Financial Mirror - Digital Edition

March 13 - 19, 2013

2 | NEWS | financialmirror.com

Hollande clings to jobs goal as voters lose faith l French

public deficit is way off target; President reaffirms jobs pledge but economists sceptical

French President Francois Hollande, battling to appease voters as his economic goals recede, loosened a budget target for 2013 on Tuesday but clung to his pledge to end a jobs crisis.

On a two-day trip to eastern France aimed at convincing a sullen public he can restore the economy to health, Hollande admitted that deficit-cutting has been blown off course but said a delayed target was preferable to austerity measures that could stifle economic recovery.

He said the end-2013 public deficit should come in at 3.7% of GDP, as the European Commission is forecasting, a far cry from his initial 3% goal.

But Hollande insisted that he can reach his last standing goal, to reverse by end-2013 a rise in unemployment that has taken the rate to a 13-year high of 10.6%.

“The right economic strategy is to stay on this track without doing anything that can weaken growth,” Hollande told a meeting in Dijon, capital of the Burgundy wine-making region.

On his pledge to halt the jobs crisis, he said: “I will use every lever I can to achieve this aim of reversing the trend in unemployment.”

Confidence in Hollande has dropped to the lowest level in 30 years for a French leader just ten months into his presidency.

As anaemic growth thins state revenues and left-wingers

fume at the focus on spending cuts, the Socialist government said this week it will demand another 5 bln euros in cost cuts at ministries this year.

Hollande has yet to acknowledge that the goal closest to voters’ hearts is also likely to elude him.

The Commission sees French unemployment, currently at 10.6%, rising further this year and hitting 11% in 2014. Analysts also see no reason for the jobless rate to fall.

With Hollande bound to address the issue in a televised message to the nation later this month, his aides seemed to be preparing the ground by explaining that his pledge should be read as halting the rise in unemployment, not turning it around.

SOS CALL?

Opposition UMP politicians poured scorn on Hollande’s “meet-and-greet” Dijon trip, scheduled as his approval ratings hit new lows below 30% in early March. Lawmaker Franck Riester called it “the SOS call of a captain in distress”.

Hecklers on the tour shouted: “What happened to the promises?” and “We’ve been waiting six months for a change!”

Images of one of them being dragged off by police jarred in what was billed as a warm outing with no crowd barriers.

In a rough Dijon suburb with a 32% unemployment rate,

Hollande told locals at an indoor climbing wall that he would restore employment step by step, like a rock climber.

The Socialist-controlled parliament is due to pass legislation next month based on a labour accord reached between employers and three mainstream trade unions to make it easier for firms to cut work hours and pay in downturns.

While hard-left lawmakers oppose the law, it is in line with what economists advise to boost hiring in the long term - but probably not this year, when the government has admitted the economy will likely grow just 0.2 to 0.3%, well below the 0.8% budget assumption.

Euro woes not over, as Germany piles up crisis funds The euro zone crisis is not over, France’s reforms are slipping and the Bundesbank has set aside billions in new provisions against what it sees as risky European Central Bank moves, Germany’s central bank said on Tuesday.

Presenting Bundesbank 2012 results that showed a sharp increase in its risk provisions, the German central bank’s chief, Jens Weidmann, urged governments to tackle the roots of their troubles with reforms.

Weidmann, a member of the ECB’s Governing Council, opposed the bank’s yet-to-be-used bond-buy plan agreed last September and believes euro zone governments must shape up their economies to exit the crisis rather than looking to the ECB for help. “The crisis is not over despite the recent calm on financial markets,” Weidmann said.

There was uncertainty about the reform course in Italy and Cyprus, he said, adding: “The reform course in France seems to have floundered”.

The ECB’s other German policymaker, Joerg Asmussen, late last month urged France to take “concrete and measurable”

steps to bring down its budget deficit, saying Paris faced a test of its credibility.

The Bundesbank is concerned about risks the ECB has taken on to help banks through the crisis, for example by accepting lower-rated assets in return for cash, exposing it to larger losses if a bank fails to repay.

Wiedmann also expressed concerned that a debt deal struck last month between the ECB and Ireland over ailed Anglo Irish Bank showed the ease with which the bank can fall into the “clutches” of fiscal policy - and area the Bundesbank does not wish it to go.

The Bundesbank said it increased its risk buffers by 6.7 bln euros to 14.4 bln.

CONFIDENCE LOST

Germany, Europe’s economic powerhouse expanded robustly during the first two years of the euro zone crisis but growth slowed last year and the economy shrank 0.6% in the fourth quarter. Most economists still see the country escaping a reces-

sion, defined as two consecutive quarters of contraction, by growing weakly in the first quarter before regaining momentum. German growth is crucial to underpinning the euro-zone economy.

“The German economy is structurally in good shape,” he said, though confidence had been hit by the euro zone debt crisis, which posed the biggest risk to a recovery.

“Only some of the confidence lost as a result of crisis has been recovered so far,” Weidmann said.

He nonetheless expected growth to strengthen as the year progresses, assuming there are no further shocks to confidence.

“In the short term, we in the euro area have, if anything, declining inflation risks,” Weidmann said, adding that in the medium-term it was important to leave no doubt about the ‘stability orientation’ of ECB monetary policy.

The ECB discussed cutting interest rates last week, but decided to keep them on hold, citing positive economic survey indicators, which in turn suggest it is ready to keep rates at 0.75% barring the economy taking another turn for the worse.

Hungarian PM pushes for state bank, rebuffs foreign critics Hungary’s go-it-alone prime minister said there were too many foreign-owned lenders in the country and promised to free companies from billions in euro and Swiss-franc loans.

Viktor Orban, a conservative who has angered investors and ignored European Union warnings that he is backsliding on democracy, said his government would set up a system of stateowned banking and called on policymakers to cut interest rates further.

In a week when the ruling Fidesz party overhauled the constitution and, via his former economy minister, Orban took control of the central bank, the combative prime minister stepped up rhetoric characterising Hungary as a country embattled by foreign influences that are keeping it down.

He said one step would be to help small firms convert euroand Swiss franc-denominated debt into forint loans, a move that may force losses on banks but one that Orban said was crucial for Hungary to go its own way.

“There is one way to break free: if we break free of foreign currency lending,” he told a business forum. “In my mind it is fundamentally a matter of sovereignty.”

Giving no details, Orban also said the government would boost lending by establishing a state-owned banking system based on the network of savings cooperatives that it acquired when it bought a stake in Takarekbank last year.

The push for more state influence in the economy is a departure from neo-liberal policies, such as selling banks and other firms into private hands, that most of the EU’s new ex-communist members pursued before joining the bloc last decade.

And as the euro zone crisis has exposed the EU’s inability to enforce economic rules among its members, Orban’s actions have underscored the paucity of tools the bloc has to uphold its

ments, to 305.7 per euro, before recovering to 304.2.

FRUSTRATION AT HOME

democratic values. Diplomats and rights groups say the charismatic 49-year-old leader has taken an autocratic tack, eliminating checks and balances and replacing opponents in courts, the central bank, and other institutions and replaced them with loyalists who will carry out his orders without question.

Germany used a visit to Berlin by Hungarian President Janos Ader, an ally of Orban, to voice concerns about this week’s vote by parliament in Budapest to change the constitution. “The concerns of Hungary’s European partners and friends, for example over the restricting of the constitutional court’s competencies, must be taken seriously,” a spokesman for German Chancellor Angela Merkel said.

Orban, a father of five who made his name as a student activist under communism, defended his policies and said a decision to break ties with the IMF last year was to prove that Hungary could act without outside help.

The forint dropped more than a percent following his com-

At home, Orban’s tactics have driven away many of the voters who elected his Fidesz party with an overwhelming two thirds parliamentary majority in the 2010 election.

Although Fidesz leads opinion polls ahead of an election next year, its popularity is hovering far below its peak at about 25% and about half of voters are undecided.

Orban has launched a new campaign attacking his leftist rivals and is now expected to embark on a series of progrowth measures, including urging the central bank to cut interest rates. He has said last week’s naming of Gyorgy Matolcsy - a close ally and the architect of economic policies that have spurned outside help and led to criticism from investors - to head the central bank would not infringe on its independence. But he called on the bank to cut interest rates so companies can borrow at a lower rate than the current 8-10%.

Analysts said that and the push to reduce foreign currency loans were a clear signal that rates would come down and the government was trying to push the forint currency weaker, which could make exports more competitive and boost growth.

March 13 - 19, 2013

financialmirror.com | CYPRUS | 3

Gov’t plans tax hikes, mixed signals for banks’ ring-fence Cyprus may hike its corporate tax from the competitively low 10% to 12.5% soon to stave off IMF pressure for investors to take losses on bank deposits as it seeks to secure a 17.5 bln euro bailout.

International lenders, who resumed talks with Cyprus last week, are urging Cyprus to lifts its corporate tax rate and introduce a capital gains levy, to ensure it can repay an international bailout which it requested last year.

A source with direct knowledge of the island’s consultations with the lenders told Reuters that a “small” corporate tax increase could be considered by Cyprus, along with a temporary levy on capital gains.

“It looks like consultations are starting to yield results, and the proper compromises are being found,” the source said.

Media reports also suggested that the new government may ask Greece to use some of the funds from Athens’ EU/IMF bailout to help Cypriot banks with a presence in Greece. Athens, however, played down such talk on Monday.

“There has been no specific request by the Cypriot side to Greece to contribute to the recapitalisation of Cypriot banks,” Greek government spokesman Simos Kedikoglou told reporters after President Nicos Anastasiades met Greek Prime Minister

Antonis Samaras in Athens.

Averof Neophytou, deputy leader of the ruling Democratic Rally party, asked on Monday whether a corporate tax increase might be on the cards, said Cyprus needed to make some choices because a bailout accord was needed to avert bankruptcy.

“At the end we will look at the pros and the cons, lay out priorities then decide what measures can be taken which are not destructive for the promotion of growth,” he told state radio.

President Anastasiades, who has vowed to work for a swift bailout deal, was on a two-day visit to Athens to convince Greek officials to agree to ring-fencing the “bad bank” operations of the island’s two main lenders that are exposed to nearly 25 bln euros worth of Greek state and private debt.

Saying that the Cyprus economy was in a “state of emergency”, Anastasiades called political party leaders and his closest economic advisors to the Presidential Palace on Saturday night asking all sides to take a share of the burden he inherited last month form a bankrupt communist administration.

The president said that the Troika of international lenders from the European Union, the European Central Bank and the IMF were insisting on a number of conditions in order to release a 10 bln euro bailout and to avoid a haircut on Cyprus

bank deposits. He added that without any recapitalisation, the local banks, and the nationalised Popular Laiki, would survive the most until the end of March.

Anastasiades said that all parties would have to agree to some form of privatisation of about seven public services and utilities, without necessarily being sold off to foreign investors.

These would take about two years, but at the first stage would focus on restructuring these services as government-owned or publicly-owned companies.

Four consultancies will be hired for the due diligence on these services.

The Troika also wants to raise the tax on dividends from 20% to 30%, and the tax on interest from 15% to 30%, as well as a “rich tax” on earnings beyond 120,000 euros a year rising from 30% to 40%.

No date yet for Cyprus vote in Bundestag

Noble seeks 2nd gasfield off Cyprus shore, looking for oil?

German Finance Minister Wolfgang Schaeuble told conservative politicians on Tuesday the Bundestag lower house of parliament would get to vote on 17.5 bln euros in aid for Cyprus before a European decision but he did not set a date.

“In the parliamentary group meeting Schaeuble said the Bundestag would get to vote on it in the week before a European decision,” Norbert Barthle, budget spokesman for German Chancellor Angela Merkel’s Christian Democrats (CDU) told Reuters.

Another participant in the meeting confirmed Barthle’s account of events.

Noble Energy is contemplating exploring a second gasfield within its own license area in Block 12 of the Cyprus Exclusive Economic Zone, suggesting there might be crude oil deposits below the recent finds of natural gas.

The second exploratory well is expected to find some 5 trln cubic feet of natural gas, significantly below the 7 tcf average at the first well.

Confirmation drilling by Noble in block 12 is a top priority, said Energy Minister George Lakkotrypis.

Asked to comment on the fact that Cyprus’

Earlier on Tuesday some sources had cited Schaeuble as saying the Bundestag could decide on aid for Cyprus as early as next week.

A precondition for the Bundestag to vote on bailouts is a decision from euro zone finance ministers that Cyprus requires financial assistance.

Schaeuble can only give the Eurogroup of euro zone finance ministers German approval for the aid once he has the green light from the Bundestag. Approval from the lower house is far from a done deal with just six months to go to federal elections.

Casinos in two years, says Minister The government hopes that the first casinos will be operational with in two years and has asked the Cyprus Tourism Organisation (CTO) to update the studies they have carried out in 2007, Trade and Tourism Minister George Lakkotrypis said on Tuesday.

The Minister briefed the House Commerce Committee on all issues related to his Ministry, such as natural gas reserves, tourism, renewable energy sources, consumer matters and electricity cost.

Speaking to the press, Lakkotrypis said that as far as the casino issue is concerned, the ministry must have before it all the information before making its final decision. He referred to the social dimension of the issue,

replying to questions about the criteria of admission to the casino.

The Minister said that the issue of casinos is urgent to ensure state revenues and the government hopes that in two years the first casinos will be operating on the island.

As regards the request for free internet access, Lakkotrypis said that this is related to the creation of a technological park in Cyprus that will give the opportunity to big scale companies to start business.

Asked whether the procedures as regards natural gas reserves in Cyprus’ Exclusive Economic Zone will speed up, he said the government has its priorities, is well aware of what needs to be done and this will be done the soonest.

international lenders refuse to take into account the country’s earnings from natural gas reserves in their estimate of the amount of a financial bailout, the Minister said “this is the main reason we urgently need to proceed with the confirmation drilling.”

“If there is confirmation of the reserves and these are validated, we can then declare these deposits as marketable at a specific value”, he pointed out. He said there will be a meeting with Noble this week in order to discuss their next moves, adding that the company’s contract is until October.

March 13 - 19, 2013

4 | CYPRUS | financialmirror.com

Inflation rate falls in Feb The consumer price inflation rate fell to 1.6% in February from with 1.8% in January 2013 and 3.1% in February 2012.

The EU-harmonised inflation rate also fell to 1.8% in February, compared with 2.0% in January 2013 and 3.1% in February 2012.

Compared with the previous month, prices measured by the national consumer price index rose by 0.22%.

The Statistical Service reported that this was mainly owing to increases in the prices of petroleum products, insurance premium for motor cars and air fares.

Decreases were recorded in the prices of certain fresh vegetables. potatoes and certain medicines.

In January-February 2013, consumer prices rose by 1.7% compared with the corresponding period of 2012.

Recession pushed down trade deficit in 2012 Recessionary conditions pushed down the trade deficit in 2012, which fell to EUR 4,320.0 mln (4.3 bln) in JanuaryDecember 2012 from EUR 4,906.5 mln in 2011.

The main reason was a sharp fall of imports.

Total imports/arrivals (covering total imports from third countries and arrivals from other Member States) in JanuaryDecember 2012 amounted to EUR 5,740.5 mln compared with EUR 6,310.5 mln in January-December 2011.

Exports also rose however. Total exports/dispatches (covering total exports to third countries and dispatches to other Member States) in January-December 2012 rose to EUR 1,420.5 mln (EUR 1.4 bln) compared with EUR 1,404.0 mln in JanuaryDecember 2011. Provisional data for January report total imports of EUR 410.9 mln, of which EUR 247.9 mln were arrivals from other Member States of the EU and EUR 163.0 mln imports from third countries.

Total exports/dispatches reached EUR 115.9 mln of which EUR 62.4 mln were dispatches to other Member States of the EU and EUR 53.5 mln exports to third countries.

Revised GDP deepens Q4 recession Full national accounts figures have revised down the contraction in the fourth quarter to a seasonally adjusted 3.3% from a previous flash estimate of 3%. On a non-seasonally adjusted basis real GDP declined by 3.4% over the same quarter of 2011.

The decline was broadbased. Cystat reported that negative growth rates were recorded for construction, manufacturing, retail and wholesale trade, transport, public administration, and recreational and cultural activities).

A positive growth rate was recorded for Legal and accounting activities.

Lebanon, Cyta in telecom link to Europe via Cyprus The Lebanese Ministry of Telecommunications (LMoT) and the Cyprus Telecommunications Authority (Cyta) have agreed to share capacity on Cyta’s Alexandros cable subsystem between Cyprus–Egypt–France, thereby creating reciprocal Eurasia and Eastern Mediterranean business opportunities.

As part of the agreement, LMoT will buy multiple capacity connectivity to France and Egypt, thus enhancing the robustness of Lebanon’s international access through physical diversity and significant increase in bandwidth.

The two sides have also signed an MoU for the construction of the Europa system, a new high-capacity undersea cable between Cyprus and Lebanon, which is expected to be ready by 2015 or earlier. This will enhance and gradually replace the existing CADMOS cable system, also connecting Lebanon and Cyprus. At the same time, Europa will form a bridge between the IMEWE cable system landing in Lebanon and Alexandros cable subsystem landing in Cyprus. Cyta Chairman Stathis Kittis accompanied by CEO Aristos Riris amd senior officials attended the signing ceremony in Beirut together with Telecommunications Minister Nicolas Sehnaoui, accompanied by LMoT Director General Naji Andraos and other officials.

Cyta, through its strategic business unit Cytaglobal (www.cytaglobal.com), is particularly active in the area of international submarine fibre optic cables, providing wholesale products and services on a global basis, and has established Cyprus as a regional telecoms hub in the Eastern Mediterranean.

House sales plunge in Jan, Feb House sales in Cyprus, with the exception of Paphos, plunged by 44% on an annual basis in the first two months of 2013, figures released by the Department of Lands and Survey showed.

Sale contracts submitted to the Department dropped 44% to 727 in January and February 2013 compared with 1,289 in the corresponding period of 2012.

Cyprus-wide contracts for January 2013 declined by 53% year-on-year to 375 from 803 in January 2012, whereas house sales in February reached 352 compared with 486 in previous year registering a reduction of 28%.

In Nicosia, sales plunged by 75% in January reaching 46 compared with 182, whereas February house sales declined to 59 compared with 148, a reduction of 60%. For the first two months of 2013, Nicosia sale contracts declined by 68%.

Limassol house sales declined by 51% in the first two months with 177 sale contracts filed compared with 361 in January-February 2012.

House sales in Larnaca declined by 48% in the first two months of 2013, reaching 102 compared with 196 in the corresponding period of 2012.

The Famagusta area saw the steepest decline with 70%, as sale contracts in January and February 2013 reached 37 compared with 124 in the corresponding period of 2012.

On the other hand, Paphos was the only region that registered growth of 10%, owing to a steep increase in February when sale contracts increased by 86%. Sale contracts, mainly attributed to Chinese buyers seeking a permanent residency with an investment of 300,000 euros, for the first two months of 2013 reached 306 compared with 278 of January-February 2012.

Have AML talks hit a snag? l

ECB’s Draghi urges action on anti-money laundering

Negotiations between the Ministry of Finance and investigators from the Troika of international lenders to reach an agreement on the terms of reference for the independent audit into Cyprus’ legal framework against money laundering came across obstacles on Tuesday evening.

According to the state-controlled Cyprus News Agency, while at first the terms of reference were agreed, negotiations were subsequently blocked on the part of the Troika.

“The issue of the terms of reference remains open”, the CNA report quoted a source as saying, without excluding the possibility of an agreement to allow the procedure of a tender to choose an independent audit company to participate in the investigation for money laundering.

The audit into Cyprus’ legislation against money laundering will be conducted by an independent private firm with the participation of the Moneyval Committee of the Council of Europe.

The government rejects allegations that Cypriot banks engage in money-laundering activities and has repeatedly

said that it has “nothing to hide”, ahead of an independent audit of compliance with anti-money laundering regulations decided at a recent Eurogroup meeting.

DRAGHI URGES CYPRUS ON AML

Meanwhile, CB President Mario Draghi has urged the new Cypriot government to look at how it is combating money laundering.

Euro zone finance ministers pledged last week to agree a bailout for Cyprus, but details of how the rescue will be financed are yet to be sorted out.

One stumbling block has been concern about Cyprus’s implementation of its money-laundering laws. The new government has agreed to an independent review.

Admitting that the issue was not directly in the ECB’s remit, Draghi volunteered that it was a key issue.

“It is very important that the Cypriot government takes this opportunity to revisit the anti-money laundering legislation - not so much in terms of the legislation, but in accepting international oversight on how effectively this legislation has been implemented,” he said.

Four new leaders expected at this week’s EU summit This week’s EU summit on Thursday and Friday will see four new faces, even though just five weeks have elapsed since the February 7-8 summit. Resignations and elections have brought Slovenia and Malta new Prime Ministers and Cyprus a new President, while Bulgaria will be represented by the President ahead of an imminent poll.

The mostly male crowd at the EU’s highest table should be augmented by a new female leader. The leader of the centre-left Positive Slovenia, Alenka Bratu?ek, is her country’s Prime Minister-designate, likely to forge a government in time for the summit.

In recent years only German Chancellor Angela Merkel, Danish Prime Minister Helle Thorning Schmidt and Lithuania president Dalia Grybauskaitò have provided a touch of colour in the otherwise male-only summit “family photo”.

Bratusek, 42, took over following a vote in parliament on February 27 which dismissed the centre-right Prime Minister Janez Jansa over a graft case.

Another centre-left leader to join the high table will be the new Maltese Prime Minister Joseph Muscat, sworn in on Monday. His Labour Party won the country’s general election on Saturday for the first time in 15 years. He will replace Lawrence Gonzi of the centre-right Nationalist Party.

Muscat has made statements saying that he would add more weight to the centre-left camp at EU summits.

In recent months, the dominance of the centre-right European People’s Party at EU summits has been eroding.

The EPP currently has 13 out of the 27 members of the European Council: Angela Merkel (Germany), Mariano Rajoy (Spain), Jean-Claude Juncker (Luxembourg), Traian Basescu (Romania), Viktor Orbán (Hungary), Donald Tusk (Poland), Fredrik Reinfeldt (Sweden), Enda Kenny (Ireland), Valdis Dombrovskis (Latvia), Antonis Samaras (Greece), Jyrki Katainen (Finland), Pedro Passos Coelho (Portugal) and Nicos Anastasiades (Cyprus).

It was Anastasiades who broke the slimming-down tendency of the EPP group, when the new Cypriot president, elected on February 24, replaced Demetris Christofias, the only Communist at the EU’s highest table.

Anastasiades, who was sworn in on 1 March, is expected to speed up a joint rescue plan by the European Union and IMF before the island runs out of cash, potentially derailing the fragile confidence returning to the eurozone.

Christofias had rejected the terms proposed for Cyprus’ rescue on ideological grounds.

The centre-left Party of European Socialists (PES) is represented by François Hollande (France), Elio di Rupo (Belgium), Helle Thorning-Schmidt (Denmark), Werner Faymann (Austria), Robert Fico (Slovakia), Victor Ponta (Romania), Joseph Muscat (Malta).

Alenka Bratusek’s party Positive Slovenia is not PESaffiliated, but PES has welcomed the involvement of the Social Democrats (SD) in negotiations for a new centreleft coalition government in Slovenia. Croatia, which is expected to join the Union on 1 July, is already represented at EU summits by its Prime Minister Zoran Milanoviç, a social-democrat.

March 13 - 19, 2013

financialmirror.com | CYPRUS | 5

Church to invest in tourism, energy l

Chain of “luxury retirement resorts’’ Lost €9.5 mln from investments, blames Christofias

The outspoken head of the Church of Cyprus, often described as a shrewd administrator with good business sense, believes that the only way out of the current economic crisis is through growth, and this will only come out of back-to-basics investments, such as in quality tourism and energy.

Archbishop Chrysostomos II gave an exclusive interview to the Financial Mirror with the discussion swerving from the economy to politics, banking to growth, poverty to education, before ending up with the economy again.

On every topic, the primate of the island’s Greek Orthodox Church has a learned opinion and is not afraid to speak his mind, as was the case of his latest comments in favour of privatisation of state-owned services.

However, the Archbishop is a firm believer in developing the attributes of the hard-working and entrepreneurial Cypriots, saying that new projects will help revive employment, investing millions in the local economy and putting the island on the international map, once again.

One of his ambitious projects is to develop “luxury retirement resorts” that will operate throughout the year, attracting mainly higher-income northern Europeans.

The Archbishop has already assigned some of his closest associates to start work immediately, with the first resort expected to be built near the popular holiday town of Ayia Napa.

Financing will probably come from overseas investors.

“All we want is a faster and simpler conclusion of procedures.

No special treatment for us, just for things to move faster,” he said, adding that very often unnecessary red tape is a hindrance that slows down development and growth.

Archbishop Chrysostomos believes that with the highly qualified doctors and nursing profession on the island, Cyprus can very soon become a world leader in medical tourism, a global market estimated to be worth $40-60 bln, by attracting long-stay visitors who will enjoy high quality facilities, such as healing spas. The success of the first resort will pave the way for more such projects around the island, for which the Church of Cyprus has set aside some of its prime real estate.

“Of course, the market is open to everyone and I hope this will be the beginning for a major turnaround in our tourist industry. Our climate is only good for such developments, and we should focus on the services sector.”

There will also be a trickle-down effect with tangible benefits in the wider tourist industry, religious tourism, as well as the hospitality sector of food and leisure.

ENERGY AND PV PARKS Energy is another sector that the Archbishop is interested in,

saying that there are investment opportunities in photovoltaic parks and that potential partners from Russia, France and Israel have already been lined up. Already, some 100 donums of land have been earmarked for the project.

The Church had in the past considered participating as a minority shareholder in one of the bidding ventures for oil and gas exploration, an investment it has not given up on altogether.

BANKING WILL RECOVER As regards the banking sector, the Archbishop is reserved, but sees some glimmer of hope, “if only the Troika [of international lenders] lets us to keep a sustainable capital adequacy level of closer to 8%, compared to 9-10%, and allows the banks about 45 years to recover.”

“The banks need time and the Church will stand in the way of anything that we disagree with.”

The banks are not blameless in their unwise investment choices, he said, adding that the Church lost some 9.5 mln euros in investments it had from its holdings of bank stocks and dividends. The biggest problem was probably the exposure to the property market which was over inflated.

The Hellenic Bank, in which the Church controls a direct and indirect stake of about 25%, is the better of the island’s three largest banks.

“I am not just satisfied, I am enthusiastic,” with their performance, despite a low-risk conservative approach to investments. The bank announced lower-than-expected losses of 23.4 mln euros for 2012, down from the 100.7 mln losses reported in 2011, most of which was attributed to the writedown of Greek sovereign debt.

“It was wrong that [the previous Christofias administration] blamed everything on the banks. Mistakes were made, but the haircut of about 4.5 bln euros was the result of the wrong decision taken by former President Christofias and his lack of communication with the former Central Bank Governor Athanassios Orphanides.”

Is it, then, the right time to talk about the merger of the two biggest banks – Bank of Cyprus and Laiki Popular?

“Maintaining the banks separate will also contribute to a healthier and competitive banking sector. If Bank of Cyprus is supported, it will be able to recover. The situation is worse in the case of Laiki, that will be difficult to sustain in its present form.

I’m sure that investors will be found,” the Archbishop said, adding that the latter’s downfall started after Andreas Vgenopoulos took charge of the bank and concluded a three-way merger with Marfin and Egnatia.

Creative thinking at TEDxNicosia The second TEDxNicosia networking event was held last week inspiring the audience and prompt it to “Re-Think, Re-Generate and ReAct.” Partnering up with Cytamobile-Vodafone sent out a loud message of the decisive role large organisations can play in reviving their communities.

In all, 12 speakers, pioneering performances and thought-provoking TEDx videos grasped the attention of 450 individuals, triggering them to seek a new perspective and even hope through a more creative approach.

Given the current financial crisis in Cyprus, TEDxNicosia created a platform to Re-Think certain things that are taken for granted, by making fresh plans for the present and the future; to Re-Generate personal energy, regenerate ideas and even hope; and to Re-Act to external and internal stimuli to chart a new course.

RETURN OF THE POUND? In comments he made later, Archbishop Chrysostomos suggested that if the Troika (European Union, European Central Bank and IMF) impose harsh conditions for the 17.5 bln euro bailout, “then maybe we should threaten them with exiting the eurozone and bringing back the Cyprus pound.”

However, he had harsher words for former President Christofias, Central Bank Governor Paniccos Demetriades and former Finance Minister Vassos Shiarly, saying they were to blame for agreeing to the terms of reference for the PIMCO due diligence of the Cyprus banking system.

“I told the board members and the management of the Hellenic Bank that if the central bank Governor or the former Finance Minister or the previous government are to blame, then the banks should consider taking legal action, because the guidelines given to PIMCO were wrong and aimed at showing unrealistic data, basically to cover the shortfalls of the government.”

As regards the new administration of Nicos Anastassiades whom he endorsed during the election campaign, the Archbishop said that the new president “will surprise us all.”

He added that although the Christofias administration did not have that many faults, “you cannot flaunt your communist culture all over the place. The previous government’s theory to take from the rich, simply made the rich poor, and the poor poorer.”

March 13 - 19, 2013

6 | OPINION | financialmirror.com

Re-educate, re-train, re-engineer EDITORIAL One of the pillars on which the Cyprus economy will have to depend on in order to get out of the bankrupt situation we inherited is to re-invent education. And the new administration is tasked with the impossible – trying to reduce unemployment.

We have too many accountants with great expertise but lacking any depth in their interpretation of all things black and white. Everyone wants to become a doctor with no grasp of the realities of Cyprus and what specialisation is needed, while lawyers are in abundance with few treading into the new domains of intellectual property, energy, maritime, international trade or even European social law.

In other words, we have too many chiefs and few Indians.

Thinking “outside the box” is a thing of the past.

Nowadays, you have to think, breathe and work outside the box.

Being different is passé. You have to innovate and be several steps ahead of the rest, otherwise small and large enterprises will never have the competitive edge over their rivals.

Education is the key word here. With Cyprus gradually moving to install a natural gas network for home consumption, we have no qualified engineers who have a clue about LNG networking and connections to households or businesses. This is not an issue for MIT-trained wizards or international award wining academics. They are not the ones who will take care of the plumbing and piping of the national gas grid.

Our universities have rightly embarked on introducing novel energy-related courses, but these are aimed at preparing candidates for the handful of positions on offshore platforms or within exploration companies. What we need are the hundreds of people who will handle the nuts and bolts of the operation.

This is where past governments took the stupid decision to abolish the Higher Technical Institute, where, among other vocational courses, Cyprus had the unique school for marine engineers, highly regarded by the shipping indus-

try. The programme has since been orphaned and lingering from one state institution to the other. It would have been easier to keep the HTI open and even keep it going as a separate college. As a result, we are no longer producing engineers who would have secured jobs on board Cyprus-registered ships even before their graduation.

Let’s not do the same with energy-related courses. It’s bad enough that the Human Resources Development Agency (HRDA/ANAD) has run out of funds because grants were handed out by the bucket-load, depriving many other SMEs of valuable aid to hire young graduates, this lack of money also prevents employers from considering to re-train their staff in order to adapt to the new needs of the market and compete on an equal footing with their local or international rivals.

As a leading management expert told several audiences in Cyprus, “take any job you find, even if below your financial expectations. Don’t lounge around the cafés. And try to go back to school and learn more.”

Now, if only the state and the academics put their heads together. They could actually achieve miracles.

The Cairo Islamic Summit and the Turkish Cypriots At the Twelfth Islamic Summit of the Organisation of Islamic Co-operation (OIC) held in Cairo (6-7 February 2013) the Turkish diplomacy was again very active, with a view to promoting its positions on the Cyprus problem. In the Final Communiqué support was declared for a solution based on “the inherent constitutive power of the two peoples, their political equality and co-ownership of the island.”

Furthermore, the text stated the following: “We express our solidarity with the Turkish Cypriots and our appreciation for their constructive efforts to attain a mutually acceptable settlement and call on Member States to strengthen effective solidarity with the Turkish Cypriot State.”

We retain the expressis verbis reference to the “Turkish Cypriot State” and the appearance for the first time of the concept of “co-ownership of the island”, which prompted Dervish Eroglou to state that all the points proposed by Turkey were adopted in the Final Communiqué. Time and hard work by Turkey resulted in these extreme positions, a negative development for our side. It should be mentioned that after the illegal declaration, in November 1983, by the Turkish Cypriots of their pseudostate, Turkey upgraded her participation in the works of the OIC. For the first time, at the Fourth OIC Summit held in Morocco (January 1984) Turkey was represented by her President, General Kenan Evren. She wanted to show the importance she was attaching to the OIC, playing the Islamic card, but also to work for the gradual change of the inimical climate prevailing in the Arab countries towards her and to promote her positions on the question of Cyprus.

It should not be forgotten that under the Ottoman empire the Arabs were economically, politically, racially and otherwise suppressed, that the cessation of minorities represents a great menace to many Arab countries, that Turkey was the first

Muslim country to recognise Israel and that as a NATO member it provokes the sentiments of some Arab hardliners. Time, however, has played its role and in the new environment Turkish economic penetration and other interests influenced traditional Arab friends of Cyprus. Moreover, the change of climate in the Islamic world rendered the Turkish arguments persuasive, especially after the 2004 referenda on the Annan Plan.

By Dr Andrestinos Papadopoulos Ambassador a.h.

At the beginning, the expression of support was very weak.

The strongest was for the full equality of the two communities and the right of the “Turkish Muslim people of Cyprus” to be heard at all international fora, where the Cyprus problem was discussed. Gradually, Turkey managed to introduce her positions in the texts of the OIC, using the arts of ambiguous suggestiveness. The following are good examples: The Turkish Cypriot proposal of 31st August 1998 was welcomed, without any mention that it was about confederation. Support was given to the declaration of the U.N. Secretary General of 12 September 2000, without knowing that the Turks are interpreting it as recognition of their own regime. A decision was made that the Turkish Muslim people of Cyprus will participate in the works of the OIC under the name provided for in the Plan of U.N. Secretary General, without any mention of the “Turkish Cypriot constituent state” contained therein. In this particular case, it was only natural that the uniformed partici-

pants were not aware that the U.N. Secretary General declared that, if the result of the referenda were negative, then his plan was null and void and any reference, therefore, to its provisions invalid.

The real dimensions and meaning of these texts are better understood if we take into account the following, which limit their importance: From the legal point of view, their importance is diminished, as most of them are in the preamble and not in the operative part of the Communiqué.

Most countries friendly to Cyprus register reservations, whereas those which adopt the Turkish positions vote differently in other fora (54 out of the 57 members of the OIC are Non-Aligned countries). There are, also, many who consider the decisions of the OIC, which anyway are not binding, dead letter, stressing the confusion which prevails during their adoption, as most of the participants do not know whether they vote a draft, an amendment or a final text. Moreover, if we compare the texts in the official languages of the OIC (Arabic, French and English) we will observe that in many cases, language wise, they have a different meaning.

Be that as it may, we should not underestimate their importance. At our bilateral meetings with Arab countries, since we are no longer members of the Non-Aligned, we should stress the pursuit of EU membership by Turkey, which entails recognition of the Republic of Cyprus, withdrawal of the Turkish troops and settlers, opening of the Turkish ports to Cypriot vessels, etc. Moreover, taking advantage of the reaction of certain Arab countries to the ambitions of Turkey to dominate the Middle East, we should persuade our Arab friends that Cyprus is the bridge leading towards Europe and not Turkey. To counter Turkish gains in the OIC we need aggressive diplomacy.

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The Cyprus Chamber of Commerce and Industry is leading a workshop aimed at small to medium sized enterprises that need some critical change to turn around their companies and help the economy grow again.

“Increasing your sales (solutions) in the middle of economic crisis” at the Cyprus Hilton on April 9 will be led by inspirational trainer Michael Virardi, as part of a joint programme with the Nicosia Chamber of Commerce and the European Centre

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The full-day workshop costs EUR 200.60 (109.60 with HRDA subsidy) and will deal with “determining sales and customer needs”, “who is a good salesman”, “learning from mistakes and how to communicate better”, “setting a needs-based analysis”, case studies, the use of body language and “dealing with complaints”. For information call KEVE on 22889840 or send an e-mail to gvenizelou@ccci.org.cy .

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March 13 - 19, 2013

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Cyprus should proceed with privatizations… yesterday The issue as to whether or not Cyprus should proceed with privatisation of semi-governmental organisations such as Cyta, the Electricity Authority (EAC) and the Ports Authority has once again become headline news for the all the unfortunate reasons.

We know the real reason why the “old establishment” does not wish to change the status of the semi-governmental organisations. Simply put, the “old establishment” meaning all the political parties - have used these SGOs for both placing their respective party members or sympathisers in highly paid jobs and used the SGOs to fund their various “social” and business activities, which in the end is again given to their party members and sympathisers.

The party hierarchy, which thrives on the rousfeti system of giving jobs and contracts in exchange for votes, cannot function if the political parties cannot fulfill their obligations to their constituents.

Following the economic crisis, the political parties know well that their ability to place their faithful with the government, banks and the likes of Cyprus Airways has finished, so the only other place where they can still place the party faithful and clinch lucrative deals are the SGOs. That is the reason why the new government (and all the others before it) does not wish to even discuss the issue of privatisation of the SGOs and not because they are acting in the interests of the employees of the SGOs as they publicly claim.

The only person who dared mention the dreaded word was Finance Minister Michalis Sarris, who as we all know has reached his position because of his academic and work credentials and not because of his rank in a specific political

party. Even Sarris was careful in choosing his words, saying he prefers the SGOs to become organisations with share capital, all of which will be owned by the state, without explaining what would be the purpose of such an undertaking if eventually it would not lead to a partial or full sale.

By Shavasb Bohdjalian Certified Investment Advisor and CEO of Eurivex Ltd. And why is Cyta, the EAC and the Ports Authority any different from the Cyprus Stock Exchange, for example? How come the same politicians who are now drawing “red lines” saying they won’t allow the three SGOs to go cannot be bothered when there was a suggestion to privatise and sell the CSE? Is it because the CSE does not have the ability to absorb the party faithful, or deliver the lucrative contracts for various unnecessary projects?

The irony of the situation is that Cyprus is engaged in tough negotiations to convince our fellow eurozone partners to provide us with a financial bailout, otherwise risk default and we desperately need to identify sources of revenue to prove that the country’s debt would be sustainable after the recapitalisation of the banks and securing a loan to cover the financing needs of the country.

The Sunday Kathimerini placed a EUR 4.2 bln valuation on the three main SGOs of which EUR 1.2 bln is the valuation for Cyta, EUR 1 bln is the estimate for the Ports

Authority and EUR 2 bln is the valuation of the EAC. Press reports suggest that Cyprus has been offered a EUR 10 bln loan from the Troika and told to find the remaining EUR 7 bln or so to capitalise its two major banks and cover its financing needs from other sources.

Instead of putting the issue on the table and agree to the immediate privatisation of all three SGOs to close the deal, our politicians are instead playing with fire by agreeing to discuss other revenue raising methods such as an increase in the corporate tax from 10% to 12.5%, imposing a tax on financial transactions, which if implemented will lead to an exodus of foreign companies and result in layoffs and also a tax on interest accrued on deposits, which may lead to a flight of capital.

For decades, the politicians and political parties have “milked” the SGOs, making them inefficient, unproductive and forcing them to effectively operate without planning and vision. It’s time they were turned over to the private sector, coupled with the removal of their monopolistic status in order to encourage competition, better service and proper planning to cover the real needs of this country for the future. shavasb@eurivex.com (Eurivex is a Cyprus Investment Firm, authorized and regulated

by CySEC, license #114/10 and approved by the Cyprus Stock Exchange to act as Nomad for listings on the Emerging Companies Market. The views expressed above are personal and do not bind the company and are subject to change without notice)

Inviting all budding entrepreneurs UCLan, partners launch Business Ideas Competition The Centre for Entrepreneurial Development and Research of UCLAN Cyprus is launching the Business Idea Competition 2013, an initiative organised in cooperation with the Larnaca Chamber of Commerce, the Famagusta Chamber of Commerce, the Junior Chamber International (Cyprus), the Women’s Coop Bank, the Cyprus Federation of Business and Professional Women (BPW), Cyprus Network of Female Entrepreneurship Ambassadors, Anaptixiaki – ANETEL and UK-based EPISTEME and the National Federation of Cypriots.

The competition is open to enterprising youngsters, students, MBAs, alumni, young professionals and social enterprisers who aspire to venture out and are keen to explore the potential of their business idea.

“In the current adverse economic climate it is of paramount importance that we inspire and support the aspiring entrepreneurs to kick-start new ventures; entrepreneurship and new business creation will help engineer innovations, fuel the growth of the economy, open new growth horizons and generate new jobs,” said Dr Panikkos Poutziouris, Professor of Entrepreneurship and Family Business at UCLan Business School, who leads the CEDAR initiative.

Enterpreneurs can register their interests and join training workshops which are being held in Cyprus this month and in the UK next month to offer support and guidance on how to develop a winning business proposal.

The first event already took place at the Limassol Chamber of Commerce in cooperation with JCI (Cyprus), followed by a workshop at UCLan Cyprus near Larnaca on Thursday, March 14, and at the Cyprus Chamber of Commerce and Industry (KEVE) in Nicosia, in cooperation with JCI (Cyprus) on March 26. A workshop will also be held on April 9 at the Hellenic Centre in London.

The prizes for the best three proposals are: 1st Award , EUR 1,500 sponsored by Alpha Bank; 2nd Award, EUR 1,000 sponsored by Demetrakis Koumandari Foundation; and, 3rd Award, complimentary registrations at the UCLan MBA Module: New Enterprise Venture Development.

Individuals or groups should submit a four-page proposal by May 15 by sending it to elias@uclan.ac.uk or visit www.uclancyprus.ac.cy/enterprise.

Hydrocarbons and the environmental debate The recent explorations for offshore natural gas in the Aphrodite field, as well as the imminent plans by Total, ENI and KOGAS in blocks 2, 3, 9, 10 and 11 of the Cyprus Exclusive Economic Zone may have offered a ray of hope for the near-bankrupt economy. But experts and academics have also warned that equal attention must be paid to proptect the Eastern Mediterranean which has a rich and diverse marine flora and fauna.

“Local pelagic life in the East Med comprises deepwater corrals, marine mammals such as the bottlenose dolphin, the common dolphin, and the green and loggerhead turtles. Within the same vicinity lies the Eratosthenes Seamount, part of which coincides with blocks 10 and 11, which is home to a diverse and unexplored flora and fauna,” explained Constantinos Hadjistassou from the University of Cyprus, who said that a public debate is underway about the coexistence of the oil and gas industry and the marine environment.

The debate suggests that striking a balance between the exploitation of hydrocarbon resources and the preservation of the marine environment and sea life is vital to the long term sustainability of the regional ecosystem. In compliance with EU and Cypriot laws, oil and gas companies active in the area are obliged to conduct environmental assessments before prospecting, exploring and exploiting hydrocarbon resources. Currently, little is known about the (marine) biology of the area. Elsewhere, such as in the North Sea, Norway through the

adoption of an integrated management approach has created a paradigm shift in terms of the coexistence of the oil industry with ocean resources. The scheme maximises long term economic value by respecting the marine environment while protecting marine resources, such as fisheries.

“Cyprus can leverage on a unique opportunity to set the benchmark in the Eastern Mediterranean for the development of a prosperous oil and gas industry in concomitance with the marine flora and fauna,” said Hadjistassou.

Forging a healthy relationship between oil and gas operations and the general public calls for transparency, dedicated mechanisms for surveillance, monitoring and compliance, and environmentally conscious decision-makers. How this can best be achieved is a matter for debate that will ask, how does the public trust that the best decisions were taken to factor in the wellbeing marine life?

Which guidelines ensure transparency? What measures have been adopted or will need to be implemented to mitigate environmental risks?

Should decisions be jointly taken through public consultations and what weight do citizens’ views bear?

Nireas Marine Research, a non-governmental organisation (NGO), and Energy Sequel launched the online debate this week regarding the environmental aspects of the oil and gas industry in Cyprus, which can be followed at www.energysequel.com\oilenvirodebate

March 13 - 19, 2013

8 | COMMENT | financialmirror.com

A global “New Deal”?

The International Monetary Fund’s belated admission that it significantly underestimated the damage that austerity would do to European Union growth rates highlights the self-defeating character of “orthodox” recipes to address the causes of the debt crisis that followed the financial crash of 2008-2009.

Conventional theory suggests that a single country (or group of countries) consolidating its finances can expect lower interest rates, a weaker currency, and an improved trade position. But, because this cannot happen for all major economies simultaneously – one country’s (or group of countries’) austerity implies less demand for other countries’ products – such policies eventually lead to beggar-thy-neighbor situations. Indeed, it was this dynamic – against which John Maynard Keynes fought – that made the Great Depression of the 1930’s so grim.

Today’s problems are compounded by a lack of sufficient private demand – particularly household consumption – in the advanced economies to compensate for demand losses stemming from austerity. During the last two decades, consumption drove these countries’ economic growth, reaching historically high GDP shares.

Moreover, major advanced economies, such as the United States, Germany, and Japan, face longer-term fiscal problems in the form of aging populations or oversize welfare states, limiting their capacity to contribute to demand management. Recent moves to ease monetary policy have been a step in the right direction; but, so far, they have not proved to be a game changer.

For domestic demand to act as an engine of growth, policies should shift resources from investment to consumption. While the magnitudes involved are huge, they must be attained if an extended period of low growth, high unemployment, and declining living standards among the world’s poorest is to be avoided.

International economic policy coordination should be significantly strengthened in order to deal effectively with changes on such a scale. Start with Europe. It is by now patently obvious that austerity and domestic reforms are not enough to pull the eurozone’s periphery out of deep recession. Growing awareness of the failure of current policies is causing social discontent, civil disorder, and political instability, with the recently concluded Italian elections and the growing popular resistance to Greek reform efforts serving as a bellwether.

Returning the eurozone’s peripheral economies to the path

of growth requires more than structural reforms and fiscal consolidation. It also requires a substantial reform of the monetary union’s system of economic governance, aimed at restoring financial stability and lowering borrowing costs, together with a boost in external demand in order to compensate for the effects of austerity.

Reforming governance implies significant progress toward economic unification: centralizing European debt through

By Yannos Papantoniou

Eurobonds, mobilizing sufficient rescue funds, allowing the European Central Bank to intervene in the primary bond markets, and establishing both a fiscal and a banking union.

This is a tall order, in view of the reluctance of most EU member states to cede competences to European institutions.

But Europe should move more decisively in this direction.

Otherwise, speculation on member states’ national debt will persist, keeping borrowing costs at levels that are inconsistent with the conditions required to sustain economic recovery.

Concerning external demand, intra-European help in the form of reflationary policies in stronger economies is unlikely to prove sufficient, owing primarily to the fiscal and political conditions prevailing in Germany. Implementing a Marshall Plantype initiative by mobilizing EU budget resources and additional lending by the European Investment Bank to finance investments in weaker countries could be an alternative, but it lacks political support.

On a global scale, neither the US nor Japan is in a position to provide significant external stimulus. Only the emerging and developing economies of Asia could effectively contribute to lifting global demand through a coordinated effort aimed at boosting domestic consumption, which, in turn, would stimulate additional investment. Recent IMF experience suggests that, through appropriate coordination, private funds could be mobilized for big private-public partnership projects linking demand

expansion with infrastructure investment.

In other words, a global “New Deal” – combining policies designed to achieve an orderly realignment of consumption and investment worldwide – seems to be required. The advanced economies should promote productivity-enhancing structural reforms with renewed vigor. The eurozone should solidify its currency union. And the emerging and developing economies should support domestic sources of growth.

For such a deal to become possible, certain preconditions must be met. First, international policy coordination by the G20 must be tightened by creating a permanent secretariat to make policy proposals and recommendations concerning macroeconomic and financial developments. The secretariat should actively cooperate with the IMF to benefit from its analysis, notably regarding exchange rates.

Second, global financial reform must proceed at a faster pace. The financial sector requires tougher regulation, strengthened supervision, and internationally consistent resolution mechanisms to address the problems posed by very large, global institutions that are considered too big (or too complex) to fail. Such reform is essential if the international financial system is to mediate the sizeable resource transfers that will underpin the required changes in the structure of global demand.

Finally, a new trade pact – possibly, but not necessarily, within the Doha Round – is needed to ensure the major trading powers’ access to foreign markets. This is critically important for inspiring confidence in Asian countries, which might be persuaded to favor domestic, as opposed to external, sources of demand. Moreover, trade liberalization will also increase consumer confidence worldwide.

The time is right for a new global settlement that targets growth, addresses crisis conditions in certain parts of the world, and rebalances the global economy to set it back on a path of strong and steady growth.

Yannos Papantoniou, a former economy and finance minister of Greece (1994-2001), is President of the Center for Progressive Policy Research. © Project Syndicate, 2013. www.project-syndicate.org

Mexico Breaking Good?

For a glimpse of the average American’s understanding of the relationship between the United States and Mexico, one only has to watch the critically acclaimed television series Breaking Bad. Set in Albuquerque, New Mexico, a few hundred miles from the border, the series chronicles the rise and fall of Walter White, a high school chemistry teacher who becomes a methamphetamine tycoon.

Most of the characters on the US side of the border are portrayed with sympathy and depth. The main protagonist’s stepby-step descent into the drug underworld unfolds with such subtlety that each individual decision he makes along the way seems almost reasonable.

Unfortunately, the other side of the border receives more superficial treatment. In one scene, two Mexican hit men ruthlessly slaughter a dozen innocent compatriots who could bear witness to their border crossing. In another episode, members of the Mexican Federal Police are seen assaulting a drug lord in his hacienda, with the implication that they are only doing the bidding of a rival dealer.

“Breaking Bad” is brilliant television, but it is regrettable that so many Americans see only this side of things. Mexico has profound security problems in some regions, but it is also a country that just might be on the threshold of a huge political and economic transformation. Indeed, for a couple of years now, Mexico’s GDP growth rates have been near the top of the OECD, and recently above Brazil’s.

Rather than continue fighting (as in the US) after a heated presidential election, Mexico’s major political parties appear poised to cooperate on a number of critical structural reforms that could energize economic growth for decades to come. The agenda includes an expansion of the tax base to reduce dependency on oil, an initiative to increase competition in media and telecommunications, and a constitutional change that will permit the state-owned oil company Pemex to enter into joint ventures with foreign firms.

This last reform is critical, because much of Mexico’s geology is very similar to that of the southwestern US. In principle,

Mexico’s economy should be benefiting from the same shalegas revolution that is providing a huge boost to the US, where natural-gas prices are now less than one-quarter of what Europeans pay.

Mexico is already enjoying a manufacturing boom that has increased its exports to the US, following a long secular decline.

With China’s wages soaring and rising oil prices driving up shipping costs, production in Mexico is suddenly looking much more attractive, even taking security concerns into account.

Of course, any number of things can go wrong. First and

By Kenneth Rogoff

foremost, the political elite might suddenly back away from essential structural reforms, and the Mexican business community’s current optimism could collapse. It wouldn’t be the first time.

There is also a risk that foreign investors, who already are starting to like Mexico, might come to love it a little too much.

A huge influx of capital could lead to a significant appreciation of the peso’s exchange rate, causing an increase in Mexico’s currently very attractive labor costs. Or the US could slip into recession (though modest growth is certainly the central scenario nowadays).

Then there is the matter of security, which constitutes a huge tax on business in many parts of Mexico. For example, one important achievement of former President Felipe Calderón’s administration was to push through a 140-mile highway connecting the interior city of Durango and the Pacific port at Mazatlán. Traversing extremely rough terrain with 200 tunnels and bridges, it promises to cut the transit

time by three or four hours. Except for the weather, the highway has the feel of Switzerland.

But the new road has raised concerns, particularly in the US, that it could serve as a smuggling route for drugs and weapons, so the military feels obliged to set up checkpoints.

Unfortunately, early anecdotal evidence suggests that these safeguards may ultimately slow down traffic by roughly the same amount of time that the project was meant to speed it up!

Mexican leaders acknowledge the country’s internal problems, but place three of them at America’s doorstep. First and foremost, the US generates the huge demand for illicit drugs that sustains the entire Latin American mafia, just as the US experiment with alcohol prohibition in the 1920’s fueled the rise of gangsters like Al Capone. No one knows precisely the Mexican drug cartels’ annual profits, but they certainly amount to billions of dollars.

Second, the US, with its incredibly lax restrictions on gun purchases, serves as a veritable arms depot for rich Mexican drug lords. True, they could arguably acquire similar weapons elsewhere, but not necessarily as cheaply and conveniently.

Finally, the US could do more to curtail money laundering.

One simple step would be to restrict the circulation of $100 bills, which are mostly used in the underground economy.

Many of the problems that characterize the complex USMexican relationship will be ameliorated if Mexico can sustain rapid economic growth. Net immigration to the US, which has already tapered off, might reverse. The US stands to benefit as much as Mexico if conditions south of the border begin breaking good.

Kenneth Rogoff, a former chief economist of the IMF, is Professor of Economics and Public Policy at Harvard University. © Project Syndicate, 2013. www.project-syndicate.org

March 13 - 19, 2013

financialmirror.com | COMMENT | 9

Transatlantic trade’s transformative potential After instant and seemingly coordinated fanfare in Europe and the United States, the proposal for a European Union-US free-trade area has been generating little media attention. There are three reasons for this, and all three highlight broader constraints on good national economic policymaking and productive cross-border coordination.

In his “State of the Union” address in January, US President Barack Obama proposed a “comprehensive Transatlantic Trade and Investment Partnership” with Europe based on trade that is “fair and free.” His administration regards this as part of a comprehensive approach to generating “good-paying American jobs.”

Obama’s bold proposal received an immediate and enthusiastic reception in Europe. Taking to the airwaves within hours, European Commission President José Manuel Barroso and European Council President Herman Van Rompuy called the proposal “ground-breaking.” Arguing that it could increase Europe’s annual economic growth rate by half a percentage point, they declared that formal negotiations would start quickly.

At first, there was quite a bit of general interest, and understandably so. The proposal involves the world’s two largest economic areas, with national, regional, and global implications.

Yet, despite the realization that an agreement could fundamentally alter the nature of global trade and production networks, it only took a few weeks for interest to drop off.

One reason is rooted in initial conditions that limit direct gains from increased trade while widening the scope for tension and conflict. Free-trade agreements that promise the greatest benefits are those that link economies characterized by high tariffs, low levels of trade, and little overlap in consumption and production patterns. This is not the case for the EU and the US. Average tariff levels are only 3%. The EU already accounts for almost 20% of US imports, and the US for 11% of EU imports.

And, given similar per capita income levels and cultural orientations, overlaps in production and consumption are considerable.

Having said this, there would be immediate upside potential, owing to better resource allocation, more harmonized investment regimes, stronger standards, and the elimination of out-

dated non-tariff and regulatory barriers. Aerospace, auto manufacturing, biotechnology, cosmetics, and pharmaceuticals are among the sectors that stand to gain. There is also the potential for reforming inefficient approaches to food and agriculture, particularly in Europe.

The second reason for waning attention to the proposed partnership speaks to a broader issue: A seemingly endless stream of short-term political dramas has made it extremely difficult for both Europe and the US to focus for long on any secular and structural initiative.

By Mohamed A. El-Erian

In Europe, broad-based discussion was undermined by the outcome of the Italian election – just the latest sign of how frustrated citizens in a growing number of countries are rejecting conventional political parties and the political status quo. With that, it becomes more difficult to pursue longer-term policy objectives, which merely adds further uncertainty about the precise path of European economic and financial integration.

In the US, the disruption took the form of yet another fiscal mini-drama. With a dysfunctional Congress again letting down the American people, the country is now on the receiving end of a budgetary sequester – another self-manufactured headwind to economic growth, job creation, and progress on reducing income and wealth inequalities.

Put the two together and you get a barrier to EU-US trade negotiations – one that renders ambitious (though not entirely unrealistic) the two-year timeline that has been set for completing the deal.

The third reason concerns the poor state of global policy dialogue, notwithstanding all the happy talk about global challenges and shared responsibilities. Last month’s G-20 meeting ended up as yet another expensive summit lacking sufficient

content and follow through. Rather than catalyzing constructive policy coordination, it has inadvertently encouraged complacency.

All three reasons are highly regrettable. They underscore the West’s seeming inability to break out of a short-term mindset in order to respond to the risks and opportunities related to historic national and global re-alignments.

The real promise of freer transatlantic trade consists in its potential to transform global trade, production networks, and multilateral organizations to the benefit of all. At the most general level, it would act to rationalize the current system of four poorly functioning blocs – centered on China, Europe, the US, and the rest – to three, and eventually (and perhaps quite quickly) to two better-functioning blocs that would have little choice but to work well together: one dominated by China, and the other by the EU/US. Such a global structure has the potential to encourage better medium-term alignments to reduce trade barriers, set proper standards, and enhance mutually beneficial cooperation. It would facilitate coordination on stronger global rules and principles, including those pertaining to intellectual-property rights and trade in services. And it would force multilateral organizations to reform if they wish to retain even the limited relevance that they have now.

The proposal for freer transatlantic trade is potentially transformational. It comes at a time when the West is increasingly being dragged down by short-term disruptions and continued policy inertia. Yet the implementation prospects are far from promising. The proposal has the capacity to act as a catalyst for adapting policy approaches to current realities; but it is subject to the dulling forces of twentieth-century mindsets and institutions that are too slow to adapt to twenty-first-century challenges and opportunities.

Mohamed A. El-Erian is CEO and co-CIO of PIMCO, and the author of When Markets Collide. © Project Syndicate, 2013. www.project-syndicate.org

Will programmers rule?

Marc Andreessen made his first fortune writing the code that became Netscape Navigator, the Internet browser. He is now a venture capitalist who evangelizes about the growing importance of software in business today. Indeed, he proclaims that software is taking over the world – that it will be the primary source of added value – and offers the following prediction: the global economy will one day be divided between people who tell computers what to do and people who are told by computers what to do.

Andreessen’s aim is to shock his listeners – not just for effect, but to get them to do something about it. To stop the world from being divided between a few alpha programmers and many drones, he wants the potential drones to stop taking easy liberal arts courses in college. Instead, he wants them to focus on courses in science, technology, engineering, and math (STEM), where the good jobs will be. But will this solve the problem that he poses?

Perhaps not. Two attributes of software creation allow a few talented programmers to corner the market and take all the associated profits. First, software with a slight edge tends to get a significantly greater share of the available market; and, second, the available market is global, because it costs so little to make an extra copy and send it anywhere in the world. As a result, those who are creative and competent enough to write that slightly better search engine will capture the global market.

In this winner-take-all environment, only a small number of those who have taken programming courses will reap a majority of the rents. Completing the right preparatory courses is no guarantee of receiving a share of the software jackpot.

Differences in luck and talent among those equally prepared will ensure that the quality of software firms’ products lies on a bell curve, with only a few Googles and Facebooks and many more bored, moderately paid computer technicians helping the average confused person deal with malware.

Put differently, in a winner-take-all world, raising the average level of skills or education does nothing to alter the

skewed distribution of income. So, will anything prevent inequality from widening?

The obvious answer is yes. But how society responds will mean the difference between a prosperous world and a world torn apart by slow growth and resentment.

Property rights are ultimately sanctioned by society, and, to the extent that they seem to be unfair, society has an incentive to change them. But will society see the software billionaire as having acquired her wealth unfairly, or will it see that wealth as a fair reward for cleverness?

By Raghuram Rajan

The more that everyone has access to the same educational opportunities, the more society will tend to accept some receiving disproportionate rewards. After all, they themselves have a chance to be winners. Interestingly, software may itself reduce the cost of expanding educational access – witness the massive open online courses (MOOCs) offered by companies like Coursera.

But equal access is probably an unlikely ideal. The other extreme is very unequal access, made more unequal because the wealthy have the time to help their kids with homework and the money to arrange for tuitions, while the poor leave their children watching TV while they work a second job. Will the resentful workers who must follow a computer’s instructions – say, in assembling an order in Amazon’s fulfillment centers – vote to tax the programmers who put them there until the software creators lose the incentive to innovate, leaving society poorer? Or will the rich programmers all migrate to Monaco or Switzerland, taking the brains and rents with them, as society falls apart into barricaded and

mutually resentful enclaves and ghettoes?

In reality, many intermediate possibilities exist. One is that cultural norms may develop that encourage billionaires to share their wealth, even if they are spared taxation. For example, the Giving Pledge is a commitment by some of the world’s richest people, Warren Buffett and Bill Gates among them, to devote the majority of their wealth to philanthropy.

Economic competition may also play a role – if billions are to be made by innovators, more of the most talented get into innovation, so that, even in a winner-take-all world, the winner captures the market for a fleeting moment before someone else takes it away from him. The billions to be made today may only be millions tomorrow.

And values also adjust. While a quartz watch keeps time more accurately than the most finely crafted handmade mechanical Swiss watch, the value of a quartz watch has plummeted, while Swiss watches’ value has climbed into the stratosphere. Even though they are virtually indistinguishable in appearance, people seem to cherish the knowledge that someone has lovingly crafted their watch.

So it may well be that the demand for discussing, say, medieval French church music in small classes at a university will grow even as the demand for MOOCs grows. Not everyone should heed Andreessen’s exhortation to quit liberal arts programs!

That is not to say that his basic concerns are unwarranted.

Better access for all to fundamental needs like quality education is necessary to make the winner-take-all character of markets more tolerable. But societies may also have to change.

If we are lucky, the changes will take place spontaneously.

Raghuram Rajan is Professor of Finance at the University of Chicago Booth School of Business and the chief economic adviser in India’s finance ministry. © Project Syndicate, 2013. www.project-syndicate.org

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

www.financialmirror.com

AÚ. 906

∆∂∆∞ƒ∆∏, 13 ª∞ƒ∆π√À, 2013

∫Ú›ÛÈÌÔ ÔÚfiÛËÌÔ Ë 25Ë ª·ÚÙ›Ô˘ Σε κατάσταση «εκτάκτου ανάγκησ» κήρυξε ουσιαστικά την κυπριακή οικονοµία ο ΠρÞεδροσ τησ ∆ηµοκρατίασ Νίκοσ Αναστασιάδησ. Κάλεσε τουσ Αρχηγούσ των κοµµάτων να αναλάβουν Þλοι µαζί τισ ευθύνεσ τουσ. Έθεσε ωσ κρίσιµο ορÞσηµο την 25η Μαρτίου και άνοιξε τα χαρτιά του για τη δραµατική κατάσταση και τισ επιλογέσ που υπάρχουν. Ùπωσ ανέφερε οι διαπραγµατεύσεισ µε την ΤρÞικα ολοκληρώθηκαν και το ∆ΝΤ παραµένει άτεγκτο για συνεισφορά το µέγιστο 10 δισ ευρώ. ΠρÞσθεσε µάλιστα Þτι οι τράπεζεσ και ιδιαίτερα η Λαϊκή αντέχουν το πολύ µέχρι τα τέλη Μαρτίου. Το οδυνηρÞ σενάριο το οποίο αποµένει ωσ επιλογή είναι η αποδοχή του πακέτου - τελεσίγραφο τεσσάρων συν µία προτάσεων τησ ΤρÞικα. Η µÞνη Þπωσ ξεκαθαρίστηκε προϋπÞθεση για αποφυγή του κουρέµατοσ καταθέσεων. Το πακέτο προνοεί: - Αποδοχή των ιδιωτικοποιήσεων (η συζήτηση επικεντρώνεται για το χρονοδιάγραµµα και αν θα περιοριστεί σε µετοχοποιήσεισ) - Αύξηση του φÞρου επί των µερισµάτων απÞ 20% σε 30% για τουσ µÞνιµουσ κατοίκουσ Κύπρου - Αύξηση του φÞρου επί των τÞκων καταθέσεων απÞ 15% σε 30% - Επιβολή του φÞρου εκατοµµυριούχου δηλαδή αύξηση του φÞρου για εισÞδηµα άνω των 120.000 ευρώ απÞ 30% σε 40% - Αύξηση του εταιρικού φÞρου απÞ 10% σε 12.5% (συζητείται ο χρÞνοσ επιβολήσ του αυξηµένου συντελεστή ώστε να ισχύει απÞ 01/01/2014) Σε σχέση µε τισ ιδιωτικοποιήσεισ η κυβέρνηση ξεκαθάρισε Þτι δεν µπορούν να προχωρήσουν ενωρίτερα απÞ τα δύο χρÞνια. ΠρÞθεση είναι να αρχίσουν πρώτα οι µετοχοποιήσεισ µε παραχώρηση πακέτου σε στρατηγικούσ επενδυτέσ, µε την ελπίδα Þτι µε τισ προοπτικέσ του φυσικού αερίου δεν θα καταστεί καταστεί αναγκαία η πλήρησ ιδιωτικοποίηση οποιουδήποτε κερδοφÞρου

ΚΑΤΑΣΤΑΣΗ ΚΑΤΑΣΤΑΣΗ ΕΚΤΑΚΤΟΥ ΕΚΤΑΚΤΟΥ ΑΝΑΓΚΗΣ ΑΝΑΓΚΗΣ

Η Þλη διαδικασία, σύµφωνα µε την απÞφαση του Γιούρογκρουπ, θα πρέπει να έχει ολοκληρωθεί κατά το δεύτερο 15νθήµερο Μαρτίου, προκειµένου να υπάρξει συµφωνία επί τησ δανειακήσ σύµβασησ τησ Κύπρου πριν το τέλοσ του µήνα.

¶ÈÛÛ·Ú›‰Ë˜: ∏ ∆ÚfiÈη ÂÈ̤ÓÂÈ!

Ηµικρατικού Οργανισµού. Η κυβέρνηση πάντωσ ανέθεσε σε ξένο οίκουσ να προβούν σε εκτίµηση τησ αξίασ των ηµικρατικών οργανισµών.

•·Ó¿ ÛÙË ªfiÛ¯· ÁÈ· ‚Ô‹ıÂÈ· Εκ νέου στη ΜÞσχα φαίνεται να µεταφέρονται πλέον οι προσπάθειεσ τησ κυπριακήσ κυβέρνησησ για εξεύρεση περαιτέρω πÞρων που θα περιληφθούν στο πακέτο στήριξησ. Μετά την επίσκεψη στην Ελλάδα, ο Μιχάλησ Σαρρήσ έχει κλείσει ήδη ραντεβού στο ρωσικÞ υπουργείο Οικονοµικών ενώ γίνονται προσπάθειεσ και για διευθέτηση συνάντησησ µεταξύ Αναστασιάδη-Πούτιν. Η Ρωσία έχει διαµηνύσει Þτι είναι πρÞθυµη να συνεισφέρει σε µια διάσωση τησ Κύπρου, εάν εξασφαλίσει τουσ ίδιουσ Þρουσ αποπληρωµήσ µε την ευρωζώνη.

∞ÁÒÓ·˜ ‰ÚfiÌÔ˘ Σε µια άλλη εξέλιξη φαίνεται πωσ το Υπουργείο Οικονοµικών και η ΤρÞικα κατέληξαν σε συµφωνία για τουσ Þρουσ εντολήσ που θα διέπουν την ανεξάρτητη αξιολÞγηση του κυπριακού νοµικού πλαισίου κατά του ξεπλύµατοσ βρώµικου χρήµατοσ και τησ εφαρµογήσ του. Η αξιολÞγηση τησ κυπριακήσ νοµοθεσίασ περί ξεπλύµατοσ χρήµατοσ, θα γίνει απÞ ανεξάρτητο ιδιωτικÞ οίκο, µε τη συµµετοχή τησ επιτροπήσ Moneyval του Συµβουλίου τησ Ευρώπησ. Σύµφωνα µε τισ ίδιεσ πληροφορίεσ, οι Þροι εντολήσ θα δοθούν σήµερα στην Κεντρική Τράπεζα, η οποία θα διεξάγει το διαγωνισµÞ, µέσω του οποίου θα επιλεγεί ο ανεξάρτητοσ οίκοσ µε συνοπτικέσ διαδικασίεσ, λÞγω του περιορισµένου χρÞνου που υπάρχει µέχρι το τέλοσ Μαρτίου για να γίνει η αξιολÞγηση του κυπριακού νοµικού πλαισίου για το ξέπλυµα χρήµατοσ.

Σε δηλώσεισ του χθεσ ο ΠρÞεδροσ του Συµβουλίου Εθνικήσ Οικονοµίασ, νοµπελίστασ ΧριστÞφοροσ Πισσαρίδη ανέφερε πωσ η ΤρÞικα επιµένει και θέτει στο τραπέζι Þλα τα επίµαχα θέµατα για την κυπριακή πλευρά, Þπωσ την αύξηση του εταιρικού φÞρου, την έκτακτη εισφορά επί των τÞκων των καταθέσεων, και τισ ιδιωτικοποιήσεισ των ηµικρατικών οργανισµών. Ο κ. Πισσαρίδησ, εξήγησε Þτι απÞ τη στιγµή που οι διαπραγµατεύσεισ συνεχίζονται και δεν έχει ακÞµη υπογραφεί το µνηµÞνιο, αυτά τα θέµατα δεν διαγράφονται για τουσ πιστωτέσ παρά το γεγονÞσ Þτι σε κάποια απÞ αυτά διατυπώνουν έντονεσ ή λιγÞτερεσ έντονεσ απÞψεισ. ∆ιευκρίνισε Þτι εφÞσον ακÞµη ο διάλογοσ είτε σε υψηλÞ επίπεδο, είτε σε τεχνοκρατικÞ συνεχίζεται, την ίδια ώρα και η κυπριακή διαπραγµατευτική οµάδα ελπίζει Þτι κάποια θέµατα ενδεχοµένωσ να τα κερδίσει. Ο κ. Πισσαρίδησ δεν απέκλεισε το ενδεχÞµενο ακÞµη και ο εταιρικÞσ φÞροσ, που Þπωσ έχει διαρρεύσει, θα ανέλθει στο 12,5%, να µπορεί να περιοριστεί σε πιο χαµηλÞ ποσοστÞ. Κληθείσ να σχολιάσει πληροφορίεσ των τελευταίων ηµερών Þτι το κούρεµα των καταθέσεων και το τέλοσ επί των χρηµατοπιστωτικών συναλλαγών αποτελούν παρελθÞν για την τρÞικα, ο κ. Πισσαρίδησ επανέλαβε Þτι θεωρητικά είναι Þλα στο τραπέζι.

¶¿Ì ÁÈ· η˙›ÓÔ 5,000 ÙÂÙÚ·ÁˆÓÈÎÒÓ Ì¤ÙÚˆÓ ∂ÓÙfi˜ ‰‡Ô ÂÙÒÓ Ë ÏÂÈÙÔ˘ÚÁ›· ÙÔ˘ ϤÂÈ Ô ÀÔ˘ÚÁfi˜ ∂ÌÔÚ›Ô˘ ΕντÞσ δύο ετών ευελπιστεί η Κυβέρνηση Þτι θα λειτουργήσουν καζίνο στην Κύπρο, σύµφωνα µε τον νέο ΥπουργÞ Ενέργειασ, Εµπορίου, Βιοµηχανίασ και Τουρισµού Γιώργγο Λακκοτρύπη. Το νοµοσχέδιο που ετοίµασε η κυβέρνηση το οποίο αφορά τη δηµιουργία καζίνο στην Κύπρο παραθέτουµε πιο κάτω. Σύµφωνα µε πληροφορίεσ το νοµοσχέδιο που βρίσκεται αυτή τη στιγµή στη νοµική υπηρεσία προβλέπει τη δηµιουργία Casino Resort υψηλών προδιαγραφών η κατασκευή του οποίου θα πρέπει είναι κατά το ελάχιστο 5,000 τετραγωνικών µέτρων. Αναλυτικά στα καζίνο που θα δηµιουργηθούν θα επιτρέπεται η είσοδοσ σε Κύπριουσ παίκτεσ εφÞσον είναι άνω των 22 ετών και κάτω απÞ αυστηρά εισοδηµατικά κριτήρια και σε ξένουσ άνω των 18 ετών χωρίσ εισοδηµατικά κριτήρια σύµφωνα µε τισ ίδιεσ πληροφροίεσ. Προβλέπει επίσησ διαδικασία προκήρυξησ ανοικτού διαγωνισµού για τισ άδειεσ που θα δοθούν και παράλληλα δηµιουργία Εθνικήσ Αρχήσ Καζίνο η οποία θα εξετάζει τισ αιτήσεισ που θα υποβληθούν. Σχετικά µε τον αριθµÞ των καζίνο που θα δηµιουργηθούν αναµένεται να αποφασίσει το επÞµενο διάστηµα το ΥπουργικÞ Συµβούλιο, ενώ σε εκκρεµÞτητα είναι και το θέµα τησ

φορολογίασ αν δηλαδή θα είναι επί του συνÞλου του τζίρου των παιχνιδιών ή εάν θα είναι για κάθε παιχνίδι ξεχωριστά. Για το θέµα τησ φορολογίασ θα αποφασίσει ο ΥπουργÞσ Οικονοµικών Μιχάλησ Σαρρήσ και οι τεχνοκράτεσ του Υπουργείου. Η κυβέρνηση βρίσκεται πάντωσ εν αναµονή τησ επικαιροποίησησ τησ µελέτησ του Κυπριακού Οργανισµού για τον αριθµÞ των καζίνο που θα γίνουν κάτι που αναµένεται να γίνει εντÞσ του επÞµενου δεκαπενθηµέρου. Ο ΚΟΤ σύµφωνα µε πληροφορίεσ αναµένεται να προκρίνει τη δηµιουργία τριών καζίνο σε σηµεία κλειδιά εντÞσ Κύπρου ενώ η κυβέρνηση στοχεύει στη δηµιουργία µέχρι και 5 καζίνο. Πάντωσ χώροι Þπωσ το φιλέτο απέναντι απÞ το Χίλτον Þπου θα γινÞταν η επένδυση του Κατάρ και το παλαιÞ αεροδρÞµιο Λάρνακασ βρίσκονται στισ πρώτεσ προτεραιÞτητεσ Þσον αφορά τουσ χώρουσ που θα τα φιλοξενήσουν. Ερωτηθείσ ο ΥπουργÞσ αναφέρθηκε και στην κοινωνική πτυχή του θέµατοσ για αδειοδÞτηση και δηµιουργία καζίνο ενώ για το θέµα των εισοδηµατικών κριτηρίων είπε Þτι αυτή η λεπτοµέρεια δεν έχει συζητηθεί. Απέφυγε να επεκταθεί σε Þ, τι αφορά τισ σκέψεισ τησ Κυβέρνησησ, λέγοντασ Þτι η επι-

καιροποίηση είναι απαραίτητη, ώστε να καταλήξει η Κυβέρνηση για το αν θα πρÞκειται για καζίνο πρÞσθετησ αξίασ – δηλαδή καζίνο µε άλλεσ αναπτύξεισ ή πολλά καζίνο και αυτά είναι τα ερωτήµατα που πρέπει να απαντηθούν. Ο κ. Λακκοτρύπησ είπε Þτι το ζήτηµα επείγει και περιλαµβάνεται και στο πρÞγραµµα διακυβέρνησησ, ενώ σε ερώτηση αν στα επÞµενα δύο χρÞνια θα έχουµε καζίνο, απάντησε «αυτÞ ευελπιστούµε, ναι».

∞ÓÙ·ÏÏ·Á‹ ·fi„ÂˆÓ Χθεσ ο ΥπουργÞσ ενηµέρωσε την Επιτροπή Εµπορίου τησ Βουλήσ για Þλα τα θέµατα που άπτονται του Υπουργείου του.

Για το θέµα των υδρογονανθράκων - για το οποίο η ενηµέρωση τησ Επιτροπήσ έγινε σε κλειστή συνεδρίαση ο κ. Λακκοτρύπησ σε δηλώσεισ στουσ δηµοσιογράφουσ ήταν φειδωλÞσ και περιορίστηκε να διαβεβαιώσει Þτι η Κυβέρνηση «ξέρει τι πρέπει να γίνει και θα το πράξει στον τάχιστο δυνατÞ χρÞνο». Ο κ. Λακκοτρύπησ δεσµεύτηκε ενώπιον τησ Επιτροπήσ Þτι θα παρευρίσκεται στισ συνεδριάσεισ τησ ανά δίµηνο για ανταλλαγή απÞψεων. Σε ερώτηση αν θα επιταχυνθούν οι διαδικασίεσ για θέµα των υδρογονανθράκων, ο ΥπουργÞσ απέφυγε να µπει σε λεπτοµέρειεσ, λέγοντασ απλώσ Þτι ενηµέρωσε την Επιτροπή για κάποιεσ προτεραιÞτητεσ, και διαβεβαίωσε Þτι «ξέρουµε τι πρέπει να γίνει και θα το πράξουµε στον τάχιστο δυνατÞ χρÞνο». Για το αίτηµα για ελεύθερη πρÞσβαση στο διαδίκτυο σε Þλη τη Κύπρο, ο ΥπουργÞσ είπε Þτι πρÞκειται για ένα σηµαντικÞ ζήτηµα που σχετίζεται και µε την προώθηση τησ καινοτοµίασ και άπτεται και συνολικών θεµάτων τεχνολογικού πάρκου το την προσέλκυση µεγάλων εταιρειών τεχνολογίασ που ίσωσ µπορέσουν να προωθήσουν την ελεύθερη πρÞσβαση στο διαδίκτυο, σε κάποιεσ περιοχέσ, πÞλεισ και επαρχίεσ.

ΧΡΗΜΑ&ΑΓΟΡΑ

13 ΜΑΡΤΙΟΥ, 2013

2 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

§·˚΋: ¢ÂÓ ˆÏÂ›Ù·È Ë ∂ÂÓ‰˘ÙÈ΋ ∆Ú¿Â˙· ∂ÏÏ¿‰Ô˜ ÀÔ‚ÔÏ‹ ÙÔ˘ ∞Ó·ıˆÚË̤ÓÔ˘ ™¯Â‰›Ô˘ ∞Ó·‰È¿ÚıÚˆÛ˘ ÛÙËÓ ∫ÂÓÙÚÈ΋ Ολοκληρώθηκε τη ∆ευτέρα η µελέτη του Αναθεωρηµένου Σχεδίου Αναδιάρθρωσησ του Οµίλου τησ Λαϊκήσ Τράπεζασ και το ∆ιοικητικÞ Συµβούλιο ενέκρινε την υποβολή του στην Κεντρική Τράπεζα τησ Κύπρου. Στο Αναθεωρηµένο Σχέδιο λήφθηκαν υπÞψη οι απÞψεισ και τα σχÞλια τησ Εποπτικήσ Αρχήσ και του Υπουργείου Οικονοµικών, «διαµορφώνοντασ ένα ρεαλιστικÞ και συνάµα ολοκληρωµένο σχέδιο αναδιάρθρωσησ του Οµίλου». Προστίθεται Þτι η υλοποίηση του Σχεδίου Αναδιάρθρωσησ που άρχισε σε λει-

τουργικÞ επίπεδο τον Αύγουστο του 2012, «συµβάλλει ήδη στην περαιτέρω αναβάθµιση τησ αποτελεσµατικÞτητασ και ανταγωνιστικÞτητασ τησ Τράπεζασ και µε την αναµενÞµενη πλήρη ανακεφαλαιοποίησή τησ, θα δηµιουργηθούν οι προϋποθέσεισ για µια νέα εποχή ανάπτυξησ για τον Ùµιλο Λαϊκήσ Τράπεζασ προσ Þφελοσ τησ Κυπριακήσ Οικονοµίασ και του τÞπου». Η αναθεωρηµένη υποβολή εµπίπτει στα πλαίσια των υποχρεώσεων τησ Τράπεζασ βάσει των κανÞνων τησ ΕΕ για κρατική στήριξη, καταλήγει η ανακοίνωση. Χθεσ η Λαϊκή Τράπεζα σε ανακοίνωση τησ, κατÞπιν υπÞ-

δειξησ τησ Επιτροπήσ Κεφαλαιαγοράσ Ελλάδοσ διευκρίνισε Þτι στο παρÞν στάδιο δεν υπάρχει οτιδήποτε προσ ανακοίνωση, αναφορικά µε την πώληση τησ Επενδυτικήσ Τράπεζασ Ελλάδοσ A.E.. ∆ηµοσιεύµατα στον ελληνικÞ ηλεκτρονικÞ Τύπο ήθελαν την Λαϊκή Τράπεζα να προχωρεί στην άµεση πώληση τησ Επενδυτικήσ Τράπεζασ Ελλάδοσ. Σύµφωνα πάντοτε µε τα ελληνικά µέσα ενηµέρωσησ το θέµα είναι σε εξέλιξη, καθώσ έχει εκδηλωθεί ενδιαφέρον απÞ υποψήφιουσ αγοραστέσ, Έλληνεσ και ξένουσ και αποµένει η διαγωνιστική

∏ ª·‡ÚÔ˘ ˘¤ÁÚ·„Â, Ô Ã¿ÛÈÎÔ˜ ·Î‡ÚˆÛ ¢È·Ì·ÚÙ˘Ú›Â˜ ÁÈ· ‰ËÌÈÔ˘ÚÁ›· ·ÈÔÏÈÎÔ‡ ¿ÚÎÔ˘ Û ÂÚÈÔ¯‹ Natura Σε ακύρωση προσφάτων πράξεων τησ απελθούσασ Κυβέρνησησ, σε τοµείσ τησ αρµοδιÞτητάσ του, προχωρεί ο νέοσ ΥπουργÞσ Εσωτερικών, Σωκράτησ Χάσικοσ, κατÞπιν διερεύνησησ και τεκµηριωµένησ εισήγησησ, Þπωσ έγινε ήδη µε την άδεια για αιολικÞ πάρκο στην περιοχή Λευκάρων. Ο ΥπουργÞσ κληθείσ, στη διάρκεια δηλώσεών του να σχολιάσει δηµοσίευµα για έγκριση αιολικού πάρκου απÞ την απελθούσα Κυβέρνηση κατά τισ τελευταίεσ ηµέρεσ τησ διακυβέρνησησ ΧριστÞφια και κατά πÞσον δεσµεύεται απÞ αυτή την απÞφαση, ο κ. Χάσικοσ δήλωσε Þτι µια απÞ τισ πρώτεσ πράξεισ του, ωσ Υπουργού Εσωτερικών, ήταν να ακυρώσει τη συγκεκριµένη άδεια. Χθεσ η εφηµερίδα Φιλελεύθεροσ σε δηµοσίευµα τησ ανέφερε Þτι η τέωσ ΥπουργÞσ Εσωτερικών Ελένη Μαύρου, την τελευταία µέρα, προτού παραδώσει στον κ. Χάσικο, υπέγραψε πολεοδοµική άδεια για λειτουργία αιολικού πάρκου δυναµικÞτητασ 26 ανεµογεννητριών. Το τµήµα Πολεοδοµίασ και Οικήσεωσ αρνήθηκε να υπογράψει την συγκεκριµένη άδεια, διÞτι η εν λÞγω ανάπτυξη εµπίπτει σε ζώνη ειδικήσ προστασίασ Natura 2000 του ποταµού Πεντάσχοινου. Η ίδια αίτηση είχε απορριφθεί και απÞ την Περιβαλλοντική Αρχή, δεδοµένου Þτι αναµένεται να υπάρξουν αρνητικέσ επιπτώσεισ στα είδη πτηνοπανίδασ. Ο ΥπουργÞσ Εσωτερικών, είπε πωσ προχώρησε στην ακύρωση µιασ και “έχει να κάνει µε το γεγονÞσ Þτι Þλα τα

Τµήµατα, που είχαν σχέση µε την αδειοδÞτηση αυτή, ήσαν κάθετα αντίθετα”. “Υπεγράφη, λοιπÞν, αυτή η άδεια του αιολικού πάρκου, στην περιοχή Λευκάρων”, δήλωσε ο κ. Χάσικοσ, “στισ 28 Φεβρουαρίου (2013) και, ξεκινώντασ απÞ τη θέση αρχήσ, Þτι για τÞσο µεγάλα έργα δεν υπογράφεισ ωσ απερχÞµενη Κυβέρνηση, ιδιαιτέρωσ την τελευταία ηµέρα πριν παραδώσεισ, προχώρησα σε διερεύνηση τησ συγκεκριµένησ άδειασ και κατέληξα στο συµπέρασµα Þτι αυτή η άδεια έπρεπε να ακυρωθεί, πράγµα το οποίο και έπραξα”. “Υπάρχουν επίσησ”, συνέχισε, “και άλλεσ τέτοιεσ περιπτώσεισ που υπεγράφησαν µεταξύ πρώτου και δεύτερου γύρου των εκλογών, περιπτώσεισ τισ οποίεσ είµαι αναγκασµένοσ να διερευνήσω”, ανέφερε.

∞ÔÛ‡ÚÂÙ·È ÙÔ ÓÔÌÔÛ¯¤‰ÈÔ ÃÚÈÛÙfiÊÈ· ÁÈ· ·Î›ÓËÙ· Αποσύρεται το νοµοσχέδιο που κατέθεσε στη Βουλή η Κυβέρνηση ΧριστÞφια για τη φορολÞγηση ακινήτων και η νέα Κυβέρνηση θα ετοιµάσει και θα καταθέσει σύντοµα νέο σχετικÞ νοµοσχέδιο. ΑυτÞ δήλωσε ο ΥπουργÞσ Εσωτερικών, Σωκράτησ Χάσικοσ,. Ερωτηθείσ εάν θα αποσυρθεί το νοµοσχέδιο τησ προηγούµενησ Κυβέρνησησ για φορολÞγηση ακινήτων και εάν θα

ετοιµάσει άλλο η παρούσα Κυβέρνηση, ο κ. Χάσικοσ δήλωσε Þτι η νοµοθεσία αυτή διαµορφώνεται “σε συνεργασία µε το Υπουργείο Οικονοµικών” και δεν υπάρχει τίποτε τώρα προσ ανακοίνωση. “Σίγουρα δεν θα είναι το προηγούµενο νοµοσχέδιο, αλλά”, πρÞσθεσε, “για το Þτι πρέπει να ετοιµάσουµε νοµοσχέδιο για τη φορολογία των ακινήτων, ναι, πρέπει”. Σε ερώτηση εάν αποσύρεται, δηλαδή, το προηγούµενο νοµοσχέδιο, ο κ. Χάσικοσ απάντησε: “Ναι, για την ώρα”.

∏ ¡OBLE Î·È Ù· Û¯¤‰È· Ù˘ ∆εύτερο κοίτασµα βλέπει η Noble στο τεµάχιο 12. Μάλιστα έχουν καταλήξει στο συµπέρασµα Þτι, πέραν τησ δυνατÞτητασ άντλησησ πετρελαίου σε µεγαλύτερο βάθοσ απÞ το κοίτασµα φυσικού αερίου στο «12» υπάρχει και δεύτερο κοίτασµα φυσικού αερίου, για το οποίο οι εκτιµήσεισ είναι τησ τάξησ των 5 τρισεκατοµµυρίων κυβικών µέτρων, δηλαδή λίγο πιο περιορισµένο απÞ το «Αφροδίτη. Τη ∆ευτέρα αντιπροσωπεία τησ Κρατικήσ Εταιρείασ Υδρογοναθράκων είχε συνάντηση µε τη διοίκηση τησ Noble στη Λευκωσία µε στÞχο να ξεκαθαρίσουν οι προθέσεισ του αµερικανικού κολοσσού και τα χρονοδιαγράµµατα των επÞµενων κινήσεων του τα

οποία φέρουν την επιβεβαιωτική γεώτρηση να γίνεται στα µέσα Ιουνίου.Τη ∆ευτέρα ο ΑντιπρÞεδροσ τησ ΚΡΕΤΥΚ ΣÞλων Κασίνησ αναχώρησε ια την Ιταλία για να συζητήσει τισ επÞµενεσ κινήσεισ τησ ΕΝΙ, ενώ στισ 21 Μαρτίου για το ίδιο θέµα είναι προγραµµατισµένη η κάθοδοσ και τησ ΤΟΤΑΛ. Σε µια άλλη εξέλιξη σύµφωνα µε πληροφορίεσ η κυβέρνηση έχει εδώ και λίγεσ µέρεσ στα χέρια τησ έκθεση που ετοίµασαν απÞ κοινού η Υπηρεσία Ενέργειασ του Υπουργείου Εµπορίου και η ΚΡΕΤΥΚ στην οποία γίνεται αναφορά για τα προσδοκώµενα έσοδα για την Κυπριακή ∆ηµοκρατία απÞ την εκµετάλλευση φυσικού αερίου µέχρι το 2035.

6Ë Û˘Ó¯‹˜ Û˘ÚÚ›ÎÓˆÛË Ù˘ ÔÈÎÔÓÔÌ›·˜ Συρρίκνωση για έκτο συνεχÞµενο τρίµηνο παρουσίασε η κυπριακή οικονοµία το τέταρτο τρίµηνο του 2012, µε το κυπριακÞ Ακαθάριστο Εγχώριο ΠροϊÞν (ΑΕΠ) να µειώνεται κατά 3,4%, σε σύγκριση µε το αντίστοιχο τρίµηνο του 2011. Αυτή είναι η µεγαλύτερη µείωση του κυπριακού ΑΕΠ απÞ το τρίτο τρίµηνο του 2011, Þταν άρχισε η συρρίκνωση τησ οικονοµίασ. Μετά τη διÞρθωση του ΑΕΠ ωσ προσ τισ εποχικέσ διακυ-

µάνσεισ και τισ εργάσιµεσ µέρεσ, η κυπριακή οικονοµία υπολογίζεται Þτι συρρικνώθηκε το τέταρτο τρίµηνο κατά 3,3%.

Aρνητικούσ ρυθµούσ ανάπτυξησ παρουσίασε ο δευτερογενήσ τοµέασ τησ οικονοµίασ (Κατασκευέσ, Βιοµηχανία), Þπωσ επίσησ οι τοµείσ του Εµπορίου, των Μεταφορών και των Υπηρεσιών (∆ηµÞσια ∆ιοίκηση, Ψυχαγωγικέσ και Πολιτιστικέσ ∆ραστηριÞτητεσ). ΘετικÞ ρυθµÞ ανάπτυξησ παρουσίασε ο τοµέασ των Νοµικών & Λογιστικών Υπηρεσιών.

διαδικασία. Το ενδιαφέρον προκύπτει απÞ το µεγάλο ατού τησ Επενδυτικήσ Τράπεζασ, που είναι η τραπεζική άδεια, η οποία τησ παρέχει τη δυνατÞτητα άσκησησ ολÞκληρησ τησ γκάµασ των τραπεζικών εργασιών, ανεξάρτητα απÞ το γεγονÞσ Þτι έωσ σήµερα λειτουργούσε ωσ αµιγώσ επενδυτική τράπεζα, Þπωσ αναφέρθηκε στα δηµοσιεύµατα. Υπογραµµίζεται δε πωσ ο αγοραστήσ, πέραν τησ «χρυσήσ» άδειασ θα εξαγοράσει χορηγήσεισ ύψουσ 300 εκατ. ευρώ προσ µεγάλεσ επιχειρήσεισ, οργανισµούσ και µικροµεσαίεσ εταιρείεσ.

∫∞: M Virgin Û ª¿ÓÙÛÂÛÙÂÚ, ∂‰ÈÌ‚Ô‡ÚÁÔ Î·È ∞ÌÂÚÓÙ›Ó Οι Κυπριακέσ Αερογραµµέσ διεύρυναν τη συνεργασία τουσ µε τη Virgin Atlantic ώστε µέσω Heathrow να εξυπηρετεί το επιβατικÞ κοινÞ προσ Μάντσεστερ, Εδιµβούργο και Αµπερντίν µε αποβίβαση και επιβίβαση των επιβατών στα αεροπλάνα των δύο εταιρειών µέσω Heathrow απÞ το Terminal 1. Οι πτήσεισ κοινού κωδικού Kυπριακών Αερογραµµών - Virgin Atlantic (CY –VS) µέσω του Heathrow προσ και απÞ το Μάντσεστερ ξεκινούν στισ 31 Μαρτίου, για το Εδιµβούργο, αρχίζουν στισ 5 Απριλίου και για το Αµπερντίν στισ 9 Απριλίου. Οι επιβάτεσ θα έχουν επίσησ την επιλογή να διακÞπτουν το ταξίδι τουσ, µε παραµονή στο Λονδίνο, χρησιµοποιώντασ το ίδιο εισιτήριο. Οι Κυπριακέσ Αερογραµµέσ πραγµατοποιούν πτήσεισ κοινού κωδικού µε την Virgin Atlantic απÞ το 2011, Þταν στισ 12 Αυγούστου τέθηκε σε εφαρµογή η συµφωνία για πτήσεισ µέσω Heathrow προσ 2 αεροδρÞµια τησ Νέασ ΥÞρκησ, τη Bοστώνησ και το Λοσ Άντζελεσ και αντιστρÞφωσ προσ τη Λάρνακα.

ªfiÓÔ ÙÔ 2% ÙˆÓ ∫˘Ú›ˆÓ ·Ó·Ì¤ÓÂÈ ¤ÍÔ‰Ô ·fi ÙÔ Â˘ÚÒ Πρώτοι στην Ευρώπη σε Þ,τι αφορά την πιθανÞτητα να κάνουν χρήση τησ «Πρωτοβουλίασ των Ευρωπαίων Πολιτών» κατατάσσονται οι Κύπριοι πολίτεσ, Þπωσ και πρώτοι ανάµεσα στουσ «27» που ζητούν να µάθουν περισσÞτερα για τα δικαιώµατά τουσ. ΩστÞσο, Þπωσ δείχνει το ΕυρωβαρÞµετρο του Φθινοπώρου (3 και 18 Νοεµβρίου 2012), οι Κύπριοι ένοιωθαν λιγÞτερο Ευρωπαίοι σε σχέση µε έξι µήνεσ πριν, παρά το Þτι η έρευνα διεξήχθη Þταν η Κύπροσ είχε την Προεδρία τησ ΕΕ. Σηµειώνεται Þτι ανάµεσα στα κύρια γεγονÞτα που κυριαρχούσαν στα ΜΜΕ εκείνη την περίοδο ήταν η Κυπριακή Προεδρία τησ ΕΕ, η οικονοµία και οι συνοµιλίεσ µε την ΤρÞικα. Ένα ιδιαίτερα ψηλÞ ποσοστÞ των Κυπρίων απάντησε πωσ δεν προσδοκά τίποτα απÞ την ΕΕ (20%), µια σηµαντική αύξηση απÞ την Άνοιξη 2012. ΜÞνο 2% των Κυπρίων (Þπωσ και ο µέσοσ Þροσ τησ ΕΕ) δήλωσαν Þτι αναµένουν έξοδο απÞ την ΕΕ και το ευρώ.

ΧΡΗΜΑ&ΑΓΟΡΑ

13 ΜΑΡΤΙΟΥ, 2013

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¶ÏËڈ̋ ÊfiÚÔ˘ ·Î›ÓËÙ˘ ȉÈÔÎÙËÛ›·˜ ¢È·‰Èηۛ· Î·È ÂÈÛÚ¿ÍÂȘ ∞ÓÙÒÓ˘ §Ô˚˙Ô˘ ∞ÓÙÒÓ˘ §Ô›˙Ô˘ F.R.I.C.S. & ™˘ÓÂÚÁ¿Ù˜ §Ù‰, ∂ÎÙÈÌËÙ¤˜ ∞ÎÈÓ‹ÙˆÓ & ¢È·¯ÂÈÚÈÛÙ¤˜ ŒÚÁˆÓ ∞Ó¿Ù˘Í˘

Ωσ έχει σήµερα η διαδικασία/νοµοθεσία σε συγκροτήµατα χωρίσ τίτλουσ, ο εγγεγραµµένοσ ιδιοκτήτησ είναι το υπεύθυνο άτοµο για την καταβολή του φÞρου ακίνητησ ιδιοκτησίασ και χρεώνει τον αγοραστή ανάλογα. Ùπωσ Þµωσ πρÞκειται να διαµορφωθούν οι κλίµακεσ ιδιοκτησίασ τησ ακίνητησ ιδιοκτησίασ, είναι προσεκτÞ Þτι αγοραστέσ που ίσωσ να εκπίπτουν τησ φορολογίασ θα καλούνται να πληρώσουν για αρκετά χρÞνια (προ τησ µεταβίβασησ) µε ποσοστÞ 8% (άγνωστο το µέγιστο τώρα). Προσ τούτο είναι σωστÞ εάν ένασ αγοραστήσ επειδή δεν κατέθεσε το συµβÞλαιο του να επιβαρύνεται µε συν 8% και άλλοι που το κατέθεσαν σχεδÞν µηδέν; Γίνεται αντιληπτÞ Þτι µε τον χρÞνο που χρειάζεται η έκδοση τίτλων ιδιοκτησίασ µετά την αποπεράτωση ενÞσ έργου 5-7 χρÞνια, το κÞστοσ θα είναι πολύ ψηλÞ στουσ κατÞχουσ/αγοραστέσ έστω και εάν εξαιρούνται τησ φορολογίασ. Το ποσÞ που θα χρεώνεται ένασ αγοραστήσ είναι πολύ ψηλÞ και αυτÞ Þχι µÞνο είναι άδικο αλλά και δυσλειτουργικÞ, διÞτι αγοραστέσ θα καλούνται να πληρώσουν ένα πολύ ψηλÞ φÞρο, που ίσωσ να ισούται µε το επίπεδο του ενοικίου και άρα είτε θα είναι δύσκολη η πληρωµή του και/ή θα έχει αρνητική εξέλιξη στην αγορά ακινήτων. Ωσ εκ τούτου είναι πιο ορθÞ Þπωσ προέλθει εισήγηση εκ µέρουσ σασ στην Βουλή να διαφοροποιήσει τον νÞµο ούτωσ ώστε η φορολογία να είναι ανά µονάδα και Þχι συσωρευτική (έχει γίνει κάποια πρÞταση απÞ το ΚΕΒΕ/ΟΕΒ επί του θέµατοσ). Εδώ πρÞκειται για δυνατÞτητα πληρωµήσ αγοραστών/µη είσπραξη απÞ το ΤΕΠ και Þχι µια προσπάθεια µείωσησ τησ φορολογίασ σε πολυκατÞχουσ ακινήτων.

Ένα πολύ πιο σοβαρÞ θέµα είναι και η πληρωµή του φÞρου ακίνητησ ιδιοκτησίασ/αποχετευτικού κλπ. Το ΤΕΠ µετά µε την έκδοση των τίτλων και για να επιτευχθεί η µεταβίβαση σε ένα έργο πρέπει Þλο το οφειλÞµενο ποσÞ να πληρωθεί για Þλεσ τισ µονάδεσ την ίδια τακτική ακολουθούν και οι άλλεσ αρχέσ. Σε περίπτωση πώλησησ των µονάδων είναι επίσησ δεδοµένη η χρέωση προσ τον αγοραστή Þταν εκδίδονται οι τίτλοι για µεταβίβαση, Þπωσ προαναφέρθηκα, Þλο το υπÞλοιπο ποσÞ Þλων των µονάδων θα πρέπει να πληρωθεί. Ωσ εκ τούτου έστω και ένασ αγοραστήσ αδυνατεί να πληρώσει, τÞτε κανένα διαµέρισµα/µονάδα µεταβιβάζεται. Το αποτέλεσµα είναι Þτι Þχι µÞνο δεν επιτυγχάνεται η είσπραξη του φÞρου ακίνητησ ιδιοκτησίασ, των ∆ηµοτικών, αποχετευτικών τελών κλπ, αλλά ούτε και το Κράτοσ εισπράττει έστω και ένα σεντ απÞ τα µεταβιβαστικά. Η πιο πάνω παρατήρηση µασ είναι, τώρα, πιο έντονη που άρχισε η έκδοση καθυστερηµένων τίτλων και εκκρεµούν οι µεταβιβάσεισ-εισπράξεισ απÞ τισ Αρχέσ και το Κράτοσ. ΥπÞ τισ επικρατούσεσ συνθήκεσ τησ οικονοµίασ, την µείωση τησ δυνατÞτητασ πληρωµήσ απÞ αρκετούσ αγοραστέσ είναι λάθοσ να συνεχισθεί αυτή η προσέγγιση (δηλαδή η είσπραξη Þλου του ποσού ή τίποτε!!). Τα παραδείγµατα απÞ εµάσ και µÞνο ωσ Γραφείο διαχείρισησ ακινήτων είναι πάµπολλα. Σε ένα έργο στην Πάφο µε 30 διαµερίσµατα, ο φÞροσ ιδιοκτησίασ καταβλήθηκε απÞ τουσ 20 ιδιοκτήτεσ, αλλά δεν έγιναν µεταβιβάσεισ λÞγω του πιο πάνω προβλήµατοσ (τησ µη είσπραξησ των φÞρων απÞ Þλουσ τουσ αγοραστέσ εκ µέρουσ του πωλητή). Ναι µεν ίσωσ να είναι η νοµική ευθύνη του πωλητή να καλύψει Þλο το ποσÞ, την οποία Þµωσ ευθύνη ο πωλητήσ βάσει του πωλητηρίου εγγράφου διαβίβασε στουσ αγοραστέσ. Άρα ο πωλητήσ αρνείται να καταβάλει την «υποχρέωση» αυτή την οποία δεν θεωρεί Þτι του ανήκει. Αποτέλεσµα και αυτÞ ένα απÞ τα πολλά παραδείγµατα, παραµένουν εγκλωβισµένοι Þλοι σχεδÞν οι αγοραστέσ και το Κράτοσ και οι κλπ δεν εισπράττει τίποτε. ΑπÞ τουσ 20 ανταποκρινÞµενουσ αγοραστέσ στο πιο πάνω παράδειγµα

το Κράτοσ θα είχε εισπράξει γύρω στισ 50.000 ευρώ µεταβιβαστικά, φÞρουσ κλπ. ΤαυτÞχρονα υπάρχει µια έντονη δυσφορία ιδιαίτερα απÞ τουσ ξένουσ αγοραστέσ για µη µεταβίβαση µε την ανάλογη δυσφήµιση τησ ∆ηµοκρατίασ στο εξωτερικÞ. Σε άλλο έργο µασ απÞ τουσ 50 αγοραστέσ, 3 ξένοι αγοραστέσ έχουν «εξαφανισθεί» στην Ρωσία και είναι αδύνατη η είσπραξη. Για να αναλάβει την κατοχή ο πωλητήσ θα πρέπει να υπάρχει πολυετήσ δικαστική απÞφαση. Εν τω µεταξύ τι γίνεται µε τουσ υπÞλοιπουσ αγοραστέσ και γιατί και εδώ το Κράτοσ να µην εισπράξει απÞ εκείνουσ που είναι έτοιµοι - µια και που δεν θα χαρίσει κανένα ποσÞ στουσ µη πληρώσαντεσ, αλλά θα τα εισπράξει σε κάποιο στάδιο µαζί µε τουσ τÞκουσ κλπ. Στην εποχή που διανύουµε αγαπητέ Υπουργέ των Οικονοµικών επαναλαµβάνουµε Þτι ο στÞχοσ θα πρέπει να είναι η είσπραξη «κάποιου» ποσού παρά τίποτε, πλέον των υπÞλοιπων παρεµφερών συνεπειών. Εκ µέρουσ µασ σε συνεργασία µε τον Σύνδεσµο Κτηµατοµεσιτών, Εκτιµητών, ΚΕΒΕ, ΟΕΒ θα γίνει προσπάθεια Þπωσ βγει στην επιφάνεια αυτÞ το πρÞβληµα που µε πρακτικά µέτρα µπορεί άµεσα να διαφοροποιηθεί και να βοηθήσει σε µεγάλο βαθµÞ την δυνατÞτητα είσπραξησ φÞρων απÞ την πολιτεία και να αποφύγει το Κράτοσ περαιτέρω δυσφήµιση.

¶¿ÙˆÛ·Ó ÔÈ ˆÏ‹ÛÂȘ ·ÎÈÓ‹ÙˆÓ Μείωση κατέγραψαν οι πωλήσεισ ακινήτων παγκύπρια, παρά την άνοδο των πωλήσεων στην πÞλη τησ Πάφου. Σύµφωνα µε στοιχεία που ανακοίνωσε το ΚτηµατολÞγιο , το Φεβρουάριο του 2013 οι πωλήσεισ ακινήτων κατέγραψαν µείωση σε Þλεσ τισ πÞλεισ πλην τησ Πάφου, που κατέγραψε εντυπωσιακή αύξηση 86%.

Σύµφωνα µε τα στοιχεία του Κτηµατολογίου, παγκύπρια τα πωλητήρια έγγραφα που έχουν κατατεθεί στο ΚτηµατολÞγιο µειώθηκαν το δεύτερο µήνα του 2013 στα 352 τεµάχια έναντι 486 το Φεβρουάριο του 2012, καταγράφοντασ ετήσια πτώση τησ τάξησ του 28%. Τον Ιανουάριο η µείωση έφθασε το 53% η οποία αποδίδε-

¶ÚÔ‚ÔÏ‹ Ù˘ ¶¿ÊÔ˘ ÁÈ· ÚÔÛ¤Ï΢ÛË ºÈÓÏ·Ó‰ÒÓ ÙÔ˘ÚÈÛÙÒÓ Μέσα στα πλαίσια προβολήσ τησ Πάφου και των πτήσεων απÞ Φινλανδία προσ Πάφο-Κύπρο, η Εταιρεία Τουριστικήσ Ανάπτυξησ και Προβολήσ Περιφέρειασ Πάφου (Ε.Τ.Α.Π) διεξάγει για το Σαββατοκύριακο 15-16 Μαρτίου προώθηση τησ τουριστικήσ Πάφου σε δυο µεγάλεσ υπεραγορέσ στοχεύοντασ πιθανούσ επισκέπτεσ. Συγκριµένα µε την στήριξη του Κ.Ο.Τ, σε συνεργασία µε ξενοδÞχουσ, διοργανωτή ταξιδιών και την γνωστή εταιρεία Κυπριακών και Ελληνικών ΠροϊÞντων FILOS που δραστηριοποιείται στην Φινλανδία εγκαινιάζεται σειρά προωθητικών ενεργειών για τα ταξιδιωτικά πακέτα καλοκαιριού 2013. Οι δύο οργανισµοί µε συµµάχουσ το τουριστικÞ προϊÞν τησ Πάφου και την γαστρονοµία και ιδιαίτερα το κυπριακÞ χαλούµι επικεντρώνουν την κοινή προσπάθεια για σύνδεση τησ Πάφου µε την γαστρονοµική εµπειρία και ενηµέρωση και εξοικείωση των πιθανών επισκεπτών µε το τί έχει η Πάφοσ να προσφέρει.

Συγκεκριµένα στισ υπεραγορέσ αυτέσ, θα τοποθετηθούν σηµεία προώθησησ τησ Πάφου µε πανÞ, επιδαπέδια στάντ και πληροφοριακÞ στάντ, ενώ οι επισκέπτεσ θα έχουν την ευκαιρία να γευθούν κυπριακÞ χαλούµι και να ενηµερωθούν για την Πάφο –Κύπρο ωσ τουριστικÞ προορισµÞ, συνεχίζει η ανακοίνωση. Σύµφωνα µε την ανακοίνωση για την εν λÞγω ενέργεια έχει ετοιµασθεί προωθητικÞ υλικÞ στη Φινλανδική γλώσσα ενώ µέσα απÞ την προσπάθεια αυτή οι επισκέπτεσ θα έχουν την ευκαιρία επίσησ µέσα απÞ διαγωνισµÞ να κερδίσουν δώρα και δωρεάν διακοπέσ στην Πάφο. ΠαρÞµοια προωθητική ενεργεία έχει επίσησ προγραµµατιστεί και για τισ 5-6 Απριλίου σε δυο άλλεσ µεγάλεσ υπεραγορέσ τησ ευρύτερησ περιοχήσ ενώ µέσα απÞ την δράση η Ε.Τ.Α.Π αναµένει δηµιουργία θετικήσ εικÞνασ για την Πάφο και αποτελεσµατικÞτερη προβολή του προορισµού “ΠάφοσΚύπροσ” στο ευρύ κοινÞ και πιθανούσ επισκέπτεσ.

¢È·ÁˆÓÈÛÌfi˜ ÂȯÂÈÚËÌ·ÙÈ΋˜ ȉ¤·˜ ·fi ÙÔ UCLan ∆ιαγωνισµÞ Επιχειρηµατικήσ Ιδέασ 2013, που είναι ανοικτÞσ σε νέουσ επίδοξουσ επιχειρηµατίεσ , φοιτητέσ, MBAs, απÞφοιτουσ και Þσουσ άλλουσ αγκαλιάζουν το επιχειρείν, διοργανώνει το Κέντρο ΕπιχειρηµατικÞτητασ του Πανεπιστηµίου UCLan Cyprus, σε συνεργασία µε διάφορουσ εταίρουσ. Οι ενδιαφερÞµενοι καλούνται «να κοινοποιήσουν το ενδιαφέρον τουσ και να συµµετάσχουν σε εκπαιδευτικά εργαστήρια τα οποία θα πραγµατοποιηθούν στην Κύπρο και το Ηνωµένο Βασίλειο και θα ενορχηστρωθούν µε στÞχο την

παροχή στήριξησ και καθοδήγηση για την ετοιµασία επιχειρηµατικών προτάσεων. Τα εργαστήρια ξεκίνησαν χθεσ 12 Μαρτίου 2013 στο ΕµπορικÞ ΒιοµηχανικÞ Επιµελητήριο Λεµεσού (σε συνεργασία µε το ∆ιεθνέσ Επιµελητήριο Νέων Κύπρου), στισ 14 Μαρτίου στο UCLAN Cyprus, στη Πύλα, στη Λάρνακα, στισ 26 Μαρτίου στο ΕµπορικÞ ΒιοµηχανικÞ Επιµελητήριο Κύπρου στη Λευκωσία (σε συνεργασία µε το ∆ιεθνέσ Επιµελητήριο Νέων Κύπρου) και στισ 9 Απριλίου στο HellenicCentre στο Λονδίνο».

ται εν µέρει στη ψηλή βάση του περσινού Ιανουαρίου. Σε Þλεσ τισ επαρχίεσ παρουσιάζεται διαφορετική τάση σε σχέση µε την Πάφο. Στην ΑµµÞχωστο η µείωση στισ πωλήσεισ ακινήτων Φεβρουαρίου ανήλθε στο 61% και στη Λευκωσία στο 60%. Στη ΛεµεσÞ η µείωση ανήλθε στο 45 % και στη Λάρνακα στο 15 %.

ΧΡΗΜΑ&ΑΓΟΡΑ

13 ΜΑΡΤΙΟΥ, 2013

4 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

«¶ÚfiÛÎÏËÛË» ∞Ú¯ÈÂÈÛÎfiÔ˘ ÚÔ˜ ™Ù· ÛηÚÈ¿ ÔÏ˘ÙÂϤ˜ ÍÂÓÔ‰Ô¯Â›Ô È·ÙÚÈÎÔ‡ AÁÁ¤Ï· ∫ˆÌÔ‰ÚfiÌÔ˘ Mε οδηγίεσ του ΑρχιεπισκÞπου Κύπρου ΧρυσοστÞµου γίνονται µελέτεσ, που στοχεύουν στην δηµιουργία στην Κύπρο των πρώτων πολυτελέστατων ξενοδοχείων για άτοµα τησ τρίτησ ηλικίασ. Στα πολυτελέστατα αυτά ξενοδοχεία που θα έχουν τισ κατάλληλεσ υποδοµέσ για αυτή την ηλικία και θα λειτουργούν ολÞχρονα, θα παρέχεται διαµονή, διατροφή, ιατροφαρµακευτική περίθαλψη, υπηρεσίεσ ευεξίασ και πολλά άλλα. ΣτÞχοσ είναι η ανάπτυξη του Ιατρικού Τουρισµού, ένασ τοµέασ ο οποίοσ µπορεί να αποφέρει πολλά θετικά στην κυπριακή οικονοµία. Μιλώντασ στην εφηµερίδα µασ ο Αρχιεπίσκοποσ ΧρυσÞστοµοσ, τÞνισε πωσ «Η Κύπροσ λÞγω κλίµατοσ πρέπει να επενδύσει στον ΙατρικÞ ΤουρισµÞ», για να τονίσει πωσ η Κύπροσ µÞνο υπηρεσίεσ µπορεί να προσφέρει, και σε αυτÞ πρέπει να επικεντρωθούµε. Ο ιατρικÞσ τουρισµÞσ είναι µία νέα συνεχώσ αναπτυσσÞµενη οικονοµική δραστηριÞτητα παγκοσµίωσ. Αναφέρεται στη µετάβαση εκτÞσ και εντÞσ συνÞρων ανθρώπων µε προβλήµατα υγείασ προκειµένου να τουσ παραχθεί ιατρική φροντίδα που στοχεύει στην πρÞληψη, διάγνωση και διατήρηση τησ υγείασ τουσ. Απαιτεί σύνθεση, συνεργασία και κοινή προσπάθεια του επιχειρηµατία τουρισµού και του ιατρού. Περιλαµβάνει επίσησ υπηρεσίεσ µεταφοράσ, ενηµέρωσησ, ξενάγησησ, εστίασησ και διαµονήσ των τουριστών υγείασ σε επιλεγµένα ξενοδοχεία.

Η δηµιουργία αυτών των ξενοδοχείων στοχεύει στην προσέλκυση τουριστών τησ τρίτησ ηλικίασ κυρίωσ απÞ τισ ΒÞρειεσ χώρεσ, καθ’ Þλη την διάρκεια του χρÞνου, γεγονÞσ που θα οδηγήσει και στο άνοιγµα πολλών θέσεων εργασίασ, Þπωσ ιατρικού-νοσηλευτικού προσωπικού αλλά και του ξενοδοχειακού τοµέα. Για την δηµιουργία του πρώτου ξενοδοχείου, απÞ την εκκλησία τησ Κύπρου µάλλον θα αξιοποιηθεί Γη στην περιοχή τησ Αγίασ Νάπασ, και Þσον αφορά την χρηµατοδÞτηση του έργου αυτή αναµένεται να γίνει µε δανειοδÞτηση απÞ το εξωτερικÞ. Τέτοιεσ επενδύσεισ είπε χαρακτηριστικά ο Αρχιεπίσκοποσ αποτελούν παράδειγµα προσ µίµηση, ενώ στÞχοσ τησ εκκλησίασ είναι η δηµιουργία τέτοιων ξενοδοχείων και σε άλλεσ περιοχέσ τησ Κύπρου. Ο Αρχιεπίσκοποσ Κύπρου µιλώντασ στην εφηµερίδα µασ σχολίασε και την εκλογή Νίκου Αναστασιάδη, αναφέροντασ χαρακτηριστικά πωσ η προεδρία Αναστασιάδη θα εκπλήξει θετικά. Σε ερώτηση µασ για την διακυβέρνηση ΧριστÞφια ανέφερε πωσ αυτή δεν υστερούσε σε κάτι, «δεν είναι Þµωσ ορθÞ να προτάσσεισ συνεχώσ και παντού την κουµµουνιστική σου κουλτούρα. Η θεωρία τησ διακυβέρνησησ ΧριστÞφια το να απαιτείσ να πάρεισ απÞ τουσ έχοντεσ και κατέχοντεσ και να θεσ να γίνουν οι πλούσιοι φτωχοί και οι φτωχοί φτωχÞτεροι, είδαµε που µασ οδήγησε», είπε, συµπληρώνοντασ πωσ και οι τράπεζεσ έκαναν λάθη. Σχετικά µε την ανάκαµψη είπε πωσ χρειάζονται θαρραλέεσ αποφάσεισ για να πάρει τα πάνω τησ ξανά η κυπριακή οικονοµία, αφού ο

ίδιοσ πιστεύει πωσ το µÞνο πρÞβληµα είναι η φούσκα στον κατασκευαστικÞ τοµέα που επηρέασε εν µέρει και τισ τράπεζεσ. Οι υπÞλοιποι τοµείσ Þπωσ τουρισµÞσ, ναυτιλία, προσέλκυση ξένων εταιρειών, δεν έχουν επηρεαστεί τÞσο και µπορούν να βοηθήσουν στην ανάκαµψη.«ΜÞνο η εκκλησία τησ Κύπρου έχασε απÞ τισ τράπεζεσ 9,5 εκ. ευρώ» ανέφερε θέλοντασ να καυτηριάσει το πωσ οι κακοί οικονοµικοί χειρισµοί έχουν επηρεάσει την ζωή των κυπριακών νοικοκυριών.

∆Ú¿Â˙˜ Ερωτηθείσ για την πορεία τησ Ελληνικήσ Τράπεζασ είπε πωσ είναι ενθουσιασµένοσ, σηµειώνοντασ πωσ φÞρτωσαν τα πάντα στισ τράπεζεσ για να δικαιολογήσουν τουσ λάθουσ χειρισµούσ τουσ Þσον αφορά το κούρεµα που έκαναν οι κυπριακέσ τράπεζεσ, του ελληνικού ∆ηµοσίου χρέουσ ύψουσ 4,5 δισ ευρώ, υπογραµµίζοντασ την µη καλή συνεργασία που είχαν ο πρώην πρÞεδροσ ∆. ΧριστÞφιασ και ο πρώην ∆ιοικητήσ τησ Κεντρικήσ Τράπεζασ Αθ. Ορφανίδησ. Οι τράπεζεσ χρειάζονται χρÞνο είπε, και η εκκλησία θα σταθεί εµπÞδιο σε οτιδήποτε θεωρήσει πωσ δεν την βρίσκει σύµφωνη. Αναφορικά µε την Τράπεζα Κύπρου ανέφερε πωσ αν στηριχθεί θα αντεπεξέλθει, ενώ η Λαϊκή δύσκολα θα τα καταφέρει µιασ και θεωρεί πωσ η εµπλοκή Ανδρέα ΒγενÞπουλου στην τράπεζα ήταν ισοπεδωτική για το συγκρÞτηµα. Ερωτηθείσ για τυχÞν συγχωνεύσεισ στον τραπεζικÞ τοµέα ανέφερε πωσ αυτÞ απÞ την µια έχει τα θετικά του, ωστÞσο η αυτÞνοµη λειτουργία των τραπε-

ζών συµβάλει στον υγιή ανταγωνισµÞ.

∂Ó¤ÚÁÂÈ· Στα πλαίσια των επενδύσεων τησ η εκκλησία θα δραστηριοποιηθεί και στον τοµέα τησ ενέργειασ επενδύοντασ στην δηµιουργία φωτοβολταϊκών πάρκων, προχωρώντασ µε την ενοικίαση γησ. Στα σχέδια είναι και η δηµιουργία εργοστασίου παραγωγήσ ηλεκτρικήσ ενέργειασ µε την συµµετοχή επενδυτών απÞ Ρωσία, Γαλλία και Ισραήλ, σηµείωσε ο Αρχιεπίσκοποσ.

∫ÚÈÙÈΤ˜ Απαντώντασ σε Þσουσ τον κατακρίνουν για την επενδυτική του δραστηριÞτητα, ανέφερε πωσ το έργο τησ εκκλησίασ δεν είναι µÞνο θρησκευτικÞ, αντίθετα έχει και ένα κοινωνικÞ, φιλανθρωπικÞ, πολιτιστικÞ έργο να επιτελέσει. Για αυτÞ τον λÞγο η εκκλησία δεν µπορεί να παραµένει αδιάφορη, στισ προοπτικέσ που υπάρχουν για αύξηση των εισοδηµάτων τησ. Σχετικά µε την κάθοδο των Ρώσων στην Κύπρο και τον αντίκτυπο που έχει τÞσο απÞ οικονοµικήσ πλευράσ, αλλά και απÞ πολιτισµικήσ πλευράσ, στην χώρα µασ ανέφερε πωσ αυτÞ µÞνο θετικά µπορεί να έχει µιασ και οι Ρώσοι µπορούν να στηρίξουν την οικονοµία µασ. Οι ρώσοι ήταν και θα παραµείνουν ένασ προσγειωµένοσ λαÞσ ανέφερε, και αυτÞ βοηθά στην συνύπαρξη τουσ µε τουσ Κύπριουσ.

ªÂÙ·Ù˘¯È·Îfi ÛÙË ªË¯·ÓÈ΋ ¶ÂÙÚÂÏ·›ˆÓ ·fi ÙÔ ¶. ∫‡ÚÔ˘ Το Πανεπιστήµιο Κύπρου ανακοίνωσε την έναρξη µεταπτυχιακού προγράµµατοσ στη Μηχανική Πετρελαίων (Master in Petroleum Engineering) και την προκήρυξη θέσεων µεταπτυχιακών φοιτητών για το Σεπτέµβριο του 2013. Το πρÞγραµµα θα δεχθεί έωσ 20 φοιτητέσ το χρÞνο, κατÞχουσ πρώτου πτυχίου σε κλάδο τησ µηχανικήσ ή των θετικών επιστηµών και θα προσφέρεται αρχικά απÞ την Πολυτεχνική Σχολή. ΑργÞτερα θα ενταχθεί σε υπÞ µελέτη νέο Τµήµα. Το πρÞγραµµα θα προσφέρεται στην Αγγλική και στην Ελληνική σε αυτοχρηµατοδοτούµενη βάση. Μέροσ του προγράµµατοσ θα διδάσκεται σε εντατική βάση µε στÞχο τη συµ-

™˘ÓÂÚÁ·Û›· Cyta - §È‚¿ÓÔ˘ Συµφωνία συνεργασίασ διαµοιρασµού χωρητικÞτητασ στο υποθαλάσσιο καλωδιακÞ υποσύστηµα τησ Cyta ALEXANROS, µεταξύ Κύπρου-Αιγύπτου-Γαλλίασ, ανακοίνωσαν το Υπουργείο Τηλεπικοινωνιών του Λιβάνου και η Cyta. Με τη συµφωνία συνεργασίασ δηµιουργούνται αµοιβαίεσ επιχειρηµατικέσ ευκαιρίεσ στην Ευρασία και στην Ανατολική ΜεσÞγειο. Στα πλαίσια τησ συνεργασίασ αυτήσ, εκχωρείται προσ το Υπουργείο Τηλεπικοινωνιών του Λιβάνου σηµαντική χωρητικÞτητα διασύνδεσησ προσ Γαλλία και Αίγυπτο, αναβαθµίζοντασ την ευρωστία τησ διεθνούσ πρÞσβασησ του Λιβάνου, µέσω διαφορισµού και αύξησησ ταχύτητασ του δικτύου. Οι δύο πλευρέσ, έχουν ταυτÞχρονα υπογράψει ΜνηµÞνιο Συναντίληψησ για την κατασκευή και πÞντιση του συστήµατοσ EUROPA, ενÞσ νέου υποθαλάσσιου καλωδιακού συστήµατοσ µεγάλησ χωρητικÞτητασ µεταξύ Κύπρου και Λιβάνου, το οποίο αναµένεται να τεθεί σε εµπορική λειτουργία το αργÞτερο µέχρι το 2015. Το σύστηµα EUROPA θα αναβαθµίσει και σταδιακά θα αντικαταστήσει το υφιστάµενο καλωδιακÞ σύστηµα CADMOS, που επίσησ διασυνδέει το Λίβανο µε την Κύπρο, παρέχοντασ, µε τον τρÞπο αυτÞ, υψηλήσ ποιÞτητασ εναλλακτική διÞδευση µεταξύ των δύο χωρών.

µετοχή διδασκÞντων απÞ Εταιρείεσ Πετρελαίων και Καθηγητών απÞ το εξωτερικÞ. Απαραίτητη προϋπÞθεση για εισδοχή στο πρÞγραµµα είναι η πολύ καλή γνώση τησ Αγγλικήσ γλώσσασ. Το πρÞγραµµα, Μάστερ στη Μηχανική Πετρελαίων, σχεδιάστηκε για να είναι πλήρεσ στα θέµατα τησ έρευνασ και παραγωγήσ υδρογονανθράκων (upstream industry) και να καλύπτει τισ ανάγκεσ τησ βιοµηχανίασ και τισ απαιτήσεισ των διοικητικών και ρυθµιστικών οργάνων τησ Κύπρου. To πρÞγραµµα θα καλύψει τισ ακÞλουθεσ κύριεσ περιοχέσ: 1. Γεωλογία πετρελαίων και εφαρµοσµένη γεωφυσική (Petroleum Geology and Applied Geophysics), 2. Μηχανική

γεωτρήσεων και εξοπλισµού ολοκλήρωσησ και ανάπτυξησ (Drilling and Completion Engineering), 3. ΧαρακτηρισµÞσ ταµιευτήρα, διαχείριση και παραγωγή υδρογονανθράκων (Reservoir Characterization, Management and Production οf Hydrocarbon Resources), 4. Παραγωγή, µεταφορά και αποθήκευση υδρογονανθράκων (Production, transportation and storage facilities) Κύριοσ στÞχοσ του προγράµµατοσ είναι να προετοιµάσει και να επιταχύνει την ανάπτυξη του ανθρωπίνου δυναµικού στην Κύπρο για πρÞσληψή του απÞ τισ τοπικέσ αρχέσ, διεθνείσ εταιρείεσ και θυγατρικέσ εταιρείεσ στον κλάδο πετρελαίου και φυσικού αερίου.

§·ÓÛ¿ÚÈÛÌ· ÙÔ˘ Microsoft Office 365 ÁÈ· ÂȯÂÈÚ‹ÛÂȘ Την παγκÞσµια κυκλοφορία του Office 365 υπηρεσίεσ για επιχειρήσεισ ανακοίνωσε η Microsoft. ΠρÞκειται για την πιο ολοκληρωµένη σειρά Office στην υπηρεσία Cloud µε νέα χαρακτηριστικά, προσαρµοσµένα στισ ανάγκεσ και τουσ προϋπολογισµούσ µικρών, µεσαίων και µεγάλων επιχειρήσεων. ΕκτÞσ απÞ την αναβάθµιση των υπηρεσιών Lync Online, Microsoft Exchange Online και Microsoft SharePoint Online, οι επιχειρήσεισ µπορούν να αποκτήσουν τισ πλούσιεσ εφαρµογέσ του Office, µε τισ οποίεσ είναι εξοικειωµένεσ, για µέχρι και πέντε συσκευέσ, µέσα στα πλαίσια τησ υπηρεσίασ Cloud.Τα χαρακτηριστικά του Office 365 έχουν ήδη αυξήσει τισ δυνατÞτητεσ κοινωνικήσ δικτύωσησ των εταιρειών µέσω του SharePoint και του Yammer, ενώ µέχρι τον Ιούνιο θα προστεθούν το Lync-Skype, η υπηρεσία άµεσων µηνυµάτων (Instant Messaging) καθώσ και η φωνητική επικοινωνία. Το Office 365 είναι πλέον διαθέσιµο σε συνολικά 69 αγορέσ και 17 γλώσσεσ, ενώ αναµένεται να λανσαριστεί σε άλλεσ 20 αγορέσ και 16 γλώσσεσ απÞ το δεύτερο τρίµηνο του 2013. Το νέο Office 365 ProPlus περιλαµβάνει τισ τελευταίεσ και πιο ολοκληρωµένεσ λύσεισ εφαρµογών Office – Word, Excel, PowerPoint, OneNote, Outlook, Publisher, InfoPath και Access – που παρέχονται ωσ υπηρεσία και µπορούν να χρησιµοποιηθούν για µέχρι και πέντε συσκευέσ. Οι χρήστεσ µπορούν απλά να συνδεθούν µε το Office 365 απÞ οποιαδήποτε συσκευή τουσ, να έχουν πρÞσβαση στα προσωπικά τουσ αρχεία. Το Office 365 ProPlus είναι διαθέσιµο στην τιµή των 154.80

ευρώ ανά χρήστη για συνδροµή ενÞσ έτουσ το αντίστοιχο 12.90 ευρώ ανά χρήστη το µήνα και περιλαµβάνεται στην ανανεωµένη premium έκδοση του Office 365 Enterprise και στο νέο Office 365 Midsize Business. Το Office 365 Midsize Business είναι σχεδιασµένο για µεσαίεσ επιχειρήσεισ που απασχολούν απÞ 10 µέχρι 250 εργαζοµένουσ. Αυτή η υπηρεσία περιλαµβάνει το Office 365 ProPlus και παρέχει στισ µεσαίεσ επιχειρήσεισ υπηρεσίεσ επικοινωνίασ υψηλού επιπέδου, καθώσ και συνεργασία µε το Exchange Online, το Lync Online και το SharePoint Online – µαζί µε απλοποιηµένα εργαλεία πληροφορικήσ που είναι αναγκαία για τη διατήρηση του ελέγχου και τησ µείωσησ τησ πολυπλοκÞτητασ. Στο πακέτο επίσησ περιλαµβάνονται η ενσωµάτωση του Υπηρεσιών ΚαταλÞγου (Active Directory), µια διαδικτυακή πλατφÞρµα διαχείρισησ, καθώσ και τηλεφωνική υποστήριξη κατά τισ εργάσιµεσ ώρεσ.Το κÞστοσ ανέρχεται στα 147.60 ευρώ ανά χρήστη για τη συνδροµή ενÞσ έτουσ, το αντίστοιχο 12.30 ευρώ ανά χρήστη το µήνα. Το Office 365 Small Business Premium είναι σχεδιασµένο για µικρέσ επιχειρήσεισ που απασχολούν απÞ έναν µέχρι δέκα εργαζÞµενουσ. ΕκτÞσ απÞ το ολοκληρωµένο πακέτο των εµπλουτισµένων εφαρµογών Office, αυτή η υπηρεσία περιλαµβάνει εταιρικά email, κοινÞχρηστα ηµερολÞγια, εργαλεία διαδικτύου και δυνατÞτητεσ βιντεοκλήσεων υψηλήσ ευκρίνειασ, µε µια ευκολÞχρηστη υπηρεσία που δεν απαιτεί εξειδίκευση σε θέµατα πληροφορικήσ. Το κÞστοσ είναι 124.80 ευρώ ανά χρήστη για τη συνδροµή ενÞσ έτουσ.

ΧΡΗΜΑ&ΑΓΟΡΑ

13 ΜΑΡΤΙΟΥ, 2013

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 5

µoÚÂÈÔÂ˘Úˆ·›Ô˘˜ ÙÔ˘ÚÈÛÌÔ‡ ÛÙËÓ ∞Á. ¡¿· Την ίδια ώρα εισήγηση για επιστροφή στην κυπριακή λίρα εφÞσον το κλιµάκιο τησ ΤρÞικα επιµένει να προβάλλει παράλογεσ απαιτήσεισ έκανε ο Αρχιεπίσκοποσ Κύπρου ΧρυσÞστοµοσ ο οποίοσ έστρεψε τα πυρά του κατά του τέωσ Προέδρου τησ ∆ηµοκρατίασ και του ∆ιοικητή τησ Κεντρικήσ Τράπεζασ για τουσ Þρουσ εντολήσ που έδωσαν στην Pimco. Ο προκαθήµενοσ τησ κυπριακήσ Εκκλησίασ έδωσε νουθεσίεσ στον ΠρÞεδρο τησ ∆ηµοκρατίασ Νίκο Αναστασιάδη να είναι έτοιµοσ ακÞµη και για αποχώρηση απÞ τη ζώνη του ευρώ εάν η ΤρÞικα επιµένει να προβάλλει παράλογεσ απαιτήσεισ. «Και αν η πολιτική µασ ηγεσία αντιληφθεί Þτι µε αυτέσ τισ αξιώσεισ η στραγγαλίζεται κυπριακή οικονοµία και ο λαÞσ θα υποφέρει για πολλά χρÞνια νοµίζω Þτι πρέπει να φανούµε και εµείσ απέναντι τουσ σκληροί και να τουσ πούµε κάνουµε σκέψεισ να φύγουµε απÞ το ευρώ. Αν θέλουν να µασ καταστρέψουν να έχουµε το θάρροσ να τουσ πούµε γεια σασ και εµείσ θα επιστρέψουµε στη λίρα που είχαµε». Ο ΜακαριÞτατοσ στη συνέχεια των δηλώσεων του έστρεψε τα πυρά του κατά τέωσ Προέδρου τησ ∆ηµοκρατίασ ∆ηµήτρη ΧριστÞφια, του τέωσ Υπουργού Οικονοµικών

Βάσου Σιαρλή και του ∆ιοικητή τησ Κεντρικήσ Τράπεζασ Πανίκου ∆ηµητριάδη προτρέποντασ τισ διοικήσεισ των τραπεζών να κινηθούν νοµικά εναντίον τουσ σχετικά µε τουσ Þρουσ εντολήσ που συµφώνησαν µε την Pimco. «Εγώ είχα πει στο συµβούλιο και τη διοίκηση τησ Ελληνικήσ Τράπεζασ να µελετήσουν και αν φταίει ο ∆ιοικητήσ τησ Κεντρικήσ Τραπέζησ, αν φταίει ο ΥπουργÞσ, αν φταίει η κυβέρνηση, η τÞτε κυβέρνηση πρέπει να κινήσουµε αγωγή. Πιστεύω έδωσαν εντολέσ στη Pimco δεν την άφησαν να κάνει το καθήκον τησ ωσ έπρεπε. ∆ηλαδή ήθελαν να βγάλουν τα νούµερα εξωπραγµατικά για να φύγει το βάροσ τησ ευθύνησ τησ κυβέρνησησ. Ο Αρχιεπίσκοποσ εξέΧρυσÞστοµοσ φρασε την ανησυχία του για το µέλλον τησ Λαϊκήσ Τράπεζασ σηµειώνοντασ Þτι είναι δύσκολο να ανανήψει και πρÞσθεσε Þτι στο παρÞν στάδιο θεωρεί πωσ δεν θα είναι προσ Þφελοσ των κυπριακών τραπεζών οι µεταξύ τουσ συγχωνεύσεισ. Καταλήγοντασ ανέφερε χαρακτηριστικά Þτι και οι διοικήσεισ των τραπεζών δεν είναι «κούππεσ άππανεσ», σηµειώνοντασ ωστÞσο Þτι το πρÞβληµα δεν είναι τÞσο µεγάλο Þσο το παρουσίαζε η προηγούµενη κυβέρνηση.

∂ÈÛÙÚÔÊ‹ ÛÙËÓ §›Ú· ¶¿ÚÙ ÛÙ· ‰ÈηÛÙ‹ÚÈ· ÃÚÈÛÙfiÊÈ·, ™È·ÚÏ‹, ¢ËÌËÙÚÈ¿‰Ë

«∞ÓÂÚ¯fiÌÂÓÔ ·ÛÙ¤ÚÈ» Ô È·ÙÚÈÎfi˜ ÙÔ˘ÚÈÛÌfi˜ Ì Ù˙›ÚÔ $60 ‰È˜ ÂÙËÛ›ˆ˜ Πάντωσ έξυπνη πρέπει να θεωρηθεί η κίνηση του ΑρχιεπισκÞπου, να επενδύσει σε αυτή την εξειδικευµένη µορφή τουρισµού. Τέτοιεσ κινήσεισ θα επιτρέψουν στην Κύπρο να διεκδικήσει µερίδιο απÞ µια αγορά που παγκοσµίωσ έχει τζίρο 40-60 δισ δολάρια ετησίωσ, µε ετήσια ανάπτυξη 20%. Σίγουρα ο αριθµÞσ των πέντε εκατοµµυρίων µετακινούµενων ασθενών-τουριστών πρέπει να ληφθεί σοβαρά υπÞψη. Η δηµιουργία του εξειδικευµένου προϊÞντοσ διακοπών θα διευρύνει τÞσο την γκάµα των τουριστών στην Κύπρο Þσο και την περίοδο που η χώρα δέχεται επισκέπτεσ. ΑυτÞ που καταδεικνύουν οι έρευνεσ είναι πωσ οι αρµÞδιοι τουριστικοί φορείσ παγκοσµίωσ ποντάρουν για τισ επÞµενεσ τρεισ δεκαετίεσ στουσ τουρίστεσ τρίτησ ηλικίασ. Οι ίδιεσ έρευνεσ αγοράσ ιατρικού τουρισµού έχουν καταδείξει Þτι ποσοστÞ 30%-40% των εσÞδων του ιατρικού τουρισµού κατευθύνεται προσ τη διαµονή και την εστίαση. Τούτο σηµαίνει Þτι κάθε αύξηση των εσÞδων του ιατρικού τουρισµού θα έχει σηµαντικά ευεργετικέσ επιπτώσεισ στα οικονοµικά αποτελέσµατα τέτοιων ξενοδοχείων και εξίσου σηµαντικÞ είναι το γεγονÞσ Þτι η συγκεκριµένη αγορά εξασφαλίζει λÞγω τησ φύσεώσ τησ και ρευστÞτητα στισ ξενοδοχειακέσ και τουριστικέσ επιχειρήσεισ που θα εµπλακούν.

¢È·ÎÔ¤˜ Û ÂÓÙ¿ÛÙÂÚÔ Ì ÙÔÓ... ÁÈ·ÙÚfi Για έναν ασθενή η επιλογή χώρασ για ιατρικÞ τουρισµÞ είναι συνάρτηση στην οποία επιδρούν - µε διαφορετικÞ ειδικÞ βάροσ - η τιµή, η ποιÞτητα - ασφάλεια, το νοµικÞ πλαί-

µÞνο η επέµβαση στη Μεγάλη Βρετανία. Με βάση µελέτη τησ εταιρείασ στουσ 25 κυριÞτερουσ προορισµούσ ιατρικού τουρισµού το 2012, απÞ στοιχεία των εθνικών οργανισµών υγείασ, ο συνολικÞσ αριθµÞσ ασθενών - τουριστών ανέρχεται σε 4,019 εκατ. µε µέση κατά κεφαλή δαπάνη τα 2.084 δολάρια και τον τζίρο να ανέρχεται σε 8,376 δισ. δολάρια. Στην κορυφαία θέση τησ κατάταξησ βρίσκεται η Ταϊλάνδη µε 673.000 ασθενείσ-τουρίστεσ και ακολουθούν οι ΗΠΑ µε 600.000, η Μαλαισία µε 578.000, η Σιγκαπούρη µε 370.000, η Ουγγαρία µε 330.000, η Πολωνία µε 275.000, η Ιορδανία µε 170.000, η Ινδία µε 156.000, η Τουρκία µε 130.000, ενώ η ΝÞτια Κορέα µε 110.000 είναι στη δέκατη θέση.

∏ ∫‡ÚÔ˜ ·¤ÎÙËÛ ÚÔ‚¿‰ÈÛÌ· ÛÙËÓ Ô‰ÔÓÙÈ·ÙÚÈ΋

∆· ¤ÓÙ ÂηÙÔÌ̇ÚÈ· ÂÙËÛ›ˆ˜ ·ÁÁ›˙ÂÈ Ô ·ÚÈıÌfi˜ ÙˆÓ ÌÂÙ·ÎÈÓÔ‡ÌÂÓˆÓ ·ÛıÂÓÒÓ - ÙÔ˘ÚÈÛÙÒÓ σιο, το κÞστοσ µεταφοράσ και διαµονήσ, η επικοινωνία, η µετεγχειρητική υποστήριξη, η «καλή φήµη» βασισµένη σε µαρτυρίεσ ασθενών, η εµπειρία γιατρών, οι πιστοποιήσεισ κ.ά. Σύµφωνα µε την Treatment Abroad Medical Tourism Survey 2012, που πραγµατοποιήθηκε στην Αγγλία, απÞ το σύνολο των ερωτηθέντων εννέα στουσ δέκα θα επέστρεφε στην ίδια χώρα για κάποια άλλη θεραπεία και θα συνιστούσε επίσησ κάτι τέτοιο στουσ συγγενείσ του και στουσ γνωστούσ του. Το 84% των ερωτηθέντων θα πήγαινε και πάλι στον ίδιο

γιατρÞ ή κλινική, ενώ το 51% απάντησε Þτι θα ταξίδευε σε µια χώρα την οποία δεν είχε επισκεφθεί ποτέ πριν προκειµένου να λάβει ιατρικέσ υπηρεσίεσ. Στην έρευνα αναφέρεται και µαρτυρία βρετανού τουρίστα ο οποίοσ ταξίδεψε στην Κύπρο για να φτιάξει τα δÞντια του, συνοδευÞµενοσ απÞ την οικογένειά του. Μετά την επέµβαση έµεινε µία εβδοµάδα σε ξενοδοχείο πέντε αστέρων, συνδυάζοντασ διακοπέσ. Το συνολικÞ κÞστοσ θεραπείασ και αναψυχήσ ήταν 8.000 ευρώ λιγÞτερα απ’ Þ,τι κÞστιζε

Η Κύπροσ και η Ουγγαρία έχουν αποκτήσει προβάδισµα στην οδοντιατρική, η Ταϊλάνδη στην κοσµητική και η Ινδία στα ορθοπεδικά. Η Ελλάδα έχει δυνατÞτητεσ στην υπογονιµÞτητα, καθώσ το νοµικÞ πλαίσιο που διέπει την εξωσωµατική γονιµοποίηση είναι πιο φιλελευθεροποιηµένο απÞ άλλεσ χώρεσ. Με βάση τον οδηγÞ για θεραπείεσ γονιµÞτητασ στο εξωτερικÞ του Οργανισµού για το 2012, το κÞστοσ εξωσωµατικήσ γονιµοποίησησ στην Ελλάδα ανέρχεται σε 3.000-3.350 ευρώ, στη Βραζιλία σε 3.030 ευρώ, στην Τσεχία σε 2.250 ευρώ, στην Ουγγαρία σε 1.800 ευρώ, στην Ινδία σε 1.525-2.285 ευρώ, στη Ρωσία σε 2.400 ευρώ, στην Ισπανία σε 4.2005.000 ευρώ, στην Τουρκία σε 1.500 ευρώ και στην Ουκρανία σε 1.385 ευρώ.

ΧΡΗΜΑ&ΑΓΟΡΑ

13 ΜΑΡΤΙΟΥ, 2013

6 | ∆ΙΕΘΝΗ | financialmirror.com

™ËÌÂ›Ô ÈÛÔÚÚÔ›·˜ „¿¯ÓÂÈ ÙÔ Â˘ÚÒ ∂Ó Ì¤Ûˆ ¤ÓÙÔÓ˘ ·‚‚·ÈfiÙËÙ·˜ ÁÈ· ÙȘ ÂfiÌÂÓ˜ ÎÈÓ‹ÛÂȘ Ù˘ Fed Î·È Ù˘ ∂∫∆ ηıÒ˜ Î·È Ù˘ ÔÏÈÙÈ΋˜ ·‚‚·ÈfiÙËÙ·˜ ÁÈ· ÙÔ Ì¤ÏÏÔÓ Ù˘ πÙ·Ï›·˜ Ë ÈÛÔÙÈÌ›· ∂˘ÚÒ – ¢ÔÏ·Ú›Ô˘ Û˘Ó¯›˙ÂÈ Ó· „¿¯ÓÂÈ ÛËÌÂ›Ô ÈÛÔÚÚÔ›·˜ ¡›ÎÔ˜ ªÈ¯·ËÏ›‰Ë˜ Foreign Exchange Analyst Email: michailidisn@aol.com Σταθεροποιητικά κινήθηκε η ισοτιµία Ευρώ – ∆ολαρίου την εβδοµάδα που µασ πέρασε εν µέσω Þµωσ έντονων διακυµάνσεων. Συγκεκριµένα η ισοτιµία απÞ τα 1.3000 τησ περασµένησ εβδοµάδασ αν και αρχικά ενισχύθηκε µέχρι τα 1.3120 στην συνέχεια διολίσθησε µέχρι και τα 1.2950 για να διορθώσει στην συνέχεια κοντά στα 1.3000 και πάλι Þπου και κινείται τισ τελευταίεσ ηµέρεσ. Μια έντονη µεταβλητÞτητα σε µια εβδοµάδα σηµαντικών εξελίξεων απÞ Ευρώπη και ΗΠΑ. Αρχικά είχαµε την τακτική συνεδρία τησ ΕΚΤ η οποία αφού αρχικά προχώρησε σε περικοπή των εκτιµήσεών τησ για την ανάπτυξη του ΑΕΠ τησ ευρωζώνησ στην συνέχεια τÞνισε πωσ η απÞφαση να διατηρηθούν αµετάβλητα τα επιτÞκια ελήφθη µέσω τησ «επικρατούσασ συναίνεσησ», αντί «οµÞφωνα». Επίσησ, πρÞσθεσε πωσ δεν σχεδιάζεται κάτι ιδιαίτερα αναφορικά µε επιπλέον δράση. Βασικά η ΕΚΤ δεν ανακοίνωσε νέα µέτρα στήριξησ παρά τα στοιχεία που εµφάνισαν την προηγούµενη εβδοµάδα Þτι η οικονοµία τησ ευρωζώνησ συρρικνώθηκε για πέµπτο συνεχÞµενο τρίµηνο στο τέλοσ του 2012 ενώ απέφυγε να αναφερθεί

και στον νοµισµατικÞ πÞλεµο που µαίνεται. Επίσησ καµία αναφορά δεν έγινε και στην πολιτική αβεβαιÞτητα στην Ιταλία Þπωσ και στο ΚυπριακÞ ζήτηµα. ΠαρÞλα αυτά η αρχική αντίδραση τησ ισοτιµίασ ήταν ανοδική αφού απÞ την αγορά ερµηνεύτηκε σαν άρνηση τησ ΕΚΤ να χαλαρώσει την νοµισµατική τησ πολιτική παρÞλο τον νοµισµατικÞ πÞλεµο που µαίνεται στον υπÞλοιπο κÞσµο. Η απÞφαση τησ ΕΚΤ να διατηρήσει τη νοµισµατική τησ πολιτική αµετάβλητη επιβεβαιώνει τη διάθεση τησ κεντρικήσ τράπεζασ να αποσύρει σταδιακά τη στήριξη απÞ την οικονοµία και αυτÞ επιβραβεύεται απÞ την αγορά µε την άνοδο τησ ισοτιµίασ. ΑυτÞ είναι πολύ σηµαντικÞ για τουσ επενδυτέσ που αναζητούν απÞδοση και ιδιαίτερα Þταν η Fed επιµένει στη διατήρηση των χαµηλών επιτοκίων. Πολλοί περίµεναν Þτι ο Mario Draghi θα ήταν περισσÞτερο διαλλακτικÞσ µε την ύφεση που πλήττει την Ευρωζώνη. Ùµωσ στην οµιλία του τÞνισε Þτι αν και συζητήθηκε µια µείωση επιτοκίων, οι συνθήκεσ έκαναν εύκολη την απÞρριψη αυτήσ τησ λύσησ. Ùσο η διάθεση για ρίσκο παραµένει αυξηµένη, οι χρηµαταγορέσ σπάνε το ένα ανοδικÞ ρεκÞρ µετά το άλλο και η Fed πιστή στην πολιτική τησ του συνεχÞµενου QE στηρίζει την αµερικανική οικονοµία, το ευρώ θα βρίσκεται σε µια ισχυρή θέση. ΩστÞσο οι προοπτικέσ τησ ανάπτυξησ τησ Ευρωζώνησ είναι κάτι που θα µπορούσε να φέρει σε δύσκολη θέση το ευρώ τουσ επÞµενουσ µήνεσ αφού είναι ξεκάθαρο πωσ η Ευρωζώνη έχει µείνει έτη φωτÞσ πίσω απÞ τισ ΗΠΑ. Εξάλλου τα τελευταία στοιχεία απÞ την αγορά εργασίασ των ΗΠΑ ήταν για ακÞµα µια φορά άκρωσ ενθαρρυντικά επι-

βεβαιώνοντασ για ακÞµα µια φορά την άποψη πωσ οι ΗΠΑ µε την νοµισµατική πολιτική που ακολουθούν βρίσκονται στην σωστή κατεύθυνσή σε αντίθεση µε τουσ ευρωπαίουσ που βρίσκονται σε άκρωσ αντίθετη πορεία. Είδη η αγορά αναµένει τισ τοποθετήσεισ των αξιωµατούχων τησ Fed µετά τα τελευταία πολύ ενθαρρυντικά αυτά στοιχεία και ειδικά του προέδρου Bernanke ο οποίοσ είναι γνωστÞσ θιασώτησ του συνεχÞµενου QE. Αναφέρουµε συγκεκριµένα πωσ σύµφωνα µε τα στοιχεία του γραφείου εργασίασ οι θέσεισ απασχÞλησησ που δηµιουργήθηκαν τον Φεβρουάριο ήταν 236.000, έναντι πρÞβλεψησ για 160.000 θέσεισ. ΤαυτÞχρονα, το ποσοστÞ τησ ανεργίασ υποχώρησε στο 7,7%, δηλαδή στο χαµηλÞτερο επίπεδο µετά το ∆εκέµβριο του 2008. Σε µια άλλη εξέλιξη ο Dow Jones στη Νέα ΥÞρκη βρέθηκε σε νέα ιστορικά υψηλά επίπεδα, πάνω απÞ τισ 14.350 µονάδεσ ακÞµα µία ένδειξη πωσ οι αγορέσ προεξοφλούν τα καλύτερα για το µέλλον των ΗΠΑ. Τεχνικά η ισοτιµία συνεχίζει βρίσκεται σε πολύ κρίσιµα επίπεδα µε τον χρÞνο Þµωσ πλέον να λειτουργά υπέρ του δολαρίου. Τα επίπεδα του 1.28 – 1.30 που αν και εφÞσον διασπαστούν θα ενισχύουν την διαφαινÞµενη αυτή τάση και θα ανοίξουν τον δρÞµο για τα 1.20 ΑπÞ την άλλη Þσο η ισοτιµία κρατάει πάνω απÞ τα 1.30 θα συνεχίζει να ψάχνει σηµείο ισορροπίασ µε τα 1.33 να απαιτούνται πλέον για να ξανα αποκτήσει και πάλι το ανοδικÞ τησ momentum. Πολλά βέβαια θα εξαρτηθούν και πάλι τÞσο απÞ την πολιτική αστάθεια σε Ισπανία και Ιταλία, τον νοµισµατικÞ πÞλεµο που µαίνεται σε ΗΠΑ και Ιαπωνία και τισ αποφάσεισ των Fed και ΕΚΤ.

30 ̤Ú˜ ÁÈ· ÂÍfiÊÏËÛË Î·ı˘ÛÙÂÚËÌ¤ÓˆÓ ÏËÚˆÌÒÓ ΑπÞ τισ 16 Μαρτίου οι δηµÞσιεσ αρχέσ θα είναι υποχρεωµένεσ να πληρώνουν εξοφλούν εντÞσ 30 ή σε ιδιαίτερα εξαιρετικά περιπτώσεισ 60 ηµερών, αγαθά και υπηρεσίεσ που αγοράζουν απÞ επιχειρήσεισ. ∆ιαφορετικά, θα υποχρεούνται να πληρώνουν τÞκουσ υπερηµερίασ. Σύµφωνα µε την ΚοµισιÞν, κάθε µέρα σε ολÞκληρη την Ευρώπη, δεκάδεσ µικρέσ και µεσαίεσ επιχειρήσεισ (ΜΜΕ) πτωχεύουν επειδή τα τιµολÞγιά τουσ δεν εξοφλούνται. Ωσ αποτέλεσµα χάνονται θέσεισ εργασίασ, ενώ επιχειρηµατικέσ ευκαιρίεσ παραµένουν ανεκµετάλλευτεσ, γεγονÞσ που παρεµποδίζει την επιστροφή στην οικονοµική ανάπτυξη. Για να τερµατίσει τισ καθυστερηµένεσ πλη-

ρωµέσ, κατά συνέπεια, η Ευρωπαϊκή Ένωση εξέδωσε την οδηγία 2011/7/ΕΕ για την καταπολέµηση των καθυστερήσεων πληρωµών στισ εµπορικέσ συναλλαγέσ. Έωσ τισ 16 Μαρτίου 2013 τα κράτη µέλη θα πρέπει να έχουν ενσωµατώσει την αναθεωρηµένη οδηγία για τισ καθυστερηµένεσ πληρωµέσ στο εθνικÞ τουσ δίκαιο. Η οδηγία υποχρεώνει τισ δηµÞσιεσ αρχέσ να πληρώνουν για αγαθά και υπηρεσίεσ εντÞσ 30 ηµερολογιακών ηµερών ή, σε ιδιαίτερα εξαιρετικέσ συνθήκεσ, εντÞσ 60 ηµερών. Οι επιχειρήσεισ θα πρέπει να πληρώνουν τα τιµολÞγιά τουσ εντÞσ 60 ηµερολογιακών ηµερών, εκτÞσ αν υπάρχει διαφορετική ρητή συµφωνία και εφÞσον η εν λÞγω συµφωνία δεν είναι κατάφωρα καταχρηστική για τον πιστωτή. Μέχρι σήµερα µÞνο 9 χώρεσ, µεταξύ αυτών η Κύπροσ, έχουν ενσωµατώσει την κοινοτική οδηγία στο εθνικÞ δίκαιο, δηλαδή είναι νÞµοσ του κράτουσ, ενώ η Ελλάδα δεν έχει κοινοποιήσει την ενσωµάτωση στην ΚοµισιÞν.

ForexTime: Bonus ¤ˆ˜ $/€ 6000 Û ӤԢ˜ ÂÂÓ‰˘Ù¤˜ Μέχρι και 6000 δολάρια/ευρώ µπÞνουσ, προσφέρει στουσ νέουσ επενδυτέσ η Κυπριακή Επενδυτική Εταιρεία ForexTime. Αυτή η ειδική προσφορά παρέχεται µε την ευκαιρία τησ επίσηµησ έναρξησ τησ ForexTime και την πρÞσφατη λειτουργία τησ ιστοσελίδασ τησ www.forextime.com. Η προσφορά µπÞνουσ ισχύει µέχρι και τισ 31 Μαρτίου 2013 και είναι διαθέσιµη για Þλουσ τουσ νέουσ και εγκεκριµένουσ πελάτεσ. Η ForexTime δίνει στουσ πελάτεσ πρÞσβαση στην παγκÞσµια αγορά νοµισµάτων και προσφέρει συναλλαγέσ σε Forex, πολύτιµα µέταλλα, εµπορεύµατα, µετοχέσ και δείκτεσ. Η εταιρεία παρέχει επίσησ λύσεισ προσαρµοσµένεσ ειδικά σε διαφορετικέσ περιοχέσ, συµπεριλαµβανοµένων και υπηρεσιών λογαριασµών που είναι συµβατοί µε το νÞµο τησ σαρία. Η ForexTime Ltd (FXTM) είναι µια Κυπριακή Επενδυτική Εταιρεία

για on line συναλλαγέσ µε Forex, που ιδρύθηκε απÞ τον Andrey Dashin τον ∆εκέµβριο του 2012. H FXTM παρέχει πρÞσβαση στην παγκÞσµια αγορά νοµισµάτων και προσφέρει τη δυνατÞτητα για συναλλαγέσ σε περισσÞτερα απÞ 61 ζεύγη νοµισµάτων, καθώσ επίσησ και σε πολύτιµα µέταλλα Þπωσ ο ΧρυσÞσ και το Ασήµι, CFDs µετοχών, CFDs διαπραγµατεύσιµων αµοιβαίων κεφαλαίων (ETF) και CFDs σε συµβÞλαια µελλοντικήσ εκπλήρωσησ εµπορευµάτων. Η εταιρεία είναι εγγεγραµµένη ωσ Επενδυτική Εταιρεία Κύπρου µε αριθµÞ εγγραφήσ HE310361 και κατέχει άδεια απÞ την Επιτροπή Κεφαλαιαγοράσ Κύπρου, µε αριθµÞ άδειασ 185/12. Για την καταβολή του µπÞνουσ ισχύουν Þροι και προϋποθέσεισ. Για περισσÞτερεσ πληροφορίεσ επισκεφτείτε την ιστοσελίδα www.forextime.com

™ÙÔ ¡ÙÔ˘Ì¿È ÙÔ ˘„ËÏfiÙÂÚÔ ÍÂÓÔ‰Ô¯Â›Ô Το ξενοδοχείο JW Marriott Marquis Dubai αναδείχθηκε και επίσηµα ωσ το υψηλÞτερο ξενοδοχείο στον κÞσµο απÞ το βιβλίο καταγραφήσ των παγκοσµίων ρεκÞρ “Γκίνεσ”. Το ξενοδοχείο, το οποίο βρίσκεται στο Ντουµπάι των Ηνωµένων Αραβικών Εµιράτων, έχει ύψοσ 355 µέτρα και αποτελείται απÞ 72 ορÞφουσ, ενώ είναι µÞλισ 26 µέτρα κοντύτερο απÞ το Empire State τησ Νέασ ΥÞρκησ. Τον τίτλο του υψηλÞτερου ξενοδοχείου στα Ηνωµένα Αραβικά Εµιράτα κατείχε µέχρι πρÞτινοσ το Rose Tower. To JW Marriott Marquis Dubai αποτελείται απÞ δύο δίδυµουσ πύργουσ και διαθέτει 1.608 δωµάτια. Ο δεύτεροσ πύργοσ είναι προγραµµατισµένο να ανοίξει τισ πÞρτεσ τουσ στουσ επισκέπτεσ το 2015. Το ξενοδοχείο βρίσκεται σε κοντινή απÞσταση απÞ το Μπουρτζ Χαλίφα, το οποίο µε ύψοσ 828 µέτρα, αποτελεί το υψηλÞτερο κτίριο στον κÞσµο.

√√™∞: ™ËÌ¿‰È· ·Ó¿Ù˘Í˘ ÛÙËÓ ∂˘Úˆ˙ÒÓË Άρχισε να κάνει την εµφάνιση τησ η ανάπτυξη στην Ευρωζώνη, ιδιαίτερα στη Γερµανία, σύµφωνα µε τουσ βασικούσ οικονοµικούσ δείκτεσ που δηµοσιοποίησε ο ΟργανισµÞσ Οικονοµικήσ Συνεργασίασ και Ανάπτυξησ (ΟΟΣΑ). Στη Γαλλία και την Ιταλία, στη δεύτερη και στην τρίτη µεγαλύτερη οικονοµία τησ Ευρωζώνησ µετά τη Γερµανία, η τάση, ωστÞσο, δεν είναι τÞσο ισχυρή, σηµειώνει ο ΟΟΣΑ. Στη Γαλλία, οι βασικοί δείκτεσ παρουσιάζουν µια “σταθεροποίηση” τησ επιχειρηµατικήσ δραστηριÞτητασ, ενώ καταδείκνυαν το Φεβρουάριο Þτι η επιχειρηµατική δραστηριÞτητα θα µπορούσε να αρχίσει να σηµειώνει ελαφρά αύξηση. Η Ιταλία θεωρείται επίσησ Þτι βρίσκεται σε σταθεροποιητική φάση, η οποία θα είναι βελτιωµένη σε σχέση µε την πρÞσφατη περίοδο συρρίκνωσησ. Οι δείκτεσ του ΟΟΣΑ έχουν σχεδιαστεί να εντοπίζουν τα σηµεία καµπήσ στον οικονοµικÞ κύκλο, αλλά επίσησ δείχνουν προσ µια βιώσιµη ανάπτυξη τÞσο στισ Ηνωµένεσ Πολιτείεσ, στη µεγαλύτερη οικονοµία στον κÞσµο, Þσο και στην Ιαπωνία, στην τρίτη µεγαλύτερη οικονοµία στον πλανήτη. Τα στοιχεία για τη δεύτερη µεγαλύτερη οικονοµία στον κÞσµο, την Κίνα, την Ινδία και σε µικρÞτερο βαθµÞ για τη Βραζιλία υποδηλώνουν Þτι η οικονοµική ανάπτυξη θα συνεχιστεί, αλλά µε ρυθµÞ που είναι χαµηλÞτεροσ τησ τάσησ που παρουσίασαν οι χώρεσ αυτέσ προηγουµένωσ, ενώ η Ρωσία θα επωφεληθεί απÞ την ανάκαµψη τησ οικονοµικήσ δραστηριÞτητασ.

ΧΡΗΜΑ&ΑΓΟΡΑ

13 MAΡΤΙΟΥ, 2013

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 7

ÕÏÏÔ˜ ÁÈ· «ÏԢΤÙÔ»; Έτοσ αποκάλυψησ θα είναι το 2013 για την οικονοµία και τισ ελληνικέσ επιχειρήσεισ καθώσ 170.000 µικροµεσαίεσ είναι έτοιµεσ να κλείσουν, 195.000 θέσεισ εργασίασ κινδυνεύουν να χαθούν, 6 στισ 10 επιχειρήσεισ µείωσαν ώρεσ εργασίασ και µισθούσ ενώ 1 στισ 2 καθυστερεί να πληρώσει τουσ εργαζοµένουσ τησ. Τα συγκλονιστικά αυτά στοιχεία προκύπτουν απÞ την εξαµηνιαία έρευνα τησ Marc AE στην ελληνική αγορά και αφορά στην αποτύπωση του οικονοµικού κλίµατοσ στισ µικροµεσαίεσ επιχειρήσεισ. Σύµφωνα µε την έρευνα ο αριθµÞσ των λουκέτων και τησ απώλειασ θέσεων εργασίασ επιβραδύνονται αλλά αυξάνεται η ταχύτητα των αποεπενδύσεων και τισ µερικήσ απασχÞλησησ. Οι µικροµεσαίοι είναι απαισιÞδοξοι καθώσ το 33% «βλέπει» ανάκαµψη τησ αγοράσ µετά το 2020 ενώ η ανασφάλεια χτυπάει κÞκκινο µε το 54,7% να δηλώνουν πωσ τα χρήµατά τουσ είναι ασφαλή στο εξωτερικÞ ή αλλού και Þχι στισ τράπεζεσ. Η έρευνα τησ Μarc AE εκτιµά Þτι τα καθαρά «λουκέτα» των επιχειρήσεων το 2013 θα είναι 55.000 ενώ στο πρώτο εξάµηνο του έτουσ η απώλειεσ θέσεων µισθωτήσ εργασίασ θα πλησιάσουν τισ 69.000. Ο ρυθµÞσ τησ µείωσησ των θέσεων εργασίασ είναι 1 πρÞσληψη προσ 4 απολύσεισ Þταν στην έρευνα του περασµένου Ιουλίου ήταν 1 προσ 7. Αυξήθηκαν επίσησ κατά 25% οι επιχειρήσεισ που χρωστούν στην εφορία.

NYTimes: ™ÙËÓ ∂ÏÏ¿‰·… ÁÈ· ÊıËÓ¿ Û›ÙÈ· «Τέλεια αγορά για υποψήφιουσ αγοραστέσ» χαρακτηρίζει η αµερικανική εφηµερίδα New York Times την Ελλάδα, προτρέποντασ τουσ αναγνώστεσ τησ να στρέψουν το βλέµµα τουσ προσ το ελληνικÞ real estate. Επισηµαίνει δε Þτι οι τιµέσ των ακινήτων, λÞγω τησ οικονοµικήσ κρίσησ, έχουν γίνει ιδιαίτερα ελκυστικέσ. «Η βαθιά ύφεση σε συνδυασµÞ µε την εθνική κρίση χρέουσ είχε σηµαντικÞ αντίκτυπο στην ελληνική αγορά real estate», αναφέρει η εφηµερίδα επικαλούµενη στοιχεία ενÞσ µεσιτικού και ενÞσ δικηγορικού γραφείου στην Ελλάδα, σύµφωνα µε τα οποία οι τιµέσ των ακινήτων έχουν πέσει κατά 35-50% απÞ το 2008. Επιπλέον, Þπωσ αναφέρεται στο άρθρο ενώ µεταξύ 2002 και 2008 πωλούνταν περίπου 150.000 κατοικίεσ κάθε χρÞνο, «το 2011 πωλήθηκαν µÞλισ 11.000 κατοικίεσ» γεγονÞσ που σηµαίνει Þτι η αγορά «συρρικνώθηκε κατά 95%». «Γι’ αυτÞ το λÞγο η Ελλάδα αποτελεί την τέλεια αγορά για τουσ αγοραστέσ, καθώσ µπορεί πλέον κανείσ να διαπραγµατευτεί τισ τιµέσ και Þσοι πληρώνουν µε µετρητά είναι βασιλιάδεσ». Η ίδια κατάσταση περίπου, συνεχίζει το άρθρο, ισχύει και στα νησιά, αν και στα πιο δηµοφιλή απÞ αυτά, Þπωσ είναι η Μύκονοσ, η Σαντορίνη και η Κρήτη, η πτώση στισ τιµέσ δεν έχει ξεπεράσει το 20%. Αντίθετα σε νησιά Þπωσ η Νάξοσ είναι δυνατÞν να αγοράσει κανείσ κατοικία έναντι $60.000, αναφέρει το άρθρο. Οι περισσÞτεροι ξένοι αγοραστέσ στην Ελλάδα προέρχονται απÞ χώρεσ τησ Ευρωπαϊκήσ Ένωσησ κα τη ΒÞρεια Αµερική. Επίσησ, υπάρχει ένα ενδιαφέρον Γάλλων και Γερµανοί αγοραστών για τα νησιά, ενώ η Κρήτη προσελκύει αγοραστέσ απÞ τη Ρωσία και η Μύκονοσ απÞ Þλον τον κÞσµο, αναφέρεται.

ΧΡΗΜΑ&ΑΓΟΡΑ

13 ΜΑΡΤΙΟΥ, 2013

8 | ΑΓΟΡΑ | financialmirror.com

“Color Up Your Life” Î·È ÛÙ‹ÚÈÍ ¿ÙÔÌ· Ì fiÁÎÔ˘˜ ÂÁÎÂÊ¿ÏÔ˘ ΦιλανθρωπικÞ Fashion Show µε µήνυµα “Color Up Your Life” για στήριξη του Συνδέσµου Φίλων και ΑτÞµων µε Ùγκουσ Εγκεφάλου (CBTA), θα πραγµατοποιηθεί την Κυριακή, 7 Απριλίου 2013, στισ 7 το βράδυ, στο ξενοδοχείο Χίλτον, στη Λευκωσία. Στο εντυπωσιακÞ Fashion Show, που έχει τεθεί υπÞ την αιγίδα του ∆ηµάρχου Λευκωσίασ Κωνσταντίνου Γιωρκάτζη, θα παρουσιαστεί η κολεξιÞν Άνοιξη -Καλοκαίρι 2013, των KooKoo και 155. Μετά το Fashion Show θα ακολουθήσει κοκτέιλ πάρτι, ενώ θα διατίθενται προσ πώληση µοναδικέσ δηµιουργίεσ απÞ την επίδειξη των KooKoo και 155, καθώσ και χειροποίητα κοσµήµατα N&G. Εισιτήρια προπωλούνται στην τιµή των 15 ευρώ. Για περισσÞτερεσ πληροφορίεσ: Avaton Communications 22101143 / 99486525 Τα καθαρά έσοδα θα δοθούν στο Σύνδεσµο Φίλων και ΑτÞµων µε Ùγκουσ Εγκεφάλου. Την εκδήλωση στηρίζουν: Prime Insurance, Beauty Line, SAX Shoes & Accessories, Avaton Communications, οι σχεδιαστέσ Μάριοσ Μέσσιοσ και Ανδρέασ Κοντίδησ, Smiley Face Marketing Strategies, Hilton Cyprus.

¡¤Ô ÚfiÁÚ·ÌÌ· ·ÓÙ·ÌÔÈ‚‹˜ ·fi Ù· ·Ïʷ̤Á· Ένα νέο...ταξιδιάρικο πρÞγραµµα ανταµοιβήσ τακτικών πελατών θέτουν σε εφαρµογή οι Υπεραγορέσ αλφαµεγα. ΑπÞ τη ∆ευτέρα, 4 Μαρτίου, και για τέσσερισ µήνεσ, οι καταναλωτέσ µπορούν να αποκτήσουν µε τη συµπλήρωση των απαιτούµενων κουπονιών, ∆ΩΡΕΑΝ τισ µοντέρνεσ, εύχρηστεσ και πρακτικέσ ταξιδιωτικέσ τσάντεσ KAPPA. Η συλλογή περιλαµβάνει 8 διαφορετικά είδη: τσαντάκι για προσωπικά είδη, µικρή τσάντα πλάτησ, τσάντα ώµου, µεγάλη τσάντα πλάτησ, ταξιδιωτική τσάντα µε τροχούσ, επαγγελµατικÞ τρÞλεϊ, βαλίτσα 24 και σετ βαλίτσεσ 20 και 28 ιντσών. Η συµµετοχή στο πρÞγραµµα ανταµοιβήσ πελατών των υπεραγορών αλφαµεγα είναι απλή. Με κάθε απÞδειξη αξίασ 20 ευρώ, ο πελάτησ λαµβάνει ένα κουπÞνι και µε τη συµπλήρωση του απαιτούµενου αριθµού κουπονιών εξασφαλίζει τα προσφερÞµενα προϊÞντα εντελώσ ∆ΩΡΕΑΝ. Τα κουπÞνια θα µοιράζονται µέχρι τισ 20 Ιουλίου 2013 και οι συµπληρωµένεσ κάρτεσ θα ανταλλάσσονται µέχρι 3 Αυγούστου ή µέχρι εξαντλήσεωσ.

Emirates: ∂ÈÚfiÛıÂÙ˜ Ù‹ÛÂȘ ÁÈ· ºÈÏÈ›Ó˜ Î·È ∞˘ÛÙÚ·Ï›· Η Emirates ανακοίνωσε Þτι απÞ την 1η Οκτωβρίου 2013 θα ξεκινήσει καθηµερινέσ, απευθείασ πτήσεισ προσ το ∆ιεθνέσ ΑεροδρÞµιο Κλαρκ (Clark International Airport), τον δεύτερο προορισµÞ τησ αεροπορικήσ εταιρείασ στισ Φιλιππίνεσ. ΠρÞκειται για καλά νέα, τÞσο για εκείνουσ που πάντα ήθελαν να επισκεφθούν τισ Φιλιππίνεσ για διακοπέσ ή για επαγγελµατικούσ λÞγουσ, Þσο και για πάνω απÞ 9.400 Φιλιππινέζουσ που εργάζονται στην Κύπρο. Η Emirates εκτελεί ήδη πτήσεισ προσ τη Μανίλα.

Eπίσησ η Emirates, ανταποκρινÞµενη στη ζήτηση για διεθνείσ πτήσεισ απÞ και προσ τη ∆υτική Αυστραλία ανακοίνωσε την έναρξη τρίτησ καθηµερινήσ πτήσησ απÞ Ντουµπάι προσ Περθ. Αυτή η συνεχήσ δέσµευση προσ τον τουρισµÞ και το εµπÞριο τησ ∆υτικήσ Αυστραλίασ φέρνει την αύξηση των εβδοµαδιαίων πτήσεων τησ Emirates προσ το Περθ απÞ 19 σε 21 ανά εβδοµάδα που µεταφράζεται µε επιπλέον 1.440 θέσεισ. Η Emirates πετά καθηµερινά απÞ το Ντουµπάι στη Λάρνακα µε Boeing 777-200. Για περισσÞτερεσ στο www.emirates.com.cy ή στο τηλέφωνο 2281 7816.

À¶∂ƒπø¡: ¶ÈÛÙÔÔ›ËÛË Ì ÙÔ ¶ÚfiÙ˘Ô Investors πn People Σε αναγνώριση των πρακτικών που εφαρµÞζει στον τοµέα τησ ∆ιαχείρισησ και Ανάπτυξησ του Ανθρώπινου ∆υναµικού τησ, η ΥΠΕΡΙΩΝ (Hyperion Systems Engineering) πιστοποιήθηκε πρÞσφατα µε το πρÞτυπο Investors in People. Επίσησ, σε ειδική τελετή, απονεµήθηκε στην ΥΠΕΡΙΩΝ απÞ τον ΠρÞεδρο τησ ∆ηµοκρατίασ το Βραβείο Εξαγωγών Υπηρεσιών για το 2011. Τα ετήσια Βραβεία Εξαγωγών τελούν υπÞ την αιγίδα του Υπουργείου Εµπορίου, Βιοµηχανίασ και Τουρισµού και του Κυπριακού Εµπορικού και Βιοµηχανικού Επιµελητηρίου. Η ΥΠΕΡΙΩΝ δραστηριοποιείται παγκÞσµια απÞ το 1993 στουσ τοµείσ των πετρελαιοειδών, φυσικού αερίου, πετροχηµικών, χηµικών διεργασιών, παραγωγήσ ενέργειασ, επεξεργασίασ νερού και πρωτογενούσ παραγωγήσ χάλυβα και αλουµινίου, προσφέροντασ συµβουλευτικέσ υπηρεσίεσ και εξειδικευµένεσ λύσεισ βιοµηχανικήσ πληροφορικήσ.

™ÙÚ·ÙËÁÈ΋ Û˘ÓÂÚÁ·Û›· Etihad Ì Kenya Airways Σε στρατηγική εµπορική συνεργασία µε την Kenya Airways, τον εθνικÞ αεροµεταφορέα τησ Κένυασ, προχώρησε η Etihad Airways, εθνικÞσ αεροµεταφορέασ των Ηνωµένων Αραβικών Εµιράτων, στοχεύοντασ στην επέκταση τησ στην Αφρική. Ωσ µέροσ τησ διµερούσ συµφωνίασ κοινού κωδικού, η Etihad Airways θα τοποθετήσει τον κωδικÞ ΕΥ στισ πτήσεισ τησ Kenya Airways απÞ το ΝαϊρÞµπι προσ 27 προορισµούσ του τοπικού δικτύου τησ Kenya Airways στην Αφρική. Αντίστοιχα, η Kenya Airways θα τοποθετήσει τον κωδικÞ KQ στισ καθηµερινέσ πτήσεισ τησ Etihad Airways απÞ το ΝαϊρÞµπι προσ το Άµπου Ντάµπι και µε την επιφύλαξη ρυθµιστικών εγκρίσεων, σε επιπλέον 32 προορισµούσ στο παγκÞσµιο δίκτυο τησ Etihad Airways.

Oι πτήσεισ τησ Etihad Airways απÞκαι προσ Λάρνακα πραγµατοποιούνται κάθε ∆ευτέρα, Τετάρτη και Παρασκευή µε αναχώρηση απÞ Άµπου Ντάµπι στισ 09:35 και άφιξη στην Κύπρο στισ 11:45 τοπική ώρα. Η πτήση EY094 αναχωρεί απÞ Λάρνακα στισ 14:15 µε άφιξη στο Άµπου Ντάµπι στισ 19:25 τοπική ώρα. Για περισσÞτερεσ πληροφορίεσ επισκεφθείτε την ιστοσελίδα www.etihad.com

√ √›ÎÔ˜ Hennessy Ï·ÓÛ¿ÚÂÈ ÙË Ó¤· ÙÔ˘ ÈÛÙÔÛÂÏ›‰· Ο Jas Hennessy & Co (LVMH), ο Οίκοσ Cognac για σχεδÞν 250 χρÞνια, µε χαρά ανακοινώνει το λανσάρισµα τησ νέασ του ιστοσελίδασ www.hennessy.com. Μοντέρνα, διαφορετική! Η νέα ιστοσελίδα υιοθετεί ένα ζωηρÞ τÞνο και πνεύµα για να επιδείξει τον πλούτο, την διαφορετικÞτητα και τη ζωντάνια του Οίκου Hennessy ανά τον κÞσµο. Η στενή σχέση µεταξύ του Οίκου Hennessy και τησ κουλτούρασ για δηµιουργία, την τέχνη και τη µουσική γίνεται εµφανήσ µέσα απÞ τα πολυάριθµα και ενδιαφέροντα δηµοσιεύµατα στην ιστοσελίδα. Μπορείσ να συνδεθείσ σήµερα µέσω του υπολογιστή τησ ταµπλέτασ ή του κινητού σου, και να βιώσεισ την εµπειρία τησ νέασ ιστοσελίδασ, η οποία αντικατοπτρίζει απÞλυτα την κληρονοµιά του Οίκου Hennessy. Το Cognac Hennessy διανέµεται απÞ την εταιρεία Φώτοσ Φωτιάδησ ∆ιανοµείσ Λτδ, σε Þλα τα σηµεία πώλησησ οινοπνευµατωδών ποτών. ΠερισσÞτερεσ πληροφορίεσ στο τηλέφωνο 22471111

Kfi„Ù ÙÔ Î¿ÓÈÛÌ· Ì iCoach Η αντικαπνιστική εκστρατεία “Ex-Smokers are Unstoppable” ή “Αν το σταµατήσεισ δεν σε σταµατάει τίποτα” τησ Ευρωπαϊκήσ Επιτροπήσ, έχει αποδειχθεί πολύ επιτυχηµένη στην Κύπρο, µε 1 στουσ 100 Κύπριουσ που καπνίζουν να έχουν αναζητήσει πρακτική βοήθεια µέσω του πρωτοποριακού διαδικτυακού βοηθήµατοσ, iCoach. Αυτά τα αποτελέσµατα κατατάσσουν την Κύπρο στην 3η υψηλÞτερη θέση στην Ε.Ε. σε εγγραφέσ στο iCoach σε αναλογία µε τον αριθµÞ καπνιστών, µετά τη Μάλτα και το Λουξεµβούργο. Πανευρωπαϊκά, περισσÞτεροι απÞ 336,000 πολίτεσ έχουν αρχίσει τη διαδικασία διακοπήσ του καπνίσµατοσ µέσω του διαδραστικού διαδικτυακού εργαλείου iCoach µέχρι σήµερα.Το iCoach, προσφέρει έµπρακτη στήριξη σε άτοµα που θέλουν να σταµατήσουν το κάπνισµα αλλά και σε άτοµα που δεν έχουν αποφασίσει ακÞµα να το κÞψουν.

13 ΜΑΡΤΙΟΥ, 2013

ΧΡΗΜΑ&ΑΓΟΡΑ

financialmirror.com | ΕΝΕΡΓΕΙΑ | 9

¶ÚÔˆıÂ›Ù·È Ë ¯Ú‹ÛË ˘ÁÚ·ÂÚ›Ô˘ ÁÈ· Ù· Ô¯‹Ì·Ù· ÛÙËÓ ∫‡ÚÔ Θα προωθηθεί κατά προτεραιÞτητα η χρήση υγραερίου για την κίνηση των οχηµάτων, σύµφωνα µε τον ΥπουργÞ Συγκοινωνιών και Έργων Τάσο ΜητσÞπουλο, ενώ την ίδια ώρα το υπουργείο αναµένεται να συντονίσει τα υπÞλοιπα εµπλεκÞµενα Υπουργεία προκειµένου το ταχύτερο δυνατÞ να προσφερθεί αυτή η εναλλακτική δυνατÞτητα στα οχήµατα και τουσ οδηγούσ. Ο υπουργÞσ τÞνισε ταυτÞχρονα Þτι στισ προτεραιÞτητεσ του Υπουργείου Συγκοινωνιών είναι να διασφαλισθεί η ασφαλήσ χρήση του υγραερίου για το συγκεκριµένο σκοπÞ και ταυτÞχρονα η µείωση του κÞστουσ κίνησησ και των επιπτώσεων στο περιβάλλον απÞ την κίνηση οχηµάτων. Ο ∆ιευθυντήσ του Τµήµατοσ Οδικών Μεταφορών Σωτήρησ Κολέττασ είπε Þτι στο θέµα τησ χρήσησ του υγραερίου για κίνηση οχηµάτων εµπλέκονται το Υπουργείο Ενέργειασ, Εµπορίου, Βιοµηχανίασ και Τουρισµού, το Υπουργείο Εργασίασ και Κοινωνικών Ασφαλίσεων το οποίο ανέλαβε να ετοιµάσει τη σχετική νοµοθεσία και το Υπουργείο Συγκοινωνιών και Έργων ωσ αρµÞδιο για τα µηχανοκίνητα οχήµατα.

Ο κ. Κολέττασ πρÞσθεσε Þτι πολύ σύντοµα ολοκληρώνεται η νοµοθετική ρύθµιση του θέµατοσ και θα µπορούν να χρησιµοποιούνται µηχανοκίνητα οχήµατα που θα κινούνται µε υγραέριο. Ùσον αφορά τισ τεχνικέσ προδιαγραφέσ των αυτοκινήτων, ανέφερε Þτι ήδη το Τµήµα Οδικών Μεταφορών έχει εγγράψει µηχανοκίνητα οχήµατα τα οποία µπορούν να χρησιµοποιήσουν υγραέριο για την κίνησή τουσ και εξήγησε Þτι είναι πλέον θέµα έγκρισησ για χρήση του υγραερίου ωσ καυσίµου κίνησησ. Ο κ. Κολέττασ διευκρίνισε επίσησ Þτι η έγκριση του υγραερίου ωσ καυσίµου κίνησησ είναι θέµα απÞφασησ του Υπουργικού Συµβουλίου, το οποίο µÞλισ ενηµερωθεί Þτι υπάρχουν Þλεσ οι προϋποθέσεισ και οι νοµοθετικέσ ρυθµίσεισ θα προχωρήσει να εγκρίνει και το υγραέριο ωσ καύσιµο κίνησησ, χωρίσ να χρειάζεται να κατατεθεί στη Βουλή σχετικÞ νοµοσχέδιο. Ο κ. ΜητσÞπουλοσ, µιλώντασ µετά απÞ ευρεία σύσκεψη στο Τµήµα Οδικών Μεταφορών, είπε Þτι συζητήθηκε το σύστηµα των ∆ηµÞσιων Μαζικών Μεταφορών, τρÞποι βελτίωσησ των παρεχοµένων προσ τον πολίτη υπηρεσιών και

περιορισµού του κÞστουσ λειτουργίασ του συστήµατοσ το οποίο χαρακτήρισε δαπανηρÞ. Ο ΥπουργÞσ Συγκοινωνιών είπε ακÞµα Þτι το µεγάλο ζητούµενο σε αυτή τη δύσκολη οικονοµική συγκυρία είναι πώσ να βελτιωθεί η ποιÞτητα υπηρεσιών που προσφέρει το ΤΟΜ στουσ πολίτεσ, κάνοντασ καλύτερη διαχείριση των περιορισµένων οικονοµικών και ανθρώπινων πÞρων που διαθέτει. Επεσήµανε δε Þτι σχεδÞν το σύνολο του κυπριακού πληθυσµού έχει συναλλαγέσ µε το συγκεκριµένο τµήµα αφού υπολογίζεται Þτι στην Κύπρο υπάρχουν 800 µε 850 χιλιάδεσ µηχανοκίνητα οχήµατα.

∆¤ÏÔ˜ ÛÙ· ÂÈÚ¿Ì·Ù· Û ˙Ò· ·fi ÙȘ ÂÙ·ÈÚ›˜ ηÏÏ˘ÓÙÈÎÒÓ

ªÂÙ¿ ·fi ÚÔÛ¿ıÂȘ 20 ÂÙÒÓ, ÛÙȘ Ôԛ˜ ÚˆÙÔÛÙ¿ÙËÛÂ Ë ∞Ó›Ù· ƒfiÓÙÈÎ, Ë ·ÎÙÈ‚›ÛÙÚÈ· ȉڇÙÚÈ· ÙˆÓ Body Shop, Ë ∂˘Úˆ·˚΋ ŒÓˆÛË ·ÔÊ¿ÛÈÛ ӷ ··ÁÔÚ¤„ÂÈ Ù· ÂÈÚ¿Ì·Ù· Û ˙Ò· ÁÈ· ÙËÓ ·Ú·Û΢‹ ηÏÏ˘ÓÙÈÎÒÓ

ΑπÞ 50 έωσ 100 εκατοµµύρια πειραµατÞζωα χρησιµοποιούνται κάθε χρÞνο στα διάφορα τεστ επιστηµÞνων και ερευνητών. Πάρα πολλά απÞ αυτά βρίσκουν τον θάνατο. Εκτιµάται Þτι 13 εκατοµµύρια ζώα βασανίζονται και σκοτώνονται κάθε χρÞνο στα Ευρωπαϊκά εργαστήρια µÞνο. Το ζήτηµα θέτει ένα απÞ τα πιο µεγάλα ηθικά διλήµµατα τησ εποχήσ µασ: Ναι στην θυσία των ζώων αν είναι να σωθούν ανθρώπινεσ ζωέσ ή Þχι; Για την προστασία, µάλιστα, των πειραµατÞζωων έχει θεσπιστεί και ΠαγκÞσµια Ηµέρα. Η ΠαγκÞσµια Ηµέρα Κατάργησησ των Πειραµάτων σε Ζώα γιορτάζεται στισ 24 Απριλίου. ∆ιοργανώνεται απÞ την Animal Aid, υπÞ την αιγίδα του ΟΗΕ. Ποντίκια, αρουραίοι, κουνέλια, γουρούνια αλλά και γάτεσ, σκύλοι και πίθηκοι χρησιµοποιούνται σε επιστηµονικά εργαστήρια προκειµένου να ελεγχθούν η τοξικÞτητα νέων φαρµάκων, η επίδραση τοξικών και χηµικών ουσιών στην ανθρώπινη αναπαραγωγή, η πρÞκληση αλλεργιών, δερµατικών προβληµάτων, καρκίνου. Η παγκÞσµια βιοµηχανία καλλυντικών είναι κι αυτή ανάµεσα σ’ αυτούσ που, χρÞνια τώρα, χρησιµοποιούν πειραµα-

ªÂÁ¿ÏÔ ÂӉȷʤÚÔÓ ÁÈ· ÙÔ 2Ô ∂ÓÂÚÁÂÈ·Îfi ™˘ÌfiÛÈÔ Απαντήσεισ σε Þλα τα καυτά ερωτήµατα που αφορούν την αξιοποίηση του φυσικού αερίου τησ Κύπρου, αναµένεται να δοθούν στο 2ο ΕνεργειακÞ ΣυµπÞσιο που πραγµατοποιείται αύριο Πέµπτη και Παρασκευή στη Λευκωσία. Σχετικέσ τοποθετήσεισ αναµένεται να γίνουν απÞ την κυβέρνηση µέσω των οµιλών του Προέδρου τησ ∆ηµοκρατίασ, του Υπουργού Ενέργειασ, Εµπορίου, Βιοµηχανίασ και Τουρισµού, του Υπουργού Περιβάλλοντοσ, Ενέργειασ και Κλιµατικήσ Αλλαγήσ τησ Ελλάδασ, απÞ την ΚΡΕΤΥΚ, απÞ τη ΡΑΕΚ, αλλά και απÞ τουσ 30 και πλέον εξειδικευµένουσ οµιλητέσ που λαµβάνουν µέροσ στισ εργασίεσ του Συµποσίου. Ιδιαίτερο ενδιαφέρον παρουσιάζει και η συµµετοχή επιχειρήσεων που ασχολούνται µε τον τοµέα τησ ενέργειασ, Þπωσ είναι η ∆ΕΦΑ, η ∆ΕΠΑ Ελλάδασ, η VTT, η J&P Avax, ο Σύνδεσµοσ Αιολικήσ Ενέργειασ Κύπρου και άλλοι. Το ΣυµπÞσιο µε τίτλο “ο ρÞλοσ τησ Κύπρου στον ενεργειακÞ διάδροµο τησ Ν.Α. Μεσογείου” θα καλύψει

τÞζωα για την εξέλιξη των προϊÞντων τησ. ΜÞνο που στην δική τησ περίπτωση, το κάθε νέο προϊÞν που προκύπτει, δεν σώζει ανθρώπινεσ ζωέσ. Κάνει απλά τουσ ανθρώπουσ να δείχνουν πιο Þµορφοι: Με πιο λαµπερά µαλλιά, χωρίσ ρυτίδεσ, µε πιο στιλπνή επιδερµίδα. Είναι αυτÞσ λÞγοσ για να θανατώνονται κάθε χρÞνο εκατοµµύρια ανυπεράσπιστα ζώα; Μετά απÞ έναν ακτιβιστικÞ αγώνα 20 ολÞκληρων ετών, η Ευρωπαϊκή Ένωση τελικά πείστηκε πωσ Þχι. Και απÞ την ∆ευτέρα, 11 Μαρτίου, επέβαλε µια καθολική απαγÞρευση στην χρήση πειραµατÞζων απÞ τισ εταιρείεσ καλλυντικών. Στην Ευρωπαϊκή Ένωση και κυρίωσ για τη Γαλλία, την Ιταλία, τη Μεγάλη Βρετανία και τη Γερµανία, τισ χώρεσ δηλαδή µε µεγάλεσ εταιρείεσ καλλυντικών, η απÞφαση τησ ΕΕ είναι ιστορική. Ήταν το αποτέλεσµα ενÞσ συντονισµένου αγώνα που κατηύθυνε κυρίωσ η Ανίτα ΡÞντικ, η περίφηµη ιδρύτρια των Body Shop, τησ βρετανικήσ σειράσ “οικολογικών” καλλυντικών που άλλαξε πάρα πολλά στο χώρο, απÞ το 1976 Þταν και πρωτοεµφανίστηκε.

À¤Ú ÙÔ˘ “¤Í˘ÓÔ˘ ÌÂÙÚËÙ‹” ÙÔ ∂µ∂ §Â˘ÎˆÛ›·˜

την ενεργειακή στρατηγική στον τοµέα τησ έρευνασ και αξιοποίησησ των υδρογονανθράκων, την αγορά πετρελαίου και φυσικού αερίου, την αγορά ηλεκτρισµού, τισ ανανεώσιµεσ πηγέσ ενέργειασ (ΑΠΕ). Το ΕνεργειακÞ ΣυµπÞσιο που αποτελεί τη σηµαντικÞτερη ενεργειακή εκδήλωση στην Κύπρο, αναµένεται να αποτελέσει σηµείο αναφοράσ στα ενεργειακά πράγµατα τησ Κύπρου, αλλά και τησ ευρύτερησ περιοχήσ τησ Ανατολικήσ Μεσογείου. Το ΣυµπÞσιο που είναι υπÞ την αιγίδα του ΚΕΒΕ, έχει ωσ Χορηγούσ το ΣυγκρÞτηµα τησ Τράπεζασ Κύπρου, τη ∆ηµÞσια Εταιρεία Παροχήσ Αερίου τησ Ελλάδασ (∆ΕΠΑ), ωσ Υποστηρικτέσ την ΑΗΚ, τη ΚΡΕΤΥΚ και τη ΡΑΕΚ, τη ∆ΕΦΑ, τησ J & P Avax, το Σύνδεσµο Αιολικήσ Ενέργειασ Κύπρου, Επίσηµο Αεροµεταφορέα τισ Κυπριακέσ Αερογραµµέσ, Χορηγούσ Επικοινωνίασ το ΡΙΚ και το “Φιλελεύθερο” και τη ∆ιαδικτυακή Στήριξη των ιστοσελίδων www.energia.gr και www.nomisma.com.cy. Οργανωτέσ του συµποσίου είναι η fmw financial media way και το Ινστιτούτο Ενέργειασ ΝΑ Ευρώπησ.

Tο ΕΒΕ Λευκωσίασ αντιµετωπίζει θετικά την πιλοτική εγκατάσταση του πρώτου έξυπνου µετρητή (smart metering) για οικιακούσ σκοπούσ, που επιτρέπει συµψηφισµÞ τησ κατανάλωσησ µε την ιδία παραγωγή. Το ΕΒΕ Λευκωσίασ, ευελπιστεί Þτι η πιλοτική εφαρµογή θα επεκταθεί τάχιστα να καλύψει βιοµηχανικέσ και εµπορικέσ χρήσεισ για να επιτρέπει τον συµψηφισµÞ τησ κατανάλωσησ µε την παραγÞµενη ηλεκτρική ενέργεια Þχι µÞνο απÞ φωτοβολταϊκά, αλλά και απÞ άλλεσ µεθÞδουσ παραγωγήσ. ΕκτÞσ απÞ την εξοικονÞµηση στο κÞστοσ ηλεκτρικού ρεύµατοσ για κάθε υποστατικÞ, ένα τέτοιο σχέδιο θα µειώσει τισ επενδυτικέσ υποχρεώσεισ τησ ΑΗΚ αναφέρει ανακοίνωση του ΕΒΕ Λευκωσίασ. “Πρωτίστωσ Þµωσ επείγει η διαµÞρφωση του θεσµικού πλαισίου που θα επιτρέπει Þπωσ Þλοι οι παραγωγοί ενώνονται στο σύστηµα µεταφοράσ, δίνοντασ προτεραιÞτητα πρÞσβασησ στο δίκτυο σε αυτούσ που µπορούν να παράγουν και να διαθέτουν ηλεκτρικÞ ρεύµα στισ χαµηλÞτερεσ δυνατέσ τιµέσ”, καταλήγει η ανακοίνωση.

∞‰˘Ó·Ì›· Ì·˜ ÂÛ›˜ Î·È ÙÔ ÂÚÈ‚¿ÏÏÔÓ! ΑΣ ΧΟΡΗΓΟΣ ΣΕΛΙ∆ ΣΕΛΙ∆ΑΣ

ww w.hellas - energ y.c om

March 13 - 19, 2013

20 | WORLD MARKETS | financialmirror.com

Energy: Obama has his work cut out

By Oren Laurent President, Banc De Binary

Last Monday, US President Barack Obama named two additions to his cabinet whose responsibility will be to manage climate change and energy policy if Congress fails to act quickly. It is abundantly clear now that in his second term, Obama, free from the political pressures of re-election, is taking the energy issue seriously. According to White House spokesman Clark Stevens, “enhancing energy security will be among his top priorities.”

This is no easy task. The President has advocated the importance of greener environmental choices and wants America to lead on this front. At the same time, he will have to balance the concern that the country could risk falling behind in the industry and manufacturing sectors if it fails to meet the high demand for energy. Factor in too the country’s desire to become less dependent on foreign oil and to boost the American economy and job market, and Obama certainly has his work cut out.

It is difficult to be sure so early on what exact targets he will set and meet. However, if the two cabinet appointments and their previous activities are anything to go by, we can expect America to invest in renewables and up its own natural gas output. McCarthy, an experienced clean air regulator, will take the helm at the Environmental Protection Agency, and Moniz, a physicist and known advocate for natural gas and nuclear power, will run the Department of Energy.

So far, the boom in natural gas production has brought America lower energy prices and reduced carbon emissions.

Arguably, the production of natural gas through hydraulic fracturing presents certain environmental challenges, and for many environmentalists this prevents natural gas from being a satisfactory long-term energy solution. However, the President hasn’t yet been deterred. New and more stringent fuel efficiency standards finalised in August include incentives to spur the production of natural gas-powered cars through 2025.

Working towards American self-sufficiency, Obama is also encouraging oil production. Wary of constantly bubbling political tensions in the Middle East and Africa, the American superpower is understandably reluctant to be so reliant on oil imports from these areas. Plus it is keen to create jobs and economic opportunity in the process. Indeed the output of crude and other liquid petroleum products in the US is set to rise more than 80% through 2020.

The rest of the world needs to be taking note. For so long, countries have vowed to invest in cleaner energies and reduce greenhouse gas emissions, and many have discussed ways to become more energy independent. Yet action has been slow.

No one wants to be the first to fall behind and hinder their productivity by changing the status quo.

If America does indeed manage its energy more efficiently, which is now looking as likely as ever, this marks a significant change in attitude. Yet it could be as hard to follow as to lead.

Oil is the world’s most traded commodity and America is one of the largest users of this black gold. A reduction in demand for oil from America could potentially reduce import prices for other countries. That would also reduce the incentive to find alternatives.

That doesn’t mean we can afford to be complacent though.

Should tensions flare in the Arab world and oil becomes a precious commodity, the countries who have taken significant measures to become self-sufficient will be in the strongest position. Energy independence and greener energy are at

times contradictory, as America’s increased oil output shows.

However, they are both essential parts of the energy plan for decades ahead. It is necessary for governments to stop just talking and to tackle these two issues together and head on.

The sooner, the better. www.bbinary.com

Fragile yen hits 3-1/2 year low vs. dollar The yen hit a 3-1/2 year low against the dollar on Tuesday after signs that Bank of Japan monetary stimulus could come sooner than previously expected. It recovered in later trade as some traders took profits, but remained vulnerable.

The euro also struggled against a broadly firmer dollar, weighed down by political uncertainty in Italy and the contrast between a brightening U.S. economic outlook and faltering growth in the euro zone.

The latest bout of yen selling was spurred by a report in the Nikkei business daily that the nominee for Bank of Japan governor, Haruhiko Kuroda, hinted he may launch new monetary easing steps soon after he takes office next week, rather than wait for his first policy meeting on April 3-4.

The dollar climbed as high as 96.71 yen,

its highest level since August 2009, before giving up some ground to last trade down 0.1% on the day at 96.16 yen. This latest lurch higher in the dollar came after a stronger-than-expected U.S. jobs report on

optimism on the U.S. economy, with the Dow closing at a record high, while Wall Street's "fear gauge", the CBOE Volatility Index VIX, hit its lowest since February 2007.

FOREX COMMENTARY & TECHNICAL ANALYSIS

Friday prompted speculation the Federal Reserve could back off stimulus measures sooner than anticipated.

Minutes from the BOJ's February meeting and comments in favor of looser policy from the two deputy governor nominees also pushed the yen lower.

The moves came against a backdrop of

Positive risk sentiment, fuelled by Friday's U.S. jobs data, also lifted yields on U.S. Treasuries, which tend to have strong positive correlation with dollar/yen as higher yields are thought to attract more bond investments in that currency.

Against the dollar, the single currency

fell 0.3% to $1.3004, nearing Friday's threemonth low of $1.2955. Traders reported an options barrier at $1.30 and stop loss orders around $1.2985-90.

The euro is seen vulnerable to more selling as the austerity-hit euro zone's economy is expected to face an uphill battle to recover from recession. Rabobank expects the euro to slip to $1.28 in three months time.

Sterling meanwhile also came under selling pressure. The pound has been one of the worst performing major currencies in 2013, falling 8.4% against the dollar and 7.6% against the euro.

That downtrend remained in focus in early European trading as it dropped 0.2% to $1.4890, to leave it just above Monday's 2-1/2 year intra-day low of 1.4866.

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.

March 13 - 19, 2013

financialmirror.com | MARKETS | 21

The More Important Oil Story Marcuard’s Market update

by GaveKal Research There was a time when the prospect of increased supply from Latin America’s largest oil producer would have meant something, especially to the world’s biggest consumer of the black stuff. But even if Venezuela is able to ramp back up following Hugo Chavez’s death, the impact will likely be modest. Venezuela supplies only 2.3 mlon barrels per day of global oil supplies (2%), down from preChavez output of 3.5 mln bpd. And while Chavez was slowly strangling Venezuela’s productive capacity during the 14 years of his presidency, the US energy sector was busy developing new supplies at home.

This is why the much bigger story for world energy markets last week can be found not in Chavez’s passing, but in a data point released from the US Energy Administration. According to preliminary estimates, China surpassed the US as the largest net importer of petroleum for the first time. This took place in December, when Chinese net petroleum imports (crude plus products) of 6.1 mln bpd edged out the US’ 6.0 mln bpd.

Rapidly falling US crude imports (down 15% since mid 2012 alone), paired with rising consumer demand across the Pacific, have the potential to reshape energy markets and geopolitics.

Together, the US and China account for about one-third of global oil demand, and China is projected by the International Energy Agency to drive almost half of global demand growth to 2020, and

three-fourths of net growth.

The key structural change in the past six months has been the explosion of unconventional oil output from shale formations in Texas and the US Midwest. Although there is widespread recognition that US crude output is rising, what markets may still underappreciate is the breathtaking speed and scale of this expansion.

After languishing around 5.5 mln bpd since 2005, daily US crude output has risen by around 1mn barrels in the past eight months alone to hit 7.1 mln bpd in February, a level last seen in the mid 1990s and close to 75% of the 1970s peak. This has been accompanied by a steep 15% decline in net crude imports over the same period, primarily from suppliers in Africa providing light, sweet crude—the same type of oil coming out of the Bakken along the US-Canada border, and other US shales.

Rising petroleum product exports (now the US’ 2nd largest source of export revenue after autos) have pushed net petroleum imports even lower.

What this means is that US petroleum imports in the past six months have experienced the steepest drop since the financial crisis in 2009-2010 – and for reasons that are likely primarily structural and not cyclical. The decline in imports came even as overall US petroleum demand rose strongly for most of 2H12, on the back of rebounding GDP growth and as we came in the heavy third-quarter driving season.

Many questions remain about the sustainability of this oil boom—including the pace of pipeline and refinery investment and the yet-to-known decline rate of tight oil wells. But what does seem

Japan: Bowing To The Dow The Dow Jones Industrial Average is the best performing major index year-to-date, in US dollar terms. But Japan is not far behind, with the Topix up 9% in USD terms, trailing the DJIA by just about -80bp. This is not random. If the US continues to do well, so will its major trading partner and competitor across the Pacific. Those optimistic that the US recovery story will continue to fly, should also put Japan on their radar screen.

Why would a bullish scenario for US equities make Japan a more interesting story? It is all about the yen and how the Americans can make The Next BoJ Head’s Tough Mandate a lot easier. Despite all the aggressive monetary rhetoric emanating from Tokyo, the yen would not have fallen so sharply in the past three months without the help of rising US treasury real yields.

This “risk-on” trend in US real yields should continue as long as the US growth outlook holds up. So far the data has been supportive, including last Friday’s bullish employment report. Loosened credit conditions point to further momentum in the labor market.

Such positive developments are allowing very repressed US real

treasury yields to rise a bit.

That said, the Bank of Japan’s job has only just started. Further reflation and yen-weakening will require further BoJ action. We believe that Japan has a lot more room to act. So does the market.

Japanese long bond yields have been falling, because the market sees that the BoJ is running out of short-term assets to buy under its current asset-purchase mandate. Thus many expect an expanded quantitative easing program, including an extension of duration in the BoJ’s bond portfolio, to be announced at the first meeting under the new BoJ leadership (on April 3-4). It has been a long time since we have seen such a level of confidence in the BoJ’s ability to stay the course. Further yen weakening and shrinking bond yields are obviously bullish for Japanese corporates. In the absence of strong nominal global growth, the ability to boost profitability is crucial: a cheaper currency can do this for many Japanese exporters. Moreover, the ability to price products more competitively in the global market could feed into stronger top-line growth.

Domestic focused plays are also benefitting from the monetary

Wall Street slips after 7-day rally U.S. stocks sagged on Tuesday as investors paused after a seven-session string of gains and the Bundesbank’s chief warned the euro zone’s crisis has not ended.

On Wall Street, investors’ confidence has grown in recent months, leading to a gain of more than 10% for the year by the Dow and nearly 9% by the S&P 500. Signs of improvement in the economy and the Federal Reserve’s quantitative easing have helped to drive the advance.

Heading into Tuesday, both the Dow and benchmark S&P 500 index had rallied for seven consecutive sessions, with the Dow closing at another record high on Monday. The S&P is within reach of its all-time closing high of 1,565.15, set on Weekly Economic Calendar Date MAR 13 MAR 13 MAR 13 MAR 13 MAR 13 MAR 14 MAR 14 MAR 14 MAR 14 MAR 14 MAR 14 MAR 15 MAR 15 MAR 15 MAR 15 MAR 15 MAR 15 MAR 15 MAR 15

Country EUR US US US NZD AUD CHF EUR US US US EUR EUR US US US US US US

Detail Industrial Production M/M due 1pm Retail sales M/M due 3.30pm Core Retail Sales M/M due 3.30pm Business Inventories M/M due 5.00pm RBNZ Rate statement and press conference Australia Unemployment Rate due 3.30am Swiss National Bank rate decision, policy decision due 11.30am EU Economic Summit - Day 1 Core PPI M/M due 3.30pm Weekly Unemployment Claims due 3.30pm Current Account due 3.30pm EU Economic Summit - Day 2 Consumer Price Index Y/Y due 1.00pm Consumer Price Index M/M due 3.30pm Core CPI M/M due 3.30pm TIC Long Term Purchases due 4.00pm Capacity Utilisation due 4.15pm Industrial Production M/M due 4.15pm Prelim UoM Consumer Sentiment due 4.55pm

Indicated times are Cyprus time

Forecast -0.10% 0.50% 0.20% 0.30% 2.50% 5.50% <0.25%

Previous 0.70% 0.10% 0.20% 0.10% 2.50% 5.40% <0.25%

0.20% 355k -$111B

0.20% 340k -$108B

1.80% 0.40% 0.20% $55.3B 79.40% 0.30% 78.2

1.80% 0.00% 0.30% $64.2B 79.10% -0.10% 77.6

Source: Eurivex

October 9, 2007. Adding to the weakness, Jens Weidmann, head of Germany’s central bank and a member of the ECB’s governing council, said the euro zone crisis was not over.

Pullbacks during the rally so far this year have not been too deep as investors look for a good place to buy. Market moves have also been more muted in recent days, even as stocks have ground higher.

Tech shares, which have lagged the rally, pulled indexes lower as heavyweights such as Apple and Google tumbled.

Apple dropped 1.7% to $430.57 and Google fell 1.2% to $824.87, while the S&P tech sector lost 0.8%.

Offsetting the decline, the healthcare sector rose 0.3%.

Traditionally considered a defensive bet, the sector has been one of the leaders of the rally so far this year, accelerating by nearly 12%.

In the short-term, however, healthcare appears to be overbought, suggesting investors may start to put their money elsewhere. Based on the relative strength index, healthcare has been overbought since the beginning of the month.

The Dow Jones industrial average slipped 14.16 points, or 0.10%, to 14,433.13. The Standard & Poor’s 500 Index fell 5.53 points, or 0.36%, to 1,550.69. The Nasdaq Composite Index lost 18.66 points, or 0.57%, to 3,234.22. Merck shares gained 2.8% to $44.89 to help curb declines on both the Dow and S&P after the pharmaceutical company said an outside board had allowed it to continue a trial assessing its Vytorin cholesterol treatment.

Yum Brands Inc rose 2.1% to $69.25 after the parent company of the KFC restaurant chain reported an unexpected rise in February sales in China.

clear is that (1) production will continue growing significantly for several years and (2) we are now in for a period of quicker declines in US petroleum imports as rising output is combined with demand made stagnant by more efficient autos and other technological factors.

Therefore, demand-side support for global oil prices will increasingly rest with the country which now has the largest call on internationally traded petroleum supply – China. The impact of strongly recovering Chinese oil demand in 4Q12 (up 18% in December from June) on global prices was likely blunted, in part, by rapidly falling US imports over the same period. But by the same token, if Chinese growth stumbles (as some initial data including recent PMIs suggests it might), then the US might not be there to support oil prices. The direct call of US demand global on global oil supply is simply not what it used to be.

Investors in oil and oil-dependent assets should therefore watch forthcoming Chinese data very carefully for clues to future momentum. If the data disappoints, oil will likely fall further—particularly given other structural headwinds to prices including (1) the likely approval of the Keystone XL pipeline which will allow the US to tap supply from the Canadian oil sands, and (2) weaker demand from Japan as coal and LNG imports rise, and especially if reactors come back online this year.

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.

expansion at home, combined with Abe’s promises of fiscal stimulus. Unlike the last round of QE in 2001-2006, the Japanese banking system is now done deleveraging. Its ability to multiply money should boost the investment cycle in Japan more effectively, giving more hope to the reflation story. Japanese companies generally have a high ratio of fixed assets to sales; a high operating leverage (approximately 1/3 higher than those in Europe in the last 12 years) means an increase in nominal growth will have a multiplier effect on ROEs. “Abenomics” has the endorsement of the electorate as reflected in Prime Minister Shinzo Abe’s high popularity rating. So for once, we do not think the Japanese story will be derailed by domestic policy. The main risk is still with global growth. Keep an eye on those US real yields.

Sterling falters on slow UK data Sterling struggled near a 2-1/2 year low against the dollar on Tuesday after weak data tipped the British economy ever closer to recession and increased bets on more bond purchases by the Bank of England.

Sterling was down 0.3% on the day at $1.4874. It had fallen to $1.4832, its lowest since June 2010 after UK manufacturing output slumped in January at its fastest pace since last June.

The euro was 0.1% up at 87.60 pence, not far from a more than two-week high of 87.84 pence, hit after the data. Strategists said from here the next target for the euro could be 88.15 pence, the more than 16-month high hit on February 25. Losses against the euro and the dollar pushed sterling’s trade-weighted index to a 20-month low of 77.7, BoE data showed.

The National Institute of Economic and Social Research said British economic output had contracted between December and February, another indication the economy would struggle to avoid recession.

The pound has been one of the worst-performing major currencies in 2013, falling 8.5% against the dollar and around 7% against the euro.

Markets will remain wary of sterling ahead of the UK budget next week. Speculation is mounting that Chancellor George Osborne may announce a review of the Bank of England’s remit and give it more leeway on inflation targeting.

March 13 - 19, 2013

22 | WORLD MARKETS | financialmirror.com

ECB, global recovery behind markets’ mercy on Italy l

Markets unmoved by Italy’s political gridlock; Economists puzzled, wonder if it will last industrial base has been so eroded in the last few years that many business people think it may never recover, with a huge cost in terms of jobs.

Analysts say all this has been at least partly due to the waves of austerity measures taken since early 2011 to calm markets and try to rein in the second largest public debt in the euro zone after Greece.

Yet while markets have calmed, Italy’s debt keeps rising. It hit an all-time high of 127% of output in 2012 and Fitch forecast it will be almost 130% at the end of this year.

ANALYSIS Italy’s election produced the hung parliament investors said was the worst possible outcome, recession is deepening, debt is rising and its credit rating has just been downgraded.

So why do markets seem largely unconcerned?

Italy’s benchmark borrowing costs have edged up to around 4.6% from 4.5% before the election and the gap between safer German Bunds has risen to 3.1 percentage points from around 2.9 points.

That is a negligible reaction to economic sickness and political gridlock in the euro zone’s third largest economy. The crippling bond yields above 7% at the height of the euro zone debt crisis in November 2011 remain a distant memory.

“I’m surprised and it may be complacent,” said Gilles Moec, European economic research head at Deutsche Bank.

Other economists were equally puzzled, and wonder whether this is just the calm before a market storm. The trigger could be another ratings downgrade, a failed attempt to form a government or even bad economic data from the United States.

However, there are logical explanations for markets’ relative indifference.

The first and most important is that the euro zone debt crisis has subsided and Italy is proving a major beneficiary of last summer’s pledge by European Central Bank chief Mario Draghi to do “whatever it takes” to save the currency bloc.

Other factors are an improved international growth outlook that is buoying market sentiment generally, and the increased proportion of Italian debt held domestically.

There are doubts about many aspects of the ECB’s pledge to buy the bonds of ailing euro zone countries that ask for help — not least if there is no durable Italian government, or one that is prepared to stick to the austerity track.

But until its backstop, known as Outright Monetary Transactions (OMT), is tested and shown to fail, markets are still viewing it as a game-changer.

“What we are seeing is that the effect of the OMT is truly powerful,” said Marco Valli, chief euro zone economist at Unicredit. “A year ago if Italy were in this situation (bond yields) would have been going through the roof.”

AUTOMATIC PILOT?

Markets are no longer betting against the euro and so they are not taking aim at the bloc’s weakest members, like Italy.

“This was the only region in the world where countries could default at any time because they didn’t have a central bank behind them,” said Mizuho chief economist Riccardo Barbieri. “With OMT we now have something that approximates to having a central bank.”

GREEK-STYLE DEPRESSION Another consequence of the euro zone crisis is that more Italian debt is now in domestic hands after its banks stepped up to the plate to replace fleeing foreign investors. That makes the debt less vulnerable to changes in international sentiment towards Italy and supports bond prices.

Foreign holdings of Italian debt fell last year to a trough of 35% from 51% in mid-2010.

At the same time, the international backdrop has improved.

With the United States’ economy recovering and global growth accelerating, what happens in Italy is seen as relatively insignificant. Bullish markets are now managing to see silver linings no matter how dire the country’s situation gets.

That ignores the fact that Italy may not have a fully operative government for months and structural reform is off the table for the foreseeable future. “The economy will suffer from the political gridlock and risks falling into a Greek-style depression if it is not rapidly resolved,” said Mizuho’s Barbieri.

The contrast with 2011 could hardly be greater. Then, acutely stressed markets ignored good news and jumped on any bad information to push Italy’s yields ever higher.

Yet by virtually any measure other than bond yields, Italy’s situation now is far worse than 18 months ago.

Its economy has contracted for six straight quarters - the longest recession for 20 years and is smaller now, in inflation adjusted terms, than it was in 2001. That means that on average Italy has been in recession for 11 years, a situation that has no parallels in Europe and few in the world.

The slump shows no sign of easing and will continue to take a heavy toll on public finances.

Credit for firms is still tightening and bad loans are rising.

When Fitch downgraded Italy on Friday it forecast the economy would shrink by 1.8% this year, following a 2.4% fall in 2012. Its

Markets ignored all this while the technocrat Mario Monti was in office, yet even he admitted his reforms to deregulate services and the jobs market were only a first step towards improving Italy’s growth outlook.

And after a weak performance in last month’s election Monti is gone, and no one knows what is coming next.

The election served up a perfect recipe for instability, with parliament split three ways between Pier Luigi Bersani’s centre-left, Silvio Berlusconi’s centre-right and the populist 5Star Movement led by comedian Beppe Grillo.

It may be that, with the ECB backstop in place, markets really don’t care who governs Italy.

Draghi said at his monthly ECB news conference on Thursday that much of its fiscal adjustment was now on “automatic pilot.”

Moec called Draghi’s assertion an “overstatement”, but said he probably meant that the 2013 budget has already been approved, so unless a new government immediately slashes taxes or hikes spending, this year’s deficit is unlikely to rise much.

However, that can only refer to this year and in any case economists agree that Italy’s debt sustainability is all about growth and has very little to do with fiscal adjustment.

Draghi may have meant that international constraints will prevent Rome from pursuing irresponsible fiscal policies, which may also be true. But it was not pursuing irresponsible fiscal policies in 2011 and its bond market still collapsed.

Even without such policies it would risk remaining in its trap of permanent nearrecession and rising debt. What the ECB may have removed is the threat of contagion to other countries.

UK gas prices remain high on cold weather l

Summer 2013 gas price close to 18-month high

British wholesale spot gas prices rose above 90 pence a therm on Tuesday morning as extreme cold pushed up demand and further reduced already far depleted gas storage levels.

Gas prices for delivery within the day were trading at 93 pence a therm, up 4 pence since closing on Monday, and prices for delivery the next day were up 3.85 pence to 92.75 pence per therm.

Power prices for baseload (24 hours) delivery on Wednesday were also bullish, rising 4 pounds ($5.96) per megawatt-hour (MWh) to 66 pounds a MWh. Traders and analysts said the high prices were a result of the extreme cold and the low storage levels.

“This sort of cold and the high demand that comes with it is unusual in mid-March, and the depleted storage levels won’t be able to cope with it for long,” one gas trader said.

“UK natural gas prices at the National Balancing Point (NBP) have been incredibly strong lately on a combination of North Sea production outages, LNG diversions and cold weather,” Bank of America Merrill Lynch said in a research

note on Tuesday.

The tight British gas market also pushed price spreads with continental Europe to records.

“Inventories have seen one of the largest draws ever and the premium of UK gas prices to other European benchmarks widened sharply in order to attract greater imports from neighbouring countries,” Merrill said, and added: “The UK gas market has yet again been exposed to its deep-rooted supply problems,” it added.

Gas demand in Britain was expected to be 369.4 mln cubic metres (mcm) on Tuesday, almost 32% above the seasonal norm, according to data from National Grid.

With supplies seen at almost 373 mcm, the system would just be able to meet demand, but analysts said that utilities were withdrawing storage in order to meet the needs.

Britain’s gas storage sites were filled to an average of under 20% on Monday afternoon, down from over 86% at the beginning of the year, and analysts utilities on Tuesday were further withdrawing reserves in order to meet demand.

The tight system is a result of cold weather that moved

into Britain last weekend, with sub-zero temperatures seen across the country.

Britain’s Met Office said that it would become gradually warmer later this week, but that maximum daytime temperatures would likely remain below 10 degrees Celsius.

FORWARD CURVE ALSO HIGH The high spot prices also fed into the forward curve, where gas prices for delivery next summer rose to 67 pence a therm, their highest level since September 2011.

Although technical indicators, such as the relative strength index (RSI) imply a strongly overbought contract, traders said that the tight spot market was the dominant factor that was driving the forward market up.

Bank of America Merrill Lynch said that it saw further price increases in the forward market.

“We see upside to winter 2013 NBP prices given a slow but steady industrial recovery, lower Norwegian gas output and low stock levels,” the bank said.

March 13 - 19, 2013

financialmirror.com | WORLD MARKETS | 23

Being a successful trader – Technical vs Fundamental analysis Prices fell below the 50 day average during October. This sell signal is stronger when the moving average also turns down. What’s the difference between a simple moving average, a weighted moving average or the exponentially smoothed moving average and which is better to use in order to derive the correct signals in the market?

Maybe it is better to use the reversal and continuation patterns in this case. Bars are really helpful but candlesticks incorporate more information. Oscillators, patterns, trends, cycle theory, Dow Theory, Elliot wave theory are terms that are abundant in the financial industry and are taught in Universities and other institutions with the ultimate goal to create successful traders. Even people that had no idea about

By Eleni Apostolidi what those terms Senior Financial Consultant, meant are studying in order to reach the Saxo Bank dream: “become rich”.

But what does it take to become a successful trader? Is it luck, study of the macroeconomics, observation of the charts or something more than that?

In order to answer these questions and decide what the most effective rationale is, we need to analyse the actual techniques and tools used in each approach. In recent years, two different philosophical premises created two schools of thought: Fundamental Analysts and Technical Analysts.

Fundamental analysts study the factors that affect the price of a market, so, they are focusing on the forces of supply and demand. Controversially, the technical analysts argue that anything that can possibly affect the price either fundamentally or politically/psychologically is reflected in the price of a market. Thus, the technical analysis itself has the purpose of forecasting the future price trends by studying the market action, primarily through the use of charts.

Fundamental analysis, in contrast, uses the intrinsic value and the current market price, to estimate if a market is overbought or oversold and give selling or buying signals, respectively.

The above chart represents the stock of Apple, on a weekly basis. A technical analyst could anticipate a reversal in the prevailing uptrend since mid-September 2012. His signal was a reversal pattern, called evening doji star, the red box on the graph.

The name is not of any big significance but the way those candlesticks were formulated gave a selling signal and also a signal for the reversal in the existing trend. This sig-

nal was also confirmed by the MACD line (Moving Average Convergence/Divergence), the blue and orange lines under the chart. This MACD is the difference between two exponentially smoothed moving averages of closing prices. This terminology still is not really significant. What matters is that the blue line (fast MACD line, Base) crossed the orange line (slower MACD, Signal) from above, and fell below it, which indicated a sell signal and a reverse in the existing trend. This downtrend was tested many times until now but still remains valid.

A fundamental analyst instead would have checked the balance sheet, the income statement, the cash flow in order to determine the companyãs health and growth prospects. If he was studying a currency, he would need to take into consideration interest rates, GDP growth, trade balance, inflation levels and other microeconomic factors. A fundamental analyst would also take into consideration that the competition is on the move, Samsung/Nokia. Apple is to a big extent a hardware company with an outstanding ability to capture the

essence of easy use. But for how long is this enough to sustain above normal profits? Finally, after the announcement of the yearly results that were not even close to the right level of revenue in Q1, the prices dropped dramatically.

All in all, technical analysts are indirectly studying the fundamentals, meaning the forces of supply and demand that cause the markets to fall or rise. They reflect the psychology of the market but they cannot themselves cause the markets to move up or down. In contrast, their principles can apply to all the markets so they can follow a variety, in contrast to the fundamentalists who tend to specialize in one only group.

But what does it take to become a successful trader? It is a combination of both approaches. What each investor needs is access to data and professional tools to create his own strategies and implement his ideas. * Saxo Bank is a Danish investment bank specializing in online trading.

Spanish banks: After a weak 2012, ROE has positive prospect for recovery The aggregated 2012 net income in the Spanish banks under our coverage fell 82% compared to 2011, recording the lowest result since the financial crisis began in 2007, the Investment Bank of Greece, a Laiki Bank Group subsidiary, reported in its Spanish Banks Sector Update.

Recommendations: We raise B Sabadell (TP: EUR1.88/share) to “Accumulate” from hold, based on the 12.3% upside potential and also reiterate our “Accumulate” recommendation on B Popular (TP: EUR0.74/share). For BBVA (TP: EUR8.5/sh) we have upgraded our recommendation to “Accumulate” from “hold” and for B. Santander (TP: EUR6.35/sh) we reiterate “Hold”. For Bankinter (TP: EUR4.30/share) we reiterate our hold recommendation.

Solvency: B Santander, BBVA and Bankinter have been able to generate enough resources to overcome: i) the capital requirements during 2012 (CET1 of 9.0%, according to EBA) and ii) coverage of the Financial Reform (RDL 2 & 18/2012), without having to appeal to their shareholders as was the case

with B Popular and B Sabadell. Either way, in 2013 we do not anticipate additional capital increases from these banks in order to strengthen their solvencies. The current level of 10.4% (average CET1) seems appropriate, even under Oliver Wyman’s adverse scenario.

Dividends: BBVA, B Santander and Bankinter have preserved their shareholder remuneration policies in 2012 and expect to continue doing so in 2013. These banks have fulfilled all their quarterly commitments. In this regard, we note that Bankinter paid all its quarterly dividends against 2012 results in cash (no scripts).

Results: In 2012 the banks’ income statements have been supported by the stability in gross revenues, but we expect some pressure to emerge in 1H’13. During the period 2007/2012 bank results have benefited from positive NII trends (’12: +10% Y/Y) and Gross Revenues (’12: +8% Y/Y).

However, facing 2013 and based on a reduced demand for financial products, an environment of low interest rates and a

narrowing yield curve, we expect pressure to emerge on the NIMs of Spanish business.

Controlled Operating expenses: Despite the concentration mergers in the banking industry in Spain during the last two years, companies have been able to keep operating expenses and efficiency ratios under control, remaining relatively stable (C/I ‘12: 51% vs. 52% in 2011).

Credit quality: By the end of 2012 the Spanish Government approved rules requiring banks to reach a 45% coverage of troubled assets in the property sector (vs. 23% at Dec’2011), resulting in EUR72 bln that will not be repeated in 2013. All banks under our coverage have met this requirement (Sabadell will provide EUR300 mln in 1H’13).).

Funding/liquidity: Spanish banks started returning LTRO funding in 2013 (c 24% /total), reinforcing the improved funding trends and better conditions in the capital markets. Globally, the funding position in 2013 looks more comfortable vs. 2012, with debt maturities below the issues carried out last year.

March 13 - 19, 2013

24 | WORLD MARKETS | financialmirror.com

Resilient Latvia ready for euro, reforms needed Unemployment is structurally high because of a gross skills mismatch that is the legacy of half a century of Soviet rule, a sustained brain drain and an education system that by common consent is not fit for purpose.

Latvia spends less than any of its EU peers on tertiary education and has no university ranked in the world’s top 500.

It comes bottom of the EU innovation league table. And no other EU country produces proportionately as many social science graduates even though it is computer programmers who are needed.

It’s a headache made worse by a sharp fall in Latvia’s population from a peak of 2.67 mln in 1989 to 2.2 mln in 2000 and 2 mln in 2011, according to census figures.

An ageing population, a low fertility rate and, increasingly, rising emigration are to blame. The result is that Latvia has far more universities and colleges than it needs.

ANALYSIS If Latvia gets the green light to become the 18th country to use the euro, the small Baltic state will be the poorest member of the singlecurrency area, with the highest inequality and a dismal demographic profile.

But Latvia is also the fastest-growing European Union state and its eagerness to join will be welcomed in euro zone capitals as a vote of confidence in a bloc suffering many agonies.

Indeed, Latvia’s resolve to endure a deep recession rather than devalue its way back to economic balance will bolster the argument made by Germany and other northern euro countries that budget and wage discipline pays off in the end.

“Latvia will side with Germany. There’s no doubt about that,” said Morten Hansen, an economist with the Stockholm School of Economics in Riga, the Latvian capital. “This is a hard-currency country that has been operating by the book.”

Officials are confident that Latvia meets the criteria for joining the euro laid out in the 1992 Maastricht Treaty. They formally asked the European Commission and European Central Bank last week to run the rule over the economy.

The decision in the teeth of the crisis to preserve the lat’s peg to the euro enjoyed broad political backing even though the cost was a 21% plunge in output in 2008-2009.

Gross domestic product is still well below pre-crisis levels, but the government’s debt is below 40% of GDP and it is budgeting a deficit this year of just 1.4% of GDP. “Latvia did what nobody thought they’d be able to do,” a senior European diplomat in Riga said. “I’d very surprised if they didn’t meet the criteria.”

A decision by EU finance ministers is expected in July. A thumbs up would see Latvia joining the euro next year.

NAGGING DOUBTS

Adopting the euro makes eminent sense for a small open economy of 2 mln people: With almost 90% of loans and half of bank deposits already in euros, mass bankruptcies and defaults would ensue if the lat’s peg were ever to snap.

However, the EU could argue that more

NO EURO MIRACLES

time is needed to prepare public opinion, which is against giving up the lat, a cherished symbol of Latvia’s independence from the Soviet Union.

Brussels and Frankfurt are also concerned that the Latvian banking system’s big pool of non-resident deposits is a source of financial vulnerability, as it is in Cyprus.

In an interview with Reuters, Prime Minister Valdis Dombrovskis brushed aside the comparison with Cyprus and said Latvia had shown it meets the euro zone’s economic criteria.

MACRO OUTLOOK BRIGHT, MICRO CLOUDY

Local economists have few worries about Latvia’s capacity to keep living within its means. A new law stipulates that government debt must remain below 60% of GDP and the structural budget deficit - when the economy is running at full potential - may not exceed 0.5% of GDP. And after the painful bursting of a credit bubble - wages rose some 35% in 2007 - the economy has gone back to basics and refocused on exports.

With firms seeking out new markets and

climbing the value ladder, exports of goods and services rose 15.2% in the fourth quarter of 2012 from a year earlier despite recession in Europe, the destination for 60% of Latvia’s shipments.

“Any illusion that Latvia could be domestic demand-driven is gone and won’t come back for a number of years at least,” said Martins Kazaks, Swedbank’s chief economist in Latvia.

“Latvia is on a more sustainable footing and there’s a good chance that we can maintain that for quite a long time.”

A bigger risk is that politicians will become complacent and go easy on root-and-branch reforms needed to raise productivity and Latvia’s low income level. Elections are due in October 2014, increasing the temptation for the government to avoid confronting vested interests after several years of austerity.

HIGH UNEMPLOYMENT, LOW EDUCATION

Every country has a long structural reform agenda, but Latvia’s needs are particularly pressing: the ‘natural’ unemployment rate, below which inflation accelerates as firms bid up wages to find the right workers, at 10-12% worryingly close to the present rate of 14%.

In a January report, the IMF called the higher education system potentially unsustainable.

The IMF, which bailed Latvia out in 2008, also identified a clogged-up legal system and poor oversight of state-owned enterprises as other pressing structural shortcomings.

“Where we point to an agenda for reform is more on the micro side,” said David Moore, the IMF’s representative in Riga. “It’s a bit like saying, ‘You’re out of the hospital, now it’s time to go to the gym’.”

Joining the euro will not make that gym work any easier.

But potential foreign investors will view it as a valuable ‘stamp of quality’, said Andrejs Jakobsons with the Baltic International Centre for Economic Policy Studies, a research outfit.

“It a necessary but not sufficient condition for attracting a lot of foreign investment,” he said.

Toms Silins with the Foreign Investors’ Council in Latvia agreed that removing residual exchange rate risk would appeal to companies attracted to Latvia mainly for its low labour costs.

But, by itself, it was not a game changer.

“Look at what is happening in the south of Europe, Being part of Europe doesn’t mean you’re going to live happily ever after,” Silins said.

Britain rejects call to stiffen bank leverage rules l

Tougher rules to be reviewed in 2017; Parliament debates Banking Reform bill

Britain will resist calls to impose far stricter rules on how much banks can leverage their capital for investments and lending, insisting that there is no need to do so before 2018.

The government is forcing banks to limit leverage to 33 times their capital, in line with international regulations, and rejected a call on Monday from a panel of UK lawmakers to stiffen the rules to curb risk-taking even more.

“Our view is that at this time we should follow the international approach, to press for countries to have a power to set a higher ratio for 2018 following a review in 2017,” said Greg Clark, Britain’s Financial Secretary to the Treasury.

The head of the Parliamentary Commission on Banking Standards (PCBS), which has been asked to find ways to reform banks, said he was disappointed that the government did not consider a tougher rule and that current proposals to change the industry fall short of what is required.

“There remains much more work to be done to improve the bill,” Conservative MP Andrew Tyrie said.

Tyrie had also called on the government to adopt legislation that could force the full break up of banks’ routine retail operations and riskier investment banking arms if new rules designed to protect taxpayers fail.

But Clark rejected that proposal, too.

The government will instead force banks to “ring-fence” the retail operations. This would keep the two business segments within a bank’s overall control but protect the retail side from risks in other areas.

“If a future government considered that ring-fencing was no longer the right solution, then it should consider a full analysis for further reforms, and in the light of that analysis bring forward new legislation,” Clark said.

ELECTRIFIED RING-FENCING

The government has said it supports a proposal by Tyrie to “electrify” the ring-fence, meaning that any individual bank that tried to find a way around the new rules could be broken up by the regulator.

Clark was speaking as he delivered the Banking Reform Bill to parliament. The bill is aimed at preventing a repeat of the need for taxpayer-funded bank bailouts after the 65 bln pound double rescue of Royal Bank of Scotland and Lloyds Banking Group in 2008.

He said the challenge was to safeguard the banking industry without imposing excessive costs.

“The system of regulation failed, as did the culture of the banking sector in not preventing or resolving the crisis with-

out recourse to taxpayer money. That is why fundamental reform is needed,” Clark said.

Recent problems across Britain’s banks - including interest rate rigging at Barclays and RBS, mis-selling scandals and accusations of an over-aggressive banking culture - have added to calls for Britain to take a lead with financial industry reform.

Mervyn King, the outgoing Governor of the Bank of England, and his successor, Mark Carney, have indicated that they support a higher leverage ratio to curtail risk-taking.

Tyrie said that a “robust” leverage ratio was essential and 3% was “almost certainly too low”. The PCBS did not say what the ratio should be, but an independent commission last year suggested 4%, which would limit banks’ leverage to 25 times capital. Banks have warned that the severity of the proposed reforms - more rigorous than those in France and Germany - could put British banks at a disadvantage against continental rivals such as Deutsche Bank and BNP Paribas.

The British Bankers’ Association, which has previously warned that UK banks will find it harder to raise capital and fund lending if reform is too onerous, on Monday urged the government to work with other European countries to coordinate reforms.

March 13 - 19, 2013

financialmirror.com | GREECE | 25

Industrial slump deepens, Troika talks postponed Greece’s industrial output posted its steepest decline in four months, while the international lenders keeping the country solvent sought details of a government plan to help struggling households.

With the country muddling through its sixth year of recession, the lenders - on a visit to assess whether Athens has carried out promised reforms before releasing 2.8 bln euros of aid this month - postponed a meeting with Prime Minister Antonis Samaras to Wednesday.

They were seeking more details of a scheme to help indebted households pay off arrears to tax offices and banks, officials said.

Government officials ruled out a deadlock in the talks with inspectors from the EU and IMF “troika” of lenders as the reason behind the delayed meeting.

“There is no impasse,” Finance Minister Yannis Stournaras told reporters. “We decided to have an additional day of discussions with the troika’s team of technical experts.”

The inspectors are demanding Greece push through an ambitious reform programme - including a deeply unpopular scheme to reduce its bloated public sector - to turn around an economy that has shrunk by 20% since 2008.

Industrial output, which accounts for about 15% of GDP, fell 4.8% year-on-year in January after a 0.9% decline in the previous month, according to data released by statistics agency ELSTAT. Data also showed that construction activity, once a key driver for Greece’s 195 bln euro economy, slumped 28.9% in 2012, crippled by austerity measures that Athens imposed to

tackle its debt crisis and shore up public finances.

Record unemployment coupled with cuts in pay and pensions have squeezed household incomes, stifling demand for new homes. Tight bank credit and new property taxes have also taken a toll on the sector.

ELSTAT said the number of building permits fell 36.7% last year and 40% in December.

Greece’s battered economy shrank 6.4% in 2012 and the downturn is expected to persist this year, with the government and the central bank projecting a 4.5% contraction.

Athens still needs to present a detailed staffing plan on a mobility scheme into which 25,000 public sector employees must be transferred by the end of the year.

Under the scheme, they will earn reduced pay for a year and may be fired if alternative jobs cannot be found.

Fitch: NBG-Eurobank merger to give medium-term benefits Fitch Ratings expects that the latest consolidation move in the Greek banking sector, involving the two largest banks, National Bank of Greece and Eurobank Ergasias, will prove beneficial to the new group’s credit profile in the medium term, assuming achievement of synergies.

However, in the near term, the risks may outweigh benefits, the rating agency said, adding that it expects Eurobank to merge into NBG following the acquisition of Eurobank by NBG, clearing the way to form Greece’s biggest lender with pro-forma assets of EUR 178 bln.

The creation of the NBG-Eurobank group should facilitate a more efficient structure to cope with Greece’s weak macro-economic prospects, Fitch said.

“With this transaction, NBG will enlarge its already leading franchise in Greece, widening the gap with its direct peers which have also been involved in consolidation moves, albeit on a lower scale.”

According to NBG, the new group’s pro-forma market shares will be about 32% for loans and 36% for deposits. Fitch expects the group’s strong domestic franchise to eventually lead to an enhanced deposit base and to enable a lowering of retail funding cost over time.

The new group will also benefit from a strengthened international footprint, particularly in South-East Europe, where

both NBG and Eurobank have had a presence for some time.

However, Fitch notes that challenges related to the NBGEurobank merger are greater than those faced by other Greek banks that have played a role in the Greek banking sector consolidation process. This is due to the two banks’ relatively large size and significant overlap in resources and risks, which results in larger integration and execution risks. Added to these concerns, both banks’ funding pressures will persist, at least in the near term, and the merger comes at a time when the two banks also need to meet restructuring requirements under the recapitalisation processes.

Both NBG and Eurobank have been provided with sizeable capital support (EUR 9.8 bln and 5.8 bln, respectively) by the Hellenic Financial Stability Fund (HFSF) following the capital needs assessment conducted by the Bank of Greece in 2012.

The new group expects to realise EUR 570-630 mln of synergies per year, centred on cost and funding synergies, to be fully phased-in within the next three years.

Fitch expects the new group’s credit profile to suffer from increased concentration levels and continued asset quality deterioration. Finally, execution risks could be exacerbated by the poor operating environment, the banks’ differing corporate cultures, and union resistance that could make it difficult to achieve cost synergies.

PPC/DEH prepares for spin-off The government’s spin-off plan for the Public Power Company (PPC/DEH) that is expected to be presented to the Troika of international lenders includes power plants with installed capacity of 2,350MW (three existing lignite-fired plants with total capacity of 930MW, one planned lignite-fired plant with capacity of 450MW, one CCGT with capacity of 480MW and one hydro plant with capacity of 494 MW), two lignite mines and a retail market share of 20%.

About 2,000 personnel will be transferred to the new company, including 20% of administrative staff. This is going to be a 3-year plan as many issues need to be resolved first (debt allocation, pension status, etc). “The spin-off scenario appears to be the prevailing scenario for PPC, however, how it will impact the company it is still difficult to assess as the whole procedure is expected to take a long time. We remain positive

for the stock on the prospects of tariff deregulation and company restructuring, however we expect a high volatility for the stock over the next period due to regulatory and macro uncertainties,” said Vassilis Roumantzis, analyst at the Investment Bank of Greece, a Laiki Bank Group subsidiary.

The board recently approved the 2013 budget projecting revenues from energy sales of EUR 6.1 bln, total revenues of EUR 6.4 bln and an EBITDA margin of 16.5-17.0%. The forecasts are based on assumptions for a Brent oil price of USD 110/bbl and EUR/USD exchange rate of 1.25.

“PPC’s announcement does not provide details for the assumptions on key drivers such as tariffs, energy costs, CO2 emission costs and provisions, which may be more conservative compared to our estimates as well as prevailing market dynamics,” Roumantzis added.

Unemployment rate stable in December Greece’s unemployment rate settled at 26.4% in December 2012 compared to 21.4% in the year-earlier period and 26.6% in November 2012, according to data from the Hellenic Statistical Authority. The number of employed has decreased by 208,953 persons, while unemployed increased by 263,596 persons in December 2012. On the whole, the number of employed amounted to 3,679,074 persons, while the number of unemployed amounted to 1,321,236 persons.

The regions concentrating the highest unemployment in

November 2012 were Attica with 28.4%, Epirus-Western Macedonia with 28.1% and Macedonia-Thrace with 26.9%.

Unemployment among women rose to 29.3% in December 2012 from 25.4% a year ago, significantly higher than the respective 24.3% figure for men (vs. 18.4% last year).

The age group mostly hit by the crisis is that of people between 15-24 years of age (57.5% vs. 53.1% last year), while the unemployment rate for people between 25-34 years of age also rose to 34% in December 2012 from 28.8% a year ago.

Hellenic Exchanges sees better 4Q Hellenic Exchanges reported better than expected 4Q12 results, with net profits shaping at EUR 3 mln, (+78% QoQ), above consensus and estimates calling for net profits of EUR 2.4 mln and EUR 2.3 mln, respectively.

Management attributed lower operating revenues to the reduction in trading activities by value in the cash market, lower share prices and reductions in derivative pricing policy from January 1, 2012. It does not foresee any further downward adjustments to pricing policy in at least the next 6 months and that it has no intention of selling the Piraeus Bank bond that matures in July 2016.

Recall that the group implemented a 7% personnel cost reduction in July 2012, with 231 personnel (vs. 263 at FY11).

The group reported a net cash position of EUR 114.5 mln plus EUR 1.7 mln in financial assets (38% of its current market capitalisation).

The HELEX board proposed a dividend payment at the upcoming AGM of 7c/share and the approval of a share capital return of 5c/share.

“On our current estimates, HELEX trades at a 20% discount against its peers when compared to the weighted average P/E ratio for 2013, and also at a 23% discount in terms of EV/EBITDA ratio, given the Group’s net debt position. We stick to our ‘Buy’ recommendation and retain our target price of EUR 6.30/share,” said Konstantinos Manolopoulos, analyst at the Investment Bank of Greece, a Laiki Bank Group subsidiary.

The share is currently trading at 4.70 euros for a market cap of 307.2 mln euros.

Meanwhile, according to the Monthly Statistics Bulletin for February, international investors recorded inflows of EUR 42.1 mln, with foreign institutional investors recording inflows of EUR 48.5 mln in February. Greek investors were overall net sellers by EUR 43.55 mln, with retail investors recording outflows of EUR 31.7 mln.

In the Jan-Feb 2013 period foreign investors were net buyers of EUR 69.78 mln and domestic investors net sellers of EUR 68.7 mln. Average daily value of transactions shaped at EUR 59 mln compared to EUR 71 mln in the previous month and compared to EUR 84.2 mln in the same month a year ago.

Foreign investors made 34.6% of total turnover compared to 31.5% in January 2013 and 24.8% in February 2012.

The participation of foreign investors in total market capitalisation at the end of February increased to 51.5% from 50.8% one month earlier.

March 13 - 19, 2013

26 | CSE PRICES | financialmirror.com 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 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 ATLANTIC INSURANCE BLUE ISLAND FISH FARMING CCC TOURIST ENT. CHRIS JOANNOU LTD CLARIDGE INVESTMENTS CLR INVESTMENT FUND 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 EXELIXIS INVESTMENT FILOKTIMATIKI K & G COMPLEX KARAOLIS GROUP KARKOTIS MANUFACTURING KEO LTD KOSMOS INSURANCE KRONOS PRESS DIST. JUPITER PORTFOLIO INV. LEPTOS CALYPSO HOTELS MALLOUPAS & PAPACOSTAS MINERVA INSURANCE MODESTOU SOUND & VISION PANDORA INVESTMENTS 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

Book Value Price to

Shares ('000) Aριθµός µετοχών

Value euro Aξία EUR

Cap. ('000) Kεφαλ.

EUR

Per Share Book Value 2011 euro Times EUR ('000) Λογιστική Tιµή προς Κέρδη µετά αξία λογιστ. αξ. φορολ.

Profit/(Loss)

2011

9M 2011 EUR ('000) Kέρδη 2011

9M 2012 EUR ('000) Kέρδη 2012

Profit/(Loss)

2012 EUR ('000) Κέρδη µετά φορολ.

ΤΡΚΥ ΛΑΙΚ ΕΛΗΤ ΛΟΤΖ ΤΣΟΚ ΛΟΥΗ

1 795 141 4 065 482 619 689 74 080 246 214 460 547

1.00 0.10 0.43 0.35 0.35 0.17

351 848 166 685 99 150 20 742 10 833 7 829 657 088

1.24 0.25 0.78 0.81 0.54 0.27 0.65

0.16 0.16 0.21 0.35 0.08 0.06 0.17

-1 371 000 -3 650 380 -100 658 3 585 -6 894 -82 674 -5 208 021

9M '11 -792 593 -291 493 -73 081 3 024 -1 527 -4 830 -1 160 500

9M '12 -210 956 -1 671 495 219 3 026 109 -8 489 -1 887 586

2011

9M '11

9M '12

2012

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 31 724 29 784 19 250 16 086 8 989 5 038 4 100 4 275 3 850 3 930 2 688 244 033

1.76 3.04 0.28 0.48 0.26 4.69 0.30 3.16 0.09 1.91 0.05 0.53 1.38

0.14 0.15 0.58 0.23 0.22 0.14 0.43 0.16 1.06 0.06 0.68 0.11 0.33

6 700 -2 312 4 059 197 -1 734 3 250 -1 647 -1 046 -1 608 702 -3 657 -1 273 1 631

3 780 -2 992

2 372 -258

287 67

-505 -3 539

1 142

-1 930

6 124 -360 -575 1 324 -34 500 3 181 -50 -1 753 -1 071 1 012 -5 616 -3 338 -35 622

2011

9M '11

9M '12

2012

3 657 15 225 1 587 5 408 25 812 2 239 5 101 242 4 543 864 7 314 7 305 1 249 20 229 4 130 32 320 2 096 5 589 743 6 160 3 135 4 692 2 306 10 800 335 948 11 772 1 385 11 934 4 559 5 796 7 692 1 019 164 27 588 71 750 1 658 15 298 5 421 298 1 650 2 557 2 727 6 825 3 175 207 196 75 000 432 696

0.88 0.49 0.02 0.49 0.73 0.80 0.49 0.42 0.39 0.07 0.65 0.09 0.27 2.20 6.13 1.86 0.47 0.28 0.29 0.67 0.04 0.32 2.73 0.97 -0.05 0.09 3.55 0.41 0.68 0.36 0.80 0.64 0.10 0.02 0.20 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 0.81

0.11 0.31 0.56 0.10 0.90 0.18 0.07 0.06 0.11 0.04 0.46 0.38 0.90 0.07 0.22 0.19 0.30 0.24 0.19 0.57 0.23 0.43 0.18 0.11 -0.32 1.27 0.11 0.19 0.86 0.20 0.07 0.28 0.13 0.47 0.33 0.62 0.19 3.25 0.45 0.03 0.43 0.15 0.03 0.09 0.64 0.25 0.18 5.08 0.46

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

36 572 98 861 158 660 110 358 39 109 15 438 141 692 10 070 108 163 288 141 24 379 208 700 5 140 137 611 3 059 92 079 14 973 80 999 13 506 16 000 348 333 34 000 4 805 100 000 22 343 7 967 30 978 17 985 20 400 62 446 101 683 43 211 78 415 14 900 424 435 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 0.17 0.43 0.35 0.35 0.08 0.17 0.87 0.43 0.43 1.73 0.85 0.43 0.09 0.35 0.62 0.09 0.29 0.87 0.17 0.34 0.35 0.43 0.31 0.43 0.20 0.35 0.35 0.17 0.14 0.17 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

399 1 932 -2 776 -2 123 2 311 571 -3 532 -375 -3 942 -7 733 -104 -2 998 -652 -4 639 -4 127 6 152 658 1 601 -529 -257 -6 807 -15 527 1 608 5 126 -2 268 -112 -3 948 -800 108 -1 263 -10 490 1 324 -3 328 -337 -20 039 10 783 -868 -6 356 73 151 480 973 -19 200 1 577 -891 13 -56 2 739 -87 498

1 756

1 756

482

482

Earnings Per

Dividend Per

Dividend Yield

Share 2011/12 Cents

%

Results

Share 2012 Cents

2012

BOCY CPB HB LOG TSH LUI

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

P/E ratio 2012

0 0 -23 440 3 173 -8 443 -30 442 -59 152

-350 1 842 -637 -1 250 2 048 432 -7 040 -376 -5 558 -7 194 -52 -1 245 -366 -9 557 -2 867 5 048 -226 676 -660 -1 404 -8 999 -5 627 673 -3 289 -2 698 -203 -7 470 -527 -2 852 -2 408 -6 041 -1 006 -1 218 -308 -9 844 5 541 -719 -5 473 -148 -1 463 -1 593 -3 279 -19 800 2 218 -482 -192 -24 1 151 -104 816

n/a n/a n/a 6.54 n/a n/a 0.21

4.68 n/a n/a 14.54 n/a 2.83 n/a n/a n/a 3.80 n/a n/a 2.13

Cents -76.37 -89.79 -3.78 4.28 -3.43 -6.61

Cents

%

2.50

8.93

Cents 5.36 -0.50 -0.31 0.76 -12.22 23.71 -0.13 -21.38 -2.38 2.89 -4.57 -6.95

Cents 2.31 1.50

% 9.20 3.40

2.10

19.09

Cents -0.96 1.86 -0.40 -1.13 5.24 2.80 -4.97 -3.73 -5.14 -2.50 -0.21 -0.60 -7.12 -6.94 -93.72 5.48 -1.51 0.83 -4.89 -8.78 -2.58 -16.55 14.01 -3.29 -12.08 -2.55 -24.11 -2.93 -13.98 -3.86 -5.94 -2.33 -1.55 -2.07 -2.32 6.33 -3.25 -1.43 -4.12 -0.49 -4.83 -8.98 -29.77 6.82 -3.95 -0.93 -0.25 1.53

Cents

%

0.93

6.04

7.00 1.20

10.61 8.28

3.20

9.12

0.45

4.17

1.70

2.07

2.00

9.52

2012 High Low EUR EUR Aνώτατο Kατώτατο

Last Close EUR Kλείσιµο

Price 31/12/2012 EUR Tιµή 31/12/12

31/12/2012 Ποσ. Μετ.

31/12/2012

124.29 47.75 188.86

92.66 37.08 103.28

96.29 38.21 106.13

114.86 44.40 168.87

-16.17 -13.94 -37.15

113.87 0.278 0.047 0.177 0.300 0.048 0.019

83.34 0.185 0.040 0.157 0.265 0.044 0.017

86.99 0.196 0.041 0.160 0.280 0.044 0.017

104.69 0.251 0.044 0.175 0.263 0.045 0.018

-16.91 -21.91 -6.82 -8.57 6.46 -2.22 -5.56

637.17 0.260 0.460 0.195 0.124 0.061 1.050 0.130 0.500 0.095 0.110 0.032 0.059

569.68 0.240 0.410 0.160 0.108 0.054 0.612 0.130 0.500 0.095 0.100 0.032 0.056

587.45 0.251 0.441 0.163 0.110 0.057 0.670 0.130 0.500 0.095 0.110 0.032 0.056

627.38 0.250 0.439 0.183 0.115 0.058 1.050 0.130 0.500 0.095 0.100 0.032 0.058

-6.36 0.40 0.46 -10.93 -4.35 -1.72 -36.19 0.00 0.00 0.00 10.00 0.00 -3.45

657.64

639.78

643.94 0.100 0.154 0.010 0.049 0.660 0.145 0.036 0.024 0.042 0.003 0.300 0.035 0.243 0.147 1.350 0.351 0.140 0.069 0.055 0.385 0.009 0.138 0.480 0.108 0.015 0.119 0.380 0.077 0.585 0.073 0.057 0.178 0.013 0.011 0.065 0.820 0.075 0.040 1.510 0.001 0.050 0.070 0.041 0.210 0.260 0.010 0.020 1.000

636.57 0.128 0.153 0.012 0.045 0.650 0.180 0.041 0.024 0.042 0.004 0.290 0.037 0.270 0.153 1.490 0.346 0.140 0.073 0.055 0.385 0.009 0.140 0.480 0.108 0.015 0.119 0.385 0.089 0.585 0.069 0.053 0.184 0.013 0.011 0.075 0.733 0.075 0.052 1.510 0.001 0.050 0.066 0.046 0.230 0.260 0.010 0.020 1.000

1.16 -21.88 0.65 -16.67 8.89 1.54 -19.44 -12.20 0.00 0.00 -25.00 3.45 -5.41 -10.00 -3.92 -9.40 1.45 0.00 -5.48 0.00 0.00 0.00 -1.43 0.00 0.00 0.00 0.00 -1.30 -13.48 0.00 5.80 7.55 -3.26 0.00 0.00 -13.33 11.87 0.00 -23.08 0.00 0.00 0.00 6.06 -10.87 -8.70 0.00 0.00 0.00 0.00

% Change

since

March 13 - 19, 2013

financialmirror.com | CSE PRICES | 27 CSE CODE OASIS

ΟΑΣΗΣ

Kωδ.

APPROVED INVESTMENTS / EΠEN∆YTIKOI OPΓAN. INVESTMENT INDEX ACTIBOND GROWTH FUND ACT ΑΚΕΠ APOL ΑΠΕΠ APOLLO INVESTMENT FUND CYTR ΣΑΕΠ CYTRUSTEES INV. PUBLIC CO 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 ASTARTI DEVELOPMENT CEILFLOOR CHARILAOS APOSTOLIDES CONSTANTINOU BROS. CYPRUS AIRWAYS D.H. CYPROTELS D&M TELEMARKETING DOME INVESTMENTS EFREMICO HOLDINGS EMPIRE CAPITAL INV. EUROPROFIT CAPITAL FINIKAS AMMOCHOSTOU FIRSTDELOS GROUP KANIKA HOTELS KARYES INVESTMENTS KNOSSOS INV. K. KYTHREOTIS HOLDINGS LASER INVESTMENT GROUP LIBRA GROUP L.P. TRANSBETON NEMESIS CONSTRUCTIONS O.C. OPTIONS CHOICE ORPHANIDES PIPIS FARM ROLANDOS ENTERPRISES SAFS HOLDINGS SEA STAR CAPITAL STARIO INVESTMENTS SUPHIRE HOLDINGS USB BANK SECTOR TOTAL / OΛIKO

AIAS AD AST CFL CHAP CBH CAIR DHH TLM DOME EFR EMP ERP CONF ACS KAN KAR KNO KYTH LAS LHG TRB NEM OPT ORF PIPF ROL SAFS SEAS STAR SUP USB

ΑΙΕΠ ΑΘΩΣ ΑΣΤΑ ΣΙΦΛ ΧΑΡΙ ΚΩΝΣ ΚΑΕΡ ∆ΡΟΥ ΤΕΛΕ ΝΤΟ∆ ΕΦΡΕ ΕΜ ΓΙΟΥ ΚΟΕΠ ΑΒΑΚ ΚΑΝΙ ΚΑΕΠ ΚΝΕΠ ΚΥΘΡ ΛΕΕΠ ΛΙΠΡ ΤΡΑΝ ΝΕΜΕ ΟΚΑΣ ΟΡΦΑ ΠΙΠΗ ΡΟΛΑ ΣΑΦΣ ΣΕΑΣ ΣΤΕΠ ΣΑΠΦ ΤΡΑΓ

Number

Nominal

Market

Book Value

Shares ('000) Aριθµός µετοχών

Value euro Aξία EUR

Cap. ('000) Kεφαλ.

EUR

Per Share euro Λογιστική αξία

Price to

Profit/(Loss)

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

NAV

Disc/Prem

0.0379 0.2802 0.2682 0.7239 0.0070 0.0668 0.1709 0.0630 0.0291 1.0430 2.1427 0.6125 0.2300

-55.15 -54.68 -52.27 -65.88 -57.14 34.73 -67.82 -31.75 -31.27 -23.30 -6.66 -15.10 8.70

2011 58 430 56 147 44 494 200 000 282 483 14 000 56 545 11 000 20 247 2 729 2 729 1 364 13 468

81 202 128 936 99 925 5 055 50 000 160 714 391 155 157 138 7 700 25 000 11 385 47 853 31 344 49 385 72 562 60 250 2 000 21 827 42 450 61 739 189 377 8 571 67 770 46 355 80 966 9 660 54 166 70 220 629 785 38 581 124 009 90 499

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

0.21 0.17 0.35 0.03 0.35 0.35 0.086 0.17 0.12 0.43 0.43 0.87 0.09 0.10 0.34 0.35 0.43 0.17 0.17 0.06 0.01 0.35 0.17 0.17 0.35 0.35 0.17 0.17 0.04 0.17 0.09 0.57

993 7 131 5 695 49 400 847 1 260 3 110 473 405 2 183 5 458 709 3 367 81 032

162 13 023 5 496 207 2 000 12 375 9 779 629 23 15 000 285 29 190 752 148 7 256 7 833 380 218 1 910 8 582 379 1 971 14 232 417 1 376 773 2 925 70 6 298 77 1 240 58 824 203 831

0.1745 0.06 0.02 -1.21 0.12 -3.03 -0.12 -0.20 -0.05 1.30 0.086 0.05 0.20 0.0100 0.29 0.67 0.2229 0.11 0.45 0.06 -0.38 0.41 0.50 0.004 1.49 0.18 0.28 0.000 -0.06 0.05 -0.12 0.43

1 618 679

MARKET TOTAL / OΛIKO AΓOPAΣ

-98.85 1.68 2.50 -0.03 0.33 -0.03 -0.20 -0.02 -0.07 0.46 0.29 12.20 0.12 -70.00 0.34 0.19 0.85 0.09 0.10 2.46 -0.01 0.56 0.42 2.25 0.01 0.44 0.20 3.33 -0.16 -0.08 1.51

6M 2011 EUR ('000) Kέρδη 2011

6M 2012 EUR ('000) Kέρδη 2012

9M '11

-737 -4 301 -10 771 -14 853 -6 892 -255 -9 493 -86 -150 331 -136 -36 -403 -47 782

9M '12

-8 799

-3 229

-8 799

-3 229

9M '11

9M '12

Profit/(Loss)

2011 EUR ('000) Κέρδη µετά φορολ.

4 139 -2 774 -2 697 -2 559 -22 -443 -251 -182 155 -1 921 12 -383 -10 922

2012

-69 -12 265 -6 400 -2 974 -5 512 -3 840 -23 885 -9 100 -243 -701 35 -4 283 -219 -1 465 -24 581 -77 -180 87 621 -10 339 -11 700 -438 2 145 -1 484 -8 648 -1 879 -328 -1 953 -15 879 -3 735 -60 -8 961 -158 310

18

-17 728

18

-17 728

-1 014 -12 265 -6 400 -217 -11 266 -1 569 -55 832 -9 100 -391 -70 35 6 553 -2 111 -1 465 -220 -77 -56 87 -3 606 -713 -11 700 -438 35 494 -8 648 -959 -410 -450 -15 756 921 -60 -824 -137 492

-1 166 383

-1 909 991

-348 004

Earnings Per

Dividend Per

Dividend Yield

Share

Share 2011 Cents

%

Cents

%

11.00

13.75

Results Cents

2012

2011

-5 499 980

P/E ratio 2011

Cents 0.01 0.25 -6.23 -1.35 -0.91 -0.16 -0.78 -2.28 -0.90 5.68 -70.39 0.88 -2.84

2012 High Low EUR EUR Aνώτατο Kατώτατο

572.39

543.16

Last Close EUR Kλείσιµο

Price 31/12/2011 EUR Tιµή 31/12/2011

31/12/2011 Ποσ. Μετ.

31/12/2011

547.72 0.017 0.127 0.128 0.247 0.003 0.090 0.055 0.043 0.020 0.800 2.000 0.520 0.250

546.03 0.017 0.115 0.119 0.250 0.004 0.078 0.048 0.043 0.020 0.800 2.000 0.520 0.250

0.31 0.00 10.43 7.56 -1.20 -25.00 15.38 14.82 0.00 0.00 0.00 0.00 0.00 0.00

0.002 0.101 0.055 0.041 0.040 0.077 0.025 0.004 0.003 0.600 0.025 0.610 0.024 0.003 0.100 0.130 0.190 0.010 0.045 0.139 0.002 0.230 0.210 0.009 0.017 0.080 0.054 0.001 0.010 0.002 0.010 0.650

0.002 0.101 0.055 0.041 0.060 0.070 0.020 0.002 0.003 0.650 0.020 0.600 0.024 0.009 0.100 0.130 0.210 0.005 0.045 0.139 0.001 0.230 0.210 0.009 0.017 0.080 0.054 0.001 0.014 0.002 0.010 0.660

-

% Change

since

0.00

n/a

n/a

-1.25 -9.51 -6.40 -4.29 -22.53 -0.98 -14.27 -5.79 -5.08 -0.28 0.31 13.69 -6.73 -2.97 -0.30 -0.13 -2.80 0.40 -8.49 -1.15 -6.18 -5.11 0.05 1.07 -10.68 -9.93 -0.76 -0.64 -2.50 2.39 -0.05 -0.91

1.12

4.00

0.06

0.03

0.14

0.10

0.120

0.045

1.87

19.05

source: Eurivex Ltd. PAT:Profit After Tax

Bold: Final results

NAV: Net Asset Value

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.) CONSTANTINOU BROS PROPERTIES CYPRUS LIMNI RESORTS & GOLF 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 ΚΩΑΜ/CBAM ΛΙΜΝΗ/LIMNI 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) 1 950 300 000 100 000 8 057 1 200 35 052 3 400 321 10 906 1 810 8 390 6 500 18 568

Market Cap EUR (000) 36 855 297 000 75 000 21 834 14 280 42 062 3 400 1 541 43 624 2 552 12 585 10 010 8 448 569 192

Latest price Nominal EUR Value EUR 18.90 0.01 0.99 0.10 0.75 0.50 2.71 1.00 11.90 0.01 1.20 0.25 1.00 0.10 4.80 1.00 4.00 0.32 1.41 1.00 1.50 0.01 1.54 0.20 0.46 0.59

Listing Date 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

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

No. of warrants Mkt Cap (000) (00) 24831 25 17606 176 224

CSE Code No. of Bonds

(N.E.A.) GreenTea SA

GRTEA

1 040

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

Market Cap

Latest price

Latest Close 0.001 0.010

Listing

Latest

EUR

EUR

Date

NAV

104 000 000

100 000

8 Nov 2011

N/A

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.

March 13 - 19, 2013

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Dow record not necessarily a buy signal WALL ST WEEKAHEAD The Dow’s run to record highs in the stock market’s rally this year may not mean it’s time for investors to go on a buying spree.

Instead, many financial advisers are telling clients to go easy, whether they are just getting back into stocks or seeking to add to equity positions.

Questions over how much higher the market can go have kept caution in play, with some technical indicators suggesting the market is overbought.

But the case for investing in stocks is strong, they said, particularly given signs of more strength in the economy, especially Friday’s jobs report, which showed a much higher-thanexpected 236,000 workers added to the payrolls in February.

“We’re telling clients to take a more defensive approach to the market right now,” said Frank Fantozzi, chief executive of Planned Financial Services, an independent wealth manager in Cleveland.

Yet stocks remain a better choice than other asset classes, he said.

“If I had to pick a category, I’d still be looking at equities,” Fantozzi said. “We still think the market is going to post positive gains for the year.”

Last week, the Dow Jones industrial average rallied on Tuesday to break through levels not seen since 2007 and continued to reach new highs the rest of the week. On Friday, the Dow closed at a record 14,397.07, after setting a lifetime intraday high at 14,413.17. The Dow is now up 9.9% since December 31.

The broader Standard & Poor’s 500 ended Friday’s session less than 1% away from its record close of 1,565.15, which it reached on October 9, 2007. The S&P 500 is up 8.8% since the end of 2012.

Valuations remain relatively attractive. The S&P 500’s forward 12-month price-to-earnings ratio, a commonly used measure to value stocks, is at 13.8%, still below its historic average P/E of 14.8%, based on data going back to 1968, Thomson Reuters data showed.

CAUTION VS APPETITE

Other experts gave similar advice, saying investors should

proceed, but with caution.

“We still have some speed bumps ahead of us,” said Fred Dickson, chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon. “We don’t see any urgency to jump in.”

U.S. spending cuts loom as Washington debates the path of fiscal policy, while the euro-zone crisis is far from resolved.

U.S. economic growth has also been slow.

Another reason for caution: U.S. earnings growth - one of the biggest drivers of the market - is slowing. Estimates for first-quarter S&P 500 earnings are now at 1.4%, down from a 4.3% forecast from January 1, Thomson Reuters data showed.

“I try to tell people that although it’s a great run, there will probably be some pullback, and we’ll see it start to taper off into summer,” said Rodd the Newhouse, a Dallas-based financial adviser with Wells Fargo Advisors.

Investor interest in the market is high, analysts have noted.

TD Ameritrade Investor Movement Index, which is designed to measure investor sentiment based on data on positions and trading activity, rose to 5.14 in February from 4.71 in January, and is high relative to historic ranges.

Stock funds attracted $7.14 bln in the week that ended March 6, data from EPFR Global showed on Friday, well above the previous week’s cash gains of $1.2 bln. Appetite for

U.S. stocks largely accounted for the inflows.

“Every call that I took this week was (clients asking) ‘Why?’ They want to know why this market is trading here ... they want to be involved,” said Leslie Ferrone, an Oak Brook, Illinois-based financial adviser affiliated with Concert Wealth Management.

TIME FOR A BREAK?

Some argue it may be time to take a break from buying.

Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont, said his computer models show the market is “extended,” including regression slopes and other indicators that look at how far the market has come and how fast.

“The key here is just don’t make a big mistake,” Mendelsohn said.

He said he has been reducing his exposure to stocks in recent weeks, reversing a more bullish stance.

“I’m going to err on the caution side here.”

Other advice on how to manage the current trend is to shop for bargains while selling stocks with sharp gains.

“We’re still riding the wave, but taking profits in some of the higher flyers that have done really well and buying some of the areas that are down for the year and hitting new lows,” said Alan Lancz, president of Alan B. Lancz & Associates Inc, an investment advisory firm in Toledo, Ohio.

“We’re still finding some bargains,” Lancz said.

Fantozzi said he still expects large-cap growth industries to do well, including manufacturing and technology. But he said he would avoid defense companies because of the potential for government spending cuts in that area.

“If there’s a pullback, we’re not looking at a major pullback,” Fantozzi said.