and have decided to hit us below the belt and spread the word that Cyprus is a dodgy place.

An article in the German weekly magazine Der Spiegel quoting a report by Germany’s intelligence agency - BND on money laundering in Cyprus and German fears that a bailout of Cyprus will allow Russian oligarchs, businesspeople and Mafiosi who have parked their illegal earnings in Cyprus to benefit, is a first taste of what is to come in the following weeks and months as Cyprus enters the tough negotiating stage to secure a bailout from the Troika.

Spiegel, citing the secret BND report, said significant doubts persisted on whether Cyprus has implemented the anti-money laundering regulations.

It is true that Cyprus has brought the money laundering charges on itself for playing the devastating role in helping to facilitate the Milosevic funds. But since Cyprus joined the EU in 2004, this country has passed all the necessary laws and is implementing all the EU’s and OECD’s anti-money laundering procedures.

For Cyprus to continue to be accused as a money laundering centre, means either our politicians and government officials are not doing their job correctly in convincing fellow Europeans that we are as “clean” as they are, or the Germans have decided to use the absurd charges

to improve their hand in the upcoming negotiations.

The strange thing is that since the Troika will negotiate with Cyprus and not the Germans, then why are the Germans making such noise from now and at this particular time? Such behaviour only means what the radical parties in Greece, Spain and Portugal have long been insisting that the Troika and their tough measures are designed and dictated in Germany by Germany.

I’m one of many in Cyprus who support the arrival of Troika in Cyprus to help put our house in order because our politicians cannot do the job right. But if the Germans start playing dirty, then all Cypriots will have no other choice but to rally behind our inept politicians. shavasb@eurivex.com (Eurivex Ltd. is a Cyprus Investment Firm, authorised and regulated by CySEC, license #114/10 and approved by the Cyprus Stock Exchange to act as Nomad and by the Vienna Stock Exchange to act as Listing Agent for listings of shares, bonds and funds. The views expressed above are personal and do not bind the company and are subject to change without notice)

FinancialMirror.com

November 7 - 13, 2012

6 | OPINION

Cyprus vs. Cyprus over EU budget EDITORIAL The Cyprus Presidency of the EU is facing its toughest test yet as it tries to strike a compromise deal that will satisfy the Eurocrats on the one hand who want to slash spending on jobs and growth, and the EU’s northern paymasters, some of whom want much bigger cuts.

The European Parliament slammed the Cypriot presidency’s proposal that seeks some 50 bln euros in spending for the 2014-2020 period in all areas, while some member states insist on a 200 bln euro cut from the 1 trln euros proposed by the Commission. Germany, on the other hand, wants the cut to be determined by the total output of all members and set at 130 bln euros, nearly 1%

PwC highlights need to act on MiFID II More than half of firms within all financial services industry sectors are considering MiFID II within the context of the wider regulatory change landscape, according to a PwC European-wide survey, “Are you taking control of the MiFID II agenda?

However, the survey also reveals that although it is too early for firms to establish the cost of MiFID II, over half have allocated budget and have undertaken some initial activity in 2012.

“Despite MiFID II deadlines being pushed back, it remains a key component of wider regulatory reform. A number of firms have already set up working groups and are raising internal awareness, conducting initial high level impact assessments and undertaking analysis of the potential scenarios of MiFID II outcomes,” said George Lambrou, Advisory Services partner at PwC Cyprus.

“Financial services firms are right to act sooner in order to set their future strategy and develop related systems and processes to prepare their business for MiFID II.” “MiFID II is not just a compliance exercise. Given the magnitude of commercial and operational impacts, successful implementation will require early involvement of relevant business lines and key functions such as IT and operations,” Lambrou added.

“Acting now on MiFID II in the context of wider regulatory reform will help firms to react to the market changes that will arise early, in order not to lose profitability or surrender market share to competitors.”

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of the combined GDP. Ironically, our President Christofias had declared he would be the “champion for growth and jobs”, but the Cypriot presidency has proved him wrong as it cut that budget heading from the 50 bln euros proposed by the Commission to 36.5 bln, probably the worst move during times of crisis and the need to invest in competitiveness through growth and employment.

On the other hand, with the problems of refugees and uncontrollable migration created by the Arab Spring dropped on our laps, it is illogical for the Cypriot presidency to cut the budget for external relations. What will the EU save? More money to be spent on civil servants, the same as in Cyprus?

The biggest success of the current presidency, the

Limassol Declaration on maritime affairs, could be overshadowed by the failure of the Cyprus-led team to conclude the talks on the EU budget in order to secure a consensus from the Commission and the European Parliament. The same way that the administration in Nicosia has failed to submit an austerity budget for 2013 with the hope that having awarded one of the offshore gas exploration licenses to a venture that includes Russia’s state-controlled Gazprom, Moscow will live up to its part of the bargain and hand us the second tranche of a bailout (a.k.a. expensive loan).

Some thought that undertaking the EU presidency would be a walk-in-the-park. Instead, we will once again send out the wrong signal that Cypriots are incapable of dealing with European issues and should not be taken seriously, especially when it comes to matters of money.

Ukraine’s rise to a major player in world affairs Ukraine entered the international arena as a new state in darity which exists on the issues of peaceful and safe use of 1991, after the proclamation of Independence on August 24. A nuclear energy. Moreover, being a staunch supporter of new chapter in its history started for a country with a popula- nuclear disarmament, Ukraine voluntarily abandoned its third largest arsenal of nuclear weapons in tion of 46 million and a sound econothe world. my. Ukraine is one of the world’s major In the field of international organisaproducers of grain, sugar and vegetable By Dr. ANDERSTINOS tions, Ukraine remains one of the most oil, as well as among the leaders in coal, N. PAPADOPOULOS active participants of peace-keeping iron ore and steel production. missions under the auspices of the UN. One of the first tasks of the new Ambassador a.h.

It has presided for the first time over the Ukraine was to undertake economic, works of the Council of Europe and in political, social and humanitarian reforms, with a view to establishing democratic and modern 2013 will assume the presidency of the OSCE, the regional legal procedures affecting all spheres of life. Good examples are security organisation of Europe. This is a tangible evidence of the Law on the Access of Public Information, the new law con- the successful presence of Ukraine in the international arena cerning the elections to the Parliament, the Verkhovna Rada, and the overall appreciation it enjoys.

In the bilateral field, first and foremost Ukraine normalised the tax pension reforms, the National Anticorruption Strategy its relations with Russia, an important neighbour and strategic for 2011-2015, etc.

In the field of foreign policy Ukraine had to face various chal- partner. The relations with the USA, apart the co-operation in various fields, concenlenges and efficiently trated on the strengthrespond to them, so as ening of nuclear safeto secure the success ty. Of great imporof internal reforms. tance for Ukraine are Within this frameits relations with work, Ukraine has China, which acquired adopted key principles a strategic nature, and of foreign policy which the CIS countries with cover development of which a free trade area mutually beneficial agreement has been relations with neighsigned. In the meanbouring countries, as time, Ukraine continwell as Europe and ued strengthening its America, strengthenrelations with the ing of the economic countries of Asia, component of its forAfrica and Latin eign policy so as to America. increase the standards Cyprus established of living of Ukrainian diplomatic relations citizens, and non-parwith Ukraine in ticipation in militaryFebruary 1992. Ever political alliances.

First among the priorities of its foreign policy is Ukraine’s since, the political dialogue at the highest level and the intenEuropean integration, as it considers the EU as an optimal sification of interparliamentary co-operation have deepened model for social and economic development. Ukraine and the our bilateral relations. The first ever visit of the President of the EU have already initialed the Association Agreement that hope- Republic of Cyprus in July 2011 was considered of the outmost fully would be signed in the near future. The Agreement estab- significance and the forthcoming visit of President Viktor lishes the transition from the principles of partnership and co- Yanukovych of Ukraine to Cyprus is expected to contribute to the further advancement and expansion of the co-operation operation to a qualitatively new level of political association.

Having the experience of the Chernobyl disaster of 1986, between the two countries in all the areas of mutual interest.

Ukraine showed accrued sensitivity to the events at Upgrading the partnership between Cyprus and Ukraine on the Fukushima. The April 2011 Kyiv Summit dedicated to the 25th basis of sincere friendship will certainly benefit the two counanniversary of Chernobyl demonstrated the high spirit of soli- tries and their people.

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November 7 - 13, 2012

FinancialMirror.com

COMMENT | 7

America’s Global Election Most people around the world did not vote in the United States’s presidential election, even though they have a great deal at stake in the result. Overwhelmingly, non-US citizens favor Barack Obama’s re-election over a victory for his challenger, Mitt Romney. There are good reasons for this.

In terms of the economy, the effects of Romney’s policies in creating a more unequal and divided society would not be directly felt abroad. But, in the past, for better and for worse, others have often followed America’s example. Many governments quickly subscribed to Ronald Reagan’s mantra of deregulated markets – policies that eventually brought about the worst global recession since the 1930’s. Other countries that followed America’s lead have experienced growing inequality – more money at the top, more poverty at the bottom, and a weaker middle class.

Romney’s proposed contractionary policies – the attempt to reduce deficits prematurely, while the US economy is still frail – will almost surely weaken America’s already anemic growth, and, if the euro crisis worsens, it could bring on another recession. At that point, with US demand shrinking, the rest of the world would indeed feel the economic effects of a Romney presidency quite directly.

That raises the question of globalization, which entails concerted action on many fronts by the international community. But what is required with regard to trade, finance, climate change, and a host other areas is not being done.

Many people attribute these failures partly to an absence of American leadership. But, while Romney may summon bravado and strong rhetoric, other world leaders would be unlikely to follow him, owing to the belief (correct in my judgment) that he would take the US – and them – in the wrong direction.

American “exceptionalism” may sell well at home, but it does poorly abroad. President George W. Bush’s Iraq war – arguably a violation of international law – showed that though America spends almost as much on defense as the rest of the world combined, it could not pacify a country with less than 10% of its population and less than 1% of its GDP. Moreover, it turned out that US-style capitalism was neither efficient nor stable. With most Americans’ incomes stag-

nating for a decade and a half, it was clear that the US economic model was not delivering for most citizens, whatever official GDP data said. Indeed, the model blew up even before Bush left office. Together with the abuses of human rights under his administration, the Great Recession – the predictable (and predicted) consequence of his economic policies – did as much to weaken America’s soft power as the wars in Iraq and Afghanistan did to weaken the credibility of its military power.

By JOSEPH E. STIGLITZ A Nobel laureate in Economics, is Professor of Economics at Columbia University.

His latest book is The Price of Inequality: How Today’s Divided Society Endangers our Future

In terms of values – namely, the values of Romney and his running mate, Paul Ryan – things are not much better. For example, every other advanced country recognizes the right to accessible health care, and Obama’s Affordable Care Act represents a significant step toward that goal. But Romney has criticized this effort, and has offered nothing in its place.

America now has the distinction of being among the advanced countries that afford the least equality of opportunity to their citizens. And Romney’s drastic budget cutbacks, targeted at the poor and middle class, would further impede social mobility. At the same time, he would expand the military, spending more money on weapons that do not work against enemies that do not exist, enriching defense contractors like Halliburton at the expense of desperately needed public investment in infrastructure and education.

While Bush was not on the ballot, Romney has not really distanced himself from the Bush administration’s policies.

On the contrary, his campaign has featured the same advisers, the same devotion to higher military spending, the same belief that tax cuts for the rich are the solution to every economic problem, and the same fuzzy budget math.

Consider, for example, the three issues that are at the cen-

ter of the global agenda mentioned earlier: climate change, financial regulation, and trade. Romney has been silent on the first, and many in his party are “climate deniers.” The world cannot expect genuine leadership from Romney there.

As for financial regulation, while the recent crisis has highlighted the need for stricter rules, agreement on many issues has proven to be elusive, partly because the Obama administration is too close to the financial sector. With Romney, though, there would be no distance at all: metaphorically speaking, he is the financial sector.

One financial issue on which there is global agreement is the need to close down offshore bank havens, which exist mainly for purposes of tax evasion and avoidance, money laundering, and corruption. Money does not go to the Cayman Islands because sunshine makes it grow faster; this money thrives on the absence of sunshine. But, with Romney unapologetic about his own use of Cayman banks, we are unlikely to see progress even in this area.

On trade, Romney promises to launch a trade war with China, and to declare it a currency manipulator on Day One – a promise that gives him little wiggle room. He refuses to note the renminbi’s large real appreciation in recent years, or to acknowledge that, while changes in China’s exchange rate may affect the bilateral trade deficit, what matters is America’s multilateral trade deficit. A stronger renminbi would simply mean a switch in the US from China to lowercost producers of textiles, apparel, and other goods.

The irony – again lost on Romney – is that other countries are accusing the US of currency manipulation. After all, one of the main benefits of the Federal Reserve’s policy of “quantitative easing” – perhaps the only channel with a significant effect on the real economy – derives from the depreciation of the US dollar.

The world has a lot riding on America’s election.

Unfortunately, most people who will be affected by it – almost the entire world – will have no influence on the outcome. © Project Syndicate, 2012. www.project-syndicate.org

What’s Troubling India?

India’s recent fall from macroeconomic grace is a lamentable turn of events. After many years of outperformance, GDP growth has slowed sharply. Annual output will most likely rise by less than 5% this year, down from 6.8% in 2011 and 10.1% in 2010.

Reform has stalled amid profound political paralysis. All of the major emerging economies face weakening external demand, but India’s slowdown has been exacerbated by a drop in investment that reflects a deeper loss of official direction and business confidence. Even the International Monetary Fund’s forecast of a modest improvement in 2013 is predicated on the government’s ability to breathe life into a spate of stalled economic reforms.

India’s recent torpor has underpinned a remarkable shift in global opinion. Just a couple of years ago, India was developing a reputation as the cool place to invest. Heads of state tripped over one another to meet business leaders in Mumbai, hoping to pave the way for a significant expansion of trade and investment. Now their interest has faded, along with the macroeconomic numbers.

And yet changes currently afoot might just turn things around. India’s octogenarian prime minister, Manmohan Singh, has recently awakened to the desperate need for renewed momentum. Economists around the world have taken note of the arrival of Raghuram Rajan as chief economist in the finance ministry. Rajan is a superstar academic researcher, a brilliant writer on political economy, and a former chief economist for the IMF. But it is far from obvious that Sonia Gandhi, President of the Indian National Congress and the country’s most powerful politician, shares Singh’s reform agenda.

True, the cabinet is being reshuffled to elevate younger ministers. But the process points to a continuation of the tradition whereby most ministers are appointed on the basis of their loyalty to the Gandhi family rather than their merit and accomplishments.

Unfortunately, for a country as poor as India, only sustained

rapid growth can lead to enduring development gains. India’s poverty rate (an indicator that is admittedly both conceptually and practically difficult to measure) fell by half between 1981 and 2010, to just under 30% – a remarkable achievement. But faster-growing East Asia has experienced significantly greater progress, with the poverty rate falling from 77% to 14% over the same period.

By KENNETH ROGOFF Kenneth Rogoff, a former chief economist of the IMF, is Professor of Economics and Public Policy at Harvard University

Why has India’s growth acceleration fizzled? For many years, India benefited from the long-lasting impact of economic liberalization in the early 1990’s. Back then, Singh, as finance minister, played a central role. He could count on the IMF – which had real policy leverage, owing to India’s need for a bailout program in 1991 – to provide external support to counter the huge internal obstacles to reform. Today, however, there is no external counterweight to the domestic political pressure that is stalling further liberalization.

True, India’s government must now consider growing threats to the country’s investment-grade credit rating. The major ratings agencies are increasingly complaining about the country’s lack of a growth strategy and its outsize budget deficits. But the impact has been limited, owing to the authorities’ ability to stuff debt down the throats of captive local banks, insurance companies, and pension funds.

Indeed, this “financial repression” tax on domestic savers remains a huge opaque source of funding for India’s debt-ridden government. It also prevents funds from being channeled to private-sector investment projects with far higher rates of return

than the government can offer.

The good news is that, from an economic perspective, there is still plenty of low-hanging fruit for restoring growth. Although India is right to avoid taking financial liberalization to the extreme that the United States did in the decades before the recent meltdown, it can do quite a lot without assuming inappropriate risks, as a commission headed by Rajan detailed a few years back.

The retail sector is a huge source of inefficiency that effectively places a massive tax on India’s poor by driving up prices.

Instead of suing foreign retailers like Wal-Mart, India should be finding ways to emulate and benefit from their hyper-efficient methods. Infrastructure is slowly improving, but roads, ports, water access, and the electricity grid are still horrific across large parts of the country.

Of course, India’s democratic government cannot simply bulldoze through people and the environment to create infrastructure. But the obstacles also include layers of corrupt bureaucrats and politicians – a vast network of resistance to reform.

Some argue that central-government paralysis is inevitable in a democracy of 1.2 billion people, and that the only way to reenergize India is to establish a looser confederation of its constituent states. Devolution would unshackle the economically more successful states. And, by combating the culture of aid dependency in economically weaker states, India’s poorer regions might benefit in the long run as well.

As dysfunctional as a decentralized Europe seems to be these days, India might benefit from moving a few steps in that direction, even as Europe itself struggles to become more centralized.

Devolution might sound unrealistic, but once upon a time so did the European Union. If Singh’s new reform agenda is again blocked, perhaps it will be time for a more radical assessment. © Project Syndicate, 2012. www.project-syndicate.org

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November 7 - 13, 2012

8 | CΟΜΜΕΝΤ

Europe’s Unending Berlusconi Problem Silvio Berlusconi, Italy’s three-time prime minister and the country’s dominant politician for two decades, has now been convicted and sentenced to four years in prison – a sentence since reduced to one year. But few people in Italy – or in Europe – believe that Berlusconi will fade from Italian, or European, politics anytime soon. Just a few days ago, he declared his intention to remain involved in politics, though not to run for prime minister a fourth time.

Whatever role Berlusconi chooses to play, it is unlikely to be a marginal one. He may not wish to be king again, but he certainly can be a kingmaker, owing to his control of Mediaset, Italy’s largest media group. And, given his abysmal popularity ratings, he may decide to play the wild card, embrace a euro-skeptic and anti-government stance, and try to bring down Prime Minister Mario Monti’s technocratic administration.

Monti’s government took over from Berlusconi in November 2011, arriving with a clear mandate, and full parliamentary support, to implement the measures needed to restore market confidence and reassure Italy’s eurozone partners and the International Monetary Fund that the country was not going down the path taken by Greece. At the time of the G-20 summit in Cannes that month, Italy – and Europe – was dangerously close to collapse, with Berlusconi’s government deeply divided about the fiscal measures needed to bring down the country’s debt-service costs. Domestic political deadlock, and Berlusconi’s inability to engage with Germany and France resulted in spiraling refinancing costs, with the spread relative to German bunds consistently over 500 basis points between July and November 2011.

The Monti government has restored market confidence and Italy’s international credibility. But the overall picture remains fragile. The interest-rate spread has stabilized around

a more manageable 300 basis points, but is still higher than it was three years ago. In addition, Italy’s economic outlook remains highly uncertain.

Indeed, the modest economic recovery that should benefit many countries in 2013 seems to be eluding Italy.

According to the IMF, the economy will remain in recession next year, and, though the rate of contraction will be less severe than in 2012 (-0.7% in 2013, compared to -2.3% this year), the unemployment rate is expected to rise further, from 10.6% to 11.1%.

By PAOLA SUBACCHI Research Director of International Economics at Chatham House

More needs to be done in order to support economic growth in the short term, improve the country’s fiscal position in the medium term, and implement the structural reforms needed to make the Italian economy more robust and internationally competitive in the long term. Italy is ranked 43rd in the World Economic Forum’s global competitiveness index, well below the main eurozone countries, owing to lack of investment – especially in human capital – and structural rigidities that have constrained growth for many years.

The answer to Italy’s economic problems is not, as Berlusconi advocates, an exit from the eurozone and a return to the flexibility of its own currency, which in the past allowed policymakers to boost competitiveness through irresponsible devaluations. Italy needs to learn how to live with

the euro and within the eurozone, which means adopting policies that ensure that productivity growth and innovation, not currency devaluation, are the main drivers of competitiveness.

A stable, competent, and responsible government with a comfortable parliamentary majority is essential to continue what Monti’s government has initiated. While the odds still favor a relatively smooth transition, many uncertainties could derail the reform process. In particular, whether Italy will be able to move beyond technocratic politics to a “normal” government remains the outstanding question both at home and for the other eurozone member states.

From this perspective, what Berlusconi advocates for Italy, and the consequences of his agenda for the eurozone, is not good news. Any hint that the country may be locked again in parliamentary inertia, as in the final months of Berlusconi’s last government, would push the markets to question the credibility of Italy’s fiscal-consolidation plan, jeopardizing the country’s ability to refinance its debt. That debt is the largest in the eurozone – at roughly €2 trln ($2.6 trln), or 120% of the country’s GDP – which means that Italy can be helped, but not rescued.

With potential instability looming, Monti should ensure that Italy is not defenseless in the event of another round of market instability. Unlike some months ago, now the European Central Bank can intervene and buy troubled countries’ debt. But this mechanism can be activated only by formal request. Italy should follow this route without delay.

It is better to have a powerful weapon that may gather dust than to be unarmed in a time of need. © Project Syndicate, 2012. www.project-syndicate.org

Fiscal Closing Time?

Is it time for fiscal consolidation or stimulus? Should governments cut or increase spending? Once again the issue is a matter of dispute among policymakers and economists.

Citizens, having been told in 2008-2009 that the imperative was to stimulate the economy, and in 2010-2011 that the time had come for retrenchment, are understandably confused.

Should priorities once again be reversed?

At the International Monetary Fund’s annual meeting in October, the Fund’s chief economist, Olivier Blanchard fueled the controversy by pointing out that in recent times governments have tended to underestimate the adverse growth consequences of fiscal consolidation. They have typically assumed that to cut public spending by a dollar would reduce GDP by 50 cents in the short term; according to Blanchard, the true outcome in current conditions is a decline by between $0.901.70. That is a big gap, but also a perplexing finding: how can there be so much uncertainty?

Contrary to what such forecasting disparities may suggest, economists actually know a lot about the consequences of fiscal policy, at least much more than they used to know. Until the 1980’s, it was routinely assumed that the so-called “multiplier” – the ratio of change in GDP to the change in government spending – was stable and larger than one. A one-dollar spending cut was believed to reduce GDP by more than one dollar, so that fiscal retrenchment was economically costly (while, conversely, stimulus was effective).

Then came the counter-revolution, which advanced a long list of reasons why the multiplier was likely to be much lower. Cut spending, it was said, and inflation would fall. The central bank would lower interest rates; households would spend in anticipation of lower taxes; and business confidence would rise. In the end, there would be little, if any, damaging impact on output.

Economists are a fractious lot, but they are also stubborn investigators, so the controversy prompted new research into the effects of budgetary retrenchments. New methods were developed to measure their impact; new approaches were introduced to account for the possibility that the multiplier could vary over time; and new data were compiled to incorporate better actual budgetary decisions.

All of this effort paid off. There is now convincing evi-

dence that the same decision to cut public spending can have very different consequences, depending on economic conditions. This may seem like Paradise for policy wonks, but it also has significant implications for government choices.

The adverse short-term growth effects of a spending cut are likely to be largest when the economy is already in a recession, trade partners are also cutting spending or raising taxes, the central bank’s interest rate is already near zero, and markets have no particular worries about the state’s ability to repay its debt. In such conditions, like those of 2009, the

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

multiplier can be close to two. So it would have been lethal to embark on fiscal consolidation back then. It was right to stimulate.

But when the economy is booming, the effects of fiscal retrenchment are unlikely to be damaging. So it was right to start planning for a change of gear when the recovery started to materialize.

Things are trickier when public finances are under acute stress and markets are worried about sovereign solvency, as is the case in southern Europe. There is scant empirical evidence for this set of conditions, because such cases were rare until recently. But it is logical to consider that restoring the sustainability of public finances can have strongly positive effects on confidence and bond rates. At the same time, if the economy is already contracting sharply, as it often does in such situations, a spending cut is bound to have serious negative effects on domestic demand.

The best way out of the dilemma is to undertake measures that improve long-term public finances without producing negative short-term effects, such as public pension reform.

Increasing the retirement age, for example, improves the perspective for public finances, but it does not weigh on short-

term demand.

More generally, measures that credibly signal stronger public finances in the future are desirable – assuming, obviously, that governments still have some credibility. When it is squandered, as in Greece, promises have no value, and governments have no choice but to cut spending immediately.

Understanding which conditions are being met when and where helps to set the agenda for today. The global economy currently is slowing; several European countries – and the eurozone as a whole – are in recession; central banks’ interest rates are exceptionally low, and unlikely to rise soon; and most advanced countries are cutting public spending.

This calls for caution with consolidation efforts. At the same time, public-debt ratios are still rising, and several countries have lost market access or are at risk of losing it, owing to the precarious state of their public finances. This, by contrast, implies a need for retrenchment.

The prescription for policymakers is thus fourfold: l Whenever public-finance sustainability is at stake (which is pretty much everywhere in the advanced world, except Australia, Canada, and a few northern European countries, including Germany), governments should continue consolidating, but at a moderate pace. l Governments should not increase consolidation efforts just because the slowdown reduces tax revenues, and should not aim at headline deficit targets for next year. l In acute fiscal stress, governments cannot afford to slow down consolidation. But they should place as much emphasis as possible on spending reforms that credibly improve the outlook while having limited adverse short-term effects. l Finally, officials everywhere should invest in institutions that help to convince markets of their commitment to public-finance sustainability.

In hazardous conditions, officials should not rely on rosy scenarios and hope that they will be believed. Rather, they should communicate clearly to markets and citizens how they reason and what they intend to do. © Project Syndicate, 2012. www.project-syndicate.org

November 7 - 13, 2012

FinancialMirror.com

COMMENT | 9

Innovative companies capitalise on failures and feedback The world’s most innovative companies not only permit failure, but welcome and harness it to craft more successful ideas, according to Cultivating business-led innovation, an Economist Intelligence Unit report, sponsored by Oracle. Yet nearly half of the 226 respondents to the survey say their companies have no system in place that helps them learn from failures.

Highly innovative companies also actively gather feedback and ideas from everywhere they can; 54% of the top innovators said they pour over customer comments, whether gathered in direct interviews or on social networks, and scrutinise customer data for clues to effective future innovations. They recognise that collecting many ideas is the first step to identifying the great ones.

The survey also found that many companies are not effectively capitalising on internal resources that might foster innovation.

Successful innovators welcome ideas from employees in every department. But creating this kind of openness is a major challenge for many companies, especially larger firms, which are more likely to silo their innovation than smaller firms. IT departments, in particular, tend to be underutilised; more than half of survey respondents (51%) said the primary responsibility of their IT department is to implement innovations. Yet the IT function has the potential to generate innovations of its own, educate staff about key new technologies and scout for innovators inside the company.

Furthermore, leading companies take advantage of disruptive new technologies.

Survey respondents said big data and social media offered the greatest opportunity for company innovation. But executives said a lack of knowledge of how best to leverage the technologies, and thorny security concerns, remain challenges. Only a handful of executives in the EIU survey (15%) said they are unhindered in embracing these technology trends.

Young doctors: fewer hours means they’re less tired, less prepared Orthopedic surgeons-in-training said they were tired less often after rules regulating how much they could work went into place, according to a U.S. survey.

But the results published in the Annals of Surgery found the trainee doctors didn’t actually get any more sleep under the limited work hours policy, and also said they felt less prepared as doctors and were less satisfied with their education.

In July 2003, the U.S. Accreditation Council for Graduate Medical Education implemented new policy limiting the on-duty hours of notoriously sleep-deprived residents to 80 per week,

with a minimum of ten hours off between shifts. Those changes were further updated in 2011.

The main goal was to ease young doctors’ fatigue and fatigue-related medical errors.

The work limits seem to have been somewhat successful, but they also come at a cost, according to Debra Weinstein from Massachusetts General Hospital and Brigham and Women’s Hospital in Boston, who worked on the study.

“The extent to which we restrict residents’ time in the hospital does risk (affecting) their skill and sense of preparedness,” she said.

“Continuing to further limit duty hours may not be the best way to address the goals of patient safety, resident well-being and excellent medical education.”

Some past studies have suggested that work limits improve quality of life for residents, but have a negative impact on their education. One survey published last year found that the majority of surgery residents worked more hours than the current regulations allowed.

In the new study, researchers analyzed surveys completed by a total of 216 residents at the Harvard Orthopedic Combined Residency Program between 2003 and 2009.

Compared to pre-2003 residents, orthopedic trainees in 2009 reported working fewer hours per week, about 66 hours versus 75. But they didn’t get any more sleep. Throughout the study period, they reported sleeping for about five hours every night, on average.

Residents rated their own preparedness to make clinical decisions under stress and their ability to perform the range of skills expected of them slightly lower in later years, the researchers said.

After the work-hour policies went into place, residents did say they spent fewer days feeling very tired, and a smaller proportion of them said their fatigue had a negative impact on patient care and safety.

Forty-six percent of residents said their fatigue affected the quality of care they provided in 2003, compared to 26% on the 2004 through 2009 surveys.

“There’s a general assumption that reducing work hours will result in more sleep for tired residents, and clearly out findings challenge that,” Weinstein said.

However, it’s possible that having more time to decompress and relieve psychological stress may improve residents’ sense of wellbeing, even if they’re not getting more sleep, she added.

Weinstein and her colleagues noted that their study didn’t include objective measures of residents’ performance, so they couldn’t tell whether they actually did better or worse on exams, or made more or fewer errors.

FinancialMirror.com

November 7 - 13, 2012

12 | WORLD

Hunger strikes test loyalty to Putin l

Kremlin reaction points to concern that support in industrial Russia could crumble, while economists are unable to say how widespread the discontent is ANALYSIS

Factory smokestacks tower over weathered wooden houses in this provincial Russian town, part of the industrial heartland that helped propel Vladimir Putin into the presidency.

Towns like Verkhnyaya Sinyachikha in the vast metals and manufacturing province of Sverdlovsk in the Ural Mountains, some 2,000 km east of Moscow, have long been regarded as the backbone of support for the former KGB spy.

But that loyalty has been tested by hunger strikes over unpaid wages in at least three factories in Sverdlovsk this year that have prompted authorities to step in to rescue the biggest employers.

The government subsidies recall generous industry bailouts that stemmed social unrest during the 2008-09 global economic crisis and signal Kremlin concern that support from workingclass Russians, long inured to quietly shouldering hardships, could be at risk nearly 13 years after Putin rose to power.

“The first time he ran, we voted for him. The second too, but this time we didn’t,” said Igor Ilyukhin, 41, one of 47 steel mill workers who fasted for 11 days for unpaid wages, camping on the rotten planks of an abandoned building near the shuttered gates of their bankrupt employer.

It is not clear how widespread such rumblings of workingclass discontent with Putin are. He won nearly two-thirds of votes handing him a third presidential term in May and told a TV interviewer before his 60th birthday last month that “the overwhelming majority of people still support me.”

During his election campaign, Putin depicted blue-collar workers as the “real Russia” and pitted them against the mainly middle-class protesters who have staged big rallies against him in Moscow and were referred to by him as “chattering monkeys”.

But the hunger strike in which Ilyukhin took part was the fourth this year by former workers of the plant that until recently employed 400 people in Verkhnyaya Sinyachikha, a town of 9,800 people 145 km from the regional capital Yekaterinburg.

Hunger strikes have also struck a truck-manufacturing plant and a smelter owned by Russia’s largest aluminium producer RUSAL in two separate factory towns in the Urals region.

Another strike is threatened in the region by 98 workers of a small-parts manufacturer who had given their bankrupt employer until this week to pay the wages they are owed.

“Maybe we’re tired of how we’re living,” Ilyukhin said.

A WAY TO GET PAID

The workers, hunched around a smoky campfire in padded state-issue overalls, said that striking was the only way to get paid, and that it was a safe bet the government would step in to ensure they were when they did strike.

“We strike and they pay us a bit. We strike again and they pay us a bit more. We don’t know where the money comes from,” said Andrei Zhukov, taking a pragmatic view of what may seem like a desperate tactic. Zhukov, one of the organisers, said it was easy to gather a list of willing strikers by word of mouth - despite this being the fourth yet by former workers - and register the protest with the town hall.

A visit by police to the homes of two participants did little to dissuade them from striking.

“We’re used to being paid late but we want what we are owed, nothing more,” he said. For Zhukov, that meant 20,000 roubles ($639) severance pay and back wages, though many who took part in the strike that left about half the group in hospital asked for much less. Monthly pay at the plant was about 9,000 roubles.

“For us, this is real money,” Zhukov said.

Industry leaders and economists warn that the government’s hands-on approach to resolving crises, including at privatelyowned factories like that in Verkhnyaya Sinyachikha, is stalling reforms.

The tactic is short-sighted and increases the country’s problems, they say, if there is a drop in the price of oil - the main driver of Russia’s budgetary largess.

“The state is now taking ever more facilities, industries, entire sectors under its wing,” metals tycoon Vladimir Potanin, Russia’s fourth richest man, told Reuters in September.

den elevation from factory floor to the opulent, marble-lined halls of his seat of power in the region, Kholmanskikh stuck closely to the Kremlin’s party line to woo blue-collar support.

Putin is owed gratitude for presiding over an oil-fuelled economic boom in his first two terms from 2000 until 2008, Kholmanskikh said, warning that protests in Moscow could throw Russia back to the turmoil of the 1990s.

“Life has changed, people now have work and social safety nets and life’s got better,” he said. “Obviously, this is due to Vladimir Putin becoming the country’s leader. That is why one of our first campaign slogans was: ‘We are for Stability’!”

Putin’s government is now working to meet that pledge, turning to a host of stopgap measures to keep doors open at factories that have been mismanaged or are simply unprofitable.

When more than 85 workers at truck-maker AMUR held a second hunger strike in Novouralsk demanding nearly a year’s worth of back salaries in September, local authorities ordered state-owned tank-maker Uralvagonzavod to hand over part of its orders.

Regional opposition deputies say the intervention - before mayoral elections in the region on October 14 - was little more than a move to plug the gap at the aged plant burdened by 4.5 bln roubles in debt, 28 mln of which is wage arrears.

In another industrial town where three city council members joined hunger strikers, Putin ordered electricity tariffs lowered by 30% for the Bogoslovsky aluminium plant (BAZ), owned

by RUSAL, in the town of Krasnoturinsk. “Take any of our enterprises - they all rely on support,” Potanin said. “The government encourages us to pass the hat.”

CALLS FOR NEW POLICY

“As long as the government has strength, it keeps them ticking over, then at some point - bam - it’s a problem,” he said.

“Efficiency is not growing and there is no competition.”

‘WE ARE FOR STABILITY’

The hunger strikes in Sverdlovsk, a region that was once the power base of late President Boris Yeltsin, hark back to the economic mayhem that followed the collapse of the Soviet Union in 1991 and, with it, Communist central planning.

In the decade that followed, workers went unpaid for long spells and some lived off produce from their kitchen gardens.

“In the 1990s, everything was a mess,” said Igor Kholmanskikh, a former tank factory foreman whom Putin appointed as his envoy to the Urals region this year.

A man of few words, the ruddy-faced 43-year-old offered during a television call-in show with Putin last December to travel to Moscow with “the boys” and wipe the streets clear of protesters.

“He is our ‘Plumber Joe’,” Kholmanskikh’s spokesman said, drawing a parallel with the U.S. Republican party’s championing of an American who questioned then-presidential candidate Barack Obama on tax policy during his 2008 campaign.

Clenching his broad hands and looking ill at ease with his sud-

Built in 1770, the steel mill in Verkhnyaya Sinyachikha is a cornerstone of this factory town. A snow-dusted statue of Soviet state founder Vladimir Lenin stands at its gate and until recently it was still the second largest employer. Like hundreds of other remote factory towns scattered from Russia’s far north to eastern Siberia - where the closure of a single plant could throw a whole population out of work - it has seen little investment and struggled to stay profitable since the end of Soviet economic planning. “They (industry owners) have no clear plan or understanding of development, they pass on the weight of incompetence onto the government’s shoulders,” Sverdlovsk regional governor Yevgeny Kuyvashev said at a televised government meeting last month.

He called for a new policy aimed at helping industry to modernise to remain competitive.

In a sign of possible trouble to come, the Kremlin’s chief federal inspector in the Sverdlovsk region said last month some 50 more enterprises were on the verge of bankruptcy. “We need to anticipate the fires, not put them out when they are already burning,” said Anton Danilov-Danilyan, a former Kremlin advisor.

“But in some cases, the social cost of closing a plant is more significant to the state than the cost of maintaining the factory.”

The Kremlin’s firefighting style of economic management has set Putin up as a champion of the working man - an image he has cultivated by publicly dragging wealthy businessmen over the coals when they face problems at their plants.

Such performances serve as a counterweight to accusations by critics of cronyism and anger simmering over the widening gap between Russia’s rich and poor.

Despite frustration with the local authorities, and dissatisfaction with their lot under Putin, many workers still struggle to see any alternative to him - a factor which could play into the president’s hands.

Putin dismisses defence minister over fraud scandal Russian President Vladimir Putin dismissed Defence Minister Anatoly Serdyukov on Tuesday and replaced him with a loyal ally after the ministry was drawn into a corruption scandal.

Putin was shown on television meeting Sergei Shoigu, a former emergencies minister who had briefly been governor of the Moscow region, and discussing his new role as defence chief, in which he will oversee reforms to modernise the armed forces.

“Taking into consideration the situation around the Defence Ministry, in order to create conditions for an objective investigation into all matters, I have decided to free Defence Minister Serdyukov of his post,” Putin said.

Russian investigators raided the offices of a Defence Ministry firm last month and opened an investigation into the company on suspicion that it had sold assets to commercial firms at a loss of nearly $100 mln.

The investigation also raised questions about

Serdyukov’s relationship with a former top military bureaucrat.

Serdyukov, a former tax collector, was brought into the ministry in 2007 to oversee military reforms that have reduced the size of the country’s fighting forces and attempted to crack down on widespread corruption.

Shoigu, 57, was emergencies minister from 1994 until this year, when he became governor of the Moscow region.

He has long been loyal to Putin.

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

www.financialmirror.com

AÚ. 888

∆∂∆∞ƒ∆∏, 7 ¡√∂ªµƒπ√À, 2012

™‡ÓÙÔÌ· ÛÙËÓ ∫‡ÚÔ ÔÈ ÎÔÏÔÛÛÔ› ÁÈ· ÙÔ Ê˘ÛÈÎfi ·¤ÚÈÔ Μπορεί η Τουρκία να απειλεί ευθέωσ τισ εταιρείεσ που ενδιαφέρονται να δραστηριοποιηθούν στα τεµάχια εντÞσ τησ Αποκλειστικήσ Οικονοµικήσ Ζώνησ τησ Κυπριακήσ ∆ηµοκρατίασ, αλλά αυτÞ ουδÞλωσ απασχολεί τÞσο τη Γαλλική Total, Þσο και την Ιταλική ΕΝΙ, τη Ρωσική Novatec (θυγατρική τησ Gazprom) και την Κορεατική Kogas που εξασφάλισαν απÞ το υπουργικÞ συµβούλιο τισ άδειεσ για τα τεµάχια 2, 3, 9 και 11. Σε σχετικέσ ανακοινώσεισ προέβη ο ΥπουργÞσ Εµπορίου, Νεοκλήσ Συλικιώτησ. «Ήδη απέστειλα επιστολέσ στισ κοινοπραξίεσ, την ΕΝΙ την Kogas, την Total και την Novatec για να έρθουν και υπολογίζω Þτι τη µεθεπÞµενη εβδοµάδα θα είναι στην Κύπρο αντιπροσωπείεσ τουσ για να ξεκινήσουµε τη διαπραγµάτευση». Εκτιµά, µάλιστα, Þτι αυτέσ ο εταιρείεσ κολοσσοί µπορεί να εξορύξουν φυσικÞ αέριο πιο γρήγορα ακÞµα και απÞ τη Noble

που έχει ήδη τρυπήσει στο οικÞπεδο 12. Παράλληλα, σφραγίδα στη συνεργασία Κύπρου, Ισραήλ και Ελλάδασ στον ενεργειακÞ τοµέα αναµένεται να αποτελέσει συνάντηση που θα πραγµατοποιηθεί στη Λευκωσία αύριο Πέµπτη, και στην οποία θα συµµετέχουν οι αρµÞδιοι για την ενέργεια Υπουργοί των τριών χωρών. Στη συνάντηση θα συζητηθούν θέµατα ενεργειακών υποδοµών και διασύνδεσησ µε την Ευρώπη τÞσο στο θέµα του φυσικού αερίου Þσο και τησ ηλεκτρικήσ ενέργειασ. «Ουσιαστικά είναι δύο οι προτάσεισ. Η µια πρÞταση που θα συζητήσουµε είναι η διασύνδεση µε καλώδιο Ισραήλ-ΚύπρουΕλλάδασ. ΣτÞχοσ µασ µέσα απÞ αυτή τη συνάντηση είναι να δούµε πωσ προχωρά αυτÞ το εγχείρηµα που ουσιαστικά συνδέει την Ευρώπη µε τη Μέση Ανατολή µε ηλεκτρικÞ ρεύµα. Το δεύτερο είναι η συζήτηση που γίνεται τουσ τελευταίουσ µήνεσ µε προτάσεισ που καταθέσαµε και αφορά τη δηµι-

ουργία ενÞσ διαδρÞµου φυσικού αερίου απÞ την Ανατολική ΜεσÞγειο προσ την Ευρώπη», υπογράµµισε ο Νεοκλήσ Συλικιώτησ Την ίδια ηµέρα, Πέµπτη 8 Νοεµβρίου, θα

βρίσκεται στην Κύπρο για επαφέσ και αντιπροσωπεία τησ ισραηλινήσ Delek, η οποία συµµετέχει σε ποσοστÞ 30% στο οικÞπεδο 12, ποσοστÞ το οποίο είχε εξαγοράσει απÞ την αµερικανική Noble Energy.

∂∆À∫: ™Ù· ¢ÈηÛÙ‹ÚÈ· ¢™ §·˚΋˜ Î·È ¶. ¢ËÌËÙÚÈ¿‰Ë˜ Σε τεντωµένο σχοινί βρίσκονται οι σχέσεισ τησ συντεχνίασ των τραπεζοϋπαλλήλων Κύπρου (ΕΤΥΚ) µε τη διοίκηση τησ Λαϊκήσ Τράπεζασ µε αποτέλεσµα να απειλείται η εργατική ειρήνη. Η ΕΤΥΚ µέσω του νοµικού τησ εκπρÞσωπου Κρισ Τριανταφυλλίδη απέστειλε επιστολή προσ τη διοίκηση τησ Λαϊκήσ Τράπεζασ µέσω τησ οποίασ την καλεί µέχρι τησ επÞµενη ∆ευτέρα 12 Νοεµβρίου να αποσύρει το προσχέδιο που κατέθεσε στην Κεντρική Τράπεζα Þσον αφορά στισ αποκοπέσ σε µισθούσ και επιδÞµατα του προσωπικού τησ Λαϊκήσ Τράπεζασ Þπωσ αυτÞ εκπονήθηκε απÞ την KPMG Λονδίνου µέσω του σχεδίου αναδιάρθρωσησ του Οµίλου.

Σε αντίθετη περίπτωση η ΕΤΥΚ προειδοποιεί Þτι θα κινηθεί µε τα δέοντα δικαστικά µέτρα συµπεριλαµβανοµένησ και τησ ποινικήσ διώξεωσ ιδιωτικήσ µορφήσ τÞσο κατά του διοικητικού συµβουλίου τησ Λαϊκήσ Τράπεζασ, Þσο και κατά του ∆ιοικητή τησ Κεντρικήσ Τράπεζασ Πανίκου ∆ηµητριάδη αφού τη θεωρούν συνεργÞ σε αυτή την παραβίαση. Σχετική επιστολή στο ∆ιοικητικÞ Συµβούλιο τησ Λαϊκήσ Τράπεζασ απέστειλε

και η ΥπουργÞσ Εργασίασ Σωτηρούλα Χαραλάµπουσ η οποία µάλιστα τουσ καλεί

να αποσύρουν το προσχέδιο των αποκοπών. Η ΕΤΥΚ θεωρεί πέραν απÞ βέβαιο Þτι θα κερδίσει την υπÞθεση αφού Þπωσ σηµειώνει η διοίκηση τησ Λαϊκήσ Þφειλε πρώτο να τουσ αποστείλει το σχέδιο αναδιάρθρωσησ τησ Τράπεζασ και να το διαβουλευθεί µαζί τουσ κάτι το οποίο δεν έπραξε. Η νοµοθεσία πάντωσ είναι ιδιαίτερα αυστηροί σε τέτοιεσ περιπτώσεισ και προβλέπει πρÞστιµο 34,000 ευρώ σε κάθε διοικητικÞ σύµβουλο ή ποινή φυλάκισησ δύο χρÞνων ή και τα δύο µαζί. Για την ώρα η διοίκηση τησ Λαϊκήσ κρατά κλειστά τα χαρτιά τησ τονίζοντασ Þταν κλήθηκε Þτι δεν θέλει να προβεί σε κανένα σχÞλιο.

∂¶∞: ¶ÚfiÛÙÈÌÔ Ì·ÌÔ‡ı ÛÙËÓ Cyta ÁÈ· SMS

√ÚÊ·Ó›‰Ë˜: ∫Ï›ÓÂÈ ÔÎÙÒ ˘ÂÚ·ÁÔÚ¤˜, deals Ì ÙÚ¿Â˙˜

ΠρÞστιµο µαµούθ επέβαλε η Επιτροπή Προστασίασ του Ανταγωνισµού στη Cyta, για την άρνηση τησ να παρέχει απευθείασ πρÞσβαση στο Κέντρο Αποστολήσ Γραπτών Μηνυµάτων SMS τησ στισ εταιρείεσ Thundeworx και Netsmart Η Επιτροπή στην απÞφασή τησ έκρινε Þτι η υποδοµή για την παροχή των υπηρεσιών Premium SMS ήταν ουσιώδησ για την ανάπτυξη του ανταγωνισµού στο συγκεκριµένο τοµέα και, ωσ εκ τούτου, η ΑΤΗΚ υπείχε υποχρέωσησ και να προβεί στισ αναγκαίεσ ενέργειεσ οι οποίεσ θα τη βοηθούσαν να ξεπεράσει κάθε εµπÞδιο τεχνικήσ ή άλλησ φύσεωσ. Η Επιτροπή αφού εξέτασε Þλα τα ενώπιον τησ στοιχεία κατέληξε Þτι οι λÞγοι άρνησησ που προβλήθηκαν απÞ την ΑΤΗΚ να δώσει τη συγκεκριµένη διευκÞλυνση στη Netsmart ώστε και αυτή να είναι σε θέση να παρέχει υπηρεσίεσ Premium SMS-ΜΤ στουσ χρήστεσ του κινητού δικτύου τησ ΑΤΗΚ, δεν ήταν αντικειµενικά δικαιολογηµένοι και Þτι τα ζητήµατα θα µπορούσαν να αντιµετωπιστούν και να

Στο κλείσιµο 8 υπεραγορών µέχρι το πρώτο εξάµηνο του 2013 προσανατολίζεται η δηµÞσια εταιρεία Ορφανίδησ. Ùπωσ πληροφορείται η εφηµερίδα µασ µέχρι το τέλοσ του χρÞνου θα κλείσουν τρεισ υπεραγορέσ σε Κάτω Πάφο, Βεργίνα και ΠÞλη Χρυσοχούσ, ενώ άλλεσ 5 θα κλείσουν εντÞσ του 2013. Προηγουµένωσ η εταιρεία είχε κλείσει άλλεσ δύο υπεραγορέσ σε Χλώρακα και Παλιοµέτοχο να σηµειωθεί. Την ίδια ώρα η εταιρεία εξασφάλισε χρηµατοδÞτηση 3 εκ. ευρώ απÞ τη Λαϊκή Τράπεζα για ενίσχυση τησ κεφαλαιακήσ τησ βάσησ δίνοντασ ωσ αντιπαροχέσ τρεισ εκτάσεισ αδρανούσ γησ που κατείχε σε ΟρÞκλινη, Αλάµπρα και Αστροµερίτη και στισ οποίεσ σκÞπευε να ανοίξει υπεραγορέσ. Παράλληλα σύµφωνα µε τισ ίδιεσ πληροφορίεσ η εταιρεία προσανατολίζεται σύντοµα να προχωρήσει στη δηµιουργία νέασ εταιρείασ η οποία θα διαχειρίζεται τισ µεγάλεσ εκτάσεισ ακίνητησ περιουσίασ που κατέχει. Μάλιστα η εταιρεία έχει ήδη κτυπήσει για

αποτελέσουν µέροσ µιασ εµπορικήσ συµφωνίασ Για το λÞγο αυτÞ επέβαλε στη Cyta πρÞστιµο τησ τάξησ του 1,72 εκ. ευρώ εκ των οποίων το 1,09 εκ. ευρώ αφορά την καταγγελία τησ Thunderworx και το υπÞλοιπο ποσÞ τη Netsmart. Αξίζει τέλοσ να σηµειωθεί Þτι η Cyta έχει ήδη δώσει οδηγίεσ στο νοµικÞ τησ σύµβουλο να εφεσιβάλει την υπÞθεση εκφράζοντασ σιγουριά Þτι Þπωσ και στο παρελθÞν έτσι και αυτή τη φορά θα δικαιωθεί.

το θέµα την πÞρτα τÞσο τησ Λαϊκήσ Τράπεζασ, Þσο και τησ Τράπεζασ Κύπρου ζητώντασ του να συµµετάσχουν µε σηµαντικÞ µερίδιο σε αυτή την εταιρεία η οποία εκτÞσ απροÞπτου θα εισαχθεί στο ΧΑΚ. Τελικέσ αποφάσεισ για το θέµα αναµένεται να παρθούν Þπωσ πληροφορούµαστε εντÞσ του πρώτου εξαµήνου του επÞµενου έτουσ. ΣτÞχοσ µέσω αυτών των κινήσεων είναι να εξασφαλιστεί η βιωσιµÞτητα τησ µεγαλύτερησ αλυσίδασ υπεραγορών στην Κύπρο. ΠΑΥΛΟΣ ΓΕΩΡΓΙΑ∆ΗΣ

ΧΡΗΜΑ&ΑΓΟΡΑ

7 ΝΟΕΜΒΡΙΟΥ, 2012

2/14 | ΕΙ∆ΗΣΕΙΣ

™Ù· €150 Ô ÊfiÚÔ˜ ÂÁÁÚ·Ê‹˜ ·˘ÙÔÎÈÓ‹ÙˆÓ ∆ραστικέσ αλλαγέσ στην φορολÞγηση των µηχανοκίνητων οχηµάτων και στα τέλη κυκλοφορίασ, προτείνει νοµοσχέδιο τησ Κυβέρνησησ.

Mε την ψήφιση αυτού του τροποποιητικού νοµοσχεδίου και Κανονισµών, ο φÞροσ εγγραφήσ αντικαθίσταται µε διοικητικÞ τέλοσ (προτείνεται 150 ευρώ για κάθε Þχηµα) και η έκδοση των τελών κυκλοφορίασ υπολογίζεται µε βάση τισ εκποµπέσ ρύπων. Σε τέτοια περίπτωση τα ετήσια έσοδα του κράτουσ απÞ το φÞρο εγγραφήσ θα είναι µειωµένα. Συγκεκριµένα, το κράτοσ αναµένεται µέχρι το τέλοσ του 2012 να έχει περίπου 11 εκ. ευρώ έσοδα απÞ το φÞρο εγγραφήσ, ενώ µε την εισαγωγή του τέλουσ εγγραφήσ θα είχε έσοδα τησ τάξησ των 3,8 εκ. ευρώ, δηλαδή απώλειεσ τησ τάξησ του 7,2 εκ. ευρώ ( µε βάση τισ εγγραφέσ των εννέα πρώτων µηνών του 2012 που ανέρχονται σε 18.847 γίνεται εκτίµηση Þτι οι συνολικέσ ετήσιεσ εγγραφέσ θα ανέλθουν στισ 25.130). Με την εφαρµογή τησ νέασ νοµοθεσίασ

το κράτοσ θα έχει επιπρÞσθετα επαναλαµβανÞµενα έσοδα απÞ τα τέλη κυκλοφορίασ. Συγκεκριµένα, για το έτοσ 2012 το κράτοσ θα έχει περίπου 88 εκατ. ευρώ έσοδα απÞ τα τέλη κυκλοφορίασ των οχηµάτων που είναι ήδη εγγεγραµµένα, ενώ µε την προτεινÞµενη µέθοδο υπολογισµού (στην βάση εκποµπών CO2), οι εισπράξεισ που θα προκύψουν απÞ τισ νέα εγγραφέσ οχηµάτων κατά το 2013 θα είναι αυξηµένεσ κατά 2 εκατ. περίπου ετησίωσ (δηλαδή, κατά το πρώτο χρÞνο εφαρµογήσ θα έχουµε επιπρÞσθετα έσοδα ύψουσ 2 εκατ., το δεύτερο χρÞνο 4 εκατ. ευρώ, τον τρίτο χρÞνο 6 εκατ. ευρώ, κ.ο.κ.) Με την παρούσα πρÞταση, η ρύθµιση που προτείνεται εναρµονίζει την Εθνική Νοµοθεσία µε το ΕυρωπαϊκÞ Κεκτηµένο σε Þτι αφορά στην εγγραφή των µηχανοκινήτων οχηµάτων µε την κατάργηση του ΦÞρου Εγγραφήσ, Þπωσ εφαρµÞζεται σήµερα, και θεσµοθέτηση Τέλουσ Εγγραφήσ 150 ευρώ για κάθε Þχηµα (ΕυρωπαϊκÞ ή και απÞ τρίτεσ χώρεσ) ανεξάρτητα αν αυτÞ είναι καινούργιο

ή µεταχειρισµένο. Περαιτέρω, λαµβάνοντασ υπÞψη τη συνεχή αναβάθµιση των κινητήρων των οχηµάτων που επικρατούν στην αγορά, ρυθµίζονται τα τέλη κυκλοφορίασ µε συγκεκριµένο σύστηµα βασισµένο στισ εκποµπέσ ρύπων, καθώσ και επιµέρουσ ρυθµίσεισ για πιο σωστή εφαρµογή τησ Νοµοθεσίασ. «Θα χρειαστεί κάποιοσ χρÞνοσ να εγγραφούν αρκετά αυτοκίνητα µε το νέο τρÞπο εγγραφήσ, έτσι ώστε να πληρώνουν περισσÞτερα τέλη κυκλοφορίασ µε βάση το νέο σύστηµα. Για τα επÞµενα τρία µε τέσσερα

∫·Ï¤˜ ÔÈ ÚԂϤ„ÂȘ ÁÈ· ÙÔÓ ÙÔ˘ÚÈÛÌfi ·fi µÚÂÙ·Ó›· Πολύ καλέσ είναι οι προβλέψεισ για την προσέλκυση τουριστών απÞ την αγορά τησ Βρετανίασ προσ την Κύπρο, δήλωσε ο ΠρÞεδροσ του Συνδέσµου ΞενοδÞχων Χάρησ Λοϊζίδησ. Ο κ. Λοϊζίδησ, ο οποίοσ βρίσκεται στο Λονδίνο για τη ΠαγκÞσµια Έκθεση Τουρισµού (World Travel Market) δήλωσε, συγκεκριµένα, Þτι είναι πολύ καλέσ οι προβλέψεισ για τον κυπριακÞ τουρισµÞ Þσον αφορά τη βρετανική αγορά. Αναµένουµε, πρÞσθεσε, Þτι οι αφίξεισ θα διατηρηθούν

στα ίδια επίπεδα µε τον προηγούµενο χρÞνο. ΠρÞκειται για παραδοσιακή αγορά και ενώ καταβάλλονται προσπάθειεσ για νέεσ αγορέσ η βρετανική πρέπει να έχει προτεραιÞτητα, και αυτÞ το έχει αντιληφθεί ο αρµÞδιοσ ΥπουργÞσ, είπε ο κ. Λοϊζίδησ. Σε Þ,τι αφορά στη ξενοδοχειακή βιοµηχανία, ο ΠρÞεδροσ του ΠΑΣΥΞΕ είπε Þτι τα µεγαλύτερα προβλήµατα που αντιµετωπίζει σήµερα είναι τα ψηλά επιτÞκια και οι ψηλέσ τιµέσ του ηλεκτρισµού.

∂ÓÈ·›· ı¤ÛË ÙˆÓ «27» ÁÈ· ÙÔÓ ÚÔ¸ÔÏÔÁÈÛÌfi ÙÔ˘ 2013 Τον καθορισµÞ κοινήσ θέσησ των κρατών µελών ενÞψει των διαβουλεύσεων µε την Ευρωβουλή, στο πλαίσιο τησ επιτροπήσ συνδιαλλαγήσ για τον προϋπολογισµÞ του 2013, θα επιδιώξει η Κυπριακή Προεδρία την Παρασκευή. Στη συνεδρίαση του Συµβουλίου ΕCO-FIN (προϋπολογισµÞσ) τησ ΕΕ, που θα προεδρεύσει ο ΥφυπουργÞσ για Ευρωπαϊκά Θέµατα Ανδρέασ Μαυρογιάννησ, θα εξεταστούν οι θέσεισ τησ Ευρωβουλήσ, η οποία τον προηγούµενο µήνα υιοθέτησε περίπου 1.000 τροπολογίεσ για τον προϋπολογισµÞ του 2013, αλλά και το πρÞσθετο ποσÞ που απαιτείται προκειµένου να κλείσει το κενÞ στο φετινÞ προϋπολογισµÞ τησ ΕΕ. Ùπωσ ανέφεραν πηγέσ τησ Κυπριακήσ Προεδρίασ, παρά την καλή διάθεση που υπάρχει και το εποικοδοµητικÞ πνεύµα, είναι αδύνατο να δεχθεί το Συµβούλιο Þλεσ τισ τροπολογίεσ τησ Ευρωβουλήσ, και γι’ αυτÞ άλλωστε ζητήθηκε η σύγκληση τησ επιτροπήσ συνδιαλλαγήσ. Τισ συζητήσεισ µε την Ευρωβουλή θα τισ κάνει την ίδια µέρα η Κυπριακή Προεδρία µε βάση κοινή θέση που θα πρέπει να διαµορφώσουν οι «27».

Οι ίδιεσ πηγέσ υπογράµµιζαν Þτι παρά τισ διαφορετικέσ προσεγγίσεισ µεταξύ των κρατών µελών και τησ Ευρωβουλήσ, που έχουν να κάνουν µε το ύψοσ του προϋπολογισµού, απÞ πλευράσ προτεραιοτήτων δεν υπάρχουν διαφορέσ µεταξύ των δύο θεσµικών οργάνων, δεδοµένου Þτι και οι δύο πλευρέσ επιδιώκουν την προώθηση τησ απασχÞλησησ, την αύξηση των επενδύσεων και την ενίσχυση τησ ανταγωνιστικÞτητασ. Θα πρέπει να σηµειωθεί Þτι µεταξύ των ανοικτών θεµάτων που θα συζητηθούν την Παρασκευή, στο πλαίσιο του Συµβουλίου και στην επιτροπή συνδιαλλαγήσ είναι και η «τρύπα» ύψουσ 9 δισ. ευρώ που υπάρχει στον προϋπολογισµÞ τησ ΕΕ του 2012. Πηγέσ τησ Κυπριακήσ Προεδρίασ διευκρίνιζαν επίσησ Þτι δεν θα πρέπει να γίνεται καµία σύνδεση µεταξύ του κοινοτικού προϋπολογισµού του 2013 και του Πολυετούσ ∆ηµοσιονοµικού Πλαίσιο, πρÞκειται για δύο εντελώσ διαφορετικέσ διαδικασίασ. Αναφορικά µε το Π∆Π, η Προεδρία προετοιµάζει εντατικά τισ εργασίεσ τησ έκτακτησ ΣυνÞδου Κορυφήσ, στισ 22 και 23 Νοεµβρίου.

¶ÂÚ‰›Î˘: √ ıfiÚ˘‚Ô˜ ÁÈ· ÙÔÓ ÂÙ·ÈÚÈÎfi ÊfiÚÔ Ï‹ÙÙÂÈ ÙȘ ‰È·Ú·ÁÌ·Ù¢ÙÈΤ˜ Ì·˜ ÈηÓfiÙËÙ˜ Ο θÞρυβοσ και τα δηµοσιεύµατα για τον εταιρικÞ φÞρο, πλήττουν την οποιαδήποτε δυνατÞτητα τησ κυπριακήσ κυβέρνησησ να διαπραγµατευτεί διεκδικητικά έναντι τησ ΤρÞικασ, δήλωσε ο βουλευτήσ του Κινήµατοσ ΟικολÞγων Περιβαλλοντιστών Γιώργοσ Περδίκησ, ο οποίοσ είπε πωσ ο θÞρυβοσ αυτÞσ τροφοδοτείται απÞ αντιδράσεισ στο εσωτερικÞ, οι οποίεσ εν πολλοίσ είναι υπερβολικέσ. Σε δηλώσεισ του στη Βουλή, ο κ. Περδίκησ είπε Þτι η εντύπωση που δηµιουργείται είναι Þτι οδηγείται η κατάληξη των συζητήσεων για το µνηµÞνιο µέσα στο νέο χρÞνο, σηµειώνοντασ πωσ αυτÞ είναι εξαιρετικά επικίνδυνο για την οικονοµία και τη δηµοκρατία.

Υποστήριξε, εξάλλου, Þτι “η συνεχιζÞµενη αναµονή, η µη λήψη µέτρων, δηµιουργεί περισσÞτερα κενά και αδυναµίεσ και καθιστά τελικά το µνηµÞνιο να µετατρέπεται απÞ κατάρα σε ευλογία και σε µάννα εξ` ουρανού”. “Κρούουµε τον κώδωνα του κινδύνου και ζητούµε άµεση κατάθεση του κρατικού προϋπολογισµού για το 2013 και συζήτηση µε το σωστÞ τρÞπο που επιτρέπει πληροφÞρηση και παρέµβαση τησ πολιτείασ και τησ κοινωνίασ”, είπε ο κ. Περδίκησ. Επίσησ, εξέφρασε την ανησυχία του για το πάγωµα του διαλÞγου µεταξύ τησ Κυβέρνησησ και των κοινωνικών εταίρων για την ΑΤΑ, επισηµαίνοντασ Þτι η κυβέρνηση προωθεί αργοπορηµένα προτάσεισ.

χρÞνια θα παρουσιαστεί κατά τουσ υπολογισµούσ του Υπουργείου Οικονοµικών ένα έλλειµµα τησ τάξησ των 10 εκ. ευρώ και ήδη η ΤρÞικα µασ έχει προειδοποιήσει Þτι αυτÞ το έλλειµµα θα πρέπει να καλυφθεί, ίσωσ µε την επιβολή κάποιασ άλλησ φορολογίασ. Έχουµε ζητήσει απÞ το Υπουργείο Οικονοµικών να µασ ενηµερώσει ποιεσ είναι οι δικέσ τουσ απÞψεισ σε σχέση µε την κάλυψη αυτού του επιπρÞσθετου ελλείµµατοσ», ανέφερε ο ΠρÞεδροσ τησ Επιτροπήσ, ΝικÞλασ ΠαπαδÞπουλοσ.

™ÙÔ˘˜ 39.510 ·Ó‹Ïı·Ó ÔÈ ¿ÓÂÚÁÔÈ ÙÔÓ √ÎÙÒ‚ÚÈÔ Στισ 39.510 έφθασε τον Οκτώβριο του 2012 ο αριθµÞσ των ανέργων σε σύγκριση µε 38.735 που ήταν το Σεπτέµβριο, µε βάση τα στοιχεία διορθωµένα για εποχικέσ διακυµάνσεισ που δηµοσιοποίησε η Στατιστική Υπηρεσία. Σύµφωνα µε τη Στατιστική Υπηρεσία, µε βάση τα στοιχεία που τηρούνται στα Επαρχιακά Γραφεία Εργασίασ, ο αριθµÞσ των εγγεγραµµένων ανέργων στο τέλοσ Οκτωβρίου 2012, έφτασε τα 34.752 πρÞσωπα. Σε σύγκριση µε τον Οκτώβριο του 2011 η ανεργία σηµείωσε αύξηση 7.805 ατÞµων ή ποσοστÞ 29,0%. Η αύξηση αυτή αποδίδεται κυρίωσ στουσ τοµείσ των κατασκευών (αύξηση 1.774 ανέργων), του εµπορίου (αύξηση 1.692), τησ µεταποίησησ (αύξηση 900), των δραστηριοτήτων υπηρεσιών παροχήσ καταλύµατοσ και υπηρεσιών εστίασησ (αύξηση 704), τησ δηµÞσιασ διοίκησησ (αύξηση 690), καθώσ επίσησ και στουσ νεοεισερχÞµενουσ στην αγορά εργασίασ Þπου σηµειώθηκε αύξηση 446 ανέργων.

O ÕÚÈÛÙÔ˜ ƒÈÚ‹˜ Ó¤Ô˜ ∂ÎÙÂÏÂÛÙÈÎfi˜ Ù˘ Cyta ΑπÞ την 1η Νοεµβρίου 2012, νέοσ Ανώτατοσ ΕκτελεστικÞσ ∆ιευθυντήσ τησ Cyta ανέλαβε ο Άριστοσ Ριρήσ, διαδεχÞµενοσ τον Φώτη Σαββίδη, ο οποίοσ αφυπηρέτησε. Τα τελευταία τρία χρÞνια, ο κ. Ριρήσ διατέλεσε µέλοσ τησ Γενικήσ ∆ιεύθυνσησ, ωσ ένασ απÞ τουσ επτά Ανώτερουσ ∆ιευθυντέσ. Ο Άριστοσ Ριρήσ θεωρείται ωσ ένα απÞ τα πιο έµπειρα και ικανά στελέχη του Οργανισµού, µε ιδιαίτερεσ δυνατÞτητεσ στη διαχείριση του προσωπικού, αλλά και εξαιρετικά έµπειροσ σε θέµατα δικτύων νέασ γενιάσ.

7 ΝΟΕΜΒΡΙΟΥ, 2012

ΧΡΗΜΑ&ΑΓΟΡΑ

ΕΙ∆ΗΣΕΙΣ | 3/15

∆ÚfiÈη Î·È Â·ÓÂÎÙÈÌ‹ÛÂȘ ∞¡∆ø¡∏™ §√π∑√À ∞ÓÙÒÓ˘ §Ô›˙Ô˘ F.R.I.C.S. & ™˘ÓÂÚÁ¿Ù˜ §Ù‰, ∂ÎÙÈÌËÙ¤˜ ∞ÎÈÓ‹ÙˆÓ & ¢È·¯ÂÈÚÈÛÙ¤˜ ŒÚÁˆÓ ∞Ó¿Ù˘Í˘

Ùπωσ θα διαβάσατε στον τύπο, η ΤρÞικα µαζί µε τον εποπτικÞ οίκο των τραπεζών, διεξάγει ενδελεχή έλεγχο για το επίπεδο των εξασφαλίσεων των τραπεζών και ορισµένων συνεργατικών ιδρυµάτων. Έχουν “µπει τα δύο µασ πÞδια σε ένα παπούτσι”, Þπωσ και οι περισσÞτεροι συνάδελφοι, για να καλύψουµε αυτήν την εργασία στον τοµέα µασ και εξετάζοντασ τισ εκατοντάδεσ των εκτιµήσεων που έγιναν πριν και τώρα, επανερχÞµαστε στο θέµα αξίασ αγροτικών τεµαχίων σε σχέση µε την µη αδειοδÞτηση τώρα τησ µεµονωµένησ κατοικίασ. Έχουµε προειδοποιήσει προ 2 µηνών σχεδÞν την ΥπουργÞ Εσωτερικών Þτι το θέµα θα εγερθεί σε σχέση µε τισ εξασφαλίσεισ των χρηµατοδοτικών ιδρυµάτων και άρα θα έχουν έλλειµµα και άρα περαιτέρω επιδείνωση τησ κατάστασησ των τραπεζών κλπ. Ποιεσ είναι λοιπÞν αυτέσ οι τράπεζεσ και τα συνεργατικά; Σε ποιουσ ανήκουν για να τουσ ωθούµε στην καταστροφή; Ανήκουν σε Þλουσ εµάσ αγαπητοί µασ αναγνώστεσ, σε Þλη την Κύπρο και στην Κυπριακή οικονοµία και άρα η ζηµιά είναι για Þλουσ µασ. Εκείνο το οποίο Þµωσ µασ παραξενεύει είναι η µη αντίδραση απÞ το Υπουργείο Εσωτερικών που ίσωσ να µην έχει αντιληφθεί Þτι µια ορθή µεν πολεοδοµική του απÞφαση, αλλά σε αυτήν την στιγµή µε τισ παρενέργειεσ τησ για την Κύπρο στο θέµα αξίεσ ακινήτων και στισ εξασφαλίσεισ/αποταµιεύσεισ είναι καταστροφική. Πωσ είναι δυνατÞν µια Κυβέρνηση η οποία προσπαθεί να περισώσει την οικονοµία, την ίδια ώρα και χωρίσ να λαµβάνει υπÞψη τισ προεκτάσεισ µιασ δικήσ τησ απÞφασησ, να χειροτερεύει την Þλη κατάσταση; Είναι τρελÞ το Þλο θέµα, ανεξήγητο και ασφαλώσ καταστροφικÞ.

Σε τι συγχυσµένη κατάσταση έχει περιπέσει η πρώην ανθούσα Κυπριακή οικονοµία προέρχεται και µερικώσ απÞ αψυχολÞγητεσ αποφάσεισ που επιδείνωσαν την καταστροφή µασ. Αν και γίνεται µια προσπάθεια κάποιασ λογικήσ δικαιολÞγησησ τέτοιου θέµατοσ (κατά πÞσο µπορεί ένασ να κτίσει ή Þχι κατοικία βασίζεται πάνω σε «πολεοδοµικά» και «κοινωνικά» κριτήρια κατά την Πολεοδοµία, αλλά δεν µασ αναφέρουν ποια είναι αυτά. Το ΕΤΕΚ σε πρÞσφατη ανακοίνωση του επί του θέµατοσ στο περιοδικÞ του, ζήτησε Þπωσ επεξηγηθούν αυτά τα «κοινωνικά» και «πολεοδοµικά» κριτήρια, τÞσο για να γνωρίζει το κοινÞ και προσθέτουµε για να υπάρχει οµοιοµορφία στισ αποφάσεισ απÞ τουσ εκάστοτε λειτουργούσ και τον περιορισµÞ τησ διαφθοράσ. ∆ιευκρινίσεισ ζήτησαν οι τράπεζεσ και το συνεργατικÞ κίνηµα, διάφοροι σύνδεσµοι κλπ χωρίσ καµία ανταπÞκριση απÞ το Υπουργείο Εσωτερικών. Για τον λÞγο αυτÞ απευθυνÞµαστε προσ τον ΠρÞεδρο τησ Κυπριακήσ ∆ηµοκρατίασ και τον ΥπουργÞ Οικονοµικών να ενσκήψουν επί του θέµατοσ και να καλέσουν τουσ εµπλεκÞµενουσ (Τράπεζεσ/Συνεργατικά/ Συνδέσµουσ/δανειολήπτεσ) για να τουσ δοθεί κάποια ερµηνεία µια και που το Υπουργείο Εσωτερικών κωφεύει. Ùπωσ αναφερθήκαµε σε προηγούµενο µασ άρθρο, πλέον οι άστοχεσ αποφάσεισ που λαµβάνονται είτε απÞ Κυβερνητικά στελέχη, είτε απÞ Κυβερνητικούσ υπαλλήλουσ, θα πρέπει να φέρουν προσωπική ευθύνη για τέτοια λάθη. Και τι σηµαίνει αυτÞ; Η κυρία Μαύρου θα πρέπει να αποζηµιώσει προσωπικά την Κυπριακή οικονοµία µε ορισµένα δισ ευρώ; Να πωληθεί το σπίτι του Προέδρου στο Κελλάκι και άλλα ή/και τα κτίρια του ΑΚΕΛ; Το πρÞσφατο παράδειγµα στην Ιταλία Þπου οι

∆Ô ∫Ú·ÙÈÎfi §·¯Â›Ô ÛÙÔ ›ÓÙÂÚÓÂÙ Τον ∆ιαδικτυακÞ ΤÞπο του Κρατικού Λαχείου στη διεύθυνση www.lottery.gov.cy παρουσίασε ο ∆ιευθυντήσ του Κρατικού Λαχείου Σταύροσ Μιχαήλ. Παράλληλα ο κ. Μιχαήλ ανακοίνωσε πωσ έχει προχωρήσει ο σχεδιασµÞσ νέων µηχανισµών που παίζονται τα διάφορα παιγνίδια των Ξυστών Λαχείων καθώσ επίσησ και νέα ανακατανοµή βραβείων “ούτωσ ώστε να είµαστε πιο κοντά στισ βέλτιστεσ πρακτικέσ που ακολουθούν τα επιτυχηµένα λαχεία άλλων χωρών. ∆ηλαδή περισσÞτερα λαχεία να κερδίζουν ποσά απÞ 200 µέχρι 2.000 ευρώ.” Τα αναβαθµισµένα Ξυστά Λαχεία θα κυκλοφορήσουν στην αγορά µε τον νέον χρÞνο σταδιακά, µÞλισ εξαντλούνται τα υφιστάµενα αποθέµατα για κάθε τύπο Ξυστού Λαχείου, ανέφερε. Ο κ. Μιχαήλ είπε επίσησ πωσ το 2011 τα καθαρά κέρδη του Κρατικού Λαχείου και απÞ τουσ τρείσ τύπουσ λαχείων που κυκλοφÞρησαν, ανήλθαν στα 18 εκ. ευρώ έναντι 19.7 εκ. ευρώ τον προηγούµενο χρÞνο, δηλαδή τα καθαρά κέρδη µειώθηκαν κατά 1.5 εκ. ευρώ ή ποσοστÞ 7.78% σε σχέση µε τον προηγούµενο χρÞνο. Αν ληφθεί υπÞψη το µέγεθοσ τησ Κυπριακήσ αγοράσ και ο ανταγωνισµÞσ των άλλων τυχερών παιγνιδιών, τα αποτελέσµατα αυτά θεωρούνται πάρα πολύ ικανοποιητικά, ανέφερε.

æËÛÙ·ÚȤ˜ «∫o˘˙›Ó· ∑ÔÚ¿˜ §·Ó›Ù˘» Στην υπογραφή συµφωνίασ για τη σύσταση τησ εταιρίασ Ζorbas Lanitis Food Point Ltd προχώρησαν ο Ùµιλοσ Εταιριών Ζορπάσ και ο Ùµιλοσ Λανίτη (µέσω τησ θυγατρικήσ του εταιρίασ Carob Mill Restaurants). ΣκοπÞσ τησ νέασ εταιρίασ είναι η ανάπτυξη, διαχείριση και προώθηση σηµείων πώλησησ φαγητού ψησταριάσ υπÞ την επωνυµία “Kουζίνα Ζορπάσ Λανίτησ”. Οι ψησταριέσ «Κoυζίνα Ζορπάσ Λανίτησ» θα λειτουργούν τÞσο µέσω αυτÞνοµων καταστηµάτων, Þσο και µέσω υφιστάµενων σηµείων πώλησησ µέσα σε αριθµÞ καταστηµάτων των φούρνων Ζορπάσ. Η νέα αλυσίδα ψησταριών θα παρασκευάζει και θα προσφέρει µία µεγάλη ποικιλία ποιοτικού φαγητού για το σπίτι, αρχικά στη Λευκωσία και ΛεµεσÞ µε προοπτική ανάπτυξησ τησ και στισ άλλεσ πÞλεισ. Ο Ùµιλοσ Εταιριών Ζορπάσ διαθέτει εκτεταµένο δίκτυο φούρνων σε Þλεσ τισ πÞλεισ, καθώσ επίσησ και σηµεία πώλησησ φαγητού ψησταριάσ σε αριθµÞ καταστηµάτων του υφιστάµενου δικτύου . Η Carob Mill Restaurants είναι ιδιοκτήτρια τησ υφιστάµενησ αλυσίδασ ψησταριών «Koυζίνα» στη ΛεµεσÞ, Þπωσ επίσησ και σειράσ εστιατορίων και άλλων χώρων εστίασησ.

Κυβερνητικοί υπάλληλοι τησ υπηρεσίασ γεωλογίασ οι οποίοι δεν προέβλεψαν τον βαθµÞ ενÞσ σεισµού, καταδικάστηκαν σε 7 χρÞνια φυλάκιση απÞ το ανώτατο δικαστήριο. Υπάρχει παρÞµοια απÞφαση στην Ελλάδα περί προσωπικήσ ευθύνησ ενÞσ ταχυδρÞµου και του ∆ιευθυντή τησ υπηρεσίασ, για µια επιστολή που δεν παραδÞθηκε έγκαιρα στον παραλήπτη. Ùπωσ ανακοινώσαµε πριν, λÞγω αυτήσ τησ αδράνειασ, αναθέσαµε στο ∆ικηγορικÞ Γραφείο Τάσου ΠαπαδÞπουλου Þπωσ αποστείλει προειδοποιητική επιστολή στην ΥπουργÞ Εσωτερικών για εξηγήσεισ προσ το παρÞν χωρίσ καµία απάντηση. Θα λάβουµε δικαστικά µέτρα διÞτι πιστεύουµε Þτι πρÞκειται περί «απÞκρυψησ δηµÞσιασ πληροφÞρησησ». ΤαυτÞχρονα θα αποταθούµε στο Επίτροπο ∆ιοίκησησ µήπωσ και αυτÞσ καταφέρει να εκµαιεύσει απÞ τα «άδυτα» του Υπουργείου µια κάποια απάντηση. Θα απευθυνθούµε και στην Επιτροπή Εσωτερικών τησ Βουλήσ εισ µια προσπάθεια εγγραφήσ του θέµατοσ στην Βουλή. Ùλα αυτά τα αχρείαστα προσ τι;

7 ΝΟΕΜΒΡΙΟΥ, 2012

ΧΡΗΜΑ&ΑΓΟΡΑ

4/16 | ΕΙ∆ΗΣΕΙΣ

K·È ÙÒÚ· ÂÓÈ·›· ÙÚ·Â˙È΋ ÂÔÙ›· ΜΙΧΑΛΗΣ ΚΑΜΜΑΣ ΓενικÞσ ∆ιευθυντήσ Σύνδεσµοσ Τραπεζών Κύπρου

Παρά τισ έντονεσ συζητήσεισ αλλά και τισ προσπάθειεσ που έγιναν σε διάφορα επίπεδα για ενδυνάµωση τησ ευρωπαϊκήσ ολοκλήρωσησ, ο αρχικÞσ σχεδιασµÞσ του ευρωπαϊκού οικοδοµήµατοσ δεν προέβλεπε την εποπτεία του τραπεζικού τοµέα απÞ την Ευρωπαϊκή Κεντρική Τράπεζα (ΕΚΤ). Βάσει τησ Συνθήκησ, η ΕΚΤ είναι υπεύθυνη µÞνο για την άσκηση τησ ενιαίασ νοµισµατικήσ και συναλλαγµατικήσ πολιτικήσ στη ζώνη του ευρώ. Συνεπώσ, η εποπτεία του χρηµατοπιστωτικού τοµέα στην επικράτεια τησ ΕΕ αλλά και στισ 17 µέχρι σήµερα χώρεσ του ενιαίου νοµίσµατοσ, παρέµενε στισ εθνικέσ κεντρικέσ τράπεζεσ Þπωσ αντίστοιχα, η δηµοσιονοµική πολιτική αφορούσε κυρίωσ τισ εθνικέσ κυβερνήσεισ. Τα κενά τησ ενιαίασ ευρωπαϊκήσ αγοράσ τα οποία ανέδειξε κατά τρÞπο έντονο η παγκÞσµια χρηµατοοικονοµική κρίση και η επιδείνωση των προβληµάτων των κρατών µελών τησ Οικονοµικήσ και Νοµισµατικήσ Ένωσησ (ΟΝΕ), επιχειρούν σήµερα να καλύψουν οι αρχηγοί κρατών τησ Ευρωπαϊκήσ Ένωσησ και δη τησ ζώνησ του ευρώ. Εν µέσω τησ χειροτέρευσησ των οικονοµικών και χρηµατοοικονοµικών συνθηκών στη ζώνη του ευρώ, το ΕυρωπαϊκÞ Συµβούλιο αποφάσισε στισ 29 Ιουνίου 2012 και έδωσε σαφή εντολή στην Ευρωπαϊκή Επιτροπή να προχωρήσει τάχιστα µε τη δηµιουργία τησ

Ευρωπαϊκήσ Τραπεζικήσ Ένωσησ (Banking Union) και να τη θέσει σε εφαρµογή - τουλάχιστον σε πρώτο στάδιο - απÞ την 1η Ιανουαρίου 2013. Για τη λειτουργία τησ Ευρωπαϊκήσ Τραπεζικήσ Ένωσησ έχουν τεθεί αυστηρέσ προϋποθέσεισ: 1. ∆ηµιουργία Ενιαίασ Εποπτικήσ Αρχήσ στην Ευρωπαϊκή Ένωση. Το ρÞλο αυτÞ θα αναλάβει η ΕΚΤ δια µέσου τησ πρÞτασησ τησ Ευρωπαϊκήσ Επιτροπήσ για δηµιουργία Ενιαίου Εποπτικού Μηχανισµού ΕΕΜ, (Single Supervisory Mechanism). Προκειµένου η ΕΚΤ να ασκήσει ενιαία εποπτεία, απαιτούνται κοινοί εποπτικοί κανÞνεσ τουσ οποίουσ έχει αναλάβει να ετοιµάσει η Ευρωπαϊκή Τραπεζική Αρχή (ΕΤΑ).

2. ∆ηµιουργία Φορέα Εξυγίανσησ (Resolution Authority) προβληµατικών χρηµατοπιστωτικών ιδρυµάτων.

3. ∆ηµιουργία Υπερεθνικού Ταµείου για τη χρηµατοδÞτηση κενών που προκύπτουν, εφÞσον αποφασιστεί η διευθέτηση προβληµατικών πιστωτικών ιδρυµάτων και 4. ΕυρωπαϊκÞ εθνικÞ σύστηµα εγγύησησ καταθέσεων. Σηµαντική εξέλιξη είναι Þτι απÞ τη στιγµή που θα αρχίσει η λειτουργία του Ενιαίου Εποπτικού Μηχανισµού, δηλ. θα αναλάβει η ΕΚΤ την εποπτεία Þλων των τραπεζών στην Ευρωζώνη, ο ΕυρωπαϊκÞσ ΜηχανισµÞσ ΣταθερÞτητασ (EΜΣ) θα µπορούσε να ανακεφαλαιοποιεί απ’ ευθείασ τα χρηµατοπιστωτικά ιδρύµατα χωρών τησ Ευρωζώνησ, που παρουσιάζουν προβλήµατα χωρίσ να επιβαρύνεται το δηµÞσιο χρέοσ των χωρών αυτών. Κάτι τέτοιο δεν θα επιβαρύνει το δηµÞσιο χρέοσ των κρατών µελών απÞ τα

οποία προέρχονται τα πιστωτικά ιδρύµατα που θα ανακεφαλαιοποιούνται άµεσα απÞ τον ΕΜΣ. Μέσα στο νέο πλαίσιο που θα διαµορφωθεί απÞ τη λειτουργία του Ευρωπαϊκού Εποπτικού Μηχανισµού, Þσον αφορά τα πιστωτικά ιδρύµατα που θα δραστηριοποιούνται στην Ευρωζώνη, η προσπάθεια είναι Þπωσ ακολουθηθεί το κάτωθι χρονοδιάγραµµα: 1. ΑπÞ 01/01/2013 η ΕΚΤ θα έχει την εποπτική αρµοδιÞτητα των χρηµατοπιστωτικών ιδρυµάτων που έχουν λάβει ή έχουν ήδη ζητήσει να λάβουν ενίσχυση απÞ το κράτοσ.

2. ΑπÞ 01/07/2013 θα υπαχθούν στην εποπτική αρµοδιÞτητα τησ ΕΚΤ τα χρηµατοπιστωτικά ιδρύµατα που θεωρούνται συστηµικά (SIFIs) και 3. ΑπÞ 01/01/2014 θα υπαχθούν Þλα τα χρηµατοπιστωτικά ιδρύµατα. Σηµειώνεται Þτι οι Εθνικέσ Εποπτικέσ Αρχέσ θα συνεχίσουν να λειτουργούν και τα καθήκοντα τουσ θα είναι αυτά που δεν έχει αναλάβει στα πλαίσια των εποπτικών αρµοδιοτήτων τησ η ΕΚΤ. Για παράδειγµα, οι Εθνικέσ Εποπτικέσ Αρχέσ θα είναι υπεύθυνεσ για θέµατα προστασίασ του καταναλωτή, την προφύλαξη του τραπεζικού συστήµατοσ απÞ ξέπλυµα βρώµικου χρήµατοσ, την εποπτεία χρηµατοπιστωτικών ιδρυµάτων απÞ τρίτεσ χώρεσ τα οποία λειτουργούν ωσ υποκαταστήµατα ή προσφέρουν διασυνοριακέσ πληρωµέσ (µέσα απÞ ένα κράτοσ µέλοσ). Επισηµαίνεται επίσησ, Þτι για τη λειτουργία του Φορέα Εξυγίανσησ προβληµατικών χρηµατοπιστωτικών ιδρυµάτων υπάρχουν τρεισ προϋποθέσεισ: α. Χρειάζεται να υπάρχει Ενιαία

Ευρωπαϊκή Εποπτική Αρχή, β. Να υπάρχει και να λειτουργεί πλαίσιο διαχείρισησ Κρίσεων σε ευρωπαϊκÞ επίπεδο. γ. Να υπάρχει διαµοιρασµÞσ τησ οποιασδήποτε δηµοσιονοµικήσ επιβάρυνσησ µεταξύ των κρατών µελών. Είναι αντιληπτÞ Þτι η δηµιουργία τησ Τραπεζικήσ Ένωσησ δηµιουργεί νέα δεδοµένα στο εγχείρηµα τησ προσπάθειασ για την Ευρωπαϊκή ολοκλήρωση. Καθ’ Þτι υπάρχουν ακÞµη αρκετά θέµατα που θα πρέπει να διευκρινιστούν τÞσο Þσον αφορά στην ουσία, αλλά και τισ διαδικασίεσ που θα ακολουθηθούν για να κτιστεί ένα ισχυρÞ και ενοποιηµένο εποπτικÞ και ρυθµιστικÞ τραπεζικÞ σύστηµα την Ευρωπαϊκή Ένωση, είναι σηµαντικÞ Þπωσ υπάρξει και στη χώρα µασ ανάλογη ενηµέρωση και διαβούλευση µεταξύ των εµπλεκοµένων θεσµικών οργάνων του κράτουσ και των χρηµατοπιστωτικών ιδρυµάτων σε σχέση µε το θέµα αυτÞ. Το νέο σύστηµα που θα δηµιουργηθεί θα πρέπει να βασίζεται σε Þσο το δυνατÞν πιο εναρµονισµένουσ κανÞνεσ σε σχέση µε το πλαίσιο που θα διέπει θέµατα κεφαλαιακήσ επάρκειασ, ρευστÞτητασ κλπ. Η δηµιουργία και υιοθέτηση κοινών κανÞνων εποπτείασ και ίσησ µεταχείρισησ µεταξύ των χρηµατοπιστωτικών ιδρυµάτων θα πρέπει να είναι αδιαµφισβήτητη. Με αυτÞ τον τρÞπο θα εξασφαλιστεί το ζητούµενο, που είναι η δηµιουργία ενÞσ ισχυρού και αποτελεσµατικού συστήµατοσ που θα µπορεί να χρηµατοδοτεί την πραγµατική οικονοµία, δηµιουργώντασ ανάπτυξη. * Οι θέσεισ που εκφράζονται είναι αυστηρά προσωπικέσ

ƒ√ª¶√∆π∫∏ Ã∂πƒ√Àƒ°π∫∏

∆Ô ·ÚfiÓ Î·È ÙÔ Ì¤ÏÏÔÓ Ù˘ È·ÙÚÈ΋˜ ÛÙËÓ ∫‡ÚÔ ¢ƒ ¢∏ª∏∆ƒ∏™ ¢∏ª∏∆ƒπ√À ÃÂÈÚÔ‡ÚÁÔ˜ √˘ÚÔÏfiÁÔ˜ ∞Ó‰ÚÔÏfiÁÔ˜ ∂ÈÎÂÊ·Ï‹˜ √Ì¿‰·˜ ƒÔÌÔÙÈ΋˜ ÃÂÈÚÔ˘ÚÁÈ΋˜ ∂˘Úˆ·˚ÎÔ‡ √˘ÚÔÏÔÁÈÎÔ‡ ∫¤ÓÙÚÔ˘, πÔÎÚ·Ù›Ԣ ¡ÔÛÔÎÔÌ›Ԣ

Το παρÞν και το µέλλον τησ ιατρικήσ, είναι η ροµποτική, η πιο επαναστατική χειρουργική µέθοδο στον κÞσµο. Η πρωτοποριακή µέθοδοσ Da Vinci, ανοίγει νέουσ δρÞµουσ στο τοµέα τησ περίθαλψησ και τησ υγείασ, καθώσ αποτελεί την πιο σύγχρονη εξέλιξη τησ λαπαροσκοπικήσ και ελάχιστα τραυµατικήσ χειρουργικήσ παγκοσµίωσ. Η ιστορία τησ ροµποτικήσ χειρουργικήσ αρχίζει προσ το τέλοσ τησ δεκαετίασ του ’90. Η «συνεργασία» τησ ηλεκτρονικήσ, µηχανικήσ και πληροφορικήσ επιστήµησ, δηµιουργούν τη ροµποτική χειρουργική, η οποία ξεπερνά και τουσ τελευταίουσ περιορισµούσ τησ συµβατικήσ λαπαροσκÞπησησ. Το πρώτο στον κÞσµο σύστηµα ροµποτικήσ χειρουργικήσ Da Vinci, εγκρίθηκε απÞ το FDA τον Ιούλιο του 2000. Σήµερα, χρησιµοποιούνται ανά τον κÞσµο (ΗΠΑ, Ευρώπη, Ασία) περισσÞτερα απÞ 870 Ροµποτικά χειρουργικά συστήµατα Da Vinci, εκ των οποίων πάνω απÞ 180 στην Ευρώπη, 7 στην Ελλάδα και 1 στην Κύπρο. Η ροµποτική χειρουργική, στη χώρα µασ εφαρµÞζεται τα τελευταία τέσσερα χρÞνια, στο ΕυρωπαϊκÞ ΟυρολογικÞ Κέντρο, του Ιπποκρατείου Νοσοκοµείου, δίνοντασ τη δυνατÞτητα στουσ Κύπριουσ ασθενείσ, να επωφεληθούν απÞ τα σηµαντικά πλεονεκτήµατα τησ µεθÞδου. Η εξειδικευµένη ιατρική οµάδα του Κέντρου, εφαρµÞζοντασ το σύστηµα υψηλήσ τεχνολογίασ Da Vinci, έχει διενεργήσει µε απÞλυτη επιτυχία πέραν των 200 επεµβάσεων

ριζικήσ προστατεκτοµήσ, σε αντίστοιχο αριθµÞ ασθενών µε καρκίνο του προστάτη, ενώ συνολικά διενεργήθηκαν πέραν των 250 επεµβάσεων σε ασθενείσ µε ουρολογικέσ παθήσεισ. Η ροµποτική χειρουργική µεγιστοποιεί τισ δυνατÞτητεσ των χειρουργών και καθιστά τισ χειρουργικέσ επεµβάσεισ λιγÞτερο επώδυνεσ και πιο ασφαλείσ για τουσ ασθενείσ. Η διαδικασία τησ επέµβασησ είναι σχεδÞν αναίµακτη και χωρίσ τραύµα, καθώσ οι µεγάλεσ χειρουργικέσ τοµέσ αντικαθίστανται απÞ τοµέσ λίγων χιλιοστών στο σώµα του ασθενούσ. Επίσησ η διάρκεια τησ αναισθησίασ είναι µικρÞτερη σε σύγκριση µε τισ συµβατικέσ µεθÞδουσ, η απώλεια αίµατοσ, οι επιπλοκέσ, ο µετεγχειρητικÞσ πÞνοσ και η δυσφορία ελαχιστοποιούνται, ενώ οι ηµέρεσ νοσηλείασ µειώνονται σηµαντικά. Οι ασθενείσ επανέρχονται σε πολύ σύντοµο χρÞνο στισ καθηµερινέσ τουσ συνήθειεσ και δραστηριÞτητεσ, ενώ παράλληλα διασφαλίζεται ένα άρτιο αισθητικÞ αποτέλεσµα.

H ροµποτική χειρουργική αλλάζει τα δεδοµένα και για τουσ χειρουργούσ, καθώσ πραγµατοποιούν πολύπλοκουσ χειρισµούσ, που στο παρελθÞν δεν ήταν εφικτοί και οι επεµβάσεισ είναι πιο ασφαλείσ και αποτελεσµατικέσ. ΕιδικÞτερα στισ ριζικέσ προστατεκτοµέσ, η ροµποτική είναι σήµερα η µÞνη µέθοδοσ που σχεδÞν εκµηδενίζει τισ κυριÞτερεσ παρενέργειεσ των προστατεκτοµών που πραγµατοποιούνταν µε την παραδοσιακή «ανοιχτή» µέθοδο, δηλαδή τη συχνή εµφάνιση στυτικήσ δυσλειτουργίασ και ακράτειασ. ΑυτÞ συµβαίνει γιατί εξαλείφεται η πιθανÞτητα τραυµατισµών των περιφερειακών οργάνων και των νεύρων που είναι υπεύθυνα για τη στυτική λειτουργία και την ούρηση. ΕκτÞσ απÞ την ουρολογία, που η εφαρµογή τησ θεωρείται πρÞτυπη, η ροµποτική χει-

ρουργική εφαρµÞζεται και σε άλλεσ ειδικÞτητεσ τησ χειρουργικήσ Þπωσ στη γενική χειρουργική, γυναικολογική χειρουργική, καρδιοχειρουργική θωρακοχειρουργική (ολική ενδοσκοπική εγχείριση µοσχεύµατοσ bypass στεφανιαίασ αρτηρίασ), αγγειοχειρουργική (αποκατάσταση ανευρύσµατοσ κοιλιακήσ αορτήσ), επεµβάσεισ νοσογÞνου παχυσαρκίασ (γαστρικÞ bypass, δακτύλιοσ LAP-BAND, sleeve gastrectomy), παιδιατρική χειρουργική, µεταµÞσχευση νεφρού και χειρουργική ενδοκρινών αδένων.

Tο Σύστηµα Da Vinci, πραγµατοποιεί Þλο το φάσµα των λαπαροσκοπικών εγχειρήσεων, αλλά και µεγάλο ποσοστÞ των µέχρι σήµερα παραδοσιακά επεµβατικών εγχειρήσεων.

O χειρουργÞσ κάθεται στην κονσÞλα, µέσα στη χειρουργική αίθουσα αλλά σε απÞσταση απÞ τον ασθενή και χειρίζεται τα χειρουργικά εργαλεία των βραχιÞνων, που εισάγονται µε µικροτοµέσ λίγων χιλιοστών στο σώµα του ασθενούσ απÞ τη χειρουργική οµάδα. Στη συνέχεια, έχοντασ τρισδιάστατη εικÞνα απÞ την κονσÞλα, ο χειρουργÞσ κινεί µε ειδικά χειριστήρια τουσ βραχίονεσ. Κάθε βραχίονασ είναι συνδεδεµένοσ µε ένα χειρουργικÞ εργαλείο και στον κεντρικÞ βραχίονα βρίσκεται η κάµερα. Xάρη στην τεχνολογία EndoWrist, οι βραχίονεσ του Da Vinci διαθέτουν πολύ µεγαλύτερη ευελιξία απÞ τον

καρπÞ του ανθρώπινου χεριού, φτάνοντασ σε περιστροφή 360ο.

Tο σύστηµα Da Vinci µεγεθύνει το χειρουργικÞ πεδίο έωσ και 15 φορέσ, διευρύνοντασ ουσιαστικά τισ δυνατÞτητεσ τησ ανθρώπινησ Þρασησ και επιτρέποντασ στον χειρουργÞ να κάνει λεπτοµερείσ, ακριβείσ και πιο σταθερέσ κινήσεισ.

O χειρουργÞσ χρησιµοποιεί τα χέρια του αλλά και πεντάλ για να ελέγχει την κάµερα, να ρυθµίζει την εστίαση και να προσαρµÞζει τη θέση των βραχιÞνων του ροµπÞτ.

Tο ροµπÞτ δεν αντικαθιστά τον χειρουργÞ, αλλά δρα ωσ συνεργάτησ υπÞ τον πλήρη έλεγχο και την καθοδήγησή του, χωρίσ τον κίνδυνο να αναλάβει πρωτοβουλίεσ απÞ µÞνο του. Αποτελεί ένα νέο, σηµαντικÞ εργαλείο και εφÞδιο, που διευκολύνει το έργο του χειρουργού και δηµιουργεί τισ προϋποθέσεισ για πιο αποτελεσµατικέσ επεµβάσεισ.

7 ΝΟΕΜΒΡΙΟΥ, 2012

ΧΡΗΜΑ&ΑΓΟΡΑ

ΕΙ∆ΗΣΕΙΣ | 5/17

∆Ú›· ·ÓÂÍ¿ÚÙËÙ· ̤ÏË ÛÙËÓ ∆Ú¿Â˙· ∫‡ÚÔ˘ Στον διορισµÞ τριών νέων ανεξάρτητων µελών προχώρησε η Τράπεζα Κύπρου, συµπληρώνοντασ τισ κενέσ θέσεισ στο 18µελέσ διοικητικÞ τησ συµβούλιο. Ο διορισµÞσ των νέων µελών τροχιοδροµήθηκε µετά την αποχώρηση το καλοκαίρι του διευθύνοντοσ συµβούλου Ανδρέα Ηλιάδη, του προέδρου ΘεÞδωρου Αριστοδήµου και του ανεξάρτητου συµβούλου Μάνθου Μαυροµµάτη. Το ∆ιοικητικÞ Συµβούλιο τησ τράπεζασ αποφάσισε τον διορισµÞ των Τάκη Αράπογλου, Τάκη Ταουσιάνη και Πανίκου Πούρου ωσ µη εκτελεστικών και ανεξαρτήτων µελών του ∆ιοικητικού Συµβουλίου. O διορισµÞσ θα αποκτήσει ισχύ µε την σχετική έγκριση τησ Κεντρικήσ Τράπεζασ τησ Κύπρου. Ο κ. Αράπογλου είναι ∆ιευθύνων Σύµβουλοσ των τραπεζικών δραστηριοτήτων τησ επενδυτικήσ τράπεζασ EFG Hermes και µέλοσ του ∆ιοικητικού Συµβουλίου τησ EFG Hermes Holdings. ∆ιετέλεσε ΠρÞεδροσ και ∆ιευθύνων Σύµβουλοσ τησ Εθνικήσ

Τράπεζασ τησ Ελλάδοσ, καθώσ και του Οµίλου Ιονικήσ Τράπεζασ. Εργάστηκε επίσησ σε διευθυντικέσ θέσεισ στη Citicorp Investment Bank, τη Chase Investment Bank, την American Express Bank Ltd καθώσ και σε διάφορουσ οργανισµούσ τÞσο στην Ελλάδα Þσο και στο εξωτερικÞ. Ο κ. Ταουσιάνησ, διετέλεσε ΓενικÞσ ∆ιευθυντήσ του Οµίλου HSBC Κύπρου και ∆ιευθύνων Σύµβουλοσ τησ Κυπριακήσ Τράπεζασ Αναπτύξεωσ. Εργάζεται ωσ σύµβουλοσ επιχειρήσεων και είναι µέλοσ ∆ιοικητικών Συµβουλίων διαφÞρων οργανισµών. Ο κ. Πούροσ διετέλεσε ΓενικÞσ ∆ιευθυντήσ του Γραφείου Προγραµµατισµού, του Υπουργείου Γεωργίασ, Φυσικών ΠÞρων και Περιβάλλοντοσ και του Υπουργείου Εξωτερικών (Γενική ∆/νση Ευρωπαϊκήσ Ένωσησ). Υπηρέτησε και συνεχίζει να υπηρετεί σε ∆ιοικητικά Συµβούλια διαφÞρων οργανισµών και ιδρυµάτων.

√ ∫ÒÛÙ·˜ µ·Í‚¿Ó˘ ÛÙËÓ ∫‡ÚÔ Την προσωπική του άποψη για το ιδιαίτερα επίκαιρο θέµα του ρÞλου τησ δηµοσιογραφίασ σε καιρούσ κρίσησ θα καταθέσει ο γνωστÞσ δηµοσιογράφοσ Κώστασ Βαξεβάνησ την Πέµπτη, 8 Νοεµβρίου 2012 στο Πανεπιστήµιο Κύπρου. Να σηµειωθεί Þτι αθώο έκρινε το ΑυτÞφωρο Μονοµελέσ Πληµµελειοδικείο Αθηνών τον γνωστÞ δηµοσιογράφο για τη δηµοσιοποίηση τησ λίστασ Λαγκάρντ. Ο εισαγγελέασ είχε προτείνει την ενοχή του, κάνοντασ λÞγο για διαπÞµπευση και διασυρµÞ υπÞληψησ ανθρώπων. Οπωσ ανέφερε, «ο Κώστασ Βαξεβάνησ µασ λέει «άρον-άρον σταύρωσον αυτούσ” και αυτÞ δεν αποτελεί λύση στο πρÞβληµα τησ χώρασ. Σε µια κοινωνία που ζητάει αίµα µετέτρεψε τη χώρα σε ένα Κολοσσαίο και πέταξε µέσα ανθρώπουσ και υπολήψεισ» δηµοσιοποιώντασ την περιβÞητη λίστα Λαγκάρντ Ο δηµοσιογράφοσ στην απολογία του υποστήριξε Þτι «η δηµοσιοποίηση ενÞσ ονÞµατοσ και η σχέση µε την τράπεζα δεν είναι προσωπικÞ δεδοµένο. Οι συναλλαγέσ µε τισ τράπεζεσ είναι δηµÞσιεσ και Þταν τισ κάνουµε δεν φοράµε κουκούλα». Σύµφωνα µε τη βιβλιογραφία, σε µια ιδανική κοινωνία ο ρÞλοσ τησ δηµοσιογραφίασ είναι η καταγραφή τησ αλήθειασ, µε τη λιγÞτερη δυνατή βλάβη, και χωρίσ τον επηρεασµÞ απÞ εξωγενή συµφέροντα. ΤαυτÞχρονα,

βεβαίωσ, οι λειτουργοί των ΜΜΕ πρέπει να είναι υπÞλογοι στουσ αναγνώστεσ τουσ. Ποιοσ είναι ο ρÞλοσ που έχουν να διαδραµατίσουν τα Μέσα Μαζικήσ Επικοινωνίασ και οι λειτουργοί τουσ σε µια εποχή που οι αξίεσ κλονίζονται, τα δεδοµένα αναθεωρούνται και η εµπιστοσύνη του κοινού απέναντι στου θεσµούσ έχει κλονιστεί καθιστώντασ τη διαφάνεια πιο σηµαντική απÞ ποτέ; Ποιοσ είναι ο βαθµÞσ επηρεασµού τησ κοινήσ γνώµησ; Υπάρχει πραγµατικά ελευθερία του Τύπου; Η εκδήλωση θα λάβει χώρα στο Κέντρο Κοινωνικών ∆ραστηριοτήτων του Πανεπιστηµίου Κύπρου, στην Πανεπιστηµιούπολη (Λ. Πανεπιστηµίου 1, Αγλαντζιά), την Πέµπτη, 8 Νοεµβρίου 2012 στισ 18:30. Η εκδήλωση διοργανώνεται απÞ το Γραφείο Αποφοίτων του Πανεπιστηµίου Κύπρου. Για δηλώσεισ συµµετοχήσ το κοινÞ µπορεί να καλεί στο τηλ. 22894320. Πληροφορίεσ: 22894366.

∂ÚÁÔ‰fiÙËÛË 2400 ·Ó¤ÚÁˆÓ ÛÙȘ ÂÎÏÔÁ¤˜ Περίπου 2.400 άνεργοι πτυχιούχοι αναµένεται Þτι θα εργοδοτηθούν κατά τη διαδικασία ψηφοφορίασ για τισ προεδρικέσ εκλογέσ του 2013, σύµφωνα µε τον Προϊστάµενο τησ Υπηρεσίασ Εκλογών του Υπουργείου Εσωτερικών ∆ηµήτρη ∆ηµητρίου. Tο θέµα αναµένεται να ξεκαθαρίσει οριστικά σήµερα, Þταν το υπουργείο Εσωτερικών θα έχει στα χέρια του τισ τελικέσ τοποθετήσεισ των κοινοβουλευτικών θεµάτων επί του θέµατοσ. «Η πρώτη αντίδραση ήταν θετική αλλά ήθελαν κάποια απÞ τα κÞµµατα να δουν τι διαδικασίεσ θα βάλουµε κάτω σε Þ,τι αφορά το ζήτηµα και τουσ έχω στείλει επιστολή την Παρασκευή µε περιθώριο µέχρι σήµερα

Τετάρτη να µασ δώσουν τισ τελικέσ τοποθετήσεισ», σηµείωσε ο κ. ∆ηµητρίου. Οι εκλογέσ του 2013 θα διεξαχθούν την Κυριακή, 17η Φεβρουαρίου. Αν υπάρξει δεύτεροσ γύροσ εκλογών, τÞτε θα επαναληφθούν και την Κυριακή 24 Φεβρουαρίου. Ερωτηθείσ ποια θα είναι τα κριτήρια επιλογήσ των ανέργων πτυχιούχων, είπε πωσ «επειδή το σκηνικÞ δεν είναι οριστικοποιηµένο απÞλυτα δεν θέλει να πει κάποια πράγµατα». Η δέσµευση, συνέχισε, είναι Þτι θα είναι άνεργοι και πτυχιούχοι και απÞ Þσουσ θα επιλέξουµε για στελέχωση θα ζητήσουµε να µασ προσκοµίσουν βεβαίωση απÞ το υπουργείο Εργασίασ Þτι είναι εγγεγραµµένοι άνεργοι.

7 ΝΟΕΜΒΡΙΟΥ, 2012

ΧΡΗΜΑ&ΑΓΟΡΑ

6/18 | ∆ΙΕΘΝΗ

πÛÔÚÚÔ›Â˜ ÙÚfiÌÔ˘ ÛÙËÓ ÈÛÔÙÈÌ›· ∂˘ÚÒ - ¢ÔÏ·Ú›Ô˘ ∂Ó fi„ÂÈ ÌÂÁ¿Ï˘ ‚‰ÔÌ¿‰·˜ ÁÈ· ∂˘ÚÒË Î·È ∏¶∞ Ë ÈÛÔÙÈÌ›· ∂˘ÚÒ – ¢ÔÏ·Ú›Ô˘ ÎÈÓÂ›Ù·È Û ÏÂÙ¤˜ ÈÛÔÚÚÔ›Â˜ Ì ÙȘ ÔÏÈÙÈΤ˜ ÂÍÂÏ›ÍÂȘ Ó· ηıÔÚ›˙Ô˘Ó ÙËÓ ‚Ú·¯˘ÚfiıÂÛÌË Ù¿ÛË ¡π∫√™ ªπÃ∞∏§π¢∏™ Foreign Exchange Analyst Email: michailidisn@aol.com

Πτωτικά κινήθηκε την εβδοµάδα που µασ πέρασε η ισοτιµία Ευρώ – ∆ολαρίου φλερτάροντασ τα πολύ κρίσιµα σηµεία του 1.28. Συγκεκριµένα η ισοτιµία απÞ τα 1.2950 τησ περασµένησ εβδοµάδοσ διολίσθησε µέχρι και τα 1.2760 για να διορθώσει στην συνέχεια κοντά στα 1.2800 Þπου και κινείται τισ τελευταίεσ ηµέρεσ. Η ισοτιµία πλέον βρίσκεται πολύ κοντά στα πολύ κρίσιµα επίπεδα στήριξησ του 1.2800 επίπεδα τα οποία αν υποχωρήσουν θα ανατρέψουν την βραχυπρÞθεσµη ανοδική τάση τησ ισοτιµίασ και θα ανοίξουν τον δρÞµο για τα 1.2500. Βεβαίωσ Þλα αυτά συµβαίνουν σε µια πάρα πολύ κρίσιµη εβδοµάδα Þσο αφορά τισ εξελίξεισ απÞ Ευρώπη και ΗΠΑ, εξελίξεισ που εν πολλήσ θα κρίνουν και την ισοτιµία. Μια γεµάτη εβδοµάδα µε αρχή τισ Αµερικάνικεσ εκλογέσ Þπου Mitt Romney και Barack Obama αναµετρÞνται σε µια πολύ αµφίρροπη εκλογική µάχη για το χρίσµα του προέδρου στισ ΗΠΑ. Αν και η οικονοµική πολιτική των ΗΠΑ δεν χαράζεται απÞ τον εκάστοτε πρÞεδρο και εδικά η νοµισµατική πολιτική εντούτοισ µια πιθανή νίκη του Barack Obama πιθανÞν να δώσει ώθηση στισ χρηµαταγορέσ και ωσ εκ τούτου πολύ πιθανÞν να βοηθήσει και το Ευρώ, έστω βραχυπρÞθεσµα. Επίσησ οι αναλυτέσ σηµειώνουν Þτι µετά τισ εκλογέσ η προσοχή των επενδυτών θα στραφεί στο λεγÞµενο «δηµοσιονοµικÞ γκρεµÞ» ιδίωσ εάν ο Μπαράκ Οµπάµα καταφέρει

να κερδίσει τισ προεδρικέσ εκλογέσ και οι Ρεπουµπλικάνοι κερδίσουν το Κογκρέσο. Ωσ εκ τούτου σηµαντικÞσ δεν θα είναι µÞνο ο νικητήσ αλλά και η διαφορά εκλογήσ ανάµεσα στουσ δύο υποψηφίουσ. Αν η διαφορά είναι µικρή, τÞτε υπάρχουν ακÞµη λιγÞτερεσ πιθανÞτητεσ να λυθεί το µείζον ζήτηµα του «δηµοσιονοµικού γκρεµού». Για αυτÞ το λÞγο, εξίσου σηµαντικά είναι και τα αποτελέσµατα των εκλογών για τη Γερουσία. ΕκτÞσ απÞ τισ Αµερικάνικεσ εκλογέσ, στην Ευρώπη Þλη προσοχή είναι στραµµένη στην Ελλάδα Þπου έχουµε την κρίσιµη ψηφοφορία στο ελληνικÞ κοινοβούλιο των νέων µέτρων λιτÞτητασ. Μπορεί τισ τελευταίεσ ηµέρεσ να ακούστηκαν πολλά περί του κινδύνου καταψήφισησ των µέτρων, καθώσ το ΠΑΣΟΚ καταγράφει σηµαντικέσ διαρροέσ και η ∆ΗΜΑΡ έχει δηλώσει Þτι θα καταψηφίσει τα µέτρα, λÞγω τησ αντίθεσήσ τησ στα εργασιακά, απÞ την άλλη Þµωσ θεωρούµε πωσ η ψήφιση των µέτρων έχει κλειδώσει. Ùσα λέγο-

νται και γράφονται είναι πιο πολύ για λαϊκή κατανάλωση αφού πλέον οι έλληνεσ πολιτικοί σκέφτονται την επÞµενη µέρα. Μια επÞµενη µέρα που βρίσκει την Ελλάδα σε πολύ χειρÞτερη µοίρα απÞ την αµέσωσ προηγούµενη. Είναι εξαιρετικά δύσκολο - απÞ Þποια πλευρά και να εξεταστεί - το πωσ η Ελλάδα θα αποπληρώσει τα χρέη τησ, χωρίσ να λάβει νέα βοήθεια, µέσω κινήσεων µείωσησ του χρέουσ τησ. Η Ελλάδα είναι αφερέγγυα και αν δεν γίνει σηµαντικÞτατο κούρεµα του χρέουσ τησ θα οδηγηθεί στη χρεοκοπία. Το θέµα είναι πωσ και πÞτε αυτÞ θα συµβεί. Και αν ακÞµα υποθέσουµε πωσ γίνει νέο κούρεµα θα πρέπει απαραιτήτωσ ΕΚΤ και ∆ΝΤ να συµµετάσχουν µε τα ελληνικά οµÞλογα που κατέχουν στα χαρτοφυλάκιά τουσ αφού η Ελλάδα είναι απίθανο να κατορθώσει να αποπληρώσει το σύνολο του χρέουσ τησ. Ειδικά σε µια χώρα που παράγει συνεχώσ ύφεση, ύφεση η οποία χειροτερεύει µε τα συνεχÞµενα σκληρά µέτρα λιτÞτητασ και εξαθλίωσησ. Αν η Ελλάδα αφεθεί στην µοίρα τησ οι πιθανÞτητεσ για µια ελληνική έξοδο απÞ το ευρώ είναι πολύ µεγάλεσ πράγµα που αν επιτευχθεί δεν θα είναι η µοναδική περίπτωση στην Ευρωζώνη. Το πιθανÞτερο είναι χώρεσ Þπωσ η Πορτογαλία και η Ιρλανδία ακÞµα και η Ισπανία να ακολουθήσουν αφού η Ελλάδα θα θεωρηθεί ωσ κακÞ προηγούµενο. Τεχνικά αν η ισοτιµία συνεχίσει να κινείται κάτω απÞ τα 1.28 µέχρι το τέλοσ τησ εβδοµάδασ αυτÞ θα σηµατοδοτήσει το τέλοσ τησ ανοδική τησ τάσησ και είναι πολύ πιθανÞν τισ αµέσωσ επÞµενεσ εβδοµάδεσ η ισοτιµία να διολισθήσει µέχρι και τα 1.25 ακÞµα. ΑπÞ την άλλη µε τÞσεσ σηµαντικέσ πολιτικέσ εξελίξεισ να τρέχουν αυτή την εβδοµάδα απαιτείται µεγάλη προσοχή αφού η µεταβλητÞτητα θα κτυπήσει και πάλι κÞκκινο και τα τεχνικά δεδοµένα τησ ισοτιµίασ µπορούν ανά πάσα στιγµή να ανατραπούν.

™ÙȘ €23.000 ÙÔ Ì‹Ó· ÔÈ ·ÔÏ·‚¤˜ Ù˘ ª¤ÚÎÂÏ Ο ηγέτησ τησ γερµανικήσ σοσιαλδηµοκρατικήσ αντιπολίτευσησ (SPD), Ζίγκµαρ Γκάµπριελ, εκτίµησε πωσ η καγκελάριοσ Άνγκελα Μέρκελ δεν κερδίζει αρκετά χρήµατα καθώσ ο µεικτÞσ µισθÞσ τησ ωσ επικεφαλήσ τησ κυβέρνησησ είναι λίγο πάνω απÞ 17.000 ευρώ το µήνα. “∆εν το βρίσκω φυσιολογικÞ µια Γερµανίδα καγκελάριοσ να κερδίζει λιγÞτερα απÞ έναν διευθυντή ταµιευτηρίου µεσαίου µεγέθουσ”, δήλωσε ο Γκάµπριελ, Τον Μάιο, η καγκελάριοσ και οι υπουργοί τησ αποφάσισαν να αυξήσουν για πρώτη φορά εδώ και δώδεκα χρÞνια το µισθÞ τουσ. Οι απολαβέσ τησ καγκελαρίου, των υπουργών και των υφυπουργών τησ, αναµένεται να αυξηθούν κατά 5,7% σε τρία στάδια έωσ τον Αύγουστο του 2013. Η Άνγκελα Μέρκελ (που ηγείται τησ κυβέρνησησ απÞ το 2005) αναµένεται να εισπράξει έωσ τα µέσα του 2013 περίπου 17.016 ευρώ το µήνα για τη δραστηριÞτητά τησ ωσ καγκελάριοσ. Καθώσ είναι επίσησ εκλεγµένη βουλευτήσ, οι απολαβέσ τησ φθάνουν περίπου τα 23.000 ευρώ µεικτά το µήνα.

G20: ∞˘ÍË̤ÓÔÈ ÔÈ Î›Ó‰˘ÓÔÈ ÛÙËÓ ·ÁÎfiÛÌÈ· ·Ó¿Ù˘ÍË Η οµάδα των είκοσι (G-20) αναµένεται να δηλώσει Þτι οι ρυθµοί τησ παγκÞσµιασ ανάπτυξησ παραµένουν “µέτριοι” και Þτι οι κίνδυνοι είναι “αυξηµένοι”. Η πληροφορία αυτή βασίζεται στο προσχέδιο του τελικού ανακοινωθέντοσ το οποίο θα δοθεί στη δηµοσιÞτητα µετά την ολοκλήρωση των συνοµιλιών των υπουργών Οικονοµικών τησ G-20 στο ΜεξικÞ. Στο προσχέδιο σηµειώνεται Þτι οι κίνδυνοι περιλαµβάνουν πιθανέσ καθυστερήσεισ στην εφαρµογή των αποφάσεων που έλαβαν πρÞσφατα οι Ευρωπαίοι ηγέτεσ, µια ενδεχÞµενη απÞτοµη δηµοσιονοµική σύσφιξη στισ ΗΠΑ και την Ιαπωνία, πιο αδύναµη ανάπτυξη σε ορισµένεσ αναδυÞµενεσ αγορέσ και νέα σοκ προσφοράσ σε ορισµένεσ αγορέσ εµπορευµάτων, αναφέρει στο πρακτορείο η πηγή.

¶¤ÓÙ ¯ÚfiÓÈ· ı· ‰È·ÚΤÛÂÈ Ë ÎÚ›ÛË Tώρα Þσον αφορά την κρίση και Þχι τον µισθÞ τησ η Αγκελα Μέρκελ εκτιµά Þτι πέντε χρÞνια θα διαρκέσει η κρίση του ευρώ. «Πρέπει να κρατήσουµε την αναπνοή µασ για πέντε χρÞνια ή περισσÞτερο», δήλωσε η καγκελάριοσ. «Πολλοί επενδυτέσ δεν πιστεύουν πωσ θα µπορέσουµε να κρατήσουµε τισ υποσχέσεισ µασ στην Ευρώπη”, υπογράµµισε, προτού προσθέσει: “πρέπει να επιδείξουµε αυστηρÞτητα για να πείσουµε τον κÞσµο πωσ είναι επικερδέσ να επενδύει στην Ευρώπη”. Πριν απÞ µια κρίσιµη ευρωπαϊκή σύνοδο κορυφήσ στισ 24 και 25 Νοεµβρίου στισ Βρυξέλλεσ, η Άνγκελα Μέρκελ θα έχει διαδοχικέσ συναντήσεισ µε ευρωπαίουσ ηγέτεσ. Σήµερα Τετάρτη αναµένεται να εκφωνήσει µια οµιλία ενώπιον του Ευρωπαϊκού Κοινοβουλίου, προτού συναντηθεί µε τον βρετανÞ πρωθυπουργÞ Ντέιβιντ Κάµερον το ίδιο βράδυ.

Στισ 12 Νοεµβρίου µεταβαίνει στην Πορτογαλία ενώ στισ 15 Νοεµβρίου υποδέχεται τον γάλλο πρωθυπουργÞ ΖανΜαρκ ΕρÞ.

ÀÔ¯ˆÚ› ÙÔ Â˘ÚÒ ¤Ó·ÓÙÈ ÙÔ˘ ‰ÔÏ·Ú›Ô˘ ∫Àƒπ∞∫√™ √ƒ∂π¡√™ Treasury Division, Alpha Bank Cyprus Ltd Υποχώρηση στο χαµηλÞτερο επίπεδο των τελευταίων δύο µηνών παρουσιάζει την τρέχουσα εβδοµάδα το ευρωπαϊκÞ νÞµισµα έναντι του δολαρίου καθώσ τυγχάνει διαπραγµάτευσησ στα $1,2770 Αρνητικά επηρεάζεται το ευρώ απÞ την αβεβαιÞτητα σχετικά µε τη ψήφιση των οικονοµικών µέτρων απÞ το ΕλληνικÞ Κοινοβούλιο. Σηµειώνεται Þτι ο Ευρωπαίοσ Επίτροποσ Οικονοµικών και Νοµισµατικών Υποθέσεων ανέφερε Þτι θα πρέπει να οριστικοποιηθεί η συµφωνία για το πρÞγραµµα τησ Ελλάδασ στη σύσκεψη των Υπουργών Οικονοµικών τησ Ευρωζώνησ στισ 12 Νοεµβρίου. Επίσησ αρνητικά επηρεάζεται το ευρώ απÞ την αβεβαιÞτητα σχετικά µε την αίτηση ή Þχι οικονοµικήσ βοήθειασ απÞ την Ισπανία λÞγω των δηµοσιονοµικών τησ προβληµάτων. Εντούτοισ, η ενίσχυση του δολαρίου περιορίζεται λÞγω των διαφορετικών εκτιµήσεων για τον αντίκτυπο του αποτε-

λέσµατοσ των Προεδρικών εκλογών στη δηµοσιονοµική και νοµισµατική πολιτική των ΗΠΑ. Σηµειώνεται Þτι ο δείκτησ υπηρεσιών ISM στισ ΗΠΑ υποχώρησε τον Οκτώβριο καταδεικνύοντασ ωστÞσο ανάπτυξη του τοµέα για 34ο συνεχή µήνα. Οι νέεσ θέσεισ εργασίασ µη συµπεριλαµβανοµένου του αγροτικού τοµέα ενισχύθηκαν τον Οκτώβριο καταδεικνύοντασ Þτι η τάση βελτίωσησ στην αγορά εργασίασ διατηρείται. Επίσησ οι βιοµηχανικέσ παραγγελίεσ κατέγραψαν σε µηνιαία βάση το Σεπτέµβριο τη µεγαλύτερη ενίσχυση απÞ τον Μάρτιο του 2011. Σε µια άλλη εξέλιξη, στην Ευρωζώνη ο δείκτησ επενδυτικήσ εµπιστοσύνησ Sentix διαµορφώθηκε το Νοέµβριο στισ 18,8 µονάδεσ έναντι -22,2 που ήταν τον Οκτώβριο. Το ∆ΝΤ δήλωσε Þτι αναµένει την οικονοµία τησ Γαλλίασ να αναπτυχθεί οριακά κατά 0,40% το 2013 και ανέφερε Þτι η χώρα έχει ενισχύσει την αξιοπιστία τησ δηµοσιονοµικήσ τησ πολιτικήσ. Προτρέπει ωστÞσο, τη Γαλλία να αντιµετωπίσει το πρÞβληµα τησ χαµηλήσ ανταγωνιστικÞτητασ τησ χώρασ και να προβεί σε µεταρρυθµίσεισ στην αγορά εργασίασ. Επιπλέον, σύµφωνα µε δηµοσίευµα, η Καγκελάριοσ τησ Γερµανίασ εκτίµησε Þτι θα χρειασθούν περισσÞτερα απÞ πέντε έτη προκειµένου να αντιµετωπισθεί η οικονοµική κρίση στην Ευρώπη.

7 ΝΟΕΜΒΡΙΟΥ, 2012

ΧΡΗΜΑ&ΑΓΟΡΑ

ΕΛΛΑ∆Α | 7/19

¶ÏËÛÈ¿˙Ô˘Ì ÙËÓ 12Ë ¡ÔÂÌ‚Ú›Ô˘, ÏÈÁÔÛÙÂ‡Ô˘Ó Ù· ÏÂÊÙ¿ Σαφή προειδοποίηση Þτι έωσ τισ 12 Νοεµβρίου πρέπει να έχουν ψηφιστεί Þλα τα µέτρα ώστε η δÞση των 31,5 δισ. ευρώ να εκταµιευθεί το αργÞτερο στα τέλη Νοεµβρίου, απηύθυνε το ελληνικÞ υπουργείο Οικονοµικών. Την ίδια ώρα πάντωσ, παράταση των διαπραγµατεύσεων µε την τρÞικα έωσ και τα τέλη Νοεµβρίου δεν αποκλείει το γερµανικÞ περιοδικÞ Focus, υπογραµµίζοντασ πωσ η χώρα ξεµένει απÞ ρευστÞ σε περίπου δύο εβδοµάδεσ και πρέπει να αναζητηθεί λύση για την κάλυψη µεγάλων λήξεων εντÞκων γραµµατίων, στισ 16 Νοεµβρίου. Με τα δεδοµένα που έχουν διαµορφωθεί µέχρι στιγµήσ, στην καλύτερη περίπτωση και εφÞσον έχουν ψηφιστεί τα µέτρα, ο προϋπολογισµÞσ του 2013 και το βαρύ πακέτο των επώδυνων µέτρων για την περίοδο 2013 - 2016, το Eurogroup τησ 12ησ Νοεµβρίου θα ανάψει το «πράσινο φωσ» για την εκταµίευση τησ δÞσησ των 31,5 δισ. ΑπÞ εκεί και πέρα, η διαδικασία τησ αποδέσµευσησ θα απαιτήσει κάποιο διάστηµα ηµερών, περίπου 5 - 10 ηµερών, γεγονÞσ που εγείρει ζήτηµα για την Ελλάδα, καθώσ στισ 16 Νοεµβρίου θα πρέπει να πληρωθούν λήξεισ εντÞκων γραµµατίων αξίασ 5 δισ. ευρώ,

ώστε να αποφευχθεί πιστωτικÞ γεγονÞσ στη χώρα. ΠρÞκειται για έντοκα που είχαν εκδοθεί τον Αύγουστου, ώστε να καλυφθεί οµÞλογο που έληγε και ήταν στην κατοχή τησ Ευρωπαϊκήσ Κεντρικήσ Τράπεζασ. ΑναφερÞµενο στο συγκεκριµένο θέµα, το γερµανικÞ περιοδικÞ Focus σηµείωνε πωσ µια λύση θα ήταν µια συµφωνία µε την ΕΚΤ για επέκταση τησ ωρίµασησ των συγκεκριµένων τίτλων. Το ζήτηµα συναρτάται άµεσα µε την έκβαση των συνοµιλιών στο κρίσιµο Eurogroup τησ 12ησ Νοεµβρίου: ΕφÞσον εκεί αποφασιστεί η εκταµίευση τησ νέασ δÞσησ, θα µπορούσε να υπάρξει και µια διευθέτηση µε την ΕΚΤ για την κάλυψη των λήξεων τησ 16ησ Νοεµβρίου, µε δεδοµένο Þτι στην παρούσα φάση κανείσ δεν φαίνεται διατεθειµένοσ να ρισκάρει ένα πιστωτικÞ γεγονÞσ στην Ελλάδα. Στο πλαίσιο αυτÞ, θα µπορούσε είτε να δοθεί παράταση ενÞσ µήνα ή να υπάρξουν νέεσ εκδÞσεισ εντÞκων γραµµατίων βραχυπρÞθεσµησ διάρκειασ για να καλυφθεί το ποσÞ και να πληρωθεί µε την εκταµίευση τησ δÞσησ, µε τη σύµφωνη γνώµη τησ ΕΚΤ.

µye, bye ¢ÚÒ Â¿Ó ‰ÂÓ ÎÏ›ÛÂÈ Ë Û˘Ìʈӛ· Την εθνική αναγκαιÞτητα να µείνει αρραγέσ το µέτωπο των δυνάµεων που συγκροτούν τον κυβερνητικÞ συνασπισµÞ στην Ελλάδα και έχουν «συνυπογράψει» Þτι θα διασφαλίσουν την παραµονή τησ χώρασ στο ευρώ προτάσσει ο Αντώνησ Σαµαράσ, λίγεσ ώρεσ πριν απÞ την σηµερινή κρίσιµη ψηφοφορία.

£¤ÏÂÈ ÂÎÏÔÁ¤˜ Ô ∆Û›Ú·˜ Η αβεβαιÞτητα για την υπερψήφιση των µέτρων και κατά συνέπεια τη «βιωσιµÞτητα» και την «µακροηµέρευση» του κυβερνητικού συνασπισµού επέτρεψαν στον αρχηγÞ τησ αξιωµατικήσ αντιπολίτευσησ Αλέξη Τσίπρα να διαπιστώσει Þτι «σε λιγÞτερο απÞ πέντε µήνεσ ξεφτιλίζουν τη δική τουσ προγραµµατική συµφωνία» πωσ «η κυβέρνηση καταρρέει» και πωσ ήρθε η ώρα «αυτή η κυβέρνηση να φύγει». Επιχειρώντασ να διασκεδάσει τισ εντυπώσεισ που προκάλεσε η πρÞσφατη δηµÞσια συζήτηση ανάµεσα στα στελέχη του κατά πÞσο ο ΣΥΡΙΖΑ είναι έτοιµοσ να κυβερνήσει ο κ. Τσίπρασ ζήτησε εκλογέσ λέγοντασ: «Σε αυτή τη κρίσιµη καµπή για το τÞπο και για το λαÞ, µÞνο µια λύση υπάρχει και είναι πολιτική λύση: Εκλογέσ» και διαµήνυσε την ετοιµÞτητα του κÞµµατÞσ του να αναλάβει τα ηνία τησ χώρασ µε τη φράση «Και θέλουµε και µπορούµε και θα το τολµήσουµε».

™ÙÔ˘ÚÓ¿Ú·˜: ŒÓ· Ï¿ıÔ˜ Î·È ¿Ì Û ¯ÚÂÔÎÔ›· «Οι επÞµενεσ εβδοµάδεσ, είναι εξαιρετικά κρίσιµεσ. Γιατί ένα λάθοσ στισ σταθµισµένεσ επιλογέσ µασ, µπορεί να οδηγήσει σε άτακτη χρεοκοπία και εκτÞσ Ευρωζώνησ µε απρÞβλεπτα δεινά για την Ελλάδα», υπογράµµισε ο υπουργÞσ Οικονοµικών Γιάννησ Στουρνάρασ. Έχοντασ κατά νου τισ δυσκολίεσ των κυβερνητικών συγκατοίκων που αντιµετωπίζουν ορατά προβλήµατα στισ κοινοβουλευτικέσ τουσ οµάδεσ ο κ. Στουρνάρασ παραδέχθηκε Þτι «η δέσµη αυτών των µέτρων έρχεται σωρευτικά στισ µεγάλεσ θυσίεσ και βάρη που επιβάρυναν τον ελληνικÞ λαÞ τα τελευταία χρÞνια». ΠρÞσθεσε, ωστÞσο, Þτι «κάποιοι λένε Þτι αυτÞ που αντιµετωπίζουµε σήµερα, είναι ένασ ωµÞσ εκβιασµÞσ. ∆υστυχώσ Þµωσ αυτή είναι µια ωµή πραγµατικÞτητα. Ποτέ άλλοτε στην πρÞσφατη Κοινοβουλευτική ∆ηµοκρατία

οι βουλευτέσ και µέσω αυτών το Έθνοσ δεν κλήθηκαν να πάρουν τÞσο δύσκολεσ αποφάσεισ. Έχω Þµωσ την πεποίθηση Þτι Þλοι θα σταθούν στο ύψοσ των περιστάσεων». Ενισχύοντασ τη γραµµή Σαµαρά, υποσχέθηκε Þτι η σκληρή δέσµη µέτρων που θα τεθεί σε ψηφοφορία σήµερα Τετάρτη, «είναι η τελευ-

∞ÈÛÈfi‰ÔÍÔ˜ Ô ŸÏÈ ƒÂÓ ÂÓfi„ÂÈ ∂urogroup Ο ΑντιπρÞεδροσ τησ Ευρωπαϊκήσ Επιτροπήσ Ùλι Ρεν παραµένει αισιÞδοξοσ για λήψη αποφάσεων σχετικά µε την Ελλάδα στη συνεδρίαση του Εurogroup, στισ 12 Νοεµβρίου, δήλωσε στισ Βρυξέλλεσ ο εκπρÞσωποσ του Σάιµον ‘Ο ΚÞνορ. Ερωτηθείσ σχετικά, ο εκπρÞσωποσ υπενθύµισε τη δήλωσε που έκανε ο Ολι Ρεν στο ΜεξικÞ, Þπου βρισκÞταν για τη συνεδρίαση τησ οµάδασ G20, σύµφωνα µε την οποία «βρισκÞµαστε στο σωστÞ δρÞµο για λήψη αποφάσεων τη ∆ευτέρα». ΠρÞσθεσε Þτι ο κ. Ρεν παραµένει αισιÞδοξοσ Þτι θα ληφθούν οι αποφάσεισ που είναι απολύτωσ αναγκαίεσ για την Ελλάδα. ∆ηλώσεισ έκανε και ο Γάλλοσ ΠρÞεδροσ Φρανσουά Ολάντ, ο οποίοσ ερωτηθείσ σχετικά µε το εάν η Ελλάδα θα λάβει τη δÞση, ώστε να πληρώσει το χρέοσ τησ πριν τισ 16 Νοεµβρίου, απάντησε: «ΕργαζÞµαστε προσ αυτή την κατεύθυνση, το Eurogroup ετοιµάζεται για την ηµεροµηνία αυτή, οι συνοµιλίεσ συνεχίζονται και ο στÞχοσ είναι να επιτραπεί στην Ελλάδα, εάν συµφωνήσει στισ προσπάθειεσ που τησ ζητούνται, να παραµείνει στην ευρωζώνη και να λάβει τη βοήθεια που περιµένει». Σύµφωνα µε πηγέσ τησ Ευρωζώνησ στη

βελγική πρωτεύουσα, το ζήτηµα που αποτελεί αντικείµενο σηµαντικών διαφωνιών µεταξύ των Ευρωπαίων εταίρων και του ∆ΝΤ είναι αυτÞ τησ βιωσιµÞτητασ του δηµÞσιου χρέουσ και πωσ καταβάλλονται σηµαντικέσ προσπάθειεσ προσέγγισησ των απÞψεων µέχρι τη ∆ευτέρα. Οι ίδιεσ πηγέσ υπογράµµιζαν Þτι οι Ευρωπαίοι εταίροι συµφωνούν µεταξύ τουσ σχετικά µε την επÞµενη δÞση των 31,2 δισ. ευρώ, η οποία µπορεί να είναι µεγαλύτερη, καθώσ και µε τη χορήγηση στην Ελλάδα µιασ διετούσ επιµήκυνσησ τησ δηµοσιονοµικήσ προσαρµογήσ. Αναφορικά µε τη χρηµατοδÞτηση τησ επιµήκυνσησ, η οποία εκτιµάται σε περίπου 30 δισ. ευρώ, Þλα δείχνουν Þτι θα προέλθει απÞ έναν συνδυασµÞ και των τριών σεναρίων που βρίσκονται σήµερα στο «τραπέζι» του Eurogroup. ∆ηλαδή, την παράταση τησ προθεσµίασ αποπληρωµήσ των διµερών δανείων που έλαβε Ελλάδα απÞ τισ χώρεσ τησ Ευρωζώνησ στο πλαίσιο του πρώτου προγράµµατοσ, την περαιτέρω µείωση των επιτοκίων των εν λÞγω δανείων, καθώσ και την επαναγορά απÞ την Ελλάδα οµολÞγων στη δευτερογενή αγορά σε τιµέσ χαµηλÞτερεσ τησ ονοµαστικήσ τουσ αξίασ.

ταία που καλείται να λάβει η κυβέρνηση» και απευθυνÞµενουσ στουσ µικρÞτερουσ κυβερνητικούσ εταίρουσ, επισήµανε «κάναµε πολλά. Σηκώσαµε τεράστια βάρη και µείναµε Þρθιοι. Γι’ αυτÞ πιστεύω Þτι είναι άδικο και παράλογο για µασ και τισ µελλοντικέσ γενιέσ να εγκαταλείψουµε τώρα την προσπάθεια, τώρα που οι συνθήκεσ έχουν ξεκινήσει να αλλάζουν». Αντίθετα µάλιστα απÞ Þ,τι τον επικρίνει η αξιωµατική αντιπολίτευση, ισχυρίστηκε, Þτι «η ελληνική πλευρά πέτυχε µέσα απÞ την διαπραγµάτευση µε την τρÞικα και επιδιώκει να επιτύχει και άλλα» και ανέφερε ενδεικτικά: Ο κ. Στουρνάρασ αναγνώρισε Þτι «η µεγαλύτερη του αναµενοµένου ύφεση, οι καθυστερήσεισ στην προώθηση των διαρθρωτικών αλλαγών, η έλλειψη ιδιωτικοποιήσεων και λÞγω τησ φηµολογίασ Þτι θα γυρίσουµε στη

δραχµή καθώσ και η αβεβαιÞτητα λÞγω τησ παρατεταµένησ προεκλογικήσ περιÞδου, έχουν φέρει το πρÞγραµµα εκτÞσ πορείασ». Ùµωσ συµπλήρωσε αισιÞδοξα, Þτι χάρη στισ θυσίεσ των πολιτών, η χώρα έχει επιτύχει τα 2/3 τησ δηµοσιονοµικήσ προσαρµογήσ, µολονÞτι, πριν απÞ λίγο καιρÞ, Þπωσ παρατήρησε «φαινÞταν να έχει πάρει την άγουσα για την δραχµή». Το 2013, σύµφωνα µε τισ εκτιµήσεισ του, «θα είναι έτοσ καµπήσ για την επανεκκίνηση τησ οικονοµίασ, µε δεδοµένο Þτι αναµένεται βελτίωση τησ χρηµατοδÞτησησ και λÞγω τησ εισροήσ κεφαλαίων απÞ την Ευρώπη, αλλά και τησ αναδιάρθρωσησ και ανακεφαλαιοποίησησ του τραπεζικού τοµέα, Þπωσ και τησ εξάλειψησ των αβεβαιοτήτων για τη πορεία τησ χώρασ».

∆¤ÏÔ˜ ÛÙȘ ·ÂÚÁȷΤ˜ Û˘ÁÎÂÓÙÚÒÛÂȘ Ολοκληρώθηκε η απεργιακή συγκέντρωση του ΠΑΜΕ στην Αθήνα ενώ στο Σύνταγµα κατέληξε η απεργιακή συγκέντρωση των ΓΣΕΕ – Α∆Ε∆Υ, Þπωσ και αυτή του Συντονισµού Πρωτοβάθµιων Σωµατείων του Ιδιωτικού και του ∆ηµοσίου Τοµέα. Ο ΠρÞεδροσ τησ ΚΟ του ΣΥΡΙΖΑ – ΕΚΜ, ο οποίοσ συµµετείχε στη συγκέντρωση των ΓΣΕΕ – Α∆Ε∆Υ δήλωσε: «Η τρικοµµατική κοινοπραξία του µνηµονίου, προκειµένου να γαντζωθεί στην εξουσία, παραδίδει τη χώρα ενέχυρο στουσ δανειστέσ. Παραδίδει την κοινωνία στην πυρά του τρίτου µνηµονίου. Ξεφτιλίζουν και καταρρακώνουν το Σύνταγµα και τη ∆ηµοκρατία. Μετατρέπουν τη Βουλή σε µια λέσχη επικύρωσησ των διαταγµάτων τησ τρÞικα. Ζητάµε εκλογέσ. Εκλογέσ τώρα για να σταµατήσει η καταστροφή. Για να µιλήσει ο λαÞσ, για να σωθεί ο λαÞσ απÞ τη νέα τυραννία.» Οι ΠρÞεδροι τησ ΓΣΕΕ και τησ Α∆Ε∆Υ απεύθυναν έκκληση στουσ βουλευτέσ να καταψηφίσουν το νοµοσχέδιο µε τα µέτρα και συµπλήρωσαν Þτι οι κινητοποιήσεισ θα συνεχιστούν και θα ενταθούν. Την ίδια ώρα, στη Θεσσαλονίκη σε µια πορεία ενώθηκαν και οι τρεισ απεργιακέσ συγκεντρώσεισ που πραγµατοποιήθηκαν. Οι

διαδηλωτέσ του ΠΑΜΕ τέθηκαν στην κεφαλή τησ απεργιακήσ πορείασ και ακολουθούν οι διαδηλωτέσ που ανταποκρίθηκαν στο κάλεσµα του Εργατικού Κέντρου Θεσσαλονίκησ και στο τέλοσ οι απεργοί του Συντονισµού Πρωτοβάθµιων Σωµατείων. Στο ΒÞλο, µπροστά στο γραφείο του Προέδρου τησ Βουλήσ Þπου παραδÞθηκε και ψήφισµα, ολοκληρώθηκε η απεργιακή πορεία που πραγµατοποίησαν το ΕργατικÞ Κέντρο ΒÞλου και η Α∆Ε∆Υ, στην οποία προστέθηκαν και οι διαδηλωτέσ του Συντονισµού Πρωτοβάθµιων Σωµατείων. Ξεχωριστή συγκέντρωση πραγµατοποίησε στην Πλατεία Πανεπιστηµίου το ΠΑΜΕ. Σε κατάληψη του κτιρίου τησ Περιφέρειασ Κρήτησ προχώρησαν οι συνδικαλιστέσ του Εργατικού Κέντρου Ηρακλείου και τησ Α∆Ε∆Υ, οι οποίοι ανήρτησαν και µεγάλο πανÞ κατά του νοµοσχεδίου µε τα νέα µέτρα. Τέλοσ, η ΓΕΝΟΠ ∆ΕΗ, η οποία απÞ τα ξηµερώµατα άρχισε 48ωρεσ επαναλαµβανÞµενεσ απεργίεσ ενάντια στο πολυνοµοσχέδιο µε τα µέτρα, έγινε γνωστÞ Þτι έθεσε εκτÞσ λειτουργίασ πέντε µονάδεσ ηλεκτροπαραγωγήσ: τισ µονάδεσ ΜεγαλÞπολη 4, Λαύριο 4, Αγ. ∆ηµήτριοσ 5, Καρδιά και Αµύνταιο, συνολικήσ ισχύοσ 1642 µεγαβάτ.

7 ΝΟΕΜΒΡΙΟΥ, 2012

ΧΡΗΜΑ&ΑΓΟΡΑ

8/20 | ΑΓΟΡΑ

Century Travel: ¡¤Ô ¤ÓÙ˘Ô ÔÏ˘ÙÂÏÒÓ ÎÚÔ˘·˙È¤ÚˆÓ Η εξειδικευµένη εταιρεία πολυτελών ταξιδιών Century Travel έχει κυκλοφορήσει το νέο τησ Έντυπο Πολυτελών κρουαζιερών «Ο ΚÞσµοσ τησ Κρουαζιέρασ 2013-2014», παρουσιάζοντασ µοναδικά ταξίδια µε 4στερα, 5στερα και 6στερα κρουαζιερÞπλοια. Περιλαµβάνει δροµολÞγια σε Þλο τον κÞσµο, στουσ πιο µαγευτικούσ προορισµούσ, Þπωσ την Αυστραλία, τη Νέα Ζηλανδία, την Αλάσκα και το ΝÞτιο ΕιρηνικÞ ΩκεανÞ, τη Βαλτική και τα Νορβηγικά ΦιÞρδ, την Καραϊβική, το Ντουµπάι και τα Ηνωµένα Αραβικά Εµιράτα, την Άπω Ανατολή, τη ΜεσÞγειο, τη ∆ιώρυγα του Παναµά και τη ΝÞτιο Αµερική. Η Προσφορά Έγκαιρησ Κράτησησ τησ Century Travel ξεκινά απÞ 4999 ευρώ και µε µια αποκλειστική έκπτωση 5% λÞγω τησ κυκλοφορίασ του εντύπου για οποιαδήποτε κρουαζιέρα µε τη Silversea για κρατήσεισ µέχρι τισ 30 Νοεµβρίου 2012. Για περισσÞτερεσ πληροφορίεσ σχετικά µε τα προϊÞντα και τισ υπηρεσίεσ τησ Century Travel αλλά και επιπρÞσθετεσ αποκλειστικέσ εκπτώσεισ µπορείτε να καλείτε στο 70 000 970 ή να επισκεφθείτε την ιστοσελίδα www.centurycyprus.com. Η Century Travel ιδρύθηκε στην Κύπρο το 2008, µετά απÞ 30 χρÞνια εµπειρίασ στην Τουριστική Βιοµηχανία του Ηνωµένου Βασιλείου.

∞ÓÔÈÎÙfi Î·È ÙÔ ¡Ô¤Ì‚ÚÈÔ ÙÔ Sunrise Pearl Ανοικτέσ θα κρατήσει τισ πύλεσ του και τον Νοέµβριο, το υπερπολυτελέσ ξενοδοχείο Sunrise Pearl, του Οµίλου Ξενοδοχείων Sunrise. Μια κίνηση που εντάσσεται στην προσπάθεια για επιµήκυνση τησ τουριστικήσ περιÞδου και αποτελεσµατική αντιµετώπιση τησ µάστιγασ τησ εποχικÞτητασ του τουρισµού. Η απÞφαση του Οµίλου Ξενοδοχείων Sunrise, αναµένεται να δώσει επιπλέον ανάσεσ στην τουριστική κίνηση τησ ελεύθερησ Αµµοχώστου, σε µια περίοδο Þπου τα πλείστα ξενοδοχεία του Πρωταρά µπαίνουν σε χειµερινή νάρκη. Το high-tech Sunrise Pearl, το οποίο ξεκίνησε τη λειτουργία του πριν απÞ τέσσερισ µήνεσ, βρίσκεται στην παραλία του Πρωταρά, ακριβώσ δίπλα απÞ το Sunrise Hotel και διαθέτει, µεταξύ άλλων, 99 deluxe δωµάτια, 10 junior suites µε ιδιωτική πρÞσβαση σε πισίνα, τρία εστιατÞρια τρία µπαρ και τέσσερισ εξωτερικέσ πισίνεσ, δύο απÞ τισ οποίεσ αποκλειστικά για χρήση απÞ ενήλικεσ. Επίσησ, στο ξενοδοχείο λειτουργεί το µεγαλύτερο κέντρο παροχήσ εξειδικευµένων υπηρεσιών SPA στην περιοχή. ΠερισσÞτερεσ πληροφορίεσ µπορείτε να βρείτε στην ιστοσελίδα www.sunrise.com.cy

GrillMan: N¤· ˘ÁÈÂÈÓ¿ Á‡̷ٷ Ì ‚¿ÛË ÙÔ ÎÔÙfiÔ˘ÏÔ Η εταιρία GrillMan λανσάρει µια νέα σειρά γευµάτων µε κύριο συστατικÞ το κοτÞπουλο. Η νέα αυτή σειρά είναι ειδικά σχεδιασµένη για υγιεινά γεύµατα και διατροφή. Παρασκευασµένα µε γνήσια συστατικά, τα νέα αυτά γεύµατα δεν περιέχουν συντηρητικά και είναι χαµηλά σε λιπαρά και αλάτι. Ù,τι πρέπει δηλαδή για µια καλή διατροφή γεµάτη θρεπτικέσ ουσίεσ! Τα νέα γεύµατα GrillMan είναι γεµάτα γεύση και απÞλαυση! Τα νέα γεύµατα GrillMan, που διατίθενται σε επιλεγένεσ υπεραγορέσ, είναι τα εξήσ: ΚοτÞπουλο σε ξυλάκι, µαριναρισµένο κοτÞπουλο, κυπριακήσ προέλευσησ, σε ξυλάκι µε µπύρα και ήπια µπαχαρικά. Λωρίδεσ κοτÞπουλου, ένα παραδοσιακÞ µεσογειακÞ µείγµα µε κοτÞπουλο (φιλέτο) και λευκÞ κρασί και άλλα συστατικά. ΚοτÞπουλο nuggets, τα οποία αποτελούνται απÞ 100% φιλέτο κοτÞπουλο παναρισµένο µε ψωµί. Κοµµάτια κοτÞπουλου, τα οποία αποτελούνται απÞ µια ποικιλία απÞ µαριναρισµένα κοµµάτια κοτÞπουλου µε κÞκαλο για φούρνο ή στα κάρβουνα.

ŸÙ·Ó Ë ·Ó·Î¿Ï˘„Ë Û˘Ó·ÓÙ¿ÂÈ ÙË ‰ËÌÈÔ˘ÚÁÈÎfiÙËÙ· Οι γυναίκεσ έχουν ραντεβού µε τον χρÞνο, Þταν φοράνε το νέο µοντέλο JaegerLeCoutre: Rendez Vous. Η κολεξιÞν αυτή ενσαρκώνει την 180χρονη τεχνογνωσία τησ Jaeger-LeCoutre και αποτελεί την επιτοµή τησ γοητείασ, συνδυάζοντασ την τεχνική και την αισθητική, µ’ έναν αφοπλιστικά φυσικÞ τρÞπο. Η γυναικεία πλευρά του ρολογιού αυτού είναι επίσησ εµφανήσ απÞ τισ λεπτοµέρειεσ του σχεδιασµού του, ενώ η τέλεια συνδυασµένη θήκη και καντράν του, αποτελούν την τέλεια βάση για τη µηχανική κίνησή του. Η αυτÞµατη κίνησή του που έχει δηµιουργηθεί, αναπτυχθεί και συναρµολογηθεί στα εργαστήρια τησ Jaeger-LeCoutre, ο δείκτησ που υποδεικνύει τη µέρα και τη νύκτα καθώσ και η ανάγλυφη επιφάνειά του αντικατοπτρίζουν τισ παραδÞσεισ τησ υψηλήσ ωρολογοποιίασ. Η δε σφενδÞνη του απÞ διαµάντια, φωτίζει το κάθε λεπτÞ που περνά. Ο κÞσµοσ τησ Jaeger-LeCoutre είναι ένασ κÞσµοσ χωρίσ συµβιβασµούσ, Þπου η οµορφιά και η φινέτσα εκφράζονται µέσα απÞ τον κάθε κτύπο του µηχανισµού αυτού του ρολογιού.

§·˚΋: √È Ù˘¯ÂÚÔ› Ù˘ οÚÙ·˜ What’s up 18+ Mε κλήρωση που έγινε στα γραφεία τησ Υπηρεσίασ Καρτών τησ Λαϊκήσ Τράπεζασ, αναδείχθηκαν οι πέντε τυχεροί του διαγωνισµού τησ κάρτασ What’s up 18+ που κέρδισαν απÞ ένα iPad. Στο διαγωνισµÞ έλαβαν µέροσ Þλοι οι κάτοχοι καρτών What?s up 18+ τησ Λαϊκήσ Τράπεζάσ που χρησιµοποίησαν την κάρτα τουσ κατά την περίοδο 1/7-30/9/12 για πληρωµή διδάκτρων ή αγορέσ 500 ευρώ και άνω. Οι πέντε τυχεροί είναι: Κωνσταντίνου Στέφανη - Λάρνακα, Αριστοτέλουσ Γεωργία - Πάφοσ, Βοσκού ∆ήµητρα - Λευκωσία, Κυπριανίδησ Γεώργιοσ - Λάρνακα, Αρναούτη Ελένη - Λευκωσία. Στη φωτογραφία, στιγµιÞτυπο απÞ την παράδοση των επάθλων στισ δύο τυχερέσ του διαγωνισµού Στέφανη Κωνσταντίνου και Γεωργία Αριστοτέλουσ απÞ τη ∆ιευθύντρια τησ Υπηρεσίασ Καρτών Λαϊκήσ Τράπεζασ, Στέλλα Χατζηκωστή.

XÚÈÛÙÔ‡ÁÂÓÓ· ÛÙȘ ˘ÂÚ·ÁÔÚ¤˜ √ÚÊ·Ó›‰Ë

Οι υπεραγορέσ Ορφανίδη µοιράζονται και φέτοσ τη χαρά των Χριστουγέννων και σασ προσκαλούν στη φωταγώγηση των χριστουγεννιάτικων δέντρων σε 9 υπεραγορέσ σε Þλη την Κύπρο. Την Παρασκευή 9 Νοεµβρίου 2012 στισ 6:00µµ ελάτε σε µία απÞ τισ υπεραγορέσ Ορφανίδη σε Λάρνακα, ΛεµεσÞ, Πάφοσ Mall, Παραλίµνι, Ζακάκι, Σοπάζ, Κίτι, Σκαρίνου και ΠÞλη Χρυσοχούσ για να ανάψουµε Þλοι µαζί τα φώτα του χριστουγεννιάτικου δέντρου. ∆ιασκεδάστε παρέα µε ζωγραφική προσώπου, διασκεδαστικούσ κλÞουν, µπαλονοκατασκευέσ, κεραστικά για Þλουσ και µοναδικέσ εκπλήξεισ για µικρούσ και µεγάλουσ!

H Cytavision Û·˜ ¿ÂÈ Û ·ÁÒÓ˜ Ù˘ UEFA Τέσσερεισ τυχεροί συνδροµητέσ τησ Cytavision που διαθέτουν το πακέτο Full Pack, ταξιδεύουν σε αγώνεσ των UEFA Champions League και UEFA Europa League. Ο διαγωνισµÞσ, που πραγµατοποιήθηκε µέσω τησ ιστοσελίδασ τησ Cytavision, απÞ την 1η-31 Οκτωβρίου, χάρισε σε τέσσερεισ συνδροµητέσ ταξίδια για τισ δύο κορυφαίεσ διοργανώσεισ. Οι νικητέσ αναδείχθηκαν ανάµεσα στισ περίπου 5.000 συµµετοχέσ, µε βάση την ορθÞτητα και την ταχύτητα που απάντησαν στισ ερωτήσεισ του διαγωνισµού. Οι νικητέσ θα επιλέξουν τουσ αγώνεσ στουσ οποίουσ επιθυµούν να παρευρεθούν, ανάλογα µε τη διαθεσιµÞτητα των εισιτηρίων. Οι νικητέσ για τουσ αγώνεσ UEFA Champions League είναι οι Τάκησ Ευαγγέλου, Χρύσανθοσ ΚουτσονικÞλασ και για τουσ αγώνεσ UEFA Europa League οι Χριστάκησ Αβρααµίδησ και ∆ήµητρα Σιακαλλή.

FinancialMirror.com

November 7 - 13, 2012

WORLD MARKETS | 21

Gold Gaining Ground As central banks around the world take action to boost economic growth, investors are responding by hoarding a record amount of bullion. Last week, gold traders were the most bullish in ten straight weeks, a trend which many analysts predict will continue. What influences gold? What is driving the upwards price of this precious metal, and what factors could affect the current trend in the near future?

BY OREN LAURENT President, Banc De Binary

First of all, it is important to look at the actions of central banks. Concerned about a potential depression, they have been keeping their monetary policies as loose as possible. At the end of October, the Bank of Japan expanded its asset purchase program for the second time in two consecutive months, increasing it by $137 bln. The Federal Reserve announced last week its plans to continue buying bonds, while central banks from Europe to China also pledged further action to stimulate economies.

With this financial backdrop, it is natural that investors are turning to gold and buying the commodity as a store of value to protect against currency depreciation. Indeed, when the Fed bought $2.3 trln of debt in two rounds of quantitative easing between December 2008 and June 2011, gold’s price rose a staggering 70%. The current trend is being felt throughout the investment world: 60% of gold option contracts bought on Banc De Binary’s platform from August through to the end of October were Calls, against 40% Put contracts.

Readers may know that gold is typically considered to be a means of assessing global sentiment about the US dollar. In other words, as a general rule, when gold is moving upwards, traders can expect a weak dollar, and vice versa. What is perhaps most interesting about the current trend is that is has to some extent defied this pattern. Gold is moving on its own accord in response to the variety of fundamental factors that impact it, with a degree of independence from the overbearing influence of the US dollar. As a result, gold’s recent rise has at times moved in parallel to the rise of the dollar, and at times against it.

The bullish trend is set to progress as gold heads for a 12th straight annual gain this year, the longest streak in over nine decades. There’s a combination of factors at play behind this expectation. It is worth noting that November has traditionally

been a good month for gold, as Indian consumers buy in bulk before the wedding season and religious festivals.

Importantly this year, the results of the US elections will be a natural focal point for investors everywhere. For gold traders, an Obama re-election could certainly be supportive, since market uncertainty will be largely removed. In addition, investors may expect greater monetary accommodation and currency debasement from a Democratic administration.

That said, investors should also consider the influential opinion voiced by Deutsche Bank, that following the immediate market response to the election, news flow for the rest of 2012 could be somewhat negative for gold. As the market begins to place emphasis on the fiscal cliff of early 2013, and refocuses on Eurozone concerns, this could potentially increase pressure on

the price of the commodity and lower its value.

I’ve said it before in this column, and reiterate now with greater emphasis, that this is a crucial week not just for American politics. The outcome of the US elections will have a reverberating effect, for the months and years ahead, on several markets, tradable assets, and global economics as a whole. Traders must stay tuned in. Keep an eye out for clues about the market reaction, both in the immediate and long-term aftermath of the results. And for gold traders here, keep your other eye on the world’s central banks. www.bbinary.com

Corporate Europe in pain as Q3 warnings pour in From advertising and luxury goods to cars and heavy engineering, European industry is retrenching and abandoning its already modest growth targets, a worrying sign for investors who bought into the summer stock market rally.

The signals from third quarter results so far are that Asian, emerging market and resources sector demand is no longer making up for weakness at home.

The car industry has turned in a story of tumbling profits, plant closures and the first industry bailout since the 2008 crisis for Peugeot. Advertisers are seeing budgets cut, machine tools makers ABB and Sandvik have lost much of the previously buoyant demand for mining equipment and oil rigs.

Top German grocer Metro turned in a 35% plunge in profits and warned of worse to come, and even luxury clothing group Gucci’s previously insatiable Chinese customers are curbing their appetites. “We’re seeing evidence of a weak economy all around us,” Royal Dutch/Shell’s Chief Financial Officer Simon Henry told reporters.

As well as being Europe’s largest company selling fuel to millions of drivers and manufacturers, Shell also provides the chemicals that go into making everything from detergents to refrigerators via waterproof clothing and computer parts.

“European consumer and commercial/industrial demand is pretty weak across the board, including chemicals, and (there are) very few signs of recovery,” Henry said.

Thomson Reuters Starmine data shows that out of the 53% of leading European companies outside the energy sector that have reported earnings so far, 44% undershot forecast profits.

More worryingly, as an indicator of future earnings growth and the robustness of demand, 53% missed expectations for rev-

enue. Reuters asset allocation polls out last week showed that a shift into keenly priced European equities continued into October. Global fund holdings troughed in May. But portfolio managers are hedging their bets. “We will see a worsening of the situation that we have had for the past two years. You have to see where additional returns can be achieved with acceptable risks,” said Hans-Jörg Frantzmann, Head of

ANALYSIS Institutional Sales & Relationship at Fidelity in Germany. “We recommend fishing in a pond that is as big as possible. For investors in Germany that means not just focusing on Germany or the euro zone, but looking worldwide.”

LONG TERM RETREAT

Data from funds industry trackers Lipper shows that in both absolute and relative terms, European investors have been reducing their holdings of shares in developed markets like Europe and the United States since 2006.

Developed market equity has been squeezed in the risk spectrum by emerging market equity and alternatives like derivatives, commodities and property at the higher end, and by emerging market and global high-yield bonds at the lower end.

By June of this year, the total pot invested by European cross-border mutual funds in national and regional developed markets equity had fallen to 303 bln euros and 15% of the total.

That was down from 464 bln euros and 29% of the total invested in 2006. “I would expect the ‘squeeze’ of developed market equity funds to continue, certainly in the near term”, said Ed

Moisson Head of Lipper’s UK & Cross-Border Research.

“Even if emerging market debt and high yield bonds, which have enjoyed the biggest inflows over the past twelve months, lose their appeal, it seems more likely that it will be global and emerging market equities that will be the main beneficiaries.”

NO SAFE HAVEN

Analysts at Morgan Stanley spotted the early signs of an unjustified rally this summer in both European and U.S. shares.

“We think it’s now time to turn defensive on what is likely to be a tradeable setback for risk assets, particularly developed world equities,” the bank’s cross asset strategy team said in a research note last week.

The signals are not all one way. Norway’s $660 bln sovereign wealth fund said on Friday it was optimistic on European stocks for the long term, even though it bought less of them in the third quarter compared to earlier this year.

But even those European stocks that might have worn a defensive tag in Europe look less of a safe haven in this cycle.

Food groups Danone and Nestle have reported disappointing sales as consumers switch to cheaper alternatives, and healthcare giant GlaxoSmithKline has been hit by continued pressure on drug prices in austerity-hit Europe.

Slipping business sentiment in core European countries such as Germany as well as slowing Asian demand for European cars and machines seem to indicate the coming months could remain tough. “Europe is not going to be a growth engine for the world for the next year,” Willem Verhagen, Senior Economist at ING Investment Management, said.

FinancialMirror.com

November 7 - 13, 2012

24 | MARKETS

Gold flat after 2-month low Gold traded little changed on Tuesday as investors awaited potential policy spinoffs from the U.S. presidential election, while China’s upcoming leadership transition and Greece’s strike over a new austerity package also kept sentiment cautious. Investors are also waiting for the once-a-decade leadership transition in China, with expectations for clearer economic policy direction once the new top leadership team is in place after the 18th Communist Party Congress scheduled to open on Thursday.

Spot gold was trading nearly flat at $1,684.41 an ounce, rebounding from a two-month low of $1,672.24 in the previous session.

Technical analysis suggested spot gold may remain above its support zone of $1,675-$1,678 an ounce during the day, as there is no indication of a break below this zone, said Reuters market analyst Wang Tao. The latest data showed that the expansion in the vast U.S. services sector slowed slightly last month, suggesting growth in the world’s largest economy would remain modest, while activity in China’s services industry also waned.

“It is more sentiment-related, since the stimulus measures already announced by the Fed can’t be taken back and the election result won’t change the economy overnight,” said a Shanghai-based trader. Holdings of gold-backed exchange-traded funds stood at 75.074 mln ounces by November 4, just a touch off the historical high of 75.086 mln ounces marked in late October.

Spot silver inched down 0.2% to $31.09 an ounce, off $30.64 hit in the previous session, its lowest level since the end of August. “Silver could test $30 or even below in late November and December, as physical demand is poor and the situation in the euro zone is still quite bad,” said the trader in Shanghai.

Brent steadies; Greece in focus Brent oil traded in a tight range below $108 per barrel on Tuesday, caught between uncertainty ahead of the U.S. elections and renewed worries about Greece and the euro zone crisis, which could delay global economic recovery and hurt oil demand.

Adding to the worries was news that a deal to keep near-bankrupt Greece afloat may not be reached at a euro zone finance minister’s meeting next week.

Front month Brent futures were up 11 cents at $107.84 per barrel, trading in a tight 37-cent range so far in the session. Brent rallied nearly 2% in the previous session, backed by strength in U.S. gasoline futures.

U.S. crude slipped 4 cents to $85.61 per barrel. “Trading volumes have been thin as the focus is on the U.S. elections at the moment,” said Ker Chung Yang, senior investment analyst at Phillip Futures in Singapore.

Markets are also eyeing data from the American Petroleum Institute for clues on the impact of superstorm Sandy on oil inventory in the top consumer.

U.S. crude inventories are forecast to have risen by 0.9 mln barrels in the week to November 2 while product stocks fell after disruptions to pipelines, imports and refineries, a preliminary Reuters poll of analysts showed on Monday.

Oil prices may get some support as worries about unrest in the Middle East, a key source of crude oil for the world, were revived after a suicide bomb attack in Syria on Monday.

UK, Germany push for multinationals to pay “fair share” of taxes Britain and Germany are leading a push in the Group of 20 economic powers to make multinational companies pay their “fair share” of taxes following reports of large firms exploiting loopholes to avoid taxes.

British Finance Minister George Osborne said at a G20 meeting in Mexico City on Monday that discussions showed there was “widespread support” for the joint initiative. Osborne and German Finance Minister Wolfgang Schaeuble said international tax standards have struggled to keep up with changes in global business practices and that some companies have been able to shift taxation of their profits away from where they are generated.

In October, a Reuters report showed Starbucks had legally lowered its UK tax bill with inter-company loans, paying royalty fees to foreign subsidiaries and allocating money made in the UK to other units in so-called “transfer pricing”.

In other recent reports, companies including Apple have come under scrutiny for their approach to paying taxes.

Weekly Economic Calendar Date Country Detail NOV 7 CHF Foreign Currency Reserves NOV 7 EUR Retail Sales M/M due 1.00pm NOV 7 US Consumer Credit M/M NOV 8 EUR German Trade Balance due 10.00am in EUR NOV 8 EUR Eurogroup meetings - All Day NOV 8 GBP UK Trade Balance due 11.30am in GBP NOV 8 GBP Bank of England Rate Decision due 2.00pm NOV 8 EUR ECB Rate Decision due 2.45pm NOV 8 EUR ECB President Mario Draghi press conference starts 3.30pm NOV 8 US Unemployment Claims due 3.30pm NOV 8 US Trade Balance due 3.30pm NOV 8 US 30-year Bond Auction NOV 9 CNY China Retail Sales Y/Y due 7.30am NOV 9 CNY China Industrial Production Y/Y due 7.30am NOV 9 US Import Prices M/M due 3.30pm NOV 9 US Prelim UoM Consumer Sentiment due 4.55pm NOV 9 US Wholesale Inventories due 5.00pm Indicated times are Cyprus time

Forecast Previous 429.5B 0.30% 0.30% $10.1B $18.1B 17.2B 18.3B -9.1B -9.8B 0.50% 0.50% 0.75% 0.75% 373k 363k -$44.9B -$44.2B 2.90/2.5 14.40% 14.20% 9.50% 9.20% 0.00% 1.10% 82.6 82.6 0.40% 0.50% Source: Eurivex

FOREX COMMENTARY TECHNICAL ANALYSIS The euro languished near a two-month low versus the dollar on Tuesday, with its outlook clouded by uncertainty over a Greek parliamentary vote on austerity steps needed for Athens to secure international aid.

Traders said the market was also in a wait-and-see mode ahead of Tuesday’s U.S. presidential election.

National opinion polls show President Barack Obama and Republican challenger Mitt Romney in a virtual dead heat, although Obama has a slight advantage in several vital swing states.

The euro eased 0.1 percent to $1.2788, staying near the previous day’s low of $1.2767 set on trading platform EBS, the single currency’s lowest level in about two months.

The latest decline has pushed the euro out of the $1.2800/3200 trading range held since mid-September. Immediate support is seen around $1.2741, a level representing the 38.2 percent retracement of the euro’s July to September rally.

The Greek parliament will decide to approve or reject on Wednesday the government’s package of measures including cost cuts and tax hikes that should amount to 13.5 billion euros by 2016.

Approval of the reforms and the passage of the 2013 budget are crucial to unlocking 31.5 billion euros in aid from an IMF and EU bailout that has been on hold for months.

“Everyone is nervous because of all the uncertainty over what might happen tomorrow,” said Satoshi Okagawa, senior global markets analyst for Sumitomo Mitsui Banking Corporation in Singapore, referring to the looming parliamentary vote in Greece.

Still, EU Economic and Monetary Affairs Commissioner Olli Rehn said on Monday that international lenders and Greece are on track to reach a deal to unfreeze emergency lending to Athens at a meeting of euro zone finance ministers on November 12.

A senior EU official, speaking on condition of anonymity, had earlier cast doubt on whether a deal on Greece could be struck next week. But Rehn said a deal would be struck next Monday, when euro zone ministers, called the Eurogroup, meet in Brussels.

The Australian dollar climbed after Australia’s central bank kept interest rates unchanged at 3.25 percent, citing higher domestic inflation and an improved global background, although it still left the door open to more stimulus if needed.

The decision came as a surprise to some market players who had been expecting the Reserve Bank of Australia (RBA) to lower interest rates. Roy Teo, FX strategist for ABN AMRO Bank in Singapore, said the Australian dollar’s gains may be limited going into the year-end, especially since Australia’s central bank could lower interest rates next month.

The U.S. dollar fell 0.3 percent versus the yen to 80.03 yen, pulling away from a six-month high of 80.68 yen hit on Friday. Traders said the dollar came under pressure against the yen due to position squaring.

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

November 7 - 13, 2012

MARKETS | 25

Sandy’s Impact If silver linings can be found in such a traumatic event, and staying away from Frederic Bastiat’s broken-window fallacy, we would highlight three potential positive economic effects: · The storm makes it more likely that the fiscal cliff gets postponed or significantly softened. After all, which congressman or senator will want to be seen blocking bills designed to help the devastated region. Of course, the bills will have to be better designed and implemented than those that followed Katrina (when our favourite Senator, Oklahoma’s Dr “No” Tom Coburn, raised a stink about Alaska’s “bridge to nowhere”). In reality, FEMA and other storm-related spending will be tiny compared to total outlays and is unrelated to the larger fiscal cliff issue—which, at least initially, is mostly about tax hikes. Indeed, politicians now have one more excuse to avoid much, or all of the fiscal cliff.

They can tell voters: “When we established these spending cuts and tax hikes we had no idea that the East Coast would be licking its wounds after a terrible storm. Now is the time to rebuild. The government fiscal contraction should be postponed for at least 6 months, maybe a year.” Hence, in the short term at least, expect continued super easy monetary policy combined with a neutral to expansionary fiscal stance. · Another, longer-term, silver lining is that the storm will offer the greater New York area an opportunity to upgrade an

Marcuard’s Market update by GaveKal Research Had the storm been called Sanchez (the NY Jets’ quarterback) instead of Sandy, it most likely would never have made a touchdown in New York City. But with the hurricane hitting the Big Bagel head on, and grinding the North-East of the US to a halt, it makes sense to think of the negative impacts, as well as look for potential silver linings: · The first economic negative is obviously the destruction of physical capital—with estimates in the $50bn range. Still, if these predictions are right then this does not constitute a crippling blow to the US economy or to a region which is among the wealthiest in the country (by contrast Katrina wreaked about $145bn worth of damage in one of the poorest parts of the US). · Another concern must be the longer lasting impact on gasoline prices; and, in turn, affect broad US consumption.

In trading session last week, gasoline prices surged 9% at the start of the day, only to finish up 0.5% as news that the North-Eastern refineries which had been shut down started to re-open. So, hopefully Sandy’s impact on overall energy prices will remain fairly muted. If so, then it seems likely that, sequentially, inflation rates will continue to ease up from here.

Eastern Europe’s Competitiveness Boom this summer in a new Romania plant, while BMW is likely to soon announce that it will build its first Eastern European plant.

While the Czech Republic and Slovakia benefitted most from the first wave of production relocations to the region, Romania and possibly other lower-income CEE countries such as Bulgaria or Croatia are now well placed to receive auto investments. The minimum wage stands at ?150 per month in Romania and Bulgaria, which is less than half those of Poland, the Czech Republic and Hungary (and only 10% of that in France, Belgium and Ireland).

The revival of CEE as a major production location has also occurred in other production sectors, from processed food to consumer electronics, appliances and pharmaceuticals; 45% of home laundry appliances are now produced in Eastern Europe, versus 27% in 2007. During a period of economic restructuring, CEE is probably the safest alternative production location for corporate Europe, especially since most of these countries provide companies with attractive flat tax rates of 15% to 20%. For many French companies in particular, this has become a nobrainer…

German manufacturers are also sourcing more from CEE due to the full restoration of cost-competiveness in a much more controllable area than emerging Asia. This is reflected in recent German trade numbers, which show that Germany this year has enjoyed its first trade surplus with Asia in recent history, while its trade surplus with the CEE has almost disappeared.

Europe’s cheap production location is thus alive and well, and the adjustments of the last five years are allowing for a new wave of factory construction in Eastern Europe. This is obviously good news for these countries. But it is crucial as well for corporate Europe, as the benefit of a vast, cheap and safe production location represents one of its often underappreciated but crucial comparative advantages. Our group of “PanEuropean” corporations should be the main beneficiaries.

Marcuard’s Market update by GaveKal Research It may not have been enough to fully distract Dominique Strauss Kahn from extra-curricular pursuits, but in 2008 it was Eastern Europe that put the IMF back to work. Ukraine, Hungary and then Latvia all needed to tap the fund in the aftermath of Lehman Brothers’ bankruptcy. After a substantial credit bubble leading up to 2008, most Eastern European economies (except Poland) have experienced a sharp and painful deleveraging. Although less disruptive than many predicted (“Latvia is the new Argentina”, Paul Krugman once noted), this adjustment has not fully completed. As the IMF’s latest world economic outlook report notes, the financial constraint upon growth in Eastern Europe is likely to stay for some time. For this reason, the area’s economies are unlikely to boom in the short term as they did during the 2000’s.

But although “borrowed” growth is not about to recover substantially in Central and Eastern Europe (CEE) , “earned” income growth is set to accelerate. Indeed, the region’s painful adjustment has caused its economies to regain competitiveness as a cheap production location versus major competitors in emerging Asia. Since 2008, Eastern Europe has experienced lower wage inflation and weaker exchange rate appreciation than emerging Asia. As a result it has regained all the competitiveness lost from the area’s accession to the European Union in 2004 up to the financial crisis of 2008.

For corporate Europe—and corporate Germany in particular—this represents a major development. Over the last 15 years, Eastern Europe has become a major production area for many European manufacturers. Already, CEE is the second largest car making area in Europe, with almost 3.5 mln motor vehicles produced in 2011, or 20% of the European total (that is more than France and Italy all together), versus only 4% in 2003. This trend should continue since Ford started production

The Financial Markets Interest Rates Base Rates

LIBOR rates

CCY USD GBP EUR JPY CHF

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

Swap Rates

CCY/Period

1mth

2mth

3mth

6mth

1yr

CCY/Period

2yr

3yr

4yr

5yr

7yr

10yr

USD GBP EUR JPY CHF

0.21 0.50 0.06 0.14 0.01

0.26 0.51 0.10 0.15 0.01

0.31 0.53 0.13 0.19 0.03

0.54 0.70 0.27 0.30 0.12

0.87 1.09 0.54 0.52 0.32

USD GBP EUR JPY CHF

0.37 0.64 0.41 0.23 0.03

0.46 0.71 0.52 0.23 0.06

0.61 0.83 0.69 0.25 0.14

0.80 0.99 0.89 0.29 0.25

1.20 1.36 1.28 0.44 0.51

1.72 1.89 1.72 0.74 0.87

Major Cross Rates

USD EUR GBP CHF JPY

Opening Rates

1 USD 1 EUR 1 GBP 1 CHF 1.2776 0.7827

100 JPY

1.5979

1.0582

1.2475

1.2507

0.8283

0.9764

0.6622

0.7807

0.6258

0.7995

0.9450

1.2073

1.5100

80.16

102.41

128.09

1.1789 84.83

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.

W O R L D CU R R E N C I E S PE R US D O LLA R CURREN CY

E URO P EAN

Weekly movement of USD

CCY\Date

09.10

16.10

23.10

30.10

06.11

CCY

Today

USD GBP JPY CHF

1.2946

1.2926

1.3020

1.2868

1.2752

0.8070

0.8044

0.8131

0.8025

0.7977

101.38

101.85

103.91

102.20

101.95

1.2087

1.2042

1.2060

1.2034

1.2026

GBP EUR JPY CHF

1.5979 1.2776 80.16 0.9450

Last Week %Change 1.6052 1.2931 79.46 0.9345

+0.45 +1.20 +0.88 +1.12

C ODE

R A TE

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

8500 1.5979 1.5307 19.7748 5.8397 12.2467 1.2776 1.65 221.4 0.54405 2.7024 0.336 12.28 5.7337 3.2264 3.5364 31.5462 6.6984 0.945 8.1725

Australian Dollar * Canadian Dollar Hong Kong Dollar Indian Rupee Japanese Yen Korean Won New Zeland Dollar * Singapore Dollar M I D D L E EAS T & A F RI CA

AUD CAD HKD INR JPY KRW NZD SGD

1.0419 0.9952 7.7501 54.51 80.16 1090.6 1.2099 1.2238

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

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

0.3770 6.1110 12080.90 3.9103 0.7059 0.2818 1501.00 0.3850 3.6407 3.7501 8.7269 3.6728

Azerbaijanian Manat Kazakhstan Tenge Turkish Lira

AZN KZT TRY

0.7838 150.85 1.7782

AME RI CAS & P AC IF IC

AS IA

Exchange Rates

CCY1\CCY2

infrastructure backbone that was starting to look well past its expiration date. · Finally, the storm hit the part of the US whose GDP is most likely the ‘lightest’, i.e., when Katrina hit New Orleans, refineries were destroyed, the traffic of goods along the Mississippi River (the US’s major artery) was disturbed for weeks which led to price spikes and an inventory pile up. By contrast, New York City’s main comparative advantage is in the generation of services (financial, cultural, entertainment, etc…). And so, while getting to work may be a hassle for weeks to come, the overall disruption to the US economy may not be that large.

None of this analysis is to belittle the suffering many people are experiencing right now. Every one of the deaths reported so far in the US and Canada is a personal tragedy.

And there is no doubt that devastation on this scale cannot be seen as good news. We also feel sorry for all of our family and friends who live in the North-East, some of whom no doubt face days, if not weeks, of clean-ups, hardship getting into work, school program disturbances, etc.

Note:

* USD per National Currency

FinancialMirror.com

November 7 - 13, 2012

26 | WORLD MARKETS

Obama’s shoes hard to fill, even for himself WALL ST WEEKAHEAD Regardless of the results of the U.S. presidential election, the next four years will be a tough act to follow from Wall Street’s standpoint.

The benchmark Standard & Poor’s 500 Index has rallied 66% since President Barack Obama took office - one of the most impressive runs ever for stocks under a single president. Admittedly, the timing of his inauguration - just before the market hit a nadir in March 2009 - is part of the reason.

The national polls showed a tight race between Obama and his challenger, Republican candidate Mitt Romney, but leaning toward a win by the president.

“The market might like the fact of an Obama win since it would mean less uncertainty,” said Ryan Detrick, senior technical strategist at Schaeffer’s Investment Research, in Cincinnati.

There’s a conventional line that says a victory by longtime businessman Romney would be better for the equity market, given his predilection for fewer regulations and lower corporate tax rates. Still, any move in the market, no matter the outcome, is likely to be limited.

“I think the market has priced in an Obama victory, but no matter what, any knee-jerk reaction after the election will unwind over the next few days,” said Joseph Tanious, a global market strategist at J.P. Morgan Funds, in New York.

“The fiscal cliff is also on everyone’s mind, but that will really take hold after the election, since the winner could indicate what happens.”

Strategists at LPL Financial have been tracking two baskets of stocks to judge whether the market believes Obama

or his challenger Romney will emerge with a win. The “Obama” stocks include health care facilities companies, food and staples, utilities, construction companies and homebuilders. The “Romney” stocks include financials, coal stocks, oil and gas drillers, telecom, and specialty retail names.

The Obama index peaked in early October, before the first debate, largely seen as being won by Romney. Yet in terms of “relative strength,” the index still modestly favoured the president.

CHANGE AT THE FED?

The move in the market during Obama’s administration was in part due to timing as the U.S. economy started to recover from the deepest recession since the Great Depression.

The U.S. Federal Reserve has used three rounds of asset purchases, one of which is under way, to keep interest rates low and stimulate the economy as the recovery from the 2007-2009 recession has been painfully slow.

Romney has criticised the Fed’s policy and is seen replacing Chairman Ben Bernanke with someone more likely to tighten monetary policy.

“With Romney, we’d expect a little more weakness off the gate. He might want to put a stop to the Fed’s stimu-

lus. That’s where that uncertainty comes in,” Detrick said.

The Fed’s current policy stance is seen as helping Obama.

Consumer confidence recently rose to a more than four-year high, and housing prices are rising again. However, unemployment remains at 7.9% nationwide, and the lack of good jobs is constraining growth.

LOOKING AHEAD

Regardless of the winner in the election, the market will have less uncertainty. It will shift its focus to the roughly $600 bln in mandated spending cuts and tax increases that could kick in next year and send the U.S. economy reeling - if a deal to prevent it is not reached.

The possibility of a new recession - if Congress fails to agree on how to avoid the cliff - has many market participants counting on resolution, with the election as a variable in terms of when any legislation will pass - not if it will happen.

The end result in both an Obama or a Romney presidency would be a deal. But the status quo would probably mean a more protracted solution and market volatility, according to Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management, in Menomonee Falls, Wisconsin.

“From an investing standpoint, what I care more about is the likelihood of getting some sort of deal to avoid the tax increases and spending cuts at the end of the year,” he said.

INVESTMENT FOCUS

Bond-heavy overseas funds want Obama win Overseas investors, many of whom are creditors to the highly-indebted U.S. government, reckoned a re-election of President Barack Obama would be best for world markets even if U.S. counterparts say otherwise.

For the second month in a row, Reuters’ monthly survey of top fund managers around the world was evenly split when asked whether a win for incumbent Democrat Barack Obama or Republican hopeful Mitt Romney would be good for global markets.

The split was clearly dependant on whether the asset manager was based in the United States or not. Domestic funds, by and large, favoured Romney; overseas investors Obama.

Given the outside perception of the contest in Europe at least, where surveys by pollster YouGov showed fewer than 10% of Europeans would vote for Romney if given the choice, that may not be terribly surprising.

But that shouldn’t necessarily explain why supposedly hard-nosed money managers would think an Obama re-election would be better for their portfolios.

So is there a something other that regional political sensibilities behind the difference of investor views?

Franco-Belgian Dexia Asset Management, for example, cited long-term uncertainty of a radical U.S. policy shift in such febrile economic times. “(Romney’s) election could lead to more political and economic uncertainties over the longer term as he would implement an ambitious tax reform, huge spending cuts, a tax plan favourable to the highest income based on a too-optimistic growth scenario that would produce uncertain effects on growth,” it said in response to the Reuters poll.

Yet, the shorter term picture is very different. Financial market commentary across the world seems to have converged on a loose assumption that a Romney victory would be good for stocks and an Obama reelection good for bonds.

The thinking goes along the lines that Romney would dodge the “fiscal cliff” more easily by allying with a Republican House of Representatives to retain or introduce more tax cuts on business and the wealthy while slashing government spending.

By removing the fiscal uncertainty with a pro-business tilt, it is argued, corporate planning will resume with gusto and lead to a surge in pent-up capital expenditure and retail spending, a macro growth fillip and a resulting slipstream for stock prices.

Flip all that around for Obama. A deeper political divide on taxes and spending between the White House and Congress could see at least a temporary fall off the cliff, stalling growth for a period and boosting safe-haven bonds.

Monetary arguments reinforce that bond picture. A Romney team sceptical of hyper-active Federal Reserve stimuli would be unlikely to renominate Fed chief Ben Bernanke for a third term in 2014.

It would opt for more hawkish, inflation-focussed chairman than a Obama-led White House.

There are dozens of caveats, ifs and buts on all that — but it’s the broad theme most strategists seem to be working off.

So, would that in itself explain the geographical divide in views?

In other words, is greater investor enthusiasm for an Obama re-election overseas partly rooted in foreign funds owning disproportionately more U.S. bonds relative to equity than domestic U.S. counterparts?

EQUITY OR BOND PRISM?

To test that, a snapshot from ThomsonReuters’ fund-tracker Lipper on mutual funds’ U.S. asset holdings suggests not.

The Lipper universe shows that while there are about 7,000 domestic U.S. equity funds with some $2 trln invested in stocks, there are also about 5,000 domestic dollar bond funds with total assets of about $1.5 trln.

While there are about 2,000 fewer non-domiciled U.S. equity funds, there is less than half as many overseas dollar bond funds and total assets in the latter only amount to about $150 bln.

But the picture changes when you consider the behaviour of the much bigger pension fund industry and also take into account overall bond and equity worldwide — most of which would be sensitive anyway to gyrations on Wall Street assets.

On that score, the overseas sensitivity to bond outcomes becomes clearer and may help explain a pro-Obama leaning.

Data from consultants TowersWatson shows that at the end of last year more than $26 trln of pension fund assets from the seven countries with the biggest private pension pots held more bonds than equity – 41% to 37%.

And that number is skewed in favour of equity by U.S., UK and Australian pension funds — who hold between 44 and 50% of portfolios in stocks.

The lion’s share of other pension portfolios is in debt markets — with Dutch and Japanese funds, for example, holding close to 60% in bonds.

Although not in the survey, German, French and Italian pension funds are likely to be similarly bond heavy.

And that’s just private sector investors. While some 50% of up to $5 trln of assets held sovereign wealth funds are estimated to be in equities, the vast bulk of the $10.5 trln held in global central bank reserves is in fixed income and about two thirds of that in dollar bonds.

An offsetting factor may be that Romney’s policy leanings — tighter fiscal and monetary policy over time and a pro-oil, Wall Street and business growth — would buoy the dollar.

“We suspect the Republican policy mix would be more positive for the U.S. dollar in the medium term,” ING strategist Chris Turner told clients.

Given that overseas investors are exposed to dollar moves in a way domestic funds are not, that should be reassuring.

On the other hand, Romney’s pledge to label China a currency manipulator and his likely desire to boost U.S. exporters’ selling power as much as Obama may counteract that view.

For some foreign investors, just sticking with status quo tends to be better for markets in the short run but, yet again, the picture is far from clear cut.

“Using history as a guide suggests risky assets tend to favour an incumbent win,” said Elke Speidel-Walz, strategist at Deutsche Bank Private Wealth Management. “In contrast, the year after election day, risky assets tend to favour the challenger winning as the market gets more comfortable.”

FinancialMirror.com

November 7 - 13, 2012

WORLD MARKETS | 27

FinancialMirror.com

November 7 - 13, 2012

28 | WORLD MARKETS

Banks struggle to adapt or survive in commodities l

Bank revenues in commodities trading halve, as some consider spin off amid new capital and trading rules

Stick, twist or fold? Like card players, the top five banks in global commodities trade have reached the point where they must decide to hold strategy, adapt, or give up and get out.

The boom in resource markets that started ten years ago attracted many big banks to trade oil, metals and agriculture, but the 2008 financial crisis forced a painful retreat and tighter regulation now means some banks may throw in the towel.

Decisions rest on whether the banks believe their business models can be changed to keep them sufficiently profitable under the rising oversight of regulators, after four years when their revenue from commodities was halved.

“The total wallet back at the peak was about $14 bln for the banking sector in commodities trading. I’d imagine this year it’ll be about $7 bln. There were 10-14 banks when it was at $14 bln, now there are really five relevant ones,” said David Silbert, who leads commodities trading at Deutsche Bank .

Deutsche, together with Barclays and J.P. Morgan , broke into the commodities arena in the last decade with acquisitions or aggressive growth to challenge established veterans Goldman Sachs and Morgan Stanley.

J.P. Morgan’s entry charge to the club was the $1.7 bln it paid to buy trading house Sempra and its infrastructure to store and ship oil and metals.

Today, the five banks control 70% of the commodities trading pot with the rest split between mid-sized players such as Credit Suisse and Bank of America/Merrill Lynch , the latter having fallen out of the top division since the financial crisis.

The halving of revenue is largely due to a regulatory crackdown on proprietary trading, when deals are done by banks for themselves rather than on behalf of clients. Regulators say banks should focus on serving the clients and helping the economy with credit.

Also taking a toll is the reduction of risk appetite for capital intensive businesses such as commodities because of stricter capital rules.

As a result, commodities business at banks is increasingly dominated by hedging of producers and consumers from sharp volatility, as well as sales of commodity-related indices to investors.

The proportion of physical trading is shrinking especially dealing for the bank’s own books - which irks regulators. That is estimated to constitute one fifth of total flows today as opposed to four fifths five years ago, say traders.

A further drop would be hard for banks to swallow.

They say they need the scale and depth in the fray of daily business to know markets and serve clients properly.

“In today’s volatile markets, knowledge and understanding of both the financial flows and the physical market fundamentals are vital,” Credit Suisse says about its commodities team.

Understanding physical markets without trading them is close to impossible, said Silbert, a U.S. gas trader in the 1990s, who joined Deutsche from Merrill Lynch in 2007.

“In commodities you don’t have a client business if you can’t allocate risk capital. As soon as we stop taking a point of view and stop participating in the market in that way, then we restrict the ability to help our clients,” he said.

FIGHTS

Banks argue they benefit commodities markets by improving transparency and helping producers and consumers to lower risk.

“In the 1980s, banks were barely present in commodities markets activities and it was a pretty shadowy place dominated by physical merchants and cartels,” says Henrik Wareborn, head of commodities trading at Natixis, who also worked for Goldman Sachs and BP. “To a large extent those markets were opened up and transformed thanks to the entry of regulated European universal banks and U.S. investment banks,” said Wareborn, who built a sizeable commodities desk at Lehman Brothers before the bank collapsed in 2008.

Critics accuse banks of adding to speculative froth in markets and regulators say they want to fix this.

Under the Basel 2.5 banking regulations, requirements to set aside capital for trading nearly tripled this year.

In the United States, in addition to the limits on proprietary trading - the Volcker rule - banks face the Dodd-Frank regulation, which limits positions they can take in derivatives.

The U.S. Federal Reserve is also locked in a battle with banks over whether to allow them to continue holding physical assets.

If the banks lose that verdict they could be forced to sell assets such as oil storage and metals warehouses. Bankers bridle at the thought.

“The desire to vilify commodities markets activities at big banks is misplaced. With rare exceptions, commodities markets have worked impeccably in the past decade,” adds Wareborn.

The banks won a small battle when a U.S. judge ruled last month to send the position limits rule back to the Commodity Futures Exchange Commission (CFTC) two weeks before it was to take effect, saying the regulator had to prove it was necessary.

traders to better-paying merchants and hedge funds, with even heavyweights like Goldman losing out.

Banks argue that today their risk levels come nowhere near those of trading houses.

“Our commodities business is not about betting on commodity prices... Our business is a client-driven business where we execute on behalf of clients to achieve their financial and risk management objectives,” J.P. Morgan’s commodities chief Blythe Masters told CNBC earlier this year.

The arguments are falling on deaf ears at the regulators following the Libor interest rate manipulation and other scandals which have rocked the banking industry.

Some of the banks’ activities, such as storing metals in warehouses, have also generated criticism.

“No one can afford growing because of regulations... We have to reinvent ourselves,” said a senior executive.

One noticeable change this year is discussion among U.S. banks on how to transform desks.

Morgan Stanley set the ball rolling by considering selling parts of its commodities business to Qatar or allowing the unit’s current management to buy it out, possibly together with a private equity firm.

Selling the capital-intensive business would raise funds while allowing the divested unit to maintain ownership of physical assets and resume proprietary trading.

Goldman, which traditionally had large proprietary trading, had also discussed a spinoff, the Wall Street Journal reported. Goldman said it never seriously considered the move.

J.P. Morgan said it is not considering any spin out for its commodities unit. The bank is better capitalised than its peers.

EGOS

The rule, already partly applied by the exchanges, would have drastically cut the trade of derivatives.

Sources at one large bank said it was forced to cut sales of commodities-linked indices after exceeding proposed limits on positions in the grains market.

In Europe, however, regulators are pressing ahead with position limits rules. Leading players say that Europe could end up with tougher regulations than the United States, potentially opening up a regulation arbitrage.

“The U.S. banks are coming to Europe to take bigger market share. They are better capitalised and actually less regulated than the European banks are likely to be,” one said.

In Europe, regulations cannot be overthrown by a court ruling as in the United States. Much will also depend on the outcome of the U.S. presidential election and whether CFTC’s current chairman Gary Gensler is replaced with a figure who might push for less regulations, bankers say.

REINVENTING ITSELF

Regulation will squeeze banks’ commodity trading units along with other capital market businesses, according to McKinsey & Company, which predicts return on equity (ROE) in commodity units shrinking to 8% from 20%.

“Some of the worst-hit businesses with ROEs below the cost of capital may have to be disposed of, especially at banks with weak franchises,” McKinsey said.

Insiders say the current ROE in commodities is about 1216%, still far better than overall average banking returns.

Over the past year, banks have lost an army of commodities

Regulations aside, the egos of the main players will play a role in a business dominated by big personalities such as Goldman’s chief Lloyd Blankfein. “I find it hard to believe that Blankfein can say goodbye that easily to his baby,” said a former Goldman trader.

Blankfein started his career as a precious metals salesman for Goldman’s commodities arm J. Aron and was co-head of commodities in the 1990s.

“Trading is in Goldman’s blood,” said the head of a major trading house.

Today, Goldman’s top commodities job is held by Isabel Ealet, a former trader at French oil major Total who is also global co-head of securities.

J.P. Morgan’s Masters, who helped to develop credit-default swaps in the 1990s and built its commodities business from scratch in just five years, will also soon be running regulatory affairs for JPM’s investment banking, according to an internal memo seen by Reuters.

Like Ealet, Morgan Stanley’s commodities boss Colin Bryce is an oil trading veteran, in his case from the long defunct Britoil. It was the commodities team at Morgan Stanley which suggested to management the spin off, sources said.

The bank would need to reduce its stake to below 25% in the unit in order to avoid Dodd-Frank oversight, sources said, something Morgan’s leadership may hesitate to do since the unit has made such good revenue for many years.

At Deutsche, Silbert says he plans to expand revenue and market share after several years of speedy growth. The strategy, though, is a challenge amid a sharp retreat to core activities as Deutsche slashes jobs and costs The swift rise of Barclays up the ranks in commodities was dealt two severe blows with losses in metals markets last year and the recent departure of its commodities boss Roger Jones for trading house Mercuria after a decade in charge.

The bank decided against replacing him in the same role and asked its foreign exchange boss Mike Bagguley to look after the unit instead.

However, Barclays says its commodities business remains strong. It surprised the market earlier this year with a landmark supply deal with an oil refiner, the first in Europe The head of a major trading house said he feels much less pressured from banks these days than several years ago. “I don’t see Goldman or Morgan leaving the trading space. With European banks, I’m not so sure,” he says.

FinancialMirror.com

November 7 - 13, 2012

GREECE | 29

Russian, Azeri firms bid for Depa l Athens hopes to earn up to EUR 1 bln by Q1 2013 Russia’s Gazprom and Sintez and Azerbaijan’s state-owned SOCAR are the main bidders for Greek gas company Depa, in a deal that could help the near-bankrupt country raise up to 1 bln euros, but did not attract major Western European bidders.

Italy’s ENI, French EDF’s subsidiary Edison, and Spain’s Gas Natural and Enagas stayed away, most likely put off by Greece’s risky economic outlook.

Greece hopes to sell all of the company - of which it holds 65%, with the remainder owned by Hellenic Petroleum - by the first quarter of next year.

Of the sales of state assets under way in Greece, Depa’s is one of the most advanced, alongside gambling company OPAP and prime real estate projects.

If completed early next year, the sales could put Athens back

towards chipping away at a debt load expected to peak at 190% of GDP in 2016 after it widely missed a 3 bln euro target this year. The government is now aiming to earn 300 mln euros in 2012 and 11 bln euros by 2016.

The pursuit of Depa by Gazprom and Sintez also underscores the interest Russian energy companies have in finding ways to extend themselves into EU states, not least because of past rows with Ukraine, its major conduit to the EU. However, a deal with Gazprom could face antitrust hurdles, since Brussels is already investigating the Russian company, which is 50% owned by the Kremlin, for alleged price fixing due to its dominant position as a gas supplier to Europe.

In general, a sale to a Russian company would run up against EU efforts to diversify gas supplies away from Russia by

bankrolling new import corridors from the Caspian Sea via Azerbaijan and Turkey.

Europe’s so-called Third Energy Package restricts Gazprom’s control over its European pipeline assets.

Depa has gas trading activities, while its subsidiaries EPA supplies and distributes gas and DEFSA handles transmission.

The Greek gas company reported EBITDA - earnings before interest, taxes, amortisation and depreciation - of 60 mln euros and EPA posted a combined EBITDA of 110 mln euros in 2011.

DEFSA has a regulated asset base worth about 900 mln euros but will also be sold at a discount due to the country’s risk.

UBS is the Greek government’s lead adviser on the deal, alongside Rothschild and Greece’s Alpha Bank.

Austerity plan sours economic mood in October Greek consumers grew more pessimistic about their economy in October as the government wrangled with international lenders about more austerity measures, data showed on Tuesday.

The Foundation for Economic and Industrial Research (IOBE) said that even though industrial and construction businesses became a little less gloomy, its sentiment index dropped to 75.8 points in October from 76.1 in September.

That was the lowest reading since June and far below its average level of 100 between 1996 and 2006.

The IOBE bases its index on consumer confidence gauges and indexes for business expectations in manufacturing, construction, retail and services.

“The extended negotiations with international lenders on the package of fiscal measures and structural reforms had a

negative impact on economic activity,” IOBE said.

“Improved international rhetoric on Greece helped business expectations and had some stabilising effect but it was not enough to bring about a substantive amelioration in economic sentiment,” the think tank said.

With unemployment at a record 25.1% and wages squeezed by higher taxes, Greek households remain the most pessimistic in Europe - followed by consumers in Portugal and Cyprus.

“Households discount a further squeeze in their incomes while the fear of unemployment is rising. Those who still feel relatively secure financially remain quite pessimistic on the country’s outlook,” IOBE said.

The modest drop in Greece’s overall economic sentiment in September was in line with a fall in the broader euro zone reading in the same month to 84.5 from 85.2 in September.

OTE raises target for early retirements Greece’s biggest telecoms group, OTE, has stepped up costcutting efforts by increasing the number of staff it wants to take early retirement.

The company, 40% owned by Deutsche Telekom, is in talks with labour unions to encourage up to 1,800 employees of its Greek fixed-line unit to take early retirement, almost a fifth of the total, CEO Michael Tsamaz said.

The voluntary exit plan will be offered to staff eligible to retire by the end of 2015 while OTE, a former state monopoly, would incur the entire cost of the plan. “It will be about 100 mln euros”, Tsamaz told reporters.

This is the latest in a string of moves by Tsamaz to cut wage bills, sell assets and stem customer losses caused by heavy regulation and Greece’s severe recession.

OTE’s Greek fixed-line unit has lost more than 1.3 mln lines since 2009, about a quarter of the total, as consumers turn to smaller, alternative carriers benefiting from the regulator’s policies to undercut OTE’s prices.

Company sources had said in September that OTE would send about 1,000 people to early retirement and assign new,

more profitable roles to another 1,000 employees.

The number of people being assigned new roles will depend on how many workers accept voluntary retirement, Tsamaz said.

OTE operates in four countries in southeast Europe but derives most of its income from its home market.

The company is pushing ahead with plans to sell its Bulgarian unit Globul as well as its satellite operations Hellas Sat to pay down debt maturing next year.

“We believe the (sale) process will be completed by the first quarter of 2013,” Tsamaz said.

“An agreement with creditors regarding the extension of the EUR 900 mln debt facility and the sale of Globul and Hellas Sat for EUR 800-900mln will significantly reduce the group’s refinancing risks,” said Dimitris Birbos, analyst at the Investment Bank of Greece, a Laiki Bank Group subsidiary.

The company has to repay 899 mln euros of bank loans falling due in February, followed by 1.2 bln of bonds in August.

The two units’ sale will cover a large part of the debt falling due next year, Tsamaz said.

Merck halts supply of cancer drug to hospitals German pharmaceuticals firm Merck KGaA is no longer delivering cancer drug Erbitux to Greek hospitals, the latest sign of how an economic and budget crisis is hurting frontline public services.

Drugmakers raised concerns with EU leaders earlier this year over supplies to the euro zone’s crisis-hit southern half and Germany’s Biotest in June was the first to stop shipments to Greece because of unpaid bills.

“It only affects Greece, where we have been faced with many problems. It’s just the one product,” said Merck’s chief

financial officer, Matthias Zachert.

A spokesman for the company told Reuters that the drug concerned was Erbitux and that ordinary Greeks can still purchase it from pharmacies.

Some countries have taken action to pay bills, such as in Spain, where the government has said it will help hospitals to pay off debts.

Erbitux is Merck’s second best-selling prescription drug, bringing in sales of 855 mln euros in 2011 from treating bowel cancer and head and neck cancer.

Deposit rates up, loans down Interest rates on new loans decreased in September versus August, while average interest rates on deposits increased over the same period, according to the latest data from the Bank of Greece.

On outstanding amounts, the overall average interest rate on outstanding deposits was down 1bp MoM at 2.86%, while the average rate on outstanding loans dropped 3bps to 5.91%.

“With regards to new production, household overnight deposits came in slightly lower MoM (-1bp), while the rate of household term deposits came in 4bps higher, with average deposit rates following suit (+3bps MoM),” explained Konstantinos Manolopoulos, analyst at the Investment Bank of Greece, a subsidiary of the Laiki Bank Group.

“On the asset side, decreases were observed for consumer loans (without a defined maturity), which came in lower by 4bps MoM, while new business loans (fixed maturity up to 1 year), i.e. business loans that include companies’ working capital, came in lower by 2bps MoM. In addition, mortgage rates (floating rate or fixed up to 1 year) increased by 1bps MoM, while the average loan rate came in lower by 11bps MoM. The average rate of the 3 month Euribor (a benchmark for calculating loan and deposit spreads) was down by 8bps MoM,” Manolopoulos said.

CCH 9-month profit down Greek group CCH, the world’s second-largest bottler of Coca-Cola, was expected to post a 15 percent drop in ninemonth profit after demand fell in austerity-hit markets and costs rose.

Net comparable profit was forecast at 256.8 mln euros in a Reuters poll.

CCH buys syrup concentrate from Coca-Cola and bottles and distributes the U.S. group’s drinks in 27 countries including Nigeria and Russia.

Sales have been hit by falling demand in heavily indebted euro zone members such as Greece, Ireland and Italy where austerity measures have curbed spending.

BCP’s 9-month losses surge Millennium BCP, Portugal’s largest listed bank by assets, reported a nine-month net loss of 796.3 mln euros, hurt by impairments at home and sharp losses at its Greek unit, Millennium Bank. The loss came after a net profit of 98 mln euros in the same period a year earlier.

BCP reported impairment charges of 813 mln euros in Portugal and said losses at its Greek operation reached €532 mln.

November 7 - 13, 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 A. TSOKKOS HOTELS LOUIS LTD ORPHANIDES SECTOR TOTAL / OΛIKO PARALLEL MARKET PARALLEL MARKET INDEX WOOLWORTH (CYPRUS) PROP VASSILIKO CEMENT A&P (ANDREOU&PARASKEV.) ERMES DEPARTMENT STORES LAIKI CAPITAL PUBLIC CO K. ATHIENITIS CONTR. - DEV. G.A.P VASSILOPOULOS MITSIDES PHIL. ANDREOU LORDOS HOTELS HOLDINGS LIBERTY LIFE INSURANCE LORDOS UNITED PLASTIC SECTOR TOTAL / OΛIKO ALTERNATIVE MARKET ALTERNATIVE INDEX A. PANAYIDES CONTRACTING ALKIS HADJ. (FROU-FROU) A.L. PROCHOICE FIN. SERV. AMATHUS PUBLIC LTD ASTARTI DEVELOPMENT ATLANTIC INSURANCE 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 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 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 TOP KINISIS TRAVEL TOXOTIS INVESTMENTS UNIFAST FIN. & INV. VISION INTL PEOPLE GROUP SECTOR TOTAL / OΛIKO

ΟΑΣΗΣ

Kωδ.

Number

Nominal

Market

Shares ('000) Aριθµός µετοχών

Value euro Aξία EUR

Cap. ('000) Kεφαλ.

EUR

Book Value Price to Per Share euro Λογιστική αξία

Profit/(Loss)

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

2010 BOCY CPB HB LOG TSH LUI ORF

ΤΡΚΥ ΛΑΙΚ ΕΛΗΤ ΛΟΤΖ ΤΣΟΚ ΛΟΥΗ ΟΡΦΑ

1 795 141 3 411 086 595 436 74 080 246 214 460 547 80 966

1.00 0.10 0.43 0.35 0.35 0.17 0.35

581 626 197 843 111 942 19 779 14 280 9 211 3 563 938 244

1.25 0.00035 0.78 0.76 0.52 0.24 1.68 0.75

0.26 165.71 0.24 0.35 0.11 0.08 0.03 23.83

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

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

114 252 71 936 182 725 175 000 282 213 13 416 38 750 8 200 45 000 35 000 122 804 48 006

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

114 320 30 213 29 053 20 825 14 111 14 087 5 076 4 428 4 275 3 710 4 175 2 400 246 674

1.76 3.07 0.28 0.45 0.26 4.69 0.30 3.16 0.09 1.91 0.05 0.53 1.38

0.15 0.14 0.57 0.26 0.19 0.22 0.43 0.17 1.06 0.06 0.72 0.10 0.34

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

ΑΠΑΝ ΦΡΟΥ ΠΡΟΠ ΑΜΑΘ ΑΣΤΑ ΑΤΑΣ ΜΠΛΕ ΣΙΤΟ ΧΑΡΙ ΙΟΑΝ ΚΛΑΡ ΣΛΕΠ ΚΩΝΣ ΚΕΑΕ ΣΤΟ ΣΑΙΠ ΚΕΤΣ ∆ΒΚ∆ ΣΤΣ∆ ΒΕΝΤ ΝΤΙΜ ΝΤΙΑ ΕΛΛΗ ΕΛΕΠ ΓΙΟΥ ΕΞΕΠ ΦΙΛΟ ΚΚΟΜ

36 572 98 861 158 660 110 358 99 925 39 109 15 438 141 692 50 000 10 070 108 163 288 141 1 950 24 379 208 700 5 140 137 611 3 059 92 079 14 973 80 999 13 506 16 000 348 333 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 46 355 424 435 9 660 87 500 22 100 382 440 3 590 297 915 33 000 36 529 66 520 32 500 12 212 20 700 9 788 75 000

0.35 0.26 0.09 0.35 0.35 0.35 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 0.09 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 0.35 0.35 0.34 0.17 1.73 0.03 0.17 0.43 1.00 0.69 0.34 0.03 0.05 $ 0.10

5 852 15 818 1 587 5 518 4 996 25 421 3 088 5 668 3 000 201 5 408 2 881 137 7 314 6 261 1 388 23 394 4 160 25 782 2 096 5 670 810 5 600 6 967 627 4 760 2 114 11 000 447 956 12 391 1 619 12 036 4 996 1 971 5 084 7 778 1 568 149 464 29 710 773 63 000 1 768 19 122 5 421 2 979 1 650 2 192 3 991 7 475 3 175 414 196 75 000 453 841

0.88 0.49 0.02 0.49 0.02 0.73 0.80 0.49 0.12 0.42 0.39 0.07 -3.03 0.65 0.09 0.27 2.20 6.13 1.84 0.47 0.28 0.29 0.67 0.04 0.20 0.32 2.55 0.97 -0.05 0.09 3.55 0.41 0.68 0.36 0.41 0.80 0.64 0.10 0.02 0.004 0.20 0.18 1.31 0.40 0.01 3.35 0.04 0.12 0.48 1.59 2.36 0.41 0.04 0.11 0.20 0.67

0.18 0.32 0.56 0.10 2.27 0.89 0.25 0.08 0.50 0.05 0.13 0.14 -0.02 0.46 0.33 1.00 0.08 0.22 0.15 0.30 0.25 0.20 0.52 0.52 0.10 0.43 0.17 0.11 -0.43 1.28 0.11 0.22 0.87 0.22 0.56 0.06 0.28 0.20 0.43 2.50 0.35 0.44 0.55 0.20 4.07 0.45 0.25 0.42 0.13 0.04 0.10 0.64 0.50 0.18 5.08 0.54

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

2010 8 848 1 310 4 108 6 309 -47 25 987 -1 903 2 574 -1 453 456 -8 419 71 37 841

2010

ΚΑΡΚ ΚΕΟ ΚΟΣΑ ΚΡΟΝ ΤΖΕΠ ΤΡΑΝ ΛΕΠΤ ΜΑΠΑ ΜΙΝΕ ΜΟ∆Ε ΟΚΑΣ ΠΑΝ∆ ΠΙΠΗ ΛΙΝΑ ΠΙΕΡ ΠΤΕΛ ΑΓΡΟ ΡΕΝΟ ΡΟΧΑ ΣΑΛΑ ΕΣΕΦ ΣΤΑ∆ ΤΟΚΙ ΤΟΕΠ ΦΑΣΤ ΒΙΖΝ

1 767 4 363 -5 724 -1 339 -11 422 4 108 257 -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 -980 1 048 614 -1 668 -844 -738 -3 358 -760 969 -2 094 -501 -3 469 -1 746 -4 952 -594 -9 573 -9 238 313 8 617 11 -5 231 362 14 344 131 -9 983 1 165 -181 -25 -43 -330 -61 148

6M 2011 EUR ('000) Kέρδη 2011

6M 2012 EUR ('000) Kέρδη 2012

6M '11 161 000 -202 400 -36 618 2 904 -4 278 -28 751 1 062 -107 081

6M '12 -214 000 -1 308 800 14 898 2 697 -5 955 -26 641 -5 040 -1 542 841

6M '11 3 010 1 038 448

6M '12 1 535 1 906 386

-27 2 069 -1 021 258 -727 -414 -398 -383 3 853

-2 638 3 665 -570 -919 -448 -691 -1 747 -981 -502

6M '11 840 1 121 -332 -2 979 -5 391 2 240 417 -3 664 -493 -189 -2 493 -2 739 -522 -6 805 -234 -3 125 -463 1 448 1 239 940 -210 215 -2 944 -111 -161 1 028 3 742 -940 -89 -6 279 323 276 -1 396 -173 -4 233 36 -761 -191 -419 -8 696 -426 4 281 -631 -2 464 -191 -347 234 1 094 -3 875 -787 -151 -16 -22 2 280 -35 584

6M '12 111 887 -325 -3 979 -16 719 1 457 455 -2 768 -1 487 -184 -3 871 -2 043 -665 -6 -186 -282 -2 970 -1 653 -1 778 43 597 -208 -684 -3 487 -75 -1 223 -210 -1 012 -1 393 -160 -2 674 -233 -1 095 -840 -196 -4 478 -964 -302 -140 6 -8 419 -311 2 536 -171 -2 165 -396 -372 -1 427 -1 506 -4 416 -1 074 -132 -133 -13 1 661 -71 072

Profit/(Loss)

2011 EUR ('000) Κέρδη µετά φορολ.

P/E ratio 2011

Earnings Per

Dividend Per

Dividend Yield

Share 2011 Cents

%

Results

Share 2011 Cents

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

n/a n/a n/a 5.52 n/a n/a n/a 0.12

2011 6 674 -1 174 4 122 245 -1 734 2 133 -1 600 -947 -1 333 759 -2 667 -1 302 3 176

2011 373 2 334 -2 594 -2 121 -6 400 2 306 570 -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 -212 -15 562 1 608 5 130 -2 198 -110 -3 948 -804 100 -1 392 -438 -6 299 1 345 -3 185 -281 -2 192 -16 880 -1 314 10 753 -868 -6 352 73 151 546 964 -19 100 1 577 -689 11 -37 2 753 -95 416

4.50 n/a 7.05 85.00 n/a 6.60 n/a n/a n/a 4.89 n/a n/a 9.01

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

84.53 34.56 116.68

142.79 54.31 239.70

295.94 104.60 196.84

-51.75 -48.08 21.77

377.70 0.755 0.390 0.356 0.340 0.080 0.037 0.120

75.13 0.160 0.030 0.165 0.240 0.046 0.020 0.058

132.43 0.324 0.058 0.188 0.267 0.058 0.020 0.044

286.83 0.61 0.30 0.36 0.27 0.05 0.04 0.12

-53.83 -46.89 -80.47 -47.92 -0.74 13.73 -45.95 -63.64

Cents -76.37 -107.02 -16.90 4.84 -2.80 -17.95 -10.68

Cents

%

2.50

9.36

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

Cents 5.80

% 22.05

704.24 0.340 0.570 0.200 0.167 0.070 1.100 0.180 0.650 0.099 0.120 0.047 0.070

573.37 0.230 0.350 0.150 0.120 0.047 0.280 0.130 0.540 0.090 0.080 0.020 0.050

607.95 0.263 0.420 0.159 0.119 0.050 1.050 0.131 0.540 0.095 0.106 0.034 0.050

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

-7.41 -17.55 21.74 -11.17 -28.74 -20.63 5.00 -27.22 -14.29 -3.06 27.71 -27.66 -16.67

Cents 1.02 2.36 -1.63 -1.92 -6.40 5.90 3.69 -2.48 -15.80 -3.72 -3.64 -2.66 -205.44 -0.27 -1.88 -9.98 -3.36 -134.91 6.18 7.37 1.98 -3.89 -1.61 -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 -4.73 -3.98 -13.60 12.29 -3.93 -1.66 2.03 0.05 1.65 2.64 -28.71 4.85 -5.64 0.05 -0.38 3.67

Cents

%

740.44

651.44

0.91

5.69

7.00 1.20

10.77 6.00

1.90

2.64

2.00

8.70

651.44 0.16 0.16 0.01 0.05 0.05 0.65 0.20 0.04 0.06 0.02 0.05 0.01 0.07 0.30 0.03 0.27 0.17 1.36 0.28 0.14 0.07 0.06 0.35 0.02 0.02 0.14 0.44 0.11 0.02 0.12 0.40 0.09 0.59 0.08 0.23 0.05 0.18 0.02 0.01 0.01 0.07 0.08 0.72 0.08 0.05 1.51 0.01 0.05 0.06 0.06 0.23 0.26 0.02 0.02 1.00

738.87 0.17 0.16 0.02 0.10 0.05 0.83 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 0.03 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 0.01 0.11 0.08 0.52 0.06 0.06 1.62 0.01 0.08 0.09 0.10 0.23 0.26 0.02 0.02 1.00

-11.83 -5.88 0.00 -50.00 -50.00 0.00 -21.69 -4.76 -42.86 0.00 0.00 0.00 0.00 -22.22 -3.23 -40.00 -15.63 -5.56 -57.50 -12.50 -17.65 -22.22 0.00 -7.89 0.00 -33.33 -6.67 -8.33 -8.33 -33.33 -14.29 -42.86 0.00 -9.23 -11.11 0.00 -37.50 -5.26 -50.00 0.00 0.00 -36.36 0.00 38.46 33.33 -16.67 -6.79 0.00 -37.50 -33.33 -40.00 0.00 0.00 0.00 0.00 0.00

FinancialMirror.com

November 7 - 13, 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 AD SHOPPING GALLERIES CEILFLOOR CYPRUS AIRWAYS D.H. CYPROTELS D&M TELEMARKETING DOME INVESTMENTS EFREMICO HOLDINGS EMPIRE CAPITAL INV. FIRSTDELOS GROUP KANIKA HOTELS KARYES INVESTMENTS KNOSSOS INV. K. KYTHREOTIS HOLDINGS LASER INVESTMENT GROUP LIBRA GROUP NEMESIS CONSTRUCTIONS OCEAN TANKERS ROLANDOS ENTERPRISES SAFS HOLDINGS SEA STAR CAPITAL STARIO INVESTMENTS 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 0.2771 0.0100 0.2665 0.7501 0.0072 0.0667 0.1633 0.0682 0.0308 1.0430 2.1427 0.6125 0.2300

-52.51 -58.50 100.00 -53.85 -64.80 -30.56 33.43 -69.38 -34.02 -35.06 -23.30 -6.66 -15.10 8.70

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

1 052 6 457 988 5 473 52 800 1 412 1 246 2 827 495 405 2 183 5 458 709 3 367 84 872

-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 -3 086 -826 -2 488 -12 -3 619 -72 -75

6M '12 -43 -316 -705 -2 885 2 100 -1 489 -12 -873 -136 -82

ΑΙΕΠ ΑΘΩΣ ΣΙΦΛ ΚΑΕΡ ∆ΡΟΥ ΤΕΛΕ ΝΤΟ∆ ΕΦΡΕ ΕΜ ΑΒΑΚ ΚΑΝΙ ΚΑΕΠ ΚΝΕΠ ΚΥΘΡ ΛΕΕΠ ΛΙΠΡ ΝΕΜΕ ΤΑΝΚ ΡΟΛΑ ΣΑΦΣ ΣΕΑΣ ΣΤΕΠ ΣΑΠΦ ΤΡΑΓ

81 202 128 936 5 055 391 155 157 138 7 700 25 000 11 385 47 853 72 562 60 250 2 000 21 827 42 450 61 739 189 377 67 770 296 665 54 166 70 220 629 785 38 581 124 009 60 674

0.21 0.17 0.03 0.086 0.17 0.12 0.43 0.43 0.87 0.34 0.35 0.43 0.17 0.17 0.06 0.01 0.17 $0.20 0.17 0.17 0.04 0.17 0.09 0.57

MARKET TOTAL / OΛIKO AΓOPAΣ

812 12 894 202 7 823 1 571 385 16 250 228 39 239 9 433 7 833 440 218 5 519 9 261 1 894 14 232 2 967 4 875 702 6 298 386 1 240 34 584 179 285

0.1763 0.06 -1.21 -0.12 -0.20 -0.05 1.30 0.086 0.05 0.29 0.67 0.2208 0.11 0.45 0.06 -0.38 0.50 -0.27 0.28 0.000 -0.06 0.05 -0.12 0.43

-94.33 1.67 -0.03 -0.16 -0.05 -1.09 0.50 0.23 16.40 0.44 0.19 1.00 0.09 0.29 2.65 -0.03 0.42 -0.04 0.33 33.33 -0.16 -0.08 1.33

1 902 916

-214 -3 960 -1 353 232 -31 800 -335 -1 938 221 -504 -2 203 -703 -180 774 999 -2 378 -7 100 5 981 -50 257 93 -173 -50 598 -1 062 -764 -6 534 -153 756 152 345

2011 EUR ('000) Κέρδη µετά φορολ.

P/E ratio 2011

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

-241 -4 682

6M '11

6M '12

28

-464

-70 -29 288 -4 033 -79 -449

-106 -32 125 -4 345 -132 -588

-977 -75

-1 226 -57

369

-919

-2 708 1 121

-2 452 888

64

-111

-12 257

-12 535

-137 -3 801 -52 292

-322 616 -53 878

-27 -12 265 -1 856 -23 885 -9 100 -245 -701 35 -551 -2 754 -77 -180 87 612 -2 656 -11 700 2 076 -32 272 -328 -320 -16 501 -1 737 -60 -6 248 -120 653

-202 875

-1 672 975

-5 478 087

Earnings Per

Dividend Per

Dividend Yield

Share

Share 2011 Cents

%

Cents

%

11.00

13.75

Results Cents

2011

-43 -11 771

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

619.02

441.63

Last Close EUR Kλείσιµο

Price 31/12/2011 EUR Tιµή 31/12/2011

31/12/2011 Ποσ. Μετ.

31/12/2011

571.33 0.018 0.115 0.020 0.123 0.264 0.005 0.089 0.050 0.045 0.020 0.800 2.000 0.520 0.250

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

25.70 -10.00 27.78 -33.33 -12.14 38.95 -50.00 -11.00 -50.00 12.50 0.00 0.00 0.00 -13.33 0.00

0.01 0.10 0.04 0.02 0.01 0.05 0.65 0.02 0.82 0.13 0.13 0.22 0.01 0.13 0.15 0.01 0.21 0.01 0.09 0.01 0.01 0.01 0.01 0.57

0.01 0.11 0.04 0.06 0.01 0.05 0.65 0.02 0.62 0.16 0.11 0.27 0.01 0.13 0.14 0.01 0.21 0.02 0.10 0.01 0.01 0.01 0.01 0.60

-9.09 -66.67 32.26 -18.75 18.18 0.00 0.00 -

% Change

since

0.00

2011

2010 AIAS AD CFL CAIR DHH TLM DOME EFR EMP ACS KAN KAR KNO KYTH LAS LHG NEM OCT ROL SAFS SEAS STAR SUP USB

Profit/(Loss)

n/a

-0.03 -9.51 -36.72 -6.11 -5.79 -3.18 -2.80 0.31 -1.15 -3.80 -0.13 -9.00 0.40 1.44 -4.30 -6.18 3.06 -10.88 -0.61 -0.46 -2.62 -4.50 -0.05 -10.30

1.12

4.00

0.06

0.03

0.14

0.10

1.72

19.05

source: Eurivex Ltd. NAV: Net Asset Value

PAT:Profit After Tax

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 BROZOS IVY PUBLIC INTERLIFE GENERAL INSURANCE SA 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 ΜΠΡΟ/BRO ΙΝΛΙ/INLI

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 6 500 18 568

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 14 263 10 010 76 129 647 134

Latest price EUR 7.00 18.90 1.00 3.50 0.75 2.71 11.90 1.20 1.00 5.02 4.00 1.41 1.70 1.54 4.10

Nominal Value EUR 0.30 0.01 0.10 0.30 0.50 1.00 0.01 0.25 0.10 1.00 0.32 1.00 0.01 0.20 0.59

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 11/09/12 17/10/12

WARRANTS ALKIS HADJ. FROU-FROU (WAR. 2015) AMATHUS NAVIGATION (WAR.07-2013) 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) 24831 17606

Mkt Cap (00) 25 176 224

CSE Code No. of Bonds

Exercise Period

Exercise Price euro cents

Expiry Date

20-30 Jun 2001-2015 1-15 May & 1-15 Nov 07-13

173 20c or EUR 35c

30-06-2005 15-11-2013

Latest Close 0.001 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.

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November 7 - 13, 2012

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