Financial Mirror Digital Edition

April 17 - 23, 2013

2 | CYPRUS | financialmirror.com

EU to explore ‘frontloading’ structural payments to Cyprus The European Commission will propose “frontloading” payments to Cyprus from the EU budget so that allocations for the next seven years are paid early to give the battered economy a boost, European Commission President Jose Manuel Barroso said.

In a letter to President Nicos Anastasiades, Barroso said the Commission would also offer Nicosia higher pre-financing rates and explore the possibility of increasing the size of the funds already agreed for Cyprus in the EU’s 2014-2020 budget.

“With a view to delivering an impact on the ground as soon as possible I would propose to explore with the budgetary authority the possibility of frontloading future (EU budget) assistance for Cyprus,” Barroso said in the letter.

Cyprus is to get 945 mln euros over the next seven years as EU co-financing for various projects and as direct payments to farmers and for the development of rural areas.

“I do not exclude seeking additional support from the budgetary authority, despite all the well-known difficulties currently associated with these matters at EU level,” Barroso said.

“As you know, the Commission had signalled very serious concerns about the situation in Cyprus in its different economic reports over quite a long period. As far back as November 2011 we spoke to your predecessor about the need for Cyprus to enter into a macro economic assistance programme. With this in mind, the Commission ensured during the negotiations for the next EU multi annual financial framework (MFF) that the decisions reached by the European Council took account of the particular needs of Cyprus in the overall context of the negotiations.

“This resulted in Cyprus receiving an additional allocation of EUR 150 mln under cohesion policy to recognise the challenges posed by the situation and EUR 7 mln under rural development (which will be subject to a co-financing rate of 100%).

“Under cohesion policy and rural development, Cyprus will be able to request a 10% “top up” co-financing rate. Moreover, there will be a review in 2016 of the cohesion allocations and possibly of eligibility for the Cohesion Fund in 2017 with a view to aiijusting the results in cases of significant divergences between the statistical data used to determine the agreed allocations and developments in the real economy.

“Cyprus is not currently eligible for the future Youth Employment Initiative but since it has not yet been finalized, I would be pleased to support a request for its extension to Cyprus on an exceptional basis.”

Euro zone finance ministers backed a 10 bln euro bailout on Friday and the European Commission said it would try to help the island’s economy grow again with better use of EU structural funds. The ministerial support opens the way for several euro zone countries, including Germany and Finland to seek

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approval for the three-year bailout in national parliaments, so that loan agreement with Nicosia can be signed by April 24.

The first tranche of the loan - 9 bln of which will come from the euro zone and 1 bln from the IMF - will flow to Nicosia in mid-May. The euro zone loans will have an average maturity of 15 years and maximum maturity of 20 years.

“The Eurogroup considers that the necessary elements are now in place to launch the relevant national procedures required for the formal approval of the ESM financial assistance facility agreement for an amount of up to 10 bln euros, subject to IMF’s contribution,” the euro zone ministers said in a statement.

To cover its financing needs over three years, Cyprus itself will have to come up with 13 bln euros of its own, with the bulk of that sum coming from the closure of its Laiki bank and the restructuring of the Bank of Cyprus.

The amount that Cyprus would need to contribute on its own had been estimated a month ago at around 7 bln, but the two sums were not directly comparable, EU Economic and

Monetary Affairs Commissioner Olli Rehn told a news conference.

“People have been comparing apples with pears and coming up with oranges,” Rehn said.

“If you look at these two figures of 17 bln ...and the 23 bln for programme financing, they are ... not strictly comparable because the construction of the first and second, or final package are different,” he said.

“The 17 bln euros is related to net financing needs ... while the larger figure, 23...is a gross financing concept,” he said. The larger number also includes additional buffers to allow for weaker fiscal developments and additional costs in banks, he said.

Cyprus will also raise taxes, cut spending and implement structural reforms to improve its public finances and to be able to eventually repay its debt, that is to fall to 104% of GDP in 2020 from a peak of above 126% in 2015.

But international lenders now forecast the Cypriot economy will contract almost 9% this year and almost 4% in next year before returning to weak growth in 2015 and 2016.

Cyprus, Greece officials and PGS at Oil & Gas Summit IRN, Global Summits organiser, is hosting the 2nd Annual Cypriot-Greek Oil & Gas Summit in Limassol this week that will be held under the auspices of the Greek Ministry of Environment, Energy & Climate Change, with Ioannis Maniatis, the Head of Sector and former Minister as key speaker. Charles Ellinas, the Chairman of KRETYK, the Cypriot National Hydrocarbon Company, will join the Summit for an exclusive presentation along with his newly appointed colleague, 2nd vice Chairman and previously Energy Director from the Ministry of Commerce, Industry and Tourism, Solon Kassinis.

This Summit will focus on the hydrocarbon industry onshore and offshore Cyprus and Greece, with an expert speaking faculty discussing key developments in the region. Among the faculty of the key speakers that will deliver exclusive presentations are: Oystein Lie, MultiClient

Manager, PGS, Norway; Nikolaos E. Farantouris, Head of Legal, DEPA, (Public Gas Corporation),Greece; George Paparsenos, Chairman, DESFA, (Greek Gas Transmission System Operator), Greece; Yannis Grigoriou, Head of Exploration and Hydrocarbons Director, Hellenic Petroleum S.A. Greece and Cyprus.

The summit will be held at the Four Seasons Hotel on April 18-19, sponsored by the London named Law Firm of the Year 2012, Clyde & Co., Norwegian PGS-Petroleum Geo-Services ASA, NRC (Nuclear Regulatory Commission), an independent agency of the United States government, OBEID Law Firm, Lebanon-based international law firm operating in MENA region, and Air France - KLM. For information about the summit contact International Research Networks at info@irn-international.com, +44 (0) 207 111 1615.

Building permits dropped 12.4% y/y in January

Wholesale turnover down 2.2% Q/Q in Oct-Dec

Outbound travels slumps in February

The construction sector in Cyprus has been in decline since the middle of 2008 and January was no exception.

The number of building permits authorised by the municipal authorities and the district administration offices dropped by 12.4% to 486 in January compared with 555 in January 2012.

The total value of these permits reached fell by 13.4% to EUR 108.6 mln compared with EUR 125.4 mln in January 2012 and the total area dropped by 13.5% to 110.0 thousand square metres from 127.1 thousand square metres in the corresponding month of 2012.

These building permits provide for the construction of 432 dwellings, down 7.7% from the authorised 468 in January 2012.

Turnover in the wholesale trade sector excluding motor vehicles and motorcycles dropped by 2.2% over the previous three-month period in October-December 2012.

For 2012 a whole turnover declined by 6.2%.

Meanwhile, turnover in the wholesale and retail trade sector including repair of motor vehicles rose marginally by 0.5% over the previous period in the fourth quarter.

However, for the year as a whole turnover in this broad sector fell to by 19.9% compared with the corresponding period of 2011.

Once a strong sector in Cyprus, outbound tourism tumbled in February by 17.5%.

On the basis of the Passengers’ Survey 60,076 residents of Cyprus returned from a trip abroad in February 2013 compared with 72,824 in the corresponding month of 2012.

There was a fall of 15.3% in the number of the trips of residents to Greece (18,999 in February 2013 compared with 22,428 in February 2012) and a 10.4% decline in trips to the United Kingdom (16,292 compared with 18,177 in 2012).

Non-EU exports soared in Jan-Feb Modern summer home at Lago d’Orta, € 230 000, 000 2 bedrooms, 2 bath, grand view of the lake and the Alpine scenery, swimming and boating For more info Ortasee@t-online.de

Total exports from Cyprus were doing well in the first two months of the year according to provisional data from the Statistical Service, Cystat.

Total exports including re-exports rose by 11.1% over the year earlier to EUR 221.7 mln, while imports, held back by depressed domestic demand, fell by 8.9% to EUR 799.7 mln.

The main drive behind exports came from beyond the EU, with non-EU exports rising

by 27% to EUR 102.5 mln, while EU exports increased by just 0.3% to EUR 119.3 mln.

EU trade also declined on the import side, with imports from the EU down 11.1% to EUR 519.0 mln, while imports from outside the EU rise by 1.6% to EUR 280.7 mln.

In 2012 exports rose by 1.2% to EUR 1.4 bln, while imports dropped by 9% to EUR 5.7 bln. Imports were therefore around four times larger than exports. www.sapientaeconomics.com

April 17 - 23, 2013

financialmirror.com | CYPRUS | 3

Should Russia join the EU or the EU join Russia? l“Solve

your problems first”, say experts; Cyprus needs to rebuild its reputation

Leading entrepreneurs from Russia have ridiculed calls for Moscow to consider joining the European Union, saying instead that Russian ought to first consider a union of its own.

Speakers at the Global Russia Business Meeting in Limassol admitted that their country has troubles of its own, such as lack of local financing and venture capital, a brain drain and a deteriorating education system, however the booming IT and telecoms sector, especially related to software development, was a promising new field for investments.

Some officials have even toyed with the idea that after the loss of trust in the Cyprus banking system, Russia should build up its own financial services sector.

“Maybe in the future Cyprus becomes the most discussed country in a positive way, but you need to rebuild your reputation and come out of the current crisis,” said Natalya Kaspersky, CEO of InfoWatch Russia, one of the three entrepreneurs awarded at the Limassol meeting.

“Russia is losing its competitive education. What we need is to have the good from the past and add the new features of the present and the future,” she said.

“I hope Cyprus will overcome its problems,” said Suren Vardanyan, head of the Moscow Investment and Export Promotion Agency, who added that the issue of productivity was just as important.

“We face a huge hurdle in that whenever we try to encour-

“Invest €3 mln, get a Cyprus passport” l Gov’t

to ease citizenship requirements, attacks EU “hypocrisy”

Cyprus will relax requirements for citizenship, including for bank depositors who lost large amounts of money in the deal with the EU and IMF, in an effort to keep foreigners interested in investing in the island state, the president said on Sunday.

Cyprus was forced to wind down one major bank and impose considerable losses on large depositors in a second bank in return for 10 bln euros in aid from the IMF and the EU in a move that was devastating to both Cypriots and foreign investors.

Euro zone finance ministers approved the aid on Friday.

In remarks to Russian businesspeople in Limassol, President Nicos Anastasiades said his cabinet would approve the relaxation of restrictions on foreigners seeking citizenship of Cyprus.

Non-resident investors who held deposits prior to March 15, when the plan to impose losses on savers was first formulated, and who lost at least 3 mln euros would be eligible to apply for Cypriot citizenship, he said.

Cyprus’s existing “citizenship by investment” programme similar to that of many countries - would be revised to reduce the amount of investment required to be eligible for the programme to 3 mln euros from the previous 10 mln euros.

“These decisions will be deployed in a fast-track manner,” Anastasiades said in the address.

Other measures were also under consideration, he said, including offering tax incentives for existing or new companies doing business in Cyprus.

Anastasiades said countries who accused Cyprus of being a money laundering hub for businesses from countries such as Russia were being hypocrites, since those same countries were

now trying to lure foreign businesses away.

Used to robust growth and a thriving financial services sector, Cyprus is now bracing itself for record unemployment and at least a 12% drop in output this year.

MODEL CRUMBLES

Cyprus modelled itself as a competitively-taxed financial services centre with a network of treaties to avoid double taxation.

That model is now threatened by the fact that bailout conditions have left its two main banks crippled, but also forced it to increase its corporate tax to 12.5% from 10%, which had been the lowest in the euro zone.

The bailout, first requested in June 2012, was delayed partly because of concerns expressed by euro zone states, notably Germany, that its financial sector was opaque, thus aiding money laundering.

But Cyprus was neither a money laundering hub or a tax haven, Anastasiades said.

“What saddens - I refrain from using the word angers me deeply is that since the euro group agreement was reached, some EU partners’ businesses involved in the financial services industry have been preying upon our financial services sector, in order to encourage a relocation of funds into their economies,” he said.

It was an irony and an “absurd paradox” that the governments of those businesses claimed those funds were deposited and invested in Cyprus through illicit means.

“I am a firm believer in the rules of the free market, but allow me to comment on the hypocrisy of such methods,” Anastasiades said.

Cyprus Airways in talks with MEA l

But do the Lebanese really want to buy a loss maker?

Troubled national carrier Cyprus Airways said on Tuesday it was in preliminary talks with neighbouring Lebanon’s Middle East Airlines as it undergoes drastic restructuring to stay afloat.

“Middle East Airlines and its representatives had preliminary contacts with company management and the ministry of finance,” the carrier said in a statement to the stock exchange.

“Consultations are at an early stage and so far there is no specific agreement to announce.”

“As previously announced, consultations were held with other companies that had shown an interest in buying Cyprus Airways. However, these consultations are also at a preliminary stage.”

MEA’s sole benefit from investing in a loss-making airline would be to take advantage of premium landing and take-off slots at London’s Heathrow airport, while its European identity could pave the way for stopover flights from Beirut to leading destinations the Lebanese carrier often has trouble entering.

Earlier this month the state-owned carrier that more than doubled its losses to 55.8 mln euros last year, said that there were “encouraging” signs that China’s Beijing Yi Xiang Da Investment could buy it.

The government, which is hoping to keep the carrier operating through the key summer months, has made it clear that the cash-strapped airline must undergo a drastic transformation or shut down. One of the immediate measures agreed to by unions is to reduce the fleet from 11 to 6 aircraft and slash its workforce from 1030 to 540.

The airline has struggled to compete with no-frills competition on popular routes to Greece and Britain, even through it embarked on internal national flights within Greece to compete with Olympic Air and Aegean.

The European Commission has so far stopped short of granting a further 31 mln in aid pending a review to see if the funds would violate competition laws.

age investments, all our problems seem to surface. But as soon as a foreign investors enters Russia, after that they are ready to stay for the long run.”

“But as regards Europe, nobody says that no one wants a union. Perhaps first you should resolve your problems and then we will talk about cooperation,” he said in an answer to a German delegate at the conference.

The Cyprus government, too, went out of its way to ensure that Russian investments would not be permanently lost and that those who lost a vast fortune from their deposits in Laiki Bank and Bank of Cyprus that underwent a writedown ro a ‘haircut’ could take advantage of the new policy to attract foreign investors in exchange for a right to apply for citizenship.

April 17 - 23, 2013

4 | CYPRUS | financialmirror.com

“Don’t sell, go for gold-backed bonds” A senior economist is urging the Cyprus government not to sell its gold reserves, with the 10 tonnes up for sale expected to fetch some 400 mln euros better utilised to launch a gold-backed bond.

The government is pondering whether to sell most of its reserves, which, supposedly is the property of the European Central Bank, in order to help reduce its debt to the troika of international lenders.

In his opening statement in a position paper on goldbacked sovereign debt as a more effective Euro area monetary policy, Dr. Ansgar Belke of the University of DuisburgEssen and member of the Monetary Expert Panel in the European Parliament, writes that “using gold as collateral for highly distressed bonds would bring great benefits to the euro area in terms of reduced financing costs and bridgefinancing.”

Prof. Belke, who was in Nicosia after addressing an Economist expert panel discussion in Athens on Monday, said that Cyprus should not get into a hostile relationship with the local central bank, as it would need the European System of Central Banks’ agreement to the temporary transfer of the ‘national’ gold to an independent debt agency.

Although the money is literally a drop in the ocean compared to the 23 bln that Cyprus needs to bailout out the banks, replenish state coffers, pay civil servants and rollover sovereign debt, Belke agrees that it would help Cyprus regain its credibility in the international markets from which it has been excluded for 18 months.

“Gold has been used as collateral in the past and a goldback bond might work and it could lower yields in the context of the euro crisis,” he wrote in the paper.

“There is by and large no transfer of credit risk between high/low risk countries, losses are borne by specific countries and not by the largest shareholder of the ECB, it would turn

out to be more transparent, it would not be inflationary and would foster reforms.”

Belke added that in the case of Italy, one of the biggest gold holders in the world and bond holder in Europe, the Outright Monetary Transaction (OMTs) favoured by ECB chairman Draghi covered some 24% of its two-year refinancing needs and 30% of Portugal’s.

“So, do we go for a compromise or a Eurobond,” asked Belke, adding that the Cyprus experience has given new meaning to the concept of a banking union, as championed by the northern Euro area members Germany, the Scandinavians and even France.

“Cyprus made a mistake of putting all its eggs in one basket, but Cyprus was fortunate not to be connected to other markets, hence there was no contagion, nor was there a bank run.”

In any case, after the Cyprus issue, the whole argument to defend small depositors and calming the fears of German taxpayers seems to have been resolved, Belke said.

Gold sale an option in bailout The government said on Thursday a sale of its gold reserves was among the options for its contribution towards an international bailout, but ultimate responsibility rested with its central bank.

Cyprus has to sell some of its gold reserves to raise about 400 mln euros to finance its part of the bailout, an assessment of Cypriot financing needs prepared by the European Commission showed.

“The government put various options forward, including this,” spokesman Christos Stylianides told a news briefing.

“In its consultations on drafting the memorandum of

understanding the government included such options so we could have the possibility of meeting financing requirements,” he said, adding that the gold sale was “one of many” options.

Earlier a central bank spokeswoman said the sale of gold reserves had to be approved by the board of the central bank, and it was not presently on the board’s agenda.

The document said the authorities were “committed” to sell excess amounts of gold reserves. The central bank February accounts showed the island had gold reserves worth 563.4 mln euros.

Gold makes shaky partial recovery from drop to 2-year low l

Spot gold touches low as $1,321.35 an ounce; Bullion off 20% this year Gold rose more than 3% on Tuesday after physical buyers of bullion grabbed the chance offered by the previous session’s record-breaking one-day drop, but investors expected more falls.

Bullion on Monday recorded its biggest ever daily fall in dollar terms - at one point it was down $142 an ounce catching gold bulls, speculators and veteran investors by surprise.

Gold has fallen about 20% so far this year after an unbroken 12 years of gains and is some 28% down from the record high hit in September 2011 at $1,920.30.

“I think everyone has to take a breath now ... But there are people who still want to sell and they haven’t done so yet,” said David Govett, head of precious metals at Marex Spectron.

Spot gold, lost 8.5% on Monday and dropped to further to $1,321.35 an ounce, its lowest since January 2011, earlier on Tuesday.

It later reversed direction, spurred by physical buying and helped by a weaker dollar against the euro, to briefly rally above $1,400 to a session high of $1,401.24 an ounce, up 3.6%. By 1303 GMT it was up 3% or $43.50 at $1,396.50.

The asset traditionally viewed as a safe-haven has been undermined by a proposed sale of Cypriot gold holdings and uncertainty over the U.S. Federal Reserve’s stimulus programme. It failed to capitalise on tensions in the Korean Peninsula even as Pyongyang made new threats of military action, “We still believe that the price has further to fall - the fundamental (non-speculative) value of gold is still a fraction of the current price,” Alan Miller, CIO of SCM Private, an investment management firm said in a note.

“One thing I have learnt about markets is that they rarely trade at fair value and they tend to over-shoot (in both directions), so I really do not think you can estimate the amount of money “safely parked” in gold which can quickly head for the exit when people realise they have bought into the latest bubble,” he added.

U.S. gold futures for June delivery fell more than 2% to the weakest in more than two years before rebounding 2.3% to $1,393.20 an ounce.

In wider markets, the dollar extended gains versus the yen after the release of U.S. inflation and housing data but fell

against the euro. European shares dropped after Germany’s ZEW economic sentiment survey dropped sharply in April, signalling that the recent flare-up of the euro zone crisis was hitting Europe’s largest economy.

ROUT OF 1980 ECLIPSED

Monday’s drop in spot gold, closing down around $125 an ounce, eclipsed the rout on January 22, 1980, a day after gold hit its then-record $850 on global panic over oil-led inflation due to Soviet intervention in Afghanistan and the Iranian revolution.

Reuters market analyst for commodities and energy technicals, Wang Tao, expects gold to fall further to $1,245 per ounce.

Gold hit an 11-month high in October last year after the U.S. Federal Reserve announced its third round of aggressive economic stimulus, raising fears the central bank’s moneyprinting to buy assets would stoke inflation.

But the gain was erased by a rally in equities, talks the Fed could reduce its bullion-friendly bond buying programme, and concerns other indebted euro zone countries could follow Cyprus’ plan to sell bullion reserves to raise cash.

Heavy outflows on global gold exchange-traded funds, which cut holdings to their lowest in more than a year, could also mark the end of a love affair between gold and investors.

Physical dealers saw inquiries from jewellers following the latest sell-off, but there were no signs of buying related to tensions between the two Koreas or bombings in Boston, which killed three people.

It was the worst bombing on U.S. soil since security was tightened after the attacks of September 11, 2001.

Premiums for gold bars edged up to $1.70 to the spot London prices in Singapore on Tuesday from $1.20 the previous day, but dealers had yet to see a surge in demand from jewellers and speculators.

Platinum and palladium, which have also been hammered by heavy selling, regained strength after Japanese shares pared losses due to renewed weakness in the yen. Spot platinum was up 3% to $1,443 an ounce and palladium rose 4% to $678.50.

Silver also rallied 5.3% to $23.78 after dropping 12.6% on Monday.

April 17 - 23, 2013

financialmirror.com | CYPRUS | 5

Countries buying the world’s gold Gold prices may have just cratered at double-digit rates last seen four decades ago, but some of the world’s central banks are still buying up large amounts of gold. The World Gold Council has released its global central bank holdings report, and it contains data about six countries where central banks are adding gold to their official foreign reserves. The six have purchased large amounts of gold so far in 2013 or throughout 2012. It might be possible that their gold demand could offset some of selling pressure (which has driven the price below $1,400) in the future, if the buying continues. And some nations may continue because of central bank or currency issues.

The first thing worth noting is that the World Gold Council report evaluates central bank holdings and does not include investor and industrial demand in any of the countries. A major market concern is that Cyprus now is likely a gold reserve seller, and the fear is that the troubled nations of Spain, Portugal, Italy and others might be the next sellers of gold. But it does not appear that there is panic selling among most of these nations, so that effect can be discounted for the time being.

The six nations that could offset or at least mitigate gold sales by other central banks, institutions and individuals are Russia, Turkey, South Korea, Brazil, Kazakhstan and Iraq.

As recently as February, the World Gold Council showed that global central banks had bought the most gold since 1964.

But India and China were not the demand mechanisms they had been in the past.

The WGC shows that Cyprus’s 2013 gold reserve is only 13.9 tonnes, which is 61.9% of the nation’s total foreign reserves. The fear of selling from Cyprus is expected, but the real worry about the future remains that larger troubled nations, including Italy, Portugal and Spain, may start selling gold either to raise capital or because of the existing Central Bank Gold Agreement sale programmes.

Many large nations, based on GDP, have not posted much change in their official gold holdings over the past several quarters. If that changes and some of the troubled nations actually sell gold as a source of funds, then the raw dollars involved will require more than nervous retail investors and speculators to step up to buy gold and hold its price at even current depressed levels.

Here are the ranks listed with respective tonnes of gold.

This list includes the International Monetary Fund and the European Central Bank.

United States: static at 8,133.5 tonnes.

Germany: down slightly at 3,391.3 tonnes (April 2013), versus 3,401.8 tonnes in late 2011.

The IMF: static at 2,814 tonnes.

Italy: static at 2,451.8 tonnes.

France: static at 2,435.4 tonnes.

China: static at 1,054.1 tonnes.

Switzerland: static at 1,040.1 tonnes.

Japan: static at 765.2 tonnes.

The Netherlands: static at 612.5 tonnes.

India: static at 557.7 tonnes.

The ECB: static at 502.1 tonnes.

Taiwan: static at 423.6 tonnes.

Portugal: static at 382.5 tonnes.

The central banks of Russia, Turkey, South Korea, Brazil, Kazakhstan and Iraq could act as the stabilising mechanisms for gold if selling pressure continues, according to analysis by investment advisors 24/7 Wall St.

A CHANCE TO INCREASE

If history is a measure, it seems highly unlikely that retail buyers and speculators will start another wave of gold purchases. Central banks buy gold in support of their currencies, and the recent massive drop may give the central banks that can a chance to increase their gold holdings.

Russia, with a GDP of $2.5 trln, now ranks as number eight among the nations with central bank gold ownership, up at 976.9 tonnes at the April 2013 report, versus 851.5 tonnes in late 2011. It kept increasing reserves through 2012, predominantly through purchases of gold in the domestic market. In the first two months of 2013, it bought another 19.2 tonnes, which means that should the pace of buying remains static, Russia will cross the 1,000 tonnes metric mark by May. With gold production of its own, and the desire to continue adding to its influence and power as a financial centre, it should be expected that central bank buying will continue regardless of the price swings in gold.

Turkey (GDP: $1.125 trln), is fairly new to the list. However, its serious accumulation has accelerated because of banking

regulation changes. It is now ranked 15th on the list of nations and governmental agencies owning gold. Stockpiles are being added to Turkey’s balance sheet as a result of a new policy accepting gold in its reserve requirements from commercial banks. This now puts gold at 15.6% of its total foreign reserves.

The gold buying may continue ahead, although the price drop might cause banks to take a reserve loss. Turkey makes banks count the attrition because gold has been mandated. Turkey now holds of 375.7 tonnes, after adding 16 tonnes so far in the first two months of 2013, and that is after adding a net 164.5 tonnes or so in 2012.

South Korea (GDP: $1.61 trln), ranks 34th with 104.4 tonnes of gold. However, its central bank holdings have increased gold reserves by 20 tonnes. It made two large purchases in 2012, one of 14 tonnes and one of 16 tonnes. This is still only 1.6% of the central bank’s reserves. It is possible the escalation of North Korean rhetoric might have something to do with South Korea adding gold, now and in the future.

Brazil (GDP: $2.36 trln), also moved up the World Gold Council list to number 41, with 67.2 tonnes. However, this is only 0.9% of all reserves in its central bank. There were no real

changes in 2013 in Brazil’s gold holdings. The large additions were made in late 2012, when some 33.6 tonnes were added.

For some time Brazil has needed to back its currency with more gold. The country has one of the great promising economies in term of future expansion, yet the Brazilian real is backed by a relatively small amount of gold.

Kazakhstan (GDP: $231.3 bln) may be a major economy, yet the WGC continues to show that the nation is adding gold reserves to the central bank. It now ranks number 30 among central banks that own gold, with 121.7 tonnes. This is also listed as 23.3% of its total reserves. Through purchases and swaps, it has added 6.4 tonnes in the first two months of 2013.

The total added for all of 2012 tallied to 33.1 tonnes.

Iraq (GDP: $155.4 bln) is very unlikely to put in a floor under international gold selling, but the World Gold Council showed that Iraq ranked as number 54, with 29.8 tonnes. This is only 2.4% of its total foreign reserves, but one fact stood out in 2012, and this was that 23.9 tonnes were added in August.

As Iraq continues to get on with its recovery, more hard assets like gold may need to be purchased by its central bank to show additional stability for the reemerging nation.

April 17 - 23, 2013

6 | OPINION | financialmirror.com

Let the labour revolution begin EDITORIAL The current economic crisis calls for a radical reinvention and re-engineering of our economy, driven primarily by our higher-than average skilled and educated labour force. Already, Commission boss Jose Manuel Barroso has pledged 150 mln euros from EU cohesion funds and a further 7 mln for our rural development.

Analysts are urging the government that the new EU funds, that will be “front loaded” in order to kick-start parts of the economy, be used to create real sustainable jobs and avoid all the funds being spent on consultants.

Oftentimes, consultants will enlighten us on what we already know: we need experts in order to achieve a niche in the market and gain a competitive edge.

On the other hand, Interior Minister Socrates Hasikos declared last week that the plan is to encourage foreign investors to pump at least 3 mln euros at a time into a our stagnant economy, in exchange for the right to citizenship. Let’s hope this plan works and we manage to lure in some investors from Russia, Ukraine and Asia, while the government should state clearly that the threshold should not be perceived as an automatic lottery for a passport.

On the other hand, the state should also relax entry rules for highly educated IT whizz kids, science, energy and medical experts, who in turn will once again enhance the island’s university sector to make tertiary education a quality sector of our economy.

The government also wants to extend shop hours, vehemently opposed by the previous communist regime, not realising that a free market has more advantages

than not, benefitting both the entrepreneur as well as the employee. State land will also be allocated to new farming projects, as, hopefully, some serious work will finally be undertaken to promote quality tourism and themed holidays, such as cultural, sports, religious, food and wine.

Finally, the privatisation of government-owned organisations and the liberalisation of services should also boost the private sector which is hurting the most and where unemployment and wage cuts have been drastic, with the current stupid controls causing many companies to close, never to reopen again.

If our Finance Minister is “optimistic”, then perhaps we should be too. But the government should move at light speed if it wants the private sector up and running again. For now, we are still on crutches and the delays are making thing worse for a quick recovery.

One-way ticket for Cyprus Airways In the very near future, the Cypriot taxpayer will – at last - be relieved of having to support our ailing state carrier.

Around 100 million EUR were spent from public coffers during the last couple of years alone to support Cyprus Airways: a real scandal considering the state of our economy.

Politicians are arguing that Cyprus needs a “national carrier” (presumably partly state-owned) to protect and promote its domestic tourism industry. In fact, the contrary may be true, as an efficient private carrier could do a much better job at offering a high quality service at a competitive price. The Greek tourism industry is deemed to have benefited from the disappearance of Olympic Airways and its replacement by Aegean and Olympic Air. If we had to per se keep a national carrier, it seems that due to political considerations the wrong airline was shut down two years ago. Eurocypria, apart from its poor management towards the end of its life, was more efficient in seat-capacity terms, had half the pay scale, and operated on a better cost basis than Cyprus Airways. The leaner airline was much more sustainable and probably easier to turn around than its big brother. In fact, it was even pitching for some non-Cyprus routes, just as Easyjet and Ryanair are doing (eg. point-to-point between Paris and Milan).

Lets face it; if Cyprus Airways can be taken over by China’s Beijing Yi Xiang Da Investment Co Ltd or Lebanon’s Middle East Airlines, it should consider itself very fortunate. Czech Airlines (CSA) can pride itself for being amongst those fortunate ones; it has recently concluded an agreement with SkyTeam partner Korean Air whereby the Seoul-based carrier will pay a nominal price of 2.6 million EUR for a 44% stake in the CSA. Less fortunate “national” airlines with varying state participation such as Air Malta, LOT Polish Airlines, Tarom, Air Baltic (Latvia) and Estonian Air are suffering chronic

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losses and are still desperately trying to “restructure” themselves or find fresh capital, all under the watchful eye of the European regulator. For some though, the road proved too long: Malev, Spanair, Lithuania’s FlyLaL and SABENA Belgian Airlines were all wiped off the map.

By Bernard Musyck School of Economic and Administrative Sciences, Frederick University Allegedly, the main causes for these casualties are the high fuel prices and the lingering recession in Europe. However, difficult market conditions compounded by increased lowcost carrier competition and the tougher line adopted by the Commission on state aid offer a more credible explanation.

What those airlines have in common is their chronic inability to sufficiently restructure themselves to be able to compete with their privately owned peers. State-owned legacy carriers which have been propped-up by governments over decades host employees unable to let go of their privileges, with politicians incapable of breaking the vicious

circle of clientelism.

There are of course exceptions, especially in the larger EU countries where the main players in the airline business were successfully privatized (British Airways, Air France-KLM, Lufthansa Group, Iberia and Alitalia). State-owned carriers have also been successfully replaced by new private domestic ventures in smaller EU states: Wizz Air in Budapest, Brussels Airlines in Belgium, Bulgaria Air in Sofia, not to mention the Greek case. In Cyprus, it was reported two months ago that the Shacolas Group was considering starting a new airline out of Paphos, to feed traffic into its new grand resort near Polis and the district at large. This idea would make a lot of sense, also possibly through a strategic alliance or equity stake with any other carrier. Adding to this list of private sector-based solutions, there is of course always the “footloose – not national” Ryanair option, which many regions have embraced.

Thus, in our small island, the best we could hope for is to see a vibrant privately owned airline replacing the incumbent. The government should regulate not operate; government departments and party political considerations have no place in the highly competitive and complex airline business. musyck@primehome.com

EU launches Women Innovators Prize The European Commission has launched the second edition of the Women Innovators Prize to reward three women who have achieved outstanding innovations and brought them to market. The Prize aims to raise awareness of the need for more female entrepreneurs and to inspire other women to follow in their footsteps. The first prize is worth 100,000 euros, the second prize 50,000 and third prize 25,000.

The contest is open to all women who have founded or co-founded their company and who have benefitted from the EU’s research framework programmes or the Competitiveness and Innovation Framework Programme.

The deadline for applying is 15 October 2013 and the

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three winners will be announced in spring 2014.

The prize was launched in 2011 to give public recognition to outstanding women entrepreneurs who brought their innovative ideas to the market.

Although women are more and more active in research, there are still too few women creating innovative enterprises. This represents an untapped potential for Europe which needs all its human resources to remain competitive and find solutions to the great challenges that we are facing (such as climate change, energy and resource efficiency, health etc).

The website of the contest is www.ec.europa.eu/womeninnovators

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April 17 - 23, 2013

financialmirror.com | COMMENT | 7

Will the ‘New Broom’ Sweep Clean?

The new government of President Anastassiades entered office having to deal with a potential financial collapse and a myriad of interconnected problems associated with Cyprus’s sovereign debt, solvency, GDP, a new economic model and competitiveness. During crisis management mode, saving the ‘patient’ from imminent death has naturally been the first priority. However, disaster recovery and business continuity usually need to start even while a crisis is still bubbling and there have been encouraging signs of this. There is little evidence that this government is trying to prevaricate or avoid tough decisions and actions by blaming external imposition of suffocating timetables or unbearable terms and conditions. Thus far, this does appear to be a ‘can do, will do’ regime.

The question is: will the President persevere and carry through the essential and, in some cases, radical changes that are needed for the country’s recovery and long-term sustainability? Many of these changes involve the elimination of systemic cancers within the body politic, the public sector, the legal profession and particular sectors of the economy. For example, will President Anastassiades be the long-awaited saviour who will clean up corruption? Will he be the one to finally clean up the Cyprus Property Scandal?

Put Corruption Back in its Box

It was gratifying to note that soon after taking up office the President announced his intention to require every public employee to sign up to a personal commitment to honesty, integrity and transparency in their conduct. Presumably this will make it easier to dismiss public employees who fail to honour that commitment. Even while the bail-out and bail-in furore was raging during March, his officials announced that meritocracy based on objective performance criteria would be introduced into the evaluation of all public sector employees.

Further, the recruitment and selection of public employees would be based solely on objective criteria and appointments based on political, family, gumbaros or other corrupt rusfeti relationships would be banished.

The above initiative would be a major step forward in eradicating the all-enveloping ‘corruption of the spirit’ so evident throughout the public sector. Polis Polyviou described this corrupted spirit so vividly in his official 2011 report on the Mari disaster. To avoid other disasters in Cyprus (and not just those involving major hazards; was he being prescient about the potential bankruptcy of the government and banks, perhaps?), Polyviou advocated a compelling need to effect radical change in society, government and institutional life away from nepotism, clientism and corrupt patronage. This would necessarily include: l Transparency throughout government and the public sector and in its dealings with the public. Lack of transparency is high on the UNCAC and GRECO lists of corruption indicators. l Depoliticization of professional activity, of public sector staffing and of selection processes and criteria. Cyprus needs to dump its 1960 world-view of normalcy and efficacy determined by tribe, political party, nepotism and rusfeti. l A determined anti-corruption programme along the lines of an Independent Commission Against Corruption (ICAC), which Polyviou advocated specifically. An ICAC,

such as that long-established in Hong Kong and elsewhere, would have the mandate to investigate allegations of corruption made by any person (not just the police or the Attorney General) and prosecute individuals where appropriate. l Tackling corruption on a broad basis, so that it includes corrupt practices between companies or individuals which are against the public interest and not just those practices which involve public officials. l Recognition that all forms and levels of corruption must be eradicated: petty, grand, sovereign and spirit.

An early start has been made already on this task list. It has yet to be decided whether an ICAC will be set up but, if

THE RISK WATCH COLUMN

By Dr Alan Waring and when it is, where would it begin? Normally, the police force has to be examined first, and cleansed if necessary, as it is essential for law enforcement itself to be devoid of corruption. This would also have to extend to the office of the Attorney General, the judiciary, the Bar Association and its members and the Disciplinary Board in view of their close connections with the administration of justice and the obvious potential for corruption.

With an effective ICAC, corrupt individuals who are prosecuted should expect to do jail time. The ICAC in Hong Kong, for example, has a long ‘scalp list’ of senior government officials and very powerful business people who have gone to jail for lengthy periods. A senior Hong Kong lawyer, who previously had been Attorney General in another country, was jailed for perverting the course of justice. There is no ICAC in the UK but nonetheless there too politicians, senior officials and big business leaders have been jailed for bribery and other forms of corruption. Will President Anastassiades have the backbone and fortitude to drive through his fledgling anti-corruption programme to completion in Cyprus?

Cyprus Property Scandal is Still Live

In January 2007, in a Risk Watch article entitled ‘Who Will Clean the Augean Stable?’ I suggested that it was then already ‘far too late for the government, the developers and the rest to put a convincing PR gloss on the colossal mess they have created for Cyprus’ in relation to the scandal of withheld title deeds and property fraud. Collectively, I referred to the perpetrators as ‘white collar gangsters’. Very little of substance was done by the previous government to rectify the state of affairs. Indeed, ministers and their officials kept asserting that the scandal was a myth and the product of evil external forces and the international media. When such a ludicrous position became unsustainable, they admitted there was a problem with non-issuance of title deeds and resorted to a plan in 2010 to clear the backlog of 130,000 non-issued deeds.

Unfortunately, the plan had barely scratched the surface of the backlog by the end of 2012. Moreover, by then Cyprus was heading for bankruptcy and had been forced in June 2012 to

Quality Leader of the Year 2012 Louis Apostolides, Quality Control Manager at Linde Hadjikyriakos Gas Ltd. has won the “Cyprus Quality Leader of the Year 2012” organized by the Cyprus Association for Quality (CyAQ), a member of the Employers and Industrialists Federation (OEV) and the European Quality Organisation (EOQ).

Apostolides, now a candidate for the European Quality Leader of the Year award, has been credited for transforming the company from an industrial unit mak-

ing gas fuel for manufacturers, into a pharmaceutical supplies company that still uses oxygen products as its main output.

In the process it secured several quality standard certifications, including the recognition by the SBA Administration as a supplier of aviation oxygen used by NATO personnel. Since 2007, Apostolides has also been approved as a ‘qualified person’ in accordance with Ministry of Health requirements.

apply for an EU bailout. The Troika (EU, ECB and IMF) which evaluated Cyprus’s debt position noted, in its memorandum to the Cyprus government of the required actions, that while exposure to Greece’s debt problems had been instrumental in the crisis for Cyprus banks, many of the latter’s problems were home grown and related to over-expansion in the property sector as a consequence of the banks’ poor risk management.

Further, the memorandum required the government by end of quarter 4 of 2014 to ‘eliminate the title deeds issuance backlog to less than 2,000 cases’ that remained pending for more than 1 year.

While the Land Registry offices may be able to become more efficient to achieve this issuance target, it is quite another proposition to transfer those deeds issued to developers to their rightful owners – the buyers who have already paid for the property in full. Non-discharged developer mortgages as well as the developer’s unpaid taxes are a real stumbling block to transfer that many buyers are facing. The Inland Revenue appears to be supine in forcing developers to pay their outstanding taxes, while the banks seem terrified of getting developers to service their loan and mortgage debts.

Under the eagle eye of the Troika technocrats, the banks, who for years have had a lax lending policy towards developers, will now have to take action on developer NonPerforming Loans. If developers are unable to service their loans or discharge their debts, the prospect of developer bankruptcies followed by ‘fire sale’ disposal of repossessed properties looms much larger. But, in this economic climate and a flat property market, will there be new buyers even for apparent bargains? And, what about all those existing buyers, mainly foreigners who have paid in full and never been a party to the developer’s mortgages but nonetheless find themselves the victims of attempted bank liquidation, as in the Liasides collapse and other cases?

Effective government intervention in this matter is not only urgently needed but failure to render it would amount to complicity in what has been described as sovereign corruption. This is an early test of President Anastassiades’ commitment to clean up Cyprus. How could he achieve a rapid clean-up of the title deeds mess? One obvious major action would be the establishment of a ‘bad bank’ specifically for developer debts, along the lines of the already successful National Asset Management Authority (NAMAS) set up in Ireland in response to its EU bailout problems. This would prevent developers going bankrupt while protecting the interests of property buyers and the state’s finances. Such a proposal was put (by CPAG) to a previous Finance Minister Mr Sylikiotis several years ago, as well as other influential parties since then, but ignored. Will President Anastassiades and his new Finance Minister Mr Georgiades act decisively on this now to prevent the total destruction of the property sector?

For over 30 years, Dr Alan Waring has been an international risk management consultant with extensive experience in Europe, Asia and the Middle East. His next book Corporate Risk & Governance will be published in May 2013 (www.gowerpublishing.com/isbn/9781409448365).

Contact waringa@cytanet.com.cy ©2013 Alan Waring

April 17 - 23, 2013

8 | COMMENT | financialmirror.com

The two innovation economies For 250 years, technological innovation has driven economic development. But the economics of innovation are very different for those at the frontier versus those who are followers striving to catch up.

At the frontier, the innovation economy begins with discovery and culminates in speculation. From scientific research to identification of commercial applications of new technologies, progress has been achieved through trial and error. The strategic technologies that have repeatedly transformed the market economy – from railroads to the Internet – required the construction of networks whose value in use could not be known when they were first deployed.

Consequently, innovation at the frontier depends on funding sources that are decoupled from concern for economic value; thus, it cannot be reduced to the optimal allocation of resources. The conventional production function of neoclassical economics offers a dangerously misleading lens through which to interpret the processes of frontier innovation.

Financial speculation has been, and remains, one required source of funding. Financial bubbles emerge wherever liquid asset markets exist. Indeed, the objects of such speculation astound the imagination: tulip bulbs, gold and silver mines, real estate, the debt of new nations, corporate securities.

Occasionally, the object of speculation has been one of those fundamental technologies – canals, railroads, electrification, radio, automobiles, microelectronics, computing, the Internet – for which financial speculators have mobilized capital on a scale far beyond what “rational” investors would provide. From the wreckage that has inevitably followed, a succession of new economies has emerged.

Complementing the role of speculation, activist states have played several roles in encouraging innovation. They have been most effective when pursuing politically legitimate missions that transcend narrow economic calculation: social development, national security, conquering disease.

In the United States, the government constructed transformational networks (the interstate highway system), massively subsidized their construction (the transcontinental railroads), or played the foundational role in their design and early development (the Internet). Activist states around the world have funded basic science and served as early customers for the novel products that result. For a quarter-century starting in 1950, the US Department of Defense – to cite one crucial example – combined both roles to build the underpinnings of today’s digital economy.

For countries following an innovative leader, the path is clear.

Mercantilist policies of protection and subsidy have been effective instruments of an economically active state. In the US, the first profitable textile mills blatantly violated British patents. And ferociously entrepreneurial private enterprise was supported by a broad array of state investments, guarantees, and protective tariffs, in accordance with the “American System” inspired by Alexander Hamilton and realized by Henry Clay.

The great, neglected German economist Friedrich List, a student of Hamilton’s work, laid out an innovation roadmap for his own country in 1841, in his National System of Political Economy. It has been used repeatedly: by Japan beginning in the last decades of the nineteenth century; by the Asian Tigers in the second half of the twentieth century; and now by China.

By William H. Janeway

List noted how Britain’s emergence as “the first industrial nation” at the end of the eighteenth century depended on prior state policies to promote British industry. “Had the English left everything to itself,” he wrote, “the Belgians would be still manufacturing cloth for the English, [and] England would still have been the sheepyard for the [Hanseatic League].”

Coherent programs to promote economic catch-up are relatively straightforward. But the transition from follower to leader at the frontier of the innovation economy is more challenging and elusive.

The US managed the transition roughly between 1880 and 1930, combining the professionalization of management with a speculative taste for new technologies – electrification, automobiles, and radio – and state tolerance of the Second Industrial Revolution’s great industrial monopolies, which invested their super-profits in scientific research. The post-World War II invocation of national security as the legitimizing rationale for an economically active state extended America’s leadership.

It is not yet clear whether East Asia’s economic powerhouses will succeed in making the transition from follower to frontier. To begin, the “national champions” of the catch-up phase must be rendered accessible to competitive assault. More generally, the state’s role must shift from executing well-defined programs to

supporting trial-and-error experimentation and tolerating entrepreneurial failure. And the debilitating “corruption tax” that seems inevitably to accompany economic revolutions must be curbed, as it was in Britain during the nineteenth century and America during the twentieth.

Here is the moment of strategic uncertainty. The “made in America” digital economy exhibits ample momentum in the private sector. But leadership of the next new economy – the low-carbon economy – is open. America is suffering the consequences of a generation-long effort to render the state illegitimate as an economic actor. Europe is mired in its oxymoronic commitment to “expansionary fiscal austerity.”

Can China manage the economic, cultural, and political transitions necessary to assume the leadership role now up for grabs?

I find it intriguing to go back almost 200 years and consider Britain’s political economy when the First Industrial Revolution was gathering steam.

England in 1820 was governed by a corrupt oligarchy that exercised power in intimate collaboration with a national religious establishment. Political legitimacy was validated by fear of anarchy, the terrifying reality of which had been observable across the Channel within living memory. Arbitrary, draconian repression was the rule: under the “Bloody Code” of criminal justice, more than 100 felonies were punishable by death or transportation. The patent system was notoriously expensive and inaccessible.

England’s rulers sought in vain to keep a lid on the greatest explosion of economic energy and financial wealth in human history. Over a long generation, England was transformed. From the Great Reform Act of 1832 to the repeal of the Corn Laws in 1846 – and on to the civil-service reforms initiated in 1853 and the Representation of the People Act of 1867 – Britain pursued its unique path toward a relatively stable and sustainable democratic capitalism.

No doubt China’s own path will be as distinctive as the processes by which it has reached its current moment of opportunity.

Whether or not its path proves to be as progressive as England’s may determine who assumes the mantle of global economic leadership.

William Janeway, a managing director and senior adviser at the private-equity firm Warburg Pincus, is a visiting lecturer in economics at Cambridge University. © Project Syndicate, 2013. www.project-syndicate.org

The Hydrogen Solution Around the world, governments and businesses are constantly being called upon to make big investments in solar, wind, and geothermal energy, as well as biofuels. But, in the United States, unlike in Europe and Asia, discussion of hydrogen energy and fuel cells as systemic, game-changing technologies is largely absent. That needs to change: these clean, renewable energy sources promise not only zero-emission baseload power, but also a zero-emission fuel for cars and trucks, the biggest polluters of them all.

By now, many have heard about plans by big carmakers – including Honda, Toyota, and Hyundai – to launch hydrogen fuelcell cars commercially around 2015. Daimler, Ford, and Nissan plan to launch such cars around 2017. Germany plans to build at least 50 hydrogen fueling stations by 2015 as the start of a countrywide network. Japan and Korea have announced similar plans.

But a bigger, largely unreported, message is that some European countries, especially Germany, have launched projects that combine renewables like solar and wind with hydrogen for energy storage, implying clean, zero-emission, stable power grids that require no coal, oil, or nuclear power.

Indeed, the bottom line of a new study by two American researchers, Willett Kempton and Cory Budischak, is that the combination of renewables and hydrogen storage could fully power a large electricity grid by 2030 at costs comparable to those today.

Kempton and Budischak designed a computer model for wind, solar, and storage to meet demand for one-fifth of the US grid. The results buck “the conventional wisdom that renewable energy is too unreliable and expensive,” says Kempton. “For example,” according to Budischak, “using hydrogen for storage, we can run an electric system that today would meet a need of 72 gigawatts, 99.9 % of the time, using 17 GW of solar, 68 GW of offshore wind, and 115 GW of inland wind.”

Their study lends scientific support to several such projects underway in Europe aimed at proving that hydrogen gas, convert-

ed from water via electrolysis – think of it as natural gas minus the polluting carbon – and stored, for example, in subterranean salt caverns, can smooth out fluctuations inherent in solar and wind energy. It builds in part on two recent studies at Stanford University and the Carnegie Institution, which conclude that, as Carnegie atmospheric scientist Ken Caldeira put it, “there is more than enough energy available in winds to power all of civilization.”

The latest effort, scheduled to get underway outside Brussels

By Peter Hoffmann

this year, is the delightfully named “Don Quichote” project (“Demonstration of New Qualitative Innovative Concept of Hydrogen Out of wind Turbine Electricity”), designed to highlight utility-scale energy storage and transport, and to provide power for fuel-cell forklift trucks. The project’s partners are a Belgian grocery chain, the European Commission, and various European organizations and companies. Canada’s Hydrogenics is providing the electrolyzer and a fuel cell.

Meanwhile, near Berlin, five companies launched a €10 million ($13 million) pilot project at Berlin’s main airport in Schoenefeld in December, expanding and converting an existing hydrogen fueling station to CO2 neutrality by linking it to a nearby wind farm. Earlier last year, two German utilities, Thüga and E.ON, announced two gas demonstration plants. And the world’s first renewable energy/hydrogen hybrid power plant, producing both electricity and hydrogen as car fuel, started production in the fall of 2011.

The previous year, German Chancellor Angela Merkel laid the plant’s cornerstone herself, sending a strong signal of her seriousness about Germany’s shift to clean, renewable energy. Indeed, the much-noted Energiewende, or energy turnaround, that she announced in 2010 is arguably one of the most audacious acts of environmental statesmanship yet.

According to the author and environmentalist Bill McKibben, Germany is in the international forefront of fighting climate change: “The clear alternative and the best news from 2012 came from Germany, the one big country that’s taken climate change seriously....There were days last summer when [Germans] generated more than half the power that they used from solar panels.”

In fact, hydrogen technology will be an integral part of Germany’s evolving renewable/alternative energy-based system.

Germany’s move toward renewable energy is likely to have a much broader positive impact. A six-article series, “The German Nuclear Exit,” in the Bulletin of the Atomic Scientist argues that the move away from nuclear energy is already “yielding measurable economic and environmental benefits.”

More broadly, Lutz Mez, a political scientist at Berlin’s Free University, argues that the country’s shift has “observably decoupled energy supply from economic growth,” and that the “evolving Energiewende, rather than the nuclear phase-out” implies “continuing reforms of social, economic, technological, and cultural policy in Germany.”

What, one wonders, are lagging nations waiting for?

Peter Hoffmann, the author of Tomorrow’s Energy: Hydrogen, Fuel Cells, and the Prospects for a Cleaner Planet, is the editor and publisher of the Hydrogen & Fuel Cell Letter (www.hfcletter.com). © Project Syndicate, 2013. www.project-syndicate.org

April 17 - 23, 2013

financialmirror.com | COMMENT | 9

Financial globalization in reverse?

For three decades, financial globalization had seemed inevitable.

New information technologies made it possible to conduct transactions halfway around the world in the blink of an eye. Savers gained the ability to diversify, while the largest borrowers could tap global pools of capital. As national financial markets grew more intertwined, cross-border capital flows rose from $0.5 trillion in 1980 to a peak of $11.8 trillion in 2007.

But the 2008 crisis exposed the dangers, with the globalized financial system’s intricate web of connections becoming a conduit for contagion. Cross-border capital flows abruptly collapsed. Almost five years later, they remain 60% below their pre-crisis peak.

This pullback in cross-border activity has been accompanied by muted growth in global financial assets (despite the recent rallies in stock markets around the world). Global financial assets have grown by just 1.9% annually since the crisis, down from 7.9% average annual growth from 1990 to 2007.

Should the world be worried by this decline in cross-border capital flows and slowdown in financing? Yes and no.

After the outsize risks of the bubble years, these trends could be a sign that the system is reverting to historical norms. As we now know, much of the growth in financial assets prior to the crisis reflected leverage of the financial sector itself, and some of the growth in cross-border flows reflected governments tapping global capital pools to fund chronic budget deficits. Retrenchment of these sources of financial globalization is to be welcomed.

But not all of the current retreat is healthy. Surprisingly, emerging economies are also experiencing a slowdown; the development of their financial markets is barely keeping pace with GDP growth. Most of these countries have very small financial systems relative to the size of their economies, and, with small and medium-size enterprises (SMEs), households, and infrastructure projects facing credit constraints, they certainly have ample room for sustainable market deepening.

A powerful factor underlying the drop in cross-border capital flows is the dramatic reversal of European financial integration. Once in the vanguard of financial globalization, European countries are now turning inward.

After expanding across national borders with the creation of the

euro, eurozone banks have now reduced cross-border lending and other claims within the eurozone by $2.8 trillion since the end of 2007. Other types of cross-border investment in Europe have fallen by more than half. The rationale for the euro’s creation – the financial and economic integration of Europe – is now being undermined.

Current trends seem to be leading toward a more fragmented global financial system in which countries rely primarily on domestic capital formation. Sharper regional disparities in the availability

By Martin Neil Baily and Susan Lund and cost of capital could emerge, particularly for smaller businesses and consumers, constraining investment and growth in some countries. And, while a more balkanized financial system does reduce the likelihood of global shocks creating volatility in far-flung markets, it may also concentrate risks within local banking systems and increase the chance of domestic financial crises.

So, is it possible to “reset” financial globalization while avoiding the excesses of the past?

Successfully concluding the regulatory reform initiatives currently under way is the first imperative. That means working out the final details of the Basel III banking standards, creating clear processes for cross-border bank resolution and recovery, and building macro-prudential supervisory capabilities. These steps would go a long way toward erecting safeguards that create a more stable system.

But additional measures are needed. The spring meetings of the World Bank and the International Monetary Fund represent a pivotal moment for shifting the debate toward a second phase of post-crisis reform efforts – one that focuses on ensuring a healthy flow of financing to the real economy.

A crucial part of this agenda is the removal of constraints on foreign direct investment and foreign investor purchases of equities and

bonds, which are far more stable types of capital flows than bank lending. Many countries continue to limit foreign investment and ownership in specific sectors, restrict their pension funds’ foreigninvestment positions, and limit foreign investors’ access to local stock markets. Eliminating these barriers would increase the availability of long-term financing for business expansion.

More broadly, officials in emerging economies should restart reforms that enable further domestic financial-market development.

Most countries have the basic market infrastructure and regulations, but enforcement and supervision is often weak. Progress on this front would enable equity and bond markets to provide an important alternative to bank lending for the largest companies – and free up capital for banks to lend to SMEs and consumers.

Deepening capital markets would also benefit local savers and open new channels for foreign investors to diversify.

Given that Europe led the recent rise and fall of financial globalization, any effort to reset the system should focus on measures to restore confidence and put European financial integration back on track. The recent crisis in Cyprus underscores the urgency of establishing a banking union that includes not only common supervision, but also resolution mechanisms and deposit insurance.

Determining the right degree of openness is a thorny and complex issue for every country. Policymakers must weigh the risks of volatility, exchange-rate pressures, and vulnerability to sudden reversals in capital flows against the benefits of wider access to credit and enhanced competition. The right balance may vary depending on the size of the economy, the efficiency of domestic funding sources, and the strength of regulation and supervision. But the objective of building a competitive, diverse, and open financial sector deserves to be a central part of the policy agenda. The ties that bind global markets together have frayed, but it is not too late to mend them.

Martin Baily is Chair in Economic Policy Development at the Brookings Institution. Susan Lund is a principal with the McKinsey Global Institute. © Project Syndicate, 2013. www.project-syndicate.org

April 17 - 23, 2013

10 | COMMENT | financialmirror.com

Don’t underestimate the anti-euro party lAlternative

for Germany” could steal votes from Merkel; Organisational, far-right challenges ANALYSIS

The political establishment has dismissed Germany’s new anti-euro party as a fear-mongering populist aberration that could implode even before a looming federal election.

But the first congress of the “Alternative for Germany” (AfD) showed that the movement, launched only a few months ago by a group of renegade academics, journalists and businessmen, is striking a chord with voters and may prove an influential force come September.

Over 1,500 AfD supporters from across Germany packed into the Intercontinental Hotel in central Berlin on Sunday to elect the party leadership and formally approve a policy programme that has one objective above all: an end to the euro and return of the deutsche mark.

The meeting was not without the sort of hitches one would expect from a new party that is virtually devoid of experienced, professional politicians.

A speech by party founder Bernd Lucke was interrupted at one point by a man waving a German flag. And delegates interjected repeatedly to remind AfD leaders gathered on the stage about proper protocol as motions were voted on.

Still, the mood in the vast conference room where the congress was held bordered on the euphoric at times. And the attendees - mainly older men in suits with a sprinkling of middle-aged women - said they were amazed at how much interest the party was generating among friends and family members.

“There is huge potential,” said Alexander Gauland, a member of Chancellor Angela Merkel’s Christian Democrats (CDU) for 50 years before he defected and signed up with the AfD a month ago.

TABOO FOR DECADES

Unlike some other anti-euro movements in Europe, like the Dutch Freedom party of Geert Wilders or Marine Le Pen’s National Front in France, the AfD says it is neither nationalist nor anti-immigration. Its programme calls for Canadian-style policies to entice more skilled foreign workers to Germany.

The party supports an “orderly” dismantling of the euro zone because it believes this to be in Germany’s best interests, but also because it says this would help southern members of the currency bloc that are struggling with crushing recessions and rising unemployment.

Above all, attendees in Berlin expressed frustration with the lack of debate in Germany’s big parties over policies that have led to multi-billion euro bailouts for Greece, Portugal, Ireland, Spain and Cyprus since the bloc’s debt crisis first erupted over three years ago.

The rescues were backed not only by members of Merkel’s centre-right coalition, but also by the opposition Social Democrats (SPD) and Greens.

“This party offers Germany a chance. It is talking about themes that were taboo for decades. Until AfD came along there was no alternative, and that is undemocratic,” said Henry Strasen, a 47-year-old who runs a gas station in the town of Luebben south of Berlin and previously supported the Free Democrats (FDP), junior partners in Merkel’s coalition.

Since its founding in early March, over 7,500 people have joined the new party. Spokeswoman Dagmar Metzger says three times as many members have come from centre-right parties in Merkel’s ruling coalition than from the centre-left camp of the SPD and Greens.

Opinion polls show one in four Germans would consider supporting the AfD. Despite that, most pollsters say it will be difficult for the party to get above the five percent threshold needed to enter parliament in September, although few are ruling out the possibility.

“The question is whether on election day people who sympathise with this party actually vote for it,” said Frank Decker, a political scientist at Bonn University.

PIRATES LESSON

That will depend on a number of factors.

The AfD will need to collect 2,000 signatures in each of Germany’s 16 federal states over the coming months to stand in the election at all.

In a country where overt nationalism in politics is frowned upon because of the crimes of the Nazi era, the new party must also take care to keep out fringe elements that could embarrass it and cloud its message. In front of the hotel on Sunday, some people were handing out copies of “Junge Freiheit”, or “Young Freedom”, a weekly that is popular with the far-right.

Some believe AfD must become more than a one-issue party to have a chance in September. The programme approved on Sunday included recommendations on education, energy and integration policy, as well as long passages

on Europe.

The Pirates, an upstart party that became a magnet for protest voters in regional elections across Germany last year, also provides a cautionary tale for the AfD. It has seen its support crumble over the past months amid infighting and organisational disarray.

“We shouldn’t overdramatise this party but we shouldn’t underestimate them either,” said Wolfgang Bosbach, a senior lawmaker in Merkel’s CDU who has found himself ostracised within the party for refusing to back euro zone bailouts but rules out defecting to the AfD. “I don’t believe they will get over 5%. It is very hard to organise nationwide in just five months. But the voters that switch to this party can really hurt the CDU.” The irony is that if the AfD does do well in the election, stealing a disproportionate number of votes away from Merkel’s centre-right bloc, it probably increases the likelihood that she will be forced into a “grand coalition” with the SPD. Such a government would be expected to be even more supportive of European rescues and closer economic integration than the current administration - a result that several AfD members said they preferred not to think about.

“If the euro fails, Europe will not fail,” party leader Lucke, a Hamburg-based economist, told the cheering crowd in Berlin, playing on one of Merkel’s favourite phrases. “If the euro fails, Angela Merkel will fail.”

Recession-weary Portugal tests limits of austerity l Government

hemmed in by court ruling, public anger

Back in 2008, the 500 or so slum dwellers of Terras do Lelo were finally looking forward to a better life.

The authorities had decided where they would relocate the mainly Portuguese-speaking immigrants and Roma from their plywood and corrugated iron shacks that disfigure the fringes of one of south Lisbon’s smartest beach resorts.

And then the financial crisis struck.

Five years on, as Portugal slashes its budget to please international lenders that provided a 78 bln euro bailout in 2011, there are no longer any public funds to erase the scar of shanties that would not look out of place in Mumbai or Soweto.

“Right now the state has no money to move people from here, but they should at least provide us with minimum conditions,” said Euclides Fernandes, 33. The slums have no legal electricity, no sewerage and no running water.

The poverty of Terras do Lelo may be extreme, but the onetwo punch of budget austerity and recession is being felt across Portugal, a nation of 10.6 mln.

LOOKING FOR CUTS

More cuts are baked in the cake: the government is scrambling to come up with 1.3 bln euros in savings, amounting to 0.8% of GDP, after the constitutional court last week rejected plans to reduce public workers’ benefits.

The finance ministry responded with a freeze on non-essential spending, generating front-page headlines on Thursday that everything from school lunches to police patrols and health inspections were being curtailed.

Under orders from its troika of lenders - the IMF, the EU and

the ECB - Portugal has to make 4 bln euros in permanent savings between 2013 and 2015.

What was already a huge task for Prime Minister Pedro Passos Coelho is now even more complicated due to the court’s ruling that measures singling out civil servants are unfair.

“The cuts have to be done. It will not be easy. The job will have to be thorough and well thought-out,” said Rui Constantino, an economist at Santander in Lisbon.

The public sector wage bill and pensions make up 60% of state spending, but analysts expect the government to find cuts that pass muster with the court by taking the axe to areas such as health and education.

The question for the government - and for financial markets, which have so far taken the court ruling in their stride - is how the next slug of spending cuts will be judged in the court of public opinion.

Hundreds of thousands of Portuguese have taken part in two anti-austerity protests in recent months. The demonstrations were peaceful but the message was clear: people are getting fed up with ever-rising unemployment - 16.9% last quarter - and never-ending cutbacks.

The consensus among political analysts in Lisbon is that Coelho, who survived a no-confidence motion last week, will soldier on. But his room for manouevre is shrinking.

Jose Augusto Silva, 64, head of a neighbourhood association in northeast Lisbon, wishes his countrymen had more of a “culture of action” rather than passively accepting their fate.

“The situation is very hard. There are many pensioners on 200-odd euros a month here and now their children and grand-

children are unemployed and come and ask their grandparents for money,” he said.

Like many people in bailed-out countries on the euro zone periphery, Silva is critical of euro zone paymaster Germany for the harsh terms of Portugal’s bailout.

HOSTAGE TO FORTUNE

Euro zone finance ministers agreed in principle to give Portugal - and Ireland - more time to repay loans from Europe’s bail-out funds.

Stretching out loan repayments will help in the medium term but will not address the immediate imperative of growth.

The economy shrank 3.2% in 2012 and the troika has pencilled in a further contraction of 2.3% this year.

Portugal hopes to regain full bond market access this year.

But the unarticulated fear is that, without a return to vigorous growth, investors will baulk at the prospect that Portugal’s debt, already 123% of GDP, will fail to stabilise.

Investment has fallen about 40% from its pre-crisis peak, while banks and households are paying down debt. With the public sector shrinking, the only bright spot has been exports.

Companies have done better than expected to diversify away from their home market, but exports need to be an ever-bigger driver of the economy, said Kathrin Muehlbronner, who covers Portugal for Moody’s Investors Service.

Yet here too, Portugal is not master of its own fate.

“The export sector has to be the anchor to start a recovery, but for that you need a recovery in the wider euro zone and the global economy. That’s very clear,” she said.

EB¢OMA¢IAIA OIKONOMIKH ¶√§π∆π∫∏ EºHMEPI¢A AÚ. 911

www.financialmirror.com

∆∂∆∞ƒ∆∏, 17 ∞¶ƒπ§π√À, 2013

∆· ÔÓfiÌ·Ù· Ô˘ ÚÔÙ›ÓÂÈ Ë Î˘‚¤ÚÓËÛË ÁÈ· ÙÔ ¢.™ Ù˘ ∆Ú. ∫‡ÚÔ˘ Xωρίσ άλλη καθυστέρηση στο διορισµÞ του νέου ∆ιοικητικού Συµβουλίου τησ Τράπεζασ Κύπρου και του προσωρινού εκτελεστικού διευθυντή, θέλει να προχωρήσει η κυβέρνηση Νίκου Αναστασιάδη. Ήδη η κυβέρνηση κατάρτισε λίστα µε τα ονÞµατα που προτείνει. Σύµφωνα µε πληροφορίεσ τησ εφηµερίδασ µασ η λίστα περιλαµβάνει τα ακÞλουθα ονÞµατα: - Φίλιπποσ Μάνναρησ (Αναλογιστήσ Ταµείων Προνοίασ) - Τάκησ Κληρίδησ, Πρώην ΥπουργÞσ Οικονοµικών - Φειδίασ Πηλείδησ, ΠρÞεδροσ ΚΕΒΕ - Γιώργοσ Παµπορίδησ, ∆ικηγÞροσ - Τάκησ Ταουσιάνησ, Πρώην γενικÞσ διευθυντήσ cdb Bank - Kίκησ Κυριακίδησ, Πρώην διευθυντικÞ στέλεχοσ USB Bank - Aλέκοσ Μιχαηλίδησ, ΑκαδηµαϊκÞσ - Κρίσησ Χασάπησ, ΑκαδηµαϊκÞσ - Γιώργοσ Θεοχαρίδησ, ΑκαδηµαϊκÞσ - Ανδρέασ ∆ηµητρÞπουλοσ, Λογιστήσ - Μάικ ΣπανÞσ, πρώην διευθυντήσ Coca Cola - Παύλοσ Ιωάννου, επιχειρηµατίασ - Λίνα Λεµέσιου, Λογιστήσ - Κώστασ Χ’ Παπάσ, ΕκπρÞσωποσ ΕΤΥΚ.

Η Κυβέρνηση προτείνει για Ανώτερο ΕκτελεστικÞ ∆ιευθυντή, τον Φοίβο ΣτασÞπουλο, ο οποίοσ σήµερα είναι ο γενικÞσ διευθυντήσ του τµήµατοσ µεγάλων επιχειρήσεων τησ Τράπεζασ Κύπρου. Το µÞνο Þνοµα για το οποίο φαίνεται να συµφωνούν Κυβέρνηση και Κεντρική Τράπεζα, είναι αυτÞ του Φειδία Πηλείδη. Συγκεκριµένα ο ∆ιοικητήσ, Πανίκοσ ∆ηµητριάδησ φαίνεται να αξιώνει το διορισµÞ του κ. Πηλείδη στην θέση του προέδρου του διοικητικού συµβουλίου. Στη λίστα του Πανίκου ∆ηµητριάδη βρίσκεται και το Þνοµα του πρώην αντιπροέδρου τησ τράπεζασ, ΕυδÞκιµου Ξενοφώντοσ. Φαίνεται πωσ η Κεντρική, έχει διαφορετική άποψη για το Þνοµα του ανώτερου εκτελεστικού διευθυντή, καθώσ η ίδια ευνοεί τον διορισµÞ ανεξάρτητου στελέχουσ που να µην είχε ξανά επαφή µε την τράπεζα. Πηγέσ, απÞ την Κεντρική Τράπεζα, ανέφεραν στην Financial Mirror, Þτι ο τελικÞσ λÞγοσ µε βάση το διάταγµα εξυγίανσησ ανήκει στην Κ.Τ ωσ Αρχή Εξυγίανσησ, η οποία δεν θα επιτρέψει διορισµούσ που θα κρύβουν πολιτικά κριτήρια.

Τελικέσ αποφάσεισ επί του θέµατοσ αναµένονται το αργÞτερο µέχρι την επÞµενη ∆ευτέρα. Ùπωσ προβλέπεται στο άρθρο 1,8 του µνηµονίου ο διορισµÞσ διοικητικού συµβουλίου είναι προσωρινÞσ και θα ισχύ µέχρι την επÞµενη Γενική Συνέλευση των µετÞχων που τοποθετείται τον Σεπτέµβριο. ΤÞτε οι νέοι µέτοχοι τησ τράπεζασ θα κληθούν να εκλέξουν διοικητικÞ συµβούλιο.

∞Ó¿Û· ÁÈ· Ù· ÓÔÈÎÔ΢ÚÈ¿ ÔÈ ÌÂÈÒÛÂȘ ÂÈÙÔΛˆÓ ™Â ÈÛ¯‡ ·fi Û‹ÌÂÚ· ÛÙËÓ ∂ÏÏËÓÈ΋ ∆Ú¿Â˙· Ανάσα σε δεκάδεσ χιλιάδεσ δανειολήπτεσ, νοικοκυριά και επιχειρήσεισ, στη σηµερινή εξαιρετικά δύσκολη οικονοµική περίοδο, αναµένεται να δώσει η άµεση µείωση των επιτοκίων, µε την ταυτÞχρονη επιµήκυνση των δανείων απÞ τα χρηµατοπιστωτικά ιδρύµατα. Χθεσ ανακοίνωσε µειώσεισ των βασικών επιτοκίων για υφιστάµενεσ και νέεσ διευκολύνσεισ η Ελληνική Τράπεζα, δηλώνοντασ Þτι θα συνεχίσει να παρακολουθεί τισ εξελίξεισ και θα παρεµβαίνει ενεργώσ, µε σκοπÞ να διευκολύνει το στÞχο τησ ανάπτυξησ και την επιχειρηµατική δραστηριÞτητα. Οι µειώσεισ σε βασικά δανειστικά επιτÞκια ισχύσουν απÞ σήµερα και, µε την ευκαιρία αυτή η Ελληνική Τράπεζα δηλώνει Þτι “συνεχίζει έµπρακτα και αποφασιστικά να συµβάλλει στην επανεκκίνηση τησ κυπριακήσ οικονοµίασ”. Η Ελληνική Τράπεζα αποφάσισε τη µείωση βασικών δανειστικών επιτοκίων, συµβάλλοντασ στην αντιµετώπιση τησ οικονοµικήσ κρίσησ και στην ανακούφιση των επιχειρήσεων και των νοικοκυριών. Έτσι, το βασικÞ επιτÞκιο τησ Ελληνικήσ Τράπεζασ απÞ 5,75% µειώνεται στο 5,50%, το βασικÞ επιτÞκιο δανείων επιχειρήσεων απÞ 4,75% σε 4,50%, το βασικÞ επιτÞκιο υπερανάληψησ επιχειρήσεων απÞ 4,75% σε 4,50%, το βασικÞ επιτÞκιο στεγαστικών δανείων απÞ 4,40% σε 4,15% και το

βασικÞ επιτÞκιο στεγαστικών δανείων (συνδεδεµένων µε παλαιÞτερο βασικÞ επιτÞκιο τησ Ελληνικήσ Τράπεζασ) απÞ 5,25% σε 5,00%. Πανέτοιµοσ για µείωση καταθετικών και δανειστικών επιτοκίων είναι και ο ΣυνεργατισµÞσ. Σύµφωνα πάντωσ µε αρµÞδιεσ πηγέσ, η µείωση των επιτοκίων θα πρέπει να συνοδεύεται και απÞ άλλα µέτρα και πρωτίστωσ µε κίνητρα για αλλαγή του κλίµατοσ και τησ ψυχολογίασ, που σήµερα δεν ευνοούν τισ επενδύσεισ. Για παράδειγµα ένα µέτρο το οποίο εφαρµÞστηκε στο παρελθÞν µε επιτυχία είναι να δοθεί η λεγÞµενη επιταχυνÞµενη απÞσβεση, δηλαδή, αν επενδύσεισ 100 χιλιάδεσ ευρώ και κάτι ακÞµα, µπορεί να αποσβεστεί σε 23 χρÞνια, αν Þχι αµέσωσ. Σε σχέση µε την Τράπεζα Κύπρου, θεωρείται καταλυτική σηµασίασ µια άµεση παρέµβαση του ∆ιοικητή τησ Κεντρικήσ Τράπεζασ, για να µπορεί να προχωρήσει σε µείωση επιτοκίων και Þχι µÞνο. Ùπωσ µασ έλεγαν άριστεσ ενηµερωµένεσ πηγέσ, η προσπάθεια και ο στÞχοσ των τραπεζών για σηµαντική µείωση των επιτοκίων, ίσωσ να µην επιτευχθεί, εξαιτίασ των πολλαπλών φορολογιών το τελευταίο διάστηµα στισ καταθέσεισ. Ήδη η Eurobank Cyprus ανακοίνωσε Þτι το ΒασικÞ ΕπιτÞκιο Χορηγήσεων, µειώνεται, µε ισχύ απÞ 1η Μαΐου 2013, απÞ 4,90% σε 4,65% ετησίωσ.

¶ÂÚ›Ô‰Ô˜ ¯¿ÚÈÙÔ˜ 60 ËÌÂÚÒÓ ÁÈ· ‰¿ÓÂÈ· Εν τω µεταξύ στα πλαίσια βελτίωση τησ ικανÞτητασ αποπληρωµήσ των δανείων η Κεντρική Τράπεζα κάλεσε τα χρηµατοπιστωτικά ιδρύµατα να προβούν στισ ανάλογεσ ρυθµίσεισ. Συγκεκριµένα, η Κεντρική ανακοίνωσε χθεσ Þτι για να υποβοηθηθούν εκείνοι οι δανειολήπτεσ που αντιµετωπίζουν προβλήµατα στην εξυπηρέτηση του δανεισµού τουσ, ωσ αποτέλεσµα των δυσµενών συνθηκών που έχουν δηµιουργηθεί µε την απÞφαση του Eurogroup τησ 25ησ Μαρτίου 2013, έχει ζητήσει απÞ τα χρηµατοπιστωτικά ιδρύµατα στην Κύπρο να προβούν σε σχετικέσ ρυθµίσεισ µε σκοπÞ τη βελτίωση τησ ικανÞτητασ αποπληρωµήσ των δανείων. Η ΚΤ ζητά Þπωσ τα χρηµατοπιστωτικά ιδρύµατα παραχωρήσουν περίοδο χάριτοσ 60 ηµερών, αρχήσ γενοµένησ απÞ σήµερα, κατά τη διάρκεια τησ οποίασ οι εν λÞγω δανειολήπτεσ δεν θα τυγχάνουν του ιδίου χειρισµού Þπωσ οι άλλοι δανειολήπτεσ µε µη-εξυπηρετούµενεσ χορηγήσεισ. ΑυτÞ, αναφέρει η ΚΤ, συνεπάγεται Þτι οι λογαριασµοί αυτών των δανειοληπτών δεν θα µεταφέρονται στο Τµήµα Ανάκτησησ Χρεών και δεν θα λαµβάνονται νοµικά µέτρα. Επιπλέον χρεώσεισ, τÞκοι υπερηµερίασ και υπερβάσεων των εν λÞγω δανειοληπτών θα αναστέλλονται άνευ επηρεασµού των συµβατικών τουσ επιτοκίων, και θα γίνουν διευθετήσεισ ρύθµισησ µε τουσ εν λÞγω δανειολήπτεσ για την αναδιάρθρωση των χορηγήσεων τουσ στη βάση νέασ αξιολÞγησησ τησ ικανÞτητασ αποπληρωµήσ τουσ, καταλήγει η ΚΤ.

∞fi 15% ÛÙÔ 30% Ô ÊfiÚÔ˜ Â› ÙˆÓ ÙfiÎˆÓ ÛÙȘ ηٷı¤ÛÂȘ 5 ÌÓËÌÔÓȷο ÓÔÌÔÛ¯¤‰È· ·Ú·¤ÌÔÓÙ·È ·‡ÚÈÔ ÛÙËÓ µÔ˘Ï‹ ÚÔ˜ „‹ÊÈÛË Tα νοµοσχέδια που προνοούν την αύξηση του εταιρικού φÞρου απÞ το 10% στο 12,5%, την αύξηση τησ φορολογίασ επί των τÞκων στισ καταθέσεισ απÞ το 15% στο 30%, την αύξηση του ειδικού φÞρου των χρηµατοπιστωτικών ιδρυµάτων απÞ 0,11% στο 0,15%, την αύξηση των κλιµακωτών αποκοπών απÞ 0,8% µέχρι και 2%, προκειµένου να καλυφθούν θέσεισ ωροµισθίων εκπαιδευτικών, παραπέµπονται προσ ψήφιση στην Βουλή αύριο Πέµπτη. Επίσησ θα ψηφισθεί η τροποποίηση του νÞµου περί

φÞρων κατανάλωσησ, ώστε η οποιαδήποτε διαφοροποίηση των φÞρων κατανάλωσησ να γίνεται µε την έγκριση τησ Βουλήσ και Þχι µε διάταγµα του Υπουργείου Οικονοµικών, Þπωσ γινÞταν προηγουµένωσ. Τα πέντε νοµοσχέδια, αποτελούν προϋπÞθεση για την έγκριση τησ δανειακήσ σύµβασησ προσ την Κύπρο. ∆ιευκρινίζεται Þτι οι αποκοπέσ στουσ µισθούσ στο δηµÞσιο και ευρύτερο δηµÞσιο τοµέα θα λάβουν τη µορφή εθελοντικήσ συνεισφοράσ, προκειµένου να µην επηρεαστούν

τα συνταξιοδοτικά δικαιώµατα. Η Κοινοβουλευτική Επιτροπή Οικονοµικών εξέτασε επίσησ χθεσ την πρÞταση νÞµου του ∆ΗΣΥ, η οποία επίσησ θα οδηγηθεί ενώπιον τησ Ολοµέλειασ για ψήφιση. Η πρÞταση προνοεί τον απÞλυτο περιορισµÞ στουσ διορισµούσ στη δηµÞσια υπηρεσία χωρίσ οποιαδήποτε εξαίρεση, καθώσ και την απαγÞρευση των προαγωγών στη δηµÞσια υπηρεσία, πλην αυτών που έχουν εξεταστεί και κοινοποιηθεί.

ΧΡΗΜΑ&ΑΓΟΡΑ

17 ΑΠΡΙΛΙΟΥ, 2013

2 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

™ÙÔ €1,6 ‰È˜ ÔÈ ·Ó›ÛÚ·ÎÙ˜ ÔÊÂÈϤ˜ ÁÈ· ÙÔ 2011 Στο 1,6 δισ ευρώ ανέρχονται οι ανείσπρακτεσ οφειλέσ προσ το κράτοσ, περιλαµβανοµένων των τÞκων και των επιβαρύνσεων. Το 1 δισ αφορά οφειλέσ προσ το τµήµα εσωτερικών προσÞδων και υπολογίζεται Þτι απÞ αυτÞ ποσÞ, 380 εκ ή ποσοστÞ 40% είναι επισφαλείσ οφειλέσ. ΑυτÞ προκύπτει απÞ την έκθεση τησ Γενικήσ Ελέγκτριασ για το 2011 η οποία παρουσιάστηκε χθεσ ενώπιον τησ Επιτροπήσ Ελέγχου τησ Βουλήσ. Η Γενική Ελέγκτρια Χρυστάλλα Γιωρκάτζη ανέφερε Þτι ελληνÞφωνο µέλοσ

τησ τρÞικασ που µελέτησε την έκθεση, αφού δεν υπήρχε το ποσÞ των 30-40 χιλιάδων για µετάφραση, σε Þ,τι αφορά το δηµοσιονοµικÞ µέροσ των αναγκών του κράτουσ «διατύπωσε χαρακτηριστικά την άποψη πωσ αν διαχρονικά ακολουθούνταν οι εισηγήσεισ τησ γενικήσ ελέγκτριασ, η Κύπροσ δεν θα χρειαζÞταν την τρÞικα». Η κ. Γιωρκάτζη σε ερωτήσεισ βουλευτών αν αισθάνεται τώρα περισσÞτερο αισιÞδοξη και αν µπορούµε να φτάσουµε τα επίπεδα σκανδιναβικών χωρών στον τοµέα τησ καταπολέµησησ τησ διαφθοράσ, υπÞ το φωσ και

των εξελίξεων στο τραπεζικÞ σύστηµα και την οικονοµία γενικÞτερα, είπε Þτι αισθάνεται πιο απαισιÞδοξη ωσ αποτέλεσµα των λαθών και παραλείψεων διαφÞρων Αρχών, απÞ τισ εποπτικέσ Αρχέσ έωσ τα συµβούλια των τραπεζών. «Ούτε εγώ η ίδια θα µπορούσα να διανοηθώ το µέγεθοσ τησ διαπλοκήσ και τησ ανοχήσ που επιδείχθηκε», είπε. Στισ επισηµάνσεισ τησ η Γενική Ελέγκτρια αναφέρεται ακÞµη στο θέµα τησ παρακολούθησησ των τιµών των πετρελαιοειδών και καταγράφει Þτι η διαδικασία παρακολούθησησ παρουσιάζει αδυναµία σε

¶Èı·Ó‹ ·Ô‰¤ÛÌ¢ÛË ÎÔÓ‰˘Ï›ˆÓ ÁÈ· ∫‡ÚÔ Την προσωπική του δέσµευση να πράξει Þ,τι είναι δυνατÞ, στο πλαίσιο των αρµοδιοτήτων τησ Ευρωπαϊκήσ Επιτροπήσ, ούτωσ ώστε η Κύπροσ να επιστρέψει σε βιώσιµη κατάσταση και να µετριαστούν οι επιπτώσεισ τησ κρίσησ, εξέφρασε ο πρÞεδροσ τησ Ευρωπαϊκήσ Επιτροπήσ, Ζοζέ Μανουέλ ΜπαρÞζο, σε επιστολή του προσ τον πρÞεδρο τησ Κυπριακήσ ∆ηµοκρατίασ, Νίκο Αναστασιάδη.

Σε Þ,τι αφορά το µελλοντικÞ προγραµµατισµÞ των ∆ιαρθρωτικών Ταµείων, ο Ζ. ΜπαρÞζο τονίζει Þτι θα πρέπει να ληφθεί υπÞψη η κατάσταση τησ Κύπρου. Επισηµαίνει, µάλιστα, Þτι στο ζήτηµα αυτÞ µπορούν να βοηθήσουν τα στελέχη τησ Επιτροπήσ και η οµάδα στήριξησ που θα συσταθεί για να συνδράµει τισ κυπριακέσ αρχέσ. «ΜÞλισ συµφωνήσουµε για την αξιολÞγηση των αναγκών

τησ χώρασ θα µπορέσουµε να ταιριάξουµε τα διαθέσιµα κονδύλια µε τισ συγκεκριµένεσ ανάγκεσ», αναφέρει χαρακτηριστικά ο Ζ. ΜπαρÞζο και συνεχίζει λέγοντασ: «Σε αυτÞ το πλαίσιο δεν αποκλείω να αναζητήσουµε πρÞσθετη στήριξη απÞ τισ αρχέσ προϋπολογισµού, παρά τισ γνωστέσ δυσκολίεσ που σχετίζονται µε αυτά τα ζητήµατα σε ευρωπαϊκÞ επίπεδο».

™˘ÓÂÚÁ·ÙÈÛÌfi˜: ŒÙÛÈ ı· ÎÏ›ÛÂÈ ÙȘ ÙÚ‡˜ Στην εξαγγελία έκδοσησ Μετοχών Κατηγορίασ Β οι οποίεσ θα διαπραγµατεύονται εκτÞσ Χρηµατιστήριου Αξιών Κύπρου µε στÞχο να καλύψει µέροσ του ελλείµµατοσ ύψουσ 1,5 δισ ευρώ που έχει µε βάση το ακραίο σενάριο τησ Pimco προχωρεί ο ΣυνεργατισµÞσ. Σύµφωνα µε πληροφορίεσ το σχέδιο που

θα εξαγγελθεί θα είναι πενταετούσ διάρκειασ και θα παρέχει σε Þσουσ το επιλέξουν ευνοϊκέσ αποδÞσεισ υψηλÞτερεσ του καταθετικού επιτοκίου δηλαδή θα είναι κοντά στο 5%. Το σχέδιο το οποίο θα απευθύνεται στισ 700 χιλιάδεσ µέλη του Συνεργατισµού επεξεργάζεται Ειδική Επιτροπή που έχει συσταθεί και αναµένεται να ανακοινωθεί εντÞσ του

επÞµενου µηνÞσ. Πεποίθηση του Συνεργατισµού είναι Þτι σε συνδυασµÞ και µε τη βοήθεια που θα λάβει απÞ τα 10 δισ ευρώ που εξασφάλισε η κυβέρνηση απÞ τον ESM και το ∆ΝΤ θα καταφέρει να θωρακίσει περαιτέρω τα κεφάλαια του και να σταµατήσει την Þποια συζήτηση γίνεται για κούρεµα στισ µη εγγυηµένεσ καταθέσεισ των πελατών του.

∂ӉȷʤÚÔÓ ·fi Middle East ÁÈ· ∫.∞ Συνάντηση µε εκπροσώπουσ τησ εταιρείασ Middle East Airlines, είχε χθεσ το συµβούλιο των Κυπριακών Αερογραµµών. Ùπωσ αναφέρει ανακοίνωση των Κ.Α αναφορικά µε πρÞσφατα δηµοσιεύµατα στον Τύπο που θέλουν την εταιρεία να συζητά µε εκπροσώπουσ τησ Middle East Airlines, και άλλεσ εταιρείεσ για ενδεχÞµενη εξαγορά των Κυπριακών Αερογραµµών, αναφέρει Þτι οι διαβουλεύσεισ βρίσκονται

σε αρχικÞ στάδιο και δεν υπάρχει µέχρι στιγµήσ οποιαδήποτε συγκεκριµένη συµφωνία προσ ανακοίνωση. Ùπωσ έχει ήδη ανακοινωθεί απÞ την Εταιρεία στισ 5 Απριλίου 2013, έγιναν επίσησ διαβουλεύσεισ και µε άλλεσ εταιρείεσ που είχαν επιδείξει ενδιαφέρον για εξαγορά των Κυπριακών Αερογραµµών και πάλι Þµωσ οι εν λÞγω διαβουλεύσεισ βρίσκονται σε προκαταρτικÞ στάδιο και δεν υπάρχει προσ το

παρÞν οτιδήποτε ανακοινώσιµο. Ùσον αφορά τα δηµοσιεύµατα στα ΜΜΕ Þτι οι Κυπριακέσ Αερογραµµέσ έχουν καταλήξει σε συµφωνία µε την Κυβέρνηση για το µέλλον τησ Εταιρείασ, αναφέρεται συναφώσ Þτι η Κυβέρνηση έχει υιοθετήσει το Σχέδιο Αναδιάρθρωσησ που προτάθηκε απÞ το ∆ιοικητικÞ Συµβούλιο τησ Εταιρείασ για µείωση του στÞλου σε 6 αεροσκάφη και 1 εφεδρικÞ.

£ÂÙÈο ÌËӇ̷ٷ ·fi ÙËÓ ·ÁÔÚ¿ Ù˘ µÚÂÙ·Ó›·˜ 17 ÂηÙ. ÙÔ˘Ú›ÛÙ˜ ·Ó·Ì¤ÓÔÓÙ·È Ê¤ÙÔ˜ ÛÙËÓ ∂ÏÏ¿‰· Ùλα είναι θετικά αναφορικά µε την Κύπρο και τον τουρισµÞ τησ δήλωσε ο ΓενικÞσ ∆ιευθυντήσ του Κυπριακού Οργανισµού Τουρισµού Μάριοσ Χαννίδησ κατά την διάρκεια τησ παραµονήσ του στο Λονδίνο και σε συνέντευξη του στον ΕλληνικÞ ΡαδιοφωνικÞ ΣταθµÞ του Λονδίνου. Ο κ. Χαννίδησ είπε Þτι το συµπέρασµα αυτÞ εξάγεται απÞ τισ συναντήσεισ που είχε µε τουσ τουριστικούσ πράκτορεσ, και τουσ συνεργάτεσ τουσ στο Λονδίνο.

«Οι Βρετανοί πολίτεσ στηρίζουν την Κύπρο, δεν έχει αλλάξει απολύτωσ τίποτα, και αυτÞ µασ χαροποιεί ιδιαίτερα», είπε ο κ. Χαννίδησ. Να σηµειωθεί επίσησ Þτι γύρω στα δεκαεπτά εκατοµµύρια τουρίστεσ αναµένεται να επισκεφθούν την Ελλάδα αυτÞ το καλοκαίρι, δίδοντασ µια οικονοµική ανάσα στη χώρα, ύψουσ 11 δισ ευρώ. Οι πλείστοι τουρίστεσ θα προέρχονται απÞ τη Ρωσία, η οποία τα τελευταία χρÞνια

έχει δείξει αυξηµένο ενδιαφέρον για την Ελλάδα. Ο αριθµÞσ των Γερµανών τουριστών αναµένεται επίσησ να αυξηθεί. ΩστÞσο, εκπρÞσωποσ των ξενοδÞχων στην Ελλάδα δήλωσε Þτι η τουριστική βιοµηχανία έχει δεχθεί σοβαρÞ πλήγµα απÞ την οικονοµική κρίση και κάλεσε την Κυβέρνηση να µειώσει τον φÞρο επί των υπηρεσιών απÞ 23% στο 13%, προσθέτοντασ Þτι µια τέτοια κίνηση θα ενισχύσει το σύνολο του τουριστικού τοµέα.

Fitch: ¢È·Ê¤ÚÔ˘Ó Ôχ ∫‡ÚÔ˜ Î·È ª¿ÏÙ· Οι διαφορέσ των τραπεζικών συστηµάτων Μάλτασ και Κύπρου είναι κατά πολύ µεγαλύτερεσ απÞ τισ οµοιÞτητεσ τουσ, κάτι που σηµαίνει Þτι ο τραπεζικÞσ τοµέασ τησ Μάλτασ δεν παρουσιάζει το ίδιο επίπεδο κινδύνου για το κράτοσ που παρατηρήθηκε στην Κύπρο, αναφέρει ο οίκοσ πιστοληπτικήσ αξιολÞγησησ Fitch Ratings. Σε ειδική έκθεση που δηµοσιεύθηκε χθεσ, ο διεθνήσ οίκοσ συγκρίνει το µέγεθοσ του τραπεζικού τοµέα τησ Μάλτασ και τησ Κύπρου, τισ πηγέσ χρηµατοδÞτησήσ των δύο συστηµάτων, την ποιÞτητα του ενεργητικού τουσ και την κεφαλαιοποίηση.

Ενώ τÞσο η Μάλτα Þσο και η Κύπροσ έχουν φαινοµενικά µεγάλο τραπεζικÞ τοµέα, που υπερβαίνει κατά πολύ το µέγεθοσ των οικονοµιών τουσ και ο οποίοσ βασίζεται σε κάποιο βαθµÞ απÞ τη χρηµατοδÞτηση απÞ καταθέτεσ µη κατοίκουσ, µια πιο προσεκτική εξέταση, σύµφωνα µε τον οίκο, αποκαλύπτει σηµαντικέσ διαφορέσ. Ο Fitch σηµειώνει Þτι το σύνολο του τραπεζικού τοµέα τησ Μάλτασ έχει περιουσιακά στοιχεία αξίασ 789% του ΑΕΠ τησ χώρασ, καθιστώντασ τον τοµέα τον δεύτερο µεγαλύτερο (µετά το Λουξεµβούργο) στην Ευρωζώνη και µεγαλύτερο απÞ αυτÞν τησ

Κύπρου, Þπου το συνολικÞ τραπεζικÞ ενεργητικÞ ανερχÞταν το 2012 στο 672% του κυπριακού ΑΕΠ. Σύµφωνα µε τον διεθνή οίκο αξιολÞγησησ, µε βάση τισ κατηγοριοποιήσεισ που χρησιµοποιεί η Κεντρική Τράπεζα τησ Μάλτασ, “διεθνείσ τράπεζεσ” µε αµελητέουσ δεσµούσ µε την εγχώρια οικονοµία έχουν περιουσιακά στοιχεία αξίασ 494% του ΑΕΠ. Οι “βασικέσ εγχώριεσ τράπεζεσ», που έχουν ισχυρούσ δεσµούσ µε την εγχώρια οικονοµία και θεωρούνται σηµαντικά συστηµικέσ διαθέτουν ενεργητικÞ ύψουσ 218% του ΑΕΠ.

βαθµÞ που δεν επιτρέπει την εξαγωγή ασφαλών συµπερασµάτων. Επίσησ στισ επισηµάνσεισ τησ η Ελέγκτρια αναφέρεται στισ 160,000 ανεκτέλεστα εντάλµατα και στισ σηµαντικέσ απώλειεσ εσÞδων του κράτουσ, στο θέµα τησ αξιολÞγησησ των διαδικασιών ανάθεσησ συµβάσεων για έργα του δηµοσίου και στην απασχÞληση ωροµίσθιου προσωπικού Þπου Þπωσ αναφέρθηκε, απÞ το τµήµα αναπτύξεων υδάτων 42 άτοµα µεταφέρθηκαν στο τµήµα δασών και καλύπτουν τισ εκεί ανάγκεσ.

™fiÈÌÏÂ: ™Ù· €20,8 ‰È˜ ÔÈ ·Ó¿ÁΘ Ù˘ ∫‡ÚÔ˘ Μεταξύ 20,7 και 20,8 δισεκατ. ευρώ κυµαίνονται οι χρηµατοδοτικέσ ανάγκεσ τησ Κύπρου, αντί του αρχικού υπολογισµού που έκανε λÞγο για 23 δισ σύµφωνα Þσα είπε κατά την ενηµέρωση του ο ΓερµανÞσ υπουργού Οικονοµικών τησ Γερµανίασ ΒÞλφγκανγκ ΣÞιµπλε στην Επιτροπή Οικονοµικών του οµοσπονδιακού Κοινοβουλίου. “Ο υπουργÞσ µασ έδωσε αριθµητικά στοιχεία τα οποία αθροίζονται µεταξύ των 20,7 και των 20,8 δισ ευρώ”, δήλωσε ο επικεφαλήσ τησ Επιτροπήσ, ΝÞρµπερτ Μπάρτλε, ενώ άλλοι βουλευτέσ που συµµετείχαν στην συνεδρίαση επιβεβαίωσαν την εκτίµηση Þτι το ποσÞ θα ανέλθει περίπου σε 20 δισ. Η ψηφοφορία στο γερµανικÞ Κοινοβούλιο για την έγκριση του πακέτου διάσωσησ θα διεξαχθεί την Πέµπτη και αναµένεται, σύµφωνα µε τισ µέχρι τώρα τοποθετήσεισ των κοµµάτων, να ολοκληρωθεί χωρίσ προβλήµατα.

™˘Ó¯›˙ÂÈ Î¿Ùˆ ·fi ÙȘ 100 ÌÔÓ¿‰Â˜ ÙÔ Ã∞∫ Με πτώση, για τέταρτη συνεχÞµενη χρηµατιστηριακή συνάντηση, έκλεισε χθεσ το κυπριακÞ χρηµατιστήριο, παραµένοντασ κάτω απÞ το επίπεδο των 100 µονάδων. Ο ΓενικÞσ ∆είκτησ του Χρηµατιστηρίου υποχώρησε στισ 97,08 µονάδεσ, παρουσιάζοντασ µικρή πτώση τησ τάξησ του 0,74%. Πτώση σε ποσοστÞ 0,39% κατέγραψε ο FTSE/CySE 20, ο οποίοσ έκλεισε στισ 37,98 µονάδεσ. Ο ηµερήσιοσ Þγκοσ συναλλαγών διαµορφώθηκε στισ 60.282 ευρώ. Εξάλλου, το Χρηµατιστήριο Αξιών Κύπρου ανακοίνωσε, Þτι ακολουθώντασ τισ αργίεσ που έχει καθορίσει το ∆ι-ΕυρωπαϊκÞ Αυτοµατοποιηµένο Σύστηµα Ταχείασ Μεταφοράσ Κεφαλαίων σε Συνεχή ΧρÞνο (Target/ Target 2, Trans-European, Automated, Real-time Gross Settlement Express Transfer System), την Τετάρτη 1 Μαΐου 2013 δεν θα διεξαχθούν χρηµατιστηριακέσ συναντήσεισ και εκκαθάριση/χρηµατικÞσ διακανονισµÞσ των χρηµατιστηριακών συναλλαγών. Αναφέρει επίσησ Þτι την Παρασκευή 3 Μαΐου 2013, τη ∆ευτέρα 6 και Τρίτη 7 Μαΐου 2013, ηµεροµηνίεσ κατά τισ οποίεσ εορτάζεται το Πάσχα στην Κύπρο, το Χρηµατιστήριο θα είναι κλειστÞ λÞγω των αργιών αυτών και δεν θα διεξαχθούν χρηµατιστηριακέσ συναντήσεισ και εκκαθάριση/χρηµατικÞσ διακανονισµÞσ των χρηµατιστηριακών συναλλαγών.

ΧΡΗΜΑ&ΑΓΟΡΑ

17 ΑΠΡΙΛΙΟΥ, 2013

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 3

√ ∫·ÈÚfi˜ ÁÈ· ∫ÔÈÓÔڷ͛˜; ∞ÓÙÒÓ˘ §Ô˚˙Ô˘ ∞ÓÙÒÓ˘ §Ô›˙Ô˘ F.R.I.C.S. & ™˘ÓÂÚÁ¿Ù˜ §Ù‰, ∂ÎÙÈÌËÙ¤˜ ∞ÎÈÓ‹ÙˆÓ & ¢È·¯ÂÈÚÈÛÙ¤˜ ŒÚÁˆÓ ∞Ó¿Ù˘Í˘

Ùπωσ δήλωσε και ο πρωθυπουργÞσ τησ Βρετανίασ στην συνάντηση των G20, “ίσωσ αυτή η κρίση να µασ µάθει να εργαζÞµεθα µαζί”. Στουσ δύσκολουσ αυτούσ καιρούσ και αναφερÞµενοι στα επαγγελµατικά γραφεία τησ οικοδοµικήσ βιοµηχανίασ, είναι καιρÞσ να αρχίσουµε να µελετούµε το ενδεχÞµενο τησ συνένωσησ των δραστηριοτήτων τουσ. Ένα επαγγελµατικÞ γραφείο ξεκινά µε τον ιδιοκτήτη, ένα βοηθÞ και 1-2 γραµµατείσ. Αυτή είναι πολύ αποδοτική φάση, διÞτι ο µεν ιδιοκτήτησ του γραφείου δεν λογαριάζει τισ ατέλειωτεσ δικέσ του ώρεσ, εάν χρειαστεί βοήθεια θα τον βοηθήσει η γυναίκα/ φίλοι/γνωστοί του και έτσι Þτι εισπράττει έχει ένα «καθαρÞ» κέρδοσ, έστω ποσοστÞ κέρδουσ 20% - 25% επί του τζίρου. Το επÞµενο στάδιο, είναι το γραφείο να µεγαλώσει σε µέση κλίµακα, δηλαδή πλέον των 10-20 άτοµα, Þπου είναι η χειρÞτερη φάση. Πάλιν ο ιδιοκτήτησ εργάζεται Þπωσ στην προηγούµενη φάση, αλλά τώρα είναι αναγκασµένοσ να έχει λογιστήριο, πιο µεγάλα γραφεία, κλητήρα, µισθολÞγιο, άτοµο για τουσ υπολογιστέσ κλπ. Έτσι το καθαρÞ εισÞδηµα σε αυτήν την φάση υπολογίζεται κατά µέσο Þρο στο 15%-20% του τζίρου. Ùταν Þµωσ το γραφείο ξεπεράσει τα 80 άτοµα, τÞτε υπεισέρχονται οι οικονοµίεσ κλίµακασ. Τα βασικά διοικητικά έξοδα παραµένουν τα ίδια, αλλά υπάρχουν οικονοµίεσ κλίµακοσ αυξάνοντασ το κέρδοσ γύρω στο 30% επί του τζίρου. Στην περίπτωση αυτή οι ιδιοκτήτεσ (συνέταιροι) δεν εργάζονται στα εξαντλητικά ωράρια των προηγούµενων φάσεων και έχουν τον χρÞνο εκείνο που απαιτείται για παρουσία σε δηµÞσιεσ σχέσεισ, το γραφείο έχει την πυραµίδα λειτουργίασ του, οι νεοεισερχÞµενοι µπορούν να διαπιστώσουν προοπτικέσ ανέλιξησ και άρα παραµένουν µε την ελπίδα συµµετοχήσ τουσ στο µέλλον στην διοίκηση/ συνεταιρισµÞ, ενώ η άνεση χρÞνου που υπάρχει στην διοίκηση επιτρέπει τον προγραµµατισµÞ επέκτασησ των γραφείων αυτών σε άλλεσ πÞλεισ/χώρεσ. ΕκτÞσ Þµωσ απÞ τα λογιστικά και ορισµένα δικηγορικά γραφεία, στον τοµέα των τεχνικών γραφείων επικρατεί µια άλλη νοοτροπία, Þπου ο κάθε ένασ «θέλει να κάνει το δικÞ

του». Παρατηρούµε λοιπÞν Þτι απÞ τουσ αρχικούσ τολµηρούσ τεχνικούσ που συνενώθηκαν, ολίγοι, ίσωσ και κανείσ, παραµένει ωσ συνεταιρικÞ γραφείο µετά απÞ µέγιστο χρονικÞ πλαίσιο 3-5 χρÞνια (εκτÞσ εκείνα που είναι συγγενείσ µεταξύ τουσ οι συνέταιροι). Στο Þλο σκηνικÞ αυτήσ τησ ασυνεννοησίασ, εµπλέκονται και οι συγγενείσ τησ κάθε πλευράσ, κυρίωσ οι γυναίκεσ/πατέρεσ των συνεταίρων, παιδιά/νύφεσ/γαµπρούδεσ, θείοι κλπ. που προκαλούν τροχοπέδη στην ανέλιξη του γραφείου. Με την κατάσταση αυτή δεν υπάρχει διαδοχή και η µη διαδοχή, έχει ωσ αποτέλεσµα επιτυχηµένα γραφεία µε την φίρµα ίσωσ του αρχικού ιδιοκτήτη, Þταν εγκαταλείψει το επάγγελµα, να χάνεται και η επαγγελµατική του εύνοια, που ίσωσ και να αξίζει δεκάδεσ/ εκατοντάδεσ χιλιάδεσ ευρώ. Ίσωσ τα λογιστικά γραφεία µε την αυστηρή τουσ εκπαίδευση και την προϊστορία τουσ (είδε Η.Β.) να είναι πιο αποδεκτά, αλλά δεν είναι κρίµα για τα υπÞλοιπα τεχνικά γραφεία, που, είτε λÞγω νοοτροπίασ, είτε άλλωσ πωσ, να «πεθαίνουν» επαγγελµατικά Þταν υπάρχει η δυνατÞτητα συµµετοχήσ νέων για συνέχιση; Ίσωσ λοιπÞν σε αυτούσ τουσ δύσκολουσ καιρούσ να ήλθε η ώρα τησ συνένωσησ/ κοινοπραξίεσ απÞ επιτυχηµένουσ ή άλλωσ πωσ τεχνικούσ, µε την δηµιουργία εταιρειών µε το ανάλογο καταστατικÞ και οι τεχνικοί να αρχίσουν να σκέπτονται πιο επιχειρηµατικά και προσ το ίδιο τουσ το συµφέρον. Είναι θέµα αλλαγήσ νοοτροπίασ πρώτα, ένα πολύ σοβαρÞ θέµα που χρήζει και την βοήθεια του Κράτουσ. Στο θέµα αυτÞ η Αρχή Βιοµηχανικήσ Κατάρτισησ θα µπορούσε να έχει ένα ηγετικÞ ρÞλο, τÞσο στην αλλαγή νοοτροπίασ, Þσο και σε συνεργασία µε το ΚΕΒΕ/ΕΤΕΚ, να επεξηγήσει τα οφέλη αυτήσ τησ αυταπÞδεικτησ ανάγκησ. Στο Þλο θέµα δεν βοηθά και ο αναχρονιστικÞσ νÞµοσ του ΕΤΕΚ, που δεν επιτρέπει την δηµιουργία εταιρειών σε τεχνικά γραφεία διαφÞρων ειδικοτήτων και εκεί θα πρέπει να στοχεύσουµε απÞ την αρχή (προσ τούτο ο υπουργÞσ Συγκοινωνιών και Έργων θα πρέπει να το µελετήσει, ωσ επίσησ και το ΕΤΕΚ). Στην «χρυσή» εποχή των ευκαιριών των ετών 1990-2000 χάσαµε, λÞγω τησ στενοκέφαλησ αυτήσ κατάστασησ, την ευκαιρία τα τεχνικά γραφεία να επεκταθούν στην Ελλάδα και στισ πρώην ανατολικέσ χώρεσ. Το αποτέλεσµα είναι Þτι τώρα, Ελληνικά τεχνικά γραφεία να προσπαθούν και το έχουν επιτύχει σε αρκετÞ βαθµÞ να εισβάλουν στην ισχνή αγορά τησ Κύπρου και εµείσ εδώ «να γυρεύουµε το λάθοσ». Ενώ λοιπÞν διαθέτουµε πολυάριθµουσ νέουσ µε διεθνή πτυχία και µε µια

35% οو ÔÈ ÙÈ̤˜ Û˘ÌÌÂÙÔ¯‹˜ ÛÙËÓ ∫Ú·ÙÈ΋ ŒÎıÂÛË Mειωµένεσ τιµέσ στουσ εκθέτεσ που θα λάβουν µέροσ στη φετινή 38η ∆ιεθνή Έκθεση Κύπρου, η οποία θα πραγµατοποιηθεί απÞ τισ 24 Μαΐου µέχρι τισ 2 Ιουνίου, θα προσφέρει η Αρχή Κρατικών Εκθέσεων Κύπρου. Συγκεκριµένα, οι τιµέσ που θα ισχύουν φέτοσ για ενοικίαση χώρου στη ∆ιεθνή Έκθεση Κύπρου θα είναι µειωµένεσ κατά 35%. Η απÞφαση αυτή αποτελεί ένα έµπρακτο κίνητρο για τισ επιχειρήσεισ, ώστε να υποβοη-

θηθούν για να λάβουν µέροσ στη φετινή ∆ιεθνή Έκθεση. ΕπιπρÞσθετα µε το µέτρο µείωσησ τησ τιµήσ παράλληλα βρίσκεται σε εφαρµογή και το Σχέδιο Επιχορήγησησ Κυπριακών Βιοµηχανιών του Υπουργείου Βιοµηχανίασ και Τουρισµού το οποίο προβλέπει επιδÞτηση ύψουσ 70%. Στισ 10 µέρεσ λειτουργίασ τησ, η ∆ιεθνήσ Έκθεση Κύπρου θα παρουσιάσει τισ νέεσ τάσεισ, τα προϊÞντα και τισ υπηρεσίεσ δεκάδων επιχειρήσεων.

Cyta: ¶·Ú¿Ù·ÛË ÛÙËÓ ÂÍfiÊÏËÛË ÏÔÁ·ÚÈ·ÛÌÒÓ Περαιτέρω παράταση στην καθορισµένη ηµεροµηνία εξÞφλησησ λογαριασµών δίνει η Cyta στουσ πελάτεσ τησ. Συγκεκριµένα µεταφέρεται η ηµεροµηνία αποσύνδεσησ Þλων των υπηρεσιών τησ σταθερήσ τηλεφωνίασ στισ 21 Απριλίου και τησ κινητήσ τηλεφωνίασ

στισ 28 του ίδιου µήνα. Για περισσÞτερεσ πληροφορίεσ οι ενδιαφερÞµενοι µπορούν να απευθύνονται, σε Þλα τα Cytashop παγκύπρια, στα Κέντρα Τηλεξυπηρέτησησ τησ Cyta στο 132, µέσω του twitter στο @cytasupport και στην ιστοσελίδα τησ Cyta www.cyta.com.cy.

∞ÒÏÂȘ €88,3 ‰È˜ ÁÈ· ÌÂÁ·ÏÔηٷı¤Ù˜ Έγγραφο τησ Ευρωπαϊκήσ Επιτροπήσ αναφέρει Þτι οι µεγαλοκαταθέτεσ των δύο µεγαλύτερων κυπριακών τραπεζών αναµένεται να χάσουν έωσ και 8,3 δισ ευρώ µέσω τησ αναδιάρθρωσησ των τραπεζικών ιδρυµάτων. Προστίθεται Þτι σε υποσηµείωση του

εγγράφου αναφέρεται Þτι «αυτή είναι η µέγιστη εκτίµηση.Το τελικÞ ποσÞ εξαρτάται, µεταξύ άλλων, απÞ την µετατροπή µέσω τησ ανταλλαγήσ χρέουσ µε µετοχικÞ κεφάλαιο στην Τράπεζα Κύπρου και απÞ τισ ανακτήσεισ τησ Λαϊκήσ Τράπεζασ».

κοσµοπολίτικη νοοτροπία, να έχουµε µια µη ικανοποιητική κατάσταση στην ανέλιξη τουσ, λÞγω του µικρού µεγέθουσ του κάθε γραφείου. Εάν για π.χ. λάβουµε ωσ παράδειγµα ένα αρχιτεκτονικÞ γραφείο, θα µπορούσαν οι συνέταιροι να αναλάβει ο κάθε συνέταιροσ ένα ξέχωρο τοµέα. Ùπωσ, ο ένασ τον τοµέα τησ ετοιµασίασ σχεδίων για οίκηση, άλλοσ εµπορικά έργα, άλλοσ πολεοδοµικά θέµατα, ο άλλοσ (ίσωσ και ο πιο γνωστÞσ) τισ δηµÞσιεσ σχέσεισ, ο άλλοσ τα θέµατα οργάνωσησ/ελέγχου και οικονοµικών κλπ. Το πρÞβληµα λανθασµένησ νοοτροπίασ που παρουσιάζεται είναι, Þταν ο ένασ συνέταιροσ θα διαπιστώσει Þτι είναι εκείνοσ που «φέρνει» το µεγαλύτερο εισÞδηµα, ενώ ο άλλοσ (π.χ. τησ διοίκησησ) «δεν κάνει τίποτα» και άρα «τι θέλω τουσ άλλουσ». Τι µέγιστο λάθοσ! Σε µια προσπάθεια να ξεπεράσουµε ο κάθε ένασ απÞ εµάσ στον τοµέα του τουσ περιορισµούσ που προέρχονται απÞ αυτήν την νοοτροπία είµεθα τησ άποψησ Þτι: - Να αναληφθεί µια καµπάνια προώθησησ τησ ιδέασ αυτήσ απÞ την Βιοµηχανική Κατάρτιση/ΚΕΒΕ/ ΕΤΕΚ για τα οφέλη των κοινοπραξιών.

- Αλλαγή του νÞµου του ΕΤΕΚ επί τούτου.

- Οικονοµική βοήθεια που να βασίζεται σε διάφορεσ παραµέτρουσ, ανάλογα µε τον συνεταιρισµÞ. Η προσπάθεια αυτή αποτελεί ένα µέγιστο κίνητρο. Ασ συλλογιστεί κάποιοσ µÞνο τισ διαφηµίσεισ για την δηµιουργία του «νέου» γραφείου, τισ απαραίτητεσ δηµÞσιεσ σχέσεισ, αλλαγή γραφείου, νέα χαρτικά κλπ, ίσωσ µια επιχορήγηση τησ τάξησ του 50% µέχρι το µέγιστο ποσÞ των 200.000 ευρώ να είναι µια αρχή.

- Ο συνεταιρισµÞσ να επιχορηγείται µε χαµηλÞτοκο δάνειο έστω 4% µέχρι ποσÞ

200,000 ευρώ (ωσ σύνολο µε δÞσεισ σε διάρκεια 3 ετών), µε αποπληρωµή 10 ετών και µε τÞκο 3% - 4% µε προσωπικέσ εγγυήσεισ.

- Φορολογικέσ ελαφρύνσεισ για περίοδο 2-3 ετών µετά την δηµιουργία του συνεταιρισµού.

- Τα νέα αυτά επιχορηγηµένα γραφεία να υπÞκεινται σε επιβολή υιοθέτησησ ταµείου προνοίασ, ταµείου σύνταξησ, ταµείο υγείασ, εργοδÞτηση µε ελάχιστο µισθÞ και άλλα. Φανταστείτε λοιπÞν αγαπητοί µασ αναγνώστεσ και απευθυνÞµενοι ιδιαίτερα στουσ νέουσ, πωσ ένα γραφείο των 80 και πλέον ατÞµων µε µια τέτοια προσέγγιση, µε τα νέα ταλέντα, τι µπορεί να επιτύχει, Þχι τÞσο στην Κύπρο ιδιαίτερα Þσο και στο εξωτερικÞ, ενώ τέτοιου µεγέθουσ γραφεία ίσωσ να προσελκύσουν και παρÞµοιουσ διεθνήσ οίκουσ για συµµετοχή, αυξάνοντασ έτσι τον κύκλο εργασιών τουσ τÞσο στην Κύπρο Þσο και στο εξωτερικÞ, ιδιαίτερα στισ Αραβικέσ χώρεσ κλπ., ενώ λÞγω του χαµηλÞτερου κÞστουσ σε σχέση µε τα διεθνή γραφεία, ίσωσ να αναλαµβάνεται µέροσ εργασίασ στο εξωτερικÞ (τώρα κύρια προτίµηση το Πακιστάν). Είµεθα µήπωσ ονειροπÞλοι των δικών µασ σκέψεων; ∆εν νοµίζουµε, διÞτι και ασφαλώσ δεν θα ανακαλύψουµε εµείσ στην Κύπρο τον τρÞπο τησ επέκτασησ των υπηρεσιών στην Κύπρου (που µέχρι πρÞσφατα αποτελούσε το 3ο πιο µεγάλο εισÞδηµα σε ξένο συνάλλαγµα τησ Κύπρου).

ΧΡΗΜΑ&ΑΓΟΡΑ

17 ΑΠΡΙΛΙΟΥ, 2013

4 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

Ã∞ƒ∏™ °∂øƒ°π∞¢∏™

¡·˘ÙÈÏ›· Î·È ÙÔ˘ÚÈÛÌfi˜ ˘ÏÒÓ˜ ·Ó¿Ù˘Í˘ ΕκτÞσ παιχνιδιού καταλογισµού ευθυνών για Þσα συµβαίνουν στην Κύπρο δηλώνει Þτι θέλει να µείνει ο ΥπουργÞσ Οικονοµικών Χάρησ Γεωργιάδησ σε συνέντευξή του. «Θα απέχω, παρά το γεγονÞσ Þτι είναι πολύ δελεαστικÞ να εµπλακεί κανείσ στο παιχνίδι καταλογισµού ευθυνών», αναφέρει. Στη συνέντευξή του που παραχωρήθηκε στο περιθώριο του Ecofin στο ∆ουβλίνο, ο κ. Γεωργιάδησ σχολιάζει Þτι θα µπορούσε κανείσ να πει πολλά για τον τρÞπο λήψησ αποφάσεων στην περίπτωση τησ Κύπρου και το πώσ στη συνέχεια αυτέσ άλλαξαν. «Θα µπορούσε κανείσ επίσησ να έχει πολλά να πει για τισ προειδοποιήσεισ τησ νέασ κυπριακήσ κυβέρνησησ. ∆ε θα µπω σε µια τέτοια συζήτηση. Έχουµε ένα έργο µπροστά µασ και σε αυτÞ θα επικεντρώσουµε τισ προσπάθειέσ µασ», προσθέτει ο ΥπουργÞσ Οικονοµικών. Η εφηµερίδα σχολιάζει Þτι Κύπριοι αξιωµατούχοι αναγνωρίζουν πωσ ο κ. Γεωργιάδησ τοποθετήθηκε στο αξίωµά του περισσÞτερο λÞγω πολιτικήσ αφοσίωσησ παρά λÞγω των γνώσεών του σχετικά µε τα διεθνή οικονοµικά. Αναφέρεται ενδεικτικά Þτι ήταν ένασ απÞ τουσ δύο συµβούλουσ του Προέδρου

Eurobank: ™ÙÔ 4,65% ÙÔ µ·ÛÈÎfi ∂ÈÙfiÎÈÔ ÃÔÚËÁ‹ÛÂˆÓ Σε µείωση του Βασικού Επιτοκίου Χορηγήσεων, απÞ 4,90% ετησίωσ σε 4,65% ετησίωσ προχώρησε η Eurobank Cyprus, µε ισχύ απÞ 1η Μαΐου 2013. Η Eurobank Cyprus Ltd προέβει σε αυτή την µείωση στην προσπάθεια τησ να στηρίξει τισ επιχειρήσεισ και τουσ ιδιώτεσ πελάτεσ τησ, άλλα και για να συµβάλει στη γενική προσπάθεια για ανάκαµψη τησ Κυπριακήσ Οικονοµία Η συγκεκριµένη µείωση του βασικού επιτοκίου αφορά τρεχούµενουσ λογαριασµούσ και δάνεια που είναι συνδεδεµένα µε το ΒασικÞ ΕπιτÞκιο τησ Eurobank Cyprus Ltd. ΑπÞ τη µείωση εξαιρούνται τρεχούµενοι λογαριασµοί ή δάνεια των οποίων τα επιτÞκια είναι συνδεδεµένα µε το εκάστοτε βασικÞ επιτÞκιο τησ Ευρωπαϊκήσ Κεντρικήσ Τράπεζασ (Repo Rates) ή επιτÞκια Euribor ή Libor ή φέρουν σταθερÞ επιτÞκιο.

™˘ÓÔÏÈ΋ Ì›ˆÛË 13% ÛÙÔ Ú‡̷ Νέα µείωση ύψουσ 5% αποφασίστηκε για την τιµή ρεύµατοσ. H Ρυθµιστική Αρχή Ενέργειασ Κύπρου (ΡΑΕΚ) αποφάσισε έκτακτη µείωση 5% πάνω σε Þλεσ τισ βασικέσ διατιµήσεισ για περίοδο δύο µηνών. Η µείωση αυτή έρχεται σε συνέχεια τησ πρÞσφατησ, πρÞωρησ κατάργησησ τησ έκτακτησ προσαύξησησ 5,75% για το αυξηµένο κÞστοσ καυσίµου µετά την καταστροφή του Ηλεκτροπαραγωγού Σταθµού Βασιλικού, αλλά και τησ µείωσησ των διατιµήσεων ρεύµατοσ κατά 3,5% περίπου (ανάλογα µε τη διατίµηση) που είναι αποτέλεσµα τησ αλλαγήσ του συντελεστή τησ ρήτρασ καυσίµου στισ αρχέσ του 2013. Συνολικά, απÞ την αρχή του 2013 υπήρξε µείωση τησ τιµήσ του ηλεκτρικού ρεύµατοσ τησ τάξησ του 13%.

Tην ίδια ώρα η Αρχή ηλεκτρισµού Κύπρου κάνει έκκληση σε Þλουσ τουσ πελάτεσ τησ οι λογαριασµοί των οποίων δεν έχουν εξοφληθεί ενώ έχει παρέλθει η τελευταία ηµεροµηνία εξÞφλησησ τουσ, Þπωσ προχωρήσουν στην εξÞφληση των λογαριασµών αυτών.

Αναστασιάδη που οριστικοποίησαν τη συµφωνία διάσωσησ µε τουσ διαπραγµατευτέσ. Κατά το ρεπορτάζ τησ βρετανικήσ εφηµερίδασ, αξιωµατούχοι τησ ΕΕ εξέφρασαν εκείνη τη στιγµή την ενÞχλησή τουσ, λέγοντασ Þτι «ο Αναστασιάδησ δεν ακούει πια τουσ ειδικούσ». ΩστÞσο, ο Χάρησ Γεωργιάδησ δηλώνει Þτι πιστεύει πωσ η συµφωνία διάσωσησ µε την τρÞικα µπορεί να επαναφέρει την ευηµερία στο νησί. «Είµαστε αποφασισµένοι να υιοθετήσουµε και να εφαρµÞσουµε Þλα εκείνα τα µέτρα µεταρρυθµίσεων που έπρεπε να είχαµε υιοθετήσει προ πολλού, αλλά δεν το κάναµε», σηµειώνει. Χαρακτηρίζει τον εαυτÞ του πραγµατιστή που αναγνωρίζει Þτι έρχονται δύσκολοι καιροί, αλλά την ίδια ώρα τονίζει Þτι είναι αισιÞδοξοσ. Σύµφωνα τον κ. Γεωργιάδη, η Κύπροσ πρέπει να επικεντρωθεί αντί του τραπεζικού τοµέα στισ «παραδοσιακέσ βιοµηχανίεσ» τησ, Þπωσ ο τουρισµÞσ και η ναυτιλία, αλλά και να αναπτύξει νέεσ βιοµηχανίεσ, Þπωσ η ενέργεια. Η εφηµερίδα αναφέρεται στην προοπτική που ανοίγουν τα κοιτάσµατα φυσικού αερίου στον τοµέα τησ ενέργειασ.

Ο ΥπουργÞσ Οικονοµικών λέει Þτι η πιθανÞτητα εισοδήµατοσ απÞ το φυσικÞ αέριο πριν απÞ το τέλοσ του τριετούσ προγράµµατοσ διάσωσησ θα µπορούσε να κάνει τισ προβλέψεισ για συρρίκνωση του ΑΕΠ κατά 12,5% την επÞµενη διετία να φαίνονται πιο ρεαλιστικέσ, παρά τισ εκτιµήσεισ οικονοµολÞγων Þτι το ποσοστÞ αυτÞ είναι πολύ αισιÞδοξο. «Τα έσοδα αυτά δεν έχουν υπολογιστεί πουθενά. ∆εν σηµαίνει πωσ δεν θα έρθουν και αυτÞ προσφέρει µια απάντηση στη βιωσιµÞτητα του χρέουσ µασ», εξηγεί ο Χάρησ Γεωργιάδησ. Κληθείσ να σχολιάσει την προειδοποίηση Ντράγκι κατά τησ αποµάκρυνσησ του διοικητή τησ Κεντρικήσ Τράπεζασ, ο ΥπουργÞσ Οικονοµικών λέει Þτι η τοποθέτηση του ∆ιοικητή τησ ΕΚΤ θα εισακουστεί. Ο κ. Γεωργιάδησ δηλώνει, επίσησ, σε σχέση µε τισ φωνέσ περί εξÞδου τησ Κύπρου απÞ το ευρώ Þτι οι πολίτεσ κατανοούν πωσ τα περισσÞτερα προβλήµατα προκλήθηκαν απÞ συµπατριώτεσ τουσ και Þχι απÞ ξένουσ. Παραδέχεται Þτι στην Κύπρο έχει προκληθεί σοκ. «Γνωρίζαµε Þτι η ώρα τησ κρίσησ θα ερχÞταν και Þτι η αναβολή αποφάσεων δεν ήταν συνετή πολιτική. Η ώρα τησ κρίσησ

έχει έρθει. Υπάρχει εκνευρισµÞσ για τη θεραπεία που µασ προσφέρθηκε, αλλά δεν νοµίζω Þτι υπάρχει αντιευρωπαϊκÞ αίσθηµα», εκτιµά ο κ. Γεωργιάδησ. Καταλήγει σηµειώνοντασ Þτι επίσησ δεν υπάρχει απÞδοση ευθυνών απÞ τουσ Κυπρίουσ σε Þλουσ πλην των ιδίων των εαυτών τουσ: «Είναι τα δικά µασ λάθη και ο δικÞσ µασ δισταγµÞσ να λάβουµε αποφάσεισ που µασ έχουν οδηγήσει σε αυτή τη δύσκολη θέση».

∞Ó·ÛÙ·ÛÈ¿‰Ë˜: O ¶. ¢ËÌËÙÚÈ¿‰Ë˜ ·¤Ù˘¯Â Για λανθασµένουσ χειρισµούσ του διοικητή τησ Κεντρικήσ Τράπεζασ Κύπρου (ΚΤΚ), Πανίκου ∆ηµητριάδη, σε διάφορα ζητήµατα κάνει λÞγο ο πρÞεδροσ Νίκοσ Αναστασιάδησ, στην επιστολή του προσ τον επικεφαλήσ τησ Ευρωπαϊκήσ Κεντρικήσ Τράπεζασ Μάριο Ντράγκι. Στην επιστολή του, ο κ. Αναστασιάδησ, αφήνει και έµµεση αιχµή για τουσ χειρισµούσ τησ ΕΚΤ στο θέµα τησ άντλησησ ρευστÞτητασ απÞ τον αρµÞδιο ευρωπαϊκÞ µηχανισµÞ, «ELA» για τη Λαϊκή Τράπεζα. Αναφέρει συγκεκριµένα, Þτι ο Πανίκοσ ∆ηµητριάδησ

έκανε χρήση του «ELA» χωρίσ έλεγχο, επισηµαίνοντασ Þτι υπήρξε παραβίαση των κανονισµών τησ Ευρωπαϊκήσ Κεντρικήσ Τράπεζασ. Στην εξασέλιδη επιστολή, ο κ. Αναστασιάδησ επαναλαµβάνει τα περί παύσησ του Πανίκου ∆ηµητριάδη αναδεικνύοντασ λάθη που έκανε κατά την εκτέλεση των καθηκÞντων του. Ο κ. Ντράγκι έστειλε επιστολή στον Κύπριο πρÞεδρο τονίζοντασ Þτι η Þποια απÞφαση για παύση του κ. ∆ηµητριάδη θα κριθεί απÞ το ΕυρωπαϊκÞ ∆ικαστήριο. Στη δική του επιστολή, ο κ. Αναστασιάδησ

σηµειώνει στον πρÞεδρο τησ Ευρωπαϊκήσ Κεντρικήσ Τράπεζασ Þτι η Κύπροσ έχει προεδρικÞ σύστηµα µε διάκριση εξουσιών µεταξύ Εκτελεστικήσ και Νοµοθετικήσ εξουσίασ. Εξηγεί Þτι δεν µπορεί να παρέµβει στην έρευνα που κάνει η κυπριακή βουλή και σηµειώνει Þτι η διαδικασία που θα ακολουθηθεί εµπίπτει στο πλαίσιο του κυπριακού συντάγµατοσ, αλλά και των νÞµων τησ ΕΕ. Ο ΠρÞεδροσ τησ Κυπριακήσ ∆ηµοκρατίασ κάνει, επίσησ, αναφορά στην έκθεση των Alvarez & Marsal που εστιάστηκε στην Τράπεζα Κύπρου, αντί στη Λαϊκή.

™ÙËÓ ·ÓÙÂ›ıÂÛË ÔÈ ·ÛÊ·ÏÈÛÙÈΤ˜ ÂÙ·ÈÚ›˜ Στην αντεπίθεση περνούν οι ασφαλιστικέσ εταιρείεσ για τισ κατηγορίεσ που εκτοξεύονται το τελευταίο διάστηµα για την κοινή απÞφαση ΤρÞικασ, κυβέρνησησ και Κεντρικήσ Τράπεζασ να τισ εξαιρέσει απÞ το κούρεµα που τροχιοδροµείται στην Τράπεζα Κύπρου. Οι ασφαλιστικέσ εταιρείεσ απορρίπτουν µε κατηγορηµατικÞ τρÞπο Þσα εκτοξεύθηκαν εναντίον τουσ το τελευταίο διάστηµα Þτι δηλαδή εξαιρέθηκαν για να µην πληγούν οι

αντασφαλιστικέσ εταιρείεσ οι οποίεσ είναι κυρίωσ γαλλικών και γερµανικών συµφερÞντων και υποστηρίζουν Þτι σε καµία περίπτωση δεν υπάρχει αντασφαλιστική κάλυψη για περιπτώσεισ Þπωσ είναι το κούρεµα καταθέσεων καθώσ πρÞκειται για µοναδική περίπτωση. Μάλιστα Þπωσ είµαστε σε θέση να γνωρίζουµε ξεκίνησαν επαφέσ για να πείσουν για αυτά τουσ τα επιχειρήµατα, ενώ ετοιµάζουν

και σχετικÞ υπÞµνηµα το οποίο θα υποβάλουν τισ επÞµενεσ µέρεσ στον ΠρÞεδρο τησ ∆ηµοκρατίασ. Το συνολικÞ ύψοσ των καταθέσεων των ασφαλιστικών εταιρειών στην Τράπεζα Κύπρου υπολογίζεται στα 400 εκ. ευρώ ενώ για να σηµειωθεί Þτι για κάθε 100 εκατοµµύρια που εξαιρούνται το ποσÞ του κουρέµατοσ των ανασφάλιστων καταθέσεων στην Τράπεζα Κύπρου ανεβαίνει κατά µία ποσοστιαία µονάδα.

∫‡ÚÔ˜-πÓ‰›· ÌÈ· Ó¤· Û¯¤ÛË ·Ú¯›˙ÂÈ Την έµπρακτη υποστήριξή τησ στισ δύσκολεσ στιγµέσ που περνούν η Κύπροσ και ο λαÞσ τησ, δήλωσε η ΥφυπουργÞσ Εξωτερικών τησ Ινδίασ, Preneet Kaur. Στο πλαίσιο επίσηµησ επίσκεψήσ τησ στην Κύπρο, είχε συνοµιλίεσ µε τον ΥπουργÞ Εξωτερικών, Ιωάννη Κασουλίδη, µε αντικείµενο νέεσ οικονοµικέσ συνεργασίεσ, και τρÞπουσ προσέλκυσησ του επιχειρηµατικού ενδιαφέροντοσ των σαράντα και πλέον χιλιά-

δων εκατοµµυριούχων τησ Ινδίασ. «Ο λαÞσ τησ Κύπρου έχει ξεπεράσει δυσκολίεσ και στο παρελθÞν και είµαι βέβαιη πωσ η Κυβέρνηση τησ Κύπρου και οι σκληρά εργαζÞµενοι πολίτεσ θα ξεπεράσουν και αυτήν την κρίση και θα προχωρήσουν σε ένα πρÞσφορο µέλλον. Η Ινδία είναι έτοιµη να ενδυναµώσει τισ οικονοµικέσ σχέσεισ των δύο χωρών.», είπε η Ινδή ΥφυπουργÞσ.

Αυτέσ οι σχέσεισ είναι απαραίτητεσ, υπογράµµισε ο Κύπριοσ ΥπουργÞσ, δεδοµένου του νέου οικονοµικού µοντέλου τησ Κύπρου. «Το νέο µοντέλο οικονοµίασ που προσπαθούµε να εδραιώσουµε στην Κύπρο χρειάζεται να εξερευνήσει και άλλεσ αγορέσ και η Ινδία αποτελεί µια µεγάλη ευκαιρία για τον κυπριακÞ ιδιωτικÞ τοµέα, για επενδύσεισ, για το εµπÞριο, Þπωσ έχουµε ήδη κάνει µε άλλουσ φίλουσ σε Þλο τον κÞσµο.»

¶ÚfiÛıÂÙ˜ ı¤ÛÂȘ ÛÙ· ÎÚ·ÙÈο ·ÓÂÈÛÙ‹ÌÈ·

√ §ÈÏϋη˜ ÛÙË µÔ˘Ï‹

ΠρÞσθετεσ θέσεισ στα κρατικά πανεπιστήµια ανακοίνωσαν ο υπουργÞσ παιδείασ Κυριάκοσ Κενεβέζοσ και ο πρύτανησ του Πανεπιστηµίου Κύπρου Κωσταντίνοσ Χριστοφίδησ. Οι αποφάσεισ λήφθηκαν µετά και τισ πρÞσφατεσ αρνητικέσ εξελίξεισ στην οικονοµία τησ Κύπρου, και εξαιτίασ των δυσκολιών που αντιµετωπίζουν πολλέσ οικογένειεσ και αφορούν κυρίωσ στην οικονοµική στήριξη των παιδιών που σπουδάζουν. Κατά την επÞµενη ακαδηµαϊκή χρονιά, το Πανεπιστήµιο Κύπρου θα προσφέρει 100 επιπρÞσθετεσ θέσεισ σε νεοεισερχÞµενουσ προπτυχιακούσ φοιτητέσ, οι οποίοι θα παρακαθίσουν στισ Παγκύπριεσ Εξετάσεισ. Επιπλέον θα προσφέρει 200 πρÞσθετεσ θέσεισ, για µετεγγραφέσ Κυπριών φοιτητών που σπουδάζουν σε πανεπιστήµια του εξωτερικού. Οι θέσεισ θα κατανεµηθούν σε διάφορουσ κλάδουσ, µε τρÞπο ώστε να µην απαιτηθούν επιπρÞσθετεσ δαπάνεσ.

Άµεση παρουσία στη Βουλή θα έχει το νέο Κίνηµα Συµµαχία Πολιτών θα έχει ο Γιώργοσ Λιλλήκασ καθώσ αποφάσισαν να συστρατευθούν µαζί του ο ανεξάρτητοσ βουλευτήσ Ζαχαρίασ Κουλίασ και ο βουλευτήσ του ΕΥΡΩΚΟ Νίκοσ Κουτσού. Το Κίνηµα το οποίο θα βρίσκεται στην αντιπολίτευση αποδυναµώνει και την κυβέρνηση καθώσ πλέον τα κÞµµατα που θα στηρίζουν την κυβέρνηση θα απαριθµούν 29 άτοµα µε αποτέλεσµα να υπάρχει πλέον οριακή πλειοψηφία. Η ιδρυτική συνέλευση του Κινήµατοσ το οποίο δεν θα πρÞσκειται ούτε στη δεξιά, ούτε στην αριστερά θα πραγµατοποιηθεί στισ 28 Απριλίου.

ΧΡΗΜΑ&ΑΓΟΡΑ

17 ΑΠΡΙΛΙΟΥ, 2013

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 5

¶¤ÛÙ ̷˜ ÙÔ ÔÛÔÛÙfi ÙÔ˘ ÎÔ˘Ú¤Ì·ÙÔ˜ «Ã£∂™» ∂˘Î·Èڛ˜ ÁÈ· ÂÂÓ‰‡ÛÂȘ ‚ϤÔ˘Ó ÔÈ ƒÒÛÔÈ, Úfi‚ÏËÌ· Ë ·‚‚·ÈfiÙËÙ· Ικανοποιηµένοι δηλώνουν οι Ρώσοι επιχειρηµατίεσ απÞ τα µέτρα που εξήγγειλε ο ΠρÞεδροσ τησ ∆ηµοκρατίασ Νίκοσ Αναστασιάδησ, ωσ αντιστάθµισµα στο πλήγµα που υπέστη η ρωσική επιχειρηµατική κοινÞτητα στην Κύπρο, ωστÞσο θεωρούν Þτι πρέπει να ξεκαθαρίσει, το συντοµÞτερο, το ποσοστÞ του κουρέµατοσ των καταθέσεων στην Τράπεζα Κύπρου. ΑυτÞ επεσήµανε ο ΠρÞεδροσ του Κυπριακού Οργανισµού Προσέλκυσησ Επενδύσεων (CIPA) ΧριστÞδουλοσ Αγκαστινιώτησ, στο πλαίσιο διάσκεψησ Τύπου, για τα αποτελέσµατα του 4ου Επιχειρηµατικού Συνεδρίου «Global Russia Business Meeting», που ολοκληρώθηκε χθεσ στη ΛεµεσÞ. Ο κ. Αγκαστινιώτησ εξέφρασε την ικανοποίησή του απÞ τα αποτελέσµατα του Συνεδρίου, αφού Þπωσ είπε, «αποδείχθηκε Þτι η Κύπροσ παραµένει και τη θέλουν οι συνεργάτεσ τησ να παραµείνει κέντρο υπηρεσιών, αφού πιστεύουν Þτι συνεχίζει να έχει τα συγκριτικά πλεονεκτήµατα που είχε και στο παρελθÞν». Λέγοντασ πωσ, την ίδια ώρα που αρκετοί επιχειρηµατίεσ βλέπουν την κατάσταση που επικρατεί σήµερα στην Κύπρο σαν µια ευκαιρία για επενδύσεισ, τισ οποίεσ προσπαθούν να εκµεταλλευτούν, πολλοί άλλοι ανησυχούν για τισ εξελίξεισ µε την Τράπεζα Κύπρου και θεωρούν Þτι «είναι λάθοσ να αναµένουµε µέχρι το Σεπτέµβριο για να ξεκαθαρίσει το ούτω καλούµενο κούρεµά τησ». «Θεωρούν Þτι οι µετοχέσ που θα αναλογούν στουσ µετÞχουσ που έχουν χάσει λεφτά στην Τράπεζα Κύπρου, πρέπει να κατανεµηθούν το συντοµÞτερο, για να µπορέσουν οι νέοι ιδιοκτήτεσ να εκλέξουν ένα ∆ιοικητικÞ Συµβούλιο, το οποίο θα αναλάβει να κυβερνήσει την Τράπεζα τισ αµέσωσ επÞµενεσ µέρεσ και λέω µέρεσ, γιατί θεωρούν Þλοι Þτι αυτÞ το θέµα πρέπει να κλείσει το συντοµÞτερο», συµπλήρωσε. Ο κ. Αγκαστινιώτησ δήλωσε ακÞµη πωσ οι Ρώσοι επιχειρη-

µατίεσ, αν και απογοητευµένοι απÞ τισ εξελίξεισ στην κυπριακή οικονοµία, επιρρίπτουν τισ ευθύνεσ στουσ Ευρωπαίουσ εταίρουσ µασ και θεωρούν άδικο τον τρÞπο µε τον οποίο αντιµετωπίστηκε η Κύπροσ. ΑπÞ την πλευρά του, ο ΠρÞεδροσ τησ συνδιοργανώτριασ εταιρείασ, Horasis Gobal Visions Community, Frank Richter, δήλωσε πωσ στο Συνέδριο υπήρξαν πολύ θετικά σχÞλια απÞ τουσ Ρώσουσ συµµετέχοντεσ, «που µασ ανέφεραν Þτι η Κύπροσ είναι και θα παραµείνει ο προνοµιούχοσ κÞµβοσ για τισ ρωσικέσ εταιρείεσ στην ΕΕ, χρησιµοποιώντασ τισ δοµέσ, χρησιµοποιώντασ τα πρÞτυπα, χρησιµοποιώντασ τισ διαφορετικέσ µορφέσ που µπορεί να προσφέρει για να βοηθήσει στην παγκοσµιοποίηση των ρωσικών εταιρειών». Στο Συνέδριο έλαβαν µέροσ 380 περίπου σύνεδροι απÞ 40 χώρεσ, απÞ τουσ οποίουσ οι 200 ήταν Ρώσοι επιχειρηµατίεσ. Πέραν τησ οικονοµικήσ κρίσησ στην Κύπρο και των προοπτικών που διαµορφώνονται απÞ τα νέα δεδοµένα, το συνέδριο ασχολήθηκε µε θέµατα που αφορούν τη Ρωσία και την παγκÞσµια επιρροή τησ, τη βιωσιµÞτητα και την ανάπτυξη, την εκτίµηση κινδύνων και ευκαιριών στο επενδυτικÞ περιβάλλον, την ανάπτυξη ενεργειακών πÞρων και υποδοµών καθώσ και θέµατα που σχετίζονται µε τον τουρισµÞ.

∫·ÛÔ˘Ï›‰Ë˜: M·˜ ¤Î·Ó·Ó ÂÈÚ·Ì·Ùfi˙ˆÔ ΑπÞ την πλευρά του ο ΥπουργÞσ Εξωτερικών Ιωάννησ Κασουλίδησ, διαµήνυσε στουσ Ρώσουσ επιχειρηµατίεσ πωσ Þπωσ µετά το 1974 και την τουρκική εισβολή η Κύπροσ κατάφερε να κάνει το οικονοµικÞ θαύµα, έτσι και σήµερα θα αδράξει αυτήν την άτυχη κατάσταση και θα την µετατρέψει σε ευκαιρία Ο κ. Κασουλίδησ ανέφερε πωσ η Κύπροσ χρησιµοποιήθηκε ωσ πειραµατÞζωο απÞ τουσ Ευρωπαίουσ εταίρουσ τησ,

για να απαντηθεί το ερώτηµα κατά πÞσο υπάρχουν πραγµατικά πολύ µεγάλεσ τράπεζεσ που αποτυγχάνουν και να σταλεί το µήνυµα Þτι οι φορολογούµενοι δεν θα πλήρωναν για τη διάσωση τουσ. «Το bail in επινοήθηκε πολύ πριν επιβληθεί η λύση για την Κύπρο και δυστυχώσ, η µικρή µασ οικονοµία χρησιµοποιήθηκε ωσ πειραµατÞζωο για να διαπιστωθεί αυτÞ», ανέφερε.

∞Ú¯ÈÂ›ÛÎÔÔ˜: äÚÈ ÊÈÏ›·˜ ÛÙÔ˘˜ ƒÒÛÔ˘˜ Η Κύπροσ συνεχίζει και θα συνεχίσει να αποτελεί το πιο αξιÞλογο και αξιÞπιστο µέροσ για να τισ ρωσικέσ επιχειρηµατικέσ δραστηριÞτητεσ, και η Εκκλησία τησ Κύπρου θα παραµείνει φίλοσ και συµπαραστάτησ, διαβεβαίωσε ο Αρχιεπίσκοποσ Κύπρου ΧρυσÞστοµοσ Β’ τουσ Ρώσουσ επιχειρηµατίεσ. Στο χαιρετισµÞ του, ο Αρχιεπίσκοποσ επεσήµανε πωσ, Þσο πιο µεγάλεσ είναι οι δυσκολίεσ, τÞσο πιο µεγάλο θα πρέπει να είναι το πείσµα και η πίστη µασ για ανάκαµψη και επανεκκίνηση και Þτι «τίποτα δεν είναι αδύνατο, Þλα µπορούν να ανατραπούν και να διορθωθούν, φτάνει πάντοτε να ενεργούµε µε επαγγελµατικÞτητα, προγραµµατισµÞ και προπαντÞσ µε ήθοσ». Ο Αρχιεπίσκοποσ τÞνισε πωσ τÞσο η Εκκλησία τησ Κύπρου, Þσο και ο ίδιοσ προσωπικά, «θα είµαστε πάντοτε φίλοι και συµπαραστάτεσ σασ σε οποιοδήποτε θέµα σασ απασχολεί και Þπωσ είπα και σε άλλη συγκέντρωση σε οµοεθνείσ σασ, θέλω να µε θεωρείτε Πρέσβη και Υπερασπιστή σασ».

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17 ΑΠΡΙΛΙΟΥ, 2013

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∏ ÔÈÎÔÓÔÌÈ΋ ·ÁÎÔÛÌÈÔÔ›ËÛË Û ·ÓÙ›ÛÙÚÔÊË Ì¤ÙÚËÛË Για τρεισ δεκαετίεσ, η οικονοµική παγκοσµιοποίηση φαινÞταν αναπÞφευκτη. Οι νέεσ τεχνολογίεσ κατέστησαν δυνατή τη διεξαγωγή συναλλαγών σε Þλο τον κÞσµο εν ριπή οφθαλµού. Οι αποταµιευτέσ απέκτησαν την ικανÞτητα να διαφοροποιηθούν, ενώ οι οφειλέτεσ θα µπορούσαν να αξιοποιήσουν την παγκÞσµια αγορά κεφαλαίου. ∆εδοµένου Þτι οι εθνικέσ χρηµατοπιστωτικέσ αγορέσ έγιναν Þλο και περισσÞτερο αλληλένδετεσ, οι διασυνοριακέσ ροέσ κεφαλαίων αυξήθηκαν απÞ 0,5 τρισεκατοµµύρια δολάρια το 1980 σε περίπου 11,8 τρισεκατοµµύρια δολάρια το 2007. Αλλά η κρίση του 2008 εξέθεσε στουσ κινδύνουσ µετάδοσησ, που περιλαµβάνει ένασ περίπλοκοσ ιστÞσ παγκοσµιοποιηµένου χρηµατοπιστωτικού συστήµατοσ. Οι διασυνοριακέσ ροέσ κεφαλαίων κατέρρευσαν απÞτοµα. ΣχεδÞν πέντε χρÞνια αργÞτερα, παραµένουν κάτω απÞ το 60% των επιπέδων τουσ πριν απÞ την κρίση. Αυτή η υποχώρηση στη διασυνοριακή δραστηριÞτητα έχει συνοδευτεί απÞ υποτονική αύξηση των παγκÞσµιων χρηµατοοικονοµικών περιουσιακών στοιχείων (παρά τισ πρÞσφατεσ ανοδικέσ τάσεισ σε χρηµατιστήρια σε Þλο τον κÞσµο). Τα παγκÞσµια χρηµατοοικονοµικά περιουσιακά στοιχεία έχουν αυξηθεί µÞλισ κατά 1,9% σε ετήσια βάση απÞ την κρίση, κάτω απÞ τη µέση ετήσια αύξηση του 7,9% για την περίοδο 1990 2007. Πρέπει ο κÞσµοσ να ανησυχεί για αυτή τη µείωση στισ διασυνοριακέσ ροέσ κεφαλαίων και επιβράδυνση τησ χρηµατοδÞτησησ; Και ναι και Þχι. Μετά τουσ υπερµεγέθεισ κινδύνουσ για πιθανέσ φούσκεσ επί σειρά ετών, οι τάσεισ αυτέσ θα µπορούσε να είναι ένα σηµάδι Þτι το σύστηµα επανέρχεται. Ùπωσ γνωρίζουµε σήµερα, ένα µεγάλο µέροσ τησ ανάπτυξησ σε χρηµατοοικονοµικά περιουσιακά στοιχεία πριν απÞ την κρίση αντικατοπτρίζεται στη µÞχλευση του ίδιου του χρηµατοπιστωτικού τοµέα, καθώσ η αύξηση των διασυνοριακών ροών αντανακλούσε την πρÞσβαση των κυβερνήσεων σε παγκÞσµιεσ αγορέσ κεφαλαίων για τη χρηµατοδÞτηση χρÞνιων δηµοσιονοµικών ελλειµµάτων. Η διακοπή των σχέσεων µε τισ πηγέσ τησ οικονοµικήσ παγκοσµιοποίησησ είναι ευπρÞσδεκτη. Αλλά δεν είναι υγιείσ Þλεσ οι εκφάνσεισ τησ παρούσασ υποχώρησησ. ΠαραδÞξωσ, οι αναδυÞµενεσ οικονοµίεσ αντιµετωπίζουν επίσησ µια επιβράδυνση. Η ανάπτυξη των χρηµατο-

πιστωτικών αγορών τουσ µÞλισ και µετά βίασ φτάνει το ρυθµÞ αύξησησ του ΑΕΠ. Οι περισσÞτερεσ απÞ τισ χώρεσ αυτέσ έχουν πολύ µικρά χρηµατοπιστωτικά συστήµατα σε σχέση µε το µέγεθοσ των οικονοµιών τουσ, και, µε τισ µικρέσ και µεσαίου µεγέθουσ επιχειρήσεισ (ΜΜΕ), τα νοικοκυριά, καθώσ και τα έργα υποδοµήσ να αντιµετωπίζουν πιστωτικούσ περιορισµούσ, έχουν σίγουρα αρκετÞ χώρο για τη βιώσιµη εµβάθυνση των αγορών τουσ.

∂Á¯ÒÚȘ ÂÂÓ‰‡ÛÂȘ ÎÂÊ·Ï·›Ô˘ Οι σύγχρονεσ τάσεισ φαίνεται να οδηγούν προσ ένα κατακερµατισµένο παγκÞσµιο χρηµατοπιστωτικÞ σύστηµα στο οποίο οι χώρεσ βασίζονται κατά κύριο λÞγο στισ εγχώριεσ επενδύσεισ κεφαλαίου. Θα µπορούσαν να προκύψουν εντονÞτερεσ περιφερειακέσ ανισÞτητεσ Þσον αφορά τη διαθεσιµÞτητα και το κÞστοσ του κεφαλαίου, ιδιαίτερα για τισ µικρÞτερεσ επιχειρήσεισ και τουσ καταναλωτέσ, περιορίζοντασ τισ επενδύσεισ και την ανάπτυξη σε ορισµένεσ χώρεσ. Και, ενώ ένα πιο εθνικοποιηµένο χρηµατοπιστωτικÞ σύστηµα δεν µειώνει την πιθανÞτητα των παγκÞσµιων κρίσεων δηµιουργεί ωστÞσο αστάθεια σε αποµακρυσµένεσ αγορέσ, και µπορεί να οξύνει κινδύνουσ στο πλαίσιο των τοπικών τραπεζικών συστηµάτων αλλά και να αυξήσει την πιθανÞτητα εγχώριων χρηµατοπιστωτικών κρίσεων. Έτσι, είναι δυνατÞν να επανέρθει η χρηµατοπιστωτική παγκοσµιοποίηση, αποφεύγοντασ τα λάθη του παρελθÞντοσ; Η επιτυχήσ ολοκλήρωση των ρυθµιστικών πρωτοβουλιών µεταρρύθµισησ που βρίσκονται σε εξέλιξη είναι η πρώτη επιτακτική ανάγκη. ΑυτÞ σηµαίνει Þτι εργάζονται τισ τελευταίεσ λεπτοµέρειεσ των τραπεζικών προτύπων τησ Basel ΙΙΙ, δηµιουργώντασ σαφείσ διαδικασίεσ για την επίλυση διασυνοριακών τραπεζικών και ανάκτησησ, καθώσ και τη δηµιουργία δυνατοτήτων µακρο-προληπτικήσ εποπτείασ. Αυτά τα βήµατα θα βοηθήσουν σε µεγάλο βαθµÞ προσ την οικοδÞµηση τησ εµπιστοσύνησ αλλά και ενÞσ συστήµατοσ εγγυήσεων που δηµιουργούν ένα πιο σταθερÞ σύστηµα. Αλλά χρειάζονται πρÞσθετα µέτρα. ΓενικÞτερα, οι υπάλληλοι στισ αναδυÞµενεσ οικονοµίεσ θα πρέπει να επανεκκινήσουν µεταρρυθµίσεισ που θα επιτρέψουν την περαιτέρω εγχώρια οικονοµική ανάπτυξη τησ αγο-

ράσ. Οι περισσÞτερεσ χώρεσ έχουν τη βασική υποδοµή τησ αγοράσ και τουσ κανονισµούσ, αλλά η επιβολή και η εποπτεία είναι συχνά ανεπαρκήσ. Η πρÞοδοσ σε αυτÞ το µέτωπο θα δώσει τη δυνατÞτητα αγορών µετοχών και οµολÞγων να παρέχουν µια σηµαντική εναλλακτική λύση στον τραπεζικÞ δανεισµÞ για τισ µεγαλύτερεσ επιχειρήσεισ - και δωρεάν κεφάλαια για τισ τράπεζεσ να δανείζουν ΜΜΕ και καταναλωτέσ. Η εµβάθυνση στισ κεφαλαιαγορέσ θα ωφελήσει επίσησ τοπικούσ αποταµιευτέσ και θα ανοίξουν νέεσ διαύλουσ για ξένουσ επενδυτέσ να διαφοροποιηθούν. ∆εδοµένου Þτι η Ευρώπη οδήγησε την πρÞσφατη άνοδο και την πτώση τησ οικονοµικήσ παγκοσµιοποίησησ, κάθε προσπάθεια για να επαναφέρει το σύστηµα θα πρέπει να επικεντρωθεί σε µέτρα για την αποκατάσταση τησ εµπιστοσύνησ και να θέσει την ευρωπαϊκή χρηµατοπιστωτική ενοποίηση και πάλι στο προσκήνιο. Η πρÞσφατη κρίση στην Κύπρο υπογραµµίζει την επείγουσα ανάγκη δηµιουργίασ µιασ ένωσησ τραπεζών, που περιλαµβάνει Þχι µÞνο κοινή εποπτεία, αλλά και τουσ µηχανισµούσ εκκαθάρισησ και ασφάλισησ καταθέσεων. ΚαθορισµÞσ του βαθµού διαφάνειασ είναι ένα ακανθώδεσ και περίπλοκο ζήτηµα για κάθε χώρα. Οι υπεύθυνοι χάραξησ πολιτικήσ πρέπει να σταθµίσουν τουσ κινδύνουσ τησ αστάθειασ, των πιέσεων των συναλλαγµατικών ισοτιµιών, και την ευπάθεια σε ξαφνικέσ ανατροπέσ στισ ροέσ κεφαλαίων αλλά και τα οφέλη τησ ευρύτερησ πρÞσβασησ στην πίστωση και την ενίσχυση του ανταγωνισµού. Η σωστή ισορροπία µπορεί να ποικίλλει ανάλογα µε το µέγεθοσ τησ οικονοµίασ, τησ αποδοτικÞτητασ των εγχώριων πηγών χρηµατοδÞτησησ, και τη δύναµη τησ ρύθµισησ και τησ εποπτείασ. Αλλά ο στÞχοσ τησ δηµιουργίασ ενÞσ ανταγωνιστικού, και ανοικτού χρηµατοπιστωτικού τοµέα αξίζει να είναι ένα κεντρικÞ µέροσ τησ πολιτικήσ ατζέντασ. Οι δεσµοί που ενώνουν τισ παγκÞσµιεσ αγορέσ έχουν φθαρεί, αλλά δεν είναι πολύ αργά για να τισ επιδιορθώσει κανείσ. ¶ËÁ‹: Sofokleous10.gr

TÔ 2015 Ë ª¤ÚÎÂÏ ÎÏ›ÓÂÈ Ù· 60, ı· ·Ô¯ˆÚ‹ÛÂÈ; Θα αποχωρήσει η Άνγκελα Μέρκελ το 2015, Þταν θα έχει συµπληρώσει τα 60 τησ έτη; διερωτάται η γερµανική εφηµερίδα Μπιλντ, ο ∆ιευθυντήσ τησ οποίασ στο Βερολίνο, Ν. ΜπλÞµε, θεωρεί Þτι εάν δεν υπάρξει µεγάλη ανατροπή κατά τουσ επÞµενουσ πέντε µήνεσ και επιβεβαιωθούν οι δηµοσκοπήσεισ, η Μέρκελ θα παραµείνει καγκελάριοσ και µετά τισ εκλογέσ του Σεπτεµβρίου, ωστÞσο δεν θα εξαντλήσει τη νέα τετραετία καθώσ θα αποχωρήσει το 2015. Ùπωσ ανέφερε πρωτοσέλιδο ρεπορτάζ τησ εφηµερίδασ, στο Βερολίνο φέρεται να διεξάγονται ήδη σχετικέσ συζητήσεισ και να κυκλοφορούν σενάρια αποχώρησήσ τησ εντÞσ τησ επÞµενησ θητείασ τησ και συγκεκριµένα το 2015. Τροφή στη σχετική φηµολογία δίδει και το βιβλίο του δηµοσιογράφου και διευθυντή τησ εφηµερίδασ Μπιλντ για την κ. Μέρκελ, βιβλίο το οποίο κυκλοφορεί ήδη. Ùπωσ επισηµαίνεται, η Καγκελάριοσ έχει κατά το παρελθÞν υποστηρίξει Þτι µια δεκαετία θα πρέπει να είναι ο µέγιστοσ χρÞνοσ θητείασ ενÞσ Πρωθυπουργού.

Το 2015 η ίδια θα συµπλήρωνε 10 έτη στην ηγεσία τησ χώρασ και, επιπλέον, η Άνγκελα Μέρκελ θεωρούσε λάθοσ του πρώην Καγκελαρίου Χέλµουτ Κολ το γεγονÞσ Þτι δεν αποχώρησε εγκαίρωσ απÞ την πολιτική, ορίζοντασ διάδοχÞ του και επιλέγοντασ να είναι υποψήφιοσ στισ εκλογέσ του 1998, τισ οποίεσ και έχασε. Την κ. Μέρκελ φαίνεται να δελεάζει η ιδέα να γίνει η πρώτη µεταπολεµική Καγκελάριοσ που θα αποχωρήσει µÞνη τησ και Þχι επειδή έχασε σε εκλογέσ, ή επειδή την αντικατέστησε το κÞµµα τησ. Πάντωσ, ο ΚυβερνητικÞσ ΕκπρÞσωποσ Στέφεν Ζάιµπερτ διέψευσε τη σχετική φηµολογία, υπογραµµίζοντασ Þτι “στισ επÞµενεσ εκλογέσ η Άνγκελα Μέρκελ θα διεκδικήσει µια ολÞκληρη θητεία”. Ùσον αφορά τα οικονοµικά η Καγκελάριοσ τησ Γερµανίασ Άγγελα Μέρκελ δήλωσε Þτι χρειάζεται ακÞµη να γίνει δουλειά στο θέµα τησ στήριξησ των τραπεζών και υποστήριξε Þτι οι κανÞνεσ που θέτει η Βασιλεία ΙΙΙ πρέπει να εφαρµοστούν διεθνώσ.

TÔ ·ÚÓËÙÈÎfi ÂÂÓ‰˘ÙÈÎfi Îϛ̷ Ï‹ÙÙÂÈ ÙÔ Â˘ÚÒ ¢ÔÍԇϷ ¶·Û¯·Ï›‰Ô˘ Treasury Division, Alpha Bank (Cyprus) Ltd Το ευρωπαϊκÞ νÞµισµα έτυχε διαπραγµάτευσησ απÞ τη περασµένη Παρασκευή µέχρι χθεσ το πρωί τησ (16/04) µεταξύ των 1,3020 – 1,3126 δολαρίων. Αρνητικά επηρέασε το ευρώ ο περιορισµÞσ τησ διάθεσησ για ανάληψη κινδύνου µετά τα δυσµενέστερα του αναµενÞµενου στοιχεία που ανακοινώθηκαν στισ Ηνωµένεσ Πολιτείεσ και τη βοµβιστική επίθεση στη Βοστώνη. Συγκεκριµένα Þσον αφορά τα οικονοµικά στοιχεία, ο δείκτησ καταναλωτικήσ εµπιστοσύνησ του Πανεπιστηµίου του Michigan παρουσίασε τον Απρίλιο µη αναµενÞµενη υποχώρηση σε χαµηλÞ εννέα µηνών ενώ ο δείκτησ πληθωριστικών

προσδοκιών ενÞσ έτουσ διαµορφώθηκε τον Απρίλιο στο 3% και ο αντίστοιχοσ δείκτησ 5 ετών στο 2,8%. Παράλληλα, οι λιανικέσ πωλήσεισ κατέγραψαν το Μάρτιο τη µεγαλύτερη µηνιαία υποχώρηση απÞ τον Ιούνιο του 2012 ενώ ο δείκτησ αγοράσ κατοικιών ΝΑΗΒ υποχώρησε τον Απρίλιο σε χαµηλÞ απÞ τον Οκτώβριο 2012. Ο ΠρÞεδροσ τησ Fed Boston (Rosengren) δήλωσε Þτι η Κεντρική Τράπεζα θα πρέπει να συνεχίσει το πρÞγραµµα αγοράσ τίτλων, καθώσ το ποσοστÞ ανεργίασ διατηρείται υψηλÞτερα του επιθυµητού και ο πληθωρισµÞσ χαµηλÞτερα απÞ το στÞχο. Ο ΠρÞεδροσ τησ Fed Atlanta (Lockhart) ανέφερε Þτι θα πρέπει να διατηρηθεί σε ισχύ το πρÞγραµµα αγοράσ τίτλων έωσ Þτου βελτιωθεί η προοπτική τησ αγοράσ εργασίασ σε συνδυασµÞ µε τη διατήρηση τησ σταθερÞτητασ των τιµών. ΘετικÞ παράγοντα αποτέλεσε για το ευρώ η ανακοίνωση Þτι το πλεÞνασµα του εµπορικού ισοζυγίου στην

Ευρωζώνη διευρύνθηκε το Φεβρουάριο περισσÞτερο του αναµενÞµενου σε υψηλÞ (12 δισ ευρώ, εκτίµηση: 10 δισ ευρώ, Ιανουάριοσ: 8,7 δισ ευρώ) απÞ καταγραφήσ των στοιχείων (1999). Σε µια άλλη εξέλιξη, αξιοσηµείωτη πτώση κατέγραψε την περασµένη βδοµάδα το ιαπωνικÞ γιεν έναντι του δολαρίου και του ευρώ καθώσ έτυχε διαπραγµάτευσησ σε χαµηλÞ τεσσάρων (99,95 γιεν) και τριάµισι ετών (131,12 γιεν) αντίστοιχα. Αρνητικά επηρέασε το γιεν η αναφορά του Πρωθυπουργού τησ χώρασ Þτι η Τράπεζα τησ Ιαπωνίασ θα πρέπει να διατηρήσει τα µέτρα επεκτατικήσ νοµισµατικήσ πολιτικήσ έωσ Þτου επιτευχθεί ο στÞχοσ για τον πληθωρισµÞ στο 2%. ∆ήλωσε επίσησ Þτι τα αποφασιστικά µέτρα που υιοθέτησε η Τράπεζα τησ Ιαπωνίασ ενδεχοµένωσ να διορθώσουν την παρατεταµένη ενίσχυση που παρουσίασε το ιαπωνικÞ νÞµισµα την προηγούµενη χρονική περίοδο.

ΧΡΗΜΑ&ΑΓΟΡΑ

17 ΑΠΡΙΛΙΟΥ, 2013

financialmirror.com | ΕΛΛΑ∆Α | 7

√È ÂÏÏËÓÈΤ˜ ÙÚ¿Â˙˜ ÂÈÛÙÚ¤ÊÔ˘Ó ÛÙ·‰È·Î¿ ÛÙȘ ·ÁÔÚ¤˜ Θετικά µηνύµατα εξέπεµψε το συνέδριο του Economist για τισ ελληνικέσ τράπεζεσ και για τον ρÞλο που θα παίξουν στην ανάκαµψη τησ οικονοµίασ. Το συνέδριο πραγµατοποιείται, την ώρα που βρίσκεται σε πλήρη εξέλιξη η διαδικασία ανακεφαλαιοποίησησ των πιστωτικών ιδρυµάτων τησ Ελλάδασ, τονίζεται σε άρθρο τησ Ηµερισίασ. ∆εν θέλουµε το κράτοσ να διαχειρίζεται τισ τράπεζεσ ούτε θέλουµε η κυβέρνηση να κατευθύνει τη χρηµατοδÞτηση δήλωσε στο συνέδριο του Economist o Πολ ΤÞµσεν αναπληρωτήσ διευθυντήσ του Ευρωπαϊκού Τµήµατοσ του ∆ΝΤ µε αφορµή την ανακεφαλαιοποίηση των τραπεζών η οποία εισέρχεται σε τελική φάση. Ο κ. ΤÞµσεν σηµείωσε πωσ η σταθερÞτητα του χρηµατοοικονοµικού τοµέα διασφαλίστηκε. Οι τράπεζεσ επλήγησαν αρκετά, αλλά µπÞρεσαν να εξυπηρετήσουν την οικονοµία. Παρά τη µείωση του χρέουσ (το PSI έπληξε καίρια τισ τράπεζεσ) τα πιστωτικά ιδρύµατα παρέµειναν ασφαλή και ισχυρά σηµείωσε. Οι τράπεζεσ αυτή τη στιγµή είναι κεφαλαιοποιηµένεσ τÞνισε ο κ. ΤÞµσεν και δεν έχουν πλέον οφειλέσ στουσ ισολογισµούσ τουσ. ∆ιαπίστωσε δε, πωσ o σταδιακÞσ τερµατισµÞσ αποµÞχλευσησ τησ ελληνικήσ οικονοµίασ θα επιτρέψει την περαιτέρω εξυγίανση των ισολογισµών των τραπεζών. Ο ίδιοσ αναγνώρισε Þτι ένα µεγάλο βάροσ για την οικονοµία είναι η κατάσταση στο χρηµατοοικονοµικÞ σύστηµα υπÞ την έννοια τησ συστολήσ των πιστώσεων τα τελευταία έτη.

ΩστÞσο, οι ανακεφαλαιοποιηµένεσ τράπεζεσ θα µπορέσουν να χρηµατοδοτήσουν επιχειρήσεισ που έχουν ένα καλÞ επιχειρηµατικÞ πλάνο είπε. Νοµίζω σηµείωσε Þτι οι τράπεζεσ θα µπορέσουν να ισοσκελίσουν τουσ ισολογισµούσ τουσ και να µειώσουν τα ασφάλιστρα κινδύνου. Οι τράπεζεσ σταδιακά θα επιστρέψουν στισ αγορέσ και θα χρηµατοδοτούν δήλωσε ο κ. ΤÞµσεν και αυτÞ. Το αίσθηµα ασφάλειασ θα ενισχύεται σταδιακά Þπωσ συνέβη τουσ έξι µήνεσ σε επίπεδο καταθέσεων τουλάχιστον. ΑυτÞ σηµαίνει πωσ πρÞσθετοι πÞροι εισέρχονται στο τραπεζικÞ σύστηµα κάτι το οποίο θα επιτρέψει στισ τράπεζεσ να δώσουν φθηνÞτερο χρήµα. Τα 50 δισ. ευρώ τησ ανακεφαλαιοποίησησ αποτελούν ουσιαστικά τη βάση για την υπÞθεση εργασίασ Þτι οι τράπεζεσ αργά, αλλά σταθερά θα ξεκινήσουν να διευρύνουν τουσ ισολογισµούσ τουσ. ∆ηλαδή τισ εργασίεσ τουσ που είναι οι χρηµατοδοτήσεισ. Στο θέµα των καταθέσεων αναφέρθηκε και ο υπουργÞσ οικονοµικών τησ Ελλάδασ Γιάννησ Στουρνάρασ σηµειώνοντασ πωσ η οµαλή ροή πιστώσεων θα ξεκινήσει Þταν πια φύγει ο φÞβοσ και αρχίσουν να επιστρέφουν οι καταθέσεισ και ευτυχώσ έχουν αρχίσει και επιστρέφουν οι καταθέσεισ στην Ελλάδα. ∆ιαβεβαιώνουµε τÞνισε ο ίδιοσ τον κÞσµο πωσ ακολουθούµε την πολιτική εκείνη που εξασφαλίζει τισ καταθέσεισ του. Ο κ. Στουρνάρασ τÞνισε Þτι είναι ευπρÞσδεκτα τα επενδυ-

τικά funds στην Ελλάδα και µίλησε για την πολύ σηµαντική πρωτοβουλία που αφορά τισ µικροµεσαίεσ επιχειρήσεισ τησ Ευρωπαϊκήσ Τράπεζασ Επενδύσεων η οποία για τον κάδο τον τελευταίο µήνα εκταµίευσε 900 εκατ. ευρώ. Αποκαθίσταται η ισχύσ του ελληνικού τραπεζικού συστήµατοσ µέσω συγκεκριµένων διαδικασιών δήλωσε ο πρÞεδροσ τησ Εθνικήσ Γ. Ζανιάσ απÞ το βήµα του συνεδρίου. «Μεταξύ αυτών των διαδικασιών, η εξυγίανση και η ενοποίηση τραπεζών που ξεκίνησε το προηγούµενο Καλοκαίρι µαζί µε την ανακεφαλαιοποίηση, παίζουν σηµαντικÞ ρÞλο», ανέφερε ο κ. Ζανιάσ. Το σκεπτικÞ που επικρατεί για την Ευρωζώνη Þσον αφορά τισ διασώσεισ τραπεζών µετά την Κύπρο δεν σχετίζεται µε το ελληνικÞ τραπεζικÞ σύστηµα, το οποίο διαθέτει 50 δισ ευρώ για να ανακεφαλαιοποιηθεί τÞνισε ο κ. Ζανιάσ.

43 ¿ÙÔÌ· ÛÙÔ Â‰ÒÏÈÔ ÁÈ· ÙÔ «ÎfiÏÔ ÁÎÚfiÛÔ» ÛÙÔ Ã∞ Tο λεγÞµενο «σκάνδαλο µε τισ µετοχέσ φούσκεσ» στο Χρηµατιστήριο Αθηνών που φαίνεται να ζηµίωσε εκατοντάδεσ χιλιάδεσ πολίτεσ έφθασε δεκατρία χρÞνια µετά τισ πρώτεσ διώξεισ που είχαν ασκηθεί, στο ακροατήριο του Τριµελούσ Εφετείου Κακουργηµάτων. Μετά απÞ πολύχρονεσ «περιπέτειεσ» η δικογραφία για τισ χειραγωγούµενεσ µετοχέσ συγκεκριµένων εταιρειών που φαίνεται να έλαβαν µέροσ στο αποκαλούµενο «πάρτι του Χρηµατιστηρίου» το 1999 µετουσιώθηκε σε κατηγορητήριο για συνολικά 43 πρÞσωπα, η δίκη των οποίων ξεκίνησε την ∆ευτέρα. Στο εδώλιο κάθονται γνωστοί χρηµατιστέσ, ιδιοκτήτεσ εισηγµένων εταιρειών, εφοπλιστέσ και µεσάζοντεσ. Ανάµεσα τουσ ο γνωστÞσ ιδιοκτήτησ χρηµατιστηριακήσ εταιρείασ Παναγιώτησ Κονταλέξησ, οι επιχειρηµατίεσ Γεώργιοσ Μπατατούδησ, Παναγιώτησ Πανούσησ, Κωνσταντίνοσ Στέγγοσ και µέλη τησ οικογένειάσ του, Σπυρίδωνασ ΤασÞγλου κ.α. Σύµφωνα µε το παραπεµπτικÞ βούλευµα που εκδÞθηκε σε βάροσ τουσ, οι κατηγορίεσ που ανά περίπτωση έχουν απαγγελθεί για την υπÞθεση αφορούν τα αδικήµατα τησ απάτησ, νοµιµοποίησησ εσÞδων απÞ παράνοµη δραστηριÞτητα κ.α. Σε 836 σελίδεσ του βουλεύµατοσ, αναλύεται επαρκώσ το λεγÞµενο «κÞλπο γκρÞσο» του ΧΑΑ, µε την τεχνητή αύξηση

τησ αξίασ των επίµαχων µετοχών, ενώ παρατίθενται σηµαντικά ευρήµατα τησ Επιτροπήσ Κεφαλαιαγοράσ αλλά και του Σώµατοσ ∆ίωξησ Οικονοµικού Εγκλήµατοσ (Σ∆ΟΕ). Στο βούλευµα επίσησ γίνεται αναφορά σε σοβαρÞτατεσ αδυναµίεσ στην οργάνωση των χρηµατιστηριακών εταιρειών αλλά κυρίωσ και στο ζήτηµα του εσωτερικού τουσ ελέγχου, τισ οποίεσ επεσήµαινε στην πρÞταση του προσ το συµβούλιο και ο Εισαγγελέασ Εφετών Αθηνών Ιωάννησ ΛιακÞπουλοσ. Ο εισαγγελέασ διαπίστωνε Þτι κάποιοι απÞ τουσ κατηγορούµενουσ που κατείχαν εισηγµένεσ εταιρείεσ προχωρούσαν σε ψευδείσ ανακοινώσεισ χρηµατιστηριακών συναλλαγών µε τιµέσ διαφορετικέσ απÞ τισ ανακοινωθείσεσ στο επενδυτικÞ κοινÞ µε αποτέλεσµα να δηµιουργείται «παραπλανητική εικÞνα για την πορεία των µετοχών, την τιµή και την εµπορευσιµÞτητά τουσ». Αναφέρεται επίσησ σε παραπλανητικέσ «πληροφορίεσ» που σκοπίµωσ διαρρέονταν για επενδυτικÞ ενδιαφέρον ξένων επενδυτών για συγκεκριµένεσ εταιρείεσ µε σκοπÞ την τεχνητή αύξηση τησ εµπορευσιµÞτητασ τουσ. Μάλιστα σύµφωνα µε το βούλευµα σε κάποιεσ περιπτώσεισ αποδείχθηκε Þτι οι «µεγάλοι ξένοι θεσµικοί επενδυτέσ» ήταν υπεράκτιεσ εταιρείεσ και ιδιώτεσ. Για τον τρÞπο που έδρασαν συγκεκριµένοι κατηγορού-

µενοι οι δικαστέσ του Συµβουλίου αναφέρουν Þτι «σε κάθε περίπτωση µε τισ ενέργειέσ τουσ αυτέσ εξαπατήθηκε το επενδυτικÞ κοινÞ που αγÞραζε τισ µετοχέσ σε τιµέσ που µε τεχνάσµατα διαµορφώνονταν σε υψηλÞτερα επίπεδα στη χρηµατιστηριακή αγορά και τελικά οδήγησαν σε απαξίωση τησ µετοχήσ και απώλεια µεγάλων χρηµατικών ποσών απÞ το ευρύτερο επενδυτικÞ κοινÞ, ενώ οι ίδιοι καρπώθηκαν παράνοµα ιδιαίτερα µεγάλα χρηµατικά ποσά». Τονίζουν επίσησ στο σκεπτικÞ τουσ Þτι αν «το επενδυτικÞ κοινÞ γνώριζε την εξωχρηµατιστηριακή τιµή τησ µετοχήσ ασφαλώσ δεν θα προέβαινε σε αγορέσ σε τιµέσ µεγαλύτερεσ του 50% τησ χρηµατιστηριακήσ αξίασ». Υπενθυµίζεται Þτι µετά την άσκηση κακουργηµατικών ποινικών διώξεων το 1999 για το «σκάνδαλο του Χρηµατιστηρίου» η ανάκριση για την υπÞθεση είχε ανατεθεί στην πρώην δικαστικÞ Κωνσταντίνα Μπουρµπούλια. Οι χειρισµοί τησ τÞτε ανακρίτριασ, που αποφυλακίστηκε πρÞσφατα, τησ κÞστισαν την θέση τησ στο δικαστικÞ Σώµα αλλά την καταδίκη τησ σε 12ετή κάθειρξη για κατάχρηση εξουσίασ και νοµιµοποίηση εσÞδων απÞ παράνοµη δραστηριÞτητα . Η δικαστική έρευνα µετά την υπÞθεση «Μπουρµπούλια» συνεχίστηκε µε εντολή του Εισαγγελέα Χαρ. Λακαφώση ο οποίοσ είχε ζητήσει την επανεξέταση κάποιων φακέλων για τισ «µετοχέσ - φούσκεσ του Χρηµατιστηρίου». Ακολούθωσ µε πρÞτασή του παραπέµφθηκαν αρχικά σε δίκη 67 άτοµα, τα οποία στη συνέχεια µειώθηκαν µε το εφετειακÞ βούλευµα που εκδÞθηκε, στα 43 που σήµερα βρίσκονται ενώπιον του δικαστηρίου. Η διαδικασία διεκÞπη, αφού διορίστηκε συνήγοροσ σε κατηγορούµενο που δεν είχε, και θα συνεχισθεί στισ 24 Απριλίου.

¡¤· ·Ó·ÛÙÔÏ‹ ‰È·Ú·ÁÌ¿Ù¢Û˘ ÁÈ· ∫‡ÚÔ˘ Î·È CPB

15.000 ·ÔχÛÂȘ Î·È ÈÛ¿ÚÈı̘ ÚÔÛÏ‹„ÂȘ ÛÙÔ ÂÏÏËÓÈÎfi ‰ËÌfiÛÈÔ

Το ∆ιοικητικÞ Συµβούλιο τησ Επιτροπήσ Κεφαλαιαγοράσ αποφάσισε να ζητήσει απÞ το Χρηµατιστήριο Αθηνών Þπωσ συνεχίσει την αναστολή διαπραγµάτευσησ των µετοχών των τραπεζών “Κύπρου” και “Cyprus Popular Bank”,έωσ την 31η Μαΐου 2013. Η απÞφαση λήφθηκε σε συνέχεια τησ ενηµέρωσησ απÞ την Επιτροπή Κεφαλαιαγοράσ τησ Κύπρου σχετικά µε την απÞφαση του Συµβουλίου του Χρηµατιστηρίου Αξιών Κύπρου να παρατείνει την αναστολή διαπραγµάτευσησ των δύο τραπεζών. Εξάλλου η Επιτροπή Κεφαλαιαγοράσ επέβαλε πρÞστιµα ύψουσ 25.00 ευρώ. Συγκεκριµένα επέβαλε πρÞστιµο 15.000 ευρώ στην “ΕΜΠΟΡΙΚΗ ΤΡΑΠΕΖΑ ΑΕ” για παραβάσεισ τησ νοµοθεσίασ τησ Κεφαλαιαγοράσ αναφορικά µε την παροχή πίστωσησ σε πελάτεσ τησ, πρÞστιµο 7.000 ευρώ στην εταιρεία “ΒΕΤΑ Χρηµατιστηριακή ΑΕΠΕΥ” για παραβάσεισ τησ νοµοθεσίασ τησ Κεφαλαιαγοράσ αναφορικά µε µη γνωστοποίηση µέσω του TRS συναλλαγών και διαπιστώσεισ ελλείψεων στην ενηµέρωση πελατών και καταγραφή των εντολών και πρÞστιµο 3.000 ευρώ στην εταιρεία “GUARDIAN TRUST XΡΗΜΑΤΙΣΤΗΡΙΑΚΗ ΑΕΠΕΥ” για µη έγκαιρη ενηµέρωση επενδυτή για την κάλυψη του διατηρητέου περιθωρίου.

Αντιµέτωπο µε ασφυκτικά χρονοδιαγράµµατα θα βρεθεί το προσεχέσ διάστηµα το ΕλληνικÞ Υπουργείο ∆ιοικητικήσ Μεταρρύθµισησ, προκειµένου να ανταποκριθεί στην ποσοτικοποιηµένη πλέον ρύθµιση για απÞλυση 15 χιλιάδων υπαλλήλων µέχρι το τέλοσ του 2014, εκ των οποίων 4.000 εντÞσ του έτουσ. Έχοντασ ήδη προσδιορίσει τισ δεξαµενέσ απÞ τισ οποίεσ θα προέλθουν οι προσ απÞλυση υπάλληλοι καλείται αφενÞσ να προχωρήσει στον προσδιορισµÞ των φορέων του ευρύτερου δηµÞσιου που θα βάλουν «λουκέτο» αποµακρύνοντασ το σύνολο των υπαλλήλων τουσ, καθώσ και εκείνων που θα συγχωνευθούν και το πλεονάζον προσωπικÞ τουσ θα µπει σε διαθεσιµÞτητα. Στην κυβέρνηση προτάσσουν το επιχείρηµα τησ επαναπρÞσληψησ ισάριθµων προσοντούχων υπαλλήλων, απÞ τισ «λίστεσ αναµονήσ» επιτυχÞντων του ΑΣΕΠ, σε µία προσπάθεια να κάµψουν τισ αντιδράσεισ που προκάλεσαν οι τελικέσ αποφάσεισ, ενώ σε πρώτη γραµµή βάζουν και τη δυνατÞτητα εξαγοράσ µέχρι και τριών πλασµατικών χρÞνων, απÞ υπαλλήλουσ που θα βρίσκονται κοντά στη σύνταξη, κάτι ωστÞσο, που τελεί ακÞµη υπÞ την έγκριση τησ τρÞικασ. Παράλληλα, εντείνεται το «κυνήγι» των επίορκων, καθώσ Þλεσ οι πληροφορίεσ επιµένουν Þτι µέχρι τον Ιούνιο ο αριθµÞσ εκείνων που θα αποµακρυνθούν θα πρέπει να φθάσει τουσ 2.000. Ήδη ο Επιθεωρητήσ ∆ηµÞσιασ ∆ιοίκησησ έχει λάβει απÞ την εισαγγελία περίπου 294 ποινικέσ υποθέσεισ του τελευταίου τριµήνου (απÞ τισ οποίεσ οι 65 αφορούν πανεπιστηµιακούσ, αστυνοµικούσ κ.ά.) και οι οποίεσ θα διαβιβαστούν σήµερα στο υπουργείο, ώστε µε διαδικασίεσ εξπρέσ να αποµακρυνθούν, ενώ στο µικροσκÞπιο βρίσκονται και οι 1.900 παλαιÞτερεσ περιπτώσεισ πειθαρχικά υπÞλογων που εξετάζονται στα πειθαρχικά.

ΧΡΗΜΑ&ΑΓΟΡΑ

17 ΑΠΡΙΛΙΟΥ, 2013

8 | ΑΓΟΡΑ | financialmirror.com

√ °. ¶ÂÙڷΛ‰Ë˜ Ó¤Ô˜ ¢È¢ı˘ÓÙ‹˜ Ù˘ Microsoft ∫‡ÚÔ˘ Η Microsoft ανακοίνωσε αλλαγέσ στην ηγεσία τησ στην Κύπρο. Ο Γιώργοσ Πετρακίδησ, πρώην ΕµπορικÞσ ∆ιευθυντήσ (Enterprise Partner Group Lead) Κύπρου είναι ο νέοσ ∆ιευθυντήσ τησ Microsoft Κύπρου. Ο κ. Πετρακίδησ αναλαµβάνει τα ινία τησ θέσησ του Γενικού ∆ιευθυντή σε διαδοχή του κ. Λουκά, ο οποίοσ προάχθηκε στη θέση του Γενικού ∆ιευθυντή τησ Microsoft Ρουµανίασ. Ο κ. Πετρακίδησ εργάζεται στην Microsoft για δέκα χρÞνια και τα τελευταία πέντε χρÞνια ηγήθηκε του εµπορικού τµήµατοσ στην Κύπρου. Είναι µέλοσ του ∆ιοικητικού Συµβουλίου του Παγκύπριου Συνδέσµου Επιχειρήσεων Πληροφορικήσ, καθώσ και µέλοσ σε διάφορουσ επαγγελµατικούσ και επιχειρηµατικούσ οργανισµούσ πληροφορικήσ τεχνολογίασ (ΙΤ) στην Κύπρο στουσ οποίουσ εκπροσωπεί την Microsoft. Η Microsoft άρχισε τη λειτουργία τησ στη Κύπρο το 2003 Þπου και εργοδοτεί µέχρι στιγµήσ 18 υπαλλήλουσ. Τα προϊÞντα και οι υπηρεσίεσ τησ Microsoft έχουν σχεδιαστεί µε σκοπÞ να διευρύνουν τισ ατοµικέσ και επιχειρηµατικέσ δυνατÞτητεσ, επιτρέποντασ επικοινωνία µε πολλά και διαφορετικά ακροατήρια. ΠερισσÞτερεσ πληροφορίεσ για τη Microsoft βρίσκονται στη διεύθυνση: http://www.microsoft.com/cyprus

•›‰È ∞Û‡ÚÙÈÎÔ ·Ï·ÈˆÌ¤ÓÔ ÛÙËÓ Î˘Úȷ΋ ·ÁÔÚ¿ Η εταιρεία SENAGA TRADING LTD εισαγωγέασ και διανοµέασ των κρασιών Γαία στην Κύπρο ανακοίνωσε την επίσηµη “παρουσίαση” ενÞσ µοναδικού ξιδιού, το Ξίδι Ασύρτικο Παλαιωµένο. Φτιαγµένο απÞ την φηµισµένη ποικιλία Ασύρτικο Σαντορίνησ, παλαιώνει για πέντε χρÞνια σε δρύινα βαρέλια και εµφιαλώνεται σε υψηλήσ αισθητικήσ φιάλεσ των 250ml. ∆ηµιουργηµένο µε το ίδιο µεράκι και δουλειά που φτιάχνεται ένα καλÞ κρασί, πλούσιο σε αρώµατα, το ΞΙ∆Ι ΑΣΥΡΤΙΚΟΥ ΠΑΛΑΙΩΜΕΝΟ απογειώνει κάθε γευστική αισθητική και απÞλαυση. Τώρα που έρχεται το καλοκαίρι ο ρÞλοσ τησ σαλάτασ και κατά συνέπεια του ξιδιού καταλαµβάνουν ξεχωριστή θέση στην καθηµερινÞτητα µασ. Ανακαλύψτε Þτι µε το ΠΑΛΑΙΩΜΕΝΟ ΞΙ∆Ι ΑΣΥΡΤΙΚΟΥ ... Þλα δεν είναι τα ίδια.

Banc De Binary: ¢˘Ó·ÌÈ΋ Â¤ÎÙ·ÛË ÛÙËÓ ∂˘ÚÒË Η Banc De Binary, µετά την επιτυχηµένη έναρξη των εργασιών τησ στην Κύπρο και την απÞκτηση άδειασ απÞ την Επιτροπήσ Κεφαλαιαγοράσ Κύπρου, ενισχύει την αξιοπιστία και εγκυρÞτητα τησ ωσ ηγέτησ στον τοµέα των δυαδικών συµβολαίων δικαιωµάτων προαίρεσησ (binary options) κατακτώντασ ένα ακÞµη σηµαντικÞ ορÞσηµο στην ευρωπαϊκή αγορά. Σε περίοδο µÞλισ τριών µηνών, η Banc De Binary έκανε σηµαντικά βήµατα προσ την αναγνώριση των δυαδικών συµβολαίων δικαιωµάτων προαίρεσησ (binary options) ωσ ένα ρυθµιζÞµενο επενδυτικÞ εργαλείο. Οι ενέργειεσ τησ εταιρείασ είχαν ωσ αποτέλεσµα την εγγραφή τησ στισ αρµÞδιεσ ρυθµιστικέσ αρχέσ στο Ηνωµένο Βασίλειο - Financial Services Authority (FSA), στη Γερµανία Federal Financial Supervisory Authority (BaFin), στην Ισπανία - Comision Nacional del Mercado de Valores (CNMV) και στην Ιταλία - Commissione Nazionale Societa e la Borsa (CONSOB), µια στρατηγική κίνηση που ακολούθησε τη ρύθµιση των binary options απÞ την Κυπριακή Επιτροπήσ Κεφαλαιαγοράσ. Αυτή η εξέλιξη επιτρέπει στην εταιρεία να διευρύνει τον κύκλο εργασιών τησ µέσω τησ αποδοχήσ νέων επενδυτών απÞ αυτέσ τισ χώρεσ. Ο τοµέασ των binary options στην Κύπρο αποτιµάται σε 500 εκατοµµύρια ευρώ ανά έτοσ και αναµένεται Þτι τα επÞµενα χρÞνια θα διεκδικήσει σηµαντικÞ µερίδιο απÞ την ήδη καθιερωµένη αγορά συναλλάγµατοσ (Forex).

EÈÛÊÔÚ¿ ÚÔ˜ ÙÔ ›‰Ú˘Ì· Friend’s ∏ospice Eισφορά προσ το ίδρυµα «Τhe Friend’s Hospice» Πάφου. Η εισφορά εµπίπτει στα πλαίσια του Βραβείου Ασφαλείασ Πρατηριούχων και Συνεργατών που έχει καθιερώσει η ExxonMobil/Esso Κύπρου τα τελευταία 11 χρÞνια. Κατά τον θεσµÞ αυτÞ Πρατηριούχοι και Συνεργάτεσ προτείνουν φιλανθρωπικά ιδρύµατα τα οποία επωφελούνται των ποσών που εισφέρει η Εταιρεία εφÞσον οι ίδιοι εργάζονται µέσα σε πλαίσια ασφάλειασ. Το Friends’ Hospice Πάφου είναι ένασ ανεξάρτητοσ µη κερδοσκοπικÞσ οργανισµÞσ που βασίζεται ολοκληρωτικά σε δωρεέσ και παρέχει δωρεάν ανακουφιστική φροντίδα σε ασθενείσ µε καρκίνο και άλλεσ ανίατεσ ασθένειεσ, εστιάζοντασ στην στήριξη των ασθενών και των οικογενειών τουσ. Οι υπηρεσίεσ τουσ είναι διαθέσιµεσ για Þλουσ τουσ ασθενείσ ανεξαρτήτωσ εθνικÞτητασ, θρησκείασ ή οικονοµικήσ κατάστασησ. Στη φωτογραφία ο Territory Manager τησ ExxonMobil/Esso Κύπρου κοσ. Ανδρέασ Ανδρέου (αριστερά), παραδίδει την εν λÞγω επιταγή στην Dr. Ruth Marsh του Hospice, παρουσία κου. Στέφανου Στεφάνου, πρατηριούχου τησ Esso ο οποίοσ πρÞτεινε το ίδρυµα.

¶∂∆ƒ√§π¡∞, ENI ·Ó·Ó¤ˆÛ·Ó ÙË Û˘ÓÂÚÁ·Û›· ÙÔ˘˜ Η κυπριακή εταιρεία πετρελαιοειδών ΠΕΤΡΟΛΙΝΑ και ο ιταλικÞσ Þµιλοσ ενέργειασ ENI ανανέωσαν πρÞσφατα τη συνεργασία τουσ για ακÞµη τέσσερα χρÞνια, η οποία περιλαµβάνει την αποκλειστική άδεια για την αντιπροσωπεία, παρασκευή και διανοµή των λιπαντικών, γράσων και ειδικών υγρών ENI στην κυπριακή αγορά. Η συνεργασία ΠΕΤΡΟΛΙΝΑ-ΕΝΙ άρχισε στα τέλη τησ δεκαετίασ του 60’ µε τη διάθεση του AgipGas στην Κύπρο, ενώ στισ αρχέσ τησ επÞµενησ δεκαετίασ συµφωνήθηκε η αποκλειστική αντιπροσωπεία λιπαντικών, γράσων και ειδικών υγρών AGIP (σήµερα φέρουν την ονοµασία ENI). Στισ αρχέσ τησ δεκαετίασ του 90’, οι δύο εταιρείεσ συνεργάστηκαν για την οργάνωση του τοµέα παρασκευήσ λιπαντικών στην Κύπρο, αναπτύσσοντασ έτσι µια νέα καινοτοµία στον τοµέα των πετρελαιοειδών. Την ίδια δεκαετία συµφωνήθηκε και η λειτουργία του δικτύου πρατηρίων AGIP στην Κύπρο. Ο ΕκτελεστικÞσ Σύµβουλοσ Μάρκετινγκ τησ ΠΕΤΡΟΛΙΝΑ, κ. Άκησ Λευκαρίτησ, δήλωσε πωσ η ΠΕΤΡΟΛΙΝΑ, ωσ κυπριακή εταιρεία πετρελαιοειδών, θα συνεχίσει, παρά τισ δύσκολεσ εποχέσ που διανύουµε, να επενδύει σε νέα προϊÞντα και υπηρεσίεσ. «Το αναπτυξιακÞ µασ πλάνο βρίσκεται συνεχώσ σε πλήρη εφαρµογή και εξέλιξη», είπε ο κ. Λευκαρίτησ. Τισ συµφωνίεσ υπέγραψαν εκ µέρουσ τησ ΠΕΤΡΟΛΙΝΑ ο ΕκτελεστικÞσ Σύµβουλοσ Μάρκετινγκ κ. Άκησ Λευκαρίτησ και εκ µέρουσ τησ ENI ο κ. Μασσιµιλιάνο Ροσιέλλο.

To SHARK ·ÚÔ˘ÛÈ¿˙ÂÈ ÙÔÓ Gareth Emery To SHARK Energy Drink σασ καλεί σε ακÞµα ένα ξέφρενο πάρτι µε πρωταγωνιστέσ Þλουσ εσάσ! Αφεθείτε και διασκεδάστε στουσ ηλεκτρονικούσ ήχουσ του dj Gareth Emery, ενÞσ απÞ τουσ καλύτερουσ βρετανούσ DJs. Η µουσική του είναι µοναδική, Þπωσ και τα remixes τα οποία τον έχουν καθιερώσει στη µουσική βιοµηχανία. Χορέψτε µε τα SHARK girls και καταναλώστε άφθονο SHARK Energy Drink στο Pavilion, στισ 30 Απριλίου, µαζί µε τον Gareth Emery. SHARK, Bring out the Beast.

L’ eau for her ·fi ÙÔÓ Narciso Rodriguez Ο Narciso Rodriguez παρουσιάζει µια αριστοτεχνική σύνθεση που ρίχνει το γάντι στο αρχέτυπο του αρώµατοσ! Αυτή η νέα σύνθεση ανατρέπει την παραδοσιακή λογική µε µια συµφωνία απÞ ψηλέσ νÞτεσ λουλουδιών, µε πρώτο και καλύτερο το κίτρο. Το αποτέλεσµα: ένα άρωµα υψηλήσ µÞδασ που επαναπροσδιορίζει τον αισθησιασµÞ του for her’s musc µε µια χαρούµενη ζωντάνια. Ακριβώσ Þπωσ το 2003 ο Narciso Rodriguez έδωσε καινούργιο νÞηµα στο µοντέρνο κυπαρίσσι µε το for her’s musc, σήµερα αποκαλύπτει το Þραµα του για το σύγχρονο άρωµα. Το for her l’ eau ξαναζωντανεύει τη µαγεία τησ συλλογήσ for her µε µια νέα ελευθερία, ενώ το µπουκάλι του for her l’ eau έχει δηµιουργηθεί µε χαρακτηριστική λεπτÞτητα.

April 17 - 23, 2013

financialmirror.com | PROPERTY | 19

J&P delivers $750 mln airport terminal in Jordan Construction giant J&P subsidiaries, J&P Avax SA (Greece) and J&P Overseas (Cyprus), were involved in the construction of the new $750 mln terminal at Queen Alia International Airport in Amman that was inaugurated by King Abdulla II last month.

The terminal, which has been designed by Foster & Partners, has a capacity to handle 9 mln new passengers, or 12 mln once departure lounges are extended in 2020, doubling the airport’s current capacity.

The building will serve as the hub for Royal Jordanian Airlines and is inspired by local traditions and topography – a series of domes branch out from supporting columns like the leaves of a desert palm – and pays heed to the local climate. As summer temperatures in Amman vary significantly between day and night, the building is constructed mainly from heatdissipating concrete.

Seen from above, the succession of domes that make up the roof are designed to resemble the flowing fabric of a Bedouin tent.

The new terminal is being operated by Aeroports de Paris Management under a 25-year build, operate, transfer (BOT) model with joint venture partners including Abu Dhabi Investment, Noor Financial Investment Co (Kuwait), EDGO (Jordan), J&P Avax SA (Greece) and J&P Overseas (Cyprus).

“The new terminal at Queen Alia International Airport, Amman is a major flagship project for Aéroports de Paris Management which has run the airport since 2007,” said Jacques Follain, managing director of Aéroports de Paris

Management. ADPM is the sole operator of the airport and a 9.5% shareholder. The two J&P subsidiaries also have a joint 19% stake in the venture, Airport International Group.

Today, ADPM manages a portfolio of 22 airports worldwide with a total traffic of around 130 mln passengers including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget.

J&P Overseas is a holding company of the construction and investment group Joannou & Paraskevaides. About 40% of its revenues are generated from transport infrastructure projects in the Middle East with extensive experience in the construction of airports. J&P-Avax SA is one of the largest construction companies in Greece and has constructed several projects for the 2004 Olympic Games, in addition to being a significant player in the

A buyer’s market in Greece, focus on bargains and distressed properties l

East European market reduced by a third to€7.7 bln

The Eastern European investment market saw 7.7 bln euros worth of investment transactions during the whole of 2012, a significant drop in trading across the market, with turnover reduced by over a third compared to the 12.2 bln in 2011, according to Colliers International’s “Eastern European Investment Overview 2012”.

“This figure should not be taken at face value,” said Damian Harrington, Regional Director of Research for Colliers International, “as the closing of large deals distort the statistical year-on-year trends”.

Looking back at the 2011 deals, investment market turnover was driven by some very large ‘one-off’ deals – the Europolis Portfolio and Galeria St Pete’s deal – at a total of 2.3 bln this is almost 20% of the total transaction volume for the year. If these deals had closed either side of 2011, the overall figure for the year would be significantly lower.

Whilst the year-on-year statistics depict strong volatility, the clear underlying trend is that the markets which continue to attract real estate capital offer a combination of the following: liquid capital markets, including competitively priced debt provision; the availability of strong, core assets at reasonable pricing levels; and, positive economic and property market growth fundamentals. The markets which most benefit from these conditions are Russia and Poland. In 2012 they accounted for over

80% of all transactions and this trend will continue in 2013, the Colliers report said.

In Greece, 2012 followed the trends as seen in 2011 since the recession affected the investment market harder than the rest of the economy. The majority of the investors were on a standby mode for investment product to get distressed.

The Greek market turned into a buyer’s market as a result of lack of financing – the buyer interest that so far came from local private investors looking for bargain deals and distressed properties provided typically by high yields.

However, the first encouraging investment actions started to take place in Q3 2012 with the first major investment sale through privatisation being announced; the Usufruct Right on the Exploitation for 90 years of the International Broadcasting Centre (IBC) to Lamda Development, the highest bidder.

Ana Vukovic, Managing Director of Colliers International Hellas explained: “We are expecting to see the turning point within 2013 regarding investment volume in Greece. Low price levels combined with high yields and reduced political and economic uncertainty can increase the market’s attractiveness and investment interest. Various restructuring funds have started to express their interest and we estimate that they will be followed by foreign direct investments, new production lines and deals.”

In summary, the Eastern European investment market has performed well over the last couple of years despite the negative factors it has had to contend with - including weakening economic sentiment and growth; the partial closure of traditional forms of debt via the banks outside of the main markets of Poland and Russia, the Czech Republic and Slovakia: and rafts of regulation impacting operational capacity.

Looking ahead, whilst the European economy should bottom-out in 2013 leading to improvements at the end of the year, the operational capacity of banks and investors will remain hindered, curtailing activity outside of the larger, core markets.

London luxury residential property boom looking shaky l

Grosvenor says luxury home price growth unsustainable

Grosvenor Group, which owns most of London’s upscale Mayfair and Belgravia districts, said the rate of luxury home price growth in the capital looked unsustainable after years of foreigners pouring cash into the safe-haven market.

Luxury home prices have surged 53% since 2009, compared with 25% in Greater London, as investors sought refuge from Europe’s debt crisis, and political uncertainty in the Arab world and Russia, property group Knight Frank said.

The buoyant market has since attracted a slew of commercial developers such as British Land and Land Securities while Grosvenor has also cashed in by converting offices back to their original use as homes.

“The extremely high rate of growth over the last two, three years is a thing I’m concerned about and I think it’s probably unsustainable,” said Grosvenor’s Chief Executive Mark Preston.

“As those crises recede then perhaps there’s less interest in capital moving internationally for safe haven reasons,” he said. “(And) we’re reaching values in prime London that are just extremely high by historic standards.”

Preston said Grosvenor would focus on diversifying the business further this year by investing in Canadian residential and British rental homes to offset the risk of slowing price growth in the luxury housing market.

London is the third most expensive place to buy a home after Monaco and Hong Kong at 2,540 pounds per square foot, Knight Frank data showed.

Grosvenor is one of the first major London luxury home owners to warn of the sector’s risks.

The firm is controlled by the Grosvenor family, headed by Gerald Grosvenor - the Duke of Westminster - whose 7.4 bln

pound fortune placed him at No. 7 in Britain’s Sunday Times Rich List last year.

Its London estate, which it has owned for more than 300 years, comprises 300 acres of Mayfair and Belgravia with more than 1,500 homes, shops and offices as well as investments in China, Europe and North America and a fund management arm.

The company said profit before tax rose 12.5% to 354.4 mln pounds in 2012, driven by central London property price growth and improved operational performance. The value of its property assets was 5.8 bln pounds, unchanged from 2011.

Total return, based on rental income and property prices, fell to 7.2% from 9% due to losses on a Spanish office park and property revaluations in continental Europe.

April 17 - 23, 2013

20 | WORLD MARKETS | financialmirror.com

Investors should demand higher dividends from IBM

By Jon C. Ogg Co-founder and Editor of 24/7 Wall St International Business Machines Corp. is set to report earnings this Thursday, and we have Big Blue as one of our top DJIA expected dividend hikes for the month of April. We are almost certain that a higher dividend payout is coming, but to what extent is still up for debate. We want to see a much higher dividend for IBM shareholders.

IBM previously announced that its next annual meeting of stockholders will be held April 30, 2013. In 2012 the company waited one week after its earnings to report that it was raising its dividend. We will not be surprised if the same holds true this year, but we are not as concerned about the actual week as we are the magnitude (or lack of) coming in the hike. Last year’s payout hike was by 13% (from $0.75 to $0.85 per share per quarter), but we think that IBM needs a much better dividend hike this time around. In fact, we will be severely disappointed if IBM does not get more aggressive on its dividend hike.

When IBM raised the payout by $0.10 per quarter to $0.85, shares were at $196.63 and they closed at $200.14 (both prices are dividend adjusted) the following day. The yield at the time it was declared went up to 1.73%, and now shares are closer to $210.00. The IT giant would have to offer a 5% payout raise just to get its payout the same as before, as the price appreciation now only generates a 1.62% dividend yield.

The company would represent that the buyouts are currently the preferred method of a return of capital to shareholders.

πµª: Dividend History

IBM would also say that the buyouts automatically leverage any dividend hikes. The long and short is that IBM under-yields its DJIA technology peers and the company has no significant revenue growth. Maybe IBM is holding back in hopes of making a gamechanging acquisition.

Some of IBM’s earnings growth comes from more streamlined operating by its managers, but the share buybacks are a large part of that earnings per share growth. We would argue also that changing salespeople payouts is another thing that allows earnings to grow while sales do not, but that is an internal issue that we will let salespeople and their managers take up.

IBM needs to understand that a 1.62% dividend yield is very unimpressive, even for technology leaders. Cisco Systems Inc. has only paid a dividend for about two years and its dividend yield is now more than 3%. Hewlett-Packard Co. is in serious trouble finding growth and is also trying to protect its markets, and even it raised its dividend by 10% lately to payout a yield of 2.77%. So how does IBM get to pay only about 60% of what Hewlett-Packard pays and only about half of what Cisco Systems pays out? The answer is that it should not be allowed to going forward. Warren Buffett is a large holder of IBM now (with over 68 mln shares), and it is very well known that he loves to invest in companies paying dividends.

Ginny Rometty is now chairman and CEO of IBM, and she and the company already have telegraphed that IBM will yet again increase share buybacks. We cannot stress this enough, but our take is that Big Blue needs to target better earnings payout ratios versus today. Thomson Reuters has an estimate of

earnings at $16.77 per share in 2013, and IBM has targeted $20.00 in earnings per share by the year 2015. That current $3.40 in annualized dividend payments, if left alone, would generate an income payout ratio of only about 20%. A $0.10 payout increase to $0.95 would only generate a payout ratio of less than 23%. We are not going to predict that IBM will raise its dividend by this much, but we still think that the company should. IBM needs to target 30% of its normalized earnings for dividends, unless it is targeting a large acquisition soon. This would be a huge dividend increase because it would go all the way up to $5.00 per share per year. The yield of a $5.00 annualized payout rate is still only just under 2.4%, and that would still keep IBM as the lowest technology dividend of all DJIA stocks. In short, IBM has a lot of catching up to do now.

A screen on Finviz shows that IBM is not just among the lowest on the list of DJIA stocks by dividend yield. It is ranked as 25 of 30, down at the bottom of the barrel when it comes to DJIA dividend yields Will IBM raise its payout to $1.25 per quarter (or $5.00 per year)? Most likely not. Our guess is that IBM will go up to $1.00 per quarter when it raises its payout in the next week or two, but anything short of that is not something for which we will be praising the company.

Gold slides further, weakest level in 2 years Spot gold and silver extended losses on Tuesday and plunged to their weakest in more than two years as investors dumped their holdings on fears about central bank sales and worries about global growth.

Spot gold fell as much as 2.3% to $1,321.35 an ounce before recovering to $1,352.56 while silver shed as much as 2.4% to $22.04 before trading up at $22.76. On Monday, the price of gold bullion tumbled another $125 per ounce in its biggest-ever daily loss, and its 9% loss was the biggest since 1983.

Gold has been struggling to extend gains this year as a recent rally in U.S. and global equities drained money out of bullion while concerns about central bank selling and a steady drop in exchange traded funds on selling by large investors further undermined investor sentiment.

Brent crude futures fell below $100 for the first time in nine months on Tuesday and last traded down 1% at $99.58 a barrel and U.S. crude traded down 1.3% at $87.60 after hitting a four-month low of $86.06.

Investors will likely reassess their

sell-off and gained was the yen, as the reversal in recent positioning meant short sales on the Japanese currency had to be covered. The dollar fell to a low of 95.67 yen and the euro also hit a low of 125 yen earlier but the dollar managed to crawl back nearly two yen and was last at 97.55

FOREX COMMENTARY & TECHNICAL ANALYSIS portfolio allocations for the second quarter, with Japan possibly surprising on the upside while uncertainty may take a deeper hold on the European and Chinese economies. The U.S. may be starting to feel the pain of its fiscal contraction.

Among the few assets that bucked the

yen, while the euro also recovered to 127.53 yen.

“Many players had positioned themselves for the dollar’s rise above 100 yen and now they were forced to dump the dollar. But looking at the U.S.

currency report, you get the impression while the U.S. and other countries may accept the 90-95 yen range, they don’t welcome 95-100 range,” Daisuke Uno, chief strategist at Sumitomo Mitsui Bank told Reuters.

Investors are refraining from yenselling ahead of the Group of 20 meeting in Washington from Thursday, thinking other countries may protest against or even seek to stem the yen’s rapid decline — which accelerated after the BOJ’s easing campaign started on April 4.

Traders say the dollar has a cluster of important supports around 96.25-35, including both tenkan and kijun lines on the daily Ichimoku charts. It is also where the currency was at just before it jumped after U.S. payrolls data earlier this month.

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 17 - 23, 2013

financialmirror.com | MARKETS | 21

Egypt clerics pick holes in Islamic bonds law

How bond markets work in Euroland Marcuard’s Market update

by GaveKal Research Something strange seems to be happening in European bond markets. French and Dutch bond yields this week registered new lows despite a potentially game-changing shock from the Cyprus bailout and recessions in both economies threatening their sovereign ratings.

Even reports yesterday that the cost of the Cyprus rescue has risen by a third to ?23bln, caused only a slight market ripple. The case of France is particularly interesting since the 10year OAT-bund spread declined to 50bps earlier this week, the lowest level since July 2011.

European bond bears have been wrong footed due to mistaken assumptions about the fundamental nature of risk in the eurozone. Unfair as it may seem, core eurozone countries cannot be analyzed in the same way as those on the periphery. This distinction— which is as much political as economic—is vital when explaining the fundamental difference in bond valuation for the two groups.

Indeed, since the beginning of the euro crisis investors have priced in the possibility that one or more countries in the GIPSI grouping could (i) leave the euro of their own accord; (ii) be kicked out by the others, or (iii) be forced to default, since, for both economic and political reasons, they are deemed as sub-sovereign.

The treatment meted out to Greece (haircut on the public debt) and Cyprus (big bank depositor “bail-in”) has reinforced this belief that the eurozone has issued debt in a partially “foreign” currency (as when emerging countries issue bonds in USD).

Investor concern about redenomination risk has lessened since Mario Draghi’s pledge last summer that the European Central Bank would do “whatever it takes” to preserve the euro system. What remains is the default risk among the non-core grouping with the result that the yield spread remains stubbornly wide, with negative consequences for growth.

By contrast the core countries (including France and the Netherlands) are effectively considered to be issuing debt in a currency they can print. From this it follows that any serious sovereign crisis in one of these core countries would necessarily demolish ECB resistance to direct monetization of national debts, or lead to the creation of eurobonds.

The idea of Berlin imposing a haircut on French or Dutch public debt has little credibility within the European construct, and this has become a bedrock assumption for investors.

Such risk that remains can be seen in French and Dutch bonds having a spread over bunds in the order of 50bps, fairly high by historical standards. And yet the absolute yields are sufficiently low to ensure that both economies benefit from the accommodative ECB monetary policy.

For this reason, the risk faced by sovereign bondholders (and thus by bank depositors) in the core countries is completely different than for their GIPSI neighbors. What matters is the belief among investors as varied as the Swiss National Bank, Dutch insurers and Mrs. Watanabe in Japan that France effectively issues in its own currency, while Spain and Italy do not. And, hence despite the bad economic policy-making in Paris and deepening economic downturn, investors keep buying OATs. Put another way, French, German and now

W OR L D C U R R E N C I ES P ER U S D O L L A R C U RR E N C Y

C OD E

E UR O P E A N

R AT E

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

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

8630 1.5308 1.4956 19.776 5.7023 11.9676 1.3074 1.649 224.99 0.53505 2.6407 0.3284 12.24 5.744 3.142 3.3486 31.456 6.4059 0.9296 8.1

Australian Dollar * Canadian Dollar Hong Kong Dollar Indian Rupee Japanese Yen Korean Won New Zeland Dollar * Singapore Dollar

AUD CAD HKD INR JPY KRW NZD SGD

1.0375 1.0226 7.7621 54.35 97.53 1114.9 1.1793 1.237

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

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

0.3770 6.8862 12116.90 3.6299 0.7055 0.2848 1501.00 0.3850 3.6404 3.7501 9.1558 3.6727

Azerbaijanian Manat Kazakhstan Tenge Turkish Lira

AZN KZT TRY

0.7836 151.03 1.7916

A M E R IC A S & P A C I F I C

M I D D L E E AS T & A F R I C A

A S IA

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.

www.marcuardheritage.com

Note:

* USD per National Currency

The Financial Markets

Weekly Economic Calendar Date Country Detail APR 17 GBP Unemployment Rate and Claimant Count Change due 11.30am APR 17 CAD Bank of Canada Policy Report and Rate Statement due 5pm APR 17 US Beige Book due 9.00pm APR 18 GBP Retail Sales due 11.30am APR 18 EUR Spanish 10-year Bond Auction APR 18 US Weekly Unemployment Claims due 3.30pm APR 18 ALL G20 Meetings begin APR 19 EUR Current Account due 11.00am in EUR APR 19 CAD CPI M/M due 3.30pm APR 19 ALL G20 Meetings APR 19 ALL IMF Meetings APR 20 ALL IMF Meetings Indicated times are Cyprus time

Dutch bond bears are wrong for the same reasons that treasury, gilt and JGB bears have been wrong. Higher public debt, weaker economic growth and a resulting credit rating downgrade have led to these economies seeing lower, not higher, bond yields.

Under what scenario could this logic break down? Really, only in the event that investors come to expect a generalized eurozone breakup as was the case in the fourth quarter 2011, when risk escalated in both the non-core and core economies (the 10-year OAT yield spiked above 3.5%, almost 200bps higher than bunds). Yet, after that panic, investors quickly recalibrated to the reality of a two-tier eurozone bond market.

The only way we are likely to slip back into a 2011 spiral of decay is if the austerity-prone northern Europeans, as personified by Dutch finance minister Jeroen Dijsselbloem, are able to derail the expansionary efforts being promoted by ECB boss Mario Draghi. In this case investors would start to price in a currency devaluation risk. But even in the unlikely event of this disruptive scenario playing out, breakup should not translate into heightened default risk, as the Dutch and French governments will obviously request their re-empowered central banks to turn on the printing presses. In other words, any post-euro environment is unlikely to produce higher interest rates in France and the Netherlands.

For this reason, there is no compelling case presently to sell French, Dutch or, for that matter, German bonds. So long as eurozone growth remains weak and Mrs. Watanabe and other investors around the world seek yield pick-up in a currency which displays slightly harder characteristics than their own, core eurozone bond yields are unlikely to rise that much.

A law that will allow Egypt’s Islamist-led state to issue Islamic bonds contravenes the sharia in numerous ways, according to a panel of senior Muslim clerics whose objections are likely to hold up ratification of the legislation.

President Mohamed Mursi of the Muslim Brotherhood referred the law to the Senior Scholars Authority of Al-Azhar, a thousandyear seat of Islamic learning, after it was driven through parliament by his Islamist allies last month. Egypt has never before issued Islamic bonds, or sukuk, which adhere to Muslim principles that deem the payment of interest as impermissible. The government, which is struggling with an unaffordable budget deficit, hopes passage of the law will allow it to raise billions of dollars in the Islamic bond market.

But it has triggered tension between the ruling Islamists and Al-Azhar. Its scholars complained when the Brotherhood-led parliament approved the legislation and referred it to Mursi without first consulting them, as required by the constitution.

The clerics are demanding the amendment of nine of 31 articles in the law, according to details of their objections published in local newspapers on Monday. An Al-Azhar official contacted by Reuters confirmed the details.

Interest Rates

Forecast Previous 0.0k -1.5k

-0.30%

2.10%

347k

346k

13.9B 0.20%

14.8B 1.20%

Source: Eurivex

Base Rates CCY USD GBP EUR JPY CHF

CCY/Period USD GBP EUR JPY CHF

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

1mth 0.20 0.49 0.06 0.12 0.00

2mth 0.24 0.50 0.10 0.14 0.01

LIBOR rates 3mth 0.28 0.51 0.13 0.16 0.02

6mth 0.44 0.60 0.22 0.25 0.09

1yr 0.72 0.90 0.42 0.44 0.25

CCY/Period USD GBP EUR JPY CHF

CCY GBP EUR JPY CHF

2yr 0.37 0.56 0.42 0.28 0.07

3yr 0.47 0.61 0.50 0.31 0.16

Swap Rates 4yr 0.64 0.75 0.64 0.35 0.27

Exchange Rates CCY1\CCY2 1 USD USD 0.7649 EUR 0.6533 GBP 0.9297 CHF 97.52 JPY

Major Cross Rates 1 EUR 1 GBP

1 CHF

100 JPY

1.3073

1.5308

1.0756

1.0254

1.1710

0.8228

0.7844

0.7026

0.6699

0.8540 1.2154

1.4232

127.49

149.28

Opening Rates

0.9533 104.89

CCY\Date

05.03

12.03

28.03

09.04

16.04

USD GBP JPY CHF

1.2990

1.2977

1.2740

1.2996

1.3024

0.8589

0.8714

0.8416

0.8509

0.8510

120.54

124.96

119.68

128.71

126.83

1.2188

1.2287

1.2116

1.2106

1.2079

Weekly movement of USD Today Last Week %Change 1.5308 1.5252 -0.37 1.3073 1.3013 -0.46 97.52 98.82 -1.32 0.9297 0.9362 -0.69

5yr 0.86 0.88 0.81 0.41 0.41

7yr 1.33 1.26 1.14 0.56 0.70

10yr 1.87 1.80 1.55 0.78 1.06

April 17 - 23, 2013

22 | WORLD MARKETS | financialmirror.com

Dish $25.5 bln bid for Sprint to push others l

New entity would have 63 mln subscribers, $50 bln in revs, trumps Japanese offer

Dish Network, the No.2 U.S. satellite TV provider, has offered to buy wireless service provider Sprint Nextel for $25.5 bln in cash and stock, a move that could inspire other telecoms or video companies to consider their own prospects of combining.

Dish’s offer could trump a proposal in October by Japanese wireless operator SoftBank Corp to buy 70% of Sprint for $20.1 bln.

Unlike SoftBank, which is only proposing an investment in Sprint, Dish is promising to bring customers technical benefits - the ability to watch video anywhere, anytime through a combination of its satellite service with Sprint’s wireless network.

Dish’s unsolicited bid is the latest twist in a wave of consolidation in the U.S. wireless industry, where carriers are frantically trying to combine to build more powerful networks and compete with market leaders Verizon Wireless and AT&T. It is the boldest step yet by Dish Chairman Charlie Ergen, who has spent billions of dollars on wireless spectrum in the last few years and made a counteroffer to a bid by Sprint for Clearwire Corp, a spectrum-rich wireless company majority-owned by Sprint.

Sprint shares jumped as much as 17.8% on Monday to a near 4-1/2-year high, and slightly topped the value of the Dish bid.

DEAL TRIGGER

BTIG analyst Walter Piecyk said Dish’s move could trigger other deals. “Everything should be on the table when you have a major movement like this when a major player in one part of the business is buying a major player in another part of the business as a combined entity,” he said.

“If you’re a competitor and you don’t make a move, it’s a lost opportunity,” Piecyk added, referring to other telecommunications and video companies that offer some - but not all - of what a combined Dish and Sprint would offer.

Other analysts agreed a Dish and Sprint combination could change the wireless market.

“The idea that Dish can take this huge spectrum holding and pretty quickly put it to use as a mobile services product really adds a new competitor element to the landscape,” said Bill Menezes, principal research analyst at Gartner.

Dish’s bid comprises $4.76 in cash and 0.05953 share of Dish stock for each Sprint share. The offer, which works out to $7 per share, represents a premium of roughly 12% to Sprint’s close on Friday.

“This is the culmination of a lot of years of work. Whether it be the purchase of spectrum, entering auctions, the acquisition of Sling Media, all those things come together now with the merger with Sprint,” Ergen said on a conference call with analysts and reporters.

13% PREMIUM

SHAREHOLDERS WELCOME OFFER

Sprint said it would evaluate the proposal, but declined further comment. Some Sprint shareholders welcomed the Dish offer.

“It does appear it offers more value than SoftBank’s agreement,” said Roy Behren, an investment manager at Westchester Capital, a merger arbitrage investor. “We’d be in favor of any transaction that offers superior value.”

Behren’s firm held 14 mln Sprint shares at the end of 2012, according to the latest publicly available information.

Another investment manager at a top-25 Sprint shareholder also reacted positively to Ergen’s offer for the company. “It makes very good sense because he brings more to the table on a bunch of different levels than SoftBank does,” said the investment manager, who asked not to be named in the absence of approval to speak to the media.

“I’d vote for the Dish deal. It’s more value,” said the manager, who sees a combined Dish and Sprint being in a better position to compete, even though they would be more high leveraged than a Sprint that is 70%-owned by SoftBank.

Some analysts said the Dish offer could lead to a bidding war with SoftBank, even though an improved bid could be pricey because of a recent decline in the value of the Japanese yen .

While apples-to-apples comparisons are difficult because SoftBank is offering to buy only part of Sprint, analysts said the fact that the yen is 20% weaker now than last October would be a complicating factor.

Dish said its offer was 13% greater than SoftBank’s, based on share prices and exchange rates as of last Friday. It was not immediately clear precisely how the offers compared, though, given that SoftBank’s offer has multiple steps and is for part, not all, of Sprint.

Dish’s offer would leave Sprint shareholders with 32% ownership of the combined company. Under the SoftBank deal they would own 30% of Sprint.

In a statement, SoftBank said its agreement with Sprint would “offer Sprint shareholders superior short and long term benefits to Dish’s highly conditional preliminary proposal.

“The SoftBank-Sprint transaction is in the advanced stages of receiving the necessary approvals, and we expect to consummate the transaction on July 1,” it added.

SoftBank’s billionaire founder and chief Masayoshi Son is known to be as fierce a competitor as Ergen, and analysts don’t expect him to walk away quietly.

Dish shares closed down 2.3 percent at $36.77, while Sprint’s rose 13.5%, or 84 cents, to close at $7.06, after rising as high as $7.33 earlier in the session. SoftBank shares were down 7% at 4,360 yen in Tokyo on Tuesday afternoon.

‘REALIZATION UNDER SMALLER PLAYERS’

A combined Dish and Sprint would have 63.1 mln retail subscribers and $50 bln in annual revenue, Dish said in a regulatory filing.

The play for Sprint came together in the last few months as Dish started to think about alternatives to gain even more spectrum, according to a source familiar with the matter.

As much as Dish wants a wireless partner, analysts said, Sprint also needs a deal to compete more effectively.

“There is a realization among the smaller players in the U.S. market that they need to merge or partner to compete against Verizon and AT&T, which are both so strong commercially and in terms of network quality,” said Kester Mann, telecoms analyst at consultancy CCS Insight.

Barclays is serving as financial adviser to Dish, which said it intended to fund the bid with $8.2 bln in cash from its balance sheet as well as debt financing. Earlier this month, Dish priced a debt offering of $2.3 bln, more than double what was planned.

In its letter to Sprint’s board, Dish said it had received a “highly confident letter” from Barclays with regard to its financing, which suggests Dish would have little difficulty raising the funds it needs. Dish said it would have to raise about $9.3 bln total in new funding, though its structure has not yet been set.

Princeling-backed firm eyes $500 mln China buyout fund Nepoch Capital, a new private equity firm founded by the son of a former member of China’s politburo, has launched the first ‘princeling’ fundraising since the new government took power last month vowing to clamp down on cronyism and nepotism.

China’s so-called princelings, the sons and daughters of the country’s elite, have a long association with private equity funds, and their investments - and sometimes bumper profits from a swift exit from lucrative initial public offerings - have drawn accusations of favouritism and corruption.

The view that princelings have the inside track on investments through their families’ political connections is often what attracts investors, industry executives say.

He Jintao, the son of He Guoqiang, who used to be in charge of Communist Party discipline, has quickly raised $200 mln from investors despite a tough fundraising climate, and is expected to reach a target of as much as $500 mln by the midyear.

The success of He’s fundraising may put Beijing in an awkward position, so soon after Xi Jinping took over as China’s new president pledging to tackle widespread corruption within government. The behaviour and wealth of the nation’s princelings came to symbolize that corruption.

Four of the best-known funds with a history of high-level princeling involvement have raised a combined $10.4 bln for investments.

Their ranks include Liu Lefei, CEO of CITIC Private Equity Funds Management and the son of politburo standing committee member Liu Yunshan; Winston Wen, co-founder of New

Horizon Capital and the son of former premier Wen Jiabao; and Jiang Mianheng, a board member at New Margin Venture Capital in the 1990s and son of former China President Jiang Zemin.

INSIDE TRACK

Despite Xi’s drive for more austere government and a cleanup of official excesses such as lavish banquets that fuelled social resentment, the Nepoch launch shows that princelings are still pursuing business interests, attracting investors through their political ties.

“It’s getting harder to make money in Asia, and you need someone with an inside track,” said one investor in China private equity funds, explaining the strong interest in Nepoch.

Sceptics question whether it’s realistic to expect the government to root out endemic Communist Party favours. They see princelings remaining active, though maybe less in plain view.

“They will eventually find some way to find more distant relatives or find more subtle ways to control these economic resources,” said Ho-fung Hung, associate professor of sociology at Johns Hopkins University and author of “China and the Transformation of Global Capitalism”.

Hung believes the opaque nature of private equity makes it more of a safe haven for princelings. “If you say Wen Jiabao’s family has connections to the gem and diamond industry, people immediately understand what that is and how it makes money,” he told Reuters in a telephone interview. “Most people don’t understand how private equity works. That’s why it’s under the radar and people’s reaction won’t be that strong.”

Even if Nepoch’s founder operates entirely outside his father’s circle, the connection between the fund and He Guoqiang’s former position as head of China’s Central Commission for Discipline Inspection - responsible for stamping out corruption among government officials - is unavoidable.

“In this market, everyone is looking for distinguishing factors. You could say this distinguishes the fund,” said the private equity fund investor.

RESTRICTED INVESTMENT

Investors in private equity funds usually meet the fund’s founders to discuss investment strategies before they commit money. At Nepoch, investors only get to meet He Jintao after they have agreed to invest, said one of the people familiar with the matter.

Nepoch has already made two investments, including one in the technology, media and telecommunications sector, which is a restricted area for foreign investors, said the people with knowledge of the plans. They declined to name the investments.

Duncan Zheng, a former principal at European buyout firm Triton Partners, is a co-founder with He, the people said, declining to be identified as they are not authorised to talk to the media.

Nepoch, He and Zheng did not respond to phone calls and messages seeking comment for this article.

Returns from China private equity have proved disappointing, and fundraising more than halved last year to $23.4 bln, according to Asia Venture Capital Journal data.

April 17 - 23, 2013

financialmirror.com | WORLD MARKETS | 23

When options trading ahead of deals raises eyebrows Within 36 hours of Warren Buffett’s announcement of a deal to buy H.J. Heinz, U.S. authorities froze an account linked to possible insider trading.

The speed of the crackdown on a lucrative options bet, combined with successful prosecutions of insider trading rings, suggested that regulators were quickly jumping on any suspicious activity.

Yet some veterans of the options business are unconvinced.

They worry that very profitable options trading ahead of big corporate news is undermining investor confidence in the fairness of markets.

A study by options research firm Schaeffer’s Investment Research of 181 such announcements in the 14 months to the end of February shows that such activity prior to news of takeovers, big stock repurchases or a major investment occurs on a regular basis.

There were 41 examples of companies, or 23% of the sample, where the volume of new call options positions - effectively bets that the underlying stock would rise – had risen by at least 50% in the five days before the news when compared with the average of the previous six months. For 33 of these companies, the volume more than doubled.

The U.S. Securities and Exchange Commission has announced litigation or enforcement action for alleged insider trading involving options trading in two of these companies – Heinz and Shaw Group, a nuclear power plant builder acquired

by Chicago Bridge & Iron for $3 bln.

A sudden increase in bets in a particular stock does not indicate there was any wrongdoing, as questionable trades often have innocuous explanations. Some of the bets, while prescient, may have been due to lucky speculation, smart analysis, or hedging strategies rather than inside information.

“You can’t look at an option trade in a vacuum; it could be a hedge. The regulator has to look at what the pattern and practice of trading was in that account,” said Thomas Sporkin, a partner at law firm BuckleySandler LLP and a former senior SEC enforcement official.

“WELL-TIMED” TRADING

The SEC could also be investigating some of these instances of “well-timed” trading, as many in the industry term it, but have made no public announcement. It can sometimes take several years to build a case and many probes get dropped because insider trading is difficult to prove.

When asked for comment, an SEC spokesman said the options market “has been and will continue to be an area of focus,” adding that a “simple search of the SEC website will show many, many insider trading enforcement actions involving options.”

Investors use call options - which give the right but not the obligation to buy a stock at a certain price - as a way of betting a stock will rise. Speculators often use “out-of-the-money” call options, which mean they will expire worthless unless the underlying stock price rises above the strike price. If the stock

ANALYSIS surges, the options can be worth many times their initial cost.

For example, Heinz had been trading around $60 a share, but an unnamed investor bet on shares rising to more than $65 each by late June - an investment that cost about $92,000.

After the deal was announced, that bet produced a $1.7 mln profit.

Still, without some kind of additional knowledge, many of these call options are no better than “lottery tickets,” said Randy Frederick, managing director of active trading and derivatives at Charles Schwab. But with inside information, it is like knowing what the lottery numbers are before they are announced, he said.

Public remarks from SEC officials on the Heinz case point to the potential for more action in the future.

“It may well have been the swiftest enforcement action that we have ever filed,” Sanjay Wadhwa, senior associate director of enforcement in the SEC’s New York office who was involved in the Heinz case, said at an event in February. As global deal activity rebounds, “I dare say you will see more of these actions coming out of the SEC,” he said.

“MOM AND POP” INVESTORS

Options trading specialists said such trades add to concerns there isn’t a level playing field for smaller investors. So-called “mom and pop” investors have not returned to the equities market in large numbers after the battering they took in the financial crisis and following market disruptions such as the “flash crash.”

“The bigger point is the damage that is done to the underlying confidence in our market and the perception that things are not fair,” said Ed Boyle, senior vice president of business development and strategy at the BOX options exchange.

Since the beginning of 2012, the SEC has issued about 90 different releases related to litigation of insider trading, of which 18 involve the options market. Some of those cases date back as far as 2006.

Market makers, those who facilitate orderly trading by providing the market with both buy and sell quotes on a security, say they find themselves taking the losing side of the bets made by those with inside information.

When a market maker sells a call option, they are exposing themselves to the chance the stock will rise sharply or become more volatile. These firms attempt to offset that risk, but these hedging strategies won’t fully cover a market maker’s exposure to extreme moves in a stock.

Aside from the damage to market makers, insider trading can force the prices of takeover deals higher - costing the shareholders of the acquiring companies - and it can leave the shareholders of target companies, who sold ahead of a deal announcement feeling cheated. It can even scuttle a takeover

proposal altogether if the target gets too expensive as a result of insider trading.

Each of the 181 transactions that Schaeffer’s studied had a value of at least $200 mln and were revealed publicly - through the media or a corporate announcement - between January 1, 2012 and February 28, 2013. Schaeffer’s only looked at new call options positions, which are the most often used to express fresh expectations that a stock will rise, rather than new put (bearish) positions, or already existing options contracts.

RISE IN BULLISH BETS

Schaeffer’s surveyed trading on three major options exchanges accounting for more than half of the market’s activity. The data shows that options for many big names - including NYSE Euronext, Dollar General and US Airways - saw a huge increase in bullish bets before major news became public knowledge. The companies did not comment on the trading activity.

Of the transactions studied, 43 were excluded because there was too little trading for meaningful analysis, 85 cases showed the same or less trading activity, and 12 cases showed increased activity of less than 50%. That left the 41 with more than 50%.

When the ratio of trading over the five days compared with the previous six months soars, it may raise suspicion that information has been leaked, said Alan White, quantitative analyst at Schaeffer’s, who conducted the research.

The results of the study are at least partially supported by another recent analysis by Livevol, a San Francisco-based options analytics firm, which showed that call and put volume rose, on average, by 71% and 60%, respectively, in the five trading days before M&A activity was announced when compared to the prior six months. Livevol looked at all opening and closing options positions for 100 U.S. deals in the first eight months of 2012.

Some of the timing of the questionable trading looked shrewd.

According to Schaeffer’s, activity in new call options of NYSE Euronext more than doubled in the five days before it announced it had agreed to be bought for $8 bln, or $33.12 per share, by IntercontinentalExchange (ICE) on December 20, 2012.

There were bets that NYSE’s stock would close above $24 by mid-January. About 9,000 calls at this strike price were bought for about 60 cents a contract, a total cost of about $540,000.

The price of those contracts jumped to $8 each, or $7.2 mln total, when the deal was announced, for a potential profit of about $6.6 mln, said Ophir Gottlieb, managing director of Livevol.

In another instance, investors bet on November 9, 2012 that Titanium Metals Corp, which that day hit three-month lows of $11.30 a share, would jump to more than $15 by late January.

Hours later, after the close of trading, Precision Castparts said it would buy Titanium for $16.50 a share, or $2.9 bln.

Falling oil prices to test Saudi policy Saudi officials should welcome the recent decline in oil prices, which takes benchmark Brent close to the level of $100 per barrel that everyone from the kingdom’s oil minister down has said is “reasonable” for both consumers and producers.

For more than a year, Saudi officials have sought to anchor market expectations by reiterating the $100 figure, though the kingdom has often appeared more comfortable with prices around $110, and adjusted production and exports accordingly.

But if the kingdom intends to stabilise prices around $100, it will need to demonstrate that it as comfortable with prices a little below this figure as it with prices a little above it. For the target to be credible it needs to be symmetrical.

The rapid slide in Brent prices from almost $119 to $103 in the space of two months is bound to concern

By John Kemp Reuters market analyst policymakers in Riyadh and other OPEC capitals.

But if Saudi Arabia and its closest Gulf allies want to give the target substance, the kingdom may need to allow prices to drop to $95 or even $90 before cutting production and trying to jawbone the market higher.

It would mark a change from the approach last summer, when Saudi and other Gulf officials appeared uncomfortable with prices below $100, and appeared to start to try to push the market higher.

Saudi officials say the kingdom cut production in response to reduced demand for its crude.

Brent prices have closed below $100 on just 24 trading days out of 330 since the start of 2012. In contrast they have closed between $100 and $110 on 93 days, between $110 and $120 on 174 days, and over $120 on 39 days.

Nonetheless, in July and August 2012, Saudi Arabia promptly moved to curb production, apparently in response to the brief period of trading below $100 in June. This early and aggressive reaction cast doubt on whether the target is really $100, or nearer $110.

The market seems set to test their resolve again, as analysts and speculators watch if Saudi Arabia tries to keep prices above $100, or will let them slide under that threshold for a time to lower market expectations and centre them on $100.

April 17 - 23, 2013

24 | WORLD MARKETS | financialmirror.com

Glencore concessions to China expected for Xstrata deal l MOFCOM

has rarely required structural solutions or sales

Trader Glencore is expected to agree to concessions this week to ease Chinese worries over its grip on the supply of copper, clearing the final regulatory hurdle in its $32 bln acquisition of miner Xstrata.

After months of negotiations, Glencore is expected to have agreed to yield some ground, with analysts and market sources pointing to a likely sale from among Xstrata’s promising - though challenging - greenfield copper projects, which could include Las Bambas in Peru, due to begin production in 2015.

Industry sources said a solution might also involve giving China a guaranteed slice of the group’s copper production.

Xstrata is already the world’s fourth-largest producer of copper and aims to increase output by more than 50% from 2011 levels by 2015, as projects like the $5.2 bln Las Bambas mine ramp up.

Xstrata and Glencore combined account for around 7% of global copper supply, a percentage expected to rise, with mines in Chile, Peru, Australia and in emerging regions like Africa’s copper belt.

As a result, Chinese regulators reviewing the biggest ever mining tie-up have focused on the new group’s presence in the red metal, and specifically copper concentrate, the intermediate product that feeds smelters and refineries.

Though China’s Ministry of Commerce (MOFCOM) has only rarely imposed conditions on deals, China is the biggest buyer of the minerals Glencore and Xstrata trade and mine. Its regulator - the only major global watchdog with an overtly political brief - is not deaf to the country’s hunger for copper, or to its ambition to process more of the metal at home.

“Clearly the Chinese are short of copper and iron ore - and those they care a lot about, and iron ore is not an issue for Glencore Xstrata,” said analyst Paul Gait at Sanford Bernstein in London.

The European Union’s decision to require action is also said to have emboldened China. Regulators in Brussels demanded Glencore scrap an exclusive European zinc sales agreement with producer Nyrstar and sell its equity stake.

MONTHS OF TALKS

Lengthy negotiation periods are not unusual for MOFCOM, the newest and least predictable of the world’s main watchdogs, and Glencore’s decision to pull and refile its submission on the Xstrata tie-up late last year and its own comments about Chinese interest in copper have left little doubt that some ground will have to be conceded.

China has only imposed sales to ease market dominance in a handful of cases out of several hundred mergers reviewed

since 2008, in deals relevant to its growth ambitions.

In one case often compared with Glencore Xstrata - the acquisition of Russian potash producer Silvinit by rival Uralkali in 2011 - MOFCOM imposed conditions on supply, as well ordering the group to maintain existing sales procedures and price negotiations.

Market and industry sources said assets like Glencore’s African hub and Xstrata’s producing mines were unlikely to be up for negotiation. More likely to be sacrificed are Xstrata greenfield projects, like Las Bambas, set to produce more than 400,000 tonnes of copper a year for at least its first five years of production, from 2015.

Glencore could offer up Xstrata’s unapproved, longerdated projects like the $5.9 bln Tampakan mine in the Philippines, where production has already been pushed out to 2019. Glencore has made no secret of its reluctance to invest in projects being built from scratch, as risks and costs increase.

Alternatively, the Chinese could simply secure a chunk of the group’s production.

“If I were the Chinese, I wouldn’t want the mine at all, just volume,” said one industry source. Buying directly allows China to bypass the metal exchange, and avoid driving up the price for itself.

Italy sells €9 bln retail bond Italy raised almost 9 bln euros on the first sale day of a new bond aimed at individual investors to close the offering two days ahead of schedule.

The head of Italy’s Debt Management Office, Maria Cannata, called it “a success”, adding it will have a positive spillover effect on the rest of the Italian debt market.

But Cannata acknowledged the treasury would have to hike its borrowing target after the state promised to pay back 40 bln euros in arrears to cash-strapped private companies in 201314.

“We will have to issue 20 bln euros more debt this year to cover state debt payments,” she told Class CNBC TV on Monday.

The new 20 bln euros the treasury will have to raise come on the top of an original borrowing target of 410-420 bln euros for this year.

With the fourth tranche of the retail bond dubbed BTP Italia, Rome aims to tap more household savings to help manage its 2 trln euro public debt mountain.

On the first day of marketing, sales of the new 2017 “BTP Italia” bond totalled more than 8.98 bln euros, while contracts stood at 112,608.

The sale will help Rome meet its higher funding needs for this year by tapping household savings, taking a little of the strain off Italian banks that shouldered the Italian debt.

Households in Italy have high savings and also very low debt in comparison with many of their European peers, but the public debt as a percentage of national output is the second-highest in the euro zone after Greece.

The unprecedented programme of domestic government bonds announced by the Bank of Japan was a boon for Italian debt, helping the country reduce the premium it pays to sell its bonds compared with safer German debt, Cannata said.

With regard to the BTP Italia, the DMO head said the minimum guaranteed coupon of 2.25% should be confirmed unless the market encounters a negative shock on the second day of sale.

Analysts said that the minimum guaranteed yield on

U.S. housing starts at 5-year high The U.S. Census Bureau and the Department of Housing and Urban Development reported this morning that new housing starts in March rose to an annual seasonally adjusted rate of nealry 1.04 mln. That was an increase of 7% from the upwardly revised February rate of 968,000 and a gain of 46.7% above the March 2012 rate of 706,000.

The consensus estimate from a survey of economists expected the rate to rise to 930,000.

The seasonally adjusted rate of new building permits fell to 902,000, which is 3.9% below the upwardly revised February rate of 939,000 and 17.3% higher than the March 2012 rate of 769,000.

Single-family housing starts fell to an annualized rate of 619,000 in March, down 4.8% from the upwardly revised February rate of 650,000.

Permits for new single-family homes fell 0.5% in March, to an adjusted annual rate of

595,000, from an upwardly revised total of 598,000 in February.

Housing starts have reached their highest level in nearly five years, but the downside is that new permits have fallen in every category.

Alongside the sequential drop of 0.5% in single-family permits, new permits for structures with two to four units fell 27.3% in March, and new permits for structures including five units or more fell 8.1%. Year-over-year figures indicate that new permits are higher than they were a year ago, with most of the gain in single-family homes.

New housing starts also are skewed heavily toward structures of five units or more, which are up 26.9% sequentially and 82.3% year-overyear.

The National Association of Homebuilders (NAHB) yesterday reported a third consecutive drop in builder confidence, blaming a broken supply chain and tight financing.

Monday’s BTP Italia, which protects investors from domestic inflation, was attractive and that the treasury was trying to lure small savers who would otherwise keep their money in a bank account.

Italian households are among the wealthiest in the euro zone, a study published by the European Central Bank showed last week. It put average net wealth in Italy at 275,200 euros, far higher than in triple-A rated Germany (195,200 euros), the Netherlands (170,200 euros) and Finland (161,500 euros).

Italian banks have raised their holdings of domestic debt to record levels during the euro zone debt crisis as foreign investors cut their exposure. The banks now hold 351 bln euros.

The big take-up by small investors in last year’s BTP Italia sales, which netted 27 bln euros in total, relieved some of the pressure on domestic lenders, although as the total debt pile has risen, the banks’ share has not fallen.

Retail investors can buy the four-year inflation linked bond on the Internet and there are no banking fees on it.

Underwriting props up Goldman Sachs results Goldman Sachs Group Inc. reported firstquarter fiscal 2013 results before markets opened Tuesday morning. The investment bank and financial services giant reported quarterly diluted earnings per share (EPS) of $4.29 on revenue of $10.09 bln. In the same period a year ago, Goldman reported EPS of $3.92 on revenue of $9.95 bln. First-quarter results also compare to the consensus estimates for EPS of $3.88 on revenue of $9.64 bln.

The bank’s CEO said: “Our strong client franchise across our businesses drove generally solid results. Still, the potential for macroeconomic instability was felt in the quarter and constrained overall corporate and investor activity. We continue to be very focused on controlling our costs and efficiently managing our capital.”

Underwriting revenues grew 63% yearover-year, primarily due to debt underwriting and client activity. The firm’s investment

banking revenues grew by 35% year-over-year.

Goldman’s Basel I Tier 1 capital ratio fell to 14.4%, down sequentially from 16.7% at the end of the fourth quarter. The Tier 1 common ratio also fell, from 14.5% at the end of 2012 to 12.7% at the end of the first quarter.

As was the case in the first quarter of 2012, the bank suffered a net outflow of assets under supervision, but by less than half as much.

Outflows totaled $21 bln in the first quarter of 2012, compared with $9 bln this year. Assets under management grew by just $3 bln sequentially, however, with the major change coming in outflows of $15 bln from the firm’s money market accounts.

Shares are trading about 0.7% higher in the premarket this morning, at $146.46 in a 52week range of $90.43 to $159.00. Thomson Reuters had a consensus analyst price target of around $148.35 before the results were announced.

April 17 - 23, 2013

financialmirror.com | GREECE | 25

Alpha Bank shareholders clear recap plan l Reverse share split to range from 2-for-1 to 10-for-1 Shareholders of Greece’s third-largest lender Alpha Bank gave a green light on Tuesday to a 4.57 bln euro recapitalisation plan to improve the bank’s solvency and keep it privately run.

Alpha became Greece’s first big lender to get shareholder approval to go ahead with the capital boost. The country’s top four banks, including Alpha, need 27.5 bln euros in fresh funds to restore their solvency after incurring losses from a sovereign debt writedown and impaired loans.

The recapitalisation, financed out of Greece’s EU/IMF rescue loans, is expected to help its so-called systemic banks regain interbank access and fund the economy out of its sixyear tailspin.

“The capital increase is key for the bank to emerge stronger and remain private,” Alpha Chairman Yannis Costopoulos told shareholders at a repeat meeting on Tuesday.

Under the recapitalisation rules laid down by Greece’s creditors, at least 10% of banks’ new common equity must be raised from the private sector. If not, they will fall under the full control of a state bank support fund - the Hellenic Financial Stability Fund (HFSF).

Alpha’s capital need has been set by the central bank at 4.571 bln euros. Its plan includes a rights offering of up to

457.1 mln euros and new common shares to raise up to 92.9 mln euros on which existing shareholders will waive their rights. These shares will be privately placed with institutional investors.

Together, Alpha’s common equity issues amount to 12% of its capital need.

Tuesday’s meeting was attended by shareholders representing about 29% of the bank’s voting shares, exceeding a required quorum of 20%.

Shareholders also empowered management to decide on a reverse split to reduce the number of new shares the bank will issue under the plan. The reverse split may range from 2-for-1 to 10-for 1, and will be decided by the board at a later date.

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 with restricted voting rights.

Under the terms of the recapitalisation plan, the new shares will be priced at half of the average price over the 50 days prior to their issue.

“If it (issue date) was today, it would mean a price of about 0.48 euros a share,” Alpha Chief Financial Officer Vassilis Psaltis told shareholders.

More bailout aid, debt relief on the way l Troika gives green light for release of more funds as Greece backs

down on public sector firings, bank mergers Greece received a clean bill of health from its international creditors on Monday, securing more rescue aid and prompting its finance minister to say he would ask for much more debt relief if Athens keeps meeting its bailout targets.

Athens is on course to contain its debt and pull itself out of a crippling recession next year, the creditors said, adding that the next disbursement of aid to the country, of at least 2.8 bln euros, should be approved soon.

The “troika” of creditors - the European Commission, IMF and ECB - gave the green light for the aid after Greek authorities gave up their opposition to about 15,000 public sector layoffs, a key condition of its latest bailout deal agreed late last year.

“I am very pleased that the government is making a particularly determined effort in this area,” the IMF’s mission chief to Greece Poul Thomsen said in a conference in Athens. “It has always been a surprise to me ... that it’s been such a political taboo to get rid of people who underperform”.

The lenders also convinced Athens to freeze plans for a merger between National Bank and Eurobank, respectively its top and third-biggest lenders. The creditors were concerned that the joint bank would become too big to be sold off to private investors after its publicly funded rescue.

The deal with its creditors opens the way for another 6 bln to be disbursed in May, Prime Minister Antonis Samaras said.

Samaras, who heads a fragile three-party coalition, said the deal showed that Greece was getting out of trouble even as other euro zone countries were getting bogged down in the crisis.

“Until recently, Greece was setting the bad example,” he said in a televised statement. “Now Greece is shielded and it’s other member states which are facing problems.”

DRASTIC DEBT CUT In exchange for harsh austerity measures that have thrown the Greek economy into its deepest peace-time recession and strained the cohesion of its fragile

coalition, Athens plans to ask creditors for a large debt cut.

Athens aims to achieve a primary budget surplus (before debt payments) in 2013, fulfilling one year earlier than planned a key condition to obtain further debt relief from its creditors, finance minister Yannis Stournaras said in the same conference.

“The major goal today is to achieve a primary budget surplus (before debt payments) as soon as this year...to ask for a drastic reduction of public debt,” finance minister Yannis Stournaras said without elaborating.

The troika has already granted Greece debt relief of about 40 bln euros late last year, through lower interest rates and longer maturities on its rescue loans.

It has promised more debt relief, probably by similar means, if Athens secured a balanced primary budget this year and surpluses later.

Under its current bailout plan, Greece is supposed to achieve a balanced primary budget this year and post a surplus of 1.5% of GDP in 2014.

Athens has already obtained about 200 bln euros of EU/IMF rescue loans since mid-2010 and shaved about 100 bln euros from the value of its existing bonds held by private-sector investors.

But it still needs further relief to make its debt viable in the long term. The debt-to-GDP ratio currently stands at more than 160% and the IMF said it must be cut to 120% by 2020 to be “sustainable”.

In its review on Monday, the troika confirmed it was prepared to consider “further initiatives and assistance” to help bring the debt down more rapidly once Greece has achieved a primary surplus.

Euro zone finance ministers and the IMF are expected to sign off on the troika review in May. The troika’s next review is expected to take place in June. By then, Greece must have carried out its first big privatisations and set out how it will cover a budget shortfall of 2 to 4 bln euros for the years 2015 and 2016.

Greece’s coalition government has ruled out taking any new austerity measures and hopes that strongerthan-expected recovery will create enough revenue to make up for the shortfall.

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-and-a-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 take-up of the private sector.

€1.625 bln 3-month T-Bills sold, yield steady Greece sold 1.625 bln euros of three-month T-bills on Tuesday to roll over a previous issue that comes due on April 19, its debt agency (PDMA) said.

The T-bills were priced to yield 4.05%, unchanged from a previous March 19 auction. The sale’s bid-cover ratio was 1.65, down from 1.66 in the previous auction.

The amount raised included 375 mln euros in noncompetitive bids.

Greek banks traditionally buy the bulk of T-bill issues, meaning funding costs do not fully reflect the strains from the country’s debt crisis. Banks can deposit the bills as collateral with the central bank to receive funding.

Unemployment up in January Greece’s unemployment rate settled at 27.2% in January compared to 21.5% the respective period last year and 25.7% in December 2012, according to data from the Hellenic Statistical Authority. The number of employed has decreased by 270,629 persons, while unemployed increased by 281,048 persons in January 2013. On the whole, the number of employed amounted to 3,617,771 persons, while the number of unemployed amounted to 1,348,742 persons.

The regions concentrating the highest unemployment in January were Epirus-Western Macedonia with 29.2%, Attica with 28.4% and Macedonia-Thrace with 28.2%. Unemployment among women rose to 31.4% in January 2013 from 25.4% a year ago, still standing significantly higher than the respective 23.9% figure for men (vs. 18.6% last year).

Finally, the age group mostly hit is that of people between 15-24 years of age (59.3% vs. 51.0% last year), while the unemployment rate for people between 25-34 years of age also rose to 34.2% in January 2013 from 29.0% a year ago.

NBG EGM this week National Bank of Greece said it will hold an EGM on April 19 to seek shareholder approval to proceed with a share capital increase of EUR 9.75 bln through payment in cash and approval for up to EUR 1.9 bln in CoCos. Repeat EGMs in view of lack of quorum have been set for April 24 and April 29.

NBG’s board proposes that in the event that the bank is unable to secure the 10% minimum contribution of EUR 975.6 mln, the share capital increase will be covered via a minimum cash contribution of EUR 800 mln, translating into EUR 8 bln rights issues via cash contribution, with the remaining EUR 1.75 bln covered via the issue of CoCos.

April 17 - 23, 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 ALKIS HADJ. (FROU-FROU) A.L. PROCHOICE FIN. SERV. AMATHUS PUBLIC LTD ATLANTIC INSURANCE BLUE ISLAND FISH FARMING CCC TOURIST ENT. CHRIS JOANNOU LTD CLARIDGE INVESTMENTS CLR INVESTMENT FUND CPI ENTER. DEVELOPMENT C.T.O. PUBLIC CO CYPRINT LTD. CYPRUS CEMENT CYPRUS FOREST IND. CYPRUS TRADING CORP. CYVENTURE CAPITAL DIMCO PLC DISPLAY ART LTD ELLINAS FINANCE ELMA HOLDINGS EXELIXIS INVESTMENT FILOKTIMATIKI K & G COMPLEX KARAOLIS GROUP KARKOTIS MANUFACTURING KEO LTD KOSMOS INSURANCE KRONOS PRESS DIST. JUPITER PORTFOLIO INV. LEPTOS CALYPSO HOTELS MALLOUPAS & PAPACOSTAS MINERVA INSURANCE MODESTOU SOUND & VISION PANDORA INVESTMENTS PETROLINA HOLDINGS PIERIDES HOLDINGS PRIMETEL PLC PROODOS AGROS RENOS HADJIOANNOU FARMS ROYAL HIGHGATE LTD SALAMIS TOURS SFS GROUP PUBLIC CO. STADEMOS HOTELS TOP KINISIS TRAVEL TOXOTIS INVESTMENTS UNIFAST FIN. & INV. VISION INTL PEOPLE GROUP SECTOR TOTAL / OΛIKO

ΟΑΣΗΣ

Kωδ.

Number Nominal

Market

Book Value Price to

Shares ('000) Aριθµός µετοχών

Cap. ('000) Kεφαλ.

EUR

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

Value euro Aξία EUR

Profit/(Loss)

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

66 307 16 742 11 326 5 527 99 901

1.24 0.25 0.78 0.81 0.54 0.27 0.65

0.14 0.28 0.08 0.04 0.09

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

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

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

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

114 320 30 932 29 236 18 025 16 368 8 989 5 038 4 100 4 275 3 850 3 930 2 688 241 751

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

0.13 0.14 0.57 0.21 0.22 0.14 0.43 0.16 1.06 0.06 0.68 0.11 0.33

14 631 1 587 5 408 25 030 2 239 5 101 242 4 867 576 7 289 6 887 1 249 22 018 4 130 31 307 2 096 4 617 743 6 160 3 135 4 692 2 306 10 800 335 948 11 772 1 691 11 934 4 559 5 694 7 735 941 164 31 833 68 250 1 658 15 298 5 421 298 1 650 2 557 2 727 6 825 3 175 207 196 75 000 427 975

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

0.30 0.56 0.10 0.87 0.18 0.07 0.06 0.11 0.03 0.46 0.36 0.90 0.07 0.22 0.18 0.30 0.20 0.19 0.57 0.23 0.43 0.18 0.11 -0.32 1.27 0.11 0.23 0.86 0.20 0.07 0.28 0.12 0.47 0.38 0.59 0.19 3.25 0.45 0.03 0.43 0.15 0.03 0.09 0.64 0.25 0.18 5.08 0.46

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

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

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

0.26 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

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

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 -87 897

P/E ratio 2012

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

2012 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 -104 466

n/a n/a n/a 5.28 n/a n/a 0.88

4.10 n/a n/a 13.61 n/a 2.83 n/a n/a n/a 3.80 n/a n/a 5.88

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

Cents

%

2.50

11.06

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

% 10.50 3.49

2.10

20.39

Cents 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

% 6.28

7.00 1.20

10.94 8.28

3.20

9.41

0.45

4.17

1.70

2.18

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 81.63

97.08 37.98 84.81

114.86 44.40 168.87

-15.48 -14.46 -49.78

113.87 0.278 0.047 0.177 0.300 0.048 0.019

83.34 0.185 0.040 0.123 0.226 0.043 0.012

88.03

104.69 0.251 0.044 0.175 0.263 0.045 0.018

-15.91 -38.86 -14.07 2.22 -33.33

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

566.47 0.220 0.410 0.160 0.099 0.054 0.612 0.130 0.500 0.095 0.100 0.032 0.056

566.47 0.220 0.430 0.160 0.103 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

-9.71 -12.00 -2.05 -12.57 -10.43 0.00 -36.19 0.00 0.00 0.00 10.00 0.00 -3.45

657.64

628.01

629.50 0.148 0.010 0.049 0.640 0.145 0.036 0.024 0.045 0.002 0.299 0.033 0.243 0.160 1.350 0.340 0.140 0.057 0.055 0.385 0.009 0.138 0.480 0.108 0.015 0.119 0.380 0.094 0.585 0.073 0.056 0.179 0.012 0.011 0.075 0.780 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 0.153 0.012 0.045 0.650 0.180 0.041 0.024 0.042 0.004 0.290 0.037 0.270 0.153 1.490 0.346 0.140 0.073 0.055 0.385 0.009 0.140 0.480 0.108 0.015 0.119 0.385 0.089 0.585 0.069 0.053 0.184 0.013 0.011 0.075 0.733 0.075 0.052 1.510 0.001 0.050 0.066 0.046 0.230 0.260 0.010 0.020 1.000

-1.11 -3.27 -16.67 8.89 -1.54 -19.44 -12.20 0.00 7.14 -50.00 3.10 -10.81 -10.00 4.58 -9.40 -1.73 0.00 -21.92 0.00 0.00 0.00 -1.43 0.00 0.00 0.00 0.00 -1.30 5.62 0.00 5.80 5.66 -2.72 -7.69 0.00 0.00 6.41 0.00 -23.08 0.00 0.00 0.00 6.06 -10.87 -8.70 0.00 0.00 0.00 0.00

0.107 0.226 0.046 0.012

April 17 - 23, 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 HARVEST CAPITAL HCM ΧΑΕΠ INTERFUND INVESTMENTS INF ΙΝΕΠ ISCHIS INVESTMENT ISXI ΙΣΕΠ KARYES INVESTMENTS KAR ΚΑΕΠ REGALLIA HOLD. & INV. REG ΡΕΕΠ TRIENA INV. INCOME TINC ΤΕΕΠ TRIENA INV. CAPITAL TCAP ΤΚΕΠ TRIENA INTERNATIONAL TINT Τ∆ΕΠ UNIGROWTH INVESTMENTS UNI ΓΙΕΠ SECTOR TOTAL / OΛIKO SHIPPING COMPANIES SECTOR SPECIAL CATEGORY / AIANTAS INVESTMENTS AD SHOPPING GALLERIES A. PANAYIDES CONTRACTING 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 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 APC AST CFL CHAP CBH CAIR DHH TLM DOME EFR EMP ERP CONF ACS KAN KNO KYTH LAS LHG TRB NEM OPT ORF PIPF ROL SAFS SEAS STAR SUP USB

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

Number

Nominal

Market

Book Value

Shares ('000) Aριθµός µετοχών

Value euro Aξία EUR

Cap. ('000) Kεφαλ.

EUR

Per Share euro Λογιστική αξία

Price to

Profit/(Loss)

Book Value 2011 Times EUR ('000) Tιµή προς Κέρδη µετά λογιστ. αξ. φορολ.

NAV

Disc/Prem

0.0379 0.1914 0.2682 0.7174 0.0070 0.0660 0.1709 0.0589 0.2229 0.0265 1.0430 2.1427 0.6125 0.2300

-55.15 -52.46 -69.80 -69.33 -71.43 36.36 -68.40 -26.99 0.85 -24.53 -23.30 -6.66 -15.10 19.57

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

81 202 128 936 36 572 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 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 0.43 0.09 0.85 0.85 0.85 0.17

993 5 109 3 604 44 000 565 1 260 3 053 473 380 405 2 183 5 458 709 3 704 71 897

0.21 0.17 0.35 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 0.17 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 3 657 5 296 207 1 600 12 375 9 388 157 23 15 000 285 35 890 752 148 7 256 7 833 218 1 910 8 582 189 1 971 10 843 510 1 619 773 2 925 140 1 889 77 1 240 58 824 204 764

0.1728 0.06 0.88 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 0.11 0.38 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

1 046 289

-98.84 1.68 0.11 2.41 -0.03 0.27 -0.03 -0.19 -0.01 -0.07 0.46 0.29 15.00 0.12 -70.00 0.34 0.19 0.09 0.12 2.46 0.00 0.56 0.32 2.75 0.01 0.44 0.20 6.67 -0.05 -0.08 1.51

-737 -4 301 -10 771 -14 853 -6 892 -255 -9 493 -86 -180 -150 331 -136 -36 -403 -47 962

9M 2011 EUR ('000) Kέρδη 2011

9M 2012 EUR ('000) Kέρδη 2012

2012 EUR ('000) Κέρδη µετά φορολ.

9M '11

9M '12

2012

-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 -56 -182 155 -1 921 12 -383 -10 978

2011

2012

-69 -12 265 399 -6 400 -2 974 -5 512 -3 840 -23 885 -9 100 -243 -701 35 -4 283 -219 -1 465 -24 581 -77 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 -157 731 -5 499 980

18

-17 728

18

-17 728

-1 014 -12 265 -350 -6 400 -217 -11 266 -1 569 -55 832 -9 100 -391 -70 35 6 553 -2 111 -1 465 -220 -77 87 -3 654 -713 -11 700 -438 35 494 -8 648 -959 -410 -450 -15 756 921 -60 -824 -137 834

-1 166 383

-1 909 991

-348 052

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 -2.80 -0.90 5.68 -70.39 0.88 -2.84

Cents

%

11.00

2012 High Low EUR EUR Aνώτατο Kατώτατο

572.39

450.90

13.75

Last Close EUR Kλείσιµο

Price 31/12/2012 EUR Tιµή 31/12/12

459.36 0.017 0.091 0.081 0.220 0.002 0.090 0.054 0.043 0.190 0.020 0.800 2.000 0.520 0.275

546.03 0.017 0.115 0.119 0.250 0.004 0.078 0.048 0.043

0.002 0.101 0.100 0.053 0.041 0.032 0.077 0.024 0.001 0.003 0.600 0.025 0.750 0.024 0.003 0.100 0.130 0.010 0.045 0.139 0.001 0.230 0.160 0.011 0.020 0.080 0.054 0.002 0.003 0.002 0.010 0.650

0.002 0.101

0.210 0.020 0.800 2.000 0.520 0.250

% Change

since 31/12/2012 Ποσ. Μετ.

31/12/2012

-15.87 0.00 -20.87 -31.93 -12.00 -50.00 15.38 12.73 0.00 0.00 0.00 0.00 0.00 10.00

0.00

n/a

n/a

-1.25 -9.51 -0.96 -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 0.40 -8.61 -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

25.00

0.128

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 0.005 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

-21.88 -

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 8 003 570 005

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 0.43 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 17 - 23, 2013

28 | BACK PAGE | financialmirror.com

A year of returns, all before mid-April The S&P 500 stock index’s stunning run since the start of the year has made many bullish analysts look conservative.

As the benchmark S&P has roared to record highs this year with a gain of more than 11%, many Wall Street analysts have been forced to concede their prior targets were too low and adjust accordingly.

In fact, it has taken less than four months for the S&P to surpass year-end 2013 targets of about two-thirds of the strategists polled by Thomson Reuters in December. Of 47 analysts surveyed, 30 of them expected to see this year end at a level already exceeded by the index.

The mid-year targets are even more lopsided, as the S&P is above the mid-year forecast for 27 of the 28 analysts who estimated where the index would be by the end of June.

“When we started the year at 1,425, that implied about a 15 or 20% total return,” said Phil Orlando, chief equity market strategist at Federated Investors in New York, who has a 1,660 year-end target for the index.

“Here we are now 3 1/2 months into the new year and stocks are up 11, 12% - there’s not a whole lot left. Either there’s going to be a pullback at some point, or maybe things really get even better than we thought and our 1,660 target is too low.”

The more recent Reuters poll in March showed some analysts had revised targets following the strong start to the year, with the S&P above the midyear target for 21 of 34 analysts surveyed and the full-year target for 18 of 43 analysts surveyed.

The run has been notable for its resilience. As investors buy into weakness, dips are short-lived while bears are forced to cover short positions and asset managers chase performance.

So far this year, the S&P has only experienced three consecutive losing sessions once, and the deepest “correction” was a brief 2.8% slide in late February.

Thomas Lee, U.S. equity strategist at JPMorgan in New York, last week decided to throw in the towel on a call for a

correction, saying in two recent notes to clients that his 1,580 target for the year-end S&P “seems low.” Data in the last six weeks has not been as weak as some expected, and the equity market managed to look past it, anyway.

Lee, in his commentary, notes that JP Morgan estimates 2013 currently is the worst year for active-manager performance since 1995, with an estimated 68% of funds falling short of their benchmark. Fund managers, as a result, are taking on more risks to play catch-up, he wrote.

Now that Lee is more bullish, he noted the biggest risk to this new view is “that the market begins to correct just as we capitulate on it happening. That is potential irony.”

Fred Dickson, chief market strategist at D.A. Davidson & Co in Lake Oswego, Oregon, who is maintaining his target of 1,450 for midyear and 1,500 for the year-end, sees a strong likelihood of a significant pullback, partly due to the current market structure that contains a large number of program-driven traders that follow trends.

“It will take a combination of fundamental events to pull people from a buying mode onto the sidelines and when that

happens we will start to see prices decline. As those prices decline the program traders flip the switch from buy to sell or buy to short and you get a fairly rapid 8 to 10% decline,” Dickson said.

One potential catalyst for a pullback could be company results as the pace of earnings season begins to pick up.

Earnings for S&P 500 companies are expected to grow at a modest 1.1% in the first quarter, down from a January forecast of more than 4%, according to Thomson Reuters data. Just 6% of companies have reported thus far, but companies so far have been notably pessimistic, with a 4.7to-1 ratio of negative to positive warnings.

“The only thing that happens now is do we start to see something in the company earnings reports - these are really important because that is where the rubber meets the road,” said Gordon Charlop, managing director at Rosenblatt Securities in New York.

This week, 74 S&P companies across a wide swath of sectors are expected to report results.

Financials dominate the week, including reports from American Express Co, Goldman Sachs, Bank of America and Citigroup Inc. Internet companies Google and Yahoo, along with Dow components Johnson & Johnson, Coca-Cola, McDonald’s and General Electric, will also report results.

In addition to earnings, investors will scrutinize regional manufacturing data from the New York and Philadelphia Federal Reserve banks, the Fed’s Beige Book and data on consumer inflation and housing starts.