Financial Mirror Digital Edition

May 15 - 21, 2013

2 | NEWS | financialmirror.com

Divisions hamper plans to tackle failing banks l ECB

wants single agency to tackle failed banks; EU ministers divided on whether big depositors should be shielded from losses

The European Central Bank clashed with Germany on Tuesday over how quickly the euro zone should complete a system to deal with failing banks.

A separate rift also emerged at a European Union finance ministers meeting over whether or when big depositors should suffer losses, as they did in Cyprus’s bailout.

ECB board member Joerg Asmussen called for a single scheme across the euro zone to close troubled banks. Such a unified mechanism should be in place by the time the ECB starts overseeing banks next year, he said.

Those views where in conflict with German Finance Minister Wolfgang Schaeuble, who has said the next step should be the coordination of national schemes to shut down problem banks, rather than a system with shared euro zone risk. “We want a single European resolution regime, together with a single resolution agency and a single resolution fund that is financed by a levy from the banking industry,” Asmussen said, underlining what EU leaders agreed to establish last June.

“This should come into place in parallel with the single supervisory mechanism, hopefully by the summer of next year.”

The frank remarks reflect a growing sense of alarm in Frankfurt over government foot-dragging in completing the two-

legged banking union - with a system of ECB-led bank supervision, on one hand, closely followed by a single agency to close troubled banks and a fund to cover the costs.

A third plank, which would involve a single system for guaranteeing deposits, already looks unlikely to be created and has largely been dropped. Asmussen’s remarks set him sharply at odds with Schaeuble, who has said a single agency to restructure or close failed banks can only be established if the EU’s treaty is changed, a lengthy and complex process.

Schaeuble’s chief argument is that a firmer legal basis is needed when dividing up the costs of bank failures. But some EU diplomats see that as a tactic to stall discussions until after German elections, set for September, and prevent the issue being used to rally voters against Chancellor Angela Merkel.

After more than three years of tackling a debt crisis that has forced five euro zone countries to seek bailouts for their economies or banks, dividing up the bill from bank collapses remains one of the most contentious issues facing Europe.

FRESH DIVIDE

On Tuesday, finance ministers discussed an EU proposal for a ‘bail in’, which would establish an order for how losses are

distributed when banks are closed, with losses first handed to a bank’s shareholders, then junior bondholders, then senior bondholders and, ultimately, large depositors.

Asmussen and Michel Barnier, the European commissioner in charge of financial regulation, argued in favour of making big depositors - those with more than 100,000 euros in accounts the last in line for losses if a bank goes to the wall.

Barnier and Asmussen argued that such a provision would not make it more expensive for banks, which rely on deposits to refinance their activities, to raise funding.

“First shareholders have to be burned, then all junior bank bondholders, then unsecured senior bank bondholders and uninsured depositors at the very end,” Asmussen said.

“This means we want to establish a clear depositor preference and that also includes, in any case, that deposits below 100,000 euros will be protected.”

France’s Finance Minister Pierre Moscovici said he was against a blanket preferential treatment for unsecured depositors but was in favour of a “presumption of exclusion from the bailin” which could be lifted.

Others took a different tack, with Spain saying deposits should be protected and Luxembourg taking a similar line.

Malta unlikely to follow Cyprus into crisis l

Size of banking sector has raised comparisons; Malta’s banking model seen as more stable ANALYSIS

Cyprus and Malta have a lot in common: Mediterranean islands enjoying ten months of sunshine a year, they joined the European Union in 2004, use the euro and have banking sectors that dwarf their economies.

There are so many similarities that some investors have wondered whether Malta might follow Cyprus in needing a bailout to survive the region’s economic crisis.

But Malta’s risk profile is far different to that of Cyprus, which received a 10-bln-euro aid package last month aimed at preventing its collapse and a possible exit from the euro zone.

On the basis of banking risk and its economy, it seems unlikely that it will be the next euro member - after Cyprus, Ireland, Greece, Portugal and Spain - to need rescuing.

“The business model of the financial sector in Malta is not as shady and controversial as it was in Cyprus,” said Carsten Brzeski, economist with ING bank in Brussels. “The picture is also different at the macro level ... Malta should be off the screens for quite some time.”

The European Commission expects growth on the small island economy of just 450,000 people to pick up this year and next, driven by rising domestic demand and increased net exports.

Unemployment, at 6.4%, is half that of the euro zone, debt

as a proportion of GDP is 72%, below the euro zone average, and the deficit is in check.

BANKS

Nevertheless, Malta’s banking sector is eight times larger than its GDP, the same as it was in Cyprus before the rescue.

This leaves the economy exposed to financial shocks.

But in Cyprus the banking sector was dominated by two domestic banks, both of which relied heavily on foreign deposits, many from Russia, and invested those deposits in government bonds abroad, particularly in Greece.

In Malta, the bulk of banking-sector assets belong to subsidiaries of foreign banks which would be responsible for bailing them out in case of trouble.

The assets of domestic Maltese banks, which would not be allowed to fail because the economy would collapse, add up to around 200% of GDP. That is a large but not terrifying amount and the ratio in Cyprus’s was twice as high.

Maltese domestic banks are highly capitalised, profitable and liquid. What is more, they fund themselves largely from the domestic retail deposit market, lend locally and hold securities issued in Malta.

“There is no banking sector in the European Union that is comparable to the Cypriot one. Malta, Ireland, Luxembourg, they are not comparable to Cyprus,” ECB Executive Board member Joerg Asmussen told a European Parliament commit-

tee last week.

“One has to look deeper at the structure of the assets and liabilities of the banking sector.”

In a report last month, ratings agency Fitch said Malta would be far more capable of handling a crisis than Cyprus was.

“The contingent liability that potential bank support places on the Maltese sovereign - around 128% of GDP - is significantly lower than in Cyprus,” Fitch said.

FLIGHT RISK

Some analysts say Malta is vulnerable to a sudden dip in confidence that could prompt investors to withdraw deposits, something that the hit on Cypriot bank customers could easily have triggered. “The key risk ... is that its international offshore investors begin to relocate in light of the policy uncertainty created by the Cypriot bail-in,” Myles Bradshaw, a portfolio manager at PIMCO, said. “This would have significant negative economic effects that could in turn create a problem with domestic banks’ asset quality. Together with the deep recession, this could force Malta to seek external assistance.”

In a recent assessment, the European Commission also expressed some macroeconomic concerns, noting Malta’s relatively high level of private debt, notably home mortgages.

But it said that despite some overvaluation and possible oversupply, there was no immediate risk of a property market crash.

Poland narrowly dodged recession in Q1 l

GDP growth hovered near 0% for 6 months; Prospect of economy stagnating

Poland came within a whisker of sliding into its first recession since the 1990s at the start of this year, barely registering any growth in the past two quarters as one of Europe’s few economic success stories collapsed.

Revised data showed the economy stagnated in seasonally adjusted terms in the fourth quarter and the first estimate for the opening three months of 2013 showed quarter-on-quarter growth of just 0.1%.

Annual economic growth in the country of 38 mln slowed to 0.4%, falling short of an already low consensus forecast of 0.7%.

While few economists predict Poland will wind up in recession, the numbers point to the risk the economy will bump along with little or no growth for several quarters, instead of the brisk recovery the government has forecast.

That increases the likelihood the central bank will cut inter-

est rates again next month. But many economists believe its reduction in rates to an all-time low of 3% has come too late to have a significant impact.

The last time Poland had successive quarters with similarly low growth was in 2001. Since then, it has had a quarter with lower growth, but on that occasion the following quarter saw a strong recovery.

The government, which had expected a recovery to kick in the second half of the year, sounded more cautious after the data. “We expect some improvement only in the second half of the year, under the condition that there is an acceleration in economic activity on Polish export markets that is expected by most forecasters,” the finance ministry’s Chief Economist Ludwik Kotecki said after the data.

Poland’s zloty currency was largely unchanged, but bond yields fell up to 5 basis points, signalling investors’ expectations

of new interest rate cuts. A sluggish recovery would be tough for a country that has grown used, over two decades, to robust growth. Poland was the only European Union economy to fend off recession after the collapse of Lehman Brothers in 2008 triggered a global slump.

“For an economy that has tended to grow by about 4% for the last decade, a slowdown to 1% or even lower is quasi-stagnation to say the least,” central bank governor Marek Belka said earlier this month.

May 15 - 21, 2013

financialmirror.com | CYPRUS | 3

Two months on: how bad has it got for the Cyprus economy?

LATEST CYPRUS POST-CRISIS STATISTICS

Will GDP decline reach -15% this year?

Today, May 15, marks the two-month anniversary of the “Ides of March”, when the unprecedented decision to hit small bank depositors in Cyprus, and the parliament decision to reject it, introduced capital controls for the first time in an EU country and sent the Cyprus economy reeling.

So, how bad has it got? Later today the Statistical Service, Cystat, will produce the “flash estimate” for real GDP growth (or decline) in the first quarter. But that will include ten weeks of precrisis figures.

To look for the real signs, we must seek out more up-to-date data. Statistics on plastic card spending, car registrations, cement

By Fiona Mullen Director, Sapienta Economics Ltd sales, bank deposits and loans, and tourism are beginning to trickle through to give us an idea.

Private consumption accounts for 66% of GDP, therefore any information on consumer spending will be the most important indicator for the impact on the economy as a whole.

Unfortunately, the retail sales data are published with a long lag, so the latest number we have is for February, when retail sales volumes had already fallen by 11.2% compared with February 2012, according to preliminary data.

However, we do have data from JCC Payment Systems. Plastic card spending by locals tumbled by 22% over the year earlier in March (when many outlets refused to take cards) and by 12% in April, having fallen by only 2% in February.

An indication of weak demand is deflation. Prices fell by 0.3% over the year earlier in March according to the consumer price index. If this trend continues, it means that Cyprus has fallen into deflation far faster than any of the other bailout countries.

Another indication of spending is car registrations. These have been in almost uninterrupted double-digit decline for two years. But in March they recorded their steepest fall yet, with a decline of 50.6%.

An indication of the impact on the already beleaguered construction sector, which has been in recession since mid-2008, is that local cement sales fell by 24.4% in April, although this is not the worst recent performance: they fell by 34.8% in February and by 32.2% for the whole of 2012.

With no one spending, it is no surprise that government revenue went through the floor. Inferring from cumulative data for March and February, you can see that total revenue dropped compared with the year earlier by 40.9%, while VAT revenues fell by an astonishing 64.4%, thus winning the prize for the scariest post-crisis figure to date.

LOCAL BANKS LOSE € 2 BLN

Bank data are also pretty alarming, with deposits dropping by EUR 3.8 bln over the previous month in March. And this all happened before March 15, according to the Central Bank of Cyprus, after which capital controls were imposed.

Just over EUR 2 bln of this EUR 3.8 bln was withdrawn from “other” banks, a list that includes Russian Commercial Bank, Barclays and the Federal Bank of the Middle East (FBME).

Nevertheless, nearly EUR 1 bln was drawn from Bank of Cyprus and Laiki and another EUR 300 mln from the co-operatives.

This means that the local banks are probably in a rather weaker state than had been expected when the “up to 60%” haircut on uninsured depositors at Bank of Cyprus was announced.

New lending has also all but dried up. Growth in the stock of housing loans, which was rising in double digits up to mid-2011, turned negative for the first time in March.

Anecdotally, we hear that lending officers are only repackaging loans and credit-card debt to make it more easily payable by the creditor.

Registered unemployment leapt by 27.7% in April, its highest pace of increase since October.

As for income into the country, tourism declined by 1.8% over the year earlier in March, thanks in large part to a 32% fall in arrivals from Russia, hitherto our strongest market.

Then there is the anecdotal evidence. I have yet to meet anyone in the private sector who has not suffered a pay cut. As I write this I have not even paid my own April salary.

l Taxes

earned -41% l VAT revenues -64% l Bank deposits € -3.8 bln And we know that the public sector workers had another paycut in the last parliamentary package after an average cut of around 10% in January.

What we have not yet seen is the impact on the business services sector—the only sector, together with financial services, that was growing and creating jobs before the crisis.

Unfortunately, indications for that sector are published only on a quarterly basis and after a very long lag in the balance of payments, so it will be some time before we can really assess the damage to this sector.

Nevertheless, given the early indications above, I have no reason to adjust my own forecast for a real GDP decline of 15% this year.

Retail sales volumes Local plastic card spending Local plastic card spending Consumer price inflation Motor vehicle registrations Local cement sales Total budget revenue of which VAT revenue Bank deposits of which "others" (traditional "offshore") Stock of housing loans Growth of unemployment Tourism arrivals of which from Russia

% change Month -11.2 -12.0 -22.0 -0.3 -50.6 -24.4 -40.9 -64.4 -5.6 -20.9 -0.4 27.7 -1.8 -32.0

Feb Apr Mar Apr Mar Apr Mar Mar Mar Mar Mar Apr Mar Mar

Measure y/y y/y y/y y/y y/y y/y y/y y/y m/m m/m y/y y/y y/y y/y

Sources: Cystat, Central Bank of Cyprus, Ministry of Finance, JCC Payments Systems.

This is much less rosy than the European Commission, which last week forecast a fall of just 8.7% in 2013, followed by a smaller decline in 2014, the year in which the cumulative impact of the crisis will really start to be felt.

Subscribers to Sapienta Country Analysis Cyprus enjoy each month a comprehensive, concise and up to date analysis of the politics, policy and economy of Cyprus. www.sapientaeconomics.com

May 15 - 21, 2013

4 | CYPRUS | financialmirror.com

BOCY takes on €13.8 bln in Laiki assets Edges closer to normalisation ...at snail’s pace the biggest local shareholders will now be the Bank of Cyprus provident Fund (2% stake), Laiki Bank Provident Fund (1.5%) and Cyta Provident Fund (1.1%).

Following several meetings between central bank and government officials, it seems that the capital controls on all banks and Coops may be almost lifted as early as this Friday, allowing the opening of new bank accounts for legal persons.

At the same time, Bank of Cyprus is working on a second wave of early retirement plans, following one in January for long-serving staff, in order to reduce the labour force from the current 5,500 to 4,250 people, initially targeting those who have more than 25 years of service at the Bank of Cyprus Group, as well as Laiki, while scaled cut back of a further 25% on salaries has also been agreed. Even branches are going through the re-branding process with Laiki Popular logos being removed and replaced with bank of Cyprus.

Two months after the banking crisis erupted and secondlargest lender Laiki Popular Bank was forced into resolution, the Central Bank of Cyprus announced a provisional opening balance sheet for Bank of Cyprus that is taking on about 13.8 bln euros in assets from the “good bank” operation of Laiki.

Last week, depositors received statements from the bank indicating what amount of their savings were confiscated as part of a 10 bln euro bail-in imposed by the Eurogroup to recapitalise the banks and the Coop institutions. In all, 37.5% of deposits of more than 100,000 euros were converted to Class A shares, with a further 22.5% held in reserve until the two banks’ consolidation process is concluded, probably by the end of June.

Further, some sense of normalcy seems to have return to the Bank of Cyprus as the interim board is now complete, following the latest re-appointment of ex-NBG boss Takis

Arapoglou as director. The board is now chaired by former central bank senior manager Sophocles Michaelides and is tasked with appointing a new CEO for the bank, with Central Bank Governor Panicos Demetriades reportedly considering three candidates for the job, including former Piraeus and HSBC executive Michalis Colakides.

“The issue with the CEO should be resolved in the next few days. It’s not an easy process, the new board has just been appointed for two weeks now (and in the meantime we had the Easter break), so to find someone very capable to be willing to take this position takes some time,” a senior banking official told the Financial Mirror.

Meanwhile, the lion’s share of the bank’s equity will probably end up in foreign hands as some 70% represents the conversion of deposits to shares, making it even more critical for the government to find a strategic investor. Some of

Meritkapital secures ‘Dealing on own account’ license

Gov’t expects bank restrictions lifted soon

CySEC licensed Meritkapital Ltd has been granted a license extension to ‘Dealing on Account’ offering services in accordance with the Law 144(I)/2007 to include execution, reception and transmission, investment advice, and portfolio management. Its ancillary services include custodial, investment research and advice on capital structures.

“This marks a positive development for the company as it testifies to its robust financial standing and its potential for future growth,” Meritkapital said in an announcement.

‘Dealing on own account’ will enable proprietary trading to capitalise on specific trading strategies and market opportunities, hedging away interest rate and FX risk, acting as a counterparty for back-to-back fixedincome trades and will facilitate other structured product trading of the company. www.meritkapital.com

President Nicos Anastasiades said on Monday that very soon conditions will permit the lifting of all restrictions imposed on financial transactions.

He also stressed that following the appointment of the new Board of Directors at the Bank of Cyprus, its restructuring will soon be completed.

Capital controls were imposed on the island’s banking sector following a Eurogroup agreement over a 10bln euro bailout that forced major depositors at the two biggest lenders to pay part of the cost of the rescue.

Addressing an event at the Presidential Palace to mark 20 years of the Institute of Chartered Accounts in England and Wales in Cyprus, Anastasiades said that, having secured the necessary financial assistance package, the government is totally devoted to restructuring and revitalizing the economy and its banking system, as well as retaining Cyprus’ position as an attractive investment destination and a highly-competitive centre for international businesses.

He noted that already numerous restrictions on transactions have been lifted, including a number of restrictions on international business activities.

WALLPAPER QUALITY INSTALLATION JOHN tel: 99623865 25 YEARS EXPERIENCE

“Simultaneously, my government concentrates on promoting growth, offering favourable tax incentives for existing or new companies doing business in Cyprus, encouraging foreign investment, increasing Cyprus’ competitiveness and creating a more effective and business-friendly environment”, he stressed.

Anastasiades referred to the measures already taken to restart the economy and tackle unemployment, adding that “other pertinent measures regarding the financial, services and investment sectors will soon follow”.

He added that just as in the past under worse economic conditions, the role of the chartered accountants “is once more vital in assisting the efforts of the government to restore confidence in the economy of the country and demonstrate that we are well-equipped, determined and able to overcome the challenges which lie ahead”.

“In this respect, your collaboration with international clients and businesses is highly significant in conveying all the measures and decisions adopted by the government towards encouraging foreign investment, promoting growth and increasing Cyprus’ competitiveness”, he said.

ESM approves €2 bln first tranche The European Stability Mechanism (ESM) approved Monday the Financial Assistance Facility Agreement and the disbursement of the first tranche of financial assistance to the Republic of Cyprus.

The first tranche is transferred in two separate disbursements: the first – of 2 bln euros was transferred Monday, and the second – up to 1 bln to be transferred before June 30.

Both disbursements are in cash and will be used for the general financing needs of the public sector (roll -over of maturing debt) and fiscal needs. “The loans granted by the ESM help to maintain financial stability in the euro area and buy time for Cyprus”, said Klaus Regling, Managing Director of the ESM. “This time enables Cyprus to undertake the reforms necessary to rebuild its economy on a sustainable basis,” he added.

In accordance with the decisions taken by the Eurogroup on March 25, Cyprus will receive assistance of up to 10 bln during the next three years.

The ESM is expected to provide up to 9 bln and the IMF is to contribute 1 bln.

Meanwhile, the Eurogroup has commended the Cypriot authorities for delivering on their commitments to date.

In a statement issued Monday, it is said that the Eurogroup welcomed the ESM decision to approve the first tranche of financial assistance to Cyprus.

Cyprus has implemented all prior actions as agreed in the MoU preceding the decision by the ESM on the first disbursement, the Eurogroup noted and welcomed the conclusion of the independent assessments of compliance with the antimoney laundering framework in Cyprus.

“The Troika institutions have reported the key findings to the Eurogroup, and recommendations to rectify deficiencies will be integrated in the AML action plan to be agreed between the Troika institutions and the Cypriot authorities at the time of the first review”, it is noted.

According to the statement, the action plan will need to target areas covering implementation of customer due diligence by banks, including through adequate supervision, and the functioning of the company registry, among others.

VTB has change of heart, RCB Cyprus to stay Andrei Kostin, chairman and CEO of the Russian state-controlled VTB bank, reportedly told President Nicos Anastasiades on Monday that the Group will maintain its subsidiary in Cyprus, the Russian Commercial Bank.

The government news agency CNA quoted RCB sources as saying that the bank’s decision is a vote of confidence in the Cyprus banking system, the Cypriot authorities and the prospects of the economy on the island.

The same source said that the decision of the Russian group was based on the Cypriot government’s decision to lift restric-

tions on transactions for international clients. On Friday, the Ministry of Finance relaxed significant controls on RCB and three other foreign owned banks, despite the strict measures imposed by the Central Bank of Cyprus following the Eurogroup bailout and bail-in deal two months ago.

Initially, the RCB boss had threatened to shut down the Cyprus branches and transfer the operations to Malta, following the restrictions imposed on the movement of capital. “We believe that the majority of our clients will remain and that we will be able to gain new customers”, the bank source told CNA.

May 15 - 21, 2013

financialmirror.com | CYPRUS | 5

The Evolution of Computer Forensics Since the World Wide Web revolution in 1991, there has been significant growth in the use of computers, internet, email, and recently cell phones for committing financial fraud and other criminal activities.

Computer Forensics evolved during the last two decades as the main tool in the application of computer investigation techniques to gather e-evidence suitable for presentation in a court of law. The goal is to perform a structured investigation to find out exactly what happened on a computer and/or other electronic devices and who was responsible for them. The Internet history, web-based email, lost or deleted files, are examples of data the fraud investigator can utilise as evidence in his engagement.

There are some unique aspects relating to computer forensic investigations compared to investigations looking for evidence in the form of paper works.

Paperwork vs. Electronic Evidence

Up until when paper-only discovery was used, forensic accountants and lawyers asked for and received truckloads of paper documents, sometimes brought in from distant places.

Their strategy involved finding evidential matter in the form of paper work that would help them prove a matter of fact.

Strategies did not change much since then but the nature of evidence in the form of e-evidence did. E-evidence in our days may fill supertankers if it were to be printed because now many more transactions are computerised than before.

Moreover, people nowadays use computers and other electronic devices at work for personal use as well, and therefore much more information is stored electronically.

In our digital world people, including fraudsters, leave digital footprints of their activities from which their actions and intentions can be revealed. Digital evidence comes in many forms, including the hard drives found in personal computers, external drives, telephones, smart phones, personal data assistants, surveillance cameras and telephone voice mail systems.

The amount of information left in each of these devices often proved to be the basic reason that sufficient relevant evi-

dence was collected and financial fraudsters and other criminals were caught and found guilty in a number of known cases. In some, fraudsters thought they had destroyed their digital trails by deleting the relevant files, but this did not prove to be the case.

Deleting a file is not so easy

Modern computer forensic software can find or retrieve evidence much sooner than in the “old days” where the process could take many days. Deleting files from hard drives is not so easy; deleting is in fact a misnomer. Choosing the “delete” option erases the file’s reference from the directory, but it does not erase the file until it is overwritten entirely.

By Rakis Christoforou BBA,CPA/ABV/CFF, CGMA, ACFE

Furthermore, businesses have disaster-recovery systems that perform automatic backups. Therefore, even if a particular file was never saved or it was deleted shortly after it was created, it might still be retained on multiple backup media. Most files usually contain metadata, additional data about original data that can provide the investigator with important relevant information.

When files and messages are saved, modified or sent, computer software automatically creates artifacts or metadata.

Normally this information cannot be changed. Most times metadata includes information about the date the document was created, who created the data, when it was modified, etc.

This may prove to be important e-evidence to be used in court because metadata can be as revealing as a fingerprint.

When Enron declared bankruptcy in December 2001, much of the investigation relied on computer files and their metadata as evidence. A specialised team of forensic accountants, com-

puter forensic experts and lawyers began to search through hundreds of Enron employee computers and were able to find important e-evidence that was used in court.

Dealing with Electronic Evidence

E-evidence tends to be more complete, can prove intent and is hard to deny. At the same time some aspects must be taken into consideration when dealing with a computer investigation: - Computer forensic investigations may prove very costly because specialised skills and software may be needed to properly retrieve relevant information; - It is an area that is constantly evolving; - We are now experiencing a shift from desktop computers to handheld devices (e.g. cell phones); - Lawyers and judges involved in a case may not always understand the accounting and technical details of the case without the help of a forensic accountant and/or a computer forensic expert.

In conclusion, electronic evidence (e-evidence) is trace evidence, which is an extremely fragile and often high-value form of evidence that tends to be undetectable to the human eye. Just like other forms of trace evidence, e-evidence must be collected, preserved and handled with care by professionals who know how to collect evidence and prepare it for judicial cases. If evidence is destroyed or modified then the case could be lost in court.

Rakis Christoforou is a Certified Public Accountant (CPA), Accredited in Business Valuation (ABV) and Certified in Financial Forensics (CFF). He is the Vice Chairman of the committee of Economic Crime and Forensic Accounting (ECFA) of The Institute of Certified Public Accountants of Cyprus (ICPAC), member of ICPAC, AICPA (American Institute of Certified Public Accountants) and ACFE (Association of Certified Fraud Examiners). rakis@spidernet.com.cy

May 15 - 21, 2013

6 | OPINION | financialmirror.com

Getting rid of dead wood EDITORIAL Judging from the growing tension between the government and the Central Bank Governor, perhaps it is time that President Nicos Anastasiades stops pussyfooting around and sacks the centralbanker in order to appoint a person of his choice and get the banking sector moving again, at a faster pace than it is today.

Regardless if Panicos Demetriades has done a good job or not ever since the blundering previous admin-

istration appointed him, there is a clear lack of communication with Anastasiades and his Cabinet at a critical time when about 70% of the island’s economic activity has been brought to its knees.

If, as the DISY-led ruling coalition claims, the centralbanker is no longer useful and needs to be removed, what, then, is the president waiting for?

Surely, the cost of firing a contracted public servant is far less than the real damage to the economy by keeping him there and not talking on the same terms.

Besides, having been thrown into the deep end by the most incompetent government this country has ever

seen in the past 53 years, perhaps Demetriades might want to return to the calm of academia, where he was and probably still is greatly respected by his peers.

Seeing the slow pace of events in other public services, perhaps Anastasiades ought to clear out a lot more of the dead wood, such as in sectors dealing with energy, labour, telecoms and tourism. After all, we are still barely 75 days into his 5-year term, so he might as well sack many more chairmen and board members, or even high-ranking civil servants to ensure that the rest of his administration will return to a rapid path of recovery as soon as possible.

President Anastasiades’ visit to Israel With twelve articles, since April 2010 until recently, we took unreservedly a stand in favour of the further strengthening and deepening of our relations with Israel, the only non-Muslim country in our region. In the first article (“Finding a new approach to Cyprus-Israel relations”, Cyprus Mail, 1 April 2010), we made an evaluation of the factors affecting them, i.e. the stand of Turkey, of the Arab countries and that of the European Union. Today, there is another important factor, the energy sector and in particular the necessity of cooperation with a view to exploiting and exporting gas to Europe and the Far East, making use of a liquefaction terminal in Cyprus.

In the last article (“Kasoulides’ visit to Israel - A political analysis”, Financial Mirror, 24 April 2013) we expressed the view that the forthcoming visit of President Anastasiades to Israel would “usher in a new era of a deeper geopolitical cooperation between the two countries with a view to promoting peace and stability in the wider region of the Eastern Mediterranean.”

It is gratifying to observe, that at the working lunch with President Shimon Peres, President Anastasiades stated: “We are inaugurating a new era in relations between our two countries” and that during the talks there was an exchange of views, inter alia, on all four factors mentioned above. Let us, then, examine them in detail.

The concern that, after Netanyahu’s recent apology over the Mavi Marmara incident, the Cyprus-Israel relations might adversely be affected was allayed, as assurances were received, at the highest level, that relations between Israel and Cyprus do not depend on any political developments in this respect. Netanyahu himself promised that Israel would continue to maintain good ties with Cyprus, regardless of its newly-rekindled relationship with Turkey. No matter what Turkish officials say, the fact remains that there are doubts about Turkey’s sincerity and the rapprochement exercise will not be easy and smooth, as suggested by Erdogan’s rhetoric of support to the Palestinians and Syrian rebels and the condemnation of Israeli air strikes in and near Damascus, having

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as target advanced missiles destined for Hezbollah.

Moreover, the fact that Turkey seeks to play a protagonistic role in the region diminishes the chances of Israel to talk directly to all its Arab neighbours. The relations of Cyprus with the Arab world are excellent and they are not affected by the strengthening of its relations with Israel. As stated by the Minister of Defence, Mr Photiou, “our cooperation with Israel is no threat to anyone.” As a matter of fact, he did not rule

By Dr Andrestinos Papadopoulos Ambassador a.h. out similar cooperation with other neighbouring countries such as Greece, Lebanon and Egypt. In any event, the Cypriot diplomacy should follow closely the repercussions of the “Arab Spring” and the developments in Syria.

As far as Europe is concerned, it is a fact that Cyprus lies at the border of the European Union with the Eastern Mediterranean, and in this respect President Peres stressed that without Cyprus, Israel is far away from Europe. Indeed, Cyprus and Greece constitute the bridge for Israel to Europe and the discovery of hydrocarbons in our region gives to this bridge a geostrategic dimension. For this reason, during the

talks, emphasis was placed on energy matters.

In particular, the common commitment to exploit crossborder natural gas and oil reserves was confirmed.

Concerning the creation of an LNG terminal in Cyprus, President Anastasiades stated that the two governments were still “at the stage of deliberations”, adding that private Israeli energy companies had expressed a “manifest interest” in acquiring a stake in an LNG investment for the construction of the terminal at Vassiliko. On energy security, Anastasiades and Netanyahu had agreed, among other things, to cooperate on military projects to protect the gas fields common to both countries. Moreover, according President Anastasiades, Netanyahu promised to work with Cyprus to protect offshore gasfields, regardless of any deals it makes with Turkey, or any threats issued by Ankara. Energy issues aside, the two sides discussed pending agreements on health, research and development, technology, culture and fighting terrorism and organised crime.

In conclusion, the visit of President Anastasiades to Israel, the first after Greece to a foreign country, proved that Cyprus is Israel’s most reliable neighbour and genuine friend. The realism showed by the President of the Republic in his evaluations, aiming at avoiding over-optimistic expectations, and the personal relationship which developed during the visit, constitute a positive contribution towards the strengthening of the relations between the two countries. In fact, they guarantee that the strategic dialogue, which started in Jerusalem, will have a continuation and results.

CIIM offers CISI certification for ‘Risk in Financial Services’ CIIM is offering the Chartered Institute for Securities & Investment (CISI) Risk in Financial Services qualification training seminar on May 24 and 31 to provide delegates with a broad understanding of the key risks that arise within the financial services industry.

Candidates will be introduced to all the major risk areas in financial services, as successfully managing risk is a fundamental requirement for any effective business and part of the responsibility for the credit crisis in Cyprus is widely attributed to a poor understanding of risk.

The content of the training course provides delegates with a clear benchmark to demonstrate that they have acquired the necessary knowledge to carry out their

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duties competently. The course will cover principles of the risk management framework, and corporate governance and risk oversight.

The qualification also covers specific techniques used in identifying, reducing and managing specific risks in areas such as operational risk, credit risk, market risk, investment risk and liquidity risk.

The qualification will be awarded after passing the computer based exam at CIIM. It is awarded by the CISI, a charity registered in the UK, which is the premier supplier of financial services qualifications to the securities and investment industry. Over 40,000 exams are taken each year.

For further information contact CIIM on 22462246 or visit www.ciim.ac.cy

any of the contents of the website www.financialmirror.com, may be reproduced, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical photocopying, recording or otherwise) without prior permission of the

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May 15 - 21, 2013

financialmirror.com | COMMENT | 7

A business plan is a must for successful fund raising A business plan is critical to the success of any business which is looking to attract investors and at the same time convince management as to whether the assumptions made going forward are feasible and achievable.

With banks changing their lending model away from accepting business owners from qualifying for a loan by the pledging of property to an environment whereby management has to prove to the bank that their business model is successful in order to qualify for a loan, the preparation of a complete business plan becomes an essential tool to success.

Every business plan depends on the nature, complexity and target audience for which it is prepared.

If the plan is to attract a limited number of investors who already understand the business, then it can be very specific and to the point, concentrating more on financial projections, cash flow, investment returns and contingency plans.

Similarly, if the product or service is not complex, then the plan does not need to be very detailed such as explaining the setting up of a café. But if the proposed venture will deal in complicated instruments or an industry which is new to the general public, then it is advisable for extensive description and explanations together with charts and other tools to make the plan easily understood and presentable.

Every business plan should provide an Executive Summary, description about the company, about management including CV and previous success of managers, explanations about the product or service, what is your key advantage, mission and objectives, analysis of the industry, market in which the company will be active with extensive analysis of company strengths, opportunities, competition and possible weaknesses.

A business plan needs also to be accompanied by very

detailed and extensive financial projections with explanations on how particular sales forecasts are made, the gross and net profit, profit & loss account, balance sheet, cash flow and sensitivity analysis.

In addition to the above, a business plan needs to include details about the marketing and sales plans and if the company intends to raise funds from investors and the projected returns promised.

By Shavasb Bohdjalian Approved Investment Advisor and CEO of Eurivex Ltd. If the objective of the business plan is to raise funds, then the success of the fundraising will also depend on the: l Quality of the issuer; l History and in which industry it is involved; l The company’s previous track record, profitability and balance sheet size; l How much the existing owners are contributing into the project; l Where and how the proceeds of the funds will be used; l What is the return objective; l The management team and members of the board; l What contingency plans the company has in the event of adverse market conditions.

EXIT ROUTE

A business plan that in addition to all the above also offers

an exit route for investors is likely to be more successful in reaching its objective of raising funds from investors.

Many investors have no problem to invest in businesses and assume a share of the risk against being compensated with a higher return, but almost all investors want to know what kind of exit options management is providing to them.

Nobody wants to be stuck in an investment forever.

The most effective exit route is to form a public company and list the shares on the Emerging Companies Market of the Cyprus Stock Exchange under simplified rules and listing conditions. Eurivex Ltd., a regulated investment firm and approved Nominated Advisor for listings on the ECM of the CSE has helped start-ups list their shares on this market in record time and at very reasonable fees, which is ideal for any start-up or even established businesses.

The listed option allows the company or the issuer to give a buyback pledge that in 2-3 years it will buy back the shares at a specific price, thus giving added assurance to would-be investors that there is a credible plan allowing them to exit the investment if they so wish and after they achieve a specific return.

Shavasb@eurivex.com (Eurivex Ltd. is a Cyprus Investment Firm, authorized and regulated by CySEC, license #114/10.

Eurivex is an approved Nominated Adviser for listings on the Emerging Companies Market of the Cyprus Stock Exchange.

The views expressed above are personal and do not bind the company and are subject to change without notice)

End gender gap in science – fix the institutions

By Joanne O’Dea Science|Business Women remain stubbornly under-represented in EU research and science despite numerous attempts to address the imbalance, according to the European Union’s recent analysis, ‘She Figures: Gender in Research and Innovation 2012’. Here, in joint replies to questions posed by Science|Business, Máire Geoghegan-Quinn, Commissioner for Research and Innovation, and Androulla Vassiliou, Commissioner for Education, Culture, Multilingualism and Youth, outline the latest policy moves to deal with this divide.

Empowering women in research is not enough to close the gender gap. It’s time to “fix the institutions”, they say.

Q: What obstacles do women face in seeking top positions in the field of science?

A glass ceiling exists across many types of organisations and enterprises. For research institutions, there are a number of obstacles, including opaque structures, an unconscious gender bias in the assessment of excellence, and a persistent gender pay gap.

Women are often hindered in their career progression due to family obligations. The EU’s Marie Curie Actions, which enable researchers to benefit from grants and gain international experience, specifically help female researchers to achieve a balance between their family and professional lives. When women who have taken a break from their career apply for a grant from the Marie Curie Actions their applications will be evaluated by a specific career return panel.

Q: How does the Commission plan to tackle gender equality in its research programmes?

The Commission has moved its focus from “empowering women in research”- which is still important but not sufficient - to “fixing the institutions”.

The barriers we are addressing have deep roots which can only be removed through institutional changes. The Commission wants to promote a change of culture, leading to the modernisation of research organisations and universities.

This is clearly largely a job for the institutions themselves, but we want to help wherever we can.

The Commission’s July 2012 Communication, “A reinforced European Research Area Partnership for Excellence and Growth” made gender equality one of five key priorities. The promotion of gender equality in research and innovation aims to end the waste of female talent, to bring greater diversity to research and to foster excellence.

Q: What is the Commission doing to exert its influence on gender policies beyond its own research programmes?

Promoting gender equality in research means pursuing three objectives in parallel: integrating the gender dimension in research content; involving more women as scientists at all levels; and, improving gender balance in decision-making.

All three objectives need to be tackled by all stakeholders involved in order to reach a critical mass of institutions. This only will effectively promote gender equality and achieve the results for which we are all striving.

The European Research Area Communication puts forward a number of actions to be addressed in partnership - by EU member states, research organisations and universities, along with

Gender distribution of Marie Curie Actions Fellows by discipline: Female % Chemistry Economic Sciences Information Science & Engineering Environment & Geosciences Life Sciences Physics Mathematics Social Sciences & Humanities

34.5 36.53 21.01 42.24 46.69 22.7 17.83 52.19

Male % 65.4 63.74 78.99 57.76 53.31 77.3 82.17 47.81

the European Commission. Member states are asked to engage in partnerships with funding agencies, research organisations and universities to foster institutional change, and research stakeholder organisations are called on to set and implement gender equality plans.

The Commission has signed memorandums of understanding with the key European associations of universities and research institutions which all include a commitment towards achieving gender equality.

The Marie Curie Actions have a target for 40% female participation by the end of the current research programme, Framework Programme 7. To date, the overall level of female participation stands at 36.5%. The gender distribution varies according to the scientific discipline; women are best represented in life sciences (47%) and environment and geosciences (42%).

May 15 - 21, 2013

8 | COMMENT | financialmirror.com

A new world’s new development bank At the conclusion of their summit in Durban in March, the leaders of the BRICS (Brazil, Russia, India, China, and South Africa) announced their intention to establish a New Development Bank aimed at “mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.”

The significance of this decision cannot be overemphasized.

For starters, it reflects the enormous successes in economic development during the last four decades (the BRICS’ aggregate GDP is now greater than that of the advanced countries when the Bretton Woods institutions were founded) and the rebalancing of global economic power that this implies. Indeed, the decision demonstrates the BRICS’ ability and willingness to work together, for their own benefit and for that of the entire world.

Emerging markets and developing countries are taking the future into their own hands – at a time when rich countries are muddling through their own self-inflicted problems.

A new development bank is clearly needed. The infrastructure requirements alone in emerging-market economies and low-income countries are huge – 1.4 bln people still have no reliable electricity, 900 million lack access to clean water, and 2.6 bln do not have adequate sanitation. At the same time, an estimated two billion people will move to cities in the next quarter-century. And policymakers must ensure that the investments are environmentally sustainable.

To meet these and the other challenges confronting the developing world, infrastructure spending will have to rise from around $800 bln to at least $2 trln annually in the coming decades. Otherwise, it will be impossible to achieve long-term poverty reduction and inclusive growth.

While the private sector can meet some of these needs, it can go only so far, especially given the nature of infrastructure projects’ risks, the huge upfront costs, and the high cyclical sensitivity of global financial markets. The funding gap is beyond what existing international financial institutions can meet – and the advanced countries’ malaise means that significant recapitalization is not in the cards. Annual infrastructure financing from multilateral development banks and overseas development assistance is likely to amount to no more than $40-60 bln, or 2-3% of

of development that informed the existing multilateral institutions’ mandates are markedly different from modern development thinking. For example, there was no awareness of the challenge posed by climate change, and that all countries (including those in the developing world) must reduce their greenhouse-gas emissions and adapt to changes that will be particularly adverse to poor countries. Likewise, there was no comprehension of the innovation and opportunities entailed in pursuing more sustainable paths of inclusive economic growth.

Of course, the World Bank and the regional development banks now recognize such imperatives, and the New Development Bank should not relieve the developed countries of their responsibilities. But, with the shortfall of assistance from developed to developing countries, the new bank can provide essential help to developing countries and

By Nicholas Stern, emerging markets as they undertake smarter and more sustainable infrastructure investment for growth and Joseph E. Stiglitz, poverty reduction. Given the need to act quickly – and Amar Bhattacharya given the slowness with which the developed world has been responding – this new institution is all the more and Mattia Romani welcome.

The new bank can make a major contribution to the pension funds) provide opportunities for new development part- global economy’s health by facilitating the transition to new poles nerships, which the New Development Bank can help to catalyze of growth and demand, helping to rebalance global savings and and orchestrate. So, too, should its deployment of a wide range of investments, and channeling excess liquidity to productive use. It modern instruments enable it to meet the diverse range of proj- will not only be a driver for sustainable growth in the developing ect needs while ensuring adequate risk management. and emerging world, but will also foster reform in the existing The new bank should maximize its multiplier effects by shar- multilateral financial institutions – changes from which all of us, ing and reducing risk through collective action and “crowding in” in the developed and developing world alike, will benefit. other financing; by setting a powerful example in adopting innovative and cost-effective approaches; and through its policy and Nicholas Stern, President of the British Academy, is Professor of Economics and Chair of the Asia Research institutional impact beyond projects that it finances.

While the older institutions have attempted to adapt, their Center at the London School of Economics and Political governance remains out of sync with today’s economic and polit- Science. Joseph E. Stiglitz is a Nobel laureate and Professor ical realities. The new bank’s governance structure has yet to be of Economics at Columbia University. Amar Bhattacharya is worked out, but it promises to be more consistent with contem- Director of the G-24. Mattia Romani is Deputy Director porary best practices. Most important, the New Development General of the Global Green Growth Institute.

Bank will give greater voice to the perspectives and interests of © Project Syndicate, 2013. those in developing countries and emerging markets.

As with the outdated governance arrangements, conceptions www.project-syndicate.org projected needs.

A development bank anchored in emerging markets and developing countries can help to address this gap and become a powerful catalyst for change, both in the developing world and – through collaboration and example – in existing institutions. The world today is markedly different from the world at the time of the founding of the World Bank and many of the regional development banks. The BRICS’ proposed New Development Bank presents an important opportunity to reflect these changes, with modern financial instruments, strong governance, and a broadbased mandate.

For example, changes in financial markets (including the large amounts of money in sovereign wealth funds and public

America’s healthy path to fiscal health Over the last five years, the growth of healthcare spending in the United States has slowed dramatically – to the lowest rate in the past 50 years. The slowdown is not a surprise. It is a predictable result of the recession and slow recovery that have left millions of Americans without health insurance and dampened household spending.

But the size of the slowdown is surprising, as is the fact that it started several years before the 2008 recession – and not only in the private insurance system, but also in Medicare and Medicaid, the two major government health programs. (Medicare provides health coverage for retirees, and Medicaid provides coverage for low-income Americans and their children and those with disabilities.)

What explains this slowdown in health-care spending? How much of it is attributable to the weak economy, and how much is the result of changes in provider and consumer behavior?

Two recent studies offer different answers, but both predict that at least some of the slowdown will persist even after the economy recovers. That would be good news for the US economy, which currently devotes nearly 18% of GDP to health care, by far the largest share among developed countries. It would also be good news for America’s fiscal position, because Medicare and Medicaid are the two largest contributors to the long-term federal budget deficit.

The growth of health-care spending declined or remained unchanged in real (inflation-adjusted) terms each year between 2002 and 2011, falling to 3-3.1% in 2009-2011, the lowest rates on record since reporting began in 1960. Recent data indicate that after a slight acceleration in 2012, the growth of real health-care spending in 2013 has fallen back to its 2009-2011 average.

As a result of the recession and lagging recovery, health-care spending has also slowed significantly since 2009 throughout the OECD. Indeed, for the first time on record, real health-care spending stalled on average in the OECD in 2010, as developed countries, reeling from budgetary constraints, clamped down on health programs. Growth in health-care spending was slower in every OECD country in that year, with the exception of Germany.

A new study by Drew Altman, a respected health-care expert and President of the Henry J. Kaiser Family Foundation, con-

cludes that slower growth in real GDP, along with a lower inflation rate, accounts for more than three-quarters of the slowdown in health-care spending in the US after 2001. The weak economy has caused people to postpone consumption of health-care services and has encouraged states and employers to restrain their spending on health.

By Laura D. Tyson But important cost-containing changes in the private healthcare system, including more cost-sharing in private insurance plans and tighter controls in managed care, have also contributed to the slowdown. Altman conjectures that, overall, the growth in health-care spending between 2008 and 2012 was about one percentage point lower than predicted by deteriorating macroeconomic conditions alone. If this reduction continues after the economy recovers – as seems likely, given the cost-containment incentives in the Affordable Care Act (commonly known as Obamacare) – the US stands to spend $2 trln less on health care over the coming decade.

Based on the relationship between changes in real per capita health-care spending and changes in unemployment rates at the state level, the recent Economic Report of the President concludes that the recession and lackluster recovery account for less than 20% of the slowdown in health-care spending since 2007 – and for an even smaller share of the slowdown that began in 2002. And difficult macroeconomic conditions explain little (if any) of the slowdown in Medicare spending per enrollee since 2001.

That is not unexpected, because the largely retired Medicare population is less vulnerable to macroeconomic fluctuations than is the working-age population. The Council of Economic Advisers, whose members write the president’s report, surmise that structural changes – including stronger incentives for efficiency by hospitals and providers, more cost-sharing in insurance policies, and

the substitution of generic drugs for branded drugs – explain most of the deceleration in per capita spending growth. They also suggest that payment reforms contributed to the slowdown in Medicare’s spending growth after 2001, and that early responses to new Medicare regulations in the Affordable Care Act may have caused a further decline after 2010.

The long-term effect on the federal budget implied by a sustained reduction in the growth of Medicare and Medicaid spending to the rates of the last several years would be profound. These programs currently claim 21% of the budget, with Medicare accounting for two-thirds of that amount. Even a small reduction in the growth of these programs would save billions of dollars.

Based on the unexpected slowdown in spending growth during the last few years, the Congressional Budget Office recently cut its ten-year projections for these programs by 3.5%, reducing the tenyear deficit by $382 bln.

In 2011, Medicare spending accounted for 3.7% of GDP. Based on current policies, the government forecasts that Medicare spending per beneficiary will grow at an average annual rate of 4.3% and will rise to 6.7% of GDP over the next 75 years. If, instead, Medicare spending per beneficiary grew by only 3.6% a year, the average rate of the last five years, Medicare’s share of GDP would remain unchanged. This would narrow the fiscal gap, a widely used measure of long-term budgetary imbalance, by almost one-third.

Trends in the US budget reflect an inconvenient truth: If the growth of spending on health-care programs cannot be slowed, stabilizing the federal debt at a sustainable level will require deep cuts in spending on other priorities and increases in taxes on the middle class. The recent slowdown in the growth of health-care spending is a promising sign that America’s budgetary tradeoffs may turn out to be less difficult than expected.

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

May 15 - 21, 2013

financialmirror.com | COMMENT | 9

Lives versus profits The United States Supreme Court recently began deliberations in a case that highlights a deeply problematic issue concerning intellectual-property rights. The Court must answer the following question: Can human genes – your genes – be patented? Put another way, should someone essentially be permitted to own the right, say, to test whether you have a set of genes that imply a higher than 50% probability of developing breast cancer?

To those outside the arcane world of intellectual-property rights, the answer seems obvious: No. You own your genes. A company might own, at most, the intellectual property underlying its genetic test; and, because the research and development needed to develop the test may have cost a considerable amount, the firm might rightly charge for administering it.

But a Utah-based company, Myriad Genetics, claims more than that. It claims to own the rights to any test for the presence of the two critical genes associated with breast cancer – and has ruthlessly enforced that right, though their test is inferior to one that Yale University was willing to provide at much lower cost. The consequences have been tragic: Thorough, affordable testing that identifies high-risk patients saves lives.

Blocking such testing costs lives. Myriad is a true example of an American corporation for which profit trumps all other values, including the value of human life itself.

This a particularly poignant case. Normally, economists talk about trade-offs: weaker intellectual-property rights, it is argued, would undermine incentives to innovate. The irony here is that Myriad’s discovery would have been made in any case, owing to a publicly funded, international effort to decode the entire human genome that was a singular achievement of modern science. The social benefits of Myriad’s slightly earlier discovery have been dwarfed by the costs that its callous pursuit of profit has imposed.

More broadly, there is increasing recognition that the patent system, as currently designed, not only imposes untold social costs, but also fails to maximize innovation – as Myriad’s gene patents demonstrate. After all, Myriad did not invent the

technologies used to analyze the genes. If these technologies had been patented, Myriad might not have made its discoveries. And its tight control of the use of its patents has inhibited the development by others of better and more accurate tests for the presence of the gene. The point is a simple one: All research is based on prior research. A poorly designed patent system – like the one we have now – can inhibit follow-on research.

By Joseph E. Stiglitz That is why we do not allow patents for basic insights in mathematics. And it is why research shows that patenting genes actually reduces the production of new knowledge about genes: the most important input in the production of new knowledge is prior knowledge, to which patents inhibit access.

Fortunately, what motivates most significant advances in knowledge is not profit, but the pursuit of knowledge itself.

This has been true of all of the transformative discoveries and innovations – DNA, transistors, lasers, the Internet, and so on.

A separate US legal case has underscored one of the main dangers of patent-driven monopoly power: corruption. With prices far in excess of the cost of production, there are, for example, huge profits to be gained by persuading pharmacies, hospitals, or doctors to shift sales to your products.

The US Attorney for the Southern District of New York recently accused the Swiss pharmaceutical giant Novartis of doing exactly this by providing illegal kickbacks, honoraria, and other benefits to doctors – exactly what it promised not to do when it settled a similar case three years earlier. Indeed, Public Citizen, a US consumer advocacy group, has calculated that, in the US alone, the pharmaceutical industry has paid out

billions of dollars as a result of court judgments and financial settlements between pharmaceutical manufacturers and federal and state governments.

Sadly, the US and other advanced countries have been pressing for stronger intellectual-property regimes around the world. Such regimes would limit poor countries’ access to the knowledge that they need for their development – and would deny life-saving generic drugs to the hundreds of millions of people who cannot afford the drug companies’ monopoly prices.

The issue is coming to a head in ongoing World Trade Organization negotiations. The WTO’s intellectual-property agreement, called TRIPS, originally foresaw the extension of “flexibilities” to the 48 least-developed countries, where average annual per capita income is below $800. The original agreement seems remarkably clear: the WTO shall extend these “flexibilities” upon the request of the least-developed countries. While these countries have now made such a request, the US and Europe appear hesitant to oblige.

Intellectual-property rights are rules that we create – and that are supposed to improve social well-being. But unbalanced intellectual-property regimes result in inefficiencies – including monopoly profits and a failure to maximize the use of knowledge – that impede the pace of innovation. And, as the Myriad case shows, they can even result in unnecessary loss of life.

America’s intellectual-property regime – and the regime that the US has helped to foist upon the rest of the world through the TRIPS agreement – is unbalanced. We should all hope that, with its decision in the Myriad case, the Supreme Court will contribute to the creation of a more sensible and humane framework.

Joseph E. Stiglitz, a Nobel laureate in economics, is University Professor at Columbia University. © Project Syndicate, 2013. www.project-syndicate.org

May 15 - 21, 2013

10 | COMMENT | financialmirror.com

Suffer the children, suffer the country Children are every country’s most vital resource. This is true not just morally, but also economically. Investing in the health, education, and skills of children offers the highest economic returns to a country. A new study by the UN Children’s Fund (UNICEF) shows which high-income countries are doing well when it comes to making these investments – and which are doing poorly.

The report, Child Well-Being in Rich Countries, takes a holistic view of the conditions of children in the United States, Canada, and Europe – 29 countries in all. The top-ranked countries, where children are best off, are the social democracies of Western Europe. The Netherlands heads the list, followed by Norway, Iceland, Finland, Sweden, and Germany.

By Jeffrey D. Sachs

At the bottom one finds a major surprise: the US, the richest large economy in the world, is in 26th place, followed by three much poorer countries: Lithuania, Latvia, and Romania. France and the United Kingdom are ranked in the middle.

The study assesses children’s well-being in terms of material conditions (related to household-income levels); health and safety; education; risky behavior (such as excessive alcohol consumption); and physical environment, including housing conditions. Although the study is limited to high-income countries, national governments – and even cities – in other parts of the world should replicate it to analyze their own children’s well-being.

The gaps between the northern European countries and the US are the most telling.

Northern European countries generally provide cash support to families to ensure that all children are raised in decent conditions, and they undertake ambitious social programs to provide high-quality day care, pre-school, and primary and secondary education. Moreover, all children are well covered by effective healthcare systems.

The US, with its individualist, free-market ideology, is very different. There is little cash support for families. Government programs supposedly provide a social safety net, but politicians are, in fact, largely indifferent to the well-being of the poor, because poor voters turn out in lower numbers and do not finance America’s expensive election campaigns.

Indeed, the evidence strongly suggests that US politicians tend to listen and respond only to their richer constituents. The socalled safety net has suffered accordingly, as have America’s poor.

The differences between the social democracies and the US show up strongly in category after category. In the social democ-

racies, less than 10% of children grow up in relative poverty (meaning households with less than half of the country’s median income). In the US, the rate of relative poverty exceeds 20%.

American children suffer far more from low birth weight (a major danger signal for later life); being overweight at ages 11, 13, and 15; and very high rates of teenage fertility. There are around 35 births for every 1,000 girls aged 15-19, compared to fewer than ten per thousand in the northern European countries.

Likewise, US children face considerably more violence in society than children in other high-income countries do. That may not be surprising, but it is deeply troubling, because children’s exposure to violence is a major threat to their physical, emotional, and cognitive development. Homicide rates in the US are roughly five times higher than in northern Europe.

One fascinating aspect of the UNICEF study is its use of what is now called “subjective well-being.” This means asking a person directly about his or her life satisfaction.

There have been many recent studies of the subjective well-being of adults around the world. But I know of no comparable research in which children were asked directly about their sense of well-being – a very smart question indeed.

Here, the evidence suggests that northern Europe’s children generally appreciate their remarkable advantages. The children were asked to rate their “life satisfaction” on an 11-step ladder. In the Netherlands, a remarkable 95% of children set their rating at six or higher. In the US, the proportion is much lower, at around 84%. These subjective rankings also correlate highly with the children’s reported quality of interactions with their peers and parents. Some 80% of Dutch children report their classmates to be “kind and helpful,” compared to just 56% of American children.

The costs to the US of allowing so many of its children to grow up in poverty, poor health, poor schools, and poor housing are staggering. A shocking proportion ends up serving time in prison – especially in the case of non-white poor children. Even those fortunate not to fall into the trap of America’s vast prison system often end up unemployed and even unemployable, without the skills needed to obtain and keep a decent job.

Americans have been blinded to these calamitous mistakes partly by a long history of racism, as well as by a misplaced faith in “rugged individualism.” For example, some white families have opposed public financing for education, because they believe that

their tax money goes disproportionately to help poorer non-white students.

The result, however, is that everybody loses. Schools underperform; poverty remains high; and the resulting high rates of unemployment and crime impose huge financial and social costs on US society.

The UNICEF findings are powerful. High national incomes are not enough to ensure children’s well-being. Societies that have a strong commitment to equal opportunity for all of their children – and that are prepared to invest public funds on their behalf – end up with much better outcomes.

Every country should compare the conditions of its young people with those reported by UNICEF, and use the results to help guide expanded investment in their children’s well-being.

Nothing could be more important for any society’s future health and prosperity.

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

Coffee shop culture

By Alisha Lolk When I arrived at Larnaca International Airport on January 24, I had no idea what the next four months would have in store. Previously, I knew very little about Cyprus which is exactly what drew me to spend four months living and studying in Nicosia. On the first day, it was clear to me that the island life was much different than anything I would find in the United States, especially in the northeast, and I was ready to take it all in.

It wasn’t long after my arrival that I noticed a pattern among the people I met. They would ask where I was from, and upon learning that I had chosen to spend four months living and studying in Cyprus, the immediate reaction I received, was why. Why Cyprus? Why would anyone, especially someone from the greater New York City area, want to come here? This question, followed in some cases by

shock and disbelief, became a pattern with nearly everyone I met, to which my answer was always, “why not?”

While Cyprus is a small island, it is full of endless discoveries in culture and history which make it extremely unique. I am continually blown away by things that would otherwise go unnoticed and find that I am more aware of the things that contribute to normal Cypriot life. I found myself in a crowded and slightly noisy room, the smell of Cyprus coffee drifting through the air as I maneuvered past tabled of people talking, watching the football match or playing a game of backgammon, which I later learned is called “tavli.” The tapping of black and white game pieces on the board meshed with the sounds of an espresso machine and this every day Cypriot sight stuck out in my mind. People communicating, interacting, and playing games that aren’t on their cellphones.

While these everyday sights may seem unimportant in the grand scheme of things, they make all the difference to an outsider. The odds that you would see such sights in

America, especially in the northeast, are extremely slim and they are what make the culture spectacular. It is the every day things that have continually amazed me while in Cyprus, and it is the everyday, otherwise unnoticed things that make a culture what it is. Coupled with the breathtaking landscapes and beautiful coast, Cyprus offers a culture unique and well worth immersing in, and for this my question still remains. For all the beauty and amazement that Cyprus has to offer, why not?

EB¢OMA¢IAIA OIKONOMIKH ¶√§π∆π∫∏ EºHMEPI¢A AÚ. 915

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∆∂∆∞ƒ∆∏, 15 ª∞´√À, 2013

∆Ú¿Â˙· ∫‡ÚÔ˘ ÒÚ· Ìˉ¤Ó Επίσπευση των διαδικασιών για έξοδο τησ Τράπεζασ Κύπρου απÞ το καθεστώσ διαχείρισησ και εξυγίανσησ αποφάσισαν µετά απÞ τρίωρη σύσκεψη στο ΠροεδρικÞ Μέγαρο ο ΠρÞεδροσ τησ ∆ηµοκρατίασ Νίκοσ Αναστασιάδησ, ο ∆ιοικητήσ τησ Κεντρικήσ Τράπεζασ Πανίκοσ ∆ηµητριάδησ και το µεταβατικÞ ∆ιοικητικÞ Συµβούλιο τησ Τράπεζασ Κύπρου. Σε δηλώσεισ µετά τη συνάντηση ο ΕκπρÞσωποσ Χρήστοσ ΚυβερνητικÞσ Στυλιανίδησ αναφέρθηκε στισ σηµαντικÞτερεσ αποφάσεισ τησ σύσκεψησ «Στο διορισµÞ εκτελεστικού διευθυντή τησ Τράπεζασ Κύπρου τισ επÞµενεσ µέρεσ. ∆εύτερο ο ΠρÞεδροσ τησ ∆ηµοκρατίασ χαιρέτησε το διορισµÞ των επιτροπών τησ Τράπεζασ Κύπρου οι οποίεσ, έχουν ωσ στÞχο την αναδιάρθρωση και τον εξορθολογισµÞ των δραστηριοτήτων και του κÞστουσ λειτουργίασ τησ Τράπεζασ Κύπρου. Για την επίτευξη των συγκεκριµένων στÞχων καθορίστηκαν και χρονοδιαγράµµατα. Η κυβέρνηση ωσ ένδειξη εµπιστοσύνησ προσ το τραπεζικÞ σύστηµα αποφάσισε να ενισχύσει και να διευρύνει τη διεκπεραίωση των τραπεζικών συναλλαγών του κράτουσ µέσω των κυπριακών τραπεζών». Σύµφωνα µε πληροφορίεσ µασ το µÞνο Þνοµα που έπεσε στο τραπέζι των συζητήσεων για να αναλάβει τη θέση του ανώτατου εκτελεστικού διευθυντή τησ Τράπεζασ Κύπρου είναι του Μιχάλη Κολακίδη παλαιού στελέχουσ τησ Τράπεζασ Πειραιώσ και τησ HSBC. Παράλληλα η Τράπεζα Κύπρου ανακοίνω-

σε το διορισµÞ του Τάκη Αράπογλου ωσ νέου µέλουσ του ∆ιοικητικού τησ Συµβουλίου. Στη σύσκεψη υπήρξε έντονοσ προβληµατισµÞσ για το γεγονÞσ Þτι µε τα νέα δεδοµένα το 70% τησ Τράπεζασ Κύπρου θα ελέγχεται απÞ ξένα κεφάλαια κάτι που καθιστά αδήριτη ανάγκη σύµφωνα µε τον ΚυβερνητικÞ ΕκπρÞσωπο για εξεύρεση στρατηγικού επενδυτή. «ΑυτÞ είναι πάντα στα πλάνα Þχι µÞνο του ∆ιοικητικού Συµβουλίου και τησ Κεντρικήσ Τράπεζασ αλλά και τησ κυβέρνησησ. Για να συζητήσουµε Þµωσ µια συνεργασία µε στρατηγικÞ επενδυτή θα πρέπει να έρθει το πλή-

ρωµα του χρÞνου». Στη σύσκεψη αποφασίστηκε επίσησ ουσιαστική χαλάρωση των περιοριστικών µέτρων στα χρηµατοπιστωτικά ιδρύµατα τησ Κύπρου την ερχÞµενη Παρασκευή τα οποία θα επιτρέπουν µεταξύ άλλων το άνοιγµα τραπεζικών λογαριασµών για νοµικά πρÞσωπα. Αποφασίστηκε επίσησ η προκήρυξη σχεδίων πρÞωρησ αφυπηρέτησησ µε στÞχο να µειωθεί ο αριθµÞσ του προσωπικού τησ Τράπεζασ Κύπρου απÞ τισ 5,500 που είναι σήµερα στισ 4,250. Το σχέδιο θα απευθύνεται σε Þσα στελέχη έχουν πέραν των 25 ετών υπηρεσίασ. Παράλληλα αποφασίστηκε να γίνουν κλιµα-

κωτέσ µειώσεισ µισθών που φθάνουν µέχρι και το 25%. Την ίδια ώρα σύµφωνα µε πληροφορίεσ η καθυστέρηση που παρατηρείται στη µεταφορά των στοιχείων ενεργητικού τησ Λαϊκήσ Τράπεζασ στην Τράπεζα Κύπρου οφείλεται κυρίωσ στα ηλεκτρονικά συστήµατα τησ Λαϊκήσ Τράπεζασ τα οποία Þπωσ µασ λέχθηκε αρµοδίωσ δεν είναι τελευταίασ τεχνολογίασ Þπωσ αυτά τησ Τράπεζασ Κύπρου. Καθυστέρηση στη διαδικασία προκαλούν και οι δυο προσφυγέσ κατά τησ πρÞσφατησ απÞφασησ για κούρεµα των ανασφάλιστων καταθέσεων. Στο µεταξύ σύµφωνα µε κυβερνητικέσ πηγέσ µεγαλύτεροσ µέτοχοσ στην Τράπεζα Κύπρου θα είναι το Ταµείο Προνοίασ του Προσωπικού τησ Τράπεζασ Κύπρου µε ποσοστÞ 2%, ενώ ακολουθούν το Ταµείο Προνοίασ του Προσωπικού τησ Λαϊκήσ Τράπεζασ µε 1,5% και το Ταµείο Προνοίασ των Εργαζοµένων τησ Cyta µε 1,1%. Να σηµειωθεί Þτι ένα σηµαντικÞ βήµα προσ την οµαλοποίηση τησ κατάστασησ στην Τράπεζα Κύπρου σηµειώθηκε, µε την ολοκλήρωση τησ απορρÞφησησ των στοιχείων τησ “καλήσ” Λαϊκήσ απÞ την Τράπεζα Κύπρου, η οποία απέκτησε προκαταρτικÞ ισολογισµÞ. Σύµφωνα µε το µνηµÞνιο, ο επÞµενοσ σταθµÞσ τησ Τράπεζασ Κύπρου είναι η διενέργεια µιασ ανεξάρτητησ αξιολÞγησησ των στοιχείων ενεργητικού τησ Τράπεζασ, ο οποίοσ θα πρέπει να ολοκληρωθεί µέχρι το τέλοσ Ιουνίου. Τα στοιχεία τησ αξιολÞγησησ θα καταδείξουν κατά πÞσον θα απαιτηθεί περισσÞτερη µετατροπή ανασφάλιστων καταθέσεων σε µετοχέσ Α.

13.000 ¿ÙÔÌ· ÂÚÈ̤ÓÔ˘Ó ÏÂÔÓ¿˙ÔÓ ·Ô˙ËÌ›ˆÛË ¶ÏËÚÒıËΠÔÛfi €12,5 ÂÎ. ÙÔ ·’ ÙÚ›ÌËÓÔ ÙÔ˘ 2013 ΣχεδÞν 13,000 άτοµα, τα οποία έχουν απολυθεί ωσ πλεονάζον προσωπικÞ, περιµένουν στην ουρά για να λάβουν αποζηµίωση απÞ το ταµείο πλεονασµού, καθώσ το αρµÞδιο υπουργείο εξετάζει ακÞµα αιτήσεισ που παραλήφθηκαν µέχρι και πριν απÞ 18 µήνεσ. Τα στοιχεία που δηµοσίευσε η Υπηρεσία Κοινωνικών Ασφαλίσεων αναδεικνύουν τον διογκούµενο αριθµÞ αιτήσεων που έχει συσσωρευτεί στα συρτάρια του Υπουργείου Εργασίασ, και την καθυστέρηση στην πληρωµή των δικαιούχων. ΛÞγω τησ αναρρίχησησ τησ ανεργίασ σε πρωτοφανή επίπεδα, ο αριθµÞσ των αιτήσεων έχει εκτοξευθεί σε επίπεδα ρεκÞρ. Στο τέλοσ του 2012 εκκρεµούσαν 11,057 αιτήσεισ, ενώ µέχρι το τέλοσ του πρώτου τριµήνου του 2013 οι αιτήσεισ που εκκρεµούν εκτοξεύθηκαν στισ 12,782. Το Υπουργείο έχει εγκρίνει µέσα σε 3

µήνεσ µÞλισ 1,454 αιτήσεισ και έχει απορρίψει άλλεσ 299. Έλαβε Þµωσ 3,478 αιτήσεισ, µε αποτέλεσµα να έχει αυξηθεί ο αριθµÞσ των αιτήσεων που εκκρεµούν. Το ποσÞ που πληρώθηκε στουσ δικαιούχουσ το πρώτο τρίµηνο του 2013 ανήλθε στα 12.538,000 ευρώ σε σύγκριση µε 10 εκ. ευρώ που καταβλήθηκαν την αντίστοιχη περίοδο του 2011.Το µεγαλύτερο µέροσ του ποσού για πλεονάζον προσωπικÞ απορροφά η µεταποίηση, το λιανεµπÞριο και ο κλάδοσ των κατασκευών, τοµείσ που πλήττονται σε µεγαλύτερο βαθµÞ απÞ την οικονοµική κρίση. Το Ταµείο Πλεονασµού χρηµατοδοτείται απÞ εισφορέσ εργοδοτών.Το ποσÞ τησ εισφοράσ είναι 1,2% πάνω στισ απολαβέσ του εργαζοµένου και διαχρονικά το ταµείο έχει συσσωρεύσει σηµαντικÞ αποθεµατικÞ, αφού λÞγω τησ χαµηλήσ ανεργίασ, οι πληρωµέσ ήταν µικρÞτερεσ απÞ τισ εισφορέσ.

Το ποσÞ τησ πληρωµήσ λÞγω πλεονασµού είναι ανάλογο µε την περίοδο συνεχούσ απασχÞλησησ, και αντιστοιχεί µε τρεισ εβδοµά-

δεσ ανά συνεχέσ έτοσ εργασίασ. Για το 2012 το µέγιστο ποσÞ πληρωµήσ ανήλθε στισ 51,600 ευρώ

∫·ÏÂ›Ù·È Û ·ÔÏÔÁ›· ÁÈ· Ì›˙˜ $10 ‰È˜ Ô ¡Ù›ÓÔ˜ ªÈ¯·ËÏ›‰Ë˜ ∆ιαδικασία κλήτευσησ σε απολογία κινούν οι Έλληνεσ ανακριτέσ, για τον πρώην ΥπουργÞ Εσωτερικών τησ Κυπριακήσ ∆ηµοκρατίασ, Ντίνο Μιχαηλίδη και το γιο του, Μιχάλη, µε την κατηγορία του ξεπλύµατοσ µαύρου χρήµατοσ, στο πλαίσιο τησ υπÞθεσησ του πρώην Υπουργού Άµυνασ τησ Ελλάδασ Άκη ΤσοχατζÞπουλου. Ο πρώην ΥπουργÞσ τησ Κυπριακήσ

∆ηµοκρατίασ για τον οποίο η διαδικασία θα κινηθεί µέσω του Υπουργείου Εξωτερικών και ο γιοσ του, θα κληθούν να απολογηθούν για παράνοµεσ αµοιβέσ περίπου 10 εκ. δολαρίων που φέρονται να διακίνησαν, µέσω κοινού τουσ λογαριασµού µε τελικÞ αποδέκτη τον Α. ΤσοχατζÞπουλο, αναφορικά µε την υπογραφή τησ σύµβασησ προµήθειασ απÞ το υπουργείο Άµυνασ των ΤΟR M-1. Το ποσÞ είχε κατατεθεί απÞ την υπε-

ράκτια εταιρεία beaston η οποία και έχει εµπλοκή στη διακίνηση των παράνοµων χρηµάτων για την αγορά των TOR M-1. Τον Ντ. Μιχαηλίδη ενέπλεξε αρχικά στην υπÞθεση µε την κατάθεση του στον ανακριτή ο ξάδελφοσ, συνεργάτησ και συγκατηγορούµενοσ πλέον του Ακη ΤσοχατζÞπουλου, Νίκοσ Ζήγρασ, εναντίον του οποίου ο κ. Μιχαηλίδησ έχει καταθέσει µήνυση.

ΧΡΗΜΑ&ΑΓΟΡΑ

15 ΜΑΪΟΥ, 2013

2 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

¢ËÌËÙÚÈ¿‰Ë˜ Î·È ∫ÏËÚ›‰Ë˜ ÂÓÒÈÔÓ Ù˘ ∂ÈÙÚÔ‹˜ £ÂÛÌÒÓ ºˆÓ¿˙Ô˘Ó ÁÈ· ÙËÓ ·fiÊ·ÛË ™˘ÏÏÔ‡ÚË Ενώπιον τησ Κοινοβουλευτικήσ Επιτροπήσ Θεσµών έχουν κληθεί να παραστούν την ερχÞµενη Τρίτη ο ΓενικÞσ Εισαγγελέασ Πέτροσ Κληρίδησ και ο ∆ιοικητήσ τησ Κεντρικήσ Τράπεζασ Πανίκοσ ∆ηµητριάδησ, στο πλαίσιο τησ έρευνασ που διεξάγει η Επιτροπή για τουσ λÞγουσ που οδήγησαν στην καταστροφή του χρηµατοπιστωτικού συστήµατοσ του τÞπου. ΑυτÞ δήλωσε χθεσ ο πρÞεδροσ τησ Επιτροπήσ ∆ηµήτρησ Συλλούρησ µετά την κεκλεισµένων των θυρών συνεδρία τησ Επιτροπήσ, η οποία, σύµφωνα µε τον κ. Συλλούρη, κατέληξε στο πλαίσιο µέσα στο οποίο θα κινηθεί η Επιτροπή σε σχέση µε την εν λÞγω έρευνα. Ο κ. Συλλούρησ είπε Þτι η Επιτροπή συζήτησε τον προγραµµατισµÞ τησ έρευνασ και αποφάσισε τελεσίδικα Þπωσ η έρευνα συνεχιστεί ανεξάρτητα απÞ τη διεξαγωγή οποιασδή-

ποτε άλλησ έρευνασ γι’ αυτÞ το θέµα. Είπε, επίσησ, Þτι θα καταβληθεί προσπάθεια προκειµένου τα κÞµµατα να αποστέλλουν τισ ερωτήσεισ που προτίθενται να υποβάλουν κατά την ερχÞµενη συνεδρία τησ Επιτροπήσ στον ίδιο µέχρι την Πέµπτη «για να τισ αξιολογήσω και να τισ ιεραρχήσω», προκειµένου να µην υπάρχουν επαναλαµβανÞµενεσ ερωτήσεισ. Ερωτηθείσ γιατί στη χθεσινή συνεδρία δεν παρέστη ο ∆ιοικητήσ τησ Κεντρικήσ Τράπεζασ ενώ είχε προσκληθεί να παραστεί, ο κ. Συλλούρησ είπε Þτι ο ίδιοσ ζήτησε απÞ το ∆ιοικητή να µην προσέλθει στη συνεδρία επειδή θα απουσίαζαν κάποιοι βουλευτέσ οι οποίοι, Þπωσ είπε, επιδεικνύουν ιδιαίτερο ενδιαφέρον να είναι παρÞντεσ στη συνάντηση τησ Επιτροπήσ µε το ∆ιοικητή. Ο ∆ιοικητήσ κλήθηκε στην Επιτροπή για να δώσει εξηγήσεισ σε Þτι αφορά τον ισχυρι-

σµÞ βουλευτών περί παραπληροφÞρησησ ή απÞκρυψησ στοιχείων για τουσ Þρουσ εντολήσ του οίκου Alvarez & Marsal.

∂. ÷ڷϷÌ›‰Ô˘: ªfiÓÔ Ô ∞. ¡ÂÔʇÙÔ˘ ·Ô˘Û›·˙ Λύπη εξέφρασε η βουλευτήσ του ΑΚΕΛ Ειρήνη Χαραλαµπίδου για τη δήλωση του Προέδρου τησ κοινοβουλευτικήσ Επιτροπήσ Θεσµών ∆ηµήτρη Συλλούρη σε σχέση µε τη µη συµµετοχή του ∆ιοικητή τησ Κεντρικήσ Τράπεζασ Πανίκου ∆ηµητριάδη στη συνεδρία τησ Επιτροπήσ, Þπωσ είχε αρχικά προ-

γραµµατιστεί. Η κ. Χαραλαµπίδου είπε Þτι η δήλωση του κ. Συλλούρη περιέχει ανακρίβειεσ και πρÞσθεσε Þτι η συνεδρία αναβλήθηκε γιατί το ζήτησε ο ΠρÞεδροσ του ∆ΗΣΥ, βουλευτήσ Αβέρωφ Νεοφύτου, που δεν είναι µέλοσ τησ Επιτροπήσ, απÞ τον κ. Συλλούρη γιατί δεν θα µπορούσε να παρευρεθεί ο ίδιοσ. Είπε, επίσησ, Þτι ο κ. Συλλούρησ «µονοµερώσ και χωρίσ συνεννÞηση» µε τα µέλη τησ Επιτροπήσ ζήτησε απÞ τον ∆ιοικητή να µην προσέλθει σήµερα στην Επιτροπή. «Ο ΠρÞεδροσ τησ Επιτροπήσ µασ ενηµέρωσε Þτι ο κ. Νεοφύτου ζήτησε να αναβληθεί η συνεδρία λÞγω του Þτι δεν µπορούσε ο ίδιοσ να παραστεί», είπε.

™˘Ó‰ÚÈ¿˙ÂÈ Û‹ÌÂÚ· Ë ∂ÈÙÚÔ‹ ¶·Ú·ÎÔÏÔ‡ıËÛ˘ ÙÔ˘ ªÓËÌÔÓ›Ô˘ Συνέρχεται σήµερα το απÞγευµα υπÞ τον ΥπουργÞ Οικονοµικών Χάρη Γεωργιάδη η Υπουργική Επιτροπή για την παρακολούθηση τησ εφαρµογήσ του Μνηµονίου, δύο µέρεσ µετά την απÞφαση του Μηχανισµού Στήριξησ για εκταµίευση των 3 δισ ευρώ τησ πρώτησ δÞσησ του κυπριακού πακέτου στήριξησ. Η πρώτη δÞση θα απελευθερωθεί σε 2 εκταµιεύσεισ: Η πρώτη εκταµίευση, ύψουσ 2 δισ, έγινε την ∆ευτέρα και η επÞµενη, ύψουσ

έωσ και 1 δισ ευρώ, πριν απÞ τισ 30 Ιουνίου. Και οι δύο δÞσεισ θα καταβληθούν και θα χρησιµοποιηθούν για τισ γενικÞτερεσ ταµειακέσ ανάγκεσ τησ κυπριακήσ Κυβέρνησησ, καθώσ και για την αναχρηµατοδÞτηση του χρέουσ. Σε συνέχεια των αποφάσεων που ελήφθησαν απÞ το Eurogroup τησ 25ησ Μαρτίου, η Κύπροσ θα λάβει συνολική βοήθεια 10 δισ ευρώ τα επÞµενα τρία χρÞνια. Η Υπουργική Επιτροπή Παρακολούθησησ

συστάθηκε µε απÞφαση του Υπουργικού Συµβουλίου και είναι επιφορτισµένη µε την παρακολούθηση τησ υλοποίησησ των δεσµεύσεων τησ ∆ηµοκρατίασ που προκύπτουν απÞ το ΜνηµÞνιο Συναντίληψησ που συµφωνήθηκε µε την ΤρÞικα. Στην Επιτροπή, πέραν του ΥΠΟΙΚ, συµµετέχουν οι Υπουργοί Εργασίασ, Συγκοινωνιών, Ενέργειασ και Υγείασ, καθώσ και η ειδική µονάδα υπÞ το Γραφείο Προγραµµατισµού,

που έχει επιφορτιστεί µε την συντονισµÞ των ενεργειών Þλων των υπηρεσιών για την ικανοποίηση των δεσµεύσεων του Μνηµονίου. Ο ∆ιευθυντήσ του Γραφείου, Γιώργοσ Γεωργίου ανέφερε Þτι η µονάδα που υπάγεται στο Γραφείο θα έχει την ευθύνη για τον συντονισµÞ των ενεργειών Þλων των υπηρεσιών για ικανοποίηση των δεσµεύσεων που προβλέπει το µνηµÞνιο, που υπάγεται στο Γραφείο Προγραµµατισµού.

™ÙËÓ µÔ˘Ï‹ ÙÔ ÓÔÌÔÛ¯¤‰ÈÔ ÁÈ· ÙȘ «ªÂÙÔ¯¤˜ µ» ÙÔ˘ ™˘ÓÂÚÁ·ÙÈÛÌÔ‡ Αύριο Πέµπτη 16 Μαϊου θα τεθεί προσ ψήφιση στην Ολοµέλεια τησ Βουλήσ το µνηµονιακÞ νοµοσχέδιο για το ΣυνεργατισµÞ. Το προτεινÞµενο νοµοσχέδιο συζητήθηκε στην Κοινοβουλευτική Επιτροπή Εµπορίου. Ο ΠρÞεδροσ τησ Επιτροπήσ Λευτέρησ ΧριστοφÞρου δήλωσε Þτι το νοµοσχέδιο είναι µνηµονιακÞ νοµοθέτηµα και θα παρέχει τη δυνατÞτητα στο ΣυνεργατισµÞ να

αντλήσει κεφάλαια µέσω έκδοσησ «µετοχών Β» και απÞ τα µέλη του, αλλά και απÞ τον κάθε Κύπριο πολίτη ή οποιονδήποτε άλλο θέλει να επενδύσει στο ΣυνεργατισµÞ. ΠρÞκειται, είπε, για κατ’ επείγον νοµοθέτηµα το οποίο θα τεθεί προσ ψήφιση στην συνεδρία τησ Ολοµέλειασ τησ Βουλήσ αύριο Πέµπτη. Ανέφερε Þτι οι «µετοχέσ Β» θα εκδοθούν

απÞ τη Συνεργατική Κεντρική Τράπεζα και ο οποιοσδήποτε θα έχει τη δυνατÞτητα να τισ αγοράσει, ενώ τα χαρακτηριστικά αυτών των µετοχών θα καθοριστούν µέσα απÞ προκήρυξη που θα συνταχθεί απÞ τον ΣυνεργατισµÞ σε συνεργασία µε την Κεντρική Τράπεζα µετά τη ψήφιση του νοµοσχεδίου και θα δηµοσιοποιηθούν πριν απÞ την έκδοση τουσ.

ΑπÞ την πλευρά του ο Βουλευτήσ του ΑΚΕΛ Κώστασ Κώστα είπε Þτι στισ σηµερινέσ δύσκολεσ οικονοµικέσ συνθήκεσ πρέπει να θωρακιστεί και να στηριχτεί ο ΣυνεργατισµÞσ. Ανέφερε Þτι το ΑΚΕΛ θα µελετήσει το νοµοσχέδιο την ερχÞµενη Πέµπτη στη συνεδρία τησ Κοινοβουλευτικήσ του Οµάδασ και θα τοποθετηθεί ενώπιον τησ Ολοµέλειασ.

KÔÈÓ¤˜ ‰Ú¿ÛÂȘ ∫‡ÚÔ˘ - ∂ÏÏ¿‰·˜ Û ı¤Ì·Ù· ÂÓ¤ÚÁÂÈ·˜ Συνάντηση µε τον Έλληνα ΥπουργÞ Περιβάλλοντοσ, Ενέργειασ και Κλιµατικήσ Αλλαγήσ, Ευάγγελο Λιβιεράτο, καθώσ και µε τον ΥφυπουργÞ ΠΕΚΑ, Μάκη Παπαγεωργίου είχε χθεσ στην Αθήνα ο ΥπουργÞσ Ενέργειασ, Εµπορίου, Βιοµηχανίασ και Τουρισµού τησ Κύπρου, Γιώργοσ Λακκοτρύπησ, o ο οποίοσ πραγµατοποίησε επίσκεψη στην Ελλάδα, στο πλαίσιο τησ απÞφασησ που ελήφθη απÞ τη Λευκωσία και την Αθήνα τον περασµένο Μάρτιο, για θεσµοθέτηση συναντήσεών των δύο Υπουργών ανά τρίµηνο προκειµένου να

υπάρξει καλύτεροσ συντονισµÞσ των κοινών δράσεων Κύπρου και Ελλάδασ στα θέµατα ενέργειασ. Στην επίσκεψή του στο ΥΠΕΚΑ, ο κ. Λακκοτρύπησ συνοδευÞταν απÞ τον Αν. ΓενικÞ ∆ιευθυντή του κυπριακού ΥΠΕΞ, Πρέσβη Τάσο Τζιωνή, καθώσ και τον επιτετραµµένο τησ Πρεσβείασ τησ Κυπριακήσ ∆ηµοκρατίασ στην Αθήνα, Μιχάλη Καραγιώργη, ενώ και στισ δύο συναντήσεισ συµµετείχε ο ΓενικÞσ Γραµµατέασ Ενέργειασ του ΥΠΕΚΑ, Κωνσταντίνοσ Μαθιουδάκησ. Στο επίκεντρο των συνοµιλιών των δύο

Υπουργών, σύµφωνα µε ανακοίνωση του ΥΠΕΚΑ, τέθηκαν αναλυτικά Þλεσ οι τελευταίτησ εσ εξελίξεισ στην περιοχή Νοτιανατολικήσ Μεσογείου, ενώ ο κ. Λιβιεράτοσ ενηµέρωσε αναλυτικά τον κ. Λακκοτρύπη για τουσ χειρισµούσ τησ ελληνικήσ Κυβέρνησησ στον τοµέα τησ έρευνασ, εξÞρυξησ και αξιοποίησησ των υδρογονανθράκων, αναφερÞµενοσ παράλληλα και στα επÞµενα βήµατα που δροµολογεί η Ελλάδα αναφορικά µε τη διαχείριση των ενεργειακών πηγών τησ. Ο κ. Λακκοτρύπησ απÞ την πλευ-

ρά του αναφέρθηκε στισ πρωτοβουλίεσ που έχει αναλάβει η Κυπριακή ∆ηµοκρατία για την εκµετάλλευση των κοιτασµάτων υδρογονανθράκων και ενηµέρωσε για τισ διεθνείσ επαφέσ που είχε πρÞσφατα µε οµολÞγουσ του στην ευρύτερη περιοχή. Στη συνάντηση του κ. Λακκοτρύπη µε τον Έλληνα ΥφυπουργÞ ΠΕΚΑ Μάκη Παπαγεωργίου, συζητήθηκαν µεταξύ άλλων η τριµερήσ συνεργασία Ελλάδασ – Κύπρου – Ισραήλ που έχει ξεκινήσει σε τεχνικÞ επίπεδο για θέµατα ενεργειακών υποδοµών.

1 ÙÚȘ ÂÙËÛ›ˆ˜ ÙÔ ÎfiÛÙÔ˜ Ù˘ ÊÔÚÔ‰È·Ê˘Á‹˜ ÛÙËÓ ∂.∂ €1 ºÔÚÔÏÔÁÈ΋ Û˘ÓÂÚÁ·Û›· Ù˘ ∫ÔÌÈÛÈfiÓ Ì 5 ÙÚ›Ù˜ ¯ÒÚ˜ Εντολή στην ΚοµισιÞν να προχωρήσει σε διαπραγµατεύσεισ για ανταλλαγή στοιχείων µε πέντε τρίτα ευρωπαϊκά κράτη και κρατίδια, στα οποία υπάρχουν καταθέσεισ κοινοτικών υπηκÞων, έδωσε χθεσ το Συµβούλιο Υπουργών ΕCO-FIN. ΠρÞκειται για την Ελβετία, το ΜονακÞ, την ΑνδÞρα, τον Αγιο Μαρίνο και το Λιχνενστάιν µε τισ οποίεσ η ΚοµισιÞν θα ξεκινήσει συζητήσεισ, στην ουσία θα ζητή-

σει να προχωρήσουν στην αυτÞµατη ανταλλαγή στοιχείων σχετικά µε τισ καταθέσεισ. Η απÞφαση εντάσσεται στο πλαίσιο τησ εκστρατείασ τησ ΕΕ µε στÞχο την καταπολέµηση τησ φοροδιαφυγήσ και φοροαποφυγήσ, η οποία κοστίζει σε απώλειεσ εσÞδων στα κράτη µέλη 1 τρισ ευρώ ετησίωσ. Στη σηµερινή συνεδρίαση του Συµβουλίου συζητήθηκε και το θέµα τησ τροποποίησησ τησ κοινοτικήσ οδηγίασ για

τη φορολογία των τÞκων των καταθέσεων. Μέχρι στιγµήσ δεν έχει υπάρξει συµφωνία λÞγω τησ άρνησησ τησ Αυστρίασ και του Λουξεµβούργου να συναινέσουν στην τροποποίηση αυτή. Σήµερα 25 κράτη µέλη ανταλλάσουν µεταξύ τουσ στοιχεία σχετικά µε τουσ τÞκουσ των καταθέσεων των Ευρωπαίων φορολογουµένων. Οι δύο προαναφερÞµενεσ χώρεσ, έχουν λάβει εξαίρεση µέχρι το

2015 απÞ τισ διατάξεισ τησ οδηγίασ, σύµφωνα µε την οποία τουσ επιτρέπεται να διατηρούν την ανωνυµία των πελατών τουσ καταθετών που έχουν µÞνιµη κατοικία άλλο κράτοσ µέλοσ, επιβάλλοντασ ένα φÞρο στουσ τÞκουσ τησ τάξησ του 35%. Ενα µέροσ αυτού του φÞρου τον αποδίδουν στο κράτοσ φορολογικήσ κατοικίασ του καταθέτη, χωρίσ να αποκαλύπτουν τα στοιχεία του.

ΧΡΗΜΑ&ΑΓΟΡΑ

15 ΜΑΪΟΥ, 2013

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

Η κατάσταση στην αγορά ακινήτων είναι γνωστή, ενώ οι µελλοντικά άµεσεσ προοπτικέσ δεν είναι και Þτι το καλύτερο. Η αγορά έχει ασφαλώσ επηρεαστεί, πέραν απÞ την γενική κατάσταση τησ οικονοµίασ, απÞ το κούρεµα των καταθέσεων δυνητικών αγοραστών, το πάγωµα των καταθέσεων, την συνεχή αυξανÞµενη ανεργία που επηρεάζει Þλουσ, τÞσο έµµεσα Þσο και άµεσα (µείωση κατανάλωσησ) κλπ κλπ. ΑυτÞ είναι το ένα δεδοµένο απÞ την µεριά ενÞσ επιχειρηµατία ανάπτυξησ ακινήτων και απÞ την άλλη υπάρχει και ο χρηµατοδÞτησ, ο οποίοσ «θέλει το λαβείν» του. Είναι προσεκτÞ Þτι ορισµένοι χρηµατοδÞτεσ συµπεριφέροντε σαν να και να µην συµβαίνει τίποτα. ∆ιατηρούν το ψηλÞ τουσ τÞκο 7,5% - 8,5%, σε καθυστερηµένεσ δÞσεισ αυξάνεται σε 13% και οι πιέσεισ είναι αφÞρητεσ στουσ πλείστουσ Þσουσ δυσπραγούντεσ (τώρα) επιχειρηµατίεσ ανάπτυξησ ακινήτων. Ωσ εκ τούτου είναι πολύ εύστοχα και καλοδεχούµενα τα µέτρα που υπέβαλε η Κυβέρνηση/Κεντρική Τράπεζα επί του θέµατοσ. Έχει παγώσει τισ δÞσεισ και τισ καθυστερήσεισ χωρίσ χρέωση αυξηµένων τÞκων µέχρι τον Ιούνιο του 2013 και προτάθηκε ένασ διάλογοσ κατανÞησησ µεταξύ χρεωστών και δανειστών προσ εξεύρεση κάποιου διακανο-

νισµού. Μάλιστα στισ εισηγήσεισ του Κράτουσ είναι και ο καθορισµÞσ ενÞσ «διαιτητή» µεταξύ των δύο για να εξευρεθεί µια λύση (αναµένεται νοµοσχέδιο). Καλέσ αυτέσ οι κινήσεισ, αλλά εάν δεν καταφέρουµε να µειώσουµε τουσ τÞκουσ, ποια επιχείρηση υπÞ τισ επικρατούσεσ συνθήκεσ µπορεί να αντέξει το 7%- -8% τÞκο; Ο λÞγοσ των ψηλών τÞκων είναι διÞτι και τα καταθετικά επιτÞκια είναι ψηλά 4% - 5%. Άρα για να µειωθούν οι τÞκοι θα πρέπει και τα καταθετικά επιτÞκια να µειωθούν. Ίσωσ αυτÞ να µην µπορεί να γίνει εφικτÞ µε κάποιου είδουσ οδηγίεσ, είτε µε νÞµο είτε απÞ την Κεντρική άµεσα, διαφορετικά η µείωση του τÞκου δανεισµού θα επέλθει µÞνο Þταν σε 12 χρÞνια, Þταν δηλαδή µειωθούν τα καταθετικά επιτÞκια και αυτÞ, ασφαλώσ, εάν Þλοι οι χρηµατοδÞτεσ συµφωνήσουν. Ήδη καταθετικοί τÞκοι µειώνονται απÞ ορισµένουσ χρηµατοδÞτεσ στα 2,5% - 3%, ενώ ορισµένεσ τράπεζεσ διαφηµίζουν µείωση του χρονιαίου δανειστικού τÞκου κατά 25%-50%. Είναι µια αρχή που βοηθά την Þλη κατάσταση και την ανάκαµψη. ΕκτÞσ απÞ τα πιο πάνω θα πρέπει απÞ τα δύο µέρη να γίνουν αντιληπτέσ οι θέσεισ τουσ, ενÞσ προσ τον άλλο, µε πνεύµα συνεργασίασ για αµοιβαίο Þφελοσ. Σε ένα πρÞσφατο παράδειγµα ο πελάτησ χρωστά στον χρηµατοδÞτη 900.000 ευρώ και βρήκε αγοραστή τοισ µετρητοίσ προσ 800.000 ευρώ, ενώ το κÞστοσ του ίδιου του επιχειρηµατία ανάπτυξησ είναι 1.100.000 εκ. ευρώ. ∆ηλαδή ενώ ο ιδιοκτήτησ θα ζηµίωνε απÞ αυτήν την πράξη 300.000 ευρώ, η τράπεζα 100.000 ευρώ και αυτÞ σε τÞκουσ. Η τράπεζα αρνήθηκε. ΟπÞταν ποιο είναι το αποτέλεσµα; Να το

εκποιήσει η τράπεζα ίσωσ πολύ πιο κάτω απÞ τισ 800.000 ευρώ, διÞτι η εκποίηση αυτή πιθανώσ να συµπέσει µε τισ εκατοντάδεσ εκποιήσεισ που θα υπάρχουν σε σύντοµο χρονικÞ διάστηµα (µειώνοντασ πρÞσθετα τισ αξίεσ). Χρειάζεται κατανÞηση στο πιο πάνω και άλλα παραδείγµατα και ευφάνταστη προσέγγιση απÞ Þλουσ, διÞτι στο πιο πάνω παράδειγµα η τράπεζα θα εισέπραττε άµεσα στα ταµεία τησ τισ 800.000 ευρώ (χρειάζεται και αυτή κατ’ επείγον εισροέσ) θα απέφευγε την χρονοβÞρα και πολυέξοδη διαδικασία αγωγήσ για πώληση και θα µείωνε το ρίσκο τησ. Η πρÞταση επίσησ του Κράτουσ για ενοικίαση αντί εκποίηση ακινήτων για πρώτη κατοικία, είναι και αυτή µια πολύ ενδιαφέρουσα πρÞταση, αντιγραφή απÞ το ΙσπανικÞ µοντέλο. Άν και «παρουσιάζεται» ωσ µια λύση, εντούτοισ στην εφαρµογή τησ είναι δύσκολη, διÞτι το µέτρο εισηγείται Þπωσ το δάνειο θα παραµείνει, ο τÞκοσ θα τρέχει για µια περίοδο έστω 10-15 χρÞνια και έναντι αυτού του συνολικού ποσού θα αφαιρείται το ενοίκιο. Έτσι θα διαπιστωθεί Þτι µÞνο εάν το οφειλÞµενο ποσÞ είναι µικρÞ σε σχέση µε την ενοικιαστική αξία, θα είναι βιώσιµο για τον δανειζÞµενο και ασφαλώσ ο τÞκοσ δεν µπορεί να είναι ψηλÞσ, διÞτι ο τÞκοσ απÞ µÞνοσ του θα είναι ψηλÞτεροσ του ενοικίου (ίσωσ 24%;;). Τι είναι η επιλογή του χρηµατοδÞτη, να το εκποιήσει και πÞτε και σε ποια τιµή; Τώρα, το να ληφθεί η απÞφαση απÞ ένα χρηµατοδÞτη να εξασκήσει τα δικαιώµατα

του είναι ασφαλώσ δικαίωµα του, αλλά είναι Þµωσ προσ το συµφέρον του Þταν µάλιστα ο δανειζÞµενοσ έχει καλή προϊστορία και είναι κατά τα άλλα συνεπήσ; Εάν αυτÞ ισχύει, τÞτε εάν ο χρηµατοδÞτησ επιµένει, θα πρέπει να µην ενεργεί προσ Þφελοσ του ιδρύµατοσ που αντιπροσωπεύει, αλλά θα διέπεται απÞ αντίδραση!! (θα το ονοµάζαµε επιχειρηµατική βλακεία). Είναι δύσκολοι και πρωτÞγνωροι καιροί και Þλοι ψαχνÞµαστε πωσ θα τουσ υπερβούµε µε το λιγÞτερο κÞστοσ. Επίσησ µασ είναι κατανοητέσ και οι θέσεισ των χρηµατοδοτών, διÞτι µε τα προβλήµατα που έχουν, έχουν και αυτοί το δίκαιο τουσ για να προστατεύσουν τουσ οργανισµούσ τουσ. Είναι ένα είδοσ ακροβασίασ πάνω στο σχοινί Þπου ο ακροβάτησ (δανειζÞµενοσ) βασίζεται και πάνω στην στήριξη του βοηθού του (χρηµατοδÞτη) για να φθάσει στο τέλοσ.

AÚÔÂȉÔÔ›ËÙÔÈ ¤ÏÂÁ¯ÔÈ ÁÈ· ÂÁÁÂÁÚ·Ì̤ÓÔ˘˜ ¿ÓÂÚÁÔ˘˜ ΑπÞ σήµερα Τετάρτη 15 Μαΐου, η εγγραφή των ανέργων στα κατά τÞπουσ Γραφεία Κοινωνικών Επαρχιακά Ασφαλίσεων θα ανανεώνεται κάθε έξι αντί κάθε τέσσερισ εβδοµάδεσ που ανανεώνεται σήµερα, Þπωσ ανακοίνωσαν οι Υπηρεσίεσ Κοινωνικών Ασφαλίσεων.

Σύµφωνα µε επίσηµη ανακοίνωση, η νέα αυτή πρακτική αποσκοπεί στην καλύτερη εξυπηρέτηση των ανέργων κατά την προσέλευση τουσ για εγγραφή στο Μητρώο Ανέργων µε την αποσυµφÞρηση των Επαρχιακών Γραφείων Κοινωνικών Ασφαλίσεων.

Τονίζεται, παράλληλα, Þτι οι απροειδοποίητοι έλεγχοι που διεξάγονται απÞ τισ Υπηρεσίεσ Κοινωνικών Ασφαλίσεων, για τη διαπίστωση Þτι οι εγγεγραµµένοι άνεργοι είναι διαθέσιµοι, για εργασία θα εντατικοποιηθούν. Προσ το σκοπÞ αυτÞ, οποιοσδήποτε

άνεργοσ µπορεί στο διάστηµα των έξι εβδοµάδων να κληθεί απροειδοποίητα, ανά πάσα στιγµή, να παραστεί σε ΕπαρχιακÞ Γραφείο Κοινωνικών Ασφαλίσεων, για επιβεβαίωση τησ ανεργίασ του, ούτωσ ώστε να µπορεί να συνεχίσει να του καταβάλλεται το επίδοµα.

ΧΡΗΜΑ&ΑΓΟΡΑ

15 ΜΑΪΟΥ, 2013

4 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

∞ıˤÓÔ˘, ∫›ÙÈ Î·È ∑‡ÁÈ ÂÓÙ¿¯ıËÎ·Ó ÛÙÔÓ ÙÔ˘ÚÈÛÙÈÎfi ¯¿ÚÙË Ο ∆ήµοσ Αθηένου και οι ΚοινÞτητεσ Κιτίου και Ζυγίου τησ Επαρχίασ Λάρνακασ εντάσσονται και επίσηµα πλέον στον τουριστικÞ χάρτη τησ ευρύτερησ Λάρνακασ, µε τα καινούργια µέλη να προβάλλουν τα δικά τουσ ιδιαίτερα χαρακτηριστικά: η Αθηένου για τισ παραδÞσεισ και τα διάφορα παλιά κτίρια που έχουν αναπαλαιωθεί, το Κίτι για την Εκκλησία τησ Παναγίασ τησ ΑγγελÞκτιστησ και το Ζύγι για το αλιευτικÞ καταφύγιο του. Μια επίσκεψη στην Αθηένου θα δώσει τη δυνατÞτητα στουσ επισκέπτεσ, τησ να ανακαλύψουν τισ παραδÞσεισ τησ, τισ οποίεσ οι κάτοικοι τησ περιοχήσ, παρά τισ αντιξοÞτητεσ λÞγω τησ τουρκικήσ κατοχήσ, έχουν εργαστεί πολύ σκληρά

για να διατηρήσουν και να διασώσουν. Στο Ζύγι µπορεί να επισκεφθεί κανείσ το αλιευτικÞ καταφύγιο και να ανακαλύψει τισ οµορφιέσ τησ γραφικήσ κοινÞτητασ Ζυγίου, Þπου τα τελευταία χρÞνια παρατηρείται µια σηµαντική οικιστική ανάπτυξη Þσον αφορά την ανέγερση τουριστικών διαµερισµάτων και παραθεριστικών κατοικιών. Η ΚοινÞτητα Κιτίου, η οποία πήρε το Þνοµά τησ απÞ το αρχαίο Κίτιο (αρχαία Λάρνακα), έχει ενταχθεί στην Εταιρεία Τουριστικήσ Ανάπτυξησ και Προβολήσ Λάρνακασ «χάρισ στην εκκλησία τησ Παναγίασ τησ ΑγγελÞκτιστησ, που διαθέτει σπάνια µωσαϊκά. Η συγκεκριµένη εκκλησία αποτελεί το σηµαντικÞτερο αξιοθέατο τησ γύρω περιοχήσ και µέσω των

εργαλείων προβολήσ που διαθέτει η Εταιρεία αναµένεται να την επισκεφθούν χιλιάδεσ ξένοι τουρίστεσ κατά τη διάρκεια τησ φετινήσ καλοκαιρινήσ περιÞδου».

British Airways: ¡¤Ô ‰ÚÔÌÔÏfiÁÈÔ §¿Úӷη - °Î¿ÙÁÔ˘ÈÎ Η British Airways εγκαινιάζει τη νέα, απευθείασ διαδροµή απÞ Λάρνακα προσ το αεροδρÞµιο Γκάτγουικ στο Λονδίνο, προσφέροντασ έτσι ακÞµη περισσÞτερεσ επιλογέσ στουσ ταξιδιώτεσ απÞ και προσ την Κύπρο. Οι πτήσεισ προσ και απÞ Λάρνακα – Γκάτγουικ θα πραγµατοποιούνται 3 φορέσ την βδοµάδα, ξεκινώντασ απÞ τισ 30 Ιουνίου 2013 και έρχονται ωσ προσθήκη στισ υφιστάµενεσ καθηµερινέσ πτήσεισ απÞ Λάρνακα προσ το Χίθροου Λονδίνου, στο Terminal 5. Η British Airways ανακοίνωσε επίσησ την επέκταση τησ διαδροµήσ Πάφοσ - Γκάτγουικ µέχρι τισ 29 Νοεµβρίου 2013, ένα µήνα περισσÞτερο απ’ Þτι είχε ανακοινωθεί αρχικά. Οι πτήσεισ προσ και απÞ το Γκάτγουικ Λονδίνου είναι ήδη διαθέσιµεσ προσ πώληση. Οι πτήσεισ θα πραγµατοποιούνται κάθε ∆ευτέρα, Πέµπτη και Κυριακή σε βολικέσ ώρεσ, κάνοντασ τισ συνδέσεισ προσ και απÞ µακρινούσ προορισµούσ

¢ÂÓ Ê‡ÁÂÈ Ë Russian Commercial Bank Την απÞφαση να παραµείνει ή έστω να διατηρήσει το µεγαλύτερο µέροσ των εργασιών τησ στην Κύπρο έλαβε η ρωσική τράπεζα Russian Commercial Bank, θυγατρική εταιρεία του τραπεζικού κολοσσού VTB. Στα πλαίσια αυτά ο ΠρÞεδροσ τησ ∆ηµοκρατίασ, Νίκοσ Αναστασιάδησ µε στέλεχοσ τησ ρωσικήσ τράπεζασ το οποίο γνωστοποίησε τισ προθέσεισ τησ RCB. Τη συνάντηση Προέδρου και RCB στο ΠροεδρικÞ Μέγαρο επιβεβαίωσε και ο κυβερνητικÞσ εκπρÞσωποσ, Χρήστοσ Στυλιανίδησ. Πάντωσ, ο κυβερνητικÞσ εκπρÞσωποσ δεν έδωσε περαιτέρω λεπτοµέρειεσ για τη συνάντηση, αλλά µε ιδιαίτερη ικανοποίηση τÞνισε: «Η παραµονή τελικά τησ RCB σε συνδυασµÞ µε τισ αποφάσεισ του Eurogroup και τισ πρώτεσ δÞσεισ που παίρνει η Κύπροσ βάζουν τη χώρα σταδιακά στον δρÞµο τησ οµαλοποίησησ και τησ σταθερÞτητασ».

∞ÈÙ‹ÛÂȘ ÁÈ· ÙÔ ¶ÚfiÁÚ·ÌÌ· ªµ∞ ÙÔ˘ ¶·Ó. ∫‡ÚÔ˘ Συνεχίζεται η υποβολή αιτήσεων στο ΠρÞγραµµα ΜΒΑ του Πανεπιστηµίου Κύπρου για το Σεπτέµβριο του 2013 Η υποβολή αιτήσεων για εισδοχή για το πρÞγραµµα ΜΒΑ τησ Σχολήσ Οικονοµικών και ∆ιοίκησησ του Πανεπιστηµίου Κύπρου, για το Σεπτέµβριο 2013 συνεχίζεται µέχρι τισ 31 Μαΐου 2013. Οι αιτήσεισ των υποψηφίων θα πρέπει να συνοδεύονται απÞ: Αντίγραφα ακαδηµαϊκών πτυχίων, ΑξιολÞγηση απÞ το KYΣATΣ (αν είναι απαραίτητη), Αντίγραφα πιστοποιητικών και άλλων σχετικών εξετάσεων, ∆ύο συστατικέσ επιστολέσ και ∆ύο πρÞσφατεσ φωτογραφίεσ Οι υποψήφιοι πρέπει να δηλώσουν την προτίµησή τουσ, για τη γλώσσα διδασκαλίασ, αγγλικά ή ελληνικά και την επιλογή του προγράµµατοσ που τουσ ενδιαφέρει: (α) ΜεταπτυχιακÞ ΠρÞγραµµα στη ∆ιοίκηση Επιχειρήσεων (MBA), πλήρουσ φοίτησησ, διάρκειασ ενÞσ έτουσ και (β) ΕπαγγελµατικÞ ΜεταπτυχιακÞ ΠρÞγραµµα στη ∆ιοίκηση Επιχειρήσεων, µερικήσ φοίτησησ, διάρκειασ δύο ετών. Οι αιτήσεισ για εισδοχή στο ΠρÞγραµµα ΜΒΑ βρίσκονται στην ιστοσελίδα www.mba.ucy.ac.cy. Το ΠρÞγραµµα ΜΒΑ του Πανεπιστηµίου Κύπρου πέτυχε πρÞσφατα την πιστοποίηση απÞ το διεθνούσ φήµησ οργανισµÞ EPAS. Για περισσÞτερεσ πληροφορίεσ αποτείνεστε στo τηλέφωνο 22-893600 καθηµερινά και στην ιστοσελίδα www.mba.ucy.ac.cy.

∂ÂÎÙ›ÓÂÈ Â›Û˘ ÙË ‰È·‰ÚÔÌ‹ ¶¿ÊÔ˜ - °Î¿ÙÁÔ˘ÈΠ̤¯ÚÈ ÙȘ 29 ¡ÔÂÌ‚Ú›Ô˘ 2013

ακÞµη ευκολÞτερουσ. Η κα Φρέντυ Στίερ, ∆ιευθύντρια Ελλάδασ και Κύπρου τησ British Αirways δήλωσε σχετικά: «Η νέα διαδροµή Λάρνακα – Γκάτγουικ θα παρέχει περισσÞτερεσ επιλογέσ σε ταξιδιώτεσ που ταξιδεύουν εκτÞσ αλλά και στον εισερχÞµενο τουρισµÞ, να φτάσουν εύκολα στον προορισµÞ τουσ. Θα παρέχει επίσησ ακÞµη πιο βολικέσ συνδέσεισ µετ’ επιστροφήσ σε άλλουσ προορισµούσ του δικτύου τησ BA, απÞ Γκάτγουικ αλλά και απÞ Χίθροου. Είµαστε πολύ ενθουσιασµένοι για την προσθήκη τησ νέασ αυτήσ διαδροµήσ, αφού πιστεύουµε Þτι θα βοηθήσει στο να φέρει ακÞµη περισσÞτερουσ ταξιδιώτεσ στην Κύπρο». Πτήσεισ για τη διαδροµή Λάρνακα – Γκάτγουικ είναι ήδη διαθέσιµεσ προσ πώληση µέσω τησ ιστοσελίδασ www.ba.com, του ταξιδιωτικού σασ πράκτορα ή του νέου αριθµού του Κέντρου Κρατήσεων τησ British Airways, 800 92 556.

PHC: ŒÙÔÈÌÔ ÙÔ “Mackenzy Food Plaza” Συνεχίζεται η έντονη ανάπτυξη που παρουσιάζει η περιοχή Μακένζι στην Λάρνακα. Σε αυτά τα πλαίσια η PHC Franchised Restaurants Public Ltd προχώρησε στην δηµιουργία ενÞσ ολοκαίνουργιου και πρωτοποριακού χώρου µαζικήσ εστίασησ που θα ανατρέψει τα έωσ τώρα δεδοµένα στην περιοχή, η οποία παρουσιάζει ραγδαία ανάπτυξη τα τελευταία χρÞνια. Το έργο αποτελεί µέροσ τησ στρατηγικήσ ανάπτυξησ τησ PHC Franchised Restaurants Public Ltd, τησ µεγαλύτερησ εταιρίασ στο χώρο τησ µαζικήσ εστίασησ στην Κύπρο, η οποία εκπροσωπεί µε µεγάλη επιτυχία διεθνή brands Þπωσ την Pizza Hut, KFC, Taco Bell, Wagamama, Caffe Nero κ.α., σε συνεργασία µε την εταιρία Hags Tastebooks Ltd που είχε την αρχική ιδέα, σχεδιασµÞ και εκτέλεση του έργου. Η PHC συνδυάζοντασ την επιχειρηµατική δύναµη και διεθνή εµπειρία τησ καινοτοµεί δηµιουργώντασ έναν ενιαίο, ολοκαίνουργιο και µε ειδικÞ αρχιτεκτονικÞ σχεδιασµÞ χώρο συνολικήσ έκτασησ 790τ.µ., δίπλα στη θάλασσα και

ακριβώσ στο κέντρο τησ παραλίασ του Μακένζυ, στο σηµείο που ο πεζÞδροµοσ µετατρέπεται σε µια ωραία πλατεία, εκεί ακριβώσ που χτυπάει η καρδιά τησ καλοκαιρινήσ διασκέδασησ στη Λάρνακα. Ο χώροσ ο οποίοσ θα φέρει την ονοµασία “Mackenzy Food Plaza”, έρχεται να καλύψει την ανάγκη του επισκέπτη για γρήγορο και ποιοτικÞ φαγητÞ στισ πιο προσιτέσ τιµέσ αφού θα στεγάσει τα brands: Pizza Hut, KFC, Derlicious (Souvlaki & Gyros), ένα απÞ τα διεθνούσ φήµησ brands που ειδικεύεται στο frozen yogurt το Yogen Fruz, καθώσ και το πολύ αναµενÞµενο στην κυπριακή αγορά, Caffé Nero. Η λειτουργία του νέου αυτού χώρου έχει ήδη ξεκινήσει απÞ αρχέσ Μαΐου 2013. Η εταιρία, µε την ανάπτυξη των εργασιών τησ στην περιοχή Μακένζυ, παραµένει πιστή στο επενδυτικÞ τησ πλάνο ανάπτυξησ για το 2013, σε έργα που αναµένουν να εξελίξουν τον χώρο εστίασησ τουσ επÞµενουσ µήνεσ, έχοντασ πάντα ωσ κύριο Þραµα να προσφέρει την καλύτερη καθηµερινή εµπειρία καφέ και γευµάτων στο νησί.

∆Ô «Cloud Computing» ÂÓÈÛ¯‡ÂÈ ÙȘ ÙÔÈΤ˜ ÌÈÎÚÔÌÂÛ·›Â˜ ÂÙ·Èڛ˜ Σήµερα έχει αλλάξει ουσιαστικά ο τρÞποσ που λειτουργούµε και επικοινωνούµε. Έχουµε αποκτήσει ψηφιακή κοινωνική ταυτÞτητα και σε συνδυασµÞ µε την ανάγκη για προσεχτική οικονοµική διαχείριση, δεν µπορεί παρά να προσαρµοστεί δυναµικά και ο επιχειρηµατικÞσ τρÞποσ λειτουργίασ. Σύντοµα ο Þροσ ‘Cloud Computing’ θα είναι τÞσο καθιερωµένοσ Þσο το Facebook και το Twitter. Κι αν είναι για εσάσ σηµαντικÞ να βρίσκεστε πάντα ένα βήµα µπροστά, σίγουρα είναι ένασ Þροσ που θα θέλετε να µάθετε πρώτοι. Απαντώντασ στην επιτακτική ανάγκη που υπάρχει σήµερα για δυναµική απÞδοση αλλά και εξοικονÞµηση, η Microsoft διοργα-

νώνει ανοικτή εκδήλωση την Τρίτη 21 Μαΐου απÞ τισ 14:30 µέχρι τισ 18:00, στο ΠολιτιστικÞ Κέντρο του Ευρωπαϊκού Πανεπιστήµιου Κύπρου, µε στÞχο την «Αύξηση ΠαραγωγικÞτητασ και Μείωση ΕξÞδων» για τοπικέσ µικροµεσαίεσ εταιρίεσ. Η εκδήλωση θα καλύψει τισ χρήσεισ και τα οφέλη του «Cloud Computing». Εξειδικευµένοι λειτουργοί τησ Microsoft θα εξηγήσουν τα οφέλη του ‘Cloud Computing’ και θα παρουσιάσουν δύο νέα πρωτοποριακά προϊÞντα: το Office 365 και το Windows Azure. Χρησιµοποιώντασ τα προϊÞντα αυτά η Microsoft θα προτείνει επαγγελµατικέσ εφαρµογέσ σχεδιασµένεσ για να προσφέρουν απÞλυτη ευελιξία, αυτοµατοποιηµένα εργαλεία διαχείρισησ, αξιÞπιστη αποθήκευση δεδοµένων και µείωση συνολικών εξÞδων λειτουργίασ. Η είσοδοσ είναι ελεύθερη. Για περισσÞτερεσ πληροφορίεσ επισκεφθείτε την ιστοσελίδα: www.microsoft.com/ency/small-medium-business/events/smb-cloud-solutions.aspx

ΧΡΗΜΑ&ΑΓΟΡΑ

15 ΜΑΪΟΥ, 2013

financialmirror.com | 5

ªÂ›ˆÛË 20% ÛÙÔ ‚·ÛÈÎfi ÌÈÛıfi ÂÈÛËÁÂ›Ù·È Ë √∂µ Σαρωτικέσ αλλαγέσ στα εργασιακά εισηγείται η Οµοσπονδία Εργοδοτών και Βιοµηχάνων, σύµφωνα µε υπÞµνηµα που ετοίµασε και το οποίο εξασφάλισε η εφηµερίδα µασ. Ùπωσ αναφέρεται στο υπÞµνηµα ο κατώτατοσ µισθÞσ είναι ιδιαίτερα ψηλÞσ. Για αυτÞ και εισηγούνται τη µείωση του κατά τουλάχιστον 20% ώστε να µειωθεί στα 700 ευρώ ενώ έπειτα απÞ έξι µήνεσ να ανέλθει στα 740 ευρώ το µήνα Το υπÞµνηµα µε τισ θέσεισ τησ οµοσπον-

δίασ έχει υποβληθεί τÞσο στον ΠρÞεδρο τησ ∆ηµοκρατίασ Þσο και στην ΥπουργÞ Εργασίασ Ζέτα Αιµιλιανίδου Ùσον αφορά την ΑυτÞµατη Τιµαριθµική Αναπροσαρµογή σύµφωνα µε την ΟΕΒ αποτελεί παρωχηµένο και αναχρονιστικÞ θεσµÞ για αυτÞ υποστηρίζει την πλήρη κατάργηση τησ. Παράλληλα τάσσεται ανεπιφύλακτα υπέρ τησ πλήρουσ ελευθεροποίησησ των ωραρίων λειτουργίασ των καταστηµάτων κάτι που θα δηµιουργήσει νέεσ θέσεισ εργα-

σίασ για κάλυψη των αυξηµένων αναγκών. Ζητούν επίσησ Þπωσ επεκταθεί το τουριστικÞ ωράριο µέχρι και τα τέλη Νοεµβρίου περίοδοσ που αναστέλλονται οι ναυλωµένεσ πτήσεισ προσ την Κύπρο. Αναφορικά µε την απασχÞληση αλλοδαπών απÞ τρίτεσ χώρεσ εισηγείται Þπωσ η έκδοση νέων αδειών απασχÞλησησ αλλοδαπών, να γίνεται στη βάση αυστηρών κριτηρίων. Η ΟΕΒ εισηγείται επίσησ απαλλαγή καταβολήσ εισφορών εργοδÞτη σε διάφορα

κρατικά ταµεία για νέουσ κάτω των 25 ετών. Θεωρεί επίσησ ιδιαίτερα ζηµιογÞνα για τισ επιχειρήσεισ τη νοµοθετική ρύθµιση για επέκταση Κλαδικών Συλλογικών Συµβάσεων ενώ απαιτεί να δοθούν τα σωστά κίνητρα για ευέλικτεσ µορφέσ απασχÞλησησ ώστε να υποβοηθήσουν την ένταξη των οικονοµικά ανενεργών γυναικών στην αγορά εργασίασ αλλά και των νέων ανέργων επιτρέποντασ παράλληλα αύξηση του εισοδήµατÞσ τουσ και απÞκτηση εργασιακήσ πείρασ.

∞‡ÍËÛË ÙˆÓ ¯ÚËÛÙÒÓ Ù˘ ÎÈÓËÙ‹˜ ÙËÏÂʈӛ·˜ O συνολικÞσ αριθµÞσ των χρηστών κινητήσ τηλεφωνίασ στο δεύτερο εξάµηνο του 2012 αυξήθηκε κατά 24,162 χρήστεσ σε σύγκριση µε την αντίστοιχη περίοδο του 2011, σύµφωνα µε τα επίσηµα στατιστικά στοιχεία απÞ το Γραφείο ΕπιτρÞπου Ρυθµίσεων Ταχυδροµείων και Ηλεκτρονικών Επικοινωνιών. Η αναλογία συνολικού αριθµού χρηστών κινητήσ τηλεφωνίασ σε σχέση µε τον πληθυσµÞ τησ Κυπριακήσ ∆ηµοκρατίασ είναι στο

133% αφού υπήρχαν 1,115,106 χρήστεσ κινητήσ τηλεφωνίασ εκ των οποίων οι 606,167 ήταν στην προπληρωµένη κινητή τηλεφωνία και οι 508,939 ήταν χρήστεσ στη βάση συµβολαίου. Με βάση πάντα τα στοιχεία το δεύτερο εξάµηνο του 2012 η προπληρωµένη κινητή τηλεφωνία είχε τη µεγαλύτερη διείσδυση στην αγορά µε ποσοστÞ 72%, ενώ η συνδροµητική τηλεφωνία παρουσίασε αύξηση στο ποσοστÞ τησ µε αποτέλεσµα να ανέλθει στο

61%. Και Þλα αυτά τη στιγµή που ο ανταγωνισµÞσ αναµένεται να ενταθεί το επÞµενο διάστηµα καθώσ αναµένεται σύντοµα η κυβέρνηση να προχωρήσει σε ανοικτÞ διαγωνισµÞ για παραχώρηση και τρίτησ άδειασ στην κινητή τηλεφωνία κάτι το οποίο αποτελεί και δέσµευση τησ Κυπριακήσ ∆ηµοκρατίασ στην Ευρωπαϊκή Ένωση. Σήµερα τισ δύο άδειεσ κατέχουν η Cyta και η MTN ενώ υπηρεσίεσ προσφέρει και η Primetel χρησιµοποιώντασ τÞσο το δίκτυο τησ Cyta Þσο και τησ MTN.

5 πÔ˘Ó›Ô˘ ÍÂÎÈÓÔ‡Ó Ù· ‰ÚÔÌÔÏfiÁÈ· ÙÔ˘ Salamis Filoxenia Για τισ 5 Ιουνίου µέχρι και τισ 14 Οκτωβρίου 2013, είναι προγραµµατισµένα τα φετινά δροµολÞγια του c/s Salamis Filoxenia. Το ανανεωµένο c/s Salamis Filoxenia θα σασ ταξιδεύει σε υπέροχουσ συνδυασµούσ αγαπηµένων ελληνικών νησιών και µαγευτικών προορισµών στην Ελλάδα και στουσ Αγίουσ ΤÞπουσ. Υπέροχα Σαββατοκύριακα αλλά και µεγαλύτερησ διάρκειασ κρουαζιέρεσ 4-ήµερεσ, 5ήµερεσ, 7-ήµερεσ και 8-ήµερεσ µε επισκέψεισ στην Κέρκυρα, Κεφαλονιά, Ζάκυνθο, Καλαµάτα, Ναύπλιο, Πειραιά, Μύκονο, Σαντορίνη, Σύρο (Τήνο), Άγιο ΝικÞλαο Κρήτησ, Αλεξανδρούπολη (µε προαιρετική 2ήµερη εκδροµή στην Κωνσταντινούπολη µε διανυκτέρευση), ΒÞλο, Πάτµο, Μυτιλήνη, Κάλυµνο, Κω, Λέρο, Χίο, Σάµο, ΡÞδο, Σύµη και ΚαστελÞριζο. Σηµειώνουµε Þτι Þταν το c/s Salamis

Filoxenia θα προσεγγίζει στην Σύρο, οι επιβάτεσ θα έχουν την δυνατÞτητα να αγοράσουν προαιρετική επίσκεψη στην Τήνο για προσκύνηµα, νοουµένου Þτι οι συνθήκεσ και τα δεδοµένα δεν διαφοροποιούνται απÞ τα προβλεπÞµενα κατά την ηµέρα έκδοσησ των δροµολογίων. Κατά την διάρκεια Þλων των κρουαζιέρων του c/s Salamis Filoxenia το Καλοκαίρι 2013 τα Παιδιά µέχρι 12 ετών ταξιδεύουν ∆ωρεάν, πληρώνοντασ µÞνο λιµενικούσ φÞρουσ, Þταν µοιράζονται την καµπίνα µε δύο ενήλικεσ. Το c/s Salamis Filoxenia διαθέτει εννιά καταστρώµατα επιβατών, είναι 15,400 τÞνων, έχει µήκοσ 157 και πλάτοσ 22 µέτρα. Μπορεί να φιλοξενήσει µέχρι 800 επιβάτεσ σε άνετεσ καµπίνεσ διαφÞρων κατηγοριών και πολυτελείσ σουίτεσ, Þλεσ εξοπλισµένεσ µε προσωπικέσ ανέσεισ και τηλεοράσεισ LCD. Σηµειώνουµε Þτι Þλεσ οι καµπίνεσ είναι πάνω

απÞ το επίπεδο τησ θάλασσασ. Οι κοινÞχρηστοι χώροι του πλοίου περιλαµβάνουν πέντε ευρύχωρα σαλÞνια και µπαρ, αµφιθεατρικÞ σινεµά που µπορεί να χρησιµοποιηθεί για οργάνωση σεµιναρίων και διαλέξεων, πισίνεσ για ενήλικεσ και παιδιά, µεγάλο καζίνο, ίντερνετ καφέ, µεγάλο κατάστηµα αφορολογήτων ειδών, κατάστηµα δώρων και επιλεγµένων ελληνικών προϊÞντων και γυµναστήριο. Για τουσ µικρούσ µασ φίλουσ υπάρχει παιδÞτοποσ µε εκπαιδευµένο προσωπικÞ που θα διοργανώνει διάφορεσ δραστηριÞτητεσ. Το πρÞγραµµα ψυχαγωγίασ έχει ανανεωθεί και εµπλουτιστεί και η κάθε κρουαζιέρα θα είναι ξεχωριστή και µοναδική µε το δικÞ τησ χαρακτήρα. Το πρÞγραµµα θα συµπεριλαµβάνει ονÞµατα γνωστών καλλιτεχνών που διαπρέπουν στο τραγούδι, χορÞ, θέατρο, σάτιρα, DJ ακÞµη

και στην µαγειρική/γευσιγνωσία! Το κατάστρωµα του Sky Bar µε την Disco κάτω απÞ τα αστέρια τησ Μεσογείου θα αποτελέσει σηµείο αναφοράσ. Αξίζει να σηµειωθεί Þτι το κρουαζιερÞπλοιο c/s Salamis Filoxenia είναι το µοναδικÞ µε κυπριακή σηµαία που έχει σαν βάση του την Κύπρο και έρχεται να αναβαθµίσει το προϊÞν τησ κρουαζιέρασ απÞ τα λιµάνια µασ µε πολλέσ επιλογέσ δροµολογίων στα Ελληνικά Νησιά αλλά κυρίωσ µε την γνωστή φιλοξενία τησ Salamis και τισ πολλών αστέρων υπηρεσίεσ εν πλω που θα χαρίσουν ένα ευχάριστο ταξίδι σε Þλουσ τουσ επιβάτεσ µασ. Για προκρατήσεισ που θα γίνουν µέχρι τισ 5 Ιουνίου 2013 θα προσφέρονται ειδικέσ εκπτώσεισ στα ναύλα σε Þλεσ τισ κρουαζιέρεσ. Για περισσÞτερεσ πληροφορίεσ στο www.salamiscruiselines.com

ΧΡΗΜΑ&ΑΓΟΡΑ

15 ΜΑΪΟΥ, 2013

6 | EI∆ΗΣΕΙΣ | financialmirror.com

Cy-exit, Cyprus-dollar Î·È Zimbabwe-dollar ¡›ÎÔ˜ ªÈ¯·ËÏ›‰Ë˜ Foreign Exchange Analyst Email: michailidisn@aol.com Με το τραπεζικÞ µασ πρÞβληµα Þχι µÞνο να παραµένει αλλά και να διογκώνεται είναι σαφέσ Þτι κανείσ δεν µπορεί να γνωρίζει πώσ θα τελειώσει αυτή η κρίση για την Κύπρο. Έτσι, ο καθένασ είναι ευπρÞσδεκτοσ να ρίξει στο τραπέζι τη δική του πρÞταση. Μια απÞ αυτέσ τισ προτάσεισ ήταν και το σχέδιο που κυκλοφορεί τελευταίωσ το οποίο προτείνει έξοδο τησ χώρασ απÞ το ευρώ και τύπωση δολαρίου. Βασικά είναι µια αντιγραφή θα λέγαµε τισ θεωρίασ του επικεφαλήσ οικονοµολÞγου τησ Deutsche Bank, ΤÞµασ Μάγιερ, για τη δηµιουργία του «Geuro» Þταν η παραφιλολογία για έξοδο τησ Ελλάδασ απÞ το ευρώ έδινε και έπαιρνε σε καθηµερινή βάση. Η θεωρεία αυτή πίστευε πωσ ακÞµα και εάν οι ξένοι πιστωτέσ διακÞψουν τη χρηµατοδÞτηση τησ Ελλάδασ, η χώρα δεν θα είναι αναγκασµένη να εγκαταλείψει το ευρώ, αφού µπορεί να τυπώσει το «Geuro». Ουσιαστικά, να αρχίσει να πληρώνει τισ ανάγκεσ και τισ υποχρεώσεισ τησ µε υποσχετικέσ (IOUs). Ùσοι έχουν στα χέρια τουσ αυτέσ τισ υποσχετικέσ, θα αρχίσουν να τισ χρησιµοποιούν για τισ δικέσ τουσ πληρωµέσ. Κάπωσ έτσι, θα έχει δηµιουργηθεί στην Ελλάδα ένα δεύτερο, παράλληλο νÞµισµα. Αρχικά, το Geuro θα υποχωρήσει σηµαντικά έναντι του ευρώ. Ùµωσ, στην πορεία, η ελληνική κυβέρνηση θα έχει τη δυνατÞτητα να επηρεάσει την ισοτιµία του. ΕφαρµÞζοντασ υπεύθυνεσ δηµοσιονοµικέσ πολιτικέσ, οι οποίεσ µειώνουν ή και εξαλείφουν εντελώσ το έλλειµµα, θα αναγκάζεται να εκδίδει λιγÞτερα Geuro. Και έτσι θα περιορίζεται η πτώση τουσ. Εξάλλου, η παράλληλη κυκλοφορία δύο νÞµιµων νοµισµά-

των µέσα στην ίδια χώρα δεν είναι µια νέα ιδέα. Έχει τισ ρίζεσ τησ στον 14ο αιώνα, Þταν η Φλωρεντία χρησιµοποιούσε χρυσά φιορίνια για το διεθνέσ εµπÞριÞ τησ, αλλά ασηµένια νοµίσµατα για τισ εσωτερικέσ πληρωµέσ. Τη λύση του διπλού νοµίσµατοσ χρησιµοποίησε και ο Παναµάσ, ο οποίοσ απÞ το 1904 έχει υιοθετήσει το δολάριο. Ùµωσ, το 1988, Þταν οι ΗΠΑ έκοψαν τη ροή δολαρίων προσ τη χώρα, η κυβέρνησή τησ αναγκάστηκε να πληρώσει τουσ δηµÞσιουσ υπαλλήλουσ µε ένα νέο νÞµισµα, το οποίο γρήγορα εξαπλώθηκε σε ολÞκληρη την οικονοµία. Με υποσχετικέσ πλήρωσε και η ΚαλιφÞρνια τουσ δηµÞσιουσ υπαλλήλουσ τησ, Þταν ξέµεινε απÞ ρευστÞ. Αλλά και στην Αργεντινή, ένα χρÞνο πριν απÞ τη χρεοκοπία, κυκλοφορούσε µια πληθώρα νοµισµάτων, που κατάφερναν έστω και κατά τÞπουσ να υποκαταστήσουν το πέσο. Έωσ και σήµερα, οι Κουβανοί προτιµούν να χρησιµοποιούν το αµερικανικÞ δολάριο, έναντι του δικού τουσ πέσο. Ùλα αυτά στην θεωρεία είναι καλά στην πράξη Þµωσ τι γίνεται? Αν η Κύπροσ για χάρη συζήτησησ υιοθετήσει το δολάριο σαν εθνικÞ νÞµισµα η τιµή του φυσικά θα καθορίζεται απÞ την προσφορά και την ζήτηση του και καµία σχέση δεν θα έχει µε το Αµερικάνικο δολάριο την τιµή του οποίου καθορίζει η Fed. ΕκτÞσ και αν η Κύπροσ πάρει την έγκριση των ΗΠΑ για να λάβει το δολάριο ωσ προσωρινÞ νÞµισµά τησ πράγµα βέβαια που είναι απίθανο να γίνει αποδεκτÞ χωρίσ σοβαρά ανταλλάγµατα. Άρα την τιµή του κυπριακού δολαρίου θα την καθορίζει η πορεία τησ κυπριακήσ οικονοµίασ και τα εργαλεία τησ κεντρικήσ τράπεζασ τησ Κύπρου. Ùπου το ίδιο συµβαίνει µε το Αυστραλέζικο δολάριο, το Καναδέζικο, το δολάριο Νέασ Ζηλανδίασ και πάει λέγοντασ. Και Þπωσ σίγουρα συµβαίνει

µε το δολάριο Ζιµπάµπουε. Στην χώρα αυτή η κυβέρνηση είχε την φαεινή ιδέα την δεκαετία του 80 να υιοθετήσει το δολάριο ωσ εθνικÞ νÞµισµα ελπίζοντασ πωσ έτσι θα γλύτωνε την χώρα απÞ την χρεοκοπία. Την περίοδο που εισήχθη, το δολάριο Ζιµπάµπουε είχε ακÞµα αξία µεγαλύτερη του ∆ολαρίου ΗΠΑ, µε τα 0,68 δολάρια Ζιµπάµπουε να ισοδυναµούν σε αξία του 1 δολαρίου ΗΠΑ. ΩστÞσο ο υψηλÞτατοσ πληθωρισµÞσ και η κατάρρευση τησ οικονοµίασ οδήγησε στην υποτίµηση του νοµίσµατοσ και πολλοί οργανισµοί άρχισαν να χρησιµοποιούν άλλα νοµίσµατα, Þπωσ το ευρώ, το ∆ολάριο ΗΠΑ, τη Λίρα Αγγλίασ και το Ραντ Νοτίου Αφρικήσ. Η απαξίωση αυτή του εθνικού νοµίσµατοσ και η αδυναµία/απειρία τησ χώρασ να σταµατήσει τον κατήφορο του νοµίσµατοσ οδήγησε τον δείκτη του πληθωρισµού στη χώρα τον Ιούνιο του 2007 στο 11.000% και η ισοτιµία του δολαρίου µε τη λίρα Αγγλίασ στη µαύρη αγορά ήταν 400.000 Z$ προσ 1 Λίρα Αγγλίασ. Τον επÞµενο µήνα η κυβέρνηση σταµάτησε προσωρινά τη δηµοσιοποίηση στοιχείων για τον πληθωρισµÞ. Τον Απρίλιο του 2008 η Financial Gazette (FinGaz) έγραψε Þτι επίσηµα ο πληθωρισµÞσ το Φεβρουάριο του 2008 είχε εκτοξευτεί στο 164.900% ενώ τον Ιούλιο του 2008 σηµείωσε και νέο ρεκÞρ, µε 2,2 εκατοµµύρια τοισ εκατÞ. Τον επÞµενο µήνα ανακοινώθηκε Þτι ο πληθωρισµÞσ το µήνα Ιούνιο “εκτοξεύτηκε” στο 11.250.000%. Στισ 2 Φεβρουαρίου του 2009 η κυβέρνηση ανακοίνωσε Þτι ένα τρισεκατοµµύριο δολάρια Ζιµπάµπουε αναπροσαρµÞστηκαν σε αξία προσ 1 νέο δολάριο Ζιµπάµπουε. Άρα Þλα µπορεί να φαίνονται ωραία στην θεωρεία αλλά η εφαρµογή τουσ µπορεί σε κάποιεσ περιπτώσεισ να απέχει Þσο η άβυσσοσ.

«¶Ï‹ÚË» ·ÛÊ¿ÏÈÛË ÙˆÓ Î·Ù·ı¤ÛÂˆÓ ÂÈı˘Ì› Ë ∫ÔÌÈÛÈfiÓ Η Ευρωπαϊκή Επιτροπή πρÞκειται να προτείνει µια τροποποίηση των οδηγιών τησ προκειµένου να εξασφαλιστεί η προστασία Þλων των καταθετών σε περίπτωση πτώχευσησ τράπεζασ, Þπωσ αναφέρεται στην γερµανική οικονοµική εφηµερίδα Handelsblatt. Οι Βρυξέλλεσ κρίνουν Þτι οι κρατικέσ εγγυήσεισ, οι οποίεσ σήµερα προστατεύουν τισ αποταµιεύσεισ στα πιστωτικά ιδρύµατα έωσ το ποσÞ των 100.000 ευρώ δεν είναι επαρκείσ, εξηγεί η εφηµερίδα, διαβεβαιώνοντασ Þτι έχει λάβει γνώση σχετικού εγγράφου τησ ΚοµισιÞν.

∏ M¤ÚÎÂÏ ·Ú·Ì¤ÓÂÈ Ë ÈÔ ‰ËÌÔÊÈÏ‹˜ ËÁ¤Ù˘ ΣηµαντικÞ πλήγµα έχει επιφέρει η κρίση χρέουσ στην εµπιστοσύνη των πολιτών προσ την Ε.Ε., ενισχύοντασ παράλληλα την καχυποψία µεταξύ των κρατών µελών, σύµφωνα µε έρευνα του ερευνητικού ινστιτούτου Pew. Στην έρευνα του αµερικανικού ινστιτούτου µε θέµα πώσ αντιµετωπίζουν οι πολίτεσ τησ Ε.Ε. την κρίση χρέουσ συµµετείχαν 7.600 πολίτεσ απÞ οκτώ ευρωπαϊκέσ χώρεσ, µεταξύ των οποίων και η Ελλάδα. Σύµφωνα µε τα αποτελέσµατα εντείνεται η δυσπιστία έναντι του ευρωπαϊκού εγχειρήµατοσ, ενώ διευρύνεται το χάσµα Þσον αφορά σε θεµελιώδη ζητήµατα που σχετίζονται µε την Ε.Ε. ανάµεσα στη Γερµανία, τη Γαλλία, τη Βρετανία και άλλα µεγάλα κράτη µέλη, κάτι που χαρακτηρίζεται βραδυφλεγήσ βÞµβα στα θεµέλια τησ ένωσησ. Το κύριο εύρηµα τησ έρευνασ, η οποία διεξήχθη απÞ τισ 2 έωσ τισ 27 Μαρτίου, είναι Þτι το ποσοστÞ των πολιτών που διάκεινται θετικά έναντι τησ Ε.Ε., µειώθηκε κατά 15 ποσοστιαίεσ µονάδεσ σε ένα χρÞνο και έφθασε απÞ 60% το 2012 σε 45% σήµερα. ΕιδικÞτερα στα κράτη τησ νοτιοανατολικήσ Ευρώπησ - Ισπανία, Ιταλία και Ελλάδααναπτύσσεται µεγάλη αποξένωση του πληθυσµού απÞ την Ε.Ε., ενώ και στη Γαλλία αυξάνεται το αίσθηµα τησ απογοήτευσησ, γεγονÞσ που δηµιουργεί ένα Þλο και µεγαλύτερο χάσµα µε τη Γερµανία. Η Mέρκελ παραµένει η πιο δηµοφιλήσ ηγέτησ στην Ευρώπη µε το 74% των ερωτηθέντων να υποστηρίζει Þτι κάνει καλή δουλειά. Το ποσοστÞ τησ πάντωσ ήταν υψηλÞτερο το 2012, στο 80%. Οι λιγÞτερο δηµοφιλείσ ηγέτεσ είναι αυτοί τησ Τσεχίασ, τησ Ελλάδασ και τησ Ιταλίασ.

Ο λÞγοσ, σύµφωνα µε την εφηµερίδα, είναι Þτι «εάν οι κάτοχοι µεγάλων λογαριασµών φοβούνται κατάσχεση σε περίπτωση κρίσησ στην τράπεζά τουσ, θα εφορµήσουν στα γκισέ για να αποσύρουν τα χρήµατά τουσ» κι αυτÞ είναι κάτι που θα µπορούσε να απειλήσει την χρηµατοοικονοµική σταθερÞτητα µιασ χώρασ, ανέφερε η Χάντελσµπλατ. Για να αποφευχθεί µια τέτοια κατάσταση, η Ευρωπαϊκή Επιτροπή τάσσεται υπέρ µιασ «προτίµησησ» για το σύνολο των αποταµιευτών, ώστε να είναι µειωµένη η έκθεσή τουσ σε ζηµίεσ σε περίπτωση πτώχευσησ µιασ τράπεζασ και να βρίσκο-

νται σε καλύτερη θέση απÞ Þ,τι οι βασικοί πιστωτέσ ενÞσ χρηµατοπιστωτικού ιδρύµατοσ, συνεχίζει η γερµανική οικονοµική εφηµερίδα. Το θέµα αυτÞ επρÞκειτο να συζητηθεί κατά τη διάρκεια του χθεσινού συµβουλίου των υπουργών Οικονοµικών τησ ΕΕ (Εκοφίν) στισ Βρυξέλλεσ, σύµφωνα µε το δηµοσίευµα που ωστÞσο κάνει λÞγο για έναν έντονο διάλογο επ’ αυτού σε ευρωπαϊκÞ επίπεδο. Ορισµένεσ χώρεσ, περιλαµβανοµένησ τησ Γαλλίασ, αντιτίθενται στην πλήρη προστασία των αποταµιεύσεων, σύµφωνα µε ευρωπαϊκέσ πηγέσ.

∏ ÎÚ›ÛË ÚÔ‚ÏËÌ·Ù›˙ÂÈ Î·È ÙÔ˘˜ °ÂÚÌ·ÓÔ‡˜ Κατώτερα των προσδοκιών ήταν τα στοιχεία για το οικονοµικÞ κλίµα στη Γερµανία τον Μάιο, κάτι που δείχνει την ανησυχία που υπάρχει για τον αντίκτυπο τησ κρίσησ στη µεγαλύτερη οικονοµία τησ Ευρώπησ. Ο σχετικÞσ δείκτησ που καταρτίζει και δηµοσιεύει το κέντρο οικονοµικών ερευνών ZEW ενισχύθηκε µÞλισ κατά 0,1 µονάδα, στισ 36,4 µονάδεσ τον Μάιο, απÞ 36,3 µονάδεσ που ήταν τον Απρίλιο. Οι αναλυτέσ ανέµεναν ενίσχυση του δείκτη

κατά 2 µονάδεσ, στισ 38,3 µονάδεσ. Πτώση παρουσίασε και ο δείκτησ τρεχουσών συνθηκών, ο οποίοσ διαµορφώθηκε στισ 8,9 µονάδεσ απÞ 9,2 µονάδεσ, έναντι προβλέψεων για άνοδÞ του στισ 9,8 µονάδεσ. Εν τω µεταξύ, ο δείκτησ οικονοµικού κλίµατοσ για την Ευρωζώνη ενισχύθηκε στισ 27,6 µονάδεσ απÞ 24,9 µονάδεσ που ήταν τον Απρίλιο και ξεπέρασε τισ προσδοκίεσ των αναλυτών που προέβλεπαν άνοδο στισ 27,3 µονάδεσ.

∂ÓÈÛ¯˘Ì¤ÓÔ ·ÚÔ˘ÛÈ¿˙ÂÙ·È ÙÔ ·ÌÂÚÈηÓÈÎfi ‰ÔÏ¿ÚÈÔ ∫˘ÚÈ¿ÎÔ˜ √ÚÂÈÓfi˜ Treasury Division, Alpha Bank Cyprus Ltd Ενισχυµένο παρουσιάζεται την τρέχουσα εβδοµάδα το αµερικανικÞ δολάριο έναντι του ευρώ καθώσ τυγχάνει διαπραγµάτευσησ στα 1,3000 σε σχέση µε 1,3170 που βρισκÞταν την περασµένη Τετάρτη. Θετικά επηρεάστηκε το δολάριο απÞ τα ευνοϊκÞτερα των εκτιµήσεων στοιχεία για την οικονοµία σε συνδυασµÞ µε δηµοσίευµα στον αµερικανικÞ τύπο που επιβεβαιώνει Þτι η Κεντρική Οµοσπονδιακή Τράπεζα των ΗΠΑ (Fed) σχεδιάζει την απÞσυρση µέτρων ιδιαιτέρωσ επεκτατικήσ νοµισµατικήσ πολιτικήσ. Τα πιο πάνω έχουν ενισχύσει την εκτίµηση Þτι η Fed θα προβεί σε περιορισµÞ του ύψουσ προγράµµατοσ αγοράσ τίτλων κατά τη διάρκεια του τρέχοντοσ έτουσ ασκώντασ πιέσεισ στην ισοτιµία ευρώ/δολάριο. Σηµειώνεται Þτι ο ΠρÞεδροσ τησ Fed

Philadelphia εκτιµά Þτι το ποσοστÞ ανεργίασ στισ ΗΠΑ ενδεχοµένωσ να υποχωρήσει στο 7% στο τέλοσ του 2013 και Þτι θα πρέπει να µειωθεί το ύψοσ του προγράµµατοσ αγοράσ τίτλων (τρέχον επίπεδο: $85 δισ ανά µήνα) στην επÞµενη σύσκεψη τησ Fed στισ 18-19 Ιουνίου. Σε µια άλλη εξέλιξη, στη Σύσκεψη των Υπουργών Οικονοµικών και ∆ιοικητών Κεντρικών Τραπεζών του Οµίλου G7 επιβεβαιώθηκε η δέσµευση Þτι οι συναλλαγµατικέσ ισοτιµίεσ δεν αποτελούν στÞχο οικονοµικήσ πολιτικήσ και Þτι η δηµοσιονοµική και νοµισµατική πολιτική θα πρέπει να αποσκοπούν στην αντιµετώπιση εγχώριων προβληµάτων. Σηµειώνεται Þτι ο ΥπουργÞσ Οικονοµικών τησ Ιαπωνίασ παρουσιάστηκε ικανοποιηµένοσ καθώσ δεν δέχτηκε κριτική για την πολιτική που υιοθετεί η Τράπεζα τησ Ιαπωνίασ για να αντιµετωπίσει τον αποπληθωρισµÞ. Ο ΠρÞεδροσ τησ Ευρωπαϊκήσ Κεντρικήσ Τράπεζασ ανέφερε Þτι η Κεντρική εξετάζει εύροσ επιλογών για ενθάρρυνση του δανεισµού προσ τισ µικροµεσαίεσ επιχειρήσεισ στην Ευρωζώνη.

ΧΡΗΜΑ&ΑΓΟΡΑ

15 ΜΑΪΟΥ, 2013

financialmirror.com | ΕΛΛΑ∆Α | 7

Jumbo: ¡¤Ô ηٿÛÙËÌ· ÛÙËÓ ¶¿ÊÔ Την υλοποίηση του επενδυτικού του προγράµµατοσ συνεχίζει ο Þµιλοσ λιανικού εµπορίου παιχνιδιών, ειδών µπεµπέ, παιδικού βιβλιοχαρτοπωλείου και συναφών προϊÞντων, Jumbo. Στο πλαίσιο αυτÞ στισ 15 Μαΐου εγκαινιάζεται η λειτουργία ηλεκτρονικού καταστήµατοσ Jumbo που θα διαθέτει είδη πάρτι, παιδικÞ χαρτοπωλείο και άλλα προϊÞντα (πχ ποδήλατα, πισίνεσ, φουσκωτά κάστρα κτλ). Στην εκπνοή τησ τρέχουσασ οικονοµικήσ χρήσησ αναµένεται η λειτουργία δύο ακÞµα καταστηµάτων Jumbo στην Ελλάδα, ενώ συνεχίζεται η προετοιµασία για την είσοδο του Οµίλου στην αγορά τησ Ρουµανίασ. Κατά την επÞµενη οικονοµική χρήση

(Ιούλιοσ 2013- Ιούνιοσ 2014) αναµένεται να λειτουργήσουν τουλάχιστον δύο υπερκαταστήµατα στη Ρουµανία, το νέο κατάστηµα του Οµίλου στην Πάφο τησ Κύπρου, καθώσ και ένα ακÞµα κατάστηµα στην Ελλάδα. Σύµφωνα µε την εταιρεία, ο ρυθµÞσ αύξησησ των πωλήσεων κατά το εννεάµηνο τησ παρούσασ οικονοµικήσ χρήσησ διατήρησε θετικÞ πρÞσηµο +0,41%. Τα αποτελέσµατα του εννεαµήνου του Οµίλου Jumbo θα περιλαµβάνουν και τισ επιπτώσεισ απÞ την πρÞσφατη

κυπριακή κρίση. Σηµειώνεται Þτι η θυγατρική εταιρεία του Οµίλου Jumbo στην Κύπρο είχε καταθέσεισ στην Τράπεζα Κύπρου περίπου 58 εκ. ευρώ. Με βάση την αξιολÞγηση που έγινε κατά τισ µέχρι τώρα επίσηµεσ ανακοινώσεισ Κεντρικήσ τησ Τράπεζασ τησ Κύπρου εκτιµάται Þτι το 37,5% του ανασφάλιστου ποσού των τραπεζικών αυτών καταθέσεων θα αποµειωθεί µε συνεπακÞλουθη καθαρή ζηµία τησ τάξησ των 20 εκ. ευρώ.

Κατά συνέπεια η κερδοφορία του Οµίλου θα κυµανθεί στα περίπου 48 εκ. ευρώ µειωµένα κατά 29% σε σχέση µε την αντίστοιχη περυσινή περίοδο. Αν δεν συνυπολογιζÞταν το έκτακτο αυτÞ γεγονÞσ, τÞτε σε συγκρίσιµη βάση για το εννεάµηνο τησ τρέχουσασ χρήσησ τα κέρδη του Οµίλου Jumbo θα ήταν µειωµένα µÞνο κατά -3,42% σε σχέση µε την αντίστοιχη περυσινή περίοδο. Ο κύκλοσ εργασιών στο εννεάµηνο διατήρησε τον θετικÞ ρυθµÞ ανάπτυξησ. ΑυτÞ κυρίωσ οφείλεται στην συµβολή των καταστηµάτων τησ Βουλγαρίασ ενώ µικρή µείωση σηµείωσαν τα καταστήµατα τησ Ελλάδασ και την Κύπρου.

∞. ™·Ì·Ú¿˜: ∏ ∂ÏÏ¿‰· Û ÎÚ›ÛÈÌË Î·Ì‹ Στην πιο κρίσιµη καµπή τησ πορείασ τησ στην κρίση βρίσκεται η Ελλάδα, σύµφωνα µε τον Έλληνα ΠρωθυπουργÞ, Αντώνη Σαµαρά, ο οποίοσ µιλώντασ στην ετήσια γενική συνέλευση του Συνδέσµου Ελλήνων Βιοµηχάνων, είπε Þτι σήµερα διαψεύδονται Þσοι δυσπιστούσαν. «∆εν έχουµε ακÞµα ξεπεράσει τον κίν-

δυνο. ∆εν έχουµε βγει απÞ την ύφεση, η οποία συνεχίζεται για έκτη συνεχή χρονιά. ∆εν έχουµε µειώσει την ανεργία, που έχει φτάσει το 27% για τον γενικÞ πληθυσµÞ κι έχει ξεπεράσει το 60% για τουσ νέουσ κάτω των 25 ετών. Ùµωσ η εικÞνα τισ χώρασ έχει αλλάξει. Κανείσ δεν µιλάει πια για Grexit. Η ψυχολο-

γία, µέσα κι έξω απÞ τη χώρα, άλλαξε τελείωσ», είπε χαρακτηριστικά ο κ. Σαµαράσ, προσθέτοντασ Þτι οι µεγάλεσ διαρθρωτικέσ αλλαγέσ έχουν αρχίσει να εφαρµÞζονται και να αποδίδουν. Σύµφωνα µε τον Έλληνα ΠρωθυπουργÞ, η χώρα πιάνει για πρώτη φορά σε Þλουσ τουσ συνολικούσ δείκτεσ,

τουσ στÞχουσ, προωθεί τισ αποκρατικοποιήσεισ, µπαίνει στο χάρτη τον διεθνή ωσ επενδυτικÞσ προορισµÞσ και οι διεθνείσ οίκοι αξιολÞγησησ «αναγνωρίζουν δηµÞσια Þτι η Ελλάδα έχει σοβαρέσ πιθανÞτητεσ να επιστρέψει πολύ σύντοµα στην Ανάπτυξη», µε παράλληλη υποχώρηση των ελληνικών spreads.

™Ù· ÛηÚÈ¿ ÙÔ Hellenic Investment Club

∂urogroup: ¢fiÛË €7 7,5 ‰È˜ ÚÔ˜ ÙËÓ ∂ÏÏ¿‰·

Μέσα στο καλοκαίρι αναµένεται να ανακοινωθεί επισήµωσ στο Λονδίνο ο σχηµατισµÞσ µίασ νέασ επενδυτικήσ οµάδασ που στρέφει το βλέµµα στην Ελλάδα και στην Κύπρο. Ιδρυτήσ αυτού του επενδυτικού κλαµπ είναι επαγγελµατίασ του χρηµατοοικονοµικού τοµέα που εδρεύει στη βρετανική πρωτεύουσα και έχει καταγωγή απÞ την Αθήνα. Σύµφωνα µε πηγέσ κοντά στην ιδρυτική οµάδα, το Þνοµα που έχει επιλεγεί για το σχήµα είναι Hellenic Investment Club. Απαρτίζεται απÞ επενδυτικούσ τραπεζίτεσ, επαγγελµατίεσ του τοµέα ιδιωτικών µετοχικών κεφαλαίων (private equity), στελέχη κεφαλαίων αντιστάθµισησ κινδύνου (hedge fund) και επιχειρηµατικών κεφαλαίων ρίσκου (venture capital).

Το Εurogroup ενέκρινε τη διπλή δÞση στην Ελλάδα ύψουσ 7,5 δισ. ευρώ για το Μάιο και τον Ιούνιο, επισηµαίνοντασ Þτι απÞ ελληνικήσ πλευράσ θα πρέπει να ολοκληρωθούν οι προαπαιτούµενεσ ενέργειεσ, ώστε να γίνουν έγκαιρα και οι εκταµιεύσεισ. Ùπωσ επισήµανε ο ∆ιευθύνων Σύµβουλοσ του Ευρωπαϊκού Μηχανισµού ΣταθερÞτητασ, τα 4,2 δισ. ευρώ θα εκταµιευθούν την προσεχή βδοµάδα, ενώ τα υπÞλοιπα 3,3 δισ. ευρώ εντÞσ του Ιουνίου. Ο ΠρÞεδροσ του Εurogroup Γερούν

Το Club ειδικεύεται στην εξαγορά και στο χτίσιµο εταιρειών που δραστηριοποιούνται στην ελληνική αγορά µεσαίων µεγεθών (10 εκατοµµύρια – 100 εκ. ευρώ). ΠρÞθεση των επενδυτών είναι να µπουν και στην κυπριακή αγορά έωσ το τέλοσ του έτουσ. Το επενδυτικÞ club αναζητά επιχειρήσεισ που λειτουργούν σε ελκυστικούσ και κατακερµατισµένουσ τοµείσ µε στÞχο να τισ µετατρέψει σε ηγετικέσ δυνάµεισ τησ αγοράσ. Οι ιθύνοντεσ θεωρούν Þτι το επενδυτικÞ τουσ µοντέλο δηµιουργεί αξία επιφέροντασ λειτουργικέσ βελτιώσεισ, στηρίζοντασ την οργανική ανάπτυξη και χρηµατοδοτώντασ συµπληρωµατικέσ εξαγορέσ. Για την ώρα φέρεται να υπάρχει δυνατÞτητα αξιοποίησησ κεφαλαίου 200 εκατοµµυρίων ευρώ.

4,2 ‰È˜ ÙÔ ‰ËÌÔÛÈÔÓÔÌÈÎfi €4 ÎÂÓfi ÁÈ· 2015-16 Στα 4,2 δισ ευρώ «ρίχνει» τισ εκτιµήσεισ τησ ΚοµισιÞν αναφορικά µε το δηµοσιονοµικÞ κενÞ στην Ελλάδα, για το 2015-2016, το Υπουργείο Οικονοµικών τησ Ελλάδασ. Πηγέσ του ελληνικού Υπουργείου Οικονοµικών, σε σχÞλιο τουσ για τισ προβλέψεισ τησ έκθεσησ τησ Ευρωπαϊκήσ Επιτροπήσ που εκτιµούν Þτι θα υπάρξουν µέτρα 8 δισ. ευρώ για την περίοδο 2015-16,

απαντούν Þτι ακÞµα και αν το κενÞ είναι Þπωσ λέει η ΚοµισιÞν, αυτÞ σηµαίνει 4.2 δισ. ευρώ συνολικά για τη διετία 2015-16 και Þχι 8 δισεκατοµµύρια, καθώσ το συνολικÞ κενÞ δεν είναι 1.8% το 2015 και επιπλέον 2.2% κενÞ το 2016, αλλά 2.2% σωρευτικÞ για το 2016. Με αυτούσ τουσ υπολογισµούσ, η Αθήνα αναφέρει Þτι εάν πάρεισ µÞνιµα µέτρα 1.8% το 2015, τÞτε χρειάζεσαι µÞνο επιπλέον 0.4% µέτρα το 2016. Το ελληνικÞ ΥΠΟΙΚ εκτιµά τέλοσ Þτι 4,2 δισ. ευρώ προσαρµογή είναι πιο εύκολο να επιτευχθεί χωρίσ νέα µέτρα, καθώσ Þπωσ αναφέρεται σε πληροφορίεσ 5% είναι η αύξηση των εσÞδων τησ Γενικήσ Κυβέρνησησ το 2015-16 που θεωρείται Þτι θα έρθει «αυτÞµατα» µÞλισ βελτιωθεί η ρευστÞτητα στην οικονοµία, σταθεροποιηθεί η οικονοµία, και αρχίζουν να αποδίδουν οι προσπάθειεσ αναδιάρθρωσησ του φοροεισπρακτικού µηχανισµού.

Ντεισελµπλουµ εµφανίστηκε αισιÞδοξοσ για την πορεία τησ ελληνικήσ οικονοµίασ, υπογραµµίζοντασ Þτι οι χώρεσ τησ Ευρωζώνησ και τα θεσµικά Þργανα εκτιµούν τισ σηµαντικέσ προσπάθειεσ του ελληνικού λαού, οι οποίεσ Þπωσ είπε, φέρνουν αποτελέσµατα. ΕιδικÞτερα, ο κ. Ντεισελµπλουµ διαπιστώνει Þτι η Ελλάδα σηµειώνει σηµαντική βελτίωση στη µείωση των ελλειµµάτων, ενώ κερδίσει σε ανταγωνιστικÞτητα. Για την επανακεφαλαιοποίηση των τραπεζών είπε Þτι βρίσκεται σε σωστÞ δρÞµο.

ΧΡΗΜΑ&ΑΓΟΡΑ

15 ΜΑΪΟΥ, 2013

8 | ΑΓΟΡΑ | financialmirror.com

ÕÎÔ˘ ÙËÓ Î·Ú‰È¿ ÛÔ˘ – ÀÁÈ‹˜ ¶·ÏÌfi˜, ÀÁÈ‹˜ ¶›ÂÛË ΠρÞληψη και συνεχή παρακολούθηση τησ Αρτηριακήσ Υπέρτασησ συστήνει η Κυπριακή Εταιρεία Υπέρτασησ µιασ και το 25% των ενηλίκων στην Κύπρο είναι υπερτασικοί και απÞ αυτούσ ο ένασ στουσ τρείσ δεν γνωρίζει Þτι πάσχει απÞ υπέρταση. Παράλληλα, λιγÞτεροι απÞ τουσ µισούσ απÞ αυτούσ που γνωρίζουν το πρÞβληµά που αντιµετωπίζουν µε την υπέρταση προσπαθούν να την αντιµετωπίσουν. Η πρÞληψη ή και θεραπεία τησ υπέρτασησ µπορεί να γίνει µε φαρµακευτικούσ και µη χειρισµούσ, ανάλογα µε την περίπτωση. Η ρύθµιση ή η απώλεια βάρουσ, καθώσ και η άσκηση (βάδισµα ή τρέξιµο), ανάλογα µε τον ασθενή, µπορεί να βοηθήσει τÞσο στην ρύθµιση τησ πίεσησ Þσο και σε άλλουσ παράγοντεσ κινδύνου. Η Κυπριακή Εταιρεία Υπέρτασησ στα πλαίσια τησ Εβδοµάδασ Υπέρτασησ διοργανώνει εκδηλώσεισ, το Σάββατο 18 Μαΐου 2013, για δωρεάν µέτρηση τησ αρτηριακήσ πίεσησ και ιατρικέσ συµβουλέσ σε Λευκωσία, Λάρνακα ΛεµεσÞ και Πάφο. Συγκεκριµένα, οµάδεσ απÞ γιατρούσ και νοσοκÞµουσ θα βρίσκονται στουσ πιο κάτω χώρουσ για να προσφέρουν στουσ ενδιαφερÞµενουσ δωρεάν µέτρηση πίεσησ, αλλά και ιατρικέσ συµβουλέσ. ΠρÞγραµµα Εκδηλώσεων 18/05/2013: Λευκωσία: Mall of Cyprus 10:00π.µ. – 2:00µ.µ., Λάρνακα: Πλατεία Κίµωνοσ, Φοινικούδεσ 10:00π.µ. – 2:00µ.µ., ΛεµεσÞσ: My Mall Limassol 10:00π.µ. – 2:00µ.µ., Πάφοσ: Λιµανάκι: 4:00µ.µ. – 7:00µ.µ.

∆· ∞§º∞ª∂°∞ Û˘ÓÂÈÛʤÚÔ˘Ó ÛÙÔÓ ∂Ú˘ıÚfi ™Ù·˘Úfi Οι Υπεραγορέσ ΑΛΦΑΜΕΓΑ, αναλογιζÞµενεσ τισ δύσκολεσ οικονοµικέσ συνθήκεσ που περνά η χώρα µασ και το γεγονÞσ Þτι αρκετοί συνάνθρωποί µασ αντιµετωπίζουν ιδιαίτερεσ δυσκολίεσ επιβίωσησ, ανακοίνωσαν τη διεξαγωγή τησ εκστρατείασ «Αγοράζουµε, Συµµετέχουµε, Συνεισφέρουµε στον ΕρυθρÞ ΣταυρÞ» µε σκοπÞ την οικονοµική ενίσχυση του Οργανισµού, έτσι ώστε να συνεχίσει απρÞσκοπτα το κοινωνικÞ του έργο. Με την εν λÞγω εκστρατεία, η οποία θα διαρκέσει απÞ τισ 9 Μαΐου µέχρι τισ 5 Ιουνίου 2013, οι Υπεραγορέσ ΑΛΦΑΜΕΓΑ σε συνεργασία µε εκλεκτούσ προµηθευτέσ τουσ θα διαθέσουν µια πλειάδα απÞ προϊÞντα σε χαµηλέσ τιµέσ, τα οποία οι καταναλωτέσ αγοράζοντάσ τα θα συνεισφέρουν οικονοµικά στον ΕρυθρÞ ΣταυρÞ. Στα πλαίσια τησ διάσκεψησ Τύπου για την ανακοίνωση τησ εκστρατείασ, ο Ανδρέασ Παπαέλληνασ παρέδωσε στην ΠρÞεδρο του Κυπριακού Ερυθρού Σταυρού Φωτεινή Παπαδοπούλου εισφορά, εκ µέρουσ τησ εταιρείασ Χ.Α. Παπαέλληνασ, ύψουσ 30.000 ευρώ.

Etihad Airways: ∫ÔÚ˘Ê·›· ∂Ù·ÈÚ›· ÛÙË ª¤ÛË ∞Ó·ÙÔÏ‹ Η Etihad Airways, ο εθνικÞσ αεροµεταφορέασ των Ηνωµένων Αραβικών Εµιράτων ανακηρύχθηκε «Κορυφαία Αεροπορική Εταιρεία τησ Μέσησ Ανατολήσ» για έβδοµη συνεχή χρονιά σε επίσηµη εκδήλωση που πραγµατοποιήθηκε στο Le Royal Meridien Beach Resort & Spa στο Ντουµπάι. Στα World Travel Awards Μέσησ Ανατολήσ η αεροπορική εταιρεία έλαβε επίσησ τα βραβεία: «Κορυφαία Πρώτη Θέση» και «Κορυφαίο ΠροσωπικÞ Καµπίνασ». Τα World Travel Awards (WTA), τα οποία θεσπίστηκαν το 1993 µε στÞχο την επιβράβευση των καλύτερων ταξιδιωτικών οργανισµών στον κÞσµο αναγνωρίζοντασ την ελίτ του κλάδου. Έ Οι πτήσεισ τησ Etihad απÞ και προσ την Κύπρο πραγµατοποιούνται κάθε ∆ευτέρα, Τετάρτη και Παρασκευή µε αναχώρηση απÞ Άµπου Ντάµπι στισ 09:25 και άφιξη στην Κύπρο στισ 12:05 τοπική ώρα. Η πτήση EY094 αναχωρεί απÞ Λάρνακα στισ 15:00 µε άφιξη στο Άµπου Ντάµπι στισ 19:30 τοπική ώρα. Για περισσÞτερεσ πληροφορίεσ επισκεφθείτε την ιστοσελίδα www.etihad.com

Evian: ¡¤· ·ÁÎfiÛÌÈ· ηÌ¿ÓÈ· «Baby and Me» Το Evian παρουσίασε τη νέα, παγκÞσµια καµπάνια του µε τίτλο «Baby & Me», που δηµιουργήθηκε απÞ την BETC. Βασισµένο Þπωσ πάντα στο σκεπτικÞ του «Live young», επιβεβαιώνει για ακÞµα µια φορά το Þραµα του Evian για τη νεÞτητα: µια θετική και οικουµενική αξία, που την κουβαλάει ο κάθε ένασ απÞ µασ, ανεξαρτήτωσ ηλικίασ. Μετά απÞ τα «Roller Babies», το βίντεο που κατέκτησε επίσηµα το παγκÞσµιο ρεκÞρ ωσ η πιο πολυ - ιδωµένη τηλεοπτική διαφήµιση (σύµφωνα µε το βιβλίο Γκίνεσ), και µετά απÞ το «Baby Inside» και τα 50,000 µωρά – χορευτέσ, το Evian προσφέρει για ακÞµα µια φορά µια εκπληκτική και συναρπαστική παράσταση στο κοινÞ του. Απολαύστε πρώτοι τη νέα διαφήµιση του Evian στο youtube ψάχνοντασ για Baby & Me Evian http://www.youtube.com/watch?v=Yy8hlBra9fQ! Tο Evian εισάγεται και διανέµεται στην Κύπρο απÞ την εταιρεία Iakovos Photiades Foodstuff Suppliers Ltd (ipH).

ÃÚ˘Ûfi ÌÂÙ¿ÏÏÈÔ ÁÈ· ÙËÓ ∫Ô˘Ì·Ó‰·Ú›· St. John ΧρυσÞ µετάλλιο για την Κουµανδαρία St. John και αργυρÞ για το Cabernet Sauvignon Κτήµα ΚΕΟ, τησ οµώνυµησ κυπριακήσ οινοβιοµηχανίασ σε διεθνείσ διαγωνισµούσ οίνου. Σύµφωνα µε ανακοίνωση τησ εταιρείασ η Κουµανδαρία St. John κέρδισε το χρυσÞ στο 13ο ∆ιεθνή ∆ιαγωνισµÞ Οίνου Θεσσαλονίκησ που διενεργήθηκε σύµφωνα µε τισ προδιαγραφέσ του ∆ιεθνούσ Οργανισµού Αµπέλου και Οίνου (OIV), ενώ το KTHMA KEO Cabernet Sauvignon – Lefkada τησ εσοδείασ 2010 διακρίθηκε µε το αργυρÞ µετάλλιο στο ∆ιεθνή ∆ιαγωνισµÞ Οίνου Lyon International Wine Competition.

º¿Ú̷η ÛÙÔ˘˜ ∂ıÂÏÔÓÙ¤˜ °È·ÙÚÔ‡˜ ·fi Medochemie Η Φαρµακοβιοµηχανία Medochemie, συνεχίζει τη δωρεά φαρµάκων για ανακούφιση ασθενών και αδύναµων οικονοµικά συνανθρώπων µασ. ΠρÞσφερε φάρµακα αξίασ 17,000 ευρώ στην Οργάνωση Εθελοντέσ Γιατροί Κύπρου, ενισχύοντασ την προσπάθεια τουσ για παροχή δωρεάν πρωτοβάθµιασ ιατροφαρµακευτικήσ περίθαλψησ σε ανέργουσ, χαµηλÞµισθουσ πολίτεσ και ευπαθείσ οµάδεσ.Η Εταιρεία Medochemie θεωρεί καθήκον τησ, τη στήριξη τέτοιων πρωτοβουλιών και συγχαίρει τουσ Εθελοντέσ Γιατρούσ για τη φροντίδα που προσφέρουν σε συµπολίτεσ µασ που έχουν ανάγκη.

DAVID BECKHAM: ∆Ô ¿ÚˆÌ· ÙÔ˘ Û‡Á¯ÚÔÓÔ˘, ·ÚÚÂÓˆÔ‡ ÛÙ˘Ï! Έντονοσ. Μοντέρνοσ. ΑρρενωπÞσ. Ο David Beckham είναι ένασ άντρασ µε εκπληκτικÞ στυλ και γούστο.Τώρα, το look του David εµπνέει το νέο του άρωµα για τον άντρα: Urban Homme by David Backham. Εκκρίνοντασ µια άνετη κοµψÞτητα, αυτÞ το άρωµα (αρωµατική φτέρη, κεχριµπάρι, φρούτα) είναι η απÞλυτη έκφραση του σύγχρονου αντρικού στυλ. Στην κορυφή τησ λίστασ των πιο καλοντυµένων αντρών σ’ Þλο τον κÞσµο, ο David Beckham γνωρίζει πωσ να ντύνεται στη λεπτοµέρεια και να το κάνει να φαίνεται εύκολο. Με αδυναµία στα στενά, κοµψά κοστούµια, φορεµένα µε λίγο κÞκκινο και αποχρώσεισ, ο David είναι ο απÞλυτοσ αστÞσ-τζέντλεµαν. Κι’ ακÞµα, φορώντασ πλεκτά συνδυασµένα µε πουκάµισο και γραβάτα, εξακολουθεί να παραµένει ο βασιλιάσ του καθηµερινού κοµψού look. ∆ηµιουργώντασ τισ δικέσ του προτάσεισ µÞδασ, έχει γίνει είδωλο σ’ Þλο τον κÞσµο. Το Urban Homme αντανακλά αυτή ακριβώσ την προσωπικÞτητα του David Beckham που εντυπωσιάζει τουσ θαυµαστέσ του. Ελάτε στη σύγχρονη, καθηµερινή κοµψÞτητα του David Beckham µε το Urban Homme, το νέο άρωµα για τον άντρα που ξέρει ποιο είναι το δικÞ του στυλ.

15 ΜΑΪΟΥ, 2013

ΧΡΗΜΑ&ΑΓΟΡΑ

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 9

∆∞ ∂¡ √π∫√ ª∏ ∂¡ ¢∏ªø ∏ ŒÓˆÛË ¢‹ÌˆÓ ÂÈÛËÁÂ›Ù·È Ï·ÊfiÓ ÛÙ· Ù¤ÏË Û΢‚¿ÏˆÓ Οι δήµοι κάνουν Þτι είναι ανθρωπίνωσ δυνατÞ για να βοηθήσουν τουσ δηµÞτεσ τουσ, είπε o ΠρÞεδροσ τησ Ένωσησ ∆ήµων Αλέξησ ΓαλανÞσ απαντώντασ σε ερώτηση αναφορικά µε τισ ενέργειεσ στισ οποίεσ ενδέχεται να προχωρήσουν σε σχέση µε τουσ πολίτεσ που αδυνατούν να καταβάλουν τα δηµοτικά τέλη. Υπογράµµισε ωστÞσο τισ δυσκολίεσ που υπάρχουν για ουσιαστική µείωση των τελών το οποίο θα εξετάσει το επÞµενο διάστηµα η Μικτή Επιτροπή Ένωσησ ∆ήµων και Κυβέρνησησ. “Οι ∆ήµοι θα δουν το θέµα αυτÞ στο πλαίσιο των ευκαιριών που θα δώσει η κυβέρνηση στουσ ∆ήµουσ να έχουν τουσ

δικούσ τουσ πÞρουσ ώστε να µπορέσουν να σταθούν στα πÞδια τουσ. ΜÞνο αν αλλάξει η Þλη προσέγγιση για το ρÞλο τησ τοπικήσ αυτοδιοίκησησ ώστε η λειτουργία τησ να µην εξαρτάται απÞ την Κυβέρνηση, οι δήµοι θα µπορούν να προσφέρουν τισ υπηρεσίεσ που πρέπει στουσ δηµÞτεσ”. Σύµφωνα ωστÞσο µε απÞρρητο έγγραφο που απέστειλε η Ένωση ∆ήµων προσ τον ΥπουργÞ Εσωτερικών Σωκράτη Χάσικο οι ∆ήµοι µεταξύ άλλων εισηγούνται: - ΟρισµÞ ενιαίου πλαφÞν ύψουσ 250 ευρώ για Þλα τα νοικοκυριά µε απάλειψη τησ οροφήσ για τέλη αποκοµιδήσ σκυβάλων.

- Ενοποίηση Συµβουλίων Υδατοπροµήθειασ µε Συµβούλια Αποχετεύσεων - Επιβολή ενιαίου επαγγελµατικού φÞρου σε εταιρείεσ και άλλα νοµικά πρÞσωπα - Οι άδειεσ κυκλοφορίασ να ταυτίζονται µε τη χρήσεων των δρÞµων - Ενοποίηση του φÞρου ακίνητησ ιδιοκτησίασ και του ∆ηµοτικού Τέλουσ Ακίνητησ Ιδιοκτησίασ και µεταβίβαση στουσ ∆ήµουσ τησ αποκλειστικήσ είσπραξησ τησ ενιαίασ αυτήσ φορολογίασ - Εξαίρεση των ∆ήµων απÞ την καταβολή ΦΠΑ για µεγάλα αναπτυξιακά έργα και για αγορέσ µηχανηµάτων

- ΤερµατισµÞ των εισφορών των ∆ήµων στο Ταµείο Πλεονασµού - Χρέωση υπηρεσιών συλλογήσ βαριών αντικειµένων - Περικοπή χορηγιών προσ σωµατεία και µείωση των πολιτιστικών εκδηλώσεων. Σχετικά µε το θέµα τησ µείωσησ τουσ αριθµού των ∆ήµων σε 10 ο Αλέξησ ΓαλανÞσ είπε Þτι υπάρχουν χώρεσ στην Ευρώπη που έχουν 2.000 και 3.000 δήµουσ, προσθέτοντασ Þτι οι δήµοι τησ Κύπρου κατ’ αναλογία πληθυσµού δεν µπορεί να θεωρούνται πολλοί τονίζοντασ Þτι δεν µπορούν να γίνουν αλλαγέσ πριν τισ επÞµενεσ δηµοτικέσ εκλογέσ .

™ÙÔ¯Â˘Ì¤Ó˜ ÚÔÛ¿ıÂȘ ÁÈ· ¿ÓÙÏËÛË Â˘Úˆ·˚ÎÒÓ ÎÔÓ‰˘Ï›ˆÓ Στη σύσταση µονάδασ παρακολούθησησ των ευκαιριών που υπάρχουν για άντληση κονδυλίων απÞ προγράµµατα που στηρίζουν πολιτικέσ ΕΕ, πέραν των κονδυλίων που διατίθενται για τισ κράτη-µέλη µέσω των διαρθρωτικών ταµείων και του ταµείου συνοχήσ, προχωρά το Γραφείο Προγραµµατισµού, Þπωσ δήλωσε ο ∆ιευθυντήσ του Γραφείου, Γιώργοσ Γεωργίου. Ùπωσ τÞνισε ο κ. Γεωργίου η µονάδα που υπάγεται στο Γραφείο θα έχει την ευθύνη για τον συντονισµÞ των ενεργειών Þλων των υπηρεσιών για ικανοποίηση των δεσµεύσεων

που προβλέπει το µνηµÞνιο, που υπάγεται στο Γραφείο Προγραµµατισµού. Σύµφωνα µε τον κ. Γεωργίου τα προγράµµατα αυτά είναι ανταγωνιστικά και για αυτά γίνονται προκηρύξεισ, υποβάλλονται αιτήσεισ σε επίπεδο Βρυξελλών. ∆ιευκρίνισε Þτι αιτήσεισ µπορούν να υποβληθούν απευθείασ και Þχι κατ? ανάγκη απÞ επίσηµουσ φορείσ. Ερωτηθείσ για τισ προοπτικέσ άντλησησ κονδυλίων, ο κ. Γεωργίου είπε έφερε ωσ παράδειγµα το Έβδοµο ΠρÞγραµµα Πλαίσιο για έρευνα και τεχνολογική ανάπτυξη, απÞ το οποίο η Κύπροσ έχει αντλήσει “ουκ ολίγα

εκατοµµύρια, µε τη συµµετοχή κυπριακών πανεπιστηµίων, φορέων και επιχειρήσεων που υπέβαλαν προτάσεισ και κέρδισαν προγράµµατα αρκετών εκατοµµυρίων”. “Κατά συνέπεια θεωρητικά υπάρχουν προοπτικέσ άντλησησ και θεωρούµε Þτι στην περίοδο τησ επταετίασ θα υπάρχουν δυνατÞτητασ άντλησησ δεκάδων εκατοµµυρίων”, είπε. Σύµφωνα µε τον κ. Γεωργίου, η µονάδα στο Γραφείο Προγραµµατισµού θα λειτουργεί ωσ κέντρο πληροφÞρησησ. Σηµείωσε δε πωσ η πρÞθεση είναι να δηµιουργηθεί µια βάση δεδοµένων ούτωσ ώστε ο οποιοσδήποτε ενδιαφέρεται

¶ÚÔ¯ˆÚÔ‡Ó Ù· Û¯¤‰È· ÁÈ· ‰ˆÚÂ¿Ó Wi Fi Σάρκα και οστά φαίνεται να παίρνει ο σχεδιασµÞσ για παροχή ελεύθερησ πρÞσβασησ στο διαδίκτυο σε Þλεσ τισ κοινÞτητεσ τησ Κύπρου, σύµφωνα µε τα Þσα δήλωσαν Μέλη τησ Κοινοβουλευτικήσ Επιτροπή Εµπορίου η οποία εξέτασε εκ νέου τη δυνατÞτητα δηµιουργίασ Ελεύθερησ Ζώνησ ∆ιαδικτύου στην Κύπρο. Ο ΠρÞεδροσ τησ Επιτροπήσ Λευτέρησ ΧριστοφÞρου εξέφρασε ικανοποίηση για το γεγονÞσ, Þπωσ είπε, Þτι το θέµα που θέτει εδώ και καιρÞ η Επιτροπή για ελεύθερη και δωρεάν πρÞσβαση στο διαδίκτυο σε Þλα τα νοικοκυριά και τουσ πολίτεσ «φαίνεται Þτι άρχισε να υλοποιείται και να παίρνει σάρκα και οστά». Ùπωσ ανέφερε, «υπάρχει επιτέλουσ η δυνατÞτητα το κάθε κυπριακÞ νοικοκυριÞ, ο

κάθε ένασ, να έχει ελεύθερη πρÞσβαση και σε κατοπινÞτερο στάδιο να υπάρξει και δωρεάν πρÞσβαση µέσα απÞ συγκεκριµένεσ πολιτικέσ». Σηµείωσε Þτι η Επιτροπή Εµπορίου θα κάνει Þτι είναι δυνατÞ έτσι ώστε αυτÞ το κοινωνικÞ αγαθÞ να παρέχεται χωρίσ προβλήµατα, χωρίσ κωλύµατα και δυσκολίεσ στον κάθε Κύπριο πολίτη. ΠρÞσθεσε Þτι την ίδια στιγµή η Επιτροπή κάλεσε και τουσ παρÞχουσ ευρυζωνικών υπηρεσιών διαδικτύου, να επαναφέρουν το διαδίκτυο σε Þσουσ λÞγω των οικονοµικών δυσκολιών υποχρεώθηκαν να το διακÞψουν, «καταβάλλοντασ οι ίδιοι το κÞστοσ που απαιτείται για άνεργουσ και για ευάλωτεσ οµάδεσ πληθυσµού». Ο Βουλευτήσ του ΑΚΕΛ Κώστασ Κώστα

υπενθύµισε Þτι πρÞκειται για την τρίτη φορά που τίθεται το θέµα στην Επιτροπή και έκανε λÞγο για διάσταση απÞψεων µεταξύ του αρµÞδιου Υπουργείου Συγκοινωνιών και Έργων µε το ΓενικÞ ∆ιευθυντή του Υπουργείου Εµπορίου, Βιοµηχανίασ και Τουρισµού. Ο Βουλευτήσ του ∆ΗΚΟ Άγγελοσ ΒÞτσησ είπε Þτι ήδη υπάρχει σε εξέλιξη µια διαδικασία σε συνεργασία των υπηρεσιών του κράτουσ µαζί µε την Ένωση Κοινοτήτων, µε στÞχο Þλεσ οι κοινÞτητεσ τησ Κύπρου να έχουν τη δυνατÞτητα να παρέχουν προσ τουσ κατοίκουσ των κοινοτήτων δωρεάν χρήση του διαδικτύου. «Είναι µια καλή αρχή και θα αναµένουµε τισ υπÞλοιπεσ πληροφορίεσ σε 15 µέρεσ Þταν θα τοποθετηθούν και πάροχοι, οι οποίοι εκ πρώτησ Þψεωσ δεν είναι αρνητικοί σε αυτά τα δύο σχέδια» ανέφερε.

Ã. °ÂˆÚÁÈ¿‰Ë˜: ÷ϷÚÒÛÂȘ ˘fi ÚÔ¸Ôı¤ÛÂȘ Σαφέστατη διαφοροποίηση του κλίµατοσ υπέρ τησ Κύπρου, διαπίστωσε ο ΥπουργÞσ Οικονοµικών Χάρησ Γεωργιάδησ, µε την συµµετοχή του στο Εurogroup. «Πάµε καλά, το κλίµα έχει αλλάξει», ανέφερε ο ΥπουργÞσ Οικονοµικών µε αφορµή τη συζήτηση στη συνεδρίαση του Εurogroup και την απÞφαση για την εκταµίευση τησ επÞµενησ δÞσησ στην Κύπρο, ύψουσ 3 δισ. ευρώ, εκ των οποίων τα 2 δισ. ευρώ εκταµιεύθηκαν ήδη και το άλλο 1 δισ. ευρώ θα δοθεί µέχρι το τέλοσ Ιουνίου. Ο κ. Γεωργιάδησ βλέπει Þτι υπάρχουν ακÞµη περιθώρια για περαιτέρω βελτίωση του κλίµατοσ, δεδοµένου Þτι δεν έχουν εκλείψει, Þπωσ είπε, Þλεσ οι επιφυλάξεισ απÞ την πλευρά των εταίρων σχετικά µε την ικανÞτητα τησ Κύπρου να διαχειριστεί καλύτερα την κατάσταση. «Πρέπει να κάνουµε και εµείσ

απÞ την πλευρά µασ αρκετά προκειµένου να επιβεβαιώσουµε στην πράξη Þτι είµαστε έτοιµοι», τÞνισε. Αναφορικά µε τισ ανεξάρτητεσ αξιολογήσεισ για το ξέπλυµα χρήµατοσ, ο ΥπουργÞσ Οικονοµικών ανέφερε Þτι τα ευρήµατα δεν δικαιολογούν αυστηρή προσέγγιση απÞ την πλευρά των εταίρων. Ερωτηθείσ κατά πÞσο το θέµα του ξεπλύµατοσ σχετίζεται µε την εκταµίευση τησ επÞµενησ δÞσησ, απάντησε αρνητικά, διευκρινίζοντασ Þτι στο επÞµενο διάστηµα µέχρι την επÞµενη αξιολÞγηση τησ τρÞικασ στο τέλοσ Ιουλίου, η Κυβέρνηση και η τρÞικα θα προσδιορίσουν τον τρÞπο µε τον οποίο θα υλοποι-

ηθούν οι συστάσεισ των αξιολογήσεων. Ο ΠρÞεδροσ του Εurogroup Γερούν Ντεϊζελµπλουµ, αναφερÞµενοσ στο θέµα του ξεπλύµατοσ και επικαλούµενοσ τισ αξιολογήσεισ, είπε Þτι η νοµοθεσία είναι σωστή αλλά υπάρχουν ορισµένα κενά στην εφαρµογή τησ. Απαντώντασ σε άλλη ερώτηση για το θέµα τησ περαιτέρω χαλάρωσησ των περιορισµών στην διακίνηση κεφαλαίων, ο ΥπουργÞσ Οικονοµικών είπε Þτι η χαλάρωση θα γίνει µε τρÞπο προσεκτικÞ που θα αποτυπώνει την κατάσταση στον τραπεζικÞ τοµέα, Þπωσ αυτή διαµορφώνεται. Σε κάθε περίπτωση, συνέχισε, στÞχοσ είναι η χαλάρωση να γίνει το συντοµÞτερο δυνατÞν.

µπορούν να πληροφορούνται για την ύπαρξη ενÞσ προγράµµατοσ για το οποίο µπορεί να υποβάλει αίτηση. Σε σχέση µε τον τρÞπο ενηµέρωσησ του κοινού για τα προγράµµατα, ο κ. Γεωργίου ανέφερε Þτι πιθανÞτατα να δίνονται κωδικοί σε ενδιαφερÞµενουσ για πρÞσβαση στη βάση δεδοµένων στην ιστοσελίδα του Γραφείου, ενώ δεύτερον αναλÞγωσ µε την πολιτική για την οποία ενδιαφέρεται κάποιοσ, να αποστέλλεται ένα ενηµερωτικÞ sms ή ηλεκτρονικÞ µήνυµα (email) για την εξαγγελία ενÞσ νέου προγράµµατοσ.

™ËÌ·ÓÙÈÎfi˜ Ô ÚfiÏÔ˜ ÙˆÓ ÂÁÎÂÎÚÈÌ¤ÓˆÓ ÏÔÁÈÛÙÒÓ Ο ρÞλοσ που µπορεί να διαδραµατίσει ο κλάδοσ των εγκεκριµένων λογιστών στισ δύσκολεσ ώρεσ που περνά η Κύπροσ και η συνδροµή στισ συλλογικέσ προσπάθειεσ για επανεκκίνηση τησ οικονοµίασ, τονίστηκε απÞ Þλουσ τουσ οµιλητέσ σε εκδήλωση στο ΠροεδρικÞ Μέγαρο για τα 20χρονα απÞ την ίδρυση του Ινστιτούτου Chartered Accountants στην Αγγλία και Ουαλία (ICAEW), στην Κύπρο. Ο εκτελεστικÞσ διευθυντήσ του ICAEW Michael Izza στο χαιρετισµÞ έκαµε µια αναδροµή στα 20 χρÞνια παρουσίασ του Ινστιτούτου στην Κύπρο λέγοντασ Þτι δύο δεκαετίεσ πριν αριθµούσε 330 µέλη και τώρα τα µέλη αυτά ξεπερνούν τα 1,500 ενώ 800 τÞσοι φοιτητέσ εκπαιδεύονται για τον επαγγελµατικÞ τίτλο. Ο κ. Izza είπε Þτι το δηµÞσιο συµφέρον είναι πρώτιστο και εξέφρασε την αλληλεγγύη του Ινστιτούτου και των µελών του στισ δύσκολεσ ώρεσ που περνά η Κύπροσ. Είπε ακÞµη Þτι οι εγκεκριµένοι λογιστέσ µε την πείρα , τον επαγγελµατισµÞ και τα υψηλά τουσ προσÞντα είναι η ελπίδα για το µέλλον. Ο κ. Izza συνέχισε λέγοντασ Þτι το επάγγελµα αυτÞ έχει κερδίσει την εµπιστοσύνη των επενδυτών και είναι ιδιαίτερα σηµαντικÞ σε χώρεσ Þπωσ η Κύπροσ που στηρίζονται στισ υπηρεσίεσ.

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

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May 15 - 21, 2013

20 | WORLD MARKETS | financialmirror.com

Age of the social giants

By Oren Laurent President, Banc De Binary

For all the thousands of apps and social media platforms that fail to take off, the few that do make it big, make it huge.

Take note: the potential for investment in this quickly growing sector is remarkable. In the last week alone, reports of business takeovers and advancements have come from two of the world’s most prevalent social media players.

Firstly, we have Facebook, which is reportedly in advanced negotiations to buy Israeli start-up Waze for $1 billion. It appears that the main point of contention at this stage is the demand from Waze management that the company remains in Israel. Facebook has a track record for buying Israeli startups and moving all divisions to its headquarters in Silicon Valley, but it may be forced into a compromise on this occasion. It could even stand to benefit: when it comes to the online world, Israel, often referred to as ‘the start-up nation’, is a known hot-bed of talent and innovation.

Facebook will likely absorb the business affairs but will allow the mobile navigation and traffic app to continue operating and programming from its current location in Tel Aviv.

Zuckerberg may own a global giant, yet Waze is hardly a desperate underdog in these negotiations, and has already earned $67 million since its inception in 2008.

After Apple faced criticism for its iPhone’s poor built-in

navigation, CEO Tim Cook expressed interest in Waze.

However, the company, which has gained significantly in momentum over the last couple of years, and generates revenues from location-based advertising, was reluctant to sell for the reported $500 million sum offered.

Elsewhere in the news, Twitter Inc. was valued at almost $10 billion by GSV Capital Corp, a publicly traded investment company and one if its major investors. GSVC said that it owns 1.9 million shares of the micro-blogging site, with a value of $35.2 million. Based on a total share count of 530 million, this suggests that Twitter is worth about $9.8 billion, an indication that shares are appreciating ahead of a possible IPO (initial public offering).

The company’s future is still uncertain. CEO Dick Costolo has denied past rumours that management is focused on an IPO. However many analysts predict that the site, which is

now offering new advertising mechanisms and aims to push further into international markets with a target of $1 billion in revenues in 2014, will hold a share sale in the foreseeable future to help it realise its goals of expansion. This would also enable early investors to profit substantially from their holdings. Adding to suspicions that the company will soon make its market debut, Twitter recently hired ex-banker Cynthia Gaylor, a leading expert in IPOs and acquisitions, to head its corporate development team.

The IPOs of other tech firms including Zynga and Groupon were relatively disappointing to the markets. When Facebook launched its IPO last summer, symbolising one of the most anticipated events in Internet history, the stock sank to half its offering price, although it has since picked up by 50%.

Yet such precedents have not dampened the excitement of investors over the prospect of Twitter following suit, and the ambitious micro-blogging site would not necessarily suffer the same fate of Facebook. Plus, the timing is right. The world is hungrier than ever for technical marvels and the site, with its positive outlook, has plenty of investors interested in the $1 billion target.

www.bbinary.com

$ takes breather, focus on more U.S. data, Fed Policy The dollar slipped from a five-week high against a basket of major currencies on Tuesday as market players locked in profits ahead of a series of U.S. economic data that could determine whether the Federal Reserve is ready to roll back its stimulus program.

While factors cited as a possible trigger for profit-taking were wide-ranging, from a sharp sell-off in Japanese government bonds and real estate investment trusts (REITs) to a media report on hedge funds’ buying the euro, traders agree that they were just an excuse.

The dollar index slipped 0.3% to 83.049, dropping further from a five week high of 83.438 hit on Friday, with resistance seen at its April high of 83.494. Against the yen, the dollar dropped 0.5% in Asia to 101.39 yen, having pulled back from a 4 1/2-year high of 102.15 yen set on Monday.

Japanese Reits, which had surged on

Japan’s aggressive stimulus, tumbled to a 2 1/2-month low, which some traders speculate may have prompted investors to make up for the losses by taking profits elsewhere. Also putting a brake on yen-selling is a spike in Japanese government bond yields, which reduces the relative attraction of foreign bonds for Japanese investors, Reuters reported. The 10-year JGB yield

may have helped to exaggerate price moves.

Still, on the whole, the greenback was underpinned by data showing U.S. retail sales unexpectedly rose in April as households bought automobiles, building materials and a range of other goods. This week will see a raft of U.S. data, including Wednesday’s industrial production, hous-

FOREX COMMENTARY & TECHNICAL ANALYSIS shot up to a nine-month high of 0.855%, having risen more than a quarter of one percentage point in the past three sessions.

The euro also gained 0.25% to $1.3005, edging away from five-week lows of $1.2935 hit on Friday. Traders say a Financial Times report that hedge funds are no longer wary of a collapse in the euro

ing starts and consumer prices on Thursday and consumer sentiment data on Friday.

The increase in core retail sales, coming on the heels of relatively strong job growth over the last three months, strengthened

expectations the Fed could scale back its asset-buying programme later this year.

Such views stood out as many of the world’s other central banks are looking to loosen their policy, with the Bank of Japan just into one month of its massive two-year stimulus plan.

European Central Bank policymaker Ignazio Visco said on Monday the central bank may opt for negative deposit rates. If the ECB did push its deposit rate into negative territory, banks would effectively be charged for parking spare cash they do not lend, and gives investors strong incentives not to hold euro cash.

With the Fed’s possible exit from stimulus becoming a key focus, market players will be closely looking to comments from Fed speakers later this week. Fed Chairman Ben Bernanke will deliver testimony on May 22 before the Joint Economic Committee of Congress.

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.

May 15 - 21, 2013

financialmirror.com | MARKETS | 21

Who Is The New ‘Shock Absorber’?

Marcuard’s Market update

by GaveKal Research In a world of aggressive monetary easing, we find that Japan and the US are in the lead. The Bank of Japan is doubling its balance sheet over two years, inviting the massive stock of Japanese savings to seek a new home. And despite the buzz created by Jon Hilsenrath’s Wall Street Journal article on the “map” for a Federal Reserve’s stimulus exit strategy, the Fed is unlikely to change course any time soon as the US central bank always tends to follow long rates (when long rates rise, the Fed hikes and vice

versa). With Japanese money pouring into long bond all over the world, there is no threat of the Fed hiking any time soon. But meanwhile the ECB balance sheet is shrinking (as the low-cost LTRO loans are repaid by the commercial banks), while the new Chinese leadership is also attempting to slow the growth of both the financial sector and the local authorities’ balance sheets.

If nothing else, this “relative aggressiveness” of the world’s major central banks (the Bank of England and Swiss National Bank are at least as aggressive as the Fed) means that the role of the “deflationary shock absorber” that Japan occupied so well for the period of August 2008-2012 (as the BoJ sat on its hands while everyone else was doubling/tripling the size of their balance

September, and is thus likely to pursue the current status quo of marginal easing. This is not to say that the ECB will not change its stripes in the autumn, once past the German election and with bankruptcies/economic numbers in Europe being horrible. At this point, the ECB may well come out all guns blazing in a bid to devalue the euro (and please French and Italian policymakers). Until then, however, we tend to believe that portfolios should broadly follow these trend lines: - Continue to overweight the US and, within the US market, remain with the low-beta, more defensive names who will benefit from Japanese inflows.

- Continue to overweight on ASEAN, where companies are delivering growth and where funding costs are shrinking.

- Maintain a high exposure, hedged if possible, to Japanese equities.

- Within China, avoid falling into the valuetrap of “cheap” cyclical stocks and instead focus on high dividend yielding equities.

- Hedge the overall equity exposure by either owning long-dated German bunds (to cushion against a new euro shock) or renminbi bonds.

This latter asset class should prove attractive as the RMB steadily gains.

- Underweight commodities and European equities, at least until the ECB starts to expand its balance sheet once again. Unfortunately, this is unlikely to happen until the Fall.

sheet) will likely now be played by China and the euro area. Logically, this should mean that China and the EMU will be the two zones where currencies should drift up (as the yen did when the BoJ was inactive), and where stocks will likely underperform bonds (except perhaps the high income yielding, domestic consumption oriented stocks?). Of course, this could change rapidly should either the European Central Bank or the People’s Bank of China decide to follow the BoJ’s lead and revolutionalize monetary policy.

In China, an abrupt change in monetary policy is unlikely from a government keen to prevent real estate prices from surging further. In euroland, the ECB is unlikely to create ripples in the months preceding the German elections in

A ‘Perfect Score’ For Abenomics Japan’s beggar-thy-neighbor monetary goals got a perfect score last Thursday – of 100. Indeed, after breaching the resistance level of 100 against the US dollar, the yen kept falling, to finish the day at JPY101. This comes in the midst of an earnings season that has put on full display Abenomics’ potential for boosting company fortunes. More than half of Topix companies have reported, with 1Q13 earnings rising an average of 10% YoY, compared to 5% in the US. Some automakers and banks have triple-digit earnings growth, and guided for more to come. This will all unravel if yen weakness is not maintained. But we consider the 100 level as the new average, rather than a ceiling, for the following reasons:

Gradual normalization of US economy. Rising US real yields correlate with yen weakness. While US treasury yields have been nudging up after last week’s positive surprise on payrolls, we do not expect dramatic movements based on the overall economic outlook. The Japanese profits story would be better with a more robust US growth scenario: while a 1% of devaluation tends to translate into 1% profit growth over six months, a 1% change in global economic growth can boost Japanese earnings by double digits. But middling US growth is more than adequate to allow the current

www.marcuardheritage.com

WORLD CURRENCIES PER US DOLLAR

Forecast 0.30% -3.1k 7.90% -0.10%

Previous -0.60% -7.0k 7.90% -0.60%

-0.60% 4.2 $43.4B 78.4 -0.10% 43 0.70% 1.20% 11.8B 0.94M 0.20% 0.98M 332k 2.5 77.9 0.30%

-0.60% 3.1 -$17.8B 78.5 0.40% 42 0.00% 1.20% 12.0B 0.91M 0.10% 1.04M 323k 1.3 76.4 -0.10%

Source: Eurivex

CODE

CURRENCY

RATE

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

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

8640 1.5318 1.5028 19.8819 5.727 12.0225 1.3013 1.635 226.08 0.5372 2.653 0.3299 12.22 5.7825 3.1983 3.3212 31.2668 6.5887 0.9529 8.11

AUD CAD HKD INR JPY KRW NZD SGD

0.9984 1.01 7.7613 54.57 101.42 1106.2 1.2068 1.2381

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

0.3770 6.9625 12092.90 3.6253 0.7055 0.2853 1501.00 0.3850 3.6387 3.7501 9.1512 3.6728

AZN KZT TRY

0.7835 151.1 1.8093

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

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

Weekly Economic Calendar Date Country Detail MAY 15 EUR German Preliminary GDP growth due 9.00am MAY 15 GBP Claimant Count Change due 11.30am MAY 15 GBP Unemployment Rate due 11.30am MAY 15 EUR Flash GDP growth Q/Q due 12.00noon MAY 15 GBP Bank of England Governor King speaks starting 12.30 MAY 15 US Core PPI M/M due 3.30pm MAY 15 US Empire State Manufacturing Index due 3.30pm MAY 15 US TIC Long-Term Purchases due 4.00pm MAY 15 US Capacity Utilization Rate due 4.15pm MAY 15 US Industrial Production M/M due 4.15pm MAY 15 US NAHB Housing Market Index due 5.00pm MAY 16 JPN Prelim GDP Q/Q due 2.50am MAY 16 EUR CPI Y/Y due 12.00noon MAY 16 EUR Trade Balance in EUR due 12.00noon MAY 16 US Building Permits due 3.30pm MAY 16 US Core CPI M/M due 3.30pm MAY 16 US Housing Starts due 3.30pm MAY 16 US Weekly Unemployment Claims due 3.30pm MAY 16 US Phily Fed Manufacturing Index due 5.00pm MAY 17 US Prelim UoM Consumer Sentiment due 4.55pm MAY 17 US CB Leading Index due 5.00pm MAY 18 US Fed Chairman Ben Bernanke speaks starting 6.00pm Indicated times are Cyprus time

yen weakness to stick .

The political environment. Japan will hold upper-house elections in July. This will give Shinzo Abe’s LDP party, which already controls the lower house, a chance to remove all remaining political obstacles to Abe’s radical platform. Thus we can be pretty sure the newly installed custodians of the Bank of Japan will keep stimulus and yen-weakening activities in high gear as we move closer to election day. This is because Abe’s reflationary success is making him very popular among the country’s famously fickle electorate. Moreover, we are unlikely to hear any complaints from the US, at least not before July. A resurgent Japan is seen as a wedge against a rising China: this offers Washington a good incentive to back Abenomics, despite the pinch of a rising US dollar.

Profits are likely to be revised up. Japanese companies have been guiding for significant profit growth this year. For example, Toyota sees net profits rising by 42% this fiscal year, after tripling in the last one.

Mitsubishi Chemical, Bridgestone, Fuji Heavy have sent similar messages. But these projections are based on conservative assumptions that the yen averages from 90 to 95 against the dollar over the fiscal year.

If 100 is the new average—as we expect—then earnings will be revised up as the year goes on.

Some companies, such as Mazda, have already announced massive domestic capex plans. If more companies follow suit, then Abenomics will transmit into broader reflationary goals. However many producers are still ramping up overseas capacity. And the same with banks. Pocketing gains from unloading the JGBs to the central bank, Japanese banks (like Mitsubishi UFJ and Sumitomo Mitsui Financial) are looking globally for opportunities. Hence, so far, domestic loan demand growth remains moderate.

Ultimately, Japan remains a “buy and hope” strategy: but one too powerful to ignore.

ASIA Azerbaijanian Manat Kazakhstan Tenge Turkish Lira Note:

* USD per National Currency

The Financial Markets Interest Rates Base Rates

LIBOR rates

CCY USD GBP EUR JPY CHF

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

Swap Rates

CCY/Period

1mth

2mth

3mth

6mth

1yr

CCY/Period

2yr

3yr

4yr

5yr

7yr

10yr

USD GBP EUR JPY CHF

0.20 0.49 0.06 0.12 0.00

0.24 0.50 0.09 0.14 0.01

0.28 0.51 0.12 0.16 0.02

0.43 0.59 0.20 0.24 0.08

0.70 0.89 0.39 0.44 0.25

USD GBP EUR JPY CHF

0.38 0.61 0.37 0.25 0.08

0.52 0.71 0.48 0.33 0.15

0.73 0.85 0.63 0.42 0.25

0.99 1.03 0.80 0.52 0.39

1.49 1.42 1.15 0.71 0.67

2.07 1.97 1.60 0.97 1.03

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

Opening Rates

1 USD 1 EUR 1 GBP 1 CHF 1.3013 0.7685

100 JPY

1.5318

1.0494

0.9860

1.1771

0.8064

0.7577

0.6851

0.6437

0.6528

0.8495

0.9529

1.2400

1.4597

101.42

131.98

155.36

0.9396 106.43

Weekly movement of USD

CCY\Date

09.04

16.04

23.04

30.04

14.05

CCY

Today

USD GBP JPY CHF

1.2996

1.3024

1.2994

1.3043

1.2958

0.8509

0.8510

0.8512

0.8420

0.8461

128.71

126.83

128.11

127.48

131.25

1.2106

1.2079

1.2129

1.2201

1.2334

GBP EUR JPY CHF

1.5318 1.3013 101.42 0.9529

Last Week %Change 1.5496 1.3101 97.72 0.9363

+1.15 +0.67 +3.79 +1.77

May 15 - 21, 2013

22 | WORLD MARKETS | financialmirror.com

BG focus on exploration, LNG, deals l

Shares up over 3%, lead European oil and gas stocks higher

Oil and gas group BG will focus on exploration, liquefied natural gas (LNG) and selling or partnering more of its discoveries as part of a new emphasis on profitability after being forced to cut ambitious output targets.

The gas-focused British company, whose main growth assets are in Australia and Brazil, said the proportion of its production with a profit margin of more than $50 per barrel of oil equivalent (boe) would triple over the next five years, and that its heavy capital spending budget would peak in 2015, allowing it to return surplus cash to shareholders from then.

In a keenly-awaited strategy statement under new management and after a crisis of investor confidence in the final quarter of 2012, the company said it would “manage its portfolio more actively” in future, partly through asset sales, and partly by bringing in partners to ramp up output more quickly.

The aim is for 50% of its discovered resources to be either sold or produced in the next ten years.

BG shares were the top gainers among European oil and gas stocks on Tuesday, climbing 3.2% to 1,223 pence.

Last year, the energy investors’ one-time darling shocked

shareholders by saying it would miss output targets. Then, in February, it had to abandon its goal of producing 1 mln barrels of oil equivalent a day by 2015, blaming failed well rejuvenation efforts in Egypt and a fall in U.S. gas prices to uneconomic levels.

On Tuesday, new chief executive Chris Finlayson, who took over at the start of 2013, set himself a more modest 2015 output target of between 775,000 and 825,000 boe per day by 2015, up from 667,000 now. He said there would be no output targets more than two years ahead in future as the company focuses on value over volume.

Oil and gas companies have a history of switching their performance measures after failing to meet existing ones, creating a degree of cynicism among investors. Earlier this year, BP also made a virtue of circumstances that have forced it to rein in its growth prospects. Other oil companies are also moving away from volume measures as meeting them gets difficult.

“We’re acutely aware of that, and I know that’s a view that can be taken,” Finlayson told Reuters ahead of his presentation to shareholders and investors. “That’s why we have been careful to show in this presentation exactly how we will

deliver that value.”

Despite its recent problems and a slump in its share price in the final quarter of last year, BG’s shares still trade at a premium to their peers as a multiple of current year earnings.

Analysts put this down to its strong track record on finding new supplies, its exposure to tight LNG markets, and its position in Brazil’s potentially prolific Santos basin, where it and a handful of other companies were able to secure acreage before the government decided to limit future development to the state oil firm Petrobras.

Petrobras on Tuesday launched Brazil’s biggest ever bond sale raising $11 bln of new debt to help fund its huge $237 bln investment programme for the period up to 2017.

By 2015, as BG’s costly QCLNG gas-for-export development in Australia reaches completion, capital spending will fall from $12 bln a year currently to $8-$10 bln, allowing free cash flow to turn positive, increasing return on capital employed, and allowing improved shareholder returns.

“We’ll be big enough to pursue the best opportunities but small enough to stay commercially agile,” Finlayson said.

Hedge fund wants Sony Entertainment spin-off Billionaire hedge fund investor Daniel Loeb has called on Sony Corp to spin off its lucrative entertainment arm, setting the stage for a clash between his activist Wall Street fund and management at the Japanese electronics maker.

Loeb said his Third Point hedge fund had accumulated a little more than 6% of Sony’s shares - a stake worth $1.1 bLn - making it the largest stakeholder in the inventor of the Walkman portable music player and Trinitron TV. In a letter Loeb personally delivered to CEO Kazuo Hirai at Sony’s headquarters, the fund manager said Third Point was willing to put up another 200 bln yen ($1.97 bln) to support an initial public offering of up to a fifth of the entertainment arm, which includes one of Hollywood’s top film studios and a leading music label.

Loeb, 51, is one of the best known figures in the secretive hedge fund industry with a record of clashing with corporate executives over strategy, including engineering a successful boardroom shake-up at Yahoo Inc last year.

“HIDDEN GEM”

In his letter, Loeb endorsed Hirai’s attempts to revive Sony, but said the problems of the company’s electronics business distracted from the value of U.S.-based Sony Entertainment, an asset he called a “hidden gem”.

Loeb said the proposed spin-off of a unit that is home to artists such as Beyonce and Adele and produced movie franchises like “Iron Man” and “Spider-Man” could add another

60% to Sony’s stock price.

While Sony has sold off real estate and other assets to cover losses on consumer electronics, Hirai sees the entertainment business as core to the company’s long-held vision of marrying content and hardware.

“The entertainment businesses are important contributors to Sony’s growth and are not for sale,” Sony said in response to Loeb’s proposal. “We look forward to continuing constructive dialogue with our shareholders as we pursue our strategy.”

Sony shares have already doubled this year amid a rally in Japanese shares as foreign investors bet policies of Prime Minister Shinzo Abe will pull the economy out of a twodecade slump.

Loeb cited the hopes for economic reforms raised by Abe in making his case for change at Sony.

Third Point’s flagship fund posted a return of 10.5% for investors in January-April, a time when the rest of the hedge fund industry lagged with an average return of just under 5%.

The fund was helped by its positions in Yahoo, a bet on Greek government bonds and its holdings of Japanese shares.

But Loeb does not have a well-known track record in Japan where activist investors have had little success, rebuffed by corporate boards packed with insiders and creditor banks that tend to side with management in maintaining the status quo.

Investors and analysts have argued for years that Sony could be worth more in a break up because of a decade-long

slump in its electronics business as it ceded ground to rivals such as Apple in portable music and Samsung Electronics in flat panel TVs.

RIGHTS OFFERING

Rather than a traditional IPO, Loeb has proposed selling a 15-20% stake in Sony Entertainment through a rights offering to existing Sony shareholders. The move would allow the parent company to shift some debt off its balance sheet.

Taking the unit public would provide incentives for its executives to run the operations more efficiently. Raising its profit margins to the industry average could in theory add another 625 bln yen in market value, Loeb said.

Loeb cited Sony Financial, the profitable insurance arm that was spun-off but is still majority-owned by Sony, as an example of how the move could be beneficial for the group.

Most importantly, the cash generated could be used to help streamline the electronics business, which suffers from a lack of focus even after Hirai took the helm from former CEO Howard Stringer in 2012, Loeb said.

Hirai’s strategy to revive Sony in consumer electronics is to focus on cameras, PlayStation game consoles and smartphones.

Loeb’s proposal could trigger buying of Sony’s stock, said Tetsuro Ii, chief executive of Tokyo-based fund manager Commons Asset Management. Sony closed Tuesday up 1.2% at 1,877 yen, valuing the entire company at $19 bln.

Turkey in talks with LSE, Nasdaq Turkey is in talks with the London Stock Exchange and Nasdaq about a partnership deal that could see it sell a stake in the Istanbul bourse as part of a drive to promote the city as a financial hub, its deputy prime minister said.

Turkey is in the process of merging the Istanbul Stock Exchange, the Gold Exchange and Derivatives Exchange into Bourse Istanbul – a crucial step in the government’s bid to privatise the company and create a regional financial centre.

“We are holding talks with London and Nasdaq for strategic partnerships on Bourse Istanbul,” said Deputy Prime Minister Ali Babacan.

Once the Bourse settles on a strategic partner,

which could involve it selling a stake in return for technology support, it will also seek opportunities for cooperation with other exchanges, such as cross-listings or joint indexes.

Bourse chairman Ibrahim Turhan said talks were continuing with international organisations including Deutsche Boerse and the CME Group, owner of the Chicago Mercantile Exchange (CME), as well as Nasdaq and the LSE. “Our aim is to finalise talks by July and progress to the level of signing a memorandum of understanding,” Turhan said.

Bourse Istanbul has said the state will retain a 49% stake but will divest a stake of up to 41%, part of it

through a flotation. The remaining 10% is held by other investors.

May 15 - 21, 2013

financialmirror.com | WORLD MARKETS | 23

U.S. oil boom leaves OPEC sidelined l

IEA raises non-OPEC supply forecast; US to overtake Russia as main non-OPEC producer

Rising U.S. shale oil production will help meet most of the world’s new oil demand in the next five years, even if the global economy picks up steam, leaving little room for OPEC to lift output without risking lower prices, the West’s energy agency said.

The prediction by the International Energy Agency (IEA) came in its closely watched semi-annual report, which analyses mid-term global oil supply and demand trends.

“North America has set off a supply shock that is sending ripples throughout the world,” IEA Executive Director Maria van der Hoeven said.

“The good news is that this is helping to ease a market that was relatively tight for several years,” she added. Oil on Tuesday traded near $103 a barrel, well below its peak of $147 in 2008.

The IEA said it expected global demand to rise 8% on aggregate between 2012 and 2018 to reach 96.7 mln bpd based on a fairly optimistic assumption by the IMF of 3 to 4.5% global economic growth a year during the period.

That incremental demand will be met mainly by non-OPEC production, which will rise by more than 10% between 2012 and 2018 to 59.31 mln bpd, the IEA said, increasing its estimate of non-OPEC supply in 2017 by 1 mln bpd versus its previous report in October 2012.

The United States will overtake Russia as the world’s largest non-OPEC producer as early as 2015, the IEA said.

That may leave OPEC, which had been long seen as the last

resort for the world to meet rising demand, with output fluctuating around the current levels of 30 mln bpd for the next five years.

The agency cut its estimate of the demand for OPEC crude in 2017 to 29.99 mln bpd, down by 1.22 mln bpd from its previous report six months ago.

It said OPEC’s spare capacity will rise by over a quarter to reach 6.4 mln bpd or 6.6% of global demand, giving an additional cushion to potential supply shocks, the report said.

The adoption of U.S. shale technology could help Russia and China boost production from unconventional reserves, but new projects may slow in other areas.

“Several members of the (OPEC) producer group face new hurdles, notably in North and sub-Saharan Africa. The regional fallout from the ‘Arab Spring’ is taking a toll on investment and capacity growth,” the IEA said.

“Downward adjustments across the (OPEC) group are partly offset by substantially stronger growth in Saudi capacity than previously expected, reflecting newly announced development projects,” it added.

Iran’s sustainable crude production capacity is likely to fall by as much as 1 mln bpd to 2.38 mln bpd by 2018, the lowest in many decades, due to Western sanctions, the IEA said.

EUROPEAN REFINERS AT RISK

The IEA said the balance of global supply growth, until recently evenly split between OPEC and non-OPEC, was tilting

towards the latter.

“North America thus increases its share of supply growth both within the non-OPEC group and more globally,” it added.

In every other aspect of the supply chain, be it demand, refining, trade or storage and transportation, the fast rise of emerging market and developing economies is striking, it said.

These economies are projected to overtake advanced economies in oil product consumption from the second quarter of 2013. This lead will widen from 49% of global demand in 2012 to more than 54% by 2018.

The IEA said that beyond the well known story of growth in Brazil, China, Russia, India, Saudi Arabia and South Africa, many African nations were also on the rise on the global oil consumption map.

The IEA also predicted shifts in the global refining industry as countries such as India and Saudi Arabia build new refining capacity.

The IEA added that another consequence of the surge in U.S. production was a shift in natural gas pricing, which would challenging the conventional wisdom that products produced from oil will continue to dominate the market for transport fuels.

“Cheap and abundant natural gas has already facilitated the transition of the U.S. economy towards broader use of the fuel,” the agency said. Natural gas will increase its share of road transport fuels to 2.5% in 2018 from 1.4% in 2010, it forecast.

Why India slowed For a country as poor as India, growth should be what Americans call a “no-brainer.” It is largely a matter of providing public goods: decent governance, security of life and property, and basic infrastructure like roads, bridges, ports, and power plants, as well as access to education and basic health care. Unlike many equally poor countries, India already has a strong entrepreneurial class, a reasonably large and well-educated middle class, and a number of world-class corporations that can be enlisted in the effort to provide these public goods.

Why, then, has India’s GDP growth slowed so much, from nearly 10% year on year in 2010-11 to 5% today? Was annual growth of almost 8% in the decade from 2002 to 2012 an aberration?

I believe that it was not, and that two important factors have come into play in the last two years.

First, India probably was not fully prepared for its rapid growth in the years before the global financial crisis. For example, new factories and mines require land. But land is often held by small farmers or inhabited by tribal groups, who have neither clear and clean title nor the information and capability to deal on equal terms with a developer or corporate acquirer. Not surprisingly, farmers and tribal groups often felt exploited as savvy buyers purchased their land for a pittance and resold it for a fortune. And the compensation that poor farmers did receive did not go very far; having sold their primary means of earning income, they then faced a steep rise in the local cost of living, owing to development.

In short, strong growth tests economic institutions’ capacity to cope, and India’s were found lacking. Its land titling was fragmented, the laws governing land acquisition were archaic, and the process of rezoning land for industrial use was non-transparent.

India is a vibrant democracy, and, as the economic system failed the poor and the weak, the political system tried to compensate. Unlike in some other developing economies, where the rights of farmers or tribals have never stood in the way of development, in India politicians and NGOs took up their cause. Land acquisition became progressively more difficult.

A similar story played out elsewhere. For example, the government’s inability to allocate resources such as mining rights or wireless spectrum in a transparent way led the courts to intervene and demand change. And, as the bureaucracy got hauled before the courts, it saw limited upside from taking decisions, despite the significant downside from not

acting. As the bureaucracy retreated from helping businesses navigate India’s plethora of rules, the required permissions and clearances were no longer granted.

In sum, because India’s existing economic institutions could not cope with strong growth, its political checks and balances started kicking in to prevent further damage, and growth slowed.

The second reason for India’s slowdown stems from the global financial crisis. Many emerging markets that were growing strongly before the crisis responded by injecting substantial amounts of monetary and fiscal stimulus. For a

By Raghuram Rajan

while, as industrial countries recovered in 2010, this seemed like the right medicine. Emerging markets around the world enjoyed a spectacular recovery.

But, as industrial countries, beset by fiscal, sovereigndebt, and banking problems, slowed once again, the fix for emerging markets turned out to be only temporary. To offset the collapse in demand from industrial countries, they had stimulated domestic demand. But domestic demand did not call for the same goods, and the goods that were locally demanded were already in short supply before the crisis. The net result was overheating – asset-price booms and inflation across the emerging world.

In India, matters were aggravated by the investment slowdown that began as political opposition to unbridled development emerged. The resulting supply constraints exacerbated inflation. So, even as growth slowed, the central bank raised interest rates in order to rebalance demand and the available supply, causing the economy to slow further.

To revive growth in the short run, India must improve supply, which means shifting from consumption to investment. And it must do so by creating new, transparent institutions and processes, which would limit adverse political reaction. Over the medium term, it must take an axe to the thicket of unwieldy regulations that make businesses so dependent on an agile and cooperative bureaucracy.

One example of a new institution is the Cabinet Committee on Investment, which has been created to facilitate the completion of large projects. By bringing together the key ministers, the committee has coordinated and accelerated decision-making, and has already approved tens of billions of dollars in spending in its first few meetings.

In addition to more investment, India needs less consumption and higher savings. The government has taken a first step by tightening its own budget and spending less, especially on distortionary subsidies. Households also need stronger incentives to increase financial savings. New fixedincome instruments, such as inflation-indexed bonds, will help. So will lower inflation, which raises real returns on bank deposits. Lower government spending, together with tight monetary policy, are contributing to greater price stability.

If all goes well, India’s economy should recover and return to its recent 8% average in the next couple of years.

Enormous new projects are in the works to sustain this growth. For example, the planned Delhi-Mumbai Industrial Corridor, a project with Japanese collaboration entailing more than $90 bln in investment, will link Delhi to Mumbai’s ports, covering an overall length of 1,483 kms and passing through six states. The project includes nine large industrial zones, high-speed freight lines, three ports, six airports, a sixlane expressway, and a 4,000-megawatt power plant.

We have already seen a significant boost to economic activity from India’s construction of its highway system. The boost to jobs and growth from the Delhi-Mumbai Industrial Corridor, linking the country’s political and financial capitals, could be significantly greater.

To the extent that democratic responses to institutional incapacity will contribute to stronger and more sustainable growth, India’s economic clouds have a silver lining. But if India’s politicians engage in point-scoring rather than institution-building, the current slowdown may portend stormy weather ahead.

Raghuram Rajan, Professor of Finance at the University of Chicago Booth School of Business and the chief economic adviser in India’s finance ministry, is the author of Fault Lines: How Hidden Fractures Still Threaten the World Economy. © Project Syndicate, 2013. www.project-syndicate.org

May 15 - 21, 2013

24 | WORLD MARKETS | financialmirror.com

Big-spending PSG prove money can buy success Paris St Germain clinched their first French league title since 1994 on Sunday thanks to heavy investment from Qatar as they proved that money spent on the right players can buy success.

With Qatar Sports Investments (QSI) having spent over 200 mln euros on transfers since taking over two years ago, the French league title was their initial target.

Despite Olympique Marseille’s resilience, PSG had a fairly comfortable ride based on a defence marshalled by the impressive Thiago Silva and Zlatan Ibrahimovic’s brilliance up front.

The Sweden striker scored 27 Ligue 1 goals, a tally last reached by France’s Jean-Pierre Papin in 1991-92.

PSG could have been more impressive but under Italian coach Carlo Ancelotti they have turned into a counter-attacking side who failed to play eye-catching football despite the presence of Argentine gem Javier Pastore in the midfield.

Although they produced a few top-notch performances, PSG often struggled against lowly sides, prompting sporting director Leonardo to say his team were built for Europe - not the French league.

A run to the Champions League quarter-finals supported that stance even if they did not really surpass expectations.

They took Barcelona to the brink of defeat but were eliminated by virtue of the away goals rule, having drawn 2-2 at home before taking the lead but drawing 1-1 at the Nou Camp.

Barcelona’s 7-0 aggregate defeat by Bayern Munich in the semi-finals put that result into perspective.

clinched the title with a 1-0 win at Olympique Lyon thanks to a Jeremy Menez goal to end a 19-year wait for the trophy.

GLAMOUR SIGNING

UNCERTAIN FUTURE

“Dream Bigger”, says the club’s slogan.

So they brought former England captain David Beckham to the club on a short-term deal in January, adding glamour off the pitch rather than really strengthening the team on it.

Always the dedicated professional, Beckham produced decent performances, and PSG pledged to donate his salary to charity looking to boost their image as a popular club.

However, it did not work out that way as Beckham’s image suffered when he was shown a straight red card in an ill-tempered game at Evian Thonon Gaillard last month.

He was not the only one with PSG showing their ugly side as they picked up nine red cards, more than any other Ligue 1 team and more than all the other major European league leaders.

PSG’s bad behaviour surfaced again on May 5 when Leonardo bumped into referee Alexandre Castro in the tunnel after a 1-1 draw with Valenciennes, during which Thiago Silva was sent off for putting his hand on the match official.

Leonardo was provisionally suspended while Thiago Silva was handed a two-match ban.

However, despite those disciplinary problems, PSG

Former PSG players who won the 1994 title and lifted the 1996 European Cup winners’ Cup believe the club is on the right track despite their teething problems under new owners.

“When Canal Plus bought PSG (in the early 1990s), they invested a lot of money to attract great players and we became a great team,” former France keeper Bernard Lama told Reuters.

“It is a bit what the Qataris have done,” added Lama, who is convinced that “they can be stronger than we were.”

“PSG is pulling French football higher,” former PSG midfielder Vincent Guerin told Reuters.

“The project continues, we have recruited good players this year and we will be stronger next season,” said Pastore, who has not pledged his future to the club.

Ancelotti must also decide whether to stay at PSG amid speculation he may join Real Madrid to replace Jose Mourinho if the Portuguese leaves the Bernabeu at the end of the season.

The Italian’s departure could prompt some of the club’s top players, uncertain about who might take over, to leave as well.

PSG would then have to start their project all over again.

Man City owners blind to the lesson on their doorstep A week of worldwide acclaim for Alex Ferguson and his 26 years in charge of Manchester United patently failed to get the message through to Manchester City’s trigger-happy owners that stability is the key to sustained footballing success.

Instead, goaded by their rivals’ city-centre parade with the Premier League trophy two days after City were humbled by Wigan Athletic in a massive FA Cup final shock, they sacked manager Roberto Mancini, the man who a year ago to the day was being worshipped as the ‘City Messiah’.

In the modern world of soccer short-termism, no manager sacking is ever truly a surprise and Mancini’s exit looked a certainty once he spoke out against the club’s Abu Dhabi owners following Saturday’s Wembley defeat.

Few, however, could have been shown the door with such a ringing endorsement.

“Roberto’s record speaks for itself and he has the respect and gratitude of Sheikh Mansour, myself and the Board for all of his hard work and commitment over the last three and a half years,” said chairman Khaldoon Al Mubara.

“He has clearly also secured the love and respect of our fans. He has done as he promised and delivered silverware and success, breaking the club’s 35-year trophy drought and securing the title in 2012.”

That title, City’s first for 44 years, was secured in the most dramatic fashion in the final seconds of the final match of the season by Sergio Aguero’s goal, and, with a stunning 6-1 victory at Old Trafford en route, would, in any normal world, have been enough to establish Mancini for the long run.

SHORT-CHANGED

The multimillionaire owners showed, however, that they wanted more, more, more, and quickly. City’s failure to get past the group stage of the Champions League for the second successive season left them feeling short-changed and when their defence of the Premier League title fell away, Mancini’s last remaining hope was the FA Cup. A limp display at Wembley, however, when they were deservedly beaten by a Wigan side looking destined for relegation, left City without any silverware and only the consolation of another crack at the Champions League next season.

“Despite everyone’s best efforts, the club has failed to achieve any of its stated targets this year, with the exception of qualification for next season’s Champions League,” City said in the statement announcing Mancini’s sacking.

A day earlier Ferguson had stood in the centre circle of Old Trafford and told the world of his grateful appreciation of how United’s owners had stood by him during his trophy-less first few years - a faith that was repaid a thousand-fold in the next two decades.

David Moyes, who after Ferguson and Arsenal’s Arsene Wenger had been the next-longest serving manager after 11

years at Everton, was also given an emotional send-off at Goodison Park on Sunday despite having joined United, with fans recognising his unstinting service as he built a firm base despite a desperately limited budget.

DEMAND FOR SUCCESS

Those two managerial moves left Wenger as the clear ‘Grandfather’ of the Premier League with almost 17 years’ service. Tony Pulis is next in line after six years at Stoke City

while Wigan’s Roberto Martinez is the only other man to have been in the job for more than three years.

“Because of the money thrown at the club (City), the impatience is there, and the demand for success is much higher,” Wenger said a few hours before the Mancini announcement.

“These people want to be rewarded quickly but I believe for stability inside the club ... it’s important you have people who represent the values you want and the manager can be one of these people when he has been there for a long time.”

There was certainly no shortage of money, with Mancini spending almost 300 mln pounds on transfer fees alone.

Some imports were more successful than others and the owners, unlike the fans, were no doubt unimpressed when the Italian publicly berated the likes of Mario Balotelli, Carlos Tevez, Joe Hart and Samir Nasri after poor performances.

The new man in the City hot seat will no doubt move some of the big names on and bring in more of his own but he will be well aware that the owners have no appetite for any sort of long-term team-building, despite their mysterious reference on Monday to the “need to develop a holistic approach to all aspects of football at the club.”

Moyes joined United on a six-year deal, with Ferguson demanding that the fans be as patient with the new man as they were with him.

City’s new boss had better hit the ground running or he will be looking nervously over his shoulder after six months.

ITV buys rights to England qualifiers for £100 mln Commercial broadcaster ITV will show all England soccer qualifiers for the next two major tournaments in the latest deal in an increasingly competitive sports rights market.

The agreement covers UK broadcast rights for home and away qualifiers for Euro 2016 and the 2018 World Cup. Advertising-funded ITV, which has live rights to England home games since 2008, declined to comment on how much it had paid for the rights. The Guardian put a figure of 100 mln pounds on the agreement in an online report.

The value of sports rights has increased in Britain after telecoms company BT entered the market. BT now has a share of rights to English Premier League soccer

and those games will be a central part of a new sports TV service it will launch in August.

Satellite broadcaster BSkyB will screen qualifiers played by Scotland, Wales, Northern Ireland and the Republic of Ireland. BSkyB has also done a wider deal to provide extensive live coverage of matches involving continental European nations.

UEFA, European soccer’s governing body, is auctioning rights for qualifying games on a central basis for the first time, rather than leaving national associations to sell them piecemeal.

UEFA believes that central selling and improved marketing of the matches will make them more valuable, pointing to the success of a similar arrangement for Champions League games involving Europe’s top clubs.

May 15 - 21, 2013

financialmirror.com | GREECE | 25

Gov’t plans bond market return next year Greece plans to sell bonds at some point early in 2014, ending four years of exclusion from international capital markets, Prime Minister Antonis Samaras said on Monday.

This is the most optimistic forecast about a bond market return yet made by a Greek official, topping an estimate made last week by finance minister Yannis Stournaras who said that this would not happen before the end of 2014.

“We are already scheduling Greece to go out in the markets in the first half of next year,” Samaras said in a speech before business leaders in Athens.

But lenders are more pessimistic about a Greek bond market return saying that Athens would take several years to fully return to capital markets after funding from its 240-bln euro bailout ends in 2014.

Ireland and Portugal, which also obtained EU/IMF rescue loans, have made more progress than Athens and managed to sell long-term debt again, moving closer to a bailout exit.

This has encouraged Athens, which has also seen its sovereign yields fall steadily since the ECB announced a bond buying programme to provide a debt backstop for struggling states.

Greek 10-year bond yields dropped below 10% last week, their lowest level in months. Optimism also increased after the country’s finances got a clean bill of health by its international lenders last month. This has opened the way for Athens to receive as much as 7.5 bln euros in additional rescue loans

from euro group finance ministers later on Monday.

“We are already surprising (the lenders). I want us to go even further than that,” Samaras said in his speech.

In a further sign of increasing confidence, he said that the ‘troika’ of international lenders will end nerve-wrangling quarterly inspection visits to Athens and will instead visit at more rare intervals. They will now return in October, Samaras said.

Greece is set to meet its budget targets this year and next but must step up privatisations and public sector reform, the EU and IMF said in a draft report released on Monday.

Greece’s autumn talks with its lenders will focus on possible additional austerity measures to plug an estimated budget shortfall of almost 8 bln euros in 2015-2016, the European Commission said in a separate report.

EU, IMF rap Greece on asset sales, praise on budget Greece is set to meet its budget targets this year and next but must step up privatisations and public sector reform, the country’s international lenders said in a draft report on Monday. The report by the EU and the IMF assessing the country’s progress in meeting its bailout goals, said the country’s privatisation revenue target had been lowered for 2013 to 2 bln euros from 2.6 bln euros.

“While progress has been made in preparing assets for privatisation, the overall speed of the privatisation process remains unsatisfactory,” said the report.

The document adds to evidence that the debt-laden country still faces big hurdles to standing on its own feet, despite the fiscal progress made by its coalition government and about 200 bln euros in rescue loans it has obtained from the EU/IMF since mid-2010.

Even though Athens’ overall debt outlook remains unchanged as it overachieves on budget cuts, Greece would take several years to fully return to capital markets once funding from the bailout programme ends in 2014, the report said.

Third Point invests in Energean oil company U.S. hedge fund Third Point has agreed to buy a stake in Energean Oil & Gas, a small Greek oil producer, for $60 mln, the latest in a series of foreign investments in the country since it narrowly avoided crashing out of the euro zone last year.

In October, Swiss retailer Dufry bought out the duty-free operations of Greek rival Folli Follie for 200.5 mln euros and on May 1, Czech-controlled Emma Delta fund agreed to buy a controlling stake in gaming monopoly OPAP for 652 mln euros.

Greece has been in Third Point’s sights for months. The fund made big profits by trading deeply discounted Greek government bonds last year. It also submitted a bid to buy OPAP but was disqualified.

The Energean deal is made through the Hellenic Recovery

Fund, a vehicle Third Point set up to invest in Greek assets.

“We believe that the opening of the Greek market for hydrocarbon exploration and production will significantly contribute towards economic recovery,” Third Point founder Daniel Loeb said in the statement.

Athens plans to award oil and natural gas drilling licenses in 2014, hoping to find big offshore deposits that would reduce its dependency on imports.

The country produces almost no oil and natural gas of its own and spends about 5% of its annual output on energy imports.

Energean Oil is controlled by two individual shareholders.

It said it will use the money to double its ongoing oil production in northern Greece to 4,000 barrels a day by the end of 2013 and to start developing a nearby oil field.

Titan Cement posts Q1 loss Titan Group turnover for the first quarter of 2013 stood at 243 mln euros, posting an 8% increase compared to the first quarter of 2012. But the EBITDA declined by 29% to 24 mln. The group posted a net loss, after tax and minority interests, of 27

Construction plunges in February Greece’s construction sector plunged again year-onyear in February, data showed on Monday, weighing on an economy struggling with its sixth consecutive year of recession.

Once a key growth driver, building activity has been hit hard by austerity measures Athens has imposed to tackle the country’s debt crisis and shore up public finances.

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

Statistics service ELSTAT said 1,240 building permits were issued in February, a 45.3% drop compared with a year earlier. In the 12 months to February building permits fell 42.9% with construction volumes down 34.7% compared to the same year-ago period, ELSTAT said.

The economy is expected to shrink between 4.2 to 4.5% this year.

mln euros, compared to a net loss of 19 mln in the first quarter of the previous year.

Foreign exchange differences had a 4% negative effect on group turnover and a 7.7% negative effect on EBITDA. Market trends differed markedly across the Group’s countries of operation: a clear, by now, recovery in the U.S., a continuation of the decline in Greece, resilience despite adversity in Egypt, anemic yet stable demand in southeastern Europe and further growth in Turkey.

The company declared earlier that 2013 is expected to be another challenging year.

In Greece, both private construction and public works are heavily impacted by the economic depression. Demand for building materials will decline further from already extremely low levels, for the first half of the year. Markets in Southeastern Europe will continue to be adversely impacted by the Eurozone crisis and demand for building materials is not expected to recover substantially this year.

In Egypt, political and economic woes appear to be escalating in recent months and uncertainty is high. Although cement demand appears resilient, the increase in the cost of production and the weakening of the Egyptian Pound are expected to negatively affect results.

In Turkey, market conditions remain positive.

Finally, both short- and medium-term prospects appear positive in the U.S. The housing market seems to have entered a strong recovery phase, positively affecting the building materials industry. In a recent publication, the Portland Cement Association (PCA) expected cement demand to grow by 6.2% in 2013 and by 9.2% in 2014.

Coke bottler HBC’s sales seen flat Coca-Cola HBC, the world’s No. 2 bottler of Coca-Cola, is expected to post flat sales volumes in the first-quarter when it announces results on Thursday, with strong growth in Russia offset by weaker demand in Europe.

The firm buys syrup concentrate from Coca-Cola and bottles and distributes the U.S. group’s drinks in 28 countries from Russia to Nigeria. The first quarter traditionally accounts for a small part of its full-year profit due to poor weather across its territories. Sales volume is forecast almost unchanged at 426 mln unit cases, according to a Reuters poll of seven analysts.

Government spending cuts and high unemployment in markets like Greece and Italy have hit demand for soft drinks, they said. This has offset robust growth in Russia, the bottler’s biggest market.

But a slowing in raw material price rises this year and benefits from cost savings are expected to improve the company’s bottom line.

HBC is expected to post a slightly narrower loss of 15.7 mln euros from 18.6 mln euros in the same period last year.

Last month it left debt-laden Greece to save on taxes and improve access to capital markets. It moved headquarters to Switzerland and its primary listing to London.

The stock trades on 22 times its estimated 2013 earnings, according to data from Thomson Reuters I/B/E/S.

Piraeus to buy back bonds to boost capital Greece’s second-largest lender Piraeus Bank said on Monday it planned to buy back 321 mln euros of hybrid bonds as part of efforts to boost its capital base.The bond buy-back forms part of the country’s bank recapitalisation scheme backed by the EU and IMF, under which its main four banks will receive 27.5 bln euros to restore their solvency levels.

Alpha Bank and National Bank have already launched a similar offer to repurchase hybrid bonds at a discount.

Piraeus said that Barclays, BNP Paribas and Deutsche Bank would manage its buyback offer, which aims to boost its Core Tier 1 capital adequacy ratio by up to 156 mln euros.

The buy-back offer is expected to run until May 24.

May 15 - 21, 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

Shares ('000) Aριθµός µετοχών

Value euro Aξία EUR

Cap. ('000) Kεφαλ.

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Book Value Price to

Profit/(Loss)

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

2011 BOCY CPB HB LOG TSH LUI

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

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

ΤΡΚΥ ΛΑΙΚ ΕΛΗΤ ΛΟΤΖ ΤΣΟΚ ΛΟΥΗ

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

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

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

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

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

1.00 0.10 0.43 0.35 0.35 0.17

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

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

72 504 18 224 10 341 5 066 106 134

1.24 0.25 0.78 0.75 0.49 0.22 0.62

0.15 0.33 0.09 0.05 0.10

114 320 30 213 29 236 16 975 16 368 7 915 5 038 4 100 4 275 3 850 3 930 2 688 238 908

1.78 3.20 0.25 0.45 0.15 4.69 0.31 3.00 0.15 1.96 0.05 0.48 1.37

0.14 0.13 0.65 0.21 0.38 0.13 0.42 0.17 0.63 0.06 0.68 0.12 0.31

14 730 1 587 5 408 25 421 2 239 5 526 242 4 867 576 7 289 6 887 1 249 18 577 4 130 27 716 2 096 4 617 743 6 160 3 135 4 692 2 306 10 800 335 948 10 842 1 709 11 934 4 559 5 694 7 735 941 164 31 833 63 000 1 658 15 298 5 421 298 1 650 2 557 2 727 6 825 3 175 207 196 75 000 415 697

0.49 0.014 0.45 0.76 0.79 0.33 0.40 0.27 0.03 0.65 0.09 0.27 2.08 5.70 1.86 0.43 0.29 0.30 0.67 0.04 0.15 2.73 0.92 -0.10 0.09 3.40 0.38 0.59 0.36 0.75 0.63 0.09 -0.0075 0.18 1.31 0.38 0.004 3.40 0.04 0.12 0.43 1.33 2.44 0.34 0.04 0.11 0.19 0.77

0.31 0.74 0.11 0.85 0.18 0.12 0.06 0.16 0.08 0.46 0.38 0.90 0.06 0.24 0.16 0.33 0.20 0.19 0.57 0.23 0.89 0.18 0.12 -0.15 1.27 0.10 0.25 0.99 0.20 0.07 0.28 0.14 -1.47 0.41 0.55 0.20 10.26 0.44 0.03 0.43 0.16 0.03 0.09 0.76 0.25 0.18 5.38 0.60

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

2011

Q1 2012 EUR ('000) Kέρδη 2012

Q1 2013 EUR ('000) Kέρδη 2013

Profit/(Loss)

2012 EUR ('000) Κέρδη µετά φορολ.

2013 Q1

2012

0

0

0 0 -23 440 2 040 -13 281 -40 189 -74 870

2012 Q1

2013 Q1

2012 6 005 -1 354 -1 880 -492 -34 500 3 181 -49 -1 767 -2 567 1 006 -5 616 -3 284 -41 317

2012 Q1

6 700 -2 312 4 059 197 -1 734 3 250 -1 647 -1 046 -2 224 702 -3 657 -1 273 1 015

0

0

2011

2012 Q1

2013 Q1

2012

0

-3 731 -1 033 -1 284 1 532 403 -7 040 -376 -16 998 -14 283 -95 -1 275 -366 -9 917 -2 868 4 381 -226 664 -666 -1 404 -8 999 -6 859 673 -3 246 -2 602 -203 -8 013 -670 -2 852 -2 408 -9 471 -1 006 -1 399 -318 -14 396 5 428 -719 -5 473 -148 -1 463 -1 593 -3 323 -21 450 2 218 -852 -192 -74 1 153 -142 839

1 932 -2 776 -2 123 2 311 571 -3 532 -375 -3 913 -7 733 -104 -2 998 -652 -4 639 -4 127 6 152 658 1 600 -529 -257 -6 807 -15 527 1 608 5 226 -2 268 -112 -3 948 -802 108 -1 263 -10 021 1 324 -3 328 -337 -20 039 10 783 -868 -6 356 75 151 480 973 -19 200 1 577 -891 13 -56 2 739 -87 300

0

P/E ratio 2012

Earnings Per

Dividend Per

Dividend Yield

Share 2011/12 Cents

%

Results

Share 2012 Cents

n/a n/a n/a 8.93 n/a n/a 1.53

4.76 n/a n/a n/a n/a 2.49 n/a n/a n/a 3.83 n/a n/a 5.27

Cents -76.37 -89.79 -3.78 2.75 -5.39 -8.73

Cents

%

1.50

6.10

Cents 5.26 -1.88 -1.03 -0.28 -12.22 23.71 -0.13 -21.55 -5.70 2.87 -4.57 -6.84

Cents 2.31 1.50

% 9.24 3.57

2.10

21.65

Cents -3.77 -0.65 -1.16 3.92 2.61 -4.97 -3.73 -15.72 -4.96 -0.39 -0.61 -7.12 -7.21 -93.76 4.76 -1.51 0.82 -4.93 -8.78 -2.58 -20.17 14.01 -3.25 -11.65 -2.55 -25.87 -3.73 -13.98 -3.86 -9.31 -2.33 -1.78 -2.13 -3.39 6.20 -3.25 -1.43 -4.12 -0.49 -4.83 -9.10 -32.25 6.82 -6.98 -0.93 -0.76 1.54

Cents 0.93

% 6.24

7.00 1.20

10.77 8.28

3.20

10.63

0.45

4.17

1.70

2.36

2.00

9.52

2012 Low High EUR EUR Aνώτατο Kατώτατο

Last Close EUR Kλείσιµο

Price 31/12/2012 EUR Tιµή 31/12/12

31/12/2012 Ποσ. Μετ.

31/12/2012

124.29 47.75 188.86

92.66 37.08 81.63

97.82 40.23 192.07

114.86 44.40 168.87

-14.84 -9.39 13.74

113.87 0.278 0.047 0.177 0.300 0.048 0.019

83.34 0.185 0.040 0.107 0.226 0.042 0.011

88.74

104.69 0.251 0.044 0.175 0.263 0.045 0.018

-15.24 -33.14 -6.46 -6.67 -38.89

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

562.64 0.220 0.410 0.160 0.092 0.054 0.590 0.130 0.500 0.095 0.100 0.032 0.056

567.96 0.250 0.420 0.160 0.097 0.058 0.590 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

-9.47 0.00 -4.33 -12.57 -15.65 0.00 -43.81 0.00 0.00 0.00 10.00 0.00 -3.45

657.64

624.36

624.69 0.149 0.010 0.049 0.650 0.145 0.039 0.024 0.045 0.002 0.299 0.033 0.243 0.135 1.350 0.301 0.140 0.057 0.055 0.385 0.009 0.138 0.480 0.108 0.015 0.119 0.350 0.095 0.585 0.073 0.056 0.179 0.012 0.011 0.075 0.720 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

-1.87 -2.61 -16.67 8.89 0.00 -19.44 -4.88 0.00 7.14 -50.00 3.10 -10.81 -10.00 -11.76 -9.40 -13.01 0.00 -21.92 0.00 0.00 0.00 -1.43 0.00 0.00 0.00 0.00 -9.09 6.74 0.00 5.80 5.66 -2.72 -7.69 0.00 0.00 -1.77 0.00 -23.08 0.00 0.00 0.00 6.06 -10.87 -8.70 0.00 0.00 0.00 0.00

0.117 0.246 0.042 0.011

% Change

since

May 15 - 21, 2013

financialmirror.com | CSE PRICES | 27 CSE CODE OASIS

ΟΑΣΗΣ

Kωδ.

Number

Nominal

Market

Book Value

Price to

Profit/(Loss)

Shares ('000) Aριθµός µετοχών

Value euro Aξία EUR

Cap. ('000) Kεφαλ.

EUR

Per Share euro Λογιστική αξία

Book Value Times Tιµή προς λογιστ. αξ.

2011 EUR ('000) Κέρδη µετά φορολ.

Q1 2012 EUR ('000) Kέρδη 2012

Q1 2013 EUR ('000) Kέρδη 2013

2012 EUR ('000) Κέρδη µετά φορολ.

NAV

Disc/Prem

2011

2012 Q1

2013 Q1

2012

993 5 222 4 316 54 000 565 1 260 3 336 473 418 405 2 183 5 458 709 3 704 83 042

0.0369 0.1914 0.2682 0.7174 0.0012 0.0660 0.1709 0.0589 0.2229 0.0265 1.0430 2.1427 0.6125 0.2000

-53.93 -51.41 -63.83 -62.36 66.67 36.36 -65.48 -26.99 0.94 -24.53 -23.30 -6.66 -15.10 37.50

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 64 526 210 466

0.1728 0.06 0.88 0.02 -1.21 0.12 0.57 -0.12 -0.20 -0.08 1.30 0.086 0.05 0.13 0.0100 0.29 0.67 0.11 0.38 0.06 -0.38 0.30 0.43 0.004 1.49 0.18 0.28 0.000 -0.08 0.05 -0.12 0.52

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

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

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

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 99 271

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

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

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

MARKET TOTAL / OΛIKO AΓOPAΣ

1 054 248

-98.84 1.68 0.11 2.41 -0.03 0.27 0.13 -0.19 -0.01 -0.04 0.46 0.29 15.00 0.19 -70.00 0.34 0.19 0.09 0.12 2.46 0.00 0.78 0.37 2.75 0.01 0.44 0.20 6.67 -0.04 -0.08 1.25

Profit/(Loss)

-1 596

4 139 -2 774 -3 423 -2 559 -22 -443 -251 -57 -182 155 -1 921 12 -782 -12 104

2011

2012

-69 -12 265 399 -6 400 -2 974 -5 512 -3 755 -23 885 -9 100 -243 -701 35 -4 283 -219 -1 465 -24 581 -77 87 621 -10 339 -11 700 -545 2 145 -1 484 -8 648 -1 879 -328 -1 953 -15 879 -3 735 -60 -8 961 -157 753

0

0

-1 011 -12 265 -350 -6 400 -217 -11 266 -10 859 -55 832 -9 100 -391 -70 35 6 553 -2 111 -1 465 -220 -77 87 -3 654 -713 -11 700 -605 31 494 -8 648 -959 -410 -450 -24 032 921 -60 -825 -155 569

-5 500 021

-258

-1 596

-426 699

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

-258

-1 596

-258

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 -1.71 -0.91 -0.16 -0.78 -2.28 -2.85 -0.90 5.68 -70.39 0.88 -5.81

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

570.27 0.017 0.093 0.097 0.270 0.002 0.090 0.059 0.043 0.209 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

4.44 0.00 -19.13 -18.49 8.00 -50.00 15.38 23.17 0.00 -0.48 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 -6.76 -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 -7.06 0.05 1.07 -10.68 -9.93 -0.76 -0.64 -3.82 2.39 -0.05 -0.83

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 GLOBAL DIGITAL SERVICES 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 STC/ΣΤΣΙ

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 13 000 18 568 25 000

Market Cap EUR (000) 36 855 297 000 75 000 21 834 14 280 42 062 3 400 1 541 43 624 2 552 12 585 10 010 7 799 250 568 792

Latest price Nominal EUR Value EUR 18.90 0.01 0.99 0.10 0.75 0.50 2.71 1.00 11.90 0.01 1.20 0.25 1.00 0.10 4.80 1.00 4.00 0.32 1.41 1.00 1.50 0.01 0.77 0.20 0.42 0.59 0.01 0.01

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 30/04/13

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.

May 15 - 21, 2013

28 | BACK PAGE | financialmirror.com

‘Sell in May and go away?’ Not this year WALL ST WEEKAHEAD With the Dow and the S&P 500 setting another string of record closing highs last week, the old Wall Street adage “Sell in May and Go Away” - is starting to look weak.

Closing out the second week of May, the Standard & Poor’s 500 index is up 2.3% for the month.

For the year, the benchmark S&P 500 gained a stunning 14.6%.

Some analysts say that when the market starts off this strong, it tends to keep the upward momentum going until the end of the year.

“Instead of ‘Sell in May and Go Away,’ we may be setting up for a surprise May rally,” said Ryan Detrick, senior technical analyst at Schaeffer’s Investment Research in Cincinnati, Ohio.

“What’s encouraging is that small-cap stocks have been outperforming the market recently. It’s a sign that the mar-

ket is going for even the riskiest sectors.”

Both the Dow industrials and the S&P 500 topped major milestones for the first time in early May, with the Dow Jones industrial average surpassing 15,000 and the S&P 500 breaking through the 1,600 mark. Since then, the indexes have been steadily holding above the landmark levels. The Nasdaq Composite Index has climbed to the highest closing levels in 12-1/2 years.

In a sign of the rally’s breadth, the Russell 2000 index of mid- and small-cap stocks also hit all-time highs recently.

Technical analysts say the next level to watch would be 1,660 on the S&P 500.

“The main question is whether the bulls can maintain the 1,600 level on the S&P 500 for another week,” said Ari Wald, a technical analyst at PrinceRidge Group, a New Yorkbased investment bank.

“If it does, the next level is 1,660. But with markets already this high, it won’t be easy.”

Despite lingering concerns about a technical pullback, the market’s strong performance so far this year has also increased the chances of equities rallying throughout the year, according to some analysts.

“With the market up so much, can it continue to make gains over the next seven months through year end? At least based on history, it has a better chance of continuing higher during strong years than when it is not up significantly,” Bespoke Investment Group analysts wrote in a note to clients.

Bespoke noted that this year is only the 11th-best start to a year since 1991, when the index gained another 9.7% for the rest of the year.

If 2013 plays out like that - with another 9.7% gain in store for the S&P 500 - the broad index would finish the year up a whopping 24.3%.

LAGGARDS PLAY CATCH-UP Among recent gainers, sectors closely tied to economic growth such as technology and financial stocks have been catching up after lagging for most of the year.

“We are seeing the once beaten-down stocks making a comeback,” Wald said. “It’s been sort of a rotation of leadership that has been taking place for a month or so. It will be interesting to see if this can last” into next week.

The S&P financial sector index is up about 2% for the month, while the S&P information technology sector is up about 3%.

For some perspective, the tech sector has a way to go, when compared with defensive sectors like utilities. The S&P utility sector index is up more than 13% for the year, while the S&P info tech sector index rose less than 8%.

CONSUMER IN THE DRIVER’S SEAT The American consumer will get Wall Street’s attention this week when a raft of economic data and retailers’ earnings could shed some light on whether they shopped for more than just the bare necessities.

Retail sales for April are released by the U.S. Commerce Department.

“It (retail sales) will be a chance to look at the real picture after weak numbers last month on sequestration and other (external) factors,” said Karyn Cavanaugh, a market strategist at ING U.S. Investment Management in New York.

“The market is driven by good fundamentals from corporate earnings, but it’s really the consumers that take up 70% of our economy. They are a real game changer.”

Other economic data on tap includes April import and export prices on Tuesday, followed on Wednesday by the U.S. Producer Price Index for April, the Empire State Index for May, industrial production and capacity utilization for April, and the National Association of Home Builders Index for May. On Thursday, the economic agenda includes the U.S. Consumer Price index for April, housing starts for April, weekly jobless claims and the Philadelphia Fed’s survey for May. Wall Street will get a look at consumer sentiment on Friday, when the Thomson Reuters/University of Michigan Surveys of Consumers will release its preliminary reading for May. On the earnings front, a number of retailers are scheduled to report results, including Macy’s Inc on Wednesday.

Results from J.C. Penney Co Inc, Nordstrom Inc, Kohl’s Corp and Wal-Mart are expected on Thursday.

With 89% of the S&P 500 companies having reported earnings so far, 66.7% have topped profit expectations, above the average of 63% since 1994. However, only 46.4% have beaten revenue expectations, well under the average of 62% since 2002.