Financial Mirror Digital Edition. 03/04/2013

April 3 - 9, 2013

2 | CYPRUS | financialmirror.com

Anastasiades wants National Unity Government President Nicos Anastasiades is examining the possibility of forming a government of national unity as Cyprus prepares to implement the harsh terms of a 10 bln euro bailout with the Troika that will include tax hikes, wage cuts and job losses.

Anastasiades outlined a 12-point plan to revive the economy beginning with allowing casinos to operate in Cyprus, as they do in the occupied northern part of the island. He also proposed tax incentives for companies that reinvest profits in Cyprus, encouraging banks to lend for longer terms at lower

Elena Ambrosiadou calls for Energy Institute IKOS boss Elena Ambrosiadou believes that the island’s energy policies should be determined by experts and not by politicians. The operator of one of the world’s largest hedge fund managers said that “the establishment of an Energy Institute in Cyprus should include high-level technocrats and should employ chemical engineers, investment banks, experts in oil and gas exploration and production, maritime experts and specialists in the fields of pipes and transport.”

“Also, above all, the viability and independence of the project must be secured, regardless of political issues,” said Ambrosiadou, who has called for the immediate appointment of a chief of energy policy, adding that the funding and management of such large scale operations needs proper planning that only experts and technocrats can achieve.

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rates and issuing property development permits within 30 days.

In addition, the 12-point plan includes a surcharge on interest of deposits, discussions with banks for restructuring loans, assistance measures for unemployed individuals in relation to loans with banks, reduction in electricity bills, informal agreement for employers to keep Cypriot individuals in business (70-30% vs. foreign individuals), utilising EU structural funds, assistance to low-income individuals, reduction on

rentals.

The bailout terms include raising the corporate tax rate from 10% to 12.5%, increasing the tax on interest and dividends to 30% and hiking VAT from 18% to 19%.

The memorandum also calls for 5,000 civil servants to be fired by 2016 and for their retirement age to rise by two years.

It also envisions EUR 1.4 bln being raised from privatisations and calls on Cyprus to keep its lenders fully briefed regarding its plans for the exploitation of oil and gas.

MoU sees 4% GDP primary surplus from 2017 Cyprus should reach a primary surplus of 4% of GDP in its budget from 2017 onwards to ensure public debt falls, a memorandum of understanding between Nicosia and international lenders on a 10 bln euro bailout said.

The document lists fiscal steps, as well as reforms of public administration, pensions, healthcare, labour market privatisation and services that the government agreed to undertake in exchange for euro zone financial aid.

According to the MoU, obtained by Reuters, Cyprus will have a budget deficit before debt servicing costs of 395 mln euros or 2.4% of GDP this year, a bigger gap than the 1.9% of GDP in 2012.

Next year, the primary deficit will grow to 678 mln euros or 4.25% of GDP and then shrink to 344 mln or 2.1% of GDP in 2015.

In 2016, the island is to reach a primary surplus of 204 mln euros or 1.2% of GDP and 4% from 2017 onwards.

The deficit targets in nominal terms and as a percentage of GDP in the MoU imply that international lenders expect the Cypriot economy to contract almost 8% this year against 2012, shrink again by around 3% in 2014 and return to around 1% growth in 2015 and 2016.

The MoU said Cyprus would raise at least 1.4 bln euros from

selling state-owned assets, including stakes in the country’s telecoms, electricity and port companies.

The document said the island had excellent prospects for increasing its revenues from tourism and that the government would conduct a study of how to make that sector more competitive.

Cyprus hopes to earn a lot of money from selling natural gas, undersea deposits of which are being explored off the southern coast.

The agreement with international lenders said that Nicosia would prepare a plan in the second quarter of what infrastructure it would need to exploit these deposits as well as outline the necessary laws and make plans for setting up a fund that would manage the money from the gas sales.

To improve public finances, Cyprus will freeze public sector pensions and raise the retirement age for the government pension scheme by two years, as well as raise excise duties on alcohol, tobacco and petrol, increase value added tax, corporate tax and the tax on interest earnings and dividends.

All the measures are to help bring down Cypriot debt to around 100% of GDP in 2020.

The Cypriot administration will also start charging at least 17% more for all public services than now.

Only president, House speaker can fly business class Only President Nicos Anastasiades and parliamentary speaker Yiannakis Omirou of all government officials will now be entitled to fly business class, as part of the austerity measures Cyprus agreed to with international lenders in exchange for a bailout.

The ban on business class travel for government

employees will not apply to transatlantic flights, said an MoU between Cyprus and the euro zone.

Apart from the restrictions on more comfortable travel, senior government officials will also lose the right to buy duty-free cars and all state officials and parliamentarians will have wages frozen until 2016, the document said.

BOCY halts Romanian operations, seeking buyer Bank of Cyprus said on Monday it was suspending its Romanian operations for a week while it seeks a buyer for them as part of its reorganisation under the international bailout deal.

Bank of Cyprus said the bailed-out nation’s central bank had decided to suspend operations at all 14 of the lender’s branches in Romania to explore the possibility of a sale. Until the branches reopen, clients may use the ATM network.

For its part, Romania’s central bank told Reuters: “We have negotiated with them a good solution aimed at protecting depositors in the Romanian-based units. By halting operations for one week in Romania, the Bank of Cyprus envisages identifying a buyer for the Romanian unit. The buyer will take over all its activities here including deposits.”

Depositors in Bank of Cyprus will lose around 60% of any savings over 100,000 euros, the country’s central bank confirmed on Saturday, under the terms of the bailout.

Depositors in Romania “will suffer no loss from their deposits following the unit’s sale,” said the Romanian central bank’s Adrian Vasilescu, an adviser to the bank’s governor.

Two of Cyprus’s banks operate in Romania: Bank of Cyprus and Marfin, a unit of Popular Bank of Cyprus, which is also known as Laiki. Together the two control less than 1.3% of assets in the Balkan country’s banking system.

Romania’s central bank said it had been notified.

The freeze on the local operations of the Cypriot banks was greeted with scorn by people in Romania, however. “I’m revolted,” businessman Laurentiu Vama said as he took out cash at an ATM in Bucharest. “I’m not a black market currency dealer to carry cash with me. This is practically blocking my business as a consultant for EU fund projects.”

April 3 - 9, 2013

financialmirror.com | CYPRUS | 3

CSE in €11.5 bln comeback l Bourse

to launch Energy Index

The Cyprus Stock Exchange is taking advantage of the numbness in the market to revive interest in new share listings, primarily in the alternative NEA Emerging Market, that will propel its market cap from the current 8 bln euros to beyond 11.5 bln.

Already, the cancellation of the shares of the Cyprus Popular Bank (Laiki), with an estimated pre-Eurogroup value of about 180 mln euros, and the introduction of new Bank of Cyprus shares resulting from the 3.7 bln euro recapitalisation after the bail-in by depositors, should raise the CSE’s market cap to 11.5 bln.

The BOCY market cap prior to the benchmark date of March 15 was 370 mln euros, a tenth of what the banking group is expected to become, following assurances by government and public officials that it will become stronger and a leading financial institution.

But the subsequent selling pressure that is anticipated on the four different share categories of BOCY could lower that figure once again, as will the revision of portfolios of some investment funds that hold a significant number of Laiki shares.

However, CSE officials are adamant that the current crisis has created an opportunity, but one that will only materialise if the pro-business administration takes a political decision to boost the stock market, both as a source of funds for new ventures and to increase revenues from new listings, primarily from overseas.

In all, 13 companies have listed on the CSE’s NEA market, with two more bond issues for a combined market cap of 740 mln euros, and several more in the pipeline.

“We already have two energy-related listings – Cyprus Opportunity Energy and Epilektos Energy SA from Greece,” CSE Director General Nondas Metaxas told the Financial Mirror.

“One more company from an EU member state should

complete its listing procedure very soon and my team and I are working to attract a few more from the energy sector. Once we do that and we have at least five energy stocks, the CSE will commence an Energy Index that will look forward to the future earnings from natural gas explorations in the Cyprus Exclusive Economic Zone,” he said.

“Then, our CSE Energy Index will become a benchmark for the industry and possibly attract more companies to list or partially list their shares here. After all, non-EU listings will have to comply with strict European regulations, but they will be rewarded with an EU passport to attract other investors to their ventures,” Metaxas said.

He added that the potential privatisation of public utilities into a government-owned holding company, similar to the Portuguese model, as suggested by President Nicos Anastasiades in a recent statement, should also be conducted through the stock exchange, that will add a sense of security and confidence to investors.

The primary public organisations dealing with telecoms (Cyta), power generation (EAC), the Ports Authority and the

Post Office, are estimated to be worth about 2-4 bln euros.

CSE volume at pre-1993 levels Trading on the CSE on Tuesday, the first day after a twoweek suspension, plunged to levels unseen since 1993 when the Financial Mirror was first published.

Volume for the day dropped to 19,000 euros, pulling the CSE All Share Index down by 2.56% to 99.46 points. The average daily trade on the CSE in 1995 was about 250,000260,000 euros.

Bank of Cyprus and Laiki shares have been suspended, with almost all CSE-listed companies issuing warnings related to their exposure to Laiki, either in shares or debt above 100,000 euros.

The biggest trade on the day was on Apollo Investment shares that totaled 13,000 euros, with the stock dropping about 20% to 10.5c. Hellenic Bank also saw its shares fall 19.7% (13.4c), followed by Louis (-17.65%, 1.4c), Interfund (-15.8%, 4.8c), Logicom (-10%, 25.2c) and Petrolina (-7.5%, 71c).

CB curtails brokers’ activities Central Bank Governor Panicos Demetriades issued a new decree Tuesday morning that effectively stops all stock brokerage firms that have dealing with foreign custodians through the common Cyprus-Greece trading platform, in order to prevent capital flight.

This caused trades on the Cyprus Stock Exchange and the Athens bourse to sink to just 19,800 euros, with Citibank reportedly considering suspending its

custodial services through the common platform.

The new decree, issued with the full knowledge of the Troika negotiators, aims to limit trades only to brokers that deal with custodial firms in Cyprus.

A joint meeting with the CSE, the Cyprus Securities and Exchange Commission and the brokers will be held Wednesday morning at the CISCO offices in Nicosia.

Sarris quits, Troika leaves, probe begins l €10

bln bailout talks concluded, aid to flow in May

Finance Minister Michalakis Sarris resigned on Tuesday, just 33 days after being sworn in and having concluded a 10 bln euro bailout deal with international lenders. He will be replaced by Labour and Social Insurance Minister Haris Georgiades, a close associate of President Nicos Anastasiades.

The bailout, to be approved by EU national parliaments and eurozone finance ministers, was conditional to a radical restructuring of the island’s banking sector that saw second largest lender Popular Laiki Bank collapse under extreme liquidity difficulties and absorbed by Bank of Cyprus. As a result, Laiki clients saw most of their deposits vanish into thin air, while Bank of Cyprus clients with savings of over 100,000 euros, will contribute in a ‘bail in’ of up to 60% of their deposits in exchange for an equity stake.

Sarris, a lead player in talks with IMF and EU negotiators, said he had completed his task but also that he was likely to come under scrutiny in an investigation into the crisis.

Tuesday’s deal will see Cyprus receiving a 10 bln euro loan, carrying an interest rate of 2.5%. It is repayable over a 12 year period after a grace period of a decade.

“This is a very important development which ends a very long period of uncertainty,” said government spokesman Christos Stylianides. Sarris said he expected the first disbursement of aid in May. Compared with a previous draft deal with lenders brokered in November, Tuesday’s agreement gave authorities additional room to reach a primary surplus by 2018, longer than an initial 2016, Stylianides said.

When banks reopened after a two-week lockdown last week, Cypriots were faced with currency controls to prevent a run on banks, unprecedented in the history of the 17-member euro zone. In the event, there was no run.

PROBE

President Anastasiades appointed three judges on Tuesday to head an inquiry into possible political and regulatory failures in the island’s economic demise, as well as the role of banks.

Sarris, who was dispatched to Moscow last month but returned empty-handed as Cyprus sought additional Russian aid after parliament rejected a universal European bank levy proposal, said his main goal of agreeing a deal with lenders had been accomplished.

But he said it was also appropriate to resign since his previous role as chairman of Laiki was also likely to come under scrutiny.

“I believe that in order to facilitate the work of the investigators, the right thing would be to resign, which I did,” said Sarris.

Anastasiades said nobody would be exempt from the probe, starting with the legal business he once headed, and family connections.

A list of business which had moved money out of Popular in the run-up to the bailout deal included a company in Limassol, whose owners are related to Anastasiades by marriage.

The list, produced in the Communist party newspaper Haravghi on Sunday and reproduced by other media, said the company, A. Loutsios and Sons, had moved some 21 mln euros out of the bank.

The company, which is major importer of cars, said it had moved 10.5 mln euros to Barclays Bank Plc in Britain, and the remaining amount to Bank of Cyprus in order to complete real estate transactions.

CAPITAL CONTROLS

The previous Communist administration first sought aid from the “Troika” of IMF, EU and European Commission last year. That government was severely criticised for passing the buck onto the incumbent conservatives knowing full well they could not win general elections held last February.

“Unquestionably, the deal with the Troika should have been completed earlier,” said Stylianides.

Cyprus earlier announced a partial relaxation of currency controls, raising the ceiling for financial transactions that do

not require central bank approval, but keeping most other restrictions in place.

Before resigning, Sarris said it was not clear when the remaining capital controls would be lifted.

A finance ministry decree on Tuesday, the third since controls were first introduced, raised the ceiling on transactions which do not require central bank approval to 25,000 euros from 5,000 euros. It also permits the use of cheques worth up to 9,000 euros per month.

Other restrictions introduced last week, including a 300 euro per day cash withdrawal limit and a 1,000 euro limit on the amount travellers can take overseas, remain in place.

In a deal brokered early on Tuesday morning, it was also agreed that a small portion of the remaining 40% in uninsured deposits of over 100,000 euros at the Bank of Cyprus effectively frozen under the arrangement, 10% be unblocked.

April 3 - 9, 2013

4 | CYPRUS | financialmirror.com

Blame the Euro, not Cyprus The real problem is not Cyprus, it is the Euro.

After a few disturbing weeks, I would like to wrap up my comments on Cyprus and, hopefully, turn to other issues going forward. It is astonishing that a EUR 10 bln bailout can keep the world spellbound for so long. But then again, while the amount is not staggering, some of the implications are mind-blowing.

That a small economy can be destroyed over a weekend is in itself very scary. But Cyprus’s fate was basically sealed when the Troika revealed its first version of the bailout package. That the final outcome turned out to become even worse should not surprise anyone following the Euro zone’s past efforts at saving its project. There is no coherent line, no apparent co-ordination of statements and the grand plans bear the impression of having been scribbled on a napkin long after bedtime. The results are accordingly: poor.

So did Cyprus do terrible things that made it deserve this gruesome fate? Actually not. Cyprus had respectable numbers both for growth, public debt and finances - certainly compared with many other countries in the region. Cyprus succesfully built a strong financial services sector, as the island has little industry or agriculture to live from. Cyprus has a well-functioning, English-speaking workforce and has based itself on British law. So all in all, not a bad place to do business. It made the most of what they had to offer.

The one thing that went wrong for Cyprus was its bankers expecting that Euro zone politicians could be trusted to pay back their loans. Investing heavily in Greek paper is not unusual for a country so intimately related to Greece - and not much different from what other banks do with their own national (in this case quasi-national) sovereign debt.

From my own talks in the past with high-ranking officials in the Cyprus banking sector, it was quite clear that not insignificant political pressure was placed on at least those banks operating in Greece to buy the local bonds. The risks of this concentration were clearly underestimated, but basically, there was a reliance on the Euro zone to support any country getting into serious trouble, including Greece. If you remember back just a few years, most people actually believed this was an inherent part of the Euro deal, otherwise there would not have been such a massive convergence in bond yields.

So I don’t think you can absolve the Cypriot banking sector from blame altogether, but all the troubles could only have been built into the system with the Euro zone dynamics in place. Otherwise, fewer foreign investors would have

placed money in Cyprus, the risk dynamics of a free-floating Drachma sovereign bond market would have prohibited such exposures and would have led to a much faster mark-tomarket based risk adjustment. Greece itself would probably not have had to default, but would instead have relied on competitive devaluations as the country always did in the past.

DE FACTO WEALTH TAXES

Now, instead, the problems grew much bigger than free capitalistic markets would ever have allowed. Now, therefore, we have capital controls and withdrawal restrictions and de facto wealth taxes inside the Euro zone, meaning that the

By Lars Seier Christensen Co-founder and CEO, Saxo Bank A/S

concept of THE EUR can hardly be said to exist in the same format any more. There are at least two different EUR: the restricted one in Nicosia and the so far unrestricted one in the rest of the Euro zone. Totally different dynamics and, I believe, the start of multiple versions of the EUR in the future. Similar measures are likely to be used in similar situations and already now, people are discussing where the crisis will hit next. Slovenia? Malta? Other, much bigger problem, countries?

The Financial Times reminded us the other day of Friedrich Hayek’s chilling warning about capital controls: “Nothing would at first seem to affect private life less than state control of the dealings in foreign exchange, and most people will regard its introduction with complete indifference. Yet the experience of most Continental countries has taught thoughtful people to regard this step as the decisive advance on the path to totalitarianism and the suppression of individual liberty. It is, in fact, the complete delivery of the individual to the tyranny of the state, the final suppression of all means of escape – not merely for the rich but for everybody.” (The Road to Serfdom, 1944).

Beware of the new tools that have been introduced.

Capital controls was one. What looked a lot like a broader wealth tax was another.

GAME CHANGER

I strongly believe that we have witnessed a game changer in the past few weeks. I think anything and everything can and must now be expected as the Euro crisis worsens and the Euro steamroller moves from one country bailout to the next.

There are very few limits to what you can do to people in the modern interpretation of democracy. A version where only majority rule is required, but where there is no longer a respect for personal negative rights – as we know them from the American Constitution.

The easiest target will always be wealthy people, or even just working people and savers who did the right thing all their lives. As the bloated welfare states begin to collapse under their irresponsible promises, their crumbling value systems and their unsustainable demographics, it will be easy to convince more than 50% of voters that confiscating and stealing other people’s money is OK for the greater good.

Boston Consulting Group calculated that 28% of ALL private wealth is needed to meet just existing debts – not future obligations, mind you – and the money can only come from one place… Your pockets. Beware.

A lot of things have gone wrong over the past few years, but the seeds were planted many years ago. In the form of pressure for more people having the “right” to own their properties, even if they did not fulfill the traditional mortgage criteria – hence subprime. In the form of enormous “entitlements” to not just poor, but also middle-class people in the welfare states – hence ballooning deficits and debt. In the form of a Euro, a grand, political project with no practical foundation – hence crisis after crisis, with the dominoes stretching far into the distance.

For sure, a lot of financial institutions took advantage of the hands they were dealt. They are not without guilt and responsibility for the current mess. But the real problems lie not in people trying to take advantage of whatever conditions they operate under. The real problem lies in the framework that is created by politicians, preventing free markets to deal with excesses in the way capitalism always does. Solving crises and exposing poor business models are part of capitalism, and it is not always pretty – but it is a damn sight more efficient and quicker than trying to desperately salvage what is already doomed. And it will never allow problems to grow to the magnitude that we are now facing.

Cyprus is a very good example of this. The problem is not Cyprus. The problem is the Euro.

Laiki UK depositors won’t pay bailout levy

UK Cypriots set up National Solidarity Council to aid NSWF The National Federation of Cypriots in the U.K. has decided to set up a National Solidarity Council to support the National Solidarity Wealth Fund in Cyprus that aims to invest in growth and combat unemployment through projects funded by future natural gas revenues.

NFC Chairman Peter Drousiotis said that the U.K. Cypriots will continue to support

Cyprus in every way possible and it will increase its awareness campaign among MPs and local authorities.

One of the immediate measures agreed by all in the U.K. is to increase the frequency of trips to Cyprus in order to boost the local economy and the tourism industry, while community care and support will be provided to Cypriots seeking to relocate to the U.K.

Thousands of depositors in Britain’s branch of Laiki Bank have been transferred to Bank of Cyprus UK and won’t have to surrender any of their savings to help bail out the Cypriot government.

The move was overseen by Britain’s new financial regulator, the Bank of England’s Prudential Regulatory Authority, on its first official day of operation, replacing the FSA. Laiki UK’s 15,000 deposit accounts with total balances of about 270 mln pounds will be transferred to Bank of Cyprus UK and will not be subject to a levy or “haircut” or other restrictions placed on banks in Cyprus, Bank of Cyprus said in a statement.

Laiki Bank UK is a branch, meaning Britain was not obliged to protect its depositors, unlike Bank of Cyprus UK, which as a subsidiary is regulated in Britain and has more autonomy from the parent group.

This means savings below 85,000 pounds are covered by Britain’s compensation scheme if a bank runs into trouble.

Bank of Cyprus said it has received an equivalent amount in cash from Laiki to cover the liability for the deposits.

Britain was keen to clarify protection for savers in Cypriot banks to avoid a repeat of a

2008 row with Iceland when Landsbanki collapsed. Britain paid out billions of pounds to UK savers, which is being repaid by Iceland.

Britain’s compensation scheme protection of up to 85,000 pounds is equivalent to the 100,000 euro guarantee in Cyprus and across the EU. The Laiki UK customers have an average of 18,000 euros in their deposit accounts.

The PRA said all Laiki Bank UK customers will be able to access funds as normal.

All of Laiki Bank UK’s loans, including mortgages, credit cards and overdrawn accounts, will be transferred to Bank of Cyprus Public Co. Ltd, the parent group in Cyprus.

The BoE said the switch follows a decree issued by the Central Bank of Cyprus and the deposits in Laiki are being transferred in full, meaning there are no deductions.

Under an international bailout agreement for Cyprus, the Popular Bank, parent of Laiki, is being wound down.

Depositors with savings of more than 100,000 euros at Popular Bank and Bank of Cyprus held at Cypriot branches will lose 3760% to help pay for the bailout.

April 3 - 9, 2013

financialmirror.com | CYPRUS | 5

Who wins, who loses in Cyprus from a disorderly euro exit?

So finely balanced that geopolitical considerations will decide sector education, where expendiWINNERS AND LOSERS OF AN UNPLANNED EXIT Winners Losers 2011 Weight Winners Losers ture would be scaled back, but EUR mln % of GVA weighted weighted would win in terms of tertiary Agriculture, forestry & fishing 1 367 0.023 0.023 education, which would become Mining & quarrying 0.75 0.25 29 0.002 0.001 0.000 more attractive to foreign stuManufacturing 1 953 0.059 0.059 dents. So education gets a 0.75 Electricity, gas, steam & air conditioning supply 1 344 0.021 0.021 win and a 0.25 lose.

Water supply; sewage, waste man't & remed'n 1 170 0.010 0.010 The only sector in which I Construction 0.75 0.25 1 017 0.062 0.047 0.016 have had to estimate the split between the two major groups is Wholesale & retail trade; repair of motor vehicles & motorcycles 1 1 916 0.118 0.118 accommodation and food servicTransportation & storage 1 745 0.046 0.046 es. For the full methodology of Accommodation & food service activities 1 114 0.068 how I calculated the proportions Accommodation 798 0.049 0.049 1 of accommodation and food Food services 317 0.019 0.019 1 services respectively, see the Information & communication 1 715 0.044 0.044 methodology at the back of the Financial & insurance activities 1 1 500 0.092 0.092 PwC “Professional Services: Real estate activities 1 1 888 0.116 0.116 Driving Jobs and Growth in Cyprus” report, which you can Professional, scientific & technical activities 1 1 001 0.061 0.061 Director, Sapienta find on my website.

Administrative & support service activities 1 204 0.013 0.013 Economics Ltd Accommodation (tourism) is Public administration & defence; compulsory social security 1 1 824 0.112 0.112 a clear winner, whereas food Education 0.75 0.25 1 105 0.068 0.051 0.017 services is primarily a loser, via Human health & social work activities 1 687 0.042 0.042 For some recent arguments in favour of the higher cost of food imports.

Arts, entertainment & recreation 1 276 0.017 0.017 Once a win/lose score is given keeping the euro, see Michalis Persianis at Other service activities 1 235 0.014 0.014 http://fortheisland.wordpress.com/2013/03/27/c to each sector, then multiplied by Activities of households as employers 1 194 0.012 0.012 yprus-why-krugman-got-it-wrong/. For a more its relative weight in the total Total gross valued added (GVA) & overall win v. overall lose 16 283 1.000 0.477 0.523 economy, we can add up all the academic approach, see Alex Apostolides at http://econcyma.blogspot.com/. And for a winners and add up all the losers.

Now here is where I was surrecent argument against (in Greek), see to pay for imports of goods and services if no orderly exit. But that would need the agreeChristos Savva at http://chrislightcy.word- prised. Having clambered back over the other money is coming into the country. ment of the Central Bank of Cyprus. And one “euro in” fence this week I expected the score press.com/2013/04/02/18/.

As we started to lift capital controls in lesson Cypriots have learned this week is that Those of you who have been following me to show staying in the eurozone as a clear 2002, and money could leave more easily, we the Central Bank might be independent of the on Twitter will know that I have wavered back winner, at 60% or more. had to lift reserves to make sure we could government but it is not independent of the In fact, it is much more finely balanced defend the value of the currency. In terms of European Central Bank, of which it is a board and forth on this question. In the space of the same week, I have said, “Better to be a free than that: only 52.3% in favour of staying in import cover, they peaked at 7.3 months in member. man than a slave with the same debt” as well and 47.7% in favour of getting out.

The ECB will want its estimated EUR 14 2006 (the year, if I remember right, that we as, “Trust me if we left euro tomorentered the Exchange Rate bln Emergency Liquidity Assistance (ELA) row there would be no banks at all.” SUMMARY OF EURO EXIT WINNERS & LOSERS % Mechanism), and in terms of back, so it could be reluctant to take the risk of My usual instinct when in doubt dollars they peaked at $6.1 bln another experiment with Cyprus.

52.3 in 2007. is to go look at the numbers. Below Proportion of economy that loses I have devised a simple model to Proportion of economy that wins Then we adopted the euro Geopolitics will decide 47.7 identify the winners and losers for and our FX reserves tumbled, My personal view is that the geopolitics will each different sector. Each answer probably owing to ECB rules. By decide. A disorderly exit from the euro will is then weighted according to the Note: excludes "multiplier effects" of either option.

2012 we had just $449 mln in almost certainly lead, via default on a lot of EU Source: Sapienta Economics Ltd. size of each sector. reserves or only two weeks of debt, to an exit from the EU. Cyprus would For these purposes, it is better to import cover. then be alone and vulnerable, with the Turkish use gross value-added (GVA) than That means that if we fell out army on one side and the British army on the And given that there will be differences in of the euro and did not impose even more other. gross domestic product (GDP), which includes GVA plus VAT and import duties. So, opinion on, say, how much construction stringent capital controls than we have now Cypriots have been there before and they for example, if agriculture is only 2.3% of wins and loses, you could say that if you use (which would also starve investment), the will not want to go back there again.

GVA, then it’s a win via exports that could be my approach the economic arguments for electricity would go off and the food would dry So unless there is such a thing as “leave the up to 75% cheaper will only have a weighting and against are actually 50:50. up within a few weeks unless someone euro but stay in the EU”, Cyprus will probably Of course, a crude approach like this does pumped an awful lot of money into Cyprus. of 0.023 in the overall winners’ score. remain stuck in the euro, with all the austerity “Activities of households as employers” not take into account the “multiplier effects” One counter-argument to this is that we and bitterness towards Europe that this (housemaids) is only 1.4% of GVA, so it’s a in both directions. In the euro, we only need should build up reserves and ask the EU for an entails. lose (being paid in a falling Cyprus pound to look to Greece and the rise of the far-right will not be attractive to them) will only have Golden Dawn for the social effects. Migrant a weighting of 0.014 in the overall losers’ workers were petrol-bombed earlier this week, so we cannot pretend that it won’t score.

Among the bigger sectors, financial serv- happen here.

But out of the euro, there are other mulices (9.3% of GVA) and professional services (6.1% of GVA), are clear losers. You only have tiplier effects that would be felt within weeks. to look at the growth in these sectors after Cyprus joined the EU and the eurozone to With no foreign reserves, food realise that eurozone membership is a big imports could stop within weeks plus for them.

First and foremost, we would have to Some sectors have both a win and a lose. defend our own currency with foreign Construction, for example, at 6.2% of GVA, exchange reserves. But precisely because we would find that imported raw materials, of are in the euro, we barely have any. which petroleum products is a big part, We can see what the ideal foreign would be up to four times more expensive, exchange levels should be from what we had but it would mainly be a win because of the before adopting the euro. While we still had influx of foreign buyers to snap up cheap real capital controls and we were still a long way estate. from the euro, we had $1.7 bln in FX reserves So, construction gets a 0.75 win and 0.25 according to IMF data, or about 4 months of lose. Mining and quarrying, which depends “import cover”. on construction, is treated the same.

Import cover is the amount of foreign Education would lose in terms of public- currency that could be used in emergencies Debate has been raging lately within Cyprus about whether or not the country should cut its losses and leap out of the euro, telling all of those who have lent us money for the past ten years, including the European Central Bank, that they have to wait for their money.

The arguments in favour of an exit emphasise that staying in the eurozone is likely to mean years of growth-strangling austerity, while the arguments emphasise the still fragile banking system, saying it would not survive a collapse and we would be in an even worse position without it.

By Fiona Mullen

April 3 - 9, 2013

6 | OPINION | financialmirror.com

Did Sarris quit too late or too soon?

EDITORIAL And so, after only 33 days in the job, Michalis Sarris has resigned as Finance Minister, an action unheard of for Cypriot politicians who cling on to their seats as if for dear life and never contemplate quitting, let alone apologising to anyone for anything.

An able-minded economist and soft-spoken politician (another paradox in the Cyprus vocabulary), Sarris knew what he was getting himself into. After all, he had desperately tried to convince the anti-business, former communist administration that Laiki Bank, which he chaired for about six months, was worth saving, if only he had political backing to find new investors.

Since stepping down last summer he was also one of a handful of sane people who argued in favour of austerity and ensuring the economic (and public debt repayment) was sustainable, just as he had during the days of his previous employer, President Tassos Papadopoulos.

Having returned empty-handed from a last-ditch effort to find support in Russia only days after being sworn-in, many were ready to cast the first stone at the Finance Minister, as if he alone was to blame for all the ills that the economy has suffered in the past five years.

Surely, the Central Bank Governor must also shoulder some of the blame having admitted during a parliamentary hearing a fortnight ago that Laiki “was kept on life support” for nine months until the elections in February because the communist regime refused to

deal with the problem. Why, then, was the tap from the Emergency Liquidity Assistance funding not closed when Laiki’s shortfall had already reached 4 bln euros last summer?

Sarris has also done the noble thing to conclude talks with the Troika and then step down. By his own admission, he will be investigated by the independent commission that will try to find the causes of our economy’s demise, including the days when Laiki sought a 1.79 bln euro bailout from the state, effectively nationalising the island’s second largest lender.

Perhaps others, too, should consider resigning, maybe even before the week is over, in order for President Anastasiades to appoint talented and crisis-conscious leaders to key posts in public organisations who will rid us of the policies of the past and take us into the future.

What future for the real estate market?

With the new government already in office for a month, the new ministers have begun work and the conditions of the EU aid package/ loan memorandum have been set, with all the accompanying after-effects.

So, then, what does the future hold for the real estate market?

Uncertainty and negative psychology among property buyers is certain to gradually reverse. Based on market liquidity and with banks now open, this psychology will rebound to a new air of confidence.

So, which factors will determine the price of properties?

DETERMINING FACTORS

To begin with, we will list the factors we believe will push prices down:

PROMISES

By George Mouskides

General Manager, Fox Smart Estate Agency, Licensed Estate Agent, US CPA

CASH INJECTION

Cash injection from the bailout plan and the lifting of the temporary bank measures, including mobility of funds, should get things back on track.

Based on the large number of properties on the market, prices are forecast to drop. Conducive to this would be the pressure put on mortgaged borrowers by the Laiki ‘’bad’’ bank to settle their non-performing dues.

Nevertheless, given adequate time, realty sales should pick up as interested buyers will have access to funds at a more favourable interest rate.

LESS EXPENSIVE

As time goes by, buyers should be able to operate in a pool of properties the price of which will drop.

Investors who lost big time by seeing their cash deposits with banks having being slashed overnight are bound to direct some funds into the real estate market. Some investors will also jump at the opportunity to buy property and rent it out to secure a monthly income.

FORECLOSURES

Even though banks can put the pressure on mortgaged borrowers, based on the bailout package conditions, we are convinced they will not proceed with mass foreclosures. The reason is that their loan security will suffer and they will be desperate for additional funds to achieve their minimum capital adequacy ratios.

FinancialMirror Published every Wednesday by Financial Mirror Ltd. www.financialmirror.com Tel. 22 678 666 Fax. 22 678 664 P.O. Box 16077, CY2085 Nicosia

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If liquidity improves leading to better interest rates and unemployment percentages drop, property prices should improve as well.

Increased interest on the part of local and foreign investors should also push prices up.

- The large number of available properties, something which will gradually decrease; - Bank measures to pressure mortgaged buyers will lead to an increased number of properties on the market; - The current reduced market liquidity; - Reduced demand for properties (mainly for rent) by foreigners as unemployment will lead them out of Cyprus; - Economic recession; - Rising unemployment.

Prices should pick up an upward trend as all these factors, one by one, cease to be part of the equation.

If the current administration stands by its pre-election promises for the opening of casinos and the promotion of medical tourism, the market will get a much-needed boost.

Developments in the energy field should also help as the country’s natural resources are sure to attract investments in the region of hundreds of millions.

The construction of a natural gas terminal is expected to offer employment to around 6,000-10,000 persons.

THE QUESTION IS…

The first question that springs to mind is when will all these measures materialise?

Answers to this range from 6 months to 2 years, with the more pessimistic expecting them to take shape in as long as six years.

As an industry, we strongly believe based on the indications thus far, that change will occur much more swiftly, offering a better prospect to our country.

New times, new needs, Think GloCal… explore new opportunities The Alumni Association of the Cyprus International Institute of Management has invited Dr. Luis Filipe Lages, a professor of Marketing, Innovation and Economics from the Universidade Nova Lisboa in Portugal, to run a breakfast workshop on the breakthrough concept of “GloCal Vision”.

The recent developments in the economic situation of Cyprus make it an even bigger challenge for everyone to use innovative strategies in order to move their organisation forward.

The adage of “think global, act local” has been replaced by “Think and Act GloCal”, that is to think both Global and Local and find ways to satisfy the needs of both markets at the same time.

The GloCal Vision workshop will empower participants to: create successful innovation; become solution driven; use innovative marketing techniques; develop strategic thinking; develop strategies that could work for both global and local

©

COPYRIGHT

No part of the Financial Mirror newspaper, the Greek-language XÚ‹Ì· & AÁÔÚ¿, the daily XpressOIKONOMIKH electronic PDF edition or

markets.

The workshop will be held on Thursday, April 4, from 8 am to 11 am at the CIIM premises in Nicosia.

Participation fee is 25 euros.

All proceeds will go towards the CIIM Alumni Association Scholarship Fund. For registrations call 22462246 or log on to www.ciim.ac.cy .

Prof. Lages also lectures on Entrepreneurship and Global Marketing at The Lisbon MBA in partnership with the MIT Sloan School of Management and is Coordinator of the Innovation Module at the MIT-Portugal program in Bioengineering Systems.

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April 3 - 9, 2013

financialmirror.com | COMMENT | 7

The Politics of Moral Hazard l Cyprus

stuck between wars of financial stability

BRUSSELS – It is an old and never-ending contest. On one side are the moral-hazard scolds, claiming that one of the major responsibilities confronting policymakers is to establish incentives that demonstrate that imprudent behavior does not pay. On the other side are the partisans of financial stability, for whom confidence in the financial system is too precious to be endangered, even with the best possible intentions.

Cyprus is the latest battleground between the two camps. On March 25, after the decision had been taken to wind up the country’s second-largest bank, and to impose large losses on uninsured depositors in the process, Eurogroup President Jeroen Dijsselbloem, the Dutch finance minister, declared that a healthy financial sector requires that “where you take on the risks, you must deal with them.” The aim, he added, should be to create an environment in which Europe’s finance ministers “never need to consider a direct recapitalization” of a bank by the European Stability Mechanism. He was apparently reading from a textbook on moral hazard.

Immediately after this declaration, however, prices of European bank stocks plunged, and Dijsselbloem was accused by many (including some of his colleagues) of having poured oil on a burning fire. Within hours, he issued a statement indicating that “Cyprus is a specific case with exceptional challenges,” and that “no templates are used” in the approach to the European crisis.

This is not convincing. Markets learn from a current crisis which principles will be applied in the next one. And letting them learn is precisely what the fight against moral hazard is about.

European policymakers have been agonizing over the same dilemma throughout the Cyprus crisis. The burden of bailing out the country’s ailing financial institutions was too heavy for an already-indebted Cypriot state, and the International Monetary Fund was adamant that it would not pretend otherwise. So, in mid-March, Cyprus was heading for a precipitous retrenchment of its banking system, resulting in the loss of a very large part of the country’s financial wealth. For the IMF and Germany, which pushed for such an outcome, the rationale was

By Jean Pisani-Ferry

the need to prevent moral hazard.

Cypriot President Nicos Anastasiades, reportedly with some support from European institutions, desperately tried to avoid this fate – in the name of financial stability. The solution found during the night of March 15 – a one-time tax on deposits – was defensible from the Cypriot viewpoint. Preserving domestic financial stability required limiting taxation of large deposits, because a substantial proportion belonged to foreign account-holders. Avoiding a massive withdrawal of foreign capital therefore implied taxing all deposits below the €100,000 ($130,000) threshold. Absent a foreign bailout, no other solution was on offer.

But this solution was detrimental to financial stability in the rest of Europe, because it signaled that the €100,000 threshold below which deposits are guaranteed was not sacrosanct. Legally, of course, this guarantee is only worth the solvency of the guarantor – in this case the near-bankrupt Cypriot state. But its abrogation would nonetheless be symbolically powerful, sparking anxiety throughout Europe.

The obvious way out of this dilemma would have been for Cyprus’s eurozone partners to assume the cost of the tax on deposits below €100,000. Doing so would have cost them an estimated €1.3 billion, or roughly 0.01% of their GDP – a ridiculously low price to pay for financial stability. It would not have created much moral hazard: large depositors would have been taxed, and the Cypriot government would still have suffered the strictures of an IMF/eurozone program – bitter enough medicine.

But, at a time when northern European citizens are full of

resentment against banks and seething with anger over transfers to the south, German Chancellor Angela Merkel and her peers did not want to ask their taxpayers to pay for a partner country’s mistakes.

The March 15 agreement was not politically viable, and was overwhelmingly rejected by the Cypriot parliament. So, ten days after the ill-fated solution was proposed, the Eurogroup ministers changed course and adopted the approach that they had tried to avoid. Banks are being precipitously resolved.

The consequences are already visible: to avoid a complete meltdown, Cyprus has been forced to introduce capital controls – which everyone had thought were illegal and unthinkable within the eurozone. As a result, investors and depositors have learned that the erection of financial barriers within the currency area is indeed a genuine risk. And the Cypriots are so angry at Europe that a deliberate exit from the eurozone has become a distinct possibility.

Ultimately, the true contest is less between moral hazard and financial stability than it is between financially sensible and politically acceptable solutions. In Europe, as elsewhere, financial policy used to be the remit of specialists – central bankers, regulators, and supervisors. Not anymore: the experts have lost their legitimacy.

Nowadays, angry citizens are in charge, and politics is driving financial policy. But politics in Europe is national, and what one national parliament regards as the only possible solution another national parliament regards as entirely unacceptable. Europe has not yet found a response to this problem, and it is not on the way to finding one.

Jean Pisani-Ferry is Director of Bruegel, an international economics think tank, Professor of Economics at Université Paris-Dauphine, and a member of the French prime minister’s Council of Economic Analysis. © Project Syndicate, 2013. www.project-syndicate.org

April 3 - 9, 2013

8 | COMMENT | financialmirror.com

Dynamism by Design: Violence and Innovation ABU DHABI – In the 1949 British film The Third Man, the character Harry Lime observes that, during the Borgia family’s rule in Renaissance Italy, the country “had warfare, terror, murder, and bloodshed. But [it] produced Michelangelo, Leonardo da Vinci, and the Renaissance.” By contrast, he contends, Switzerland’s 500 years of democracy and peace produced little more than the cuckoo clock.

While the implication that innovation and creativity are born only of conflict is extreme – in fact, Switzerland is a world leader in innovation – Lime makes a crucial point. Although peace, order, and political stability are widely perceived as essential prerequisites for invention, entrepreneurship, and economic development, there have been many exceptions to this rule – especially when it comes to creativity and innovation.

The United States is consistently ranked among the world’s top ten countries for innovation, including by INSEAD’s Global Innovation Index. But, on the Global Peace Index, it is ranked 88th of 153 countries. Likewise, the United Kingdom and the Netherlands rank, respectively, fifth and sixth on the Innovation Index, but only 28th and 29th on the Peace Index. Conversely, Bhutan is among the top 20 most peaceful nations, but does not even make it onto innovation indices.

Of course, crime, terrorism, conflict, and political instability severe enough to cause a total breakdown of law and order significantly impede creativity and innovation. But some countries show strong resilience in the face of pervasive violence and volatility.

For example, despite widespread violent crime, Mexico and South Africa have high levels of innovation (measured by patent filing and trademark registration). When terrorism indicators are taken into account, Lebanon, Turkey, Jordan, and Israel emerge as resilient innovators. Just as peace and stability do not always lead to creativity and innovation, fighting and uncertainty do not necessarily deter it.

Although peace, political stability, and civil order are impor-

tant factors to consider when selecting a location for a large-scale foreign production or service operation, they are far less important when it comes to sourcing creativity and making the related investments. In particular, creative industries, such as animation, arts, design, and software – which are mostly based on individual skills and talent – tend to be more resilient to conflict than others.

By Sami Mahroum

Given this, officials, investors, and business leaders in search of revolutionary ideas, cutting-edge solutions, and untapped talent should not allow turbulence in some societies, or tranquility in others, to influence their decisions excessively. In fact, stepping out of one’s comfort zone may offer significant benefits.

Some evidence suggests that the prevalence of uncertainty may boost competition, thereby sparking innovation.

Furthermore, social environments that are characterized by lower levels of consensus and higher levels of violence may be more likely than their more harmonious counterparts to catalyze radical innovation.

Lebanon’s experience supports this assessment. Despite its long history of political violence, its creative industries are expanding. According to a 2007 study of Lebanon’s copyrightbased industries, conducted by the World Intellectual Property Organization, the main challenges facing the country’s software sector – an important part of its economy – include restricted markets, intense competition, a brain drain (loss of human capital), inadequate technology policy, a lack of government incen-

tives, and rampant piracy. Violence is conspicuously absent from the list.

To be sure, violence is always a problem. But countries like Lebanon have become resistant to its effects – for example, by developing creative industries – diminishing its negative impact on economic, social, and intellectual development. In 2005, 10% of all new businesses in Lebanon were in the creative sector, and the copyright-based industries contributed 4.75% of GDP. Similarly, despite high levels of political violence, Nigeria produces more than 1,000 films annually. Indeed, Nigeria’s film industry is the world’s third largest, after the US and India, and is second only to oil production in terms of its economic significance to the country.

According to a 2010 United Nations report on the creative economy, global trade in creative goods grew at an annual rate of 14% from 2002 to 2008. Meanwhile, exports of such goods from developing countries, which tend to experience more violence, grew at a rate of 13.5%, reaching $176 billion (43% of total world trade in creative industries) in 2008. Although overall global trade declined by 12% that year, trade in creative goods and services continued to expand. This has significant implications for political and business leaders – especially in turbulent regions like the Middle East.

In order to bolster economic growth and innovation amid conflict and volatility, policymakers and investors should focus on building the creative industries. The resilience and adaptability that they provide are crucial to supporting long-term economic growth and job creation – no matter what the future brings.

Sami Mahroum is Academic Director of Innovation and Policy at INSEAD. © Project Syndicate, 2013. www.project-syndicate.org

Why Give Corporations a Tax Break?

BERKELEY – US President Barack Obama has called for additional revenue as part of a balanced plan to reduce future budget deficits. But he is also proposing a significant cut in the corporate tax rate. To many, this approach seems inconsistent: Shouldn’t the corporate tax rate be raised, not lowered, so that corporations contribute their “fair share” to deficit reduction?

The answer is no.

After its 1986 tax overhaul, the United States had one of the lowest corporate tax rates among OECD countries. Since then, these countries have been slashing their rates in order to attract foreign direct investment and discourage their own companies from shifting operations and profits to low-tax foreign locations.

In the most recent and audacious move, the British government has embarked on a three-year plan to reduce its corporate tax rate from 28% to 20% – one of the lowest in the OECD – by 2015.

The US now has the highest corporate tax rate of these countries. Even after incorporating various deductions, credits, and other tax-reducing provisions, the effective average and marginal corporate tax rates in the US – what corporations actually pay – are higher than the OECD average.

Cutting the rate to a more competitive level would encourage more domestic investment by US corporations, and would also make the US more attractive to foreign investors. Capital has become increasingly mobile, and differences in national corporate tax rates have a growing influence on where multinational companies locate their operations and report their income.

Higher investment in the US by both domestic and foreign companies would boost economic growth, while the resulting increase in capital – new businesses, factories, equipment, and research –would improve productivity. That should, in turn, boost real wages over time (although the link between productivity growth and wage growth has weakened during the last two decades).

The pro-growth rationale for reducing the US corporate tax rate is compelling, and explains why Obama has proposed cutting it from 35% to 28% (roughly the weighted average rate of the other developed countries).

But a rate cut would be costly in terms of foregone revenues: each percentage point would reduce corporate-tax revenues by about $100 billion over the next decade. Moreover, recent studies indicate that a significant share of the corporate-tax burden falls on capital, so a reduction in corporate taxes would weaken the progressivity of the tax system at a time when income

inequality is at an all-time high.

For these reasons, Obama is championing a “revenue-neutral” reform that would leave corporate-tax revenues unchanged, with the proposed rate cut financed by limiting deductions, credits, and loopholes, which would broaden the tax base.

These features add complexity to the tax code, raise the cost of tax compliance, and reduce corporate-tax revenues. They also affect business decisions about what to invest in, how to finance

By Laura D. Tyson

investments, which form of business organization to adopt, and where to produce – reflecting sizeable differences in the effective tax rates behind these choices.

As a result, broadening the corporate tax base will not be easy. Within the corporate sector, the three largest domestic tax preferences are the manufacturing production deduction, the credit for research and development, and accelerated depreciation of capital. Manufacturing companies are the major beneficiaries of these preferences, and Obama has proposed strengthening the first two.

Instead, he suggests reforming the third by tightening allowances for accelerated depreciation (as several other developed countries have done) in order to offset some of the revenue losses. But reducing the overall corporate rate would increase after-tax returns on past investments, while limiting accelerated depreciation would lower after-tax returns on new investments.

And even eliminating accelerated depreciation would not broaden the tax base enough to finance a rate cut to 28%.

Likewise, while limiting the deductibility of net interest for corporations, as many other developed countries have done, would broaden the tax base and discourage excessive reliance on debt financing, it would increase the tax burden on major investments in physical capital, which are often debt-financed.

Reducing the tax preferences for non-corporate business entities (such as partnerships) that pass their income through to their owners’ individual returns would also broaden the tax base

subject to the corporate-income tax. Pass-through companies now account for more than 80% of net business income (by far the highest share in the developed countries). Several of these entities are very large and profitable, and enjoy the same legal benefits as corporations. Economic logic suggests that businesses of similar size and engaged in similar activities should not pay different tax rates based solely on their organizational form.

The fact that a large share of business income is currently taxed as personal income makes it difficult to separate corporate tax reform from personal tax reform, as Obama and members of Congress would prefer to do. Moreover, keeping the two areas of reform separate rules out the approach adopted by several other developed countries, which have offset some of the revenue losses from cutting corporate tax rates by increasing taxes on corporate equity income at the personal shareholder level.

This approach also addresses concerns about the regressive effects of a cut in the corporate rate. It is both more progressive and more effective: with highly mobile capital, it is far easier to collect taxes from individual citizens and resident shareholders than from multinational companies.

According to a recent study, restoring tax rates on dividends and capital gains to their pre-1997 levels of 28% could finance a reduction in the US federal corporate tax rate from 35% to 26%.

This change would both reduce the incentive for corporations to shift investments abroad and increase the progressivity of the US tax system.

Similarly, a modest carbon tax or value-added tax, with credits or subsidies to offset the regressive effects on low-income households, could generate enough revenue both to pay for a significant reduction in the corporate tax rate and to make a meaningful contribution to deficit reduction.

There is no inconsistency between a progressive, balanced deficit-reduction plan and lowering the corporate tax rate. Of all taxes, corporate taxes are the most harmful to economic growth – without which meaningful deficit reduction is far more difficult to achieve.

Laura Tyson, a former chair of the US President’s Council of Economic Advisers, is a professor at the Haas School of Business at the University of California, Berkeley. © Project Syndicate, 2013. www.project-syndicate.org

April 3 - 9, 2013

financialmirror.com | COMMENT | 9

When Interest Rates Rise CAMBRIDGE – Long-term interest rates are now unsustainably low, implying bubbles in the prices of bonds and other securities. When interest rates rise, as they surely will, the bubbles will burst, the prices of those securities will fall, and anyone holding them will be hurt. To the extent that banks and other highly leveraged financial institutions hold them, the bursting bubbles could cause bankruptcies and financial-market breakdown.

The very low interest rate on long-term United States Treasury bonds is a clear example of the current mispricing of financial assets. A ten-year Treasury has a nominal interest rate of less than 2%. Because the inflation rate is also about 2%, this implies a negative real interest rate, which is confirmed by the interest rate of -0.6% on ten-year Treasury Inflation Protected Securities (TIPS), which adjust interest and principal payments for inflation.

Historically, the real interest rate on ten-year Treasuries has been above 2%; thus, today’s rate is about two percentage points below its historical average. But those historical rates prevailed at times when fiscal deficits and federal government debt were much lower than they are today. With budget deficits that are projected to be 5% of GDP by the end of the coming decade, and a debt/GDP ratio that has roughly doubled in the past five years and is continuing to grow, the real interest rate on Treasuries should be significantly higher than it was in the past.

The reason for today’s unsustainably low long-term rates is not a mystery. The Federal Reserve’s policy of “long-term asset purchases,” also known as “quantitative easing,” has intentionally kept long-term rates low. The Fed is buying Treasury bonds and long-term mortgage-backed securities at a rate of $85 billion a month, equivalent to an annual rate of $1,020 billion. Since that exceeds the size of the government deficit, it implies that private markets do not need to buy any of the newly issued government debt.

The Fed has indicated that it will eventually end its pro-

gram of long-term asset purchases and allow rates to rise to more normal levels. Although it has not indicated just when rates will rise or how high they will go, the Congressional Budget Office (CBO) projects that the rate on ten-year Treasuries will rise above 5% by 2019 and remain above that level for the next five years.

The interest rates projected by the CBO assume that future inflation will be only 2.2%. If inflation turns out to be

By Martin Feldstein

higher (a very likely outcome of the Fed’s recent policy), the interest rate on long-term bonds could be correspondingly higher.

Investors are buying long-term bonds at the current low interest rates because the interest rate on short-term investments is now close to zero. In other words, buyers are getting an additional 2% current yield in exchange for assuming the risk of holding long-term bonds.

That is likely to be a money-losing strategy unless an investor is sagacious or lucky enough to sell the bond before interest rates rise. If not, the loss in the price of the bond would more than wipe out the extra interest that he earned, even if rates remain unchanged for five years.

Here is how the arithmetic works for an investor who rolls over ten-year bonds for the next five years, thus earning 2% more each year than he would by investing in Treasury bills or bank deposits. Assume that the interest rate on ten-year bonds remains unchanged for the next five years

and then rises from 2% to 5%. During those five years, the investor earns an additional 2% each year, for a cumulative gain of 10%. But when the interest rate on a ten-year bond rises to 5%, the bond’s price falls from $100 to $69. The investor loses $31 on the price of the bond, or three times more than he had gained in higher interest payments.

The low interest rate on long-term Treasury bonds has also boosted demand for other long-term assets that promise higher yields, including equities, farm land, high-yield corporate bonds, gold, and real estate. When interest rates rise, the prices of those assets will fall as well.

The Fed has pursued its strategy of low long-term interest rates in the hope of stimulating economic activity. At this point, the extent of the stimulus seems very small, and the risk of financial bubbles is increasingly worrying.

The US is not the only country with very low or negative real long-term interest rates. Germany, Britain, and Japan all have similarly low long rates. And, in each of these countries, it is likely that interest rates will rise during the next few years, imposing losses on holders of long-term bonds and potentially impairing the stability of financial institutions.

Even if the major advanced economies’ current monetary strategies do not lead to rising inflation, we may look back on these years as a time when official policy led to individual losses and overall financial instability.

Martin Feldstein, Professor of Economics at Harvard University and President Emeritus of the National Bureau of Economic Research, chaired President Ronald Reagan’s Council of Economic Advisers from 1982 to 1984.

© Project Syndicate, 2013. www.project-syndicate.org

Love the Bank, Hate the Banker Public discourse is rarely nuanced. The public’s attention span is short, and subtleties tend to confuse. Better to take a clear, albeit incorrect, position, for at least the message gets through. The sharper and shriller it is, the more likely it is to capture the public’s attention, be repeated, and frame the terms of debate.

Consider, for example, the debate about bank regulation.

Bankers are widely reviled today. But banking is also mystifying. So any critic who has the intellectual heft to clear away the smokescreen that bankers have laid around their business, and can portray bankers as both incompetent and malevolent, finds a ready audience. The critic’s message – that banks need to be cut down to size – resonates widely.

Bankers can, of course, ignore their critics and the public, and use their money to lobby in the right quarters to maintain their privileges. But, every once in a while, a banker, tired of being portrayed as a rogue, lashes out. He (it is usually a man) warns the public that even the most moderate regulations placed on banks will bring about the end of civilization as we know it. And so the shrillness continues, with the public no wiser for it.

A more specific example drives home the point. A significant number of banks operated at very high levels of leverage prior to the recent crisis, with debt/equity ratios of 30-1 (or more) in some cases, and with much of the debt very short-term.

One might reasonably conclude that banks operated with too little equity capital, and too little margin of safety, and that a reasonable regulatory response would be to require that banks be better capitalized.

But this is where the consensus breaks down. The critics want banks to operate with far less leverage, especially regarding short-term borrowing; indeed, some want all-equity banks, so that the system becomes safe. The bankers retort that they must pay a higher return on any additional equity that they issue, so that more equity would increase their cost of capital, forcing them to raise interest rates on the loans they make, which would reduce economic activity.

Neither side is quite right in their public arguments. The bankers do not seem to have internalized a fundamental axiom of modern finance: risk emanates from the assets that a bank holds. According to the Modigliani-Miller theorem, the mix of debt and equity that it uses to finance its assets does not alter its average cost of financing. Use more “cheap” debt, and equity becomes riskier and costlier, keeping overall financing costs the same. Use more equity, and equity becomes less leveraged and less risky, which causes investors to demand lower returns to hold it, and again the

By Raghuram Rajan

overall financing cost remains the same. Put differently, given a set of cash flows from a bank’s assets, the bank’s value is not affected by how those cash flows are distributed among investors, so more leverage does not reduce the bank’s cost of funding.

If their public argument is incorrect (and they must know it), why do bankers prefer short-term borrowing to long-term equity finance? The critics would say that it is because of the tax preference accorded to debt, or because banks are too big to fail.

But these arguments do not withstand scrutiny. If the tax deductibility of interest made debt attractive, then bankers should be indifferent between long-term debt and short-term debt. Yet they seem to prefer the latter.

Similarly, too-big-to-fail banks would not care about the failure risk associated with debt financing. But, again, it is unclear why they should prefer short-term debt. After all, if bankers were trying to benefit, would they not issue long-

term debt, for which the default risk, and the gain from the implicit government guarantee, is high? Furthermore, why do small banks, which have no implicit backing from the government, also have so much leverage?

The critics’ arguments about the benefits of equity are equally unsatisfying. Of course, given a set of bank assets, more equity would reduce the risk of failure. But failure is not always a bad thing; a banker operating an all-equity bank, with no need ever to repay investors, would be likelier to take unwarranted risk. The need to repay or roll over debt imposes discipline, giving the banker a stronger incentive to manage risk carefully.

For example, when Washington Mutual collapsed in 2008, following an uncontrolled lending spree (it was the largest bank failure in American history), it was not because equity holders decided to close it down, but because depositors did not trust it anymore. How much more value would Washington Mutual’s management have destroyed if the bank had been all-equity financed?

In sum, there are tradeoffs. Too much short-term debt makes banks more prone to failure, while too much equity places little restraint on bankers’ capacity to destroy value.

The truth lies somewhere between the positions of today’s strident critics and indignant bankers, which may be why the moderately leveraged bank has been a feature of Western economies for a thousand years. Our distaste for the banker must not be allowed to destroy the bank.

Raghuram Rajan, Professor of Finance at the University of Chicago Booth School of Business and the chief economic adviser in India’s finance ministry, is the author of Fault Lines: How Hidden Fractures Still Threaten the World Economy.

© Project Syndicate, 2013. www.project-syndicate.org

April 3 - 9, 2013

10 | COMMENT | financialmirror.com

CISI rolls out integrity tests for bankers l Ethical

screening of members compulsory; Jobseekers barred from CISI until they pass online exam

Thousands of financial sector workers risk being frozen out of the industry unless they pass mandatory tests measuring their personal ethics and integrity.

The Chartered Institute for Securities and Investment (CISI), a professional body for individuals working, or seeking careers in wealth management and capital markets, wants all of its members to undergo integrity screening or face losing their membership, as it battles to restore public faith in finance.

Until now, only individuals offering financial advice had to take such a test as a condition of their CISI status and to comply with UK rules on how investment funds are sold to savers.

Bankers working in areas like corporate finance and mergers and acquisitions, and traders in bonds, shares and derivatives have no such regulatory requirements imposed upon them.

But the CISI said on Tuesday that systematic checks on the ethics and integrity of workers across the entire financial services industry were long overdue.

“There has been much talk about a number of initiatives which are aimed at restoring trust in financial services. This is one that has come to fruition and today we are introducing a real change,” CISI Chief Executive Simon Culhane said.

Based in London, the CISI is an international organisation with offices in financial centres such as Dublin, Singapore, Dubai and Mumbai. It also operates a diploma course with the CIIM Business School in Cyprus.

Around 7,300 of CISI’s 40,000 members have sat the Integrity Matters test since it was introduced in late 2008.

The CISI hopes the additional roll out will reassure savers that the industry is serious about ending so-called ‘casinobanking’.

The test offers users six dilemmas, all based on real life examples from the financial sector. Each dilemma evolves over a series of time periods, with each response determining how the scenario develops. As well as demanding compliance across its entire global membership, the CISI said it would no longer accept entry-level candidates for its capital markets qualifications unless they had passed the exam first.

Some institutions including Bank of America require staff working in retail investment advisory roles to take examinations set by, or belong to, approved bodies like the CISI so they can more easily demonstrate competence of their employees to regulators.

Without such credentials, jobseekers could struggle to find work at some of the world’s largest banks, the CISI said.

Martin Wheatley, head of Britain’s Financial Conduct Authority, welcomed the CISI initiative but sceptics said the test would only prove that bankers know how they should act, not whether they actually would apply those ethics on a daily basis.

Austerity threatens EU competitive edge l

Infrastructure growth far below global rate, a quarter of Asia-Pacific ANALYSIS

Europe’s carefully maintained autobahns, high-speed TGV trains and vast network of modern airports have long been the envy of the world.

But thanks to austerity budgets that are slashing infrastructure spending just as other parts of the world are ramping it up, that may not be true for much longer.

European infrastructure spending rose just 1.5% last year to $741 bln, compared to global growth of 4.5% and a 7.1% rise in the Asia-Pacific, according to data compiled by Marketline, a business information provider.

Spending in Europe will increase slightly over the next four years, to 4.3% growth by 2016, Marketline told Reuters, but will continue to significantly underperform the world average. Only the United States will do worse, with growth of just 1.8% seen in 2016.

Company executives, trade groups and even EU officials themselves say the region is in danger of falling behind competitors, with possibly irreversible consequences.

“We are out of pace with other parts of the world. We are not rejoicing,” said Harold Ruijters, who leads the Transport Commission’s Trans European Network unit, which aims to connect Europe’s fragmented railways, roads and airports.

Brussels’ main infrastructure funding budget, the Connecting Europe Facility, was cut in the latest EU budget announced in February from an originally allocated 50 bln euros to 29.3 bln euros over the next seven years.

Broadband and digital infrastructure took the biggest hit, cut from 9.2 bln to just 1 bln euros.

The budget for spending on major transportation up to 2020 was cut by 38% from 21 bln to 13 bln euros, forcing the Transport Commission to drop air and road projects, which will instead need to seek uncertain sources of commercial funding.

“We are dealing with a severely reduced budget. At the same time, during a time of crisis we are acknowledging that this was perhaps the best deal we could get,” Ruijters told Reuters.

Several years of earlier austerity cuts in infrastructure have already started hurting Europe’s competitive position, he said, citing railways and aviation as problem sectors.

Reduced budgets and the prospect of long-term weak economic growth in the bloc will make it virtually impossible to meet spending needs in the coming two decades, he said.

The financial reality is out of sync with the EU’s long-term strategic goal of creating jobs, and increasing competitiveness and growth in a single European market, which the EU Commission had estimated would require 1.5 trln euros of spending on transportation infrastructure by 2030.

“At the moment we have one of the best infrastructures in the world, but it is ageing and we have to invest billions just to keep it up. We are far away from completing the internal market, in all transportation modes,” said Jurgen Thumann, head of Business Europe, a Brussels-based industrial lobby group.

Currently 12 of the top 20 nations in a ranking by the World Economic Forum for 2012-2013 are in Europe.

But this year China will for the first time spend more on infrastructure than Europe, though per capita it is still a small fraction of what is spent in the U.S. and in Japan, Marketline said.

Pedro Rodrigues de Almeida, director of infrastructure studies at the WEF, concurred that even after the European economy recovers, which economists expect could happen as early as the second half of this year, essential spending will lag requirements for years to come.

“We will not recover the levels of construction expenditure that we had in 2007-2008, or just before the crisis, until around 2016.

This is something that is going to take several years,” he said.

WHERE’S THE MONEY

A decades-long trend of falling global public expenditure on infrastructure, from around 9.5% of GDP in 1990 to 7% in 2005, has been driven by rising costs for pensions and health care, according to the OECD.

French canal originally cited as one of 30 priority infrastructure projects backed by Brussels, which Paris has said it can now only afford if 30% is paid out of European funds.

The Seine-Nord canal is a 106-km, high-capacity waterway that will link Seine river to Belgium, Germany and the Netherlands. It would relieve Europe’s most congested transport corridor with more than 130 mln tons of traffic per year.

Construction which was supposed to start next year was expected to create 4,500 jobs, with around 25,000 new permanent jobs between 2025 and 2030. Its future is highly uncertain as the French government reviews 245 bln euros worth of costly projects.

In Ireland, the transport budget for 2010-15 was reduced by almost 50% in just two years from 17.5 bln to 8 bln euros.

Plans to give Dublin its first underground rail services - one to connect the airport to the city centre and another to link two existing rail lines - have been scrapped. The projects would have cost 2 bln euros.

Italy’s parliament in December froze a 3.9-bln euro contract to build a road and rail bridge connecting Sicily to the mainland, known as Ponte sullo Stretto di Messina.

Spain is budgeting 9.6 bln euros in public infrastructures in 2013, down 16% from a year earlier and down 36% from 2008, when 15 bln were targeted. Several major toll-road projects were pulled after going bankrupt due to over-spending.

That led to the halt of the construction of 14 luxury stations along the high-speed rail network, saving 3.5 bln euros, and the cancellation of a railway from Madrid to Lisbon.

TRANSPORT NETWORK

Until the global financial crisis hit, the private sector had increasingly filled that gap.

Now, while there are plenty of investors such as pension funds or insurance companies who have money available, they are restricted in how that money can be invested to avoid too much risk and meet targets.

The same applies for banks, which face tougher regulations over lending money.

The number of infrastructure projects to be financed fell 8% last year, the first decline in a decade, the OECD said. Lending to European projects, including total debt and equity, slowed by nearly 39% to slightly more than $49 bln.

In Germany, which makes up 15% of total European infrastructure spending, 41.5 bln euros worth of projects will be started, continued or finished between 2011 and 2015, down from an initially budgeted 57 bln euros.

A spokesman for the German Ministry of Transport told Reuters the situation was one of “structural under-investment.”

“There are so many projects waiting to be carried out, but there’s no money there. We have succeeded in getting some more funding, but more is needed. We need it because this investment is important for jobs, the economy and prosperity of Germany.”

A high-profile plan that may be dropped is the 4 bln euro

Trade within Europe, which has a population of more than 730 mln and represents roughly 22% of the world’s cargo by value, is expected to double in the coming decade.

Brussels said in a policy paper released before the recent budget cuts that 550 bln euros in high-priority projects were needed through 2020 to create a core transportation network to meet the increased demand.

The investment would connect 120 major ports and airports to rail, upgrade 15,000 km of rail tracks to high speed and remove 35 key cross-border bottlenecks. The region’s railways use seven different gauges and only 20 major airports and 35 major ports are directly connected to the rail network.

The upgrades would not only make the distribution of goods faster and cheaper, but also be required to meet EU targets to reduce carbon emissions by 60%, halve conventional car use and shift 50% of long distance freight onto trains and ships by 2050.

Airline executives have been among the most outspoken about concerns that Europe risks losing its competitive position if it fails to implement these plans.

Paris’ Charles de Gaulle Airport plans to spend 2.1 bln euros to 2015 on new facilities, while Dubai said last year it plans to invest 6 bln euros in airport expansion by 2018 to boost capacity by 50%.

“Europe was a leader in terms of quality infrastructure,” Air France-KLM chief executive Jean-Cyril Spinetta told Reuters. “I am very concerned about the future, especially airports. The amount of investment in other regions is incredibly high.”

EB¢OMA¢IAIA OIKONOMIKH ¶√§π∆π∫∏ EºHMEPI¢A AÚ. 909

www.financialmirror.com

∆∂∆∞ƒ∆∏, 3 ∞¶ƒπ§π√À, 2013

ªÂ ‚ԇϷ ÙÔ ªÓËÌfiÓÈÔ ∫‡ÚÔ˘ - ∆ÚfiÈη˜ ΣκληρÞ παζάρι µε την ΤρÞικα έκανε η κυβέρνηση Þσον αφορά τη συνοµολÞγηση του κυπριακού µνηµονίου προκειµένου το τελικÞ µνηµÞνιο να κατατεθεί αύριο Πέµπτη στη σύνοδο τησ οµάδασ Εργασίασ του Eurogroup. Θέµατα που παλαιÞτερα θεωρούνταν ταµπού Þπωσ αυτά των ιδιωτικοποιήσεων ηµικρατικών οργανισµού, του εταιρικού φÞρου και του 13ου µισθού φαίνεται να µην συγκίνησαν ούτε τουσ ίδιουσ τουσ εργαζÞµενουσ αφού Þλοι ακÞµη προσπαθούν να συνέλθουν απÞ το ηχηρÞ χαστούκι που δέχθηκε η Κύπροσ ελέω του κουρέµατοσ καταθέσεων. Το ΜνηµÞνιο που στην ουσία αποτελεί προέκταση τησ συµφωνίασ που έγινε µε την προηγούµενη κυβέρνηση, είναι ένα µείγµα νέων φορολογιών, µειώσεων µισθών και απολύσεων στο ∆ηµÞσιο, και χρησιµοποίηση των εσÞδων απÞ κρατικοποίησεισ και µέσω του φυσικού αερίου για τη διασφάλιση τησ βιωσιµÞτητασ του χρέουσ. Πιο αναλυτικά το ΜνηµÞνιο θέτει ωσ στÞχο για την Κύπρο την εµφάνιση πρωτογενούσ ελλείµµατοσ έωσ 2,4% του ΑΕΠ το 2013, και κατ’ επέκταση απαιτεί πρÞσθετα µέτρα λιτÞτητασ ύψουσ 351 εκ. ευρώ ή 2,1% του ΑΕΠ. ΜεσοπρÞθεσµοσ στÞχοσ είναι η επίτευξη πρωτογενούσ πλεονάσµατοσ στο 4% του ΑΕΠ έωσ το 2018 και η διατήρησή του στα επίπεδα αυτά στη συνέχεια. Πάντωσ τα µέτρα που έχουν κλειδώσει στο αναθεωρηµένο κυπριακÞ ΜνηµÞνιο είναι η αύξηση του εταιρικού φÞρου απÞ το 10% στο 12,5%, η αύξηση τησ φορολÞγησησ τÞκων και µερισµάτων στο 30% και η φορολÞγηση τησ ακίνητησ ιδιοκτησίασ µε στÞχο να εισρεύσουν έσοδα 70 εκ. ευρώ. Υπάρχει επίσησ συµφωνία για αποκρατικοποιήσεισ ύψουσ τουλάχιστον 1,4 δισ ευρώ µε αφετηρία απÞ τουσ µεγάλουσ ηµικρατικούσ τη Cyta. Η πρÞνοια αυτή προσφέρει επαρκή χρονικά περιθώρια, που εκτείνονται µέχρι το 2018, αντί του 2016. Αυτή η άνεση χρÞνου, παρέχει τη δυνατÞτητα για καλύτερο σχεδιασµÞ και για υλοποίηση του προγράµµατοσ κάτω απÞ καλύτερεσ οικονοµικά συνθήκεσ, που να διασφαλίζουν και τουσ εργαζοµένουσ. ∆εδοµένη θεωρείται πάντωσ η πρÞθεση τησ κυβέρνησησ να προχωρήσει στην πώληση του ΧΑΚ, αλλά και στη διάθεση του ποσοστού που κατέχει σε Παγκύπρια Εταιρεία Αρτοποιών και ∆ασικέσ Βιοµηχανίεσ. Να θυµίσουµε Þτι υπάρχει συµφωνία µε την κυβέρνηση ΧριστÞφια για αύξηση των φορολογιών σε τσιγάρα, ποτά και βενζίνη, καθώσ και νέα αύξηση του ΦΠΑ απÞ τισ 14 Ιανουρίου του 2014 στο 19%. Συµφωνία υπάρχει και για τη φορολÞγηση των κερδών άνω των 5.000 ευρώ απÞ τα παιχνίδια του ΟΠΑΠ και το κρατικÞ λαχείο κατά 20%. Για το ΚρατικÞ Λαχείο στισ σκέψεισ είναι και η ιδιωτικοποίηση του. Σε σχέση µε τισ µειώσεισ µισθών και συντάξεων στο ∆ηµÞσιο το σκληρÞ πÞκερ συνεχίζεται. Το µÞνο δεδοµένο

¢¿ÓÂÈÔ €10 ‰È˜ Ì 2,5% ÂÈÙfiÎÈÔ Î·È ·ÔÏËڈ̋ Û 22 ¯ÚfiÓÈ· είναι Þτι για φέτοσ δεν θα αγγίξει Þσουσ αµείβονται µε ποσά κάτω των 1,000 ευρώ κάτι που δεν θα ισχύει και για του χρÞνου ελέω τησ συµφωνίασ τησ προηγούµενησ κυβέρνησησ για οριζÞντια µείωση ύψουσ 3%. Η προηγούµενη συµφωνία προνοούσε πάντωσ µειώσεισ απÞ 6,5% µέχρι 12,5%. Το τελικÞ µνηµÞνιο Þπωσ καταρτίστηκε χθεσ προνοεί επίσησ: - Τη θωράκιση των κυριαρχικών δικαιωµάτων τησ Κυπριακήσ ∆ηµοκρατίασ, Þσον αφορά το σχεδιασµÞ, την εκµετάλλευση και τη διαχείριση των εσÞδων απÞ το ΦυσικÞ Αέριο. Συγκεκριµένα περιλαµβάνονται ρητέσ αναφορέσ στην αποκλειστική ευθύνη τησ Κυπριακήσ ∆ηµοκρατίασ. Αφαιρείται η πρÞνοια για επανεξέταση του προγράµµατοσ απÞ την ΤρÞικα. ∆ιασφαλίζεται, επίσησ, Þτι τα έσοδα απÞ την µελλοντική εκµετάλλευση του Φυσικού Αερίου παραµένουν στη δικαιοδοσία του Κράτουσ.

- Η περίοδοσ δηµοσιονοµικήσ προσαρµογήσ επεκτείνεται κατά δύο χρÞνια, απÞ το 2016 στο 2018. Η προσαρµογή καθίσταται πιο ήπια, δίνεται η ευκαιρία τα µέτρα αντί σε τρία χρÞνια να κατανεµηθούν στα πέντε και µε αυτÞ τον τρÞπο αµβλύνεται η πίεση για άµεση προσαρµογή. Η πρÞνοια για ιδιωτικοποιήσεισ προσφέρει επαρκή χρονικά περιθώρια, που εκτείνονται µέχρι το 2018, αντί του 2016. Αυτή η άνεση χρÞνου, παρέχει τη δυνατÞτητα για καλύτερο σχεδιασµÞ και για υλοποίηση του προγράµµατοσ κάτω απÞ καλύτερεσ

ŒÛÂÈÚ ÙÔÓ ¶∞¡π∫√ ÛÙÔ Ã∞∫ Αναστάτωση προκάλεσε σε Χρηµατιστήριο Αξιών Κύπρου, Επιτροπή Κεφαλαιαγοράσ και τα χρηµατιστηριακά γραφεία τησ Κύπρου επιστολή του ∆ιοικητή τησ Κεντρικήσ Τράπεζασ Πανίκου ∆ηµητριάδη µέσω τησ οποίασ στην ουσία τουσ κοινοποιούσε την κοινή απÞφαση του µε την ΤρÞικα για πάγωµα τησ κοινήσ πλατφÞρµασ διαπραγµάτευσησ των εισηγµένων τίτλων σε ΧΑΚ και Σοφοκλέουσ µέχρι νεοτέρασ ειδοποίησησ µε στÞχο τη συγκράτηση κεφαλαίων στην Κύπρο. Συγκεκριµένα στην επιστολή η οποία κοινοποιήθηκε χθεσ 2 Απριλίου στισ 11.30 το πρωί δηλαδή µια ώρα µετά το άνοιγµα του ΧΑΚ απαγορεύτηκε ρητά η διενέργεια πράξεων σε Þσα χρηµατιστηριακά γραφεία τησ Κύπρου που είναι και τα πλείστα συνεργάζονται µε ξένουσ θεµατοφύλακεσ και δÞθηκαν οδηγίεσ Þπωσ γίνονται πράξεισ µÞνο απÞ Þσα χρηµατιστηριακά γραφεία συνεργάζονται µε Κύπριουσ θεµατοφύλακεσ. Αξίζει στο σηµείο αυτÞ να αναφέρουµε Þτι η διαδικασία για συνεργασία µε εγχώριο θεµατοφύλακα δεν είναι κάτι που µπορεί να επιτευχθεί άµεσα αφού χρειάζεται κάποιεσ µέρεσ ίσωσ και εβδοµάδεσ µέχρι να διεκπεραιωθεί. Την ίδια ώρα µεγάλοσ ξένοσ θεµατοφύλακασ και συγκεκριµένα η Citibank σύµφωνα µε διασταυρωµένεσ πληροφορίεσ µασ αποφάσισε να αναστείλει τη συµµετοχή τησ στη κοινή πλατφÞρµα υπÞ το φωσ των νέων εξελίξεων. Με αυτά

και µε αυτά το ΧΑΚ είχε χθεσ τζίρο µÞλισ 19,208 ευρώ ποσÞ το οποίο αποτελεί αρνητικÞ ιστορικÞ ρεκÞρ απÞ τη µέρα λειτουργίασ του κάτι που αποτελεί Þπωσ µασ αναφέρθηκε αρµοδίωσ και αρνητικÞ παγκÞσµιο ρεκÞρ σε Þλεσ τισ χρηµαταγορέσ. Αξιοσηµείωτο ήταν και το Þτι οι ελάχιστεσ µετοχέσ στισ οποίεσ έγιναν πράξεισ έκλεισαν µε απώλειεσ τησ τάξησ του 20%. Ο ΓενικÞσ ∆είκτησ έκλεισε στισ 99,46 µονάδεσ, υποχωρώντασ σε ποσοστÞ 2,56%, ενώ ο ∆είκτησ FTSE/CySE 20 υποχώρησε στισ 39,32 µονάδεσ, παρουσιάζοντασ ζηµιέσ σε ποσοστÞ 2,48%. Η κατάσταση αναµένεται πάντωσ να απασχολήσει σηµερινή κρίσιµη σύσκεψη στισ 9.30 το πρωί στο ΧΑΚ στην οποία θα συµµετέχουν Þλοι οι εµπλεκÞµενοι δηλαδή ΧΑΚ, Επιτροπή Κεφαλαιαγοράσ και χρηµατιστηριακά γραφεία. Οι χρηµατιστέσ θα συνεδριάσουν πριν τη σύσκεψη στισ 8.15 στα κεντρικά γραφεία τησ Cisco στη Λευκωσία για να καθορίσουν κοινή γραµµή για τη σύσκεψη. Το ενδεχÞµενο να παρθεί απÞφαση να παραµείνει κλειστÞ το ΧΑΚ είναι δύσκολο αλλά Þχι απίθανο να αποφασιστεί Þπωσ µασ αναφέρθηκε αρµοδίωσ. Τέλοσ σε Þτι αφορά τη διαπραγµάτευση των τίτλων τησ Τράπεζασ Κύπρου και τησ Λαϊκήσ Τράπεζασ σύµφωνα µε ανακοίνωση του ΧΑΚ έχει ανασταλεί µέχρι τισ 15 Απριλίου

οικονοµικά συνθήκεσ, που να διασφαλίζουν και τουσ εργαζÞµενουσ.

- Τη διασφάλιση των θέσεων εργασίασ για τουσ ωροµίσθιουσ που θα αποχωρούσαν, αλλά και τη διασφάλιση των θέσεων εργασίασ για τουσ συµβασιούχουσ εκπαιδευτικούσ, έναντι µίασ πολύ µικρήσ και κλιµακωτήσ συνεισφοράσ που κυµαίνεται απÞ το 0.8% για τουσ χαµηλά αµειβÞµενουσ στο ∆ηµÞσιο Τοµέα και φθάνει µέχρι το 2% για τουσ υψηλÞµισθουσ.

- Απάλειψη τησ πρÞνοιασ για αύξηση κατά µία περίοδο των ωρών διδασκαλίασ, που θα οδηγούσε στην ανεργία 500 εκπαιδευτικούσ, µε παράλληλη προώθηση σειράσ άλλων µέτρων διαχρονικήσ φύσεωσ.

- Η πρÞσβαση στην Ιατροφαρµακευτική Περίθαλψη για 170,000 συµπολίτεσ µασ, που µε βάση τισ πρÞνοιεσ του αρχικού Μνηµονίου θα τερµατιζÞταν, διασφαλίζεται έναντι µίασ προσωρινήσ συνεισφοράσ-ασφαλίστρου του 1.5% επί των µηνιαίων απολαβών, για τη µεταβατική περίοδο µέχρι την καθιέρωση του Γενικού Συστήµατοσ Υγείασ. Το ίδιο Þφελοσ διασφαλίζεται, σε εθελοντική βάση, για οικογένειεσ µε τρία ή περισσÞτερα παιδιά.

- Με συγκεκριµένη πρÞνοια στο ΜνηµÞνιο εξασφαλίζονται επαρκείσ πÞροι απÞ τη ∆ανειακή Σύµβαση, για τα Ταµεία Προνοίασ που είναι κατατεθειµένα στη Λαϊκή Τράπεζα, ούτωσ ώστε αυτά να µην απολεσθούν, αλλά να έχουν την ίδια µεταχείριση µε εκείνα τησ Τράπεζασ Κύπρου.

- Ο περιορισµÞσ στον αριθµÞ των ∆ηµοσίων Υπαλλήλων µέχρι το τέλοσ τησ προγραµµατικήσ περιÞδου, απÞ 5000 που είχε αρχικά συµφωνηθεί, µειώνεται στισ 4500, διευκολύνοντασ έτσι την οµαλή προσαρµογή του µεγέθουσ τησ ∆ηµÞσιασ Υπηρεσίασ µέσω αφυπηρετήσεων.

- Εισάγεται για πρώτη φÞρα η δυνατÞτητα διακανονισµού µεταξύ Τραπεζών – πελατών για αναπροσαρµογή των Þρων αποπληρωµήσ των δανείων, µε στÞχο την ελάφρυνση του βάρουσ που επωµίζονται οι πολίτεσ. Η υποχρέωση διακανονισµού κατοχυρώνεται νοµικά, ενώ για τη διευκÞλυνση µιασ πιο δίκαιησ συµφωνίασ µπαίνει σε εφαρµογή και ο θεσµÞσ του Τραπεζικού ∆ιαµεσολαβητή.

- ΕπιπρÞσθετα απεφεύχθη η φορολογία επί των µερισµάτων, την οποία η ΤρÞικα είχε απαιτήσει.

- Σε σχέση µε το ΜνηµÞνιο του περασµένου Νοεµβρίου, η διαδικασία εκποίησησ πρώτησ κατοικίασ επεκτείνεται απÞ τα δύο στα δυÞµιση χρÞνια, ενώ οι σχετικέσ νοµοθετικέσ ρυθµίσεισ µετατίθενται χρονικά στο τέλοσ του 2014.

O °ÂˆÚÁÈ¿‰Ë˜ ÛÙËÓ ı¤ÛË ™·ÚÚ‹ Ο Χάρησ Γεωργιάδησ ορκίζεται σήµερα νέοσ ΥπουργÞσ Οικονοµικών µετά την υποβολή παραίτησησ απÞ τον Μιχάλη Σαρρή. Νέα ΥπουργÞσ Εργασίασ διορίζεται η Ζέτα Αιµιλιανίδου. Η ορκωµοσία θα γίνει σήµερα στο ΠροεδρικÞ Μέγαρο στισ 9.30 πρωί. Θα ακολουθήσει συνεδρίαση του Υπουργικού Συµβουλίου. Ο κ. Σαρρήσ υπέβαλε χθεσ την παραίτησή του για να διευκολύνει το έργο τησ ερευνητικήσ επιτροπήσ, καθώσ Þπωσ ο ίδιοσ εξήγησε, η επιτροπή αναµένεται να ερευνήσει και δραστηριÞτητεσ τησ περιÞδου κατά την οποία διετέλεσε ΠρÞεδροσ τησ Λαϊκήσ Τράπεζασ. Τη λύπη του για την παραίτηση του Υπουργού Οικονοµικών Μιχάλη Σαρρή, εξέφρασε µε γραπτή του ανακοίνωση ο ΠρÞεδροσ Αναστασιάδησ. Ο απερχÞµενοσ ΥΠΟΙΚ Μιχάλησ Σαρρήσ µιλώντασ µετά τη διαµÞρφωση του µνηµονίου, εκτίµησε Þτι το 2013 θα είναι πάρα πολύ δύσκολοσ χρÞνοσ, οι αρχέσ του 2014 θα είναι δύσκολεσ, και πέραν αυτού του χρονικού διαστήµατοσ προδιαγράφονται θετικέσ προοπτικέσ για την κυπριακή οικονοµία.

ΧΡΗΜΑ&ΑΓΟΡΑ

3 ΑΠΡΙΛΙΟΥ, 2013

2 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

¶ÈÔ «¯·Ï·Úfi» ÙÔ Ó¤Ô ¢È¿Ù·ÁÌ· Περαιτέρω διευκολύνσεισ στην κίνηση κεφαλαίων επέφερε το τρίτο ∆ιάταγµα, που εξέδωσε χθεσ το Υπουργείο Οικονοµικών. ΕιδικÞτερα, το τρίτο διάταγµα που έχει ισχύ δύο µέρεσ επιτρέπει τισ πληρωµέσ µέσω επιταγών µέχρι το ποσÞ των 9.000 ευρώ µηνιαίωσ ανά φυσικÞ πρÞσωπο ανά πιστωτικÞ ίδρυµα προσ λογαριασµούσ που διατηρούνται σε άλλα πιστωτικά ιδρύµατα. Σε σχέση µε τισ εσωτερικέσ εµπορικέσ συναλλαγέσ, το νέο διάταγµα θα προνοεί πληρωµέσ προσ λογαριασµÞ που διατηρεί-

ται σε άλλο πιστωτικÞ ίδρυµα µέχρι 25.000 ευρώ ηµερησίωσ ανά λογαριασµÞ χωρίσ περιορισµούσ. Στο προηγούµενο διάταγµα προνοούσε πληρωµέσ µέχρι 5.000 ευρώ. Πληρωµή απÞ 25.000 - 200.000 θα υπÞκειται στην έγκριση τησ ειδικήσ Επιτροπήσ, Þπωσ ίσχυε προηγουµένωσ, ενώ για πληρωµέσ πέραν των 200.000 ευρώ απαιτείται εκ των προτέρων έγκριση τησ Επιτροπήσ. Με το νέο διάταγµα µπορεί να γίνονται και πληρωµέσ εκτÞσ τησ ∆ηµοκρατίασ µε τα προηγούµενα Þρια, δηλαδή µέχρι 5.000 ευρώ ανά λογαριασµÞ χωρίσ περιορισµÞ.

ΑπÞ 5.000 - 200.000 ευρώ µε την έγκριση τησ Επιτροπήσ και για πληρωµέσ πέραν των 200.000 ευρώ µε προέγκριση τησ Επιτροπήσ. Στο νέο διάταγµα δεν θα υπάρχουν περιορισµοί στην πληρωµή διδάκτρων και εντÞσ Κύπρου. Σε σχέση µε τον τερµατισµÞ κατάθεσησ προθεσµίασ, το νέο διάταγµα προνοεί Þτι µπορεί να τερµατιστεί µια τέτοια κατάθεση, εφÞσον το προϊÞν χρησιµοποιηθεί για τη δηµιουργία µιασ ή περισσÞτερων καταθέσεων προθεσµίασ συνολικού ποσού ίσου

µε τη χρονική κατάθεση και για χρονική περίοδο τουλάχιστον ίση µε την αρχική περίοδο προθεσµίασ τησ τερµατισθείσασ κατάθεσησ. Στη νέα κατάθεση προθεσµία επιτρέπεται η προσθήκη δικαιούχων. Επίσησ το µέγιστο ποσÞ ανάληψησ µετρητών δεν δύναται να υπερβαίνει τα 300 ευρώ ηµερησίωσ ανά πρÞσωπο σε κάθε πιστωτικÞ ίδρυµα, ή το ισÞποσο σε ξένο συνάλλαγµα. Τέλοσ Þπωσ και στα προηγούµενα διατάγµατα απαγορεύεται η εξαργύρωση επιταγών.

H ·ÁˆÁ‹ ÎÈÓ¤˙Ô˘ ÂȯÂÈÚËÌ·Ù›· ÛÙ·Ì¿ÙËÛ ÙÔ ÎÔ‡ÚÂÌ· ΠροσωρινÞ διάταγµα εναντίον τησ Τράπεζασ Κύπρου, του Ντίνου Χριστοφίδη, Ειδικoύ ∆ιαχειριστή τησ Τράπεζασ Κύπρου, τησ Κεντρικήσ Τράπεζασ Κύπρου, τησ Κυπριακήσ ∆ηµοκρατίασ, του Υπουργού Εσωτερικών, του Υπουργού Οικονοµικών και του Υπουργικού Συµβουλίου, εξέδωσε χθεσ το ΕπαρχιακÞ ∆ικαστήριο Λευκωσίασ, στo πλαίσιο αγωγήσ που καταχώρησε κινέζοσ επιχειρηµατίασ ο οποίοσ στισ 4.3.2013 πολιτογραφήθηκε ωσ Κύπροσ πολίτησ κατ’ εξαίρεση, σύµφωνα µε τα κριτήρια που καθÞρισε το ΥπουργικÞ Συµβούλιο για την κατ’ εξαίρεση πολιτογράφηση ξένων επενδυτών. Με την αγωγή ο ενάγοντασ ισχυρίζεται Þτι ο περί Εξυγίανσησ Πιστωτικών και Άλλων Ιδρυµάτων ΝÞµοσ του 2013, καθώσ και τα διατάγµατα τησ Κεντρικήσ Τράπεζασ ηµεροµηνίασ 29.3.2013 που εκδÞθηκαν δυνάµει του ΝÞµου αυτού, προσκρούουν στισ πρÞνοιεσ του Συντάγµατοσ, τησ Συνθήκησ για την Ευρωπαϊκή Ένωση, τησ Ευρωπαϊκήσ

Σύµβασησ για την Προάσπιση των Ανθρωπίνων ∆ικαιωµάτων, του Πρώτου ΠρωτοκÞλλου τησ Ευρωπαϊκήσ Ένωσησ για την Προάσπιση των Ανθρωπίνων ∆ικαιωµάτων, και του Χάρτη Θεµελιωδών ∆ικαιωµάτων τησ Ευρωπαϊκήσ Ένωσησ. Επίσησ, µε την αγωγή ο ενάγοντασ αποδίδει στουσ εναγÞµενουσ αµέλεια, ψευδείσ παραστάσεισ και σωρεία παραβάσεων των νοµίµων καθηκÞντων των εναγοµένων που πηγάζουν απÞ τουσ περί Τραπεζικών Εργασιών ΝÞµουσ, τουσ περί Κεντρικήσ Τράπεζασ τησ Κύπρου ΝÞµουσ και του περί Εξυγίανσησ Πιστωτών και Άλλων Ιδρυµάτων ΝÞµου του 2013. Ο ενάγοντασ αξιώνει και αποζηµιώσεισ πέραν των 15 εκ. ευρώ ποσÞ το οποίο κατέθεσε τον Νοέµβριο του 2012 στην Τράπεζα Κύπρου, σε λογαριασµÞ τακτήσ προθεσµίασ διάρκειασ 5 ετών, συµµορφούµενοσ µε τα κριτήρια πολιτογράφησησ του Υπουργικού Συµβουλίου. Με το διάταγµα το ∆ικαστήριο απαγορεύει, µεταξύ άλλων,

¢È¿Ù·ÁÌ· ·ÁÔÔ›ËÛ ÙÔ ‰È¿Ù·ÁÌ· ÁÈ· §·˚΋ Tο Ανώτατο ∆ικαστήριο κατÞπιν αιτήµατοσ απÞ δύο φυσικά πρÞσωπα και ένα νοµικÞ, προχώρησε χθεσ στην έκδοση προσωρινού διατάγµατοσ, το οποίο παγοποιεί την ισχύ του διατάγµατοσ που αφορά την Λαϊκή Τράπεζα. ΕναγÞµενοι είναι η Κεντρική τράπεζα, ο ∆ιοικητήσ και η Κυπριακή ∆ηµοκρατία, µέσω του υπουργού οικονοµικών. Οι εναγÞµενοι θα παρουσιαστούν ενώπιον του δικαστηρίου στισ 5 Απριλίου, προκειµένου να δώσουν στοιχεία που να δικαιολογούν την άρση ισχύσ του διατάγµατοσ. Το διάταγµα παγοποιεί την οποιαδήποτε αποξένωση καταθέσεων των αιτητών, µέχρι την εκδίκαση και έκδοση τησ απÞφασησ επί τησ ουσίασ τησ προσφυγήσ. ΑυτÞ σηµαίνει πωσ θα πρέπει να ανασταλεί η διοικητική πράξη που εξέδωσε ο ∆ιοικητήσ τησ Κεντρικήσ Τράπεζασ µαζί µε τον ΥπουργÞ Οικονοµικών, στο µέτρο που αφορά τισ καταθέσεισ των αιτητών. ΑναλυτικÞτερα, δεν είναι δυνατÞ να χρησιµοποιηθούν για οποιοδήποτε σκοπÞ οι καταθέσεισ των αιτητών, µέχρι να εκδικαστεί η απÞφαση, για να µην υπάρξει ο οποιοσδήποτε κίνδυνοσ απώλειασ µέρουσ των χρηµάτων των αιτητών. Στην περίπτωση που το δικαστήριο κρίνει το διάταγµα

του ∆ιοικητή και του ΥΠΟΙΚ στην ουσία του παράνοµο, τÞτε θα πρέπει να γίνει ανάλυση του διατάγµατοσ και τροποποίηση του νÞµου στο σηµείο που ενδεχοµένωσ να κριθεί αντισυνταγµατικÞσ. Στο σκεπτικÞ τησ προσφυγήσ, το οποίο θα τεθεί στο µετέπειτα στάδιο, στηρίζεται στο Þτι το σύνταγµα κατοχυρώνει τη νοµιµÞτητα τησ ιδιοκτησίασ, πλην συγκεκριµένων περιπτώσεων, κατά τισ οποίεσ δίνεται αποζηµίωση στον ενδιαφερÞµενο, κάτι που δεν προνοείται στο διάταγµα Κεντρικήσ και ΥΠΟΙΚ. Τώρα εκδÞθηκε ένα διάταγµα που δεσµεύει περιουσία ατÞµων και δεν προνοεί µε κανένα τρÞπο χωρίσ να προνοεί την αποζηµείωση τουσ και αυτή θα είναι η επιχειρηµατολογία στη συγκεκριµένη πράξη. Εξάλλου, ένασ ακÞµα λÞγοσ που οι δικηγÞροι τησ υπÞθεσησ αιτήθηκαν το εν λÞγω διάταγµα, ήταν η αδυναµία τησ Κεντρικήσ Τράπεζασ να διασφαλίσει το δικαίωµα συµψηφισµού των καταθέσεων, γεγονÞσ που εν ολίγοισ σηµαίνει Þτι κουρεύονται οι καταθέσεισ, ενώ τα δάνεια µένουν ανεπηρέαστα. Η αίτηση καταχωρήθηκε απÞ το δικηγορικÞ γραφείο Ορφανίδησ, Χριστοφίδησ, Πουτζιουρήσ και ∆αµιανού ∆ΕΠΕ.

«√ÁÎ҉˜» ÙÔ fiÚÈÛÌ· Ù˘ Alvarez & Marsal Ο ΓενικÞσ Εισαγγελέασ Πέτροσ Κληρίδησ δήλωσε Þτι παρέλαβε το πÞρισµα τησ Alvarez & Marsal απÞ το ∆ιοικητή τησ Κεντρικήσ Τράπεζασ Πανίκο ∆ηµητριάδη.

O κ. Κληρίδησ είπε Þτι πρÞκειται για δύο ογκώσεισ τÞµουσ και πωσ χρειάζεται πολλή µελέτη απÞ ειδικούσ. Είπε Þτι δεν αναµένεται να τελειώσει πολύ σύντοµα η εξέταση του πορίσµατοσ, και συµπλήρωσε Þτι θα αποσταλεί και στην Ερευνητική Επιτροπή για «να δούµε πώσ θα εργαστούµε Þλοι µαζί». Εν τω µεταξύ ο ΠρÞεδροσ τησ Βουλήσ Γιαννάκησ Οµήρου, ζήτησε χθεσ µε επιστολή του προσ το ∆ιοικητή τησ Κεντρικήσ Τράπεζασ, την κατάθεση το συντοµÞτερο στη Βουλή του πορίσµατοσ τησ Alvarez & Marsal, καθώσ και του καταλÞγου µε τα φυσικά ή νοµικά πρÞσωπα που απέσυραν καταθέσεισ στο εξωτερικÞ. Ο κ. Οµήρου ζητά να επισπευσθεί η αποστολή στη Βουλή καταλÞγου µε στοιχεία, αναφορικά µε τα φυσικά ή νοµικά πρÞσωπα που απέσυραν πέραν του ποσού των 100.000 ευρώ απÞ καταθέσεισ στα χρηµατοπιστωτικά ιδρύµατα στη ∆ηµοκρατία και στα υποκαταστήµατά τησ στο εξωτερικÞ.

στουσ εναγÞµενουσ την Τρ. Κύπρου, τον διαχειριστή Ντ. Χριστοφίδη και την Κεντρική Τράπεζα να µειώσουν ή να εξαλείψουν ή να µετατρέψουν ή να µηδενίσουν ή να επέµβουν µε οποιονδήποτε τρÞπο επί του ποσού τησ κατάθεσησ του ενάγοντα ωσ αυτή είχε κατά την 26.3.2013 µέχρι την πλήρη εκδίκαση τησ Αγωγήσ ή/και µέχρι νεÞτερησ διαταγήσ του ∆ικαστηρίου. Επίσησ το ∆ικαστήριο απαγορεύει, µεταξύ άλλων, στουσ εναγÞµενουσ υπουργούσ και το ΥπουργικÞ Συµβούλιο να αναστείλουν ή και να ακυρώσουν το πιστοποιητικÞ πολιτογράφησησ ή και του Κυπριακού διαβατηρίου ή και του Κυπριακού δελτίου ταυτÞτητάσ του µέχρι την πλήρη εκδίκαση τησ Αγωγήσ ή/και µέχρι νεÞτερησ διαταγήσ του ∆ικαστηρίου. Το διάταγµα εκδÞθηκε απÞ την δικαστή Λένα ∆ηµητριάδου. Για τον ενάγοντα εµφανίστηκε το δικηγορικÞ γραφείο Λ. Παπαφιλίππου & Σία.

√È Î˘‚ÂÚÓËÙÈΤ˜ ˘ËÚÂۛ˜ ·Ô‰¤¯ÔÓÙ·È ÂÈÙ·Á¤˜ Το ΓενικÞ Λογιστήριο τησ ∆ηµοκρατίασ ανακοίνωσε Þτι απÞ χθεσ, 2 Απριλίου, οι Κυβερνητικέσ Υπηρεσίεσ/ Ανεξάρτητα Γραφεία δύνανται να καταθέτουν επιταγέσ Þλων των πιστωτικών ιδρυµάτων, σε οποιοδήποτε πιστωτικÞ ίδρυµα. Ανακοίνωσε επίσησ Þτι οι Κυβερνητικέσ Υπηρεσίεσ/ Ανεξάρτητα Γραφεία δύνανται να αποδέχονται επιταγέσ οποιουδήποτε ποσού, Þλων των πιστωτικών ιδρυµάτων, Þπωσ γινÞταν και πριν απÞ τισ 16 Μαρτίου 2013. Νοείται Þτι, αν οποιαδήποτε Κυβερνητική Υπηρεσία/ Ανεξάρτητο Γραφείο, είχε οποιεσδήποτε άλλεσ διευθετήσεισ για την αποδοχή επιταγών, αυτέσ οι διευθετήσεισ θα συνεχίσουν να ισχύουν.

¶·Ú¿Ù·ÛË ÛÙȘ ‰ËÏÒÛÂȘ ̤ۈ TAXISnet ΛÞγω υπερφÞρτωσησ του συστήµατοσ παραλαβήσ δηλώσεων που προκλήθηκε απÞ την µαζική υποβολή δηλώσεων ο ∆ιευθυντήσ του Τµήµατοσ Εσωτερικών ΠροσÞδων ανακοίνωσε την παράταση τησ ηµεροµηνίασ έγκαιρησ υποβολήσ των πιο κάτω δηλώσεων µέσω TAXISnet.

- ∆ήλωση Αυτοεργοδοτούµενου µε εξελεγµένουσ λογαριασµούσ του έτουσ 2011 µέχρι 19 Απριλίου 2013.

- ∆ήλωση Εταιρείασ µε εξελεγµένουσ λογαριασµούσ του έτουσ 2011 µέχρι 19 Απριλίου 2013.

ΧΡΗΜΑ&ΑΓΟΡΑ

3 ΑΠΡΙΛΙΟΥ, 2013

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ÃÚÂÈ¿˙ÂÙ·È ı¿ÚÚÔ˜ – ¶¿Ì ª¿ÏÙ·; ∞ÓÙÒÓ˘ §Ô˚˙Ô˘ ∞ÓÙÒÓ˘ §Ô›˙Ô˘ F.R.I.C.S. & ™˘ÓÂÚÁ¿Ù˜ §Ù‰, ∂ÎÙÈÌËÙ¤˜ ∞ÎÈÓ‹ÙˆÓ & ¢È·¯ÂÈÚÈÛÙ¤˜ ŒÚÁˆÓ ∞Ó¿Ù˘Í˘

Η κατάσταση στην Κύπρο είναι γνωστή και οι αλυσιδωτέσ επιπτώσεισ που θα ακολουθήσουν µε την αναδιάρθρωση τησ Λαϊκήσ και το κούρεµα τησ Τράπεζασ Κύπρου είναι, για να το σκέφτεται κάποιοσ, εφιαλτικά. Τα σενάρια είναι πολλά και ούτε οι αρµÞδιοι είναι σε θέση να δώσουν άµεσεσ απαντήσεισ για κάτι που και για αυτούσ είναι πρωτÞγνωρο. Ο ένασ πλέον ρωτά τον άλλο τι να κάνει για το ένα ή το άλλο θέµα και επικρατεί στην περιρρέουσα ατµÞσφαιρα των επιχειρήσεων µια τεράστια αβεβαιÞτητα που ασφαλώσ έχει και τισ επιπτώσεισ τησ στα ακίνητα. Ρωτηθήκαµε απÞ ένα φίλο του Γραφείο µε 1 εκ. ευρώ τρεχούµενο στην Λαϊκή και µε µηνιαία έξοδα σε µισθούσ κλπ 150.000 ευρώ, τι θα γίνει και κατά πÞσο θα ήταν φρονιµÞτερο να κλείσει απολύοντασ τουσ 52 υπαλλήλουσ του. ∆υστυχώσ δεν υπάρχουν απαντήσεισ σε αυτή και άλλεσ ερωτήσεισ. Στην προκειµένη περίπτωση Þµωσ, εάν τα απÞ δω και πέρα µηνιαία έσοδα ξεπερνούν τα έξοδα, ίσωσ να άξιζε µια προσπάθεια συνέχισησ τησ επιχείρησησ για 2-3 µήνεσ ακÞµα, µέχρι να εξελιχθούν οι καταστάσεισ. Εάν Þχι το κλείσιµο είναι το προτιµÞτερο αν και γράφεται πιο εύκολα στα χαρτιά απÞ την πράξη. Χρειάζεται θάρροσ λέµε, αλλά βάσει ποιων στοιχείων να αντλήσουµε αυτÞ το θάρροσ, Þταν δεν υπάρχουν έστω και τα ελάχιστα εκείνα στοιχεία για να το δικαιολογούν; Μέσα λοιπÞν σε Þλη αυτή την συγχυσµένη κατάσταση λάβαµε και µια επιστολή απÞ ένα

γνωστÞ δικηγορικÞ γραφείο τησ Μάλτασ που µασ προσκαλεί σε συνεργασία για δηµιουργία Γραφείου εκεί. Μασ ανέφερε Þτι σε τέτοια περίοδο υπάρχει µεγάλη ζήτηση απÞ υπεράκτιεσ χρηµατοπιστωτικέσ εταιρείεσ και άλλεσ που εγκαταλείπουν την Κύπρο και θα ήταν καλή ιδέα για µια συνεργασία που να αφορά την πώληση/ενοικίαση ακινήτων. ∆εν απορρίψαµε την ιδέα, µια και που η Μάλτα-Κύπροσ έχουν τα ίδια νοµικά και γεωγραφικά χαρακτηριστικά, αν και οµολογουµένωσ οι πρώτεσ εντυπώσεισ τησ αντιπροσώπου µασ εκεί ήταν αρνητικέσ (µάλλον απÞ άποψησ αγάπησ στην Κύπρο αν µη τι άλλο!!).Υποβάλαµε διάφορεσ ερωτήσεισ, ερευνήσαµε το κÞστοσ ζωήσ, ενοίκια, διακίνηση, διασυνδέσεισ, περιορικαι διαδικασίεσ για τισ σµούσ εκτιµήσεισ/πωλήσεισ ακινήτων και χίλια-δύο άλλα. Τελειώνοντασ την σύσκεψη µε τον πιθανÞ νέο Μαλτέζο συνεργάτη µασ και εισ µια προσπάθεια να µασ καθησυχάσει πρÞσθεσε «...και κάτι άλλο.. εµείσ στην Μάλτα δεν έχουµε κοµµουνιστικÞ κÞµµα ....»!! Χρειάζεται λοιπÞν θάρροσ για µετανάστευση επιχειρήσεων και υπηρεσιών διÞτι ίσωσ για τα επÞµενα χρÞνια να είναι το µέλλον τησ νεÞτερησ γενεάσ. Μασ θυµίζει την κατάσταση µετά το 1974 Þπου ξένοι εργάτεσ µετανάστευσαν στην Βουλγαρία και Αραβικέσ χώρεσ. Τώρα οι Κύπριοι µετανάστεσ και κυρίωσ επηρεασµένα πρÞσωπα που ίσωσ νοιώθοντασ τέτοια απογοήτευση, να θέλουν να φύγουν Þχι µÞνο µακριά απÞ την Κύπρο, αλλά και απÞ την Ευρώπη µε µεγαλύτερη προτίµηση την Αυστραλία. Θα πρέπει Þµωσ να γνωρίζει αυτή η συνήθωσ κακοµαθηµένη νεÞτερη γενιά, Þτι η µετανάστευση χρειάζεται θυσίεσ και δέσµευση επί µακροχρÞνιασ µορφήσ και Þχι Þποτε «πεθυµήσει κάποιοσ την µάµα του» να φεύγει για την επιστροφή. Μπορεί να ακούγεται λίγο σκληρÞ

Cyta: ¢ˆÚÂ¿Ó ÎÏ‹ÛÂȘ fiÏÔ ÙÔÓ ∞Ú›ÏÈÔ Xωρίσ χρέωση θα γίνονται ολÞκληρο τον Απρίλιο Þλεσ οι κλήσεισ εντÞσ του δικτύου τησ Cyta, δηλαδή απÞ αριθµούσ Cyta προσ αριθµούσ Cyta, είτε οι κλήσεισ γίνονται απÞ σταθερά ή κινητά τηλεφώνα. ΠρÞκειται για µια κίνηση τησ Cyta έτσι ώστε να βοηθηθούν οι Κύπριουσ πολίτεσ και οι κυπριακέσ επιχειρήσεισ για να αντιµετωπίσουν τισ βαρύτατεσ συνέπειεσ τησ οικονοµικήσ κρίσησ Επίσησ η Cyta αποφάσισε νέα πακέτα mobile για επιχειρήσεισ µε κλιµακωτέσ εκπτώσεισ. Σε Þτι αφορά στισ αποσυνδέσεισ

τηλεφωνικών γραµµών για απλήρωτουσ λογαριασµούσ, η Cyta αποφάσισε Þτι µέχρι τουλάχιστον τισ 15 Απριλίου δεν θα αποσυνδέσει κανένα τηλέφωνο. Το θέµα θα επανεξεταστεί γύρω στα µέσα του επÞµενου µήνα.

Eπίσησ η Cyta προχώρησε στην δηµιουργία ειδικήσ γραµµήσ επικοινωνίασ (χωρίσ χρέωση), µε στÞχο την ακÞµα πιο άµεση εξυπηρέτηση των πελατών τησ σε θέµατα εξοφλήσεων λογαριασµών και προσφοράσ εναλλακτικών προτάσεων και λύσεων, για διευκÞλυνσή τουσ. Ο αριθµÞσ επικοινωνίασ είναι 80008060.

το πιο πάνω, αλλά δυστυχώσ έτσι έχουν τα δεδοµένα τησ Κυπριακήσ νεολαίασ σήµερα (σε άλλη περίπτωση ο νεαρÞσ ενδιαφερÞµενοσ για µια θέση και Þντασ άνεργοσ για 4 µήνεσ, αρνήθηκε προσφορά του Γραφείου µασ για εργασία διÞτι απαίτησε ξέχωρο γραφείο - Þχι µε διαχωριστικÞ απÞ γυαλί αλλά απÞ τοίχο - ενώ έθετε Þρο Þπωσ µη του ανατίθεται εργασία Þπου θα χρησιµοποιούσε το αυτοκίνητο του επί πληρωµή Þταν οι δρÞµοι ήταν χωµατÞδροµοι)!! Το θάρροσ λοιπÞν για νέεσ επαγγελµατικέσ πατρίδεσ χρειάζεται να επιδειχθεί και µε σωφροσύνη και θυσία, δεσµεύσεισ και πÞνο ψυχήσ. Τελειώνοντασ και ωσ παράδειγµα προσ αποφυγή και µια και που αναφερÞµεθα σε νέουσ, µετά απÞ το ηρωικÞ Ùχι (ανÞητο λέµε εµείσ) τησ Βουλήσ για τα µέτρα τησ ΤρÞικασ, επανήλθαµε µε νέα µέτρα χειρÞτερα τα οποία και ψήφισαν οι σοφοί µασ βουλευτέσ. Θα πρέπει αγαπητοί µασ νεολαίοι πλέον να είστε πιο προσεκτικοί στισ επιλογέσ σασ για

βουλευτέσ, ενώ βεβαίωσ οι κοµµατοκράτεσ δεν επέτρεψαν νέα µυαλά να εισέλθουν στην Βουλή. Το να χρησιµοποιούµε ηχηρά και ανÞητα συνθήµατα Þπωσ «ανορθώνοντασ το ανάστηµα µασ» δεν βοηθά. Το να κάνει κάποιοσ τον έξυπνο µη ανταποκρινÞµενοσ σε οικονοµικά δεδοµένα και αγνοώντασ τουσ πάντεσ, ζώντασ στον κÞσµο του είναι ένα ολέθριο λάθοσ. Τι γίνεται λοιπÞν µε τα ακίνητα; Τι είναι οι σηµερινέσ αξίεσ και πωσ αυτέσ προσδιορίζονται Þταν δεν υπάρχει ζήτηση και ούτε χρηµατοδÞτηση, ενώ αναµένονται οι εκποιήσεισ ακινήτων απÞ την Κακή Τράπεζα και άλλεσ, ποιο είναι το µέλλον των αξιών; Πραγµατικά οι παρούσεσ συνθήκεσ θα αποτελέσουν αντικείµενο πανεπιστηµιακήσ µελέτησ τÞσο εδώ Þσο διεθνώσ για να διαπιστώσουµε Þχι µÞνο τα λάθη µασ, αλλά και να διαπιστώσουµε τισ λύσεισ, εάν υπάρχουν στο άµεσο µέλλον. ∆υστυχώσ ξεχάσαµε να εφαρµÞσουµε το «γνώθι σ’ αυτÞν» που µασ σύστηνα οι πρÞγονοι µασ και την πάθαµε.

ΧΡΗΜΑ&ΑΓΟΡΑ

3 ΑΠΡΙΛΙΟΥ, 2013

4 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

™ÙÔ ÂÏ¿¯ÈÛÙÔ Ë ¤ÎıÂÛË Ù˘ ∆Ú. ∫‡ÚÔ˘ ÛÙËÓ ÂÏÏËÓÈ΋ ÔÈÎÔÓÔÌ›· Στη δηµιουργία µιασ υγιούσ και εύρωστησ Τράπεζασ µε ισχυρή κεφαλαιακή επάρκεια, η οποία θα είναι σε θέση να εξυπηρετήσει τισ ανάγκεσ των πελατών τησ και να στηρίξει την κυπριακή οικονοµία, στοχεύει η αναδιάρθρωση και η ανακεφαλαιοποίηση τησ Τράπεζασ, µετά τισ αποφάσεισ του Eurogroup. Ùπωσ ανακοίνωσε η ίδια η Τράπεζα έχει διασφαλιστεί η θέση τησ ωσ το ηγετικÞ χρηµατοπιστωτικÞ ίδρυµα στην Κύπρο, έχει ενισχυθεί σηµαντικά η κεφαλαιακή τησ θέση, και έχει ελαχιστοποιήσει την έκθεση τησ στην ελληνική οικονοµία, ενώ έχει πρÞσβαση στη ρευστÞτητα τησ Ευρωπαϊκήσ Κεντρικήσ Τράπεζασ και θα συνεχίσει να ανήκει σε ιδιώτεσ µετÞχουσ. Ùπωσ αναφέρει, µετά την πρÞσφατη απÞφαση τησ συνεδρίασησ του Eurogroup, που πραγµατοποιήθηκε στισ 25 Μαρτίου 2013, έχει πραγµατοποιηθεί ανακεφαλαιοποίηση µέσω «διάσωσησ µε ίδια µέσα» µε τη συνεισφορά καταθετών (bail-in of depositors), µε µετατροπή καταθέσεων σε ίδια κεφάλαια, διασφαλίζοντασ Þτι η Τράπεζα ικανοποιεί πλήρωσ τισ ελάχιστεσ απαιτήσεισ κεφαλαιακήσ επάρκειασ, διατηρώντασ δεί-

κτη κεφαλαιακήσ επάρκειασ 9% (Core Tier 1), στη βάση του δυσµενούσ σεναρίου τησ PIMCO, Þπωσ υποβλήθηκε το ∆εκέµβριο του 2012. Οι καταθέτεσ, αναφέρεται στην ανακοίνωση, µε καταθέσεισ έωσ 100.000 ευρώ, οι οποίοι εξαιρούνται σύµφωνα µε το σχετικÞ ∆ιάταγµα προστατεύθηκαν πλήρωσ. Επίσησ, αναφέρεται στην απÞκτηση των ασφαλισµένων καταθέσεων και τησ πλειοψηφίασ των στοιχείων του ενεργητικού και των δανείων τησ Λαϊκήσ Τράπεζασ Κύπρου, ενώ προσθέτει πωσ θα εξυπηρετεί Þλουσ τουσ πελάτεσ τησ Λαϊκήσ Τράπεζασ στην Κύπρο στη βάση των υφιστάµενων Þρων, ενώ Þλο το προσωπικÞ τησ Λαϊκήσ Τράπεζασ έχει µεταφερθεί στην Τράπεζα Κύπρου µε τουσ ίδιουσ Þρουσ. Επιπλέον, για τη πώληση των δανείων, ακινήτων και καταθέσεων των τραπεζικών εργασιών του Συγκροτήµατοσ στην Ελλάδα, στην Τράπεζα Πειραιώσ. Η αναδιάρθρωση και ανακεφαλαιοποίηση τησ Τράπεζασ ακολουθεί τισ αποφάσεισ του Eurogroup και στοχεύει στη

ŒÏÂÓ· ∞Ì‚ÚÔÛÈ¿‰Ô˘: ÿ‰Ú˘ÛË πÓÛÙÈÙÔ‡ÙÔ˘ ∂Ó¤ÚÁÂÈ·˜ Θέµα εµπειρογνωµÞνων και Þχι πολιτικών, χαρακτηρίζει τα θέµατα ενεργειακήσ πολιτικήσ, η επικεφαλήσ του ΙKOS, ενÞσ απÞ τουσ µεγαλύτερουσ επενδυτικούσ οργανισµούσ παγκοσµίωσ στη διαχείριση Hedge Funds, Ελενα Αµβροσιάδου και καταθέτει την πρÞταση τησ για την ίδρυση, στην Κύπρο, Ινστιτούτου Ενέργειασ: “Στο Ινστιτούτο Ενέργειασ πρέπει να συµµετέχουν τεχνοκράτεσ υψηλού επιπέδου και πρέπει να εργοδοτεί χηµικούσ µηχανικούσ, επενδυτικέσ τράπεζεσ, άτοµα µε προηγούµενη εµπειρία σε εξÞρυξη, εκµετάλλευση και παραγωγή υδρογοναναθράκων, ειδικούσ εµπειρογνώµονεσ σε θέµατα ναυτιλίασ και αγωγών φυσικών αερίου. Πρέπει να διασφαλίζει, επίσησ, τισ διαδικασίεσ και την προστασία του έργου, ανεξάρτητα απÞ οποιαδήποτε πολιτικά θέµατα” ανέφερε. Η κ. Αµβροσιάδου ζητά, µάλιστα, τον άµεσο διορισµÞ επικεφαλήσ για την ενεργειακή στρατηγική πολιτική, προσθέτοντασ πωσ η χρηµατοδÞτηση και η διαχείριση των τεραστίων διαστάσεων πÞρων τησ ενέργειασ, απαιτεί τη δηµιουργία σειράσ προγραµµάτων και σχεδιασµού, τα οποία µÞνο εγνωσµένου κύρουσ τεχνοκράτεσ µπορούν να αναλάβουν. Και αυτÞ δεν πρέπει, κατά την άποψή τησ, να αφήνεται στα χέρια των πολιτικών, οι οποίοι µπορεί να αναθέτουν µέροσ των εργασιών ή σχετικέσ αποφάσεισ για πολιτικούσ λÞγουσ.

™ÙËÓ µ√C ‰¿ÓÂÈ· Î·È Î·Ù·ı¤ÛÂȘ ÂÏ·ÙÒÓ Ù˘ Laikis ∏ӈ̤ÓÔ˘ µ·ÛÈÏ›Ԣ Η Κεντρική Τράπεζα ανακοίνωσε χθεσ Þτι σύµφωνα µε τα ∆ιατάγµατα τησ 29ησ Μαρτίου και 2ασ Απριλίου 2013 τα δάνεια των πελατών τησ Λαϊκήσ Τράπεζασ Κύπρου Λτδ έχουν µεταφερθεί στην Τράπεζα Κύπρου ∆ηµÞσια Εταιρεία Λτδ, και οι καταθέσεισ των πελατών του υποκαταστήµατοσ τησ Λαϊκήσ Τράπεζασ του Ηνωµένου Βασιλείου έχουν µεταφερθεί στην Τράπεζα Κύπρου του Ηνωµένου Βασιλείου Λτδ, θυγατρική τησ Τράπεζασ Κύπρου ∆ηµÞσια Εταιρεία Λτδ. Το υποκατάστηµα τησ Λαϊκήσ Τράπεζασ στο Ηνωµένο Βασίλειο θα εξακολουθήσει για κάποιο χρονικÞ διάστηµα να διαχειρίζεται τισ χορηγήσεισ σε πελάτεσ τησ Λαϊκήσ Τράπεζασ του Ηνωµένου Βασιλείου (περιλαµβανοµένων Þλων των υποθηκών, πιστωτικών καρτών και υπεραναλήψεων), αλλά για λογαριασµÞ τησ Τράπεζασ Κύπρου ∆ηµÞσια Εταιρεία Λτδ, οι οποίεσ στη συνέχεια θα µεταφερθούν στην τελευταία. Οι καταθέσεισ των πελατών στο υποκατάστηµα τησ Λαϊκήσ Τράπεζασ στο Ηνωµένο Βασίλειο (περιλαµβανοµένων των τρεχούµενων λογαριασµών µε πιστωτικÞ υπÞλοιπο) που µεταφέρονται στην Τράπεζα Κύπρου του Ηνωµένου Βασιλείου, αποτελούνται απÞ περίπου 15.000 λογαριασµούσ µε συνολικά πιστωτικά υπÞλοιπα του ύψουσ των 270 εκ. λίρεσ. Σε αντάλλαγµα για τη διαχειριστική ευθύνη αυτών των καταθέσεων, η Τράπεζα Κύπρου του Ηνωµένου Βασιλείου έχει λάβει αντίστοιχο ποσÞ σε µετρητά απÞ την Λαϊκή Τράπεζα.

δηµιουργία µιασ υγιούσ και εύρωστησ Τράπεζασ µε ισχυρή κεφαλαιακή επάρκεια, η οποία θα είναι σε θέση να εξυπηρετήσει τισ ανάγκεσ των πελατών τησ και να στηρίξει την κυπριακή οικονοµία, προστίθεται. Ωσ αποτέλεσµα, η Τράπεζα Κύπρου έχει διασφαλίσει τη θέση τησ ωσ το ηγετικÞ χρηµατοπιστωτικÞ ίδρυµα στην Κύπρο, έχει ενισχύσει σηµαντικά την κεφαλαιακή τησ θέση, έχει ελαχιστοποιήσει την έκθεση τησ στην ελληνική οικονοµία, έχει πρÞσβαση στη ρευστÞτητα τησ Ευρωπαϊκήσ Κεντρικήσ Τράπεζασ και συνεχίζει να ανήκει σε ιδιώτεσ µετÞχουσ, καταλήγει.

RICS ∫‡ÚÔ˘: ¶ÙÒÛË 7,9% ÛÙȘ ÙÈ̤˜ ÙˆÓ ·ÎÈÓ‹ÙˆÓ Σηµαντικέσ µειώσεισ παγκύπρια σε Þλεσ τισ µεγάλεσ αστικέσ περιοχέσ, µε τισ τιµέσ πώλησησ και ενοικίων να εµφανίζουν πτώση, κατέγραψε ο ∆είκτησ Τιµών Ακινήτων κατά το τέταρτο τρίµηνο του 2012. Τα αποτελέσµατα τησ 13ησ έκδοσησ του ∆είκτη Τιµών Ακινήτων του RICS (Royal Institution of Chartered Surveyors) Κύπρου, που πραγµατοποιείται σε συνεργασία µε το Σύνδεσµο ΕπιστηµÞνων Επιµετρητών ΟικονοµολÞγων Κατασκευών Κύπρου (ΣΕΕΟKΚ) και το Σύνδεσµο ΕπιστηµÞνων Εκτιµητών Ακινήτων Κύπρου (ΣΕΕΑΚ), παρακολουθούν τισ τιµέσ και τα ενοίκια των ακινήτων σε Þλεσ τισ επαρχίεσ και βασίζεται σε µεθοδολογία που αναπτύχθηκε απÞ το Πανεπιστήµιο του Reading, του Ηνωµένου Βασιλείου. Με βάση τα αποτελέσµατα η Λευκωσία και η ΛεµεσÞσ βρέθηκαν στη δυσµενέστερη θέση, καθώσ ήταν οι λιγÞτερο επηρεαζÞµενεσ περιοχέσ µέχρι και το δεύτερο εξάµηνο του 2011. Παγκύπρια, οι τιµέσ για κατοικίεσ, τÞσο για σπίτια, Þσο και για διαµερίσµατα, παρουσίασαν τριµηνιαία πτώση τησ τάξησ του 1.1% και 3.1% αντίστοιχα, µε τη µεγαλύτερη µείωση να καταγράφεται στην ΑµµÞχωστο (7.0% για τα διαµερίσµατα) και στη ΛεµεσÞ (2.5% για τα

σπίτια). Παγκύπρια, οι τιµέσ των καταστηµάτων µειώθηκαν κατά µέσο Þρο 3.8%, των γραφείων κατά 1.8% και των αποθηκών κατά 1.6%. Σε σύγκριση µε το αντίστοιχο τέταρτο τρίµηνο του 2011, οι τιµέσ των διαµερισµάτων µειώθηκαν κατά 7.9%, των σπιτιών κατά 5.7%, των καταστηµάτων κατά 15.5%, των γραφείων 10.0% και των αποθηκών κατά 9.3%. Η µέση τιµή ενοικίασησ σε ολÞκληρη την Κύπρο παρουσίασε τριµηνιαία πτώση 3.3% στα διαµερίσµατα, 2.6% στα σπίτια, στα καταστήµατα 5,5%, στισ αποθήκεσ 4.3% και στα γραφεία 2.5%. Συγκρίνοντασ τα ενοίκια µε εκείνα του τέταρτου τριµήνου του 2011, οι τιµέσ ενοικίασησ υποχώρησαν κατά 7.6% για τα διαµερίσµατα, 8.1% για σπίτια, 14.4% για καταστήµατα, 11.8% για γραφεία και 9.1% για αποθήκεσ. Ùλεσ οι κατηγορίεσ σε Þλεσ τισ γεωγραφικέσ περιοχέσ εξακολουθούν να επηρεάζονται, µε αυτέσ που κατέγραψαν πρώτεσ τη µεγαλύτερη πτώση, τώρα να έχουν τον χαµηλÞτερο ρυθµÞ µείωσησ. Η µεθοδολογία και τα πορίσµατα τησ έρευνασ είναι διαθέσιµα στην ιστοσελίδα του RICS www.joinricsineurope.eu/en/na/view/rics-cyprus

™ÙËÓ ∫‡ÚÔ Ô ˘Ô„‹ÊÈÔ˜ ÁÈ· ¡fiÌÂÏ ∂ÈÚ‹Ó˘ I. Abuelaish Στην Κύπρο βρίσκεται για µια σειρά διαλέξεων ο προταθείσ για το βραβείο ΝÞµπελ Ειρήνησ και ξακουστÞσ ωσ ο «Μάρτιν Λούθερ Κινγκ τησ Μέσησ Ανατολήσ» ∆ρ. Izeldin Abuelaish. Στα πλαίσια των διαλέξεων ο ∆ρ Abuelaish θα αναφερθεί στον ρÞλο τησ υγείασ και τησ εκπαίδευσησ σαν εργαλείο ειρήνησ στην Μέση Ανατολή. Αύριο Πέµπτη 4 Απριλίου, θα έχει συνάντηση µε τον ΕκτελεστικÞ Πρύτανη τησ Ιατρικήσ Σχολήσ St George στη Λευκωσία, ενώ αργÞτερα θα κάνει σχετική οµιλία για τη σηµασία προσφοράσ καλήσ εκπαίδευσησ σε νέεσ γυναίκεσ στη Μέση Ανατολή, έτσι ώστε µε τη σειρά τουσ να δώσουν σχετική εκπαίδευση και υγεία στα παιδιά τουσ. Μια πρÞσθετη διάσταση στην αποστολή του είναι µέσο του συνδέσµου του «Daughters for life» (www.daughtersforlife.com) να παραχωρηθούν υποτροφίεσ σε νεαρέσ γυναίκεσ στη Μέση Ανατολή για να φοιτήσουν στην Ιατρική Σχολή St George στη Λευκωσία. Ο ∆ρ Abuelaish θα είναι επίσησ ο κύριοσ οµιλητήσ σε 1100 εκπροσώπουσ του διεθνούσ οργανισµού Ροταρι απÞ 9 γειτονικέσ χώρεσ. Στη συνέχεια θα υπογράψει βιβλία του στην Ελληνική και Αραβική µεταξύ 14:30 - 15:30µµ.

στο Elias Beach Hotel στην ΛεµεσÞ. Ο ∆ρ. Abuelaish, Παλαιστίνιοσ γιατρÞσ, γεννήθηκε και εκπαιδεύτηκε σε καταυλισµÞ προσφύγων στη Λωρίδα τησ Γάζασ. Παρ’ Þλεσ τισ αντιξοÞτητεσ ο ∆ρ.

Abuelaish συνέχισε τισ σπουδέσ του στο Κάιρο µε υποτροφία και µετά απέκτησε σχετικά πτυχία στο Λονδίνο, Ιταλία και Βέλγιο, ενώ παράλληλα πήρε τον τίτλο του µάστερ απÞ το πανεπιστήµιο του Χάρβαρντ. Τα προσÞντα του δεν εξαντλούνται εδώ. Το µεγάλο του πάθοσ και η εξειδίκευση του σε θέµατα συγκρούσεων τον έχουν σήµερα καταστήσει ωσ έναν απÞ τουσ πιο διάσηµουσ ερευνητέσ, εκπαιδευτέσ και δηµÞσιουσ οµιλητέσ για την ειρήνη και ανάπτυξη τησ Μέσησ Ανατολήσ. Έχει κάνει οµιλίεσ ανά το παγκÞσµιο και έδωσε συνεντεύξεισ σε διεθνή ΜΜΕ Þπωσ το BBC, το CNN και το περιοδικÞ Economist. Έχει λάβει πολλά βραβεία και υπήρξε προτεινÞµενοσ για πολλέσ βραβεύσεισ σαν αναγνώριση για τισ προσπάθειεσ προώθησησ τησ ειρήνησ µέσω τησ υγείασ, Þπωσ το «βραβείο επιβίωσησ Σταύροσ Νιάρχοσ». Παράλληλα, είναι ο πρώτοσ που έχει πάρει το Βραβείο Ειρήνησ Μαχάτµα Γκάντι.

ΧΡΗΜΑ&ΑΓΟΡΑ

3 ΑΠΡΙΛΙΟΥ, 2013

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 5

™ÙËÓ ‰È¿ıÂÛË Ù˘ ∂Ú¢ÓËÙÈ΋˜ ∂ÈÙÚÔ‹˜ ¤ıÂÛ ·˘ÙfiÓ Ô ¶Úfi‰ÚÔ˜ Τη διαβεβαίωση Þτι θα εκπληρώσουν πιστά και αµερÞληπτα τα καθήκοντά τουσ στα πλαίσια των εργασιών τησ τριµελούσ Ερευνητικήσ Επιτροπήσ για την κατάσταση στην οικονοµία και το τραπεζικÞ σύστηµα τησ Κύπρου, έδωσαν χθεσ ο ΠρÞεδροσ τησ Επιτροπήσ Γεώργιοσ Πικήσ και τα µέλη τησ, Γιαννάκησ Κωνσταντινίδησ και Παναγιώτησ Καλλήσ. Μετά το πέρασ τησ ορκωµοσίασ, ο ΠρÞεδροσ τησ ∆ηµοκρατίασ Νίκοσ Αναστασιάδησ ανέφερε Þτι ο διορισµÞσ και η ανάληψη των καθηκÞντων των µελών τησ Επιτροπήσ δεν αποτελεί παρά το ελάχιστο που οφείλει το κράτοσ προσ τουσ πολίτεσ. Ζήτησε η Επιτροπή να εξετάσει µε «αυξηµένη αυστηρÞτητα» τα Þσα του αποδίδονται τελευταία, άµεσα ή έµµεσα, και να µην περιοριστεί µÞνο στουσ εξ αγχιστείασ συγγενείσ του, αλλά να επεκταθεί και στισ συναλλαγέσ του δικηγορικού γραφείου στο οποίο ήταν συνεταίροσ µέχρι πρÞσφατα. Ο ΠρÞεδροσ είπε Þτι η σηµερινή τραγική κατάσταση τησ οικονοµίασ και του λαού είναι το αποτέλεσµα µιασ συνέργειασ παραγÞντων που, Þπωσ ανέφερε, οφείλονται σε εξωγενείσ αλλά και εσωγενείσ παράγοντεσ. «Μια σειρά πράξεων η παραλείψεων προ-

σώπων, εντεταλµένων στη διαχείριση τησ οικονοµίασ ή του τραπεζικού συστήµατοσ, οδήγησαν στα πρÞθυρα χρεοκοπίασ τη χώρα αλλά και στη διάλυση µιασ εκ των µεγαλύτερων τραπεζών και στην απώλεια δισεκατοµµυρίων απÞ την αποµείωση των καταθέσεων» ανέφερε. Συµπλήρωσε Þτι τισ συνέπειεσ καλούνται να επωµιστούν αθώοι συµπολίτεσ µασ, οι οποίοι δικαίωσ αξιούν την τιµωρία των οποίων υπευθύνων. ΠρÞσθεσε Þτι «η Κυβέρνηση και ο ίδιοσ προσωπικά θεωρούµε πωσ δεν θα είµαστε εξίσου υπεύθυνοι αν δεν ανταποκρινÞµαστε στην απαίτηση των συµπολιτών µασ για απονοµή δικαιοσύνησ». Αναφέρθηκε εξάλλου στην ευρύτητα των Þρων εντολήσ τησ Ερευνητικήσ Επιτροπήσ, αλλά και στην επιλογή των προσωπικοτήτων που, Þπωσ είπε, δεν επιτρέπουν σε κανέναν να αµφισβητήσει το κύροσ, την ευρυµάθεια, την αξιοπιστία και την ακεραιÞτητά τουσ. Ο ΠρÞεδροσ Αναστασιάδησ είπε Þτι αυτέσ τισ µέρεσ βρίσκεται και ο ίδιοσ υπÞ κρίση, και παρακάλεσε τα µέλη τησ Επιτροπήσ «Þπωσ κατά προτεραιÞτητα εξετάσετε µε αυξηµένη αυστηρÞτητα τα Þσα, αµέσωσ ή εµµέσωσ, µου αποδίδονται». Τουσ ζήτησε να µην περιοριστούν στουσ εξ αγχιστείασ συγγενείσ του

«αλλά επεκτείνετε την έρευνασ σασ και στισ συναλλαγέσ του δικηγορικού γραφείου, του οποίου µέχρι πρÞτινοσ ήµουν συνέταιροσ». Ο ΠρÞεδροσ Αναστασιάδησ εξήρε τον πατριωτισµÞ των µελών τησ Επιτροπήσ, δηµοσιοποιώντασ παράλληλα Þτι ζήτησαν να επιτελέσουν το έργο τουσ αµισθί, ωσ υπηρεσία στην πατρίδα. Τουσ παρακάλεσε επίσησ οσάκισ εντοπίζουν Þτι ενδεχÞµενα διαπράχθηκαν ποινικά

αδικήµατα, να αποστέλλουν τα σχετικά σηµειώµατα προσ το ΓενικÞ Εισαγγελέα, ώστε πέρα απÞ τισ πολιτικέσ και αστικέσ ευθύνεσ, να αναλάβει ο ΓενικÞσ Εισαγγελέασ την απÞδοση και τυχÞν ποινικών ευθυνών. Ο κ. Πικήσ ανέφερε, εκ µέρουσ του συνÞλου τησ Ερευνητικήσ Επιτροπήσ, Þτι θα επιτελέσουν το καθήκον τουσ στο ακέραιο, κάτι που - Þπωσ είπε - αποτελεί οφειλή προσ πάντεσ.

™Ù· ÊfiÚÙ Ù˘ Ë ·ÓÂÚÁ›· Û ∫‡ÚÔ, ∂ÏÏ¿‰· Î·È ¶ÔÚÙÔÁ·Ï›· Στο 14,0% του ενεργού πληθυσµού αυξήθηκε η ανεργία στην Κύπρο το Φεβρουάριο απÞ 13,7% τον Ιανουάριο, σύµφωνα µε τα στοιχεία τησ Eurostat. Ùπωσ προκύπτει απÞ τα κοινοτικά στοιχεία, η µέση ανεργία στην Ευρωζώνη κυµάνθηκε στο 12,0% ενώ στο σύνολο τησ ΕΕ στο 10,9% (10,8% τον Ιανουάριο). Αναφορικά µε τισ επιµέρουσ επιδÞσεισ τησ Κύπρου, το Φεβρουάριο το ποσοστÞ ανεργίασ στουσ άνδρεσ ήταν 13,9%, στισ γυναίκεσ 14,1% και στουσ νέουσ κάτω των 25 ετών 31,8% (στοιχεία ∆εκεµβρίου). Ο µέσοσ Þροσ ανεργίασ στην Ευρωζώνη στουσ άνδρεσ ήταν 11,9%, στισ γυναίκεσ 12,0% και στουσ

νέουσ κάτω των 25 ετών 23,9%. Για την Ελλάδα, τα στοιχεία τησ Eurostat αφορούν το Νοέµβριο, Þπου η συνολική ανεργία ανήλθε στο 26,4%, ποσοστÞ που ήταν το ψηλÞτερο στην ΕΕ. Στισ επιµέρουσ κατηγορίεσ στην Ελλάδα, το ποσοστÞ ανεργίασ στουσ άνδρεσ ήταν 24,3%, στισ γυναίκεσ 29,3% και στουσ νέουσ κάτω των 25 ετών 58,4%. Οι τρεισ χώρεσ στισ οποίεσ καταγράφηκε η µεγαλύτερη αύξηση τησ ανεργίασ σε ένα έτοσ ήταν η Ελλάδα (απÞ 21,4% σε 26,4%), η Κύπροσ (απÞ 10,2% σε 14,0%) και η Πορτογαλία (απÞ 14,8% σε 17,5%). Τον Φεβρουάριο η ΕΕ είχε 26,338 εκατ.

άνεργουσ, εκ των οποίων 19,071 αφορούσαν την Ευρωζώνη. Σε ένα έτοσ, δηλαδή το Φεβρουάριο του 2013 σε σχέση µε τον ίδιο µήνα του 2012, η ανεργία αυξήθηκε κατά 1,775 εκατ. άτοµα στην Ευρωζώνη. Την ίδια περίοδο ο αριθµÞσ των ανέργων ηλικίασ κάτω των 25 ετών έφτασε στο σύνολο τησ ΕΕ τα 5,694 εκατοµµύρια, εκ των οποίων 3,581 εκατ. άτοµα αφορούσαν τισ χώρεσ τησ Ευρωζώνησ. Μέσα σε ένα έτοσ οι άνεργοι αυτήσ τησ κατηγορίασ αυξήθηκαν κατά 188.000 στην Ευρωζώνη. Η µέση ανεργία στουσ νέουσ ανήλθε στο 23,9% στην Ευρωζώνη και 23,5% στο σύνολο τησ ΕΕ. Οι χώρεσ µε τα ψηλÞτερα ποσοστά ήταν η

Ελλάδα (58,4%), η Ισπανία (55,7%) και η Πορτογαλία (38,2%). Τισ καλύτερεσ επιδÞσεισ κατέγραψαν η Γερµανία (7,7%), η Αυστρία (8,9%) και η Ολλανδία (10,4%). Το συνολικÞ ποσοστÞ ανεργίασ επί του ενεργού πληθυσµού, που καταγράφηκε στα κράτη µέλη τησ Ευρωζώνησ το Φεβρουάριο, ήταν το εξήσ: Αυστρία 4,8%, Γερµανία 5,4%, Λουξεµβούργο 5,5%, Ολλανδία 6,2%, Μάλτα 6,6%, Βέλγιο 8,1%, Φινλανδία 8,1%, Σλοβενία 9,7%, Εσθονία 9,9% (Ιανουάριοσ 2012), Γαλλία 10,8%, Ιταλία 11,6%, Κύπροσ 14,0%, Ιρλανδία 14,2%, Σλοβακία 14,6%, Πορτογαλία 17,5%, Ισπανία 26,3%, Ελλάδα 26,4% (∆εκέµβριοσ 2012).

∫·˙¿ÓÈ Ô˘ ÎԯϿ˙ÂÈ Ë ∞Ú¯‹ §ÈÌ¤ÓˆÓ Αν και έχει περάσει ένασ µήνασ απÞ την καταγγελία που έκαναν στο γραφείο τησ Γενικήσ Ελέγκτριασ µέλη τησ Συντεχνίασ των Υπαλλήλων τησ Αρχήσ Λιµένων σε σχέση µε την απÞφαση του ηµικρατικού οργανισµού να παραχωρήσει σε τρίτουσ την πλοήγηση και ρυµούλκηση πλοίων στο Λιµάνι Βασιλικού, συνολικού κÞστουσ 35 εκ. ευρώ ετησίωσ, δεν έχει υπάρξει ακÞµη καµία ενηµέρωση για την πορεία των ερευνών. Κι Þλα αυτά παρÞλο που σύµφωνα µε τον ΠρÞεδρο τησ Συντεχνίασ Υπαλλήλων Αρχήσ Λιµένων ∆ηµήτρη Πάτσαλο, έχουν διαβιβαστεί στοι-

χεία και έγγραφα για τισ ανάγκεσ διερεύνησησ τησ υπÞθεσησ τα οποία καταδεικνύουν Þτι η προσφορά δÞθηκε χωρίσ την προκήρυξη ανοικτού διαγωνισµού µέσω του οποίου θα καθορίζονταν οι Þροι και οι υποχρεώσεισ των προσφοροδοτών για µια άδεια που τουσ παραχωρήθηκε για περίοδο 28 ετών. ΑυτÞ είχε ωσ αποτέλεσµα σύµφωνα µε τη ΣΥΑΛΚ την απώλεια εισοδηµάτων 12,8 εκ. ευρώ για την Αρχή Λιµένων και κατ επέκταση για το κράτοσ, ενώ προειδοποιούν Þτι ελλοχεύει κίνδυνοσ η Αρχή Λιµένων σε σύντοµα χρονικÞ διάστηµα να απολέσει γενικά λιµενι-

κά τέλη τησ τάξησ των 35 εκ. ευρώ. Στην καταγγελία Þπωσ είχε αναφέρει και παλαιÞτερα η εφηµερίδα µασ τονίζεται Þτι οι διευθυντέσ και οι µέτοχοι αυτήσ τησ εταιρείασ είναι τα ίδια άτοµα τα οποία έτυχαν παρÞµοιασ παραχώρησησ δικαιωµάτων τα οποία διέθεσαν σε τρίτουσ µε αντάλλαγµα δεκάδεσ εκατοµµύρια ευρώ. Η εφηµερίδα µασ κατέχει τα ονÞµατα των δύο αυτών ατÞµων Þµωσ για ευνÞητουσ λÞγουσ στην παρούσα φάση δεν τα δηµοσιεύει. ΠαρÞµοιο είναι το σκηνικÞ, σύµφωνα µε το ∆ηµήτρη Πάτσαλο, και σε Þτι αφορά την

πρÞταση του Υπουργείου Συγκοινωνιών για διενέργεια έρευνασ απÞ ανεξάρτητο ελεγκτικÞ οίκο για τισ πρÞνοιεσ τησ συγκεκριµένησ συµφωνίασ, για την οποία δεν έχει ακÞµη ξεκινήσει η διαδικασία προσφορών. Καλά ενηµερωµένη πηγή διαβεβαίωσε την εφηµερίδα µασ Þτι τουσ Þρουσ για τα επιµέρουσ θέµατα που θα κληθεί να ερευνήσει ο ελεγκτικÞσ οίκοσ κατέθεσε πρώτη η Αρχή Λιµένων και αναµένεται να πράξει το ίδιο και η συνδικαλιστική πλευρά τα επÞµενα εικοσιτετράωρα.

∞ԉ›ÍÂȘ Î·È ÔÓfiÌ·Ù· ¤ÛÙÂÈÏÂ Ô ™˘ÓÂÚÁ·ÙÈÛÌfi˜ Στοιχεία προσ τη Βουλή των Αντιπροσώπων σε σχέση µε νοµικά και φυσικά πρÞσωπα που απέσυραν καταθέσεισ τουσ απέστειλε το τελευταίουσ µήνεσ, ΣυνεργατικÞ Κίνηµα, Þπωσ ανέφερε ο Αναπληρωτήσ ΠρÞεδρÞσ τησ Επιτροπήσ Θεσµών Φειδίασ Σαρίκασ. Στο µεταξύ, η συνεδρία τησ Επιτροπήσ Θεσµών αναβλήθηκε για χθεσ λÞγω µη παρουσίασ του Γενικού Εισαγγελέα τησ ∆ηµοκρατίασ Πέτρου Κληρίδη και εκπροσώ-

πων τησ Κεντρικήσ Τράπεζασ και του Υπουργείου Οικονοµικών εξαιτίασ των µαραθώνιων συσκέψεων που διεξάγονταν για το µνηµÞνιο. Στη συνεδρία τησ Επιτροπήσ Θεσµών θα συνεχιζÞταν το θέµα τησ λειτουργίασ των θεσµών του χρηµατοπιστωτικού συστήµατοσ, η συζήτηση για τα δάνεια που παραχωρήθηκαν σε ανώτατα στελέχη των τραπεζών µε χαριστικά επιτÞκια, τα προνοµιακά δάνεια, η επέκταση του δικτύου υποκαταστηµάτων

των τραπεζών στην Ελλάδα εν µέσω οικονοµικήσ κρίσησ, οι ψηλοί µισθοί και τα µπÞνουσ ανώτατων τραπεζικών στελεχών καθώσ και η προνοµιακή διαγραφή δανείων απÞ χρηµατοπιστωτικά ιδρύµατα, οργανώσεισ και εταιρείεσ συνδεδεµένεσ µε κÞµµατα και σε πολιτικά πρÞσωπα και ανώτερουσ κρατικούσ λειτουργούσ. Για του ίδιουσ λÞγουσ αναβλήθηκε και η συνεδρίαση τησ Επιτροπήσ Οικονοµικών στη Βουλή.

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3 ΑΠΡΙΛΙΟΥ, 2013

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∞. ∏ÏÈ¿‰Ë˜: ∂ÓÔÚ¯ËÛÙڈ̤ÓÔ Û¯¤‰ÈÔ ‰È¿Ï˘Û˘ Ù˘ ∆Ú. ∫‡ÚÔ˘ Λάβροσ κατά του διοικητή τησ Κεντρικήσ Τράπεζασ και τησ πρώην κυβέρνησησ ∆ηµήτρη ΧριστÞφια είναι ο πρώην διευθύνων σύµβουλοσ τησ Τράπεζασ Κύπρου Ανδρέασ Ηλιάδησ. Σε άρθρο του που δηµοσίευσε χθεσ η StockWatch, µε τίτλο «Αλήθειεσ και ψέµατα για το ξεπούληµα τησ Τράπεζασ Κύπρου», ο κ. Ηλιάδησ παραθέτει τα γεγονÞτα που οδήγησαν στην παραίτηση του στισ αρχέσ Ιουλίου 2012 και στη σηµερινή κατάσταση τησ Τράπεζασ. Κάνει λÞγο για ένα «καλά καταστρωµένο σχέδιο διάλυσησ ολÞκληρου του τραπεζικού συστήµατοσ και κυρίωσ τησ Τράπεζασ Κύπρου η οποία τÞτε βρισκÞταν σε καλή οικονοµική κατάσταση». Μεταξύ άλλων ο κ. Ηλιάδησ αναφέρει Þτι υπέβαλλε την παραίτηση του γιατί συγκεκριµένοι παράγοντεσ, µέσα και έξω, απÞ την τράπεζα Þχι µÞνο δεν συστρατεύονταν αλλά αντίθετα υπέσκαπταν κάθε προσπάθεια ν’ αντιµετωπιστεί η δύσκολη διεθνήσ οικονοµική πραγµατικÞτητα. «ΑυτÞ κατήγγειλα τÞτε µε την επιστολή παραίτησησ µου» αναφέρει. Ùπωσ τονίζει ο κ. Ηλιάδησ στην πορεία οι εξελίξεισ δυστυχώσ επιβεβαίωσαν Þτι Þλα ήταν µέροσ ενÞσ καλά καταστρωµένου σχεδίου διάλυσησ ολÞκληρου του τραπεζικού συστήµατοσ και κυρίωσ τησ Τράπεζασ Κύπρου η οποία τÞτε βρισκÞταν σε καλή οικονοµική κατάσταση.

AναφερÞµενοσ στον ∆ιοικητή τησ Κεντρικήσ Τράπεζασ τησ Κύπρου, Πανίκο ∆ηµητριάδη ο κ. Ηλιάδησ ανέφερε πωσ ο διοικητήσ αντί βοήθειασ, Þχι µÞνο δεν απάντησε σε ερωτήµατα που του είχε θέσει το συµβούλιο τησ Τράπεζασ Κύπρου, αλλά αντ’ αυτού µε δηµÞσια δήλωση εξέφρασε την έκπληξη του για το ποσÞ των αναγκών λίγεσ µέρεσ πριν τη λήξη τησ προθεσµίασ ανακεφαλαίωσησ µε στÞχο και αποτέλεσµα να πλήξει την αξιοπιστία τησ τράπεζασ. Η επιλογή του αυτή φαίνεται να µην ήταν τυχαία, αλλά Þπωσ ανέφερα, µέροσ ενÞσ ευρύτερου σχεδίου µε στÞχο την Τράπεζα Κύπρου.

Συνεχίζοντασ είπε µπορώ να καταλάβω τουσ λÞγουσ για τουσ Þποιουσ χώρεσ του εξωτερικού θέλησαν να πλήξουν την αξιοπιστία του τραπεζικού τοµέα τησ Κύπρου, αλλά δεν µπορώ ακÞµα να καταλάβω γιατί η τÞτε κυβέρνηση τισ βοήθησε µε τισ παρακάτω ενέργειεσ: α) ∆εν προσπάθησε έγκαιρα να λάβει µέτρα για να κρατήσει το αξιÞχρεο τησ Κύπρου ψηλά. Μήπωσ δεν γνώριζε Þτι το αξιÞχρεο των Τραπεζών επηρεάζεται και είναι πάντοτε κατώτερο του αξιÞχρεου τησ χώρασ; β) Γιατί έκανε δεκτÞ το κούρεµα των οµολÞγων του ελληνικού δηµοσίου µε υπογραφή του ίδιου του πρÞεδρου, χωρίσ να διαπραγµατευτεί ανταλλάγµατα απÞ την Ευρωζώνη που να διασφαλίζουν την Κύπρο; γ) Γιατί δεν εισάκουσε τισ επανειληµµένεσ εκκλήσεισ Þλων για έγκαιρη λήψη µέτρων; Μαζί µε τον πρÞεδρο τησ τράπεζασ κ. Αριστοδήµου και τον αντιπρÞεδρο κ. Αρτέµη είχαµε τÞτε σωρεία επαφών µε τον ΠρÞεδρο τησ ∆ηµοκρατίασ και τον αρχηγÞ του κυβερνώντοσ τÞτε κÞµµατοσ προσπαθώντασ να τον πείσουµε χωρίσ Þµωσ κανένα αποτέλεσµα. Την απÞγνωση µασ για τισ προσπάθειεσ αυτέσ είχαµε εκφράσει µε εκτεταµένη ανακοίνωση µασ στον τύπο στισ 31/8/2011 (δείτε τισ σχετικέσ δηµοσιεύσεισ) αλλά αντί να εισακουστούµε δεχθήκαµε δυσαρέσκεια µεν, αδιαφορία δε. Αντί λοιπÞν να υπάρξει συστράτευση για την αντιµετώπιση µιασ τÞσο δύσκολησ οικονοµική συγκυρίασ, ξεκίνησε η προσπάθεια αποδÞµησησ µιασ τράπεζασ µε γερέσ βάσεισ. Ο διοικητήσ τησ Κεντρικήσ Τράπεζασ εξέφρασε την έκπληξη του γιατί το ποσÞ των αναγκών τησ Τράπεζασ Κύπρου δεν ήταν 300 εκ. ευρώ και ήταν 500 εκ. ευρώ, κάτι που ο καθένασ µπορεί να βγάλει τα συµπεράσµατα του λαµβάνοντασ υπ’ Þψιν Þσα αναφέρονται πιο πάνω. ∆εν εξέφρασε Þµωσ έκπληξη γιατί το ποσÞ απÞ 500 εκ. ευρώ αυξήθηκε τελικά σε 4 δισ ευρώ µετά την µελέτη τησ Pimco.

Είναι γνωστÞ Þτι η µελέτη αυτή βασίστηκε σε παραµέτρουσ που ο ίδιοσ έδωσε καθώσ και στην αλλαγή που ο ίδιοσ εφάρµοσε Þσον αφορά τον τρÞπο που µέχρι τÞτε η Κεντρική Τράπεζα αντιµετώπιζε τα’ αναδιαρθρωµένα δάνεια (δάνεια που στην πορεία άλλαξε η περίοδοσ αποπληρωµήσ τουσ). ∆εν εξεπλάγη γιατί ο ίδιοσ απÞ τισ αρχέσ Ιουλίου 2012 διέρρευσε την εκτίµηση Þτι οι ανάγκεσ των τραπεζών τα ήταν στα 10 δισ ευρώ. γ) Επειδή Þσεσ προσπάθειεσ και αν κατέβαλαν οι διορισµένοι, επίσηµα και ανεπίσηµα απÞ το διοικητή τησ Κεντρικήσ Τράπεζασ, για να βρουν ενοχοποιητικά στοιχεία εναντίον µου δεν οδήγησαν πουθενά, οι υπÞγειοι κύκλοι κατέφυγαν σε λασπολογία µε τον τεράστιο µηχανισµÞ προπαγάνδασ που διαθέτουν. Ο κ. Ηλιάδησ στο τέλοσ του µακροσκελούσ άρθρου-απάντησησ του αναφέρει: «Κλείνοντασ πρέπει να θυµίσω Þτι µε Þλεσ αυτέσ τισ υπÞγειεσ προσπάθειεσ, την προπαγάνδα και τη λασπολογία τουσ τελευταίουσ 9 µήνεσ, κατÞρθωσαν κάποιοι να οδηγήσουν και την Τράπεζα Κύπρου στη σηµερινή κατάσταση παρÞλο Þτι, ακÞµη και µέχρι τον περασµένο Ιούνιο µε βάση αδιάψευστα στοιχεία ήταν η συστηµική τράπεζα µε τουσ καλύτερουσ δείκτεσ σε Κύπρο και Ελλάδα».

∂ÓÙfi˜ ‹ ÂÎÙfi˜ ∂˘Úˆ˙ÒÓ˘; ¡›ÎÔ˜ ªÈ¯·ËÏ›‰Ë˜ Foreign Exchange Analyst Email: michailidisn@aol.com Πολλά ακούγονται τισ τελευταίεσ εβδοµάδεσ και θα λέγαµε πωσ πολλαπλασιάζονται οι υποστηρικτέσ τησ άποψησ πωσ η Κύπροσ πρέπει να αποχωρήσει απÞ το Ευρώ και να επανεισάγει τη λίρα µε σκοπÞ την καλύτερη ανάκαµψη απÞ τη κρίση. Μεταξύ αυτών είναι επιφανείσ νοµπελίστεσ οικονοµολÞγοι Þπωσ ο Paul Krugman. ΠρÞσφατα προστέθηκαν και κάποιοι αναγνωρισµένοι οικονοµικοί παράγοντεσ τησ χώρασ. Μεταξύ αυτών κÞµµατα ή πολιτικά σχήµατα, αλλά Þπωσ πάντα και διάφοροι υπερ-πατριώτεσ που µε προµετωπίδα ορισµένεσ ψευδοθεωρίεσ προσπαθούν να επαναφέρουν το “εθνικÞ µασ νÞµισµα”. Φυσικά δεν κρίνω τισ προθέσεισ κανενÞσ κύπριου πολίτη ούτε αµφισβητώ τον πατριωτισµÞ του. Μιλώ αποκλειστικά για τισ ιδέεσ τουσ και τισ πολιτικέσ που επιθυµούν να εφαρµÞσουν, τισ οποίεσ θεωρώ λαϊκίστικεσ και στερούνται οικονοµικού υπÞβαθρου. Ùπωσ βέβαια θεωρώ λαϊκίστικεσ και άνευ σοβαρήσ επιχειρηµατολογίασ την κινδυνολογία τησ αντίθετησ πλευράσ που εν µέσω πλην σαφώσ εκφοβίζει πωσ µια πιθανή έξοδοσ απÞ το Ευρώ θα µετάτρεπε την Κύπρο κάτι σαν Αλβανία ή Ζιµπάµπουε. Καταρχήν ασ δούµε τι θα συνέβαινε αν αύριο η Κύπροσ επέστρεφε στην λίρα. Εδώ πρέπει να τονίσουµε πωσ αυτή η συζήτηση είναι υποθετική και κυρίωσ υποκειµενική αφού δεν υπάρχει προηγούµενο χώρασ να επιστρέψει απÞ το Ευρώ στο εθνικÞ τησ νÞµισµα. Αλλά µιασ και οι «επιστήµονεσ» των Βρυξελλών αποφάσισαν να µασ µετατρέψουν σε πειραµατÞζωο ασ πειραµατιστούµε και εµείσ µÞνοι µασ. Η επιστροφή στην λίρα πιθανÞν να οδηγούσε στην υποτίµηση τησ λίρασ έναντι του Ευρώ γύρω στο 50%. ΑυτÞ θα ισοδυναµούσε σε απώλεια του εθνικού µασ πλούτου (καταθέσεισ, οµÞλογα, µετοχέσ, ακίνητα κτλ.) γύρω στα 50%. Οι τράπεζεσ θα κρατικοποιούνταν, η ανεργία θα κτυπούσε 30% και η ύφεση 20%. Οι εισαγωγείσ τησ χώρασ, δηλαδή Þλα τα καταστήµατα που πουλούν διεθνείσ φίρµεσ, ή οι επιχειρήσεισ λιανικού και χονδρικού εµπορίου που εισάγουν και πωλούν προϊÞντα που δεν παράγονται στην

Κύπρο, Þπωσ βιοµηχανικά είδη, θα βρεθούν Þλοι σε δυσµενή θέση, καθώσ Þλα αυτά θα γίνουν ακριβÞτερα ανάλογα µε την υποτίµηση τησ λίρασ. Ο πληθωρισµÞσ στο εσωτερικÞ τησ χώρασ, ήτοι η αύξηση των τιµών, θα αυξάνεται (Þχι αυτÞµατα αλλά σε βάθοσ χρÞνου). Εάν µειώνεται η αγοραστική δύναµη τησ βάσησ τησ οικονοµίασ τÞτε ούτε οι επιχειρήσεισ µπορούν να πουλήσουν τα προϊÞντα και τισ υπηρεσίεσ τουσ - άρα ούτε να εργοδοτήσουν κÞσµο. Ùλα τα πιο πάνω τα βιώνουµε είδη σε κάποιο βαθµÞ σήµερα αφού ο εθνικÞσ µασ πλούτοσ έχει κουρευτεί ένα µέσο Þρο 50% ενώ ανεργία και ύφεση αναµένεται να αναρριχηθούν σε δυσθεώρητα νούµερα τουσ επÞµενουσ µήνεσ.

Το χρηµατοοικονοµικÞ µασ µοντέλο που συνείσφερε πέραν του 40% στο εθνικÞ µασ εισÞδηµα έχει καταρρεύσει και δύσκολα θα επανέλθει την επÞµενη 5ετία. ΑπÞ την άλλη το φθηνÞ νÞµισµα θα µασ επιτρέψει να γίνοµε πολύ πιο ανταγωνιστικοί Þσο αφορά τον τουρισµÞ µασ ένασ τοµέασ που παραδοσιακά µασ κρατούσε. ΑυτÞ Þµωσ δεν αρκεί για να πούµε Þτι µία οικονοµία γίνεται ανταγωνιστικÞτερη. Ασ µην ξεχνάµε πωσ το τουριστικÞ µασ προιÞν είναι πολύ υποβαθµισµένο, παραµεληµένο και πάσχει έναντι των ανταγωνιστών µασ. Επίσησ πολλά ακούγονται τελευταία και για το ΙσλανδικÞ µοντέλο το οποίο σε καµία περίπτωση δεν µπορεί να

συγκριθεί σε µεγάλο βαθµÞ µε την Κύπρο. Καταρχήν οι Ισλανδοί δεν είχαν Ευρώ αλλά δικÞ τουσ νÞµισµα πράγµα που τουσ έδινε την δυνατÞτητα άσκησησ τησ νοµισµατικήσ τουσ πολιτικήσ απÞ µÞνοι τουσ Þπωσ την εξασκούσαν και πριν απÞ την κρίση. Επίσησ δευτερευÞντωσ οι Ισλανδοί είχαν να αντιµετωπίσουν ένα πρÞβληµα µέσα σε ένα πλαίσιο καθÞλα οικονοµικÞ ενώ εµείσ πρώτα απ’ Þλα και να µην ξεχνιÞµαστε έχουµε το εθνικÞ µασ πρÞβληµα. Η Κύπροσ µια χώρα ηµικατεχÞµενη έχει σαν κύρια προτεραιÞτητα τησ την εθνική τησ επιβίωση. Και σαν µικρή χώρα που είµαστε το τελευταίο πράγµα που µασ χρειάζεται είναι η πολιτική µασ αποµÞνωση. Στο διεθνέσ γεωπολιτικÞ πεδίο Þπωσ αυτÞ διαµορφώνεται η χώρα µασ χρειάζεται εταίρουσ. Είτε αυτοί είναι Ευρωπαίοι είτε Ρώσοι είτε Αµερικάνοι είτε Βρετανοί. Η πιθανή µονοµερήσ εγκατάλειψη µασ απÞ την Ευρωζώνη µε Þλεσ τισ συνέπειεσ που αναφέραµε πιο πάνω κινδυνεύει να µασ καταστήσει ένα κράτοσ εντελώσ αποµονωµένο στην διεθνή σκακιέρα και πάρα πολύ ευάλωτο στισ δύσκολεσ µέρεσ που έρχονται. Μπορεί το φυσικÞ αέριο να µασ δίνει ένα πλεονέκτηµα που δεν είχαµε εδώ και αιώνεσ χωρίσ Þµωσ αξιÞλογουσ και διεθνέσ αναγνωρισµένουσ εταίρουσ ούτε το αέριο µασ σώζει ούτε οι Ρώσοι εταίροι µασ οι οποίοι δεν δείχνουν προσ το παρÞν να επιθυµούν την ανοικτή σύγκρουση µε την Ευρώπη. Η Κύπροσ σίγουρα εντÞσ τρÞικασ είναι καταδικασµένη σε συνεχÞµενη και αυξανÞµενη ύφεση και κατάθλιψη. Είναι επιτακτική ανάγκη η απεµπλοκή µασ απÞ την τρÞικα. ΑπÞ την άλλη Þµωσ αν δεν γίνει σε συνεργασία µε την Ευρώπη µια πιθανή έξοδοσ απÞ την Ευρωζώνη κινδυνεύει να µετατρέψει την χώρα µασ σε µπαρουταποθήκη τησ Ευρώπησ. Η χώρα µασ αν πραγµατικά επιθυµεί να βγει απÞ την Ευρωζώνη θα πρέπει να το πράξει µε την έγκριση των Γερµανών. Είναι µια πολιτική απÞφαση η οποία θα πρέπει να περάσει απÞ τισ Βρυξέλλεσ. Είµαστε που είµαστε το πειραµατÞζωο τησ Μέρκελ, του ΣÞιµπλε και του Ντάιζεµπλουµ ασ πειραµατιστούν ξανά επιτρέποντασ µασ τη προσωρινή έστω έξοδο µασ απÞ το Ευρώ. Και κάτι τελευταίο αλλά πολύ σηµαντικÞ. Η σύγκριση Ελλαδικήσ και Κυπριακήσ κρίσησ που προσπαθούν να µασ πλασάρουν κάποιοι «ειδικοί» και εδικά εξ Ελλάδοσ είναι τουλάχιστον γελοία και θα κάνουµε πιο αναλυτική αναφορά στο επÞµενο µασ άρθρο.

ΧΡΗΜΑ&ΑΓΟΡΑ

3 ΑΠΡΙΛΙΟΥ, 2013

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65.000 Ó¤· ÂÏÏËÓÈο ÚÔ˚fiÓÙ· ̤۷ Û ÙÚ›· ¯ÚfiÓÈ· ΠερισσÞτερα απÞ 65.000 νέα προϊÞντα ελληνικών επιχειρήσεων σε Ελλάδα και εξωτερικÞ κυκλοφÞρησαν την τριετία 2010-2013, αποδεικνύοντασ πωσ παρά το ασφυκτικÞ περιβάλλον η ελληνική επιχειρηµατικÞτητα παραµένει ενεργή και καταβάλλει προσπάθειεσ να αναστρέψει την εισ βάροσ τησ κατάσταση. Σύµφωνα µε την Ηµερησία τα παραπάνω στοιχεία παρουσίασε η διοίκηση τησ εταιρείασ 520 Barcode Hellas στο πλαίσιο ενηµερωτικήσ συνάντησησ µε εκπροσώπουσ του Τύπου ενώ παράλληλα στάθηκε και στην κινητικÞτητα που υπάρχει στισ µικροµεσσαίεσ εταιρείεσ απÞ τον χώρο των τροφίµων για ανάπτυξη στο εξωτερικÞ. «Πολλέσ µικροµεσσαίεσ εταιρείεσ µασ ζητάνε κωδικούσ για προιÞντα που σχεδιάζουν να εξάγουν στισ διεθνείσ αγορέσ καθώσ Þπωσ φαίνεται πωσ θέλουν να εκµεταλλευτούν το θετικÞ κλίµα που υπάρχει για τα ελληνικά τρÞφιµα σε παγκÞσµια κλίµακα», σηµείωσε χαρακτηριστικά στέλεχοσ τησ εταιρείασ και πρÞσθεσε πωσ «το πρÞθεµα 520 στα barcode βοηθά το καταναλωτικÞ κοινÞ να αναγνωρίζει την ελληνική προέλευ-

ση των προϊÞντων που αγοράζει, καθώσ στο 97% των περιπτώσεων, διακρίνει τισ ελληνικέσ επιχειρήσεισ και αποδίδεται σε εγχώρια παραγÞµενα προϊÞντα, τα οποία διακινούνται στην ελληνική και διεθνή αγορά». Μάλιστα, Þπωσ είπε, υπάρχουν εταιρείεσ που θέλουν οπωσδήποτε να βάλουν το πρÞθεµα 520 στισ συσκευασίεσ των προϊÞντων τουσ γιατί τουσ το ζήτησε αµερικάνοσ συνεργάτησ τουσ. ΑπÞ τα 65.000 νέα ελληνικά προϊÞντα που κυκλοφÞρησαν, ο τοµέασ των Τροφίµων και Ποτών συγκεντρώνει το µεγαλύτερο ποσοστÞ παραγωγήσ νέων προϊÞντων στη διάρκεια τησ τελευταίασ τριετίασ, µε ποσοστÞ 68%. Στον τοµέα αυτÞ, το ελαιÞλαδο, ο οίνοσ και το µέλι αποτελούν τα τρία προϊÞντα που παρουσιάζουν τη µεγαλύτερη εµπορική κινητικÞτητα. Ακολουθεί ο τοµέασ των καλλυντικών. Ùσον αφορά στη γεωγραφική κατανοµή για την έκδοση νέων κωδικών κατά τη διάρκεια τησ τελευταίασ τριετίασ, ο µεγαλύτεροσ Þγκοσ δηµιουργήθηκε στην Αττική, ενώ ακολουθούν η Μακεδονία και η ΠελοπÞννησοσ Να σηµειωθεί Þτι barcode µε πρÞθεµα 520 εκδίδεται απο-

κλειστικά απÞ την εταιρεία 520 Barcode Hellas, η οποία ιδρύθηκε το 1985 και έχει ωσ βασικÞ αντικείµενο την ανάπτυξη και την εφαρµογή διεθνών προτύπων και λύσεων για τη βελτίωση τησ αποτελεσµατικÞτητασ τησ εφοδιαστικήσ αλυσίδασ. Η δηµιουργία barcode µε πρÞθεµα 520, µπορεί να γίνει εύκολα και αξιÞπιστα και µέσα απÞ την ιστοσελίδα www.520barcodehellas.com, Þπου η εταιρεία παρέχει δωρεάν στουσ συνδροµητέσ τη σχετική υπηρεσία. Συγκεκριµένα, απÞ το 2010 µέχρι και σήµερα, η χρήση τησ online υπηρεσίασ παρουσιάζει αυξανÞµενο ρυθµÞ και µέχρι σήµερα έχουν δηµιουργηθεί µε τη συγκεκριµένη υπηρεσία περισσÞτεροι απÞ 21.000 barcode µε πρÞθεµα 520.

Vivartia: 20 ηٷÛÙ‹Ì·Ù· Goody’s - Flocafe ÛÙËÓ §È‚‡Ë Σε νέα στρατηγική συµφωνία προχώρησε ο Ùµιλοσ Vivartia για την επέκταση του κλάδου εστίασησ στην αγορά τησ Λιβύησ. Συγκεκριµένα, ο Ùµιλοσ Goody’s – Everest προχώρησε στην υπογραφή συµφώνου µε την εταιρεία λιβυκών συµφερÞντων Tasty Franchise Ltd για την ανάπτυξη των αλυσίδων Goody’s και Flocafe στη Λιβύη. Η συµφωνία προβλέπει τη λειτουργία τουλάχιστον 10 εστιατορίων Goody’s και 10 καταστηµάτων Flocafé σε Þλα τα µεγάλα αστικά κέντρα τησ χώρασ, ενώ τα πρώτα καταστήµατα και των δύο αλυσίδων αναµένεται να έχουν λειτουργήσει µέχρι το καλοκαίρι. Η συγκεκριµένη συµφωνία έρχεται να επισφραγίσει το σχέδιο εξωστρέφειασ που υλοποιεί µε συνέπεια ο Ùµιλοσ

∏ MIG ÎÏ›ÓÂÈ ÙËÓ Ù¯ÓÈ΋ ‚¿ÛË Ù˘ Olympic Air Tον τερµατισµÞ λειτουργίασ τησ Olympic Engineering, τησ τεχνικήσ βάσησ τησ Olympic Air στον διεθνή αερολιµένα Αθηνών, απÞ 1ησ Μαΐου 2013, παρ΄Þ, τι ήταν µία απÞ τισ πιο βραβευµένεσ και αξιÞπιστεσ βάσεισ επισκευήσ αεροσκαφών, αποφάσισε η Marfin Investment Group.

Tο κλείσιµο τησ τεχνικήσ βάσησ τησ Olympic Air αποφασίστηκε λÞγω τησ ζηµιογÞνου πορείασ τησ επιχείρησησ και των αρνητικών προοπτικών τησ ελληνικήσ αγοράσ. Μάλιστα, Þπωσ αναφέρεται, η εταιρία κατήγγειλε τη σύµβασή τησ µε το «Ελ. Βενιζέλοσ» απÞ το οποίο διεκδικεί αποζηµίωση, ύψουσ 43,5 εκ. ευρώ. Ήδη το προσωπικÞ τησ τεχνικήσ βάσησ έχει µεταφερθεί στην Oylmpic Air.

Εστίασησ Goody’s - Everest και ήδη περιλαµβάνει συµφωνίεσ για την ανάπτυξη των σηµάτων του σε Αλβανία, Μαυροβούνιο, ΚÞσσοβο, ΠΓ∆Μ, Λευκορωσία, Ηνωµένα Αραβικά Εµιράτα, καθώσ και τη λειτουργία περισσοτέρων απÞ 20 καταστηµάτων σε Κύπρο, Αλβανία, Βουλγαρία, Ρουµανία και Ουγγαρία. Ο ∆ιευθύνων Σύµβουλοσ του Οµίλου Vivartia, κ. Γιάννησ ΑρτινÞσ, ανέφερε «Ο Ùµιλοσ εστίασησ, µετά απÞ τα νέα καταστήµατα στισ αγορέσ των Βαλκανίων και τησ Β. Ευρώπησ, κάνει τώρα το πρώτο του βήµα και στην αναπτυσσÞµενη αγορά τησ Β. Αφρικήσ. Η νέα συµφωνία µε την Tasty Franchise Ltd για 20 νέα καταστήµατα, προσθέτει άλλη µια χώρα στο χαρτοφυλάκιο του Οµίλου, στοχεύοντασ σε 7 εκατ. νέουσ καταναλωτέσ που θα έχουµε την ευκαιρία να προσφέρουµε τα προϊÞντα και τισ υπηρεσίεσ µασ.»

Αύξηση του αριθµού των Αµερικανών που επισκέπτονται την Ελλάδα, είτε µεµονωµένα είτε µέσω του τουρισµού κρουαζιέρασ, προβλέπει η πρεσβεία των ΗΠΑ στην Ελλάδα. Την εικÞνα αυτή µετέφερε, η επιτετραµµένη τησ αµερικανικήσ πρεσβείασ στην Αθήνα Βιρτζίνια Μπένετ τονίζοντασ χαρακτηριστικά πωσ η Ελλάδα αποτελεί αγαπηµένο προορισµÞ για τουσ Αµερικανούσ. «Γνωρίζω Þτι οι καλοκαιρινέσ κρατήσεισ είναι αυξηµένεσ. ∆εν ξέρω πώσ καταµερίζεται ακριβώσ αυτή η αύξηση, αλλά αυτÞ που µπορώ να πω µε βεβαιÞτητα είναι Þτι εγώ, προσωπικά, θα συστήσω σε Þλουσ τουσ φίλουσ και τουσ γνωστούσ µου να επισκεφθούν την Κρήτη, γιατί είναι ένα πολύ ζεστÞ και φιλÞξενο περιβάλλον. Είµαστε πολύ ικανοποιηµένοι απÞ τον αριθµÞ των σκαφών που έχουν επισκεφθεί την Κρήτη, απÞ τισ υπηρεσίεσ και τη µεταχείριση που έχουν τύχει». Σύµφωνα µε την ίδια, οι Αµερικανοί πολίτεσ που επισκέπτονται την Ελλάδα αισθάνονται ασφαλείσ στη χώρα.

∫·Ù·ÛÙ‹Ì·Ù· shop-in-shop ·fi ª·ÚÈÓfiÔ˘ÏÔ Î·È ∫ˆÙÛfi‚ÔÏÔ Σε συµφωνία στρατηγικήσ συνεργασίασ µε την ΚωτσÞβολοσ για τη δηµιουργία τριών, πρωτοποριακών shop-in-shop σηµείων πώλησησ τησ εταιρείασ ηλεκτρονικών ειδών σε ισάριθµα καταστήµατα Carrefour στην Αθήνα προχώρησε η εταιρεία ΜαρινÞπουλοσ. ΕιδικÞτερα, η αλυσίδα σούπερ µάρκετ έκανε γνωστÞ Þτι στα υπερµάρκετ Carrefour στο Μαρούσι, το Γέρακα και τον Άλιµο, τα οποία αποτελούν ένα πρωτοποριακÞ concept καταστηµάτων για την ελληνική αγορά, διαµορφώνονται εξειδικευµένα νέα καταστή-

∂ÏÏËÓÈο ÚÔ˚fiÓÙ· ÛÙË ™ÂÚ‚›· ̤ۈ Ù˘ ∞µ µ·ÛÈÏfiÔ˘ÏÔ˜ Καµπάνια προώθησησ ελληνικών προϊÞντων στα καταστήµατα «Delta Maxi» και Tempo» στη Σερβία, που ελέγχονται απÞ τον µητρικÞ Delhaize διοργανώνεται απÞ την ΑΒ ΒασιλÞπουλοσ, στο πλαίσιο τησ προσπάθειασ για την προώθηση των ελληνικών προϊÞντων σε διεθνέσ επίπεδο. Η ενέργεια αυτή που θα διαρκέσει µέχρι τισ 14/04 θα δώσει τη δυνατÞτητα στουσ Σέρβουσ καταναλωτέσ να δοκιµάσουν µια µεγάλη ποικιλία ελληνικών προϊÞντων, Þπωσ τυρί, ελιέσ, ελαιÞλαδο, ούζο, κρασί, µπύρα, προϊÞντα αρτοποιίασ ζαχαρώδη, φρούτα κτλ, να διαπιστώσουν τα ποιοτικά

«Like» ÛÙËÓ ∂ÏÏ¿‰· ·fi ÙÔ˘˜ ·ÌÂÚÈηÓÔ‡˜ ÙÔ˘Ú›ÛÙ˜

πλεονεκτήµατα των ελληνικών προϊÞντων και να προσθέσουν µια γεύση απÞ Ελλάδα στην καθηµερινή τουσ ζωή και στο τραπέζι τουσ, λίγο καιρÞ πριν τισ καλοκαιρινέσ τουσ εξορµήσεισ στην Ελλάδα. Να σηµειωθεί Þτι στα καταστήµατα «Delta Maxi» και Tempo» διατίθενται ήδη 250 κωδικοί απÞ την Ελλάδα. Οι εξαγωγέσ ελληνικών προϊÞντων στη Σερβία παρουσιάζουν σηµαντική αύξηση, τησ τάξησ του 30% για την περίοδο 2008-2012, αποδεικνύοντασ και την προτίµηση που δείχνουν σ’ αυτά οι Σέρβοι καταναλωτέσ.

µατα shop-in-shop ηλεκτρικών και ηλεκτρονικών συσκευών µε τη δύναµη και την τεχνογνωσία τησ ΚωτσÞβολοσ.

To πρώτο κατάστηµα τησ ΚωτσÞβολοσ στο υπερµάρκετ Carrefour στο Μαρούσι αναµένεται να ξεκινήσει τη λειτουργία του µέσα στον Απρίλιο του 2013. ΠρÞκειται για την πρώτη, τέτοιου είδουσ, συνεργασία στην Ελληνική αγορά και µάλιστα µεταξύ δύο εκ των κορυφαίων λιανεµπορικών επιχειρήσεων τησ χώρασ.

ΧΡΗΜΑ&ΑΓΟΡΑ

3 ΑΠΡΙΛΙΟΥ, 2013

8 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

¡ÔÌÔıÂÙÈ΋ Ú‡ıÌÈÛË Ì›ˆÛ˘ ÙˆÓ ÂÓÔÈΛˆÓ ηٿ 50% Προτάσεισ για την στήριξη των µικροµεσαίων επιχειρήσεων συζήτησε χθεσ η Επιτροπή Εµπορίου τησ Βουλήσ. Ο ΠρÞεδροσ τησ Επιτροπήσ Εµπορίου Λευτέρησ ΧριστοφÞρου είπε Þτι οι αποφάσεισ του Γιούρογκρουπ δηµιούργησαν χίλια µύρια προβλήµατα και στισ µικροµεσαίεσ επιχειρήσεισ. Είπε Þτι στην επÞµενη συνεδρία θα κληθεί και ο ΓενικÞσ Εισαγγελέασ για να γνωµατεύσει επί τούτου και θα προωθηθούν συγκεκριµένεσ προτάσεισ είτε για µείωση των ενοικίων ή άλλεσ που θα απαµβλύνουν το τεράστιο πρÞβληµα που δηµιουργείται εξαιτίασ αυτήσ τησ πρωτÞγνωρησ, οικονοµικήσ βαθιάσ κρίσησ που διέρχεται ο τÞποσ µασ. Ο ΓενικÞσ Γραµµατέασ τησ ΠΟΒΕΚ Στέφανοσ Κουρσάρησ είπε πωσ ενώπιον τησ Επιτροπήσ έχει κατατεθεί υπÞµνηµα µε τέσσερισ εισηγήσεισ-προτάσεισ αναφορικά µε τα προβλήµατα των µικροµεσαίων επιχειρήσεων. Στο επίκεντρο των προτάσεων µασ, σηµείωσε, είναι η µείωση των ενοικίων µε νοµοθετική ρύθµιση κατά 50%.

«Πιστεύουµε Þτι η ευαισθησία τησ Επιτροπήσ που επιδείχθηκε και στο παρελθÞν τώρα θα µετατραπεί σε έµπρακτεσ ενέργειεσ. Υπάρχει ήδη πρÞταση απÞ ένα κοινοβουλευτικÞ κÞµµα το ΑΚΕΛ για νοµοθετική ρύθµιση κατά 25% µείωση των ενοικίων και παγοποίηση για ένα χρονικÞ διάστηµα», πρÞσθεσε. Οι άλλεσ προτάσεισ, ανέφερε, αφορούν την επιµήκυνση των δανείων µε µια περίοδο χάριτοσ ούτωσ ώστε να µειωθεί η σχετική δÞση, την µείωση γενικά των επιτοκίων και την υλοποίηση του εγγυοδοτικού φορέα για παροχή ρευστÞτητασ. Θα πρέπει η Κεντρική Τράπεζα, σηµείωσε, να πάρει και να δώσει τέτοιεσ ρυθµίσεισ ούτωσ ώστε να µπορέσει να διευκολυνθεί το εµπÞριο και οι συναλλαγέσ µεταξύ των επιχειρήσεων. Ο βουλευτήσ του ∆ΗΚΟ Αγγελοσ ΒÞτσησ είπε Þτι ο εκπρÞσωποσ του Συνεργατισµού δήλωσε στην Επιτροπή Þτι τισ αµέσωσ επÞµενεσ ηµέρεσ θα προβεί σε µείωση των επιτοκίων. Συµφωνούµε, συνέχισε, και µε την µείωση των ενοικίων για επαγγελµατική στέγη.

«Οσον αφορά την επιµήκυνση των υφιστάµενων δανείων ήδη γίνεται. Θα αναµένουµε να δούµε αν αυτή η πρακτική έχει αποτελέσµατα. Για τον εγγυοδοτικÞ µηχανισµÞ θα κληθεί ο ΥπουργÞσ Εµπορίου και ο ΥπουργÞσ Οικονοµικών για να έχουµε την τελική έκβαση αυτού του θέµατοσ ώστε να γίνει», συµπλήρωσε. Ο ΠρÞεδροσ του Παγκύπριου Συνδέσµου Μικρών Επιχειρήσεων (ΠΑΣΥΜΕ) Μιχάλησ Χριστοφή αναφέρθηκε στην ανάγκη διασφάλισησ τησ πρώτησ κατοικίασ ώστε καµία οικογένεια και κανένα παιδί να µην βρεθεί στον δρÞµο, χωρίσ στέγη εξαιτίασ των τραπεζών, Þπωσ είπε.

∂·Ó··ÙÚÈÛÌfi ÎÂÊ·Ï·›ˆÓ ˘fi ÚÔ¸Ôı¤ÛÂȘ ·ÔÊ¿ÛÈÛÂ Ë ∞. §Ô‡ÙÛÈÔ˜ Σε περίπτωση µη επιτυχούσ κατάληξησ τησ υποβληθείσασ προσφοράσ για αγορά ακινήτου του Ελληνικού δηµοσίου, το ποσÞ να επαναπατριστεί στην Κύπρο, αποφάσισε η Εταιρεία Α. Λούτσιοσ & Υιοι Λτδ «Επί του συγκεκριµένου δε ποσού προτιθέµεθα να προχωρήσουµε σε αυτÞβουλη αποµείωση και εν συνεχεία να δωρίσουµε το ποσÞ στην Εκκλησία τησ Κύπρου για ενίσχυση των κοινωνικών παντοπωλείων που διατηρεί και του Θεάρεστου φιλανθρωπικού τησ έργου εν γένει», αναφέρει η εταιρεία στην ανακοίνωση τησ. Ùλα ξεκίνησαν µετά απÞ δηµοσίευµα τησ εφηµερίδασ «Χαραυγήσ» που ήθελε την εταιρεία Α. Λούτσιοσ & Υιοι Λτδ να φυγαδεύει στο εξωτερικÞ κεφάλαια εκατοµµυρίων ευρώ παραµονέσ τησ κρίσιµησ συνÞδου του Eurogroup.

Η συγκεκριµένη εταιρεία -ιδιοκτήτεσ τησ οποίασ είναι εξ αγχιστείασ συγγενείσ του Προέδρου Αναστασιάδη, σύµφωνα µε το δηµοσίευµα τρεισ µέρεσ πριν το Eurogroup έσπασε 5 γραµµάτια που διατηρούσε στη Λαϊκή, ύψουσ 21 εκ. ευρώ και τα έστειλε στην Αγγλία, κάτι που η εταιρεία αντικρούει, κάνοντασ λÞγο για «κακÞβουλη και εσκεµµένη προσπάθεια πολιτικοποίησησ καθÞλα νÞµιµων οικονοµικών δραστηριοτήτων». Την ίδια στιγµή, ο ΠρÞεδροσ τησ ∆ηµοκρατίασ, Νίκοσ Αναστασιάδησ, θέτει εαυτÞν ενώπιον τησ ερευνητική επιτροπήσ για τυχÞν ευθύνεσ. Η εταιρεία διευκρίνισε επίσησ πωσ η κατάσταση µε κινήσεισ λογαριασµών που είδε το φωσ τησ δηµοσιÞτητασ, αφορά µετακινήσεισ ποσών απÞ την Λαϊκή Τράπεζα σε άλλεσ τράπεζεσ και Þχι κατ’ ανάγκη στο εξωτερικÞ.

M·›ÓÔ˘Ó ˘Ôı‹ÎË ÔÈ ÂÚÈÔ˘Û›Â˜ ÙˆÓ ªËÙÚÔfiÏÂˆÓ Η Ιερά Σύνοδοσ αποφάσισε την επέκταση των µέτρων βοήθειασ προσ τουσ πληγέντεσ απÞ την οικονοµική κρίση συνανθρώπουσ µασ, ανακοινώνοντασ την έναρξη προσπάθειασ για παροχή κοινωνικήσ ιατρικήσ περίθαλψησ. Ο Μητροπολίτησ Πάφου Γεώργιοσ δήλωσε, µετά τη συνεδρία, πωσ αποφασίστηκε Þπωσ κάθε ΜητρÞπολη υποθηκεύει την περιουσία τησ, στο πλαίσιο τησ συνέχισησ παροχήσ βοήθειασ προσ τον κÞσµο. Η Ιερά Σύνοδοσ αποφάσισε επίσησ να διορίσει επιτροπή έξι ειδικών προκειµένου να µελετήσουν πώσ θα µπορέσει να αξιοποιηθεί η περιουσία τησ Εκκλησίασ για το καλÞ του λαού. Εξάλλου «η Ιερά Σύνοδοσ καταδίκασε µε βδελυγµία τισ αήθεισ ενέργειεσ πολλών κρατικών, πολιτειακών και τραπεζικών ιθυνÞντων οι οποίοι ενεργώντασ προσ ίδιον Þφελοσ οδήγησαν την οικονοµία του τÞπου στο σηµερινÞ αξιοθρήνητο επίπεδο». Κάλεσε «Þλουσ αυτούσ Þπωσ συναισθανÞµενοι τη βλάβη που επέφεραν στουσ συνανθρώπουσ τουσ αλλά και στην πατρίδα µασ τησ οποίασ καταρράκωσαν την αξιοπρέπεια, επανορθώσουν έµπρακτα το κακÞ που διέπραξαν».

Σηµειώνει, επίσησ Þτι «Þλα τα αποδεικτικά προσ τούτο στοιχεία τίθενται στη διάθεση τησ υπÞ τον κ. Πική διερευνητικήσ επιτροπήσ που διορίστηκε απÞ τον ΠρÞεδρο τησ ∆ηµοκρατίασ ή οποιωνδήποτε άλλων αρµοδίων αρχών του κράτουσ. Η εταιρεία αναφέρει, επίσησ, στην ανακοίνωση τησ Þτι «πέραν τησ απώλειασ ποσού που ξεπερνά τα 15.000.000 ευρώ, γεγονÞσ που απÞ µÞνο του δεικνύει Þτι δεν υπήρξε καµία πρÞθεση αποφυγήσ τησ αποµείωσησ ή εκκαθάρισησ, συνεπειών που θα υποστούν άλλωστε οι καταθέσεισ που διατηρούµε στισ τράπεζεσ Κύπρου και Λαϊκή, αποφασίστηκε Þπωσ σε περίπτωση µη επιτυχούσ κατάληξησ τησ υποβληθείσασ προσφοράσ για αγορά ακινήτου του Ελληνικού δηµοσίου, το ποσÞ να επαναπατριστεί στην Κύπρο.

¡·˘ÏˆÌ¤Ó˜ Ù‹ÛÂȘ ÚÔ˜ ¶¿ÊÔ ·fi √˘ÎÚ·Ó›· Θετικά είναι τα µηνύµατα απÞ την Ουκρανία, σύµφωνα µε την Εταιρεία Τουριστικήσ Ανάπτυξησ και Περιφέρειασ Πάφου, µετά την συµµετοχή τησ στην έκθεση UITT Kιέβου, Ουκρανίασ, µαζί µε τουσ ξενοδÞχουσ τησ Πάφου. Η διοργάνωση διήρκησε τρεισ µέρεσ και η Πάφοσ συµµετείχε τÞσο στην εν λÞγω έκθεση σε εκθεσιακÞ χώρο που παραχωρεί δωρεάν ο ΚΟΤ, αλλά και σε εργαστήριο / παρουσίασησ που διοργάνωσε συγκεκριµένοσ ΟυκρανÞσ διοργανωτήσ ταξιδιών. Η ουκρανική αγορά για την Πάφο, προστίθεται στην ανακοίνωση, παρουσιάζει φέτοσ περεταίρω κινητικÞτητα και ενίσχυση των προγραµµάτων για διακοπέσ στην Πάφο και είναι επιβεβαιωµένη πλέον η εκτέλεση απευθείασ εβδοµαδιαίων ναυλωµένων πτήσεων προσ Πάφο απÞ συγκεκριµένο διοργανωτή. Για την Πάφο, η ουκρανική αγορά είναι άµεσησ προτεραιÞτητασ και ο στÞχοσ φέτοσ επικεντρώνεται στο να µετατραπεί η καλή προοπτική σε χειροπιαστή αύξηση τησ ροήσ των επισκεπτών στην Πάφο, αρχικά για την καλοκαιρινή σεζÞν 2013 και µετά για τα επÞµενα χρÞνια. Παράλληλα, η απλούστευση τησ διαδικασίασ έκδοσησ βίζασ που γίνεται πλέον ηλεκτρονικά αλλά και η ενίσχυση των πτήσεων απÞ Κίεβο προσ Λάρνακα, τÞσο απÞ την αεροπορική εταιρεία Ukrainian Ιnternational και Aegean δίνουν την δυνατÞτητα περαιτέρω ανάπτυξησ τησ αγοράσ αυτήσ.

O ÚˆÙ¿Ú˘ Dijsselbloem Úfi‰ˆÛ ÙÔ˘˜ ∫‡ÚÈÔ˘˜ Συνεχίζονται τα δηµοσιεύµατα για την οικονοµική κρίση στην Κύπρο και τισ επιπτώσεισ του «κουρέµατοσ» στισ καταθέσεισ στο διεθνέσ τραπεζικÞ σύστηµα, µε ορισµένα να κρούουν τον κώδωνα του κινδύνου και για άλλεσ χώρεσ, Þπωσ το Λουξεµβούργο και η Μάλτα. Ùπωσ αναφέρει η εφηµερίδα New York Times σε κύριο άρθρο τησ µε τίτλο, «Η Κύπροσ δεν ήταν η εξαίρεση» («Cyprus Was Not an Exception»), η Κύπροσ δεν είναι η µοναδική τέτοια περίπτωση στην ευρωζώνη, καθώσ τÞσο το Λουξεµβούργο (µε τραπεζικούσ λογαριασµούσ 22 φορέσ µεγαλύτερουσ του ΑΕΠ του) και η Μάλτα (µε τραπεζικούσ λογαριασµούσ οκταπλάσιουσ του µεγέθουσ τησ οικονοµίασ τησ) εντάσσονται στην ίδια περίπτωση. Την ίδια ώρα το αίσθηµα βαθιάσ προδοσίασ απÞ την ΕΕ που βιώνουν πολλοί Κύπριοι πολίτεσ και το άγχοσ τουσ για το οικονοµικÞ µέλλον του τÞπου, προβάλλει ανταπÞκριση απÞ τη Λευκωσία τησ Liz Alderman στη NEW YORK TIMES, µε τίτλο

«Οι Κύπριοι νιώθουν προδοµένοι απÞ την ΕΕ» («Cypriots Feel Betrayed by European Union»). Η ανταπÞκριση επισηµαίνει µεταξύ άλλων την έλλειψη ‘πραγµατικήσ ευρωπαϊκήσ αλληλεγγύησ’ που αισθάνονται σήµερα οι περισσÞτεροι Κύπριοι, λÞγω των τραπεζικών εξελίξεων. Αναφορά γίνεται επίσησ στην ευµάρεια που χαρακτήριζε µέχρι πρÞτινοσ την Κύπρο, ευµάρεια που ήταν ίσωσ επίπλαστη, αλλά δεν αιτιολογεί τον πλήρη οικονοµικÞ εξοστρακισµÞ απÞ την ΕΕ που πολλοί Κύπριοι δηλώνουν Þτι βιώνουν µετά τισ πρÞσφατεσ εξελίξεισ στη νήσο. Μεταξύ άλλων αναφορά γίνεται στην ειδική τριµελή επιτροπή απÞ πρώην δικαστέσ, στουσ οποίουσ ανατέθηκε η διερεύνηση των συµβάντων που οδήγησαν στην χρηµατοπιστωτική κρίση, και η οποία έλαβε αντίτυπο µε λίστα 132 εταιρειών που απέσυραν καταθέσεισ απÞ την Λαϊκή

Τράπεζα και τισ προώθησαν στο εξωτερικÞ, λίγεσ µÞλισ ηµέρεσ πριν η Κεντρική Τράπεζα Κύπρου µπλοκάρει τισ συναλλαγέσ. Ο Melyvn Krauss σε άρθρο γνώµησ στο BLOOMBERG µε τίτλο «Το ευρώ δεν αντέχει στα λάθη ενÞσ πρωτάρη που έκανε ο Dijsselbloem» («The Euro Can’t Afford Dijsselbloem’s Rookie Mistakes») χαρακτηρίζει ανεπαρκή τον ΟλλανδÞ υπουργÞ Οικονοµικών, Jeroen Dijsselbloem, καθώσ µε την ιδιÞτητά του ωσ προέδρου του Eurogroup, δήλωσε Þτι το κυπριακÞ σχέδιο διάσωσησ που επέβαλλε κούρεµα των τραπεζικών καταθέσεων θα µπορούσε να χρησιµοποιηθεί ωσ πρÞτυπο και για άλλεσ χώρεσ τησ Ευρωζώνησ µε αντίστοιχα προβλήµατα, εγείροντασ τον κίνδυνο ενÞσ γενικευµένου πανικού για το ευρωπαϊκÞ τραπεζικÞ σύστηµα.

3 ΑΠΡΙΛΙΟΥ, 2013

ΧΡΗΜΑ&ΑΓΟΡΑ

financialmirror.com | ENΕΡΓΕΙΑ | 9

™ÙÔ 625% Ë ˙‹ÙËÛË ÁÈ· ʈÙÔ‚ÔÏÙ·˚ο «Έκρηξη» ζήτησησ στο 625% για Φωτοβολταϊκά καταγράφηκε σε Μέση Ανατολή και Αφρική το 2013. Σε Þρουσ ισχύοσ αυτÞ µεταφράζεται σε ένα Γιγαβάτ έναντι 136 Μεγαβάτ το 2012. Η νέα έκθεση του NPD Solarbuzz µε τίτλο “Middle East and Africa PV Market Report” υπογραµµίζει Þτι η αύξηση στη ζήτηση οφείλεται σε ορισµένα φιλÞδοξα επενδυτικά σχέδια στην περιοχή και κυρίωσ σε ΝÞτιο Αφρική, Ισραήλ και Σαουδική Αραβία. Η περιοχή τησ Μέσησ Ανατολήσ και τησ Αφρικήσ αντιστοιχεί στο 0,5% µÞλισ τησ παγκÞσµιασ ζήτησησ για φωτοβολταϊκά, ωστÞσο φιλοξενεί το 17% του παγκÞσµιου πληθυσµού. Σύµφωνα µε τουσ αναλυτέσ του NPD Solarbuzz “ωσ το 2017 η περιοχή προβλέπεται να αντιστοιχεί σε 3,7 Γιγαβάτ τησ ετήσια ζήτησησ για φωτοβολταϊκά µε την προοπτική να φτάσει τα 9 Γιγαβάτ”.

Μεγαλύτερη αγορά τησ περιοχήσ στα φωτοβολταϊκά θα είναι στο εγγύσ διάστηµα, σύµφωνα µε το NPD Solarbuzz, η ΝÞτιοσ Αφρική µε την αναµενÞµενη εγκατεστηµένη ισχύ στα τέλη του 2014 να ανέρχεται σε 1,45 Γιγαβάτ. ΩστÞσο, σε µακροπρÞθεσµο ορίζοντα, η Σαουδική Αραβία αναµένεται να πάρει τα σκήπτρα µε πρÞγραµµα για 16 Γιγαβάτ απÞ φωτοβολταϊκά ωσ το 2032. Τα επίγεια φωτοβολταϊκά συστήµατα αντιστοιχούν στο 70% του συνÞλου ωσ το 2017. Την ίδια ώρα οι κατασκευαστέσ φωτοβολταϊκών εισέρχονται δυναµικά στο πεδίο των πωλήσεων, η αγορά µετακινείται απÞ την Ευρώπη στην Ασία και τισ ΗΠΑ και η αγορά προµηθευτών και µελετητών παραµένει σε µεγάλο βαθµÞ κατακερµατισµένη. Αυτά είναι τα τρία βασικά ευρήµατα τησ τριµηνιαίασ έκθεσησ EPC & Integrator Market Shares & Projects τησ IMS Research.

Οι αναλυτέσ τησ IMS Research χαρακτηρίζουν ωσ “εκρηκτική” την ανάπτυξη των φωτοβολταϊκών στην Ασία και την Αµερική µε δύο αµερικανικέσ εταιρείεσ, τη First Solar και τη SunEdison, να καταλαµβάνουν τισ δύο πρώτεσ θέσεισ το 2012. Οι γερµανικέσ Belectric, juwi και Enerparc κατέλαβαν την τρίτη, την πέµπτη και την έκτη θέση αντίστοιχα. Οι ευρωπαϊκέσ εταιρείεσ καταλαµβάνουν τέσσερισ µÞλισ θέσεισ στην πρώτη δεκάδα έναντι επτά το 2010, Þταν η αγορά φωτοβολταϊκών στην Ευρώπη αναπτυσσÞταν µε ταχείσ ρυθµούσ.

«¡·È» ÛÙÔ Â˘Úˆ·˚Îfi Ù·ÌÂ›Ô ·Ó·Î‡ÎψÛ˘ ÏÔ›ˆÓ

¶ÏÔ‡ÛÈ· ÎÔÈÙ¿ÛÌ·Ù· ÂÙÚÂÏ·›Ô˘ Û πfiÓÈÔ Î·È ∫Ú‹ÙË

Yπέρ τησ σύστασησ ενÞσ ευρωπαϊκού ταµείου για την ανακύκλωση των πλοίων, ενÞσ οικονοµικού κινήτρου για χρηµατοδÞτηση τησ περιβαλλοντικά ορθήσ ανακύκλωσησ των πλοίων και εσωτερίκευσησ του κÞστουσ διαχείρισησ των επικίνδυνων αποβλήτων, τάχθηκαν αρκετά µέλη τησ Επιτροπήσ Περιβάλλοντοσ του Ευρωπαϊκού Κοινοβουλίου. Η δηµιουργία του ταµείου υποστηρίζεται απÞ την ΜΚΟ Shipbreaking Platform, µια διεθνή συµµαχία 18 οργανώσεων που ασχολούνται µε το περιβάλλον, τα ανθρώπινα και εργασιακά δικαιώµατα µε στÞχο τη διαµÞρφωση ασφαλέστερων και λιγÞτερο ρυπογÞνων πρακτικών ανακύκλωσησ πλοίων σε παγκÞσµιο επίπεδο. Η ιδέα, συνίσταται στην υποχρέωση καταβολήσ απÞ κάθε πλοίο που δένει σε ευρωπαϊκÞ λιµάνι ενÞσ συγκεκριµένου ποσού, το οποίο θα χρησιµοποιείται για τη χορήγηση πριµοδοτήσεων για την ασφαλή και ορθή ανακύκλωση των πλοίων σε εγκεκριµένεσ απÞ την Ε.Ε. µονάδεσ. Η δηµιουργία του ταµείου θα εξαλείψει το χάσµα τησ τιµολÞγησησ στισ κατώτερησ ποιÞτητασ εγκαταστάσεισ που βρίσκονται σε χώρεσ που δεν είναι µέλη του ΟΟΣΑ, στισ οποίεσ προσφέρονται σήµερα στουσ πλοιοκτήτεσ υψηλÞτερεσ τιµέσ για τα πλοία που βρίσκονται στο τέλοσ του κύκλου

ΑισιÞδοξα µηνύµατα έδωσε το ερευνητικÞ σκάφοσ Nordic Explorer για την ύπαρξη κοιτασµάτων πετρελαίου στο ΙÞνιο και τη θαλάσσια περιοχή νÞτια τησ Κρήτησ. Για τα θετικά αποτελέσµατα ενηµερώθηκε ο αρµÞδιοσ Έλληνασ ΥπουργÞσ, Ευάγγελοσ Λιβιεράτοσ, καθώσ και στελέχη τησ ∆ιεύθυνσησ Πετρελαϊκήσ Πολιτικήσ. Το ερευνητικÞ σκάφοσ «Nordic Explorer» τησ Νορβηγικήσ εταιρείασ PGS ολοκλήρωσε τισ έρευνέσ του στο ΙÞνιο και νοτίωσ τησ Κρήτησ στισ 25 Φεβρουαρίου, συλλέγοντασ πλήθοσ γεωφυσικών στοιχείων, συνολικού µήκουσ καταγραφών 12.431 χιλιοµέτρων. Το γεγονÞσ Þτι πλέον υπάρχουν στοιχεία, και Þχι µÞνο ενδείξεισ, για την ύπαρξη υδρογονανθράκων αναµένεται να εντείνει το ενδιαφέρον των ξένων οµίλων για την αγορά των σεισµικών δεδοµένων. Μέχρι σήµερα πάντωσ ενδιαφέρον για τα δεδοµένα που συγκέντρωσε «Nordic Explorer» έχουν εκδηλώσει η γαλλική Total και η αµερικανική Εχχοn Mobil. Το νορβηγικÞ ερευνητικÞ σκάφοσ αναµένεται να ολοκληρώσει την επεξεργασία των γεωφυσικών στοιχείων µέχρι τα τέλη του 2013, οπÞτε θα ξεκινήσει η δεύτερη φάση του διαγωνισµού για έρευνα και εκµετάλλευση.

ζωήσ τουσ, ακÞµα κι Þταν αυτÞ σηµαίνει Þτι οι εργάτεσ που απασχολούνται εκεί σκοτώνονται ή προσβάλλονται απÞ ασθένειεσ που προκαλούνται απÞ τισ επικίνδυνεσ ουσίεσ που περιέχονται σε αυτά τα πλοία. ΕκτÞσ νÞµου τίθεται η µέθοδοσ τησ προσάραξησ, που αποτελεί µια ρυπογÞνο και επικίνδυνη πρακτική διάλυσησ πλοίων σε παλιρροϊκέσ περιοχέσ. «Ο συγκεκριµένοσ ΕυρωπαϊκÞσ κανονισµÞσ µπορεί να αποτελέσει τον νοµικά πρώτο υπερεθνικÞ, δεσµευτικÞ κανÞνα που απαγορεύει την προσάραξη» αναφέρει η Patrizia Heidegger, ∆ιευθύντρια τησ ΜΚΟ Shipbreaking Platform. «Στο µέλλον η προσάραξη θα πρέπει να αντικατασταθεί σε Þλεσ τισ χώρεσ απÞ ασφαλέστερεσ µεθÞδουσ, Þπωσ έχει συµφωνηθεί απÞ τη διεθνή κοινÞτητα στη Σύµβαση τησ Βασιλείασ για τον Έλεγχο των ∆ιασυνοριακών ∆ιακινήσεων Αποβλήτων και τη ∆ιάθεσή τουσ». Στην Κύπρο παραµένει προσαραγµένο φορτηγÞ πλοίο, µε σηµαία Σιέρα ΛεÞνε, απÞ το 2011. Το πλοίο προσάραξε σε βράχια τησ περιοχήσ µεταξύ του ΚÞλπου των Κοραλλίων και του Αγίου Γεωργίου Πέγειασ στη Πάφο. Το πλοίο µε Þνοµα «M/V EDRO III» είχε αποπλεύσει απÞ το λιµάνι τησ Λεµεσού µε κατεύθυνση τη ΡÞδο, χωρίσ φορτίο και προσάραξε µετά απÞ θαλασσοταράχη.

∞Ú¯›˙ÂÈ ·ÓÂ˘Úˆ·˚΋ ‰È·‚ԇϢÛË ÁÈ· ÙËÓ ÂÓ¤ÚÁÂÈ· Την έναρξη δηµÞσιασ πανευρωπαϊκήσ διαβούλευσησ για τον προσδιορισµÞ του ενεργειακού µείγµατοσ τησ Ευρώπησ µε ορίζοντα το 2030, ανακοίνωσαν οι αρµÞδιοι Επίτροποι Ενέργειασ και Κλίµατοσ τησ ΕΕ. Έδωσαν ταυτÞχρονα τισ βασικέσ κατευθύνσεισ που είναι η σταδιακή µείωση των αερίων του θερµοκηπίου, αλλά παράλληλα και η συγκράτηση των τιµολογίων τησ ενέργειασ σε χαµηλά επίπεδα, έτσι ώστε να µην πληγεί η ευρωπαϊκή ανταγωνιστικÞτητα. Προέκριναν µάλιστα, αφενÞσ την αύξηση τησ διείσδυσησ των Ανανεώσιµων Πηγών Ενέργειασ και αφετέρου την αποδοχή αµφιλεγÞµενων µέχρι σήµερα τεχνολογιών, Þπωσ τη δέσµευση και την ταφή του άνθρακα. Ο Επίτροποσ Ενέργειασ Γκίντερ Έτινγκερ, τÞνισε Þτι πρέπει να ολοκληρωθεί εγκαίρωσ ο νέοσ ευρωπαϊκÞσ ενερ-

γειακÞσ σχεδιασµÞσ, προκειµένου να διευκολυνθούν οι ενδιαφερÞµενοι επενδυτέσ µε τέτοιο τρÞπο ώστε να εξασφαλίζεται η βιώσιµη ανάπτυξη, οι ανταγωνιστικέσ τιµέσ τησ ενέργειασ αλλά και η ενεργειακή ασφάλεια τησ Ευρώπησ Η πράσινη χάρτα θέτει µια σειρά ερωτηµάτων που ζητουν απαντήσεισ, προτάσσοντασ για πρώτη φορά τÞσο πιεστικά την ανάγκη ενίσχυσησ τησ ευρωπαϊκήσ ανταγωνιστικÞτητασ. Κύριο ζήτηµα είναι ποίο ενεργειακÞ µείγµα µπορεί να ενισχύσει περαιτερω την ανταγωνιστικÞτητα τησ Ευρώπησ, πÞσο φιλÞδοξοι στÞχοι πρέπει να τεθούν και πώσ θα µπορέσουν οι χώρεσ µέλη µε διαφορετικέσ δυνατÞτητεσ να ακολουθήσουν αυτέσ τισ πολιτικέσ. Πλέον η συζήτηση περιστρέφεται ανοιχτά γύρω απÞ

την ανάγκη µείωση του ενεργειακού κÞστουσ και την ενίσχυση τησ πράσινησ καινοτοµίασ Το 20-20-20 ωσ το 2020 που υιοθέτησε η Ευρώπη άνοιξε το δρÞµο παγκοσµίωσ για τη διείσδυση των ανανεώσιµων πηγών ενέργειασ, αφού προέβλεπε υποχρεωτική ένταξη στα εθνικÞ ενεργειακÞ µίγµα κάθε χώρασ µέλουσ 20% ανανεώσιµησ ενέργειασ, βιοκαυσιµων αλλά και εξοικονÞµηση ενέργειασ κατά 20%. ΣηµαντικÞ είναι οτι η Επιτροπή φαίνεται να υιοθετεί έστω και µε επιφυλάξεισ την αµφιλεγÞµενη τεχνολογία τησ δέσµευσησ και ταφήσ του άνθρακα, την οποία είχε αποκλείσει το 2007 αποδεχÞµενη , τÞτε, την επιχειρηµατολογία σχετικά µε τουσ κίνδυνουσ που ενέχει. Τώρα Þµωσ ζητά να κατατεθούν απÞψεισ και για το ζήτηµα αυτÞ.

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

w ww .hellas -ene rgy .com

April 3 - 9, 2013

20 | WORLD MARKETS | financialmirror.com

Immigration: a valuable economic resource In political terms, immigration has always been a touchy subject across the US and the EU. Advocates of left wing and right wing policies approach the topic from social and nationalistic perspectives (excuse my vast generalizations here) and the public often bear the perception that foreign workers take away jobs and resources, a particularly emotive issue during times of recession. However, recent economic research tells a different tale.

By Oren Laurent President, Banc De Binary

For the purpose of this article, let’s put aside our existing opinions on the matter. I seek not to devalue existing sentimental arguments, but rather to add an economic viewpoint into the mix. Consider how, in the appropriate circumstances, immigration can serve as a valuable economic resource.

According to a recent academic study due for publication in the International Journal of Manpower, “Unemployment Benefits and Immigration: Evidence from the EU”, immigrants to the European Union are as a whole less likely to be reliant on welfare benefits than the native population.

The Migration Matters Trust, a cross party

group in the UK, has presented the case that migrants contribute more in taxes that they receive in benefits. Their research comes after, and seems to challenge, the announcement of tougher immigration policies, including limiting healthcare and housing entitlements for those from outside the EU. Atul Hatwal, director the Trust, is adamant that “the British economy cannot sustain itself without migrant labour.”

Their report reveals that halting the net migration would cost every tax payer in the country an undesirable £137,000 over their lifetime. Public sector debt would rise by £18bn in just five years. Over the next fifty years, this would become 187% of the gross domestic product, far greater than the current level of 74% and higher even than Greece’s current national debt.

Britain seems to be country most troubled by the prospect of a mass immigration next year when European countries are obliged to open their labour markets to Bulgarians and Romanians who joined the EU in 2007. While a sudden influx would certainly be far from ideal, Britain’s concerns could be rooted in its Eurosceptic mood as much as in fact-based reasoning about the country’s capacity.

Indeed, the UK is unlikely to even be the first port of call. According to the Bulgarian foreign minister, his country’s economy is most closely connected to Germany’s, and the Romanian ambassador argues that migration to Spain, France and Italy would be higher because of linguistic proximity.

This all comes at a similar time to US debate on the topic. A deal on Friday was struck between business and labour leaders on the allocation of visas to low-skilled foreign workers. The deal must still be approved and signed by the seven other senators working with Democrat Schumer, mediator of this agreement. Should it pass, it marks the single

biggest hurdle for the completion of the immigration bill which will grant better rights to immigrant employees and create a pathway to citizenship for the eleven million illegal immigrants already in the country.

The argument could of course be made that American citizens are still suffering from unemployment. However, last month’s NFP employment report gave a positive indicator that the economy is recovering and jobs are returning, and the coming NFP on Friday is expected to reveal in excess of 200,000 new jobs. On that basis, the US can afford to allocate positions to foreign workers. Bear in mind too that the distribution of visas is for lowskilled workers, doing jobs that the country needs for its continued development, rather than jobs that it is willing to do itself.

I am not arguing here that immigration is always the right approach, and I recognise that various factors will contribute to the decision making process. However, the stats and facts speak loudly. On purely economic grounds, there is certainly a case for immigration in certain, monitored, circumstances. Like a great meal, taxes and talent are sometimes best shared.

www.bbinary.com

Yen firmer as BOJ looms; USD hit by data The yen rose to a one-month high against the dollar early in Asia on Tuesday after softer-than-expected U.S. manufacturing data prompted investors to sell the greenback.

Further gains for the Japanese currency could be limited as investors wait to see exactly what the Bank of Japan (BOJ) will deliver at its April 3-4 policy meeting. The market has already priced in a lot of easing from the central bank making it hard for policy makers to surprise.

The dollar was at 92.82 yen. It has shed around 3.5% since peaking at a 3-1/2 year high of 96.71 on March 12. The greenback came under pressure as U.S. Treasury yields slid after data showed factory activity grew at the slowest rate in three months in March.

The report raised worries the U.S. economy is losing momentum due to government spending cuts.

The dollar index fell 0.6%, suffering its third biggest one-day fall this year, recoiling further from a near 8-month peak set just last week. Thin market conditions, with most of Europe closed for the Easter holiday, contributed to a choppy session that saw the yen

drifted up to $1.2846, pulling away from a four-month trough of $1.2750 plumbed last week. Still, the common currency remained weighed by political uncertainty in Italy and worries about the region’s debt problem and dour economic outlook.

FOREX COMMENTARY & TECHNICAL ANALYSIS also rise against the euro and commodity currencies.

The euro traded at 119.81 yen after briefly dipping to 119.49, a low not seen since late February, while the Australian dollar was at 97.27 yen, having skidded to a four-week low of 97.02.

With the dollar under pressure, the euro

“As the fundamental outlook for the euro region turns increasingly bleak, the ECB remains poised to strike a dovish tone for monetary policy,” said David Song, currency analyst at DailyFX. “We may see a growing number of central bank officials show a greater willingness to push the benchmark

interest rate to a fresh record-low as the recession threatens price stability.”

The European Central Bank holds its policy meeting on Thursday, ahead of U.S. nonfarm payrolls on Friday.

The Australian dollar also bounced up smartly from a one-week low of $1.0386 to $1.0425, but its immediate fortunes depend on the outcome of the Reserve Bank of Australia’s (RBA) policy meeting which is expected to hold its cash rate steady at a record low 3.0%, and the market is keen to see if it will drop its easing bias or keep the door open to more cuts. Any signs the RBA has ended its easing cycle could give Aussie dollar bulls a green light to buy the currency.

“We expect the RBA to drop its easing bias, despite the high exchange rate, given the recent run of better data,” analysts at Barclays Capital wrote in a client note.

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.

April 3 - 9, 2013

financialmirror.com | MARKETS | 21

Four shades of Latin America Marcuard’s Market update

by GaveKal Research The development economist Simon Kuznets famously said there were four kinds of economies: developed, developing, Japan and Argentina. Impressions from a recent swing through South America to visit clients suggest a similar division. The continent’s economies come in four flavours: neo-liberal, Chavista, Brazil and, you guessed it, Argentina.

The neo-liberal/Chavista split is in some ways the most interesting. Twenty years ago, South America was essentially an undifferentiated mass of more or less badly run economies, with newly democratic Chile an interesting but fragile exception. Today the Chilean model has spread to Peru and Colombia, and these three Pacificoriented economies are the healthiest and fastest growing bloc on the continent, with a good balance of strong infrastructure investment and vibrant consumer demand.

A crucial element of the neo-liberal Chilean model is the pension system, which combines mandatory participation and forced savings with private management of competing pension funds. The system is oldest and strongest in Chile, where the four big pension funds run assets of $160 bln or nearly 65% of GDP, but has been copied successfully in Peru and Colombia.

The pension funds perform three related functions. First and most important, they mobilize national saving for long-term investment, always a tricky task in developing economies.

Second and almost as important, they ensure that these savings are not diverted into statesponsored vanity projects. Finally, they provide the institutional basis for a solid financial system that rewards savers and competitive companies.

This pension-based development strategy is a clever alternative to the more famous East Asian model, which involves the forced capture of national saving via financial repression and a subservient banking system. In East Asia, the needed market discipline and productivity growth comes from a massive export-oriented manufacturing sector, which keeps firms competitive and requires stable macro-economic policies.

But an export manufacturing strategy is a non-starter in most Latin American countries, with their relatively sparse labour forces and distance from key global trade routes. Imposing market discipline by running long-term investments through private pension funds rather than state development banks turns out to be a good option. True, Chile and Peru remain exposed to the risk of lower commodity prices, especially copper which they ship in abundance to China. But their economies are now diversified enough that they can probably weather a downturn.

Not so for the trio of more traditional Latin American countries – Venezuela, Ecuador and Bolivia – which we dub Chavista in honour of Venezuelan leader Hugo Chavez, who died during our trip. Chavismo is simple: use money from resource extraction to spend lavishly on subsidies and hand-outs, and hope for the best.

It works all right so long as commodity prices stay up, but even in Venezuela which still benefits from a high oil price the cracks are beginning to show: many shops are empty of goods, the true government budget deficit is estimated at 18% of GDP, and oil production has fallen by nearly a third from its pre-Chavez peak.

The bad news is that even after Chavez’s death no credible political alternative to his policies exists. A smart friend in Peru who lived through that country’s long climb up from the hyper-inflation, terrorism and political chaos of the early 1990s noted that consensus around pragmatic reforms is hard to achieve until a country hits bottom. The Chavista zone is still far from the bottom, so things will probably need to get a lot worse before they get better. Yet in the long run, there’s a decent chance that the Chilean model will spread here as well.

Outside these two main blocs are the two great exception economies which seem permanently immune to Chile’s “positive contagion,” for different reasons. Brazil is so large that it will never feel compelled to open up like the smaller Latin economies, and its powerful entrenched

producer interests will ensure it never does so.

The big question is whether it will ever figure out how to do infrastructure properly: failure to do so helps explain why inflation stays stubbornly high at around 6% despite a deceleration of GDP growth to near zero.

Even with the spur of an impending World Cup (2014) and Olympics (2016), airports remain woeful, and the road and rail links to the coast from the incredibly productive agricultural hinterland are poor. A big problem is over-centralization of infrastructure investment in state-owned behemoths like the airports authority – which has managed to spend only 44% of the money it controls – and the state development bank, which now accounts for nearly a quarter of national fixed investment, with little to show for it.

And then there is Argentina. None of our contacts could explain how a country could get so much wrong in so many ways over so many years. Its one saving grace is that it has failed in recent decades to produce a charismatic leader who, like Castro or Chavez, could propagate its follies in its neighbours. It may be small solace to the unfortunate Argentinians, but their country is likely to endure as the sad exception on a generally hopeful continent.

WORLD CURRENCIES PER US DOLLAR CURRENCY

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

Asia’s underperformance Developed markets are on a roll, with the US and Japan up around 10% and 8% respectively YTD in US dollar terms. Overall the World MSCI has gained 6%—with the main drag coming from the EMU, down nearly -1%, and emerging markets, down –2% YTD. Why are the traditionally high beta EM countries, especially the export oriented ones in Asia, being left in the dust?

The first problem is the stronger US dollar, which tends to have an inverse effect on EM liquidity. During the weak dollar environment in the past few years, countries with a soft peg to the USD, like many of those in EM, pumped liquidity into the system to ensure their currencies did not rise too fast against the dollar. This strategy fought deflation and led to strong asset price gains, thus attracting even more inflows. Moreover, the combination of a weakened external environment and lower borrowing costs, encouraged a credit boom aimed at boosting local consumption.

This was especially true in Southeast Asia, where low leverage levels allowed ASEAN countries to respond to the 2008-09 crisis by gearing up on cheap credit to fund infrastructure, new condos, new cars and motorbikes, etc. But when the dollar is strong, this phenomenon reverses—there is less scope for the creation of currency intervention-related liquidity. And with higher debt loads, and less currency strength to dampen inflation, it looks like the credit cycle will need to be crimped.

The second problem is the weakening yen, which is a nuisance for regional exporters, especially Japan’s closest neighbors in the more indus-

www.marcuardheritage.com

Date APR 3 APR 3 APR 3 APR 4 APR 4 APR 4 APR 4 APR 4 APR 4 APR 4 APR 4 APR 4 APR 5 APR 5 APR 5 APR 5 APR 5 APR 5 APR 5 APR 5 APR 5

Country EUR US US JPN EUR EUR GBP EUR EUR US US US EUR EUR EUR CAD US US US US US

RATE

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

8665 1.5227 1.5236 20.103 5.8088 12.1915 1.2833 1.65 236.19 0.546 2.6902 0.3345 12.394 5.825 3.2592 3.4409 31.145 6.493 0.9462 8.143

AUD CAD HKD INR JPY KRW NZD SGD

1.0464 1.0145 7.7623 54.27 92.93 1117.78 1.1891 1.2373

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

0.3770 6.8057 12070.90 3.6346 0.7075 0.2853 1512.00 0.3850 3.6404 3.7500 9.1910 3.6728

AZN KZT TRY

0.7835 150.83 1.8074

AMERICAS & PACIFIC Australian Dollar * Canadian Dollar Hong Kong Dollar Indian Rupee Japanese Yen Korean Won New Zeland Dollar * Singapore Dollar MIDDLE EAST & AFRICA Bahrain Dinar Egyptian Pound Iranian Rial Israeli Shekel Jordanian Dinar Kuwait Dinar Lebanese Pound Omani Rial Qatar Rial Saudi Arabian Riyal South African Rand U.A.E. Dirham ASIA Azerbaijanian Manat Kazakhstan Tenge Turkish Lira Note:

* USD per National Currency

The Financial Markets Detail

CPI flash estimate Y/Y due 12.00noon ADP Non-farm Employment Change due 3.15pm ISM Non-Manufacturing PMI due 5.00pm Bank of Japan Press Conference Final Services PMI due 11.00am Spanish 10-year bond auction Bank of England Rate Meeting due 2.00pm ECB Rate Meeting due 2.45pm ECB President Mario Draghi press conf starts 3.30pm Final GDP growth Q/Q due 3.30pm Weekly Unemployment Claims due 3.30pm Fed Chairman Ben Bernanke speaks starting 5.30pm Retail Sales M/M due 12.00 noon Final GDP growth Q/Q due 12.00noon German Factory Orders M/M due 1.00pm Canada Employment Change due 3.30pm Non-Farm Employment Change due 3.30pm Unemployment Rate due 3.30pm Average Hourly Earnings due 3.30pm Trade Balance due 3.30pm Consumer Credit due 10.00pm

Indicated times are Cyprus time

trialized north of Asia. Even if volumes go up, it will be challenging to raise prices when the Japanese currency is becoming more competitive.

Moreover, these countries also export to Japan, where yen weakness will weigh on import demand. The yen depreciation has yet to show meaningful impact on trade results but stock performance for neighbors have rerated downwards in anticipation. And given deeply set deflationary expectations, Japan’s aggressive turn in monetary policy can be sustained for some time. South Korea recently revised GDP estimates for 2013 down on yen weakness caution and the negative impact on its export sector.

Finally, China is not helping. China in the past decade has snatched market share of global exports from its Asian peers—but at the same time, it has also become a major local importer and driver of regional growth. In 2005, some 25% of Taiwan and South Korean exports went to the US and Europe; today only 16% do. Over the same period, China’s export share in these markets expanded from 22% to 25%, becoming by far the largest single trade partner with both these Asian export powerhouses. Some recent disappointing Chinese industrial production and retail sales fuelled concerns that the pick-up in the country’s growth rate may not be as robust as first thought. This is especially so since imports have yet to show any improvements. In addition, the higher than expected CPI of 3.2% in February limits the government’s ability to do more to shore up any further deterioration. Looking forward to the medium term, the heightened risk of tightening measures will likely limit broad demand growth and imports.

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.

Weekly Economic Calendar

CODE

EUROPEAN

Forecast

Previous

1.60% 203k 55.9

1.80% 198k 56.0

46.5 0.50% 0.75%

46.5 4.90/1.9 0.50% 0.75%

0.50% 354k

0.10% 357k

-0.30% -0.60% 1.20% 7.6k 201k 7.70% 0.20% -$44.6B 15.7B

1.20% -0.60% -2.50% 50.7k 236k 7.70% 0.20% -$44.4B 16.2B

Source: Eurivex

Interest Rates Base Rates

LIBOR rates

CCY USD GBP EUR JPY CHF

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

Swap Rates

CCY/Period

1mth

2mth

3mth

6mth

1yr

CCY/Period

2yr

3yr

4yr

5yr

7yr

10yr

USD GBP EUR JPY CHF

0.20 0.50 0.06 0.12 0.00

0.24 0.50 0.10 0.14 0.01

0.28 0.51 0.13 0.16 0.02

0.44 0.60 0.23 0.26 0.08

0.73 0.91 0.43 0.45 0.26

USD GBP EUR JPY CHF

0.41 0.58 0.46 0.19 0.04

0.52 0.65 0.58 0.20 0.12

0.70 0.77 0.72 0.22 0.25

0.93 0.93 0.89 0.26 0.39

1.42 1.32 1.22 0.39 0.70

1.98 1.87 1.64 0.64 1.07

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

Opening Rates

1 USD 1 EUR 1 GBP 1 CHF 1.2833 0.7792

100 JPY

1.5227

1.0569

1.0761

1.1866

0.8235

0.8385

0.6941

0.7067

0.6567

0.8428

0.9462

1.2143

1.4408

92.93

119.26

141.50

1.0182 98.21

Weekly movement of USD

CCY\Date

19.02

26.02

05.03

12.03

28.03

CCY

Today

USD GBP JPY CHF

1.3301

1.3007

1.2990

1.2977

1.2740

0.8594

0.8553

0.8589

0.8714

0.8416

124.27

119.49

120.54

124.96

119.68

1.2254

1.2063

1.2188

1.2287

1.2116

GBP EUR JPY CHF

1.5227 1.2833 92.93 0.9462

Last Week %Change 1.4887 1.3017 96.40 0.9490

-2.28 +1.41 -3.60 -0.30

April 3 - 9, 2013

22 | WORLD MARKETS | financialmirror.com

Vodafone M&A talk lifts FTSE Britain’s benchmark share index rose on Tuesday, with a surge in telecoms group Vodafone pushing the index back towards 5-year highs reached at the start of last month.

Traders added that technical indicators pointed towards the likelihood of more near-term gains for the stock market, which in March matched a record streak of ten consecutive monthly gains.

The blue-chip FTSE 100 index rose by 0.6%, or 36.35 points, to 6,448.09 points - moving back towards the 5-year peak of 6,533.99 points reached on March 12.

Vodafone topped the FTSE 100’s leaderboard, rising 3.4% and adding the most points to the index after the Financial Times Alphaville blog reported that U.S. peers Verizon and AT&T had been working together on a breakup bid for the British group.

Vodafone, the world’s second-largest mobile operator, has been at the centre of deal speculation in recent months, linked to its ownership of a 45% stake in U.S. mobile operator Verizon Wireless.

“The usual story with Vodafone is the Verizon saga. I just think that this story has got legs to run on it,” said Central

Markets chief strategist Richard Perry.

A renewal in merger and acquisition activity, coupled with ongoing stimulus measures from world central banks, has enabled equity markets to rise at the start of 2013, despite

worries over the euro zone’s sovereign debt crisis which resulted in a punitive bailout of Cyprus last month.

Perry said he would still look to buy the FTSE 100 on days when the market fell, rather than sell it for a profit on days when it rose.

“I’d still look to buy into any correction. Technically, it’s looking very sound,” he said.

The FTSE 100 has traded above its 50-day and 200-day simple moving average levels - a sign taken by some traders that it has more room for near-term gains.

The index has risen nearly 10% since the start of 2013, having gained 8.7% in the first quarter. In March alone, it rose 0.8% to achieve a tenth consecutive month of gains for only the second time, the first having been in 1996/97.

A Reuters poll last month forecast that the FTSE 100 would rise to reach 6,750 points by the end of 2013, and Hartmann Capital trader Basil Petrides also said he would look to buy the FTSE 100 on any dips, rather than sell into rallies.

“You’ve just got to be a buyer of the dips. The market’s not exhausted yet, and it’s still got a long way to run,” he said.

European manufacturing ebbs further l

UK decline eases; Factories in Germany, Ireland slip back into contraction

Manufacturing across Europe’s major economies endured another month of mostly deep decline in March, dragging down even former bright spots.

The slump among British manufacturers eased slightly, but overall purchasing managers indexes (PMIs) made gloomy reading.

Factories in Germany and Ireland, the relative stars of February’s PMIs, fell back into decline last month. Everywhere else, the industrial rot extended.

Spanish manufacturing declined at its fastest pace since October, which followed news the government will revise its economic forecasts for 2013 to show a 1% contraction, from a 0.5% decline previously.

In France, factory activity retreated for a 13th month and car registrations there dived 16.4% in March, further underlining the malaise sweeping through the euro zone’s second-biggest economy. “The euro zone’s March manufacturing PMIs ... (banishes) the recovery scenario projected by the European Central Bank further beyond the realm of likely probabilities,” said Lena Komileva from G+ Economics in London.

Markit’s Eurozone Manufacturing PMI fell in March to 46.8 from 47.9 in February - slightly better than an preliminary esti-

mate of 46.6, but extending its run below the 50 mark that separates growth and contraction for a 20th month.

“Based on the experience of the past four years, the first quarter’s Eurozone PMI average of 47.5 is consistent with no GDP growth (at best) and a weakening momentum into the second quarter.”

“We’ve had the Italian election, we’ve had the Cyprus story; we’re a little bit uncertain to what extent that has played in,” said Anatoli Annenkov, senior European economist at Societe Generale.

“But certainly, on the manufacturing side, that’s a little bit weaker than what we’d hoped.”

Combined with data on Monday from the United States, which showed factory activity growing at a three-month low, March made for an ominous month for the global economy especially given the extent of jubilance on stock markets so far this year.

European shares extended gains on Tuesday after the data, although the euro slipped.

Tuesday’s unemployment figures for the euro zone brought little cheer, showing the jobless rate held at 12% in February, a new record jointly with January, which was

revised up from 11.9%.

THE CYPRUS QUESTION

Data from Britain were mixed. The UK manufacturing purchasing PMI index came in at 48.3, only slightly above February’s surprisingly poor reading of 47.9, and a touch weaker than the Reuters consensus forecast.

While lending to British consumers ticked up in February, the number of mortgage approvals for house purchases fell for a second month, Bank of England data showed.

Nonetheless, the value of home-backed lending rose.

“The onus is now on the far larger service sector to prevent the UK from slipping into a triple-dip recession,” said Rob Dobson, senior economist at Markit, which compiles the PMIs. Looking to April, the question will be to what extent the crisis in Cyprus, or rather the uncertainty it created, will have on the wider European economy.

“While in some respects it is reassuring to see the events in Cyprus did not cause an immediate impact on business activity, the concern is that the latest chapter in the region’s crisis will have hit demand further in April,” said Chris Williamson, chief economist at Markit.

Nasdaq to pay back for Facebook IPO, UBS unhappy U.S. regulators approved Nasdaq OMX Group’s $62 mln compensation plan for firms that lost money in Facebook’s glitch-ridden market debut, a victory for the exchange operator that also set the stage for potential lawsuits from firms seeking more.

The Nasdaq plan will give retail market makers far less than the $500 mln in estimated losses from Facebook’s initial public offering. Nasdaq said in a note to traders that the U.S. Securities and Exchange Commission approved the plan, and that firms had one week to submit requests for compensation.

A systems failure at Nasdaq on May 18 prevented timely order confirmations for many market participants, leaving them trading in the dark in the midst of the leading online social network’s long-awaited initial public offering.

UBS AG has pegged its losses from the problematic IPO at above $350 mln. It said it has already filed an arbitration demand against Nasdaq to fully recover losses due to the exchange’s “gross mishandling the IPO.” Other market makers that took losses in the botched IPO include units of Citigroup, Knight Capital Group and Citadel.

Citi had opposed Nasdaq’s plan, while Knight supported the plan but did not want to waive its right to sue for compensation. Firms that sign on to the plan must agree not to take legal actions against Nasdaq over the IPO. Citadel has backed the plan.

It was not immediately clear if any other firms planned to take legal action to try to recover their full losses.

REGULATORY IMMUNITY

The SEC’s written decision said that while several letters to the regulator had expressed concern that approval of the compensation plan could affect pending litigation against Nasdaq, the ruling concerned only whether the compensation plan was consistent with existing regulation.

The regulator said it was “expressing no view as to whether Nasdaq or any other person may have violated the federal securities laws or any other laws, any rule or regulation ... in connection with the Facebook IPO.” At stake is the extent to which U.S. stock exchanges, which match hundreds of billions of dollars of transactions daily, can be held liable for technical glitches in an environment dominated by lightning-fast automated trading.

Liabilities at U.S. exchanges, which have some regulatory duties, are capped when the exchanges are performing those duties. Nasdaq’s cap for technical glitches in most instances is $3 mln a month.

If Nasdaq had to make whole all the brokers that lost money in the IPO, it might bankrupt the exchange, which could end up driving more trading onto less transparent venues, such as dark pools, said Tamar Frankel, a Boston University professor who teaches securities law, corporate governance, and legal ethics.

The SEC said the question of whether Nasdaq should be able to claim regulatory immunity in this case was outside of the scope of the regulator’s consideration.

Separately, the SEC is investigating Nasdaq’s role in the botched IPO. A source previously said the two sides are in talks to possibly settle the probe.

VOLUNTARY PLAN

Nasdaq has maintained that it is not obligated to compensate firms for losses, and that its plan is voluntary. It has given strict guidance on which types of orders will qualify to be reimbursed.

Nasdaq spokesman Joe Christinat said now that the SEC has approved the plan, the Financial Industry Regulatory Authority can promptly begin processing claims for restitution.

UBS called Nasdaq’s proposal “inadequate and insufficient,” and said in a statement the SEC’s approval of the plan does not change its opinion.

Citi had also asked the SEC to not approve Nasdaq’s plan, arguing in a letter that Nasdaq “was acting exclusively as a for-profit business, and not as a market regulator, when it made the grossly negligent business decisions that caused market participants hundreds of millions of dollars of losses.”

Knight, which in August had its own technical glitch that cost it $461 mln and nearly bankrupted the company, said in a letter that month to the SEC it supported Nasdaq’s efforts but that the condition of having to waive the right to sue would “set a harmful precedent.”

Nasdaq has completed 50 IPOs since the Facebook IPO.

April 3 - 9, 2013

financialmirror.com | WORLD | 23

UK’s “Green Deal” to cut Trump furious over Scottish rise in power bills by 2020 wind farm decision Britain’s government said household energy bills were headed for an 18% increase by 2020 but its policies promoting domestic energy efficiency, including its so-called Green Deal, would make the rise significantly smaller. The average British household could face an energy bill of 1,496 pounds per year by 2020, according to a report published by the Department of Energy and Climate Change (DECC), up from the 1,267 pounds it expects homes to pay this year.

If government schemes such as the Green Deal, which helps pay for energy saving home improvements, are successful, the average 2020 bill will be 11% cheaper than this forecast, the report said.

“With policies, bills are still going to go up, but they are going to go up by a lot less,” energy and climate change secretary Ed Davey said at a press briefing.

The Green Deal is one of several government policies now in place that include plans to roll out smart meters - indicating which appliances use most power - replace inefficient boilers and encourage energy suppliers to help pay for roof insulations.

Overall these measures will knock 452 pounds from the average bill in 2020, DECC said, although this saving will be reduced to 166 pounds by the cost of other government schemes to boost renewable generation and levies on carbon emissions.

RISING BILLS

Some analysts doubted the government

figures, saying DECC’s reduction figures were hard to measure and that installation costs for energy efficiency measures had not been included.

“The reductions are virtually all down to energy efficiency measures, the impact of which are not certain, whereas the increases are pretty much guaranteed, and these calculations do not include the cost to the consumer of installing the energy efficiency measures,” Liberum Capital said in a research note.

“The concern is that when bills really start to ramp up, future governments will renege on the returns promised to developers.

This is exactly what happened in Spain, Italy,” the investment bank said.

Britain’s government came under criticism last year when each of the country’s big six energy providers ramped up bills by up to 10%, blaming soaring wholesale gas prices.

British wholesale gas prices surged to a record high last Friday after one of its main gas import pipelines shut down unexpectedly. Davey said companies would not be able to use this as an excuse to increase the cost for households.

“We will make it clear to energy suppliers that this is just a cold, temporary snap and is no excuse for putting up energy bills,” he said.

U.S. billionaire Donald Trump is furious that 11 giant wind turbines are to be built off the east coast of Scotland, spoiling the view from his nearby state-of-theart golf course.

Trump completed the first phase of his 750 mln pound course at Menie near Aberdeen in 2010 after a fierce battle with conservationists who accused him of ruining a pristine coastal site.

The 66-year-old property magnate has long been railing against plans for what he calls the “huge and unsightly” turbines and has threatened to scrap plans to build a hotel at the course.

The 640-feet turbines will be in the sea about 2 km from Trump’s links course.

“We will put our future plans in Aberdeen on hold, as will many others, until this ridiculous proposal is defeat-

ed,” Trump said in a statement.

“Likewise, we will be bringing a lawsuit within the allocated period of time to stop what will definitely be the destruction of Aberdeen and Scotland itself.”

The statement added: “We will spend whatever monies are necessary to see to it that these huge and unsightly industrial wind turbines are never constructed. All over the world they are being abandoned, but in Scotland they are being built.”

Last year Trump told The Scotsman newspaper he would never have gone ahead with the development had he not been given assurances that the turbines would not be built.

But Scottish Energy Minister Fergus Ewing said the experimental wind farm in Aberdeen Bay was important.

“Offshore renewables represent a huge opportunity for Scotland; an opportunity to build up new industries and to deliver on our ambitious renewable energy and carbon reduction targets,” he said.

The go-ahead was warmly met by the environmentalist charity Friends of the Earth Scotland.

The project, called the European Offshore Wind Centre, will be able to generate enough energy for almost half of the homes in Aberdeen.

Paths to Sustainable Power NEW YORK – The surest bet on the future of energy is the need for low-carbon energy supplies. Around 80% of the world’s primary energy today is carbon based: coal, oil, and gas. We will need to shift to no- or low-carbon energy by midcentury. The big questions are how and when.

Low-carbon primary energy means three options: renewable energy, including wind, solar, geothermal, hydropower, and biomass; nuclear energy; and carbon capture and sequestration, which means using fossil fuels to create energy, but trapping the CO2 emissions that result and storing the carbon safely underground.

There are three compelling reasons for the world to make the shift to low-carbon energy. First, higher levels of CO2 are making the world’s oceans acidic. If we continue with business as usual, we will end up destroying a vast amount of marine life, severely damaging the food chains on which we rely.

Second, CO2 is dangerously changing the world’s climate, even if many Big Oil interests would have us believe otherwise. (So, too, did the tobacco companies spend vast sums on political lobbying and bogus science to deny the links between smoking and lung cancer.)

Third, we face steeply rising prices for fossil fuels, as developing countries’ growth drives up demand and conventional supplies of coal, oil, and gas are depleted. Sure, we can find more fossil fuels, but at much higher cost and at much greater environmental risk from industrial spills, waste products, leaks, and other damage.

Even the much-heralded shale-gas revolution is a lot of hype – similar to the gold rushes and stock bubbles of the past. Shale-gas wells deplete far more rapidly than conventional fields do. And they are environmentally dirty to boot.

The United States has developed many new low-carbon energy technologies, but other countries are currently far more intent, far-sighted, and decisive than the US to put these technologies to large-scale use. Politically, America is still the land of Big Oil. Americans are bombarded by industry-funded media downplaying climate change, while countries that are much poorer in fossil fuels are already making

the necessary transition to a low-carbon future.

Two neighbors in Europe, Germany and France, are showing the way forward – or, more precisely, the alternative ways forward – to a low-carbon future. They are going about it in ways that reflect their different resource endowments, industrial histories, and political pressures.

Germany is undertaking the Energiewende, or transition to sustainable energy – a remarkable effort (indeed, unprecedented for a large advanced economy) to meet the country’s entire energy demand with renewable energy, especially solar and wind power. Meanwhile, France relies heavily on lowcarbon nuclear power, and is switching rapidly to electric

By Jeffrey D. Sachs

vehicles, such as the pioneering Renault-Nissan Leaf.

Of the two approaches, Germany’s is the more unusual bet. After Japan’s nuclear disaster at Fukushima, Germany decided to shut down its entire nuclear power industry and shift entirely to a strategy based on greater energy efficiency (lower energy input per unit of national income) and renewables. There really is no clear roadmap for such a huge energy transformation, and Germany almost surely will need to rely on a European-wide electricity grid to share clean energy, and eventually on imported solar power from North Africa and the Middle East.

France’s bet on nuclear power is a more proven option.

After all, most of France’s electricity has come from nuclear power for many years. And, though anti-nuclear sentiment is very strong in Europe – and, increasingly, even in France – nuclear power will remain part of the global energy mix for decades to come, simply because much of Asia (including China, India, South Korea, and Japan) will remain major

users of it.

The key point is that France and Germany, and many other European countries – including the Scandinavian countries, with their considerable wind and hydropower potential – are all recognizing that the world as a whole will have to move away from a fossil-fuel-based energy system.

That is the right calculation.

Many will no doubt argue about which alternative – France’s bet on nuclear power or Germany’s solar pathway – is wiser. But both strategies are probably correct. Most studies show that deep de-carbonization of the world economy from now to mid-century, a time horizon mandated by environmental realities, will require that all low-carbon options – including greater efficiency and renewables – be scaled up massively.

One of the highest priorities of the new Sustainable Development Solutions Network, which I direct on behalf of United Nations Secretary-General Ban Ki-moon, will be to elaborate alternative pathways to a low-carbon economy, taking into account the specific conditions of countries around the world. Different countries will choose different strategies, but we will all need to get to the same place: a new energy system built on low-carbon sources, electrification of vehicles, and smart, energy-efficient buildings and cities.

Early movers may pay a slightly higher price today for these strategies, but they and the world will reap long-term economic and environmental benefits. By embracing truly sustainable technologies, France, Germany, and others are creating the energy system that will increasingly support the world economy throughout this century.

Jeffrey D. Sachs is Professor of Sustainable Development, Professor of Health Policy and Management, and Director of the Earth Institute at Columbia University. He is also Special Adviser to the United Nations Secretary-General on the Millennium Development Goals. © Project Syndicate, 2013. www.project-syndicate.org

April 3 - 9, 2013

24 | WORLD MARKETS | financialmirror.com

Pope to rebuild Vatican image, bank Pope Francis, who has said he wants the Catholic Church to be a model of austerity and honesty, could restructure or even close the Vatican’s scandal-ridden bank as part of a broad review of its troubled bureaucracy.

Francis, who inherited a Church mired in scandals over priests’ sexual abuse of children and the leak of confidential documents alleging corruption and infighting in the Vatican’s central administration, is mulling his options as he sets the tone for a reformed and humbler Holy See. One of the tests of his papacy will be what he does about the bank which has regularly damaged the Vatican’s image over three decades and faces growing calls for reform.

Last year a European anti-money laundering body found that the bank - formally called the Institute for Works of Religion and known by the Italian acronym IOR - had failed to meet some of its standards on fighting financial crimes.

Any significant reforms of the IOR would not come for some time and would probably be made after changes at the Secretariat of State, the central Church department which was at the centre of a “Vatileaks” scandal that rocked the Holy See last year.

These changes would include the replacement of its head, Cardinal Tarciscio Bertone, who is number two in the Vatican hierarchy and has widely been blamed for failing to

prevent the many mishaps and infighting in Church government during the eight-year pontificate of Pope Benedict.

It is more likely that the bank, which manages money for the Vatican, international Catholic religious institutions and orders of priests and nuns, will undergo “serious restructuring” rather than close.

CRISIS IN THE CURIA

The basic failings of the Curia, as the Vatican’s central administration is known, were aired, sometimes passionately, at closed-door meetings of cardinals before they retired into the conclave that elected Francis on March 13.

The next secretary of state would have to instil a new style of “collaboration and service” among offices of the Curia, whose image was badly stained by the “Vatileaks” scandal.

Before he resigned, Benedict left a secret report for Francis on the scandal.

Cardinal Bertone has been directly linked to the IOR’s recent troubles. He was the chief promoter of Ettore Gotti Tedeschi, an Italian who headed the bank until last May when its board unceremoniously ousted him.

The Vatican has been trying to shed its image as a suspect financial centre since 1982 when Roberto Calvi, an Italian known as “God’s Banker” because of his links to the Holy

See, was found hanged under London’s Blackfriars Bridge.

Moneyval, a monitoring committee of the Council of Europe, said last July that the Vatican had failed to meet all its standards on fighting illicit cash flows, tax evasion and other financial crimes.

A report by Moneyval gave the Vatican an overall pass grade but failing grades on 7 of 16 “key and core” aspects of its financial dealings. It found major failings in the running of the bank, while acknowledging that the IOR was making changes to meet transparency requirements.

Much of the estimated $7 bln managed by the bank, which was set up in 1942, belongs not to the Vatican but to religious orders and dioceses, who use it to transfer funds around the world.

Another option for the bank’s future would be to scale it down so it manages only funds needed to keep the Vatican running, drastically reducing the number of outside accounts and making it less vulnerable to possible abuse.

However, part of bank’s profits have helped the Holy See balance its budget in the past, making up for deficits running into tens of millions of dollars.

This means that if the bank were to be phased out or closed, other sources of income would have to be found to fill the gap.

London Eye plans IPO Merlin Entertainments Group, the private-equity backed owner of Madame Tussauds and Legoland, is preparing to go public in either London or New York and has been meeting with potential investors.

The world’s second largest visitor attraction operator behind Walt Disney, had revenue of over 1 bln pounds for the year to December 29, 2012, and was valued at 2.25 bln pounds in 2010 when private equity firm CVC Capital Partners bought a stake.

“We are definitely now considering our options,” Chief Executive Nick Varney told Reuters, adding a sale would allow it to pay down debt of 1.27 bln pounds as at the end of December, and help fund expansion in the U.S. and Asia.

The company said as part of any IPO it would consider bringing its leverage level down below three times earnings before interest, taxation, depreciation and amortisation from a current multiple of 3.6 times.

Merlin, owned by the Danish investment company Kirkbi A/S that controls Lego Group, and private equity firms Blackstone Group and CVC, put off plans for a listing in 2010 due to jittery markets.

After years of subdued activity, European IPOs have picked up over the last few months as improving stock markets boost investor confidence.

Last month, British insurer esure, estate agent Countrywide and wind farm investment fund Greencoat UK Wind raised a combined total of more than 1 bln pounds from selling their shares in London.

With the summer months being Merlin’s key trading period, Varney said the group would likely make a decision towards the end of summer, with a float possible in late 2013 or early 2014.

Varney said the company, which currently earns 20% of its revenue in the U.S., would prefer to list in London, but was also considering New York.

Walt Disney shares trade at 16.4 times prospective earnings for 2013.

Late last year Seaworld Parks and Entertainment, also backed by U.S. private equity company Blackstone, filed with U.S. regulators for an IPO. Merlin reported a 16.5% rise in operating profit to 258 mln pounds for the year to December 29, as expansion in the U.S.

and Asian markets helped mitigate the impact of the euro zone crisis, wet weather and London Olympics.

The group opened seven new attractions in 2012, taking it to almost 100 over four continents, and will open another six this year including a Sea Life centre in Manchester, England and Legoland discovery centre in New York.

Southeast Asia ready to build, but will investors come?

ANALYSIS Indonesia is seeking European investors for $9 bln worth of water, road, air and seaport projects in what will be a litmus test of Southeast Asian countries’ ability to seize on ripe financial conditions to upgrade decrepit infrastructure.

Easy global liquidity and investors’ eagerness to tap one of the world’s few fast-growing regions should create a sweet spot for the region to fill the $600 bln in infrastructure needs the Asian Development Bank identifies over the next decade.

But infrastructure experts say a shortage of projects offering compelling returns, coupled with stifling bureaucracy and regulatory uncertainty, threatens to undermine the ambitious plans of Indonesia, Thailand and the Philippines.

“There’s a lot of money floating around but it’s money looking for a return,” said Bert Hofman, the World Bank chief economist for East Asia and the Pacific.

After years of chronic underspending, governments in the region of 600 mln people have begun to sharply raise their infrastructure budgets to improve transport and energy networks.

Indonesia, the biggest regional economy, estimates it alone needs $150 bln worth of new infrastructure, but is only willing to finance 15% and has seen few takers so far for the public-private partnerships (PPPs) it is relying on.

Jakarta hopes that will change after a roadshow to Europe

this year to market 16 projects from water treatment to ports.

“We’re market-sounding,” Chatib Basri, chief of the country’s investment board, told Reuters. Speaking in Jakarta after a trip to Paris to meet potential investors, Basri said he saw demand coming from France and Germany.

The projects include water and waste treatment plants in the country’s most populous Java island, a sector that could be of interest to firms such as France’s Veolia Environment, the world’s largest private supplier of drinking water, or German industrial giant Siemens.

The projects also include an airport in Java and seaports, in an archipelago of 17,000 islands where an inadequate transport network means high logistics costs.

CHEAP MONEY, ROBUST GROWTH Having fixed their public finances following a regional financial crisis in the late 1990s, Southeast Asian governments can borrow more cheaply than ever, while local conglomerates and banks are cash-rich on the back of robust economic growth.

A rapidly growing middle class is pressuring politicians to ease nightmarish traffic conditions in “mega-cities” such as Jakarta and Manila, while the massive plane orders being placed by low-cost airlines AirAsia and Lion Air attest to the dramatic growth in regional air travel.

This month, Thailand’s cabinet approved a plan to borrow $68 bln to build rail, roads and water plants by 2020. That came days after the operator of Bangkok’s SkyTrain, BTS Group

Holdings Pcl, said it would raise up to $2.1 bln by listing an infrastructure fund in what could be Thailand’s biggest IPO. Indonesia and the Philippines, far-flung archipelagos with a combined population of 340 mln, have passed laws to improve cooperation with the private sector to solve their bottlenecks.

ATTRACTING FUNDS But attracting private funds remains difficult. Project finance lending in Southeast Asia fell 6.3% last year to $13.5 bln, Thomson Reuters data shows.

The Philippines, whose recent history is littered with failed or delayed infrastructure plans, has prepared at least 16 PPPs worth more than $4 bln.

So far, only two projects have been successfully bid out.

Some foreign firms — which face tight restrictions on investment — say they have been put off by a lack of government guarantees on pricing.

In Indonesia, only two PPP projects offered since 2006 have made it to the construction phase — a 2,000 megawatt coalfired power plant in Java and an expressway in Bali. Even then, the power project has been delayed by land acquisition problems.

As well as investor-unfriendly lands laws, projects can be held up by sometimes conflicting national and local authorities.

Moreover, returns in Indonesia and the Philippines often fail to reflect such risks, said Johan Bastin, chief executive of Singapore-based infrastructure private equity firm CapAsia.

April 3 - 9, 2013

financialmirror.com | GREECE | 25

Greece to extend bank recap deadline Greece will extend a deadline for the recapitalisation of its banks by a few weeks, possibly until the end of May, Greek central bank chief George Provopoulos said on Monday.

Greek banks, which are being recapitalised with funds from the country’s latest EU/IMF bailout, have been lobbying for the terms of the recapitalisation scheme to be sweetened and also sought an extension to an endApril deadline for the plan.

“There will be a small extension of a few weeks, it may be pushed to the end of May,” Provopoulos told state TV. The scheme aims to restore the solvency of the country’s top four lenders, National Bank, Alpha Bank,

Piraeus and Eurobank.

Provopoulos confirmed that Greece’s foreign lenders were concerned about National Bank’s takeover of Eurobank .

Bankers told Reuters on Saturday that the lenders had raised issues concerning the size of the merged entity relative to Greece’s GDP and the banking sector as a whole.

“They don’t like the idea that such a big lender will be created,” Provopoulos said. “There is concern that if private shareholders are not found, it will go under state control.”

However, asked if the merger should be undone, he

replied: “No, it shouldn’t.”

Provopoulos reiterated that the Greek economy, which is in its sixth year of recession, is expected to shrink 4.5% this year - at the higher end of the targeted range - as the Cypriot crisis was expected to lower GDP by 0.35 percentage points.

Provopoulos said deposits in Greece were guaranteed.

He added that Greek banks saw deposit inflows in March in spite of the crisis in Cyprus, and that more than 19 bln euros had returned to Greece since mid-June.

“Even in March, which was a turbulent month due to the developments in Cyprus, we had (deposit) inflows,” he said.

Eurobank, NBG shares fall on recap jitters Shares in Eurobank and National Bank of Greece fell on Tuesday on concerns their integration following their takeover deal this year may be stalled by objections from the Troika of international lenders.

NBG acquired 84.3% of Eurobank via a share swap last month with a view to integrate it in the group and form the country’s largest bank.

But the European Union, European Central Bank, IMF “troika” is concerned the plan would form a bank too big relative to the country’s GDP and want Eurobank to be run as a standalone subsidiary of NBG. Eurobank shares fell more than 9% to their lowest level in two decades while National Bank shares fell more than 7% in afternoon trade. Both underperformed the Athens bourse’s banking index, which fell 5.4%.

“There are concerns over National Bank’s integration of Eurobank and how Eurobank will be recapitalised,” said an Athens-based trader who declined to be named.

Together, the two banks need 15.6 bln euros of fresh capital to shore up their solvency ratios to levels required by the country’s central bank after incurring losses from a sovereign debt writedown and impaired loans.

NBG has said it has not been formally notified to halt the

plan and has begun the integration process. The rationale behind NBG’s takeover was to absorb Eurobank into the group to generate substantial cost savings.

Greece’ top four banks - NBG, Alpha, Eurobank Piraeus need 27.5 bln euros to be recapitalised by the end of May, the central bank has said.

Most of the fresh capital will be provided by a state bank support fund - the Hellenic Financial Stability Fund (HFSF) - in exchange for new shares and contingent convertible bonds.

To stay private, banks must ensure that at least 10% of their share offerings is taken up by private investors, otherwise they will fall under control of the HFSF. “If there two banks are recapitalised separately and Eurobank fails to meet the minimum private sector take-up, then National Bank’s 84% stake stands to be severely diluted,” said an analyst who declined to be named.

The Troika is having second thoughts over the new entity’s size and market share. Nevertheless, Bank of Greece Governor George Provopoulos said that he disagrees with this view, arguing in favour of the deal.

Press reports note that the Troika has highlighted that the new entity will be significantly large (combined assets will amount to EUR 170 bln versus EUR 190 bln GDP) as a propor-

Alpha Bank seeks 12% market take-up in recapitalisation Third-largest lender Alpha Bank said it will seek to raise 12% of the 4.57 bln euros it needs to recapitalise from private investors to remain privately run.

Greece’s four major banks need 27.5 bln euros in fresh funds to restore their solvency ratios to levels required by the country’s central bank after incurring losses from a sovereign debt writedown and impaired loans.

Alpha’s capital need has been set by the Bank of Greece at 4.571 bln euros. Most of the funds will be provided by a state bank support fund - the Hellenic Financial Stability Fund (HFSF) - in exchange for new shares or contingent convertible bonds (CoCos). Under the terms of the recapitalisation scheme, at least 10% of banks’ new common equity must be raised from the private sector, otherwise they will fall under the full control of the HFSF. Greece’s international lenders have set aside 50 bln euros from the country’s bailout package to recapitalise its viable banks and cover the costs of winding down others that are deemed non-viable.

Detailing a plan announced last week, Alpha said it will hold a shareholders’ meeting on April 6 to seek approval for a 457.1

mln euro rights offering.

The bank will raise another 92.9 mln euros via new common shares, with existing shareholders waiving their rights.

These shares will be privately placed with high-quality strategic and institutional investors, it said.

If Alpha succeeds in raising the minimum 10% of the capital need from the market, the remaining 4.113 bln euros will be supplied by the HFSF in exchange for new shares which will have restricted voting rights. The issue price for the new common shares will be decided by Alpha’s board at the shareholders’ meeting. As an incentive, private investors will get one warrant for each new common share for which they subscribe, enabling them to buy shares taken up by the HFSF fund. The warrants can be exercised semi-annually for a span of four-anda-half years after their issue date.

The number of Alpha shares each warrant can buy from the HFSF fund will range from 7.31 to 9, depending on the takeup of the private sector, the bank said.

Warrants will be listed on the Athens stock exchange.

Alpha has already obtained shareholder approval to issue contingent convertible bonds to raise up to 2 bln euros.

PPC/DEH misses profit forecast Greece’s dominant power producer PPC/DEH failed to meet analysts profit expectations for 2012 due to surging costs, taxes and sliding energy demand in the austerity-hit country.

The company reported a net profit of 30.5 mln euros after a revised loss of 149 mln euros the previous year. That fell short of an average profit forecast of 86.3 mln euros in a Reuters poll of analysts. The return to profit was helped by a one-off, aftertax gain of about 153 mln euros which PPC booked after settling a pricing dispute with DEPA, its biggest natural gas

provider. The 51% state-owned company said it plans to distribute a dividend of 5.8 mln euros, or 0.025 euros a share.

Higher energy taxes and levies increased PPC’s fuel costs by a third last year. The company also raised by 50% the amount of money it sets aside as provisions to cope with austerity-hit customers who fail to pay their bills. Unpaid bills rose by more than half in 2012 to about 1.3 bln euros, according to PPC data.

They soared after Greece’s cash-strapped government slapped a property tax on electricity bills.

tion of Greece’s GDP, while the achievement of a 10% minimum participation by shareholders will be difficult.

In addition, the Troika is reportedly concerned that the large new entity will be “too big to fail”, while if the bank is nationalised it will again be difficult to find investors to buy back the bank given its proportion of assets to GDP.

Manufacturing contraction accelerates in March Greece’s manufacturing slump deepened in March as new orders shrank again, with the impact of the crisis in Cyprus yet to take its toll on the local economy, a survey showed on Monday.

Markit’s purchasing managers’ index (PMI) for Greek manufacturing, which accounts for roughly 15% of the economy, dropped to 42.1 points in March from 43.0 points in February.

The index has held below the 50 point line dividing growth from contraction since September 2009, just before the country’s fiscal problems came to light, triggering a regionwide debt crisis and plunging the Greek economy into recession.

“After rising in the opening two months of the year, the headline PMI dipped in March, largely reflecting faster declines in both output and new orders,” said Markit senior economist Phil Smith.

“Eyes now turn to next month’s release for an early insight into whether developments in nearby Cyprus have impacted business and consumer confidence,” he added.

Firms saw another fall in new orders in March, accelerating from the previous month, as demand in the economy slumped.

But new orders from abroad fell at a much slower rate, and the seasonally adjusted index for new export orders climbed to an 11-month high.

Fiscal austerity is expected to keep Greece’s economy in recession for a sixth straight year in 2013, with the government projecting a 4.5% contraction in GDP on top of a 20% GDP shrinkage over the 2008-2012 period.

Reduced workloads and spare capacity forced manufacturers to shed staff at the fastest pace this year.

Greece’s official unemployment rate stood at 26% in the fourth quarter.

April 3 - 9, 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

Shares ('000) Aριθµός µετοχών

Cap. ('000) Kεφαλ.

EUR

Value euro Aξία EUR

Book Value Price to

Profit/(Loss)

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

2011 BOCY CPB HB LOG TSH LUI

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

83 038 18 668 10 587 6 448 118 741

1.24 0.25 0.78 0.81 0.54 0.27 0.65

0.17 0.31 0.08 0.05 0.10

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 16 368 8 989 5 038 4 100 4 275 3 850 3 930 2 688 244 316

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

3 657 15 225 1 587 5 408 25 030 2 239 5 101 242 4 435 864 7 289 7 305 1 249 20 642 4 130 32 320 2 096 5 103 743 6 160 3 135 4 692 2 306 10 800 335 948 11 772 1 475 11 934 4 559 5 694 7 735 1 019 164 31 833 62 125 1 658 15 298 5 421 298 1 650 2 557 2 727 6 825 3 175 207 196 75 000 426 358

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 0.87 0.18 0.07 0.06 0.10 0.04 0.46 0.38 0.90 0.07 0.22 0.19 0.30 0.22 0.19 0.57 0.23 0.43 0.18 0.11 -0.32 1.27 0.11 0.20 0.86 0.20 0.07 0.28 0.13 0.47 0.38 0.54 0.19 3.25 0.45 0.03 0.43 0.15 0.03 0.09 0.64 0.25 0.18 5.08 0.45

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

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

9M 2011 EUR ('000) Kέρδη 2011

9M 2012 EUR ('000) Kέρδη 2012

Profit/(Loss)

2012 EUR ('000) Κέρδη µετά φορολ.

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

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

1 756

1 756

482

482

Earnings Per

Dividend Per

Dividend Yield

Share 2011/12 Cents

%

Results

Share 2012 Cents

2012

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

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

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 5.88 n/a n/a 0.92

4.68 n/a n/a 14.54 n/a 2.83 n/a n/a n/a 3.80 n/a n/a 5.82

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

Cents

%

2.50

9.92

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

10.94 8.28

3.20

9.12

0.45

4.17

1.70

2.39

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

% Change

since

124.29 47.75 188.86

92.66 37.08 103.28

99.46 39.32 91.34

114.86 44.40 168.87

-13.41 -11.44 -45.91

113.87 0.278 0.047 0.177 0.300 0.048 0.019

83.34 0.185 0.040 0.134 0.252 0.043 0.014

90.08

104.69 0.251 0.044 0.175 0.263 0.045 0.018

-13.96 -23.43 -4.18 -4.44 -22.22

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

588.47 0.251 0.441 0.163 0.110 0.058 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

-6.20 0.40 0.46 -10.93 -4.35 0.00 -36.19 0.00 0.00 0.00 10.00 0.00 -3.45

657.64

639.78

632.29 0.100 0.154 0.010 0.049 0.640 0.145 0.036 0.024 0.041 0.003 0.299 0.035 0.243 0.150 1.350 0.351 0.140 0.063 0.055 0.385 0.009 0.138 0.480 0.108 0.015 0.119 0.380 0.082 0.585 0.073 0.056 0.179 0.013 0.011 0.075 0.710 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

-0.67 -21.88 0.65 -16.67 8.89 -1.54 -19.44 -12.20 0.00 -2.38 -25.00 3.10 -5.41 -10.00 -1.96 -9.40 1.45 0.00 -13.70 0.00 0.00 0.00 -1.43 0.00 0.00 0.00 0.00 -1.30 -7.87 0.00 5.80 5.66 -2.72 0.00 0.00 0.00 -3.14 0.00 -23.08 0.00 0.00 0.00 6.06 -10.87 -8.70 0.00 0.00 0.00 0.00

0.134 0.252 0.043 0.014

April 3 - 9, 2013

financialmirror.com | CSE PRICES | 27 CSE CODE OASIS

ΟΑΣΗΣ

Kωδ.

APPROVED INVESTMENTS / EΠEN∆YTIKOI OPΓAN. INVESTMENT INDEX ACTIBOND GROWTH FUND ACT ΑΚΕΠ APOLLO INVESTMENT FUND APOL ΑΠΕΠ CYTRUSTEES INV. PUBLIC CO CYTR ΣΑΕΠ DEMETRA INV. PUBLIC CO. DEM ∆ΗΕΠ DODONI PORTFOLIO DOD ∆ΩΕΠ HCM ΧΑΕΠ HARVEST CAPITAL INTERFUND INVESTMENTS INF ΙΝΕΠ ISXI ΙΣΕΠ ISCHIS INVESTMENT REGALLIA HOLD. & INV. REG ΡΕΕΠ TINC ΤΕΕΠ TRIENA INV. INCOME TRIENA INV. CAPITAL TCAP ΤΚΕΠ TINT Τ∆ΕΠ TRIENA INTERNATIONAL UNI ΓΙΕΠ UNIGROWTH INVESTMENTS 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

Price to

Profit/(Loss)

Shares ('000) Aριθµός µετοχών

Value euro Aξία EUR

Cap. ('000) Kεφαλ.

EUR

Per Share euro Λογιστική αξία

Book Value Times Tιµή προς λογιστ. αξ.

2011 EUR ('000) Κέρδη µετά φορολ.

9M 2011 EUR ('000) Kέρδη 2011

9M 2012 EUR ('000) Kέρδη 2012

2012 EUR ('000) Κέρδη µετά φορολ.

NAV

Disc/Prem

2011

9M '11

9M '12

2012

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 -62.53 -51.53 -63.95 -57.14 34.73 -71.91 -31.75 -31.27 -23.30 -6.66 -15.10 8.70

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

MARKET TOTAL / OΛIKO AΓOPAΣ

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

993 5 895 5 784 52 200 847 1 260 2 714 473 405 2 183 5 458 709 3 367 82 290

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

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

1 075 536

-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

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

-8 799

-3 229

-8 799

-3 229

9M '11

9M '12

Profit/(Loss)

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

2011

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 -5 499 980

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

P/E ratio 2012

Earnings Per

Dividend Per

Dividend Yield

Share 2011/12 Cents

%

Results

Share 2012 Cents

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

Cents

%

11.00

13.75

2012 High Low EUR EUR Aνώτατο Kατώτατο

572.39

543.16

Last Close EUR Kλείσιµο

Price 31/12/2012 EUR Tιµή 31/12/12

31/12/2012 Ποσ. Μετ.

31/12/2012

557.75 0.017 0.105 0.130 0.261 0.003 0.090 0.048 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

2.15 0.00 -8.70 9.24 4.40 -25.00 15.38 0.21 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

0.06

0.03

0.14

0.10

0.120

0.045

1.87

4.00

19.05

source: Eurivex Ltd. PAT:Profit After Tax

NAV: Net Asset Value

Bold: Final results

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

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

EMERGING MARKET (N.E.A.) 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 13 844 10 010 8 356 570 358

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 1.65 0.01 1.54 0.20 0.45 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

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

CSE Code No. of Bonds

(N.E.A.)

Latest Close 0.001 0.010

Market Cap

Latest price

Listing

Latest

EUR

EUR

Date

NAV

GreenTea SA

GRTEA

1 040

104 000 000

100 000

8 Nov 2011

N/A

Protean Global Futures (Perpetual Notes)

PGFL

650

65 000 000

100 000

1 Dec 2012

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.

April 3 - 9, 2013

28 | BACK PAGE | financialmirror.com

Pullback possible after S&P’s milestone After flirting with an all-time high for three weeks, the S&P 500 posted its best closing level in history. But some strategists say Thursday’s record could be a harbinger that the stock market rally is running out of steam.

The S&P traded within ten points of the all-time closing high for 13 sessions before breaking through, showing that investors need new catalysts to push firmly above resistance levels.

“As the market has gone higher ... upward moves have generally gotten smaller, which suggests that the move is getting old and that we need a pullback,” said Mark Arbeter, chief technical strategist for Standard & Poor’s in New York.

Stocks could fall about 3% to 4%, he said.

The benchmark index has risen almost 10% so far this year, fueled by strong profit growth and accommodative monetary policy from the Federal Reserve. But those gains have slowed as investors fret over Cyprus’s bailout and mixed signs about the economy.

Still, stocks have been resilient, lifting the S&P to its record close of 1,569.19 on Thursday. Investors stepped in on declines to buy and finally pushed the S&P above the previous record set on October 9, 2007.

The broad index is also within a stone’s throw of its intraday record of 1,576.09. The Dow surpassed its record close on March 5 and set a series of records, ending Thursday at 14,578.54.

The S&P has risen for 11 of the past 13 weeks, up 0.4% over the past two weeks. In contrast, the CBOE Volatility index, a measure of investor anxiety, is up about 14.5% over the same period.

“The increase in volatility we’ve seen is far more likely to be the sign of a short-term top” than the trend of investors buying on dips, Arbeter said. “If that volatility persists, then you would need to worry about an intermediate top.”

In addition, speculator positions show a preference for holding long positions. Mike O’Rourke, chief market strategist at Jones Trading, noted that long positions account for more than 65% of speculative positions in futures contracts, a point at

which rallies can be overextended.

U.S. markets were closed for the Good Friday holiday and will reopen on Monday.

The stock market this week will face tests of the milestone just reached, with the situation of Cyprus’ banks and a round of U.S. data, including the March jobs report on Friday, facing investors.

GOLDILOCKS REPORT

About 200,000 jobs were added in March, according to a Reuters poll of economists. That would be down from the 236,000 jobs created in the previous month but still suggest improvement in the labor market. The unemployment rate is seen holding steady at 7.7%.

A strong payroll report could spark caution if it raises questions about whether the Federal Reserve would be more inclined to reduce monetary stimulus more quickly.

“There will be those who fear that if things improve too dra-

matically, too quickly, the Fed will take its foot off the pedal of quantitative easing,” said Kristina Hooper, head of portfolio strategies at Allianz Global Investors in New York.

So far, however, the Fed has not suggested a change in its stimulus measure is likely. If the central bank slows the rate of its monthly bond purchases, a program that has been credited with boosting equity prices, “that could cause some weakness,” Hooper said.

Rex Macey, chief investment officer at Wilmington Trust in Atlanta, Georgia, said a “Goldilocks report” was needed for markets to rally.

In the first quarter the S&P rose 10%. It gained 3.4% in March, the index’s fifth straight monthly rise. The Dow was up 3.7% in March and more than 11% in the first quarter, while the Nasdaq composite index was up 3.2% in March and 8% in the quarter.

Cyprus will remain in focus after the government was forced to accept a stringent European Union rescue package to avert default. In a positive sign, there were no runs by depositors on banks after they reopened under tight controls on Thursday.

Macey, who helps manage about $20 bln in assets, compared the market’s situation to the card game “Texas Hold ‘Em” poker where players start out with cards they can see and don’t see additional cards until after rounds of betting.

“Based on the cards we can see now, which are things like economic fundamentals, I think stocks are a fine place to be in the longer term,” he said. “However, there are still cards we can’t see, like what the resolution will be in Cyprus, that could cause trouble.”