Financial Mirror - 5 June 2013

June 5 - 11, 2013

2 | NEWS | financialmirror.com

Spain’s jobless rate falls, picture still gloomy l

Rate is second highest in EU; Falling population could help cut joblessness in future, says analyst

Spain’s number of registered jobless fell in May but seasonal hires were largely responsible, checking government optimism that the drop heralded a turnaround for the country’s crippled economy.

With chronically high unemployment a source of rising social unrest and the greatest barrier to a return to growth, Prime Minister Mariano Rajoy had showcased Tuesday’s labour ministry data at the weekend, saying it would be “clearly encouraging.”

It showed the registered jobless total fell by 1.97% or more than 98,000 people, leaving 4.89 mln out of work.

The data marked a record drop for May and was “the best we’ve seen since the crisis began,” said Industry Minister Jose Manuel Soria.

But it excludes the long-term unemployed, and once seasonal factors such as holiday hires by hotels and farmers were added in, the drop was just 265 people.

“To say this data supports the onset of a recovery in the labour market is a bridge too far in my view,” said Martin Van Vliet, economist at ING. “It is not necessarily a recovery driven by healthy job growth. It could also be influ-

enced by the recent trend of young people moving abroad in search of work.”

At 27% in the first quarter, Spain’s unemployment rate is the highest in the European Union after Greece, and even if the country pulls out of recession next year as economists forecast, job creation could lag for some time longer.

The rate has risen steadily along with the budget cuts and labour market reforms that Rajoy’s government has introduced, fuelling public anger and sparking protests in major cities.

The link between austerity and lengthening dole queues has also created a dilemma for Europe’s policymakers, and Germany’s Finance Minister warned last week that failure to cut youth unemployment in particular could tear the continent apart.

Meanwhile, workers from countries like Ecuador and Colombia who had staffed a Spanish construction industry boom before a 2008 property crash have returned home or moved elsewhere.

Spain’s official population fell last year for the first time since records began. If the trend continues it could improve the unemployment figures by removing jobless people from the statistics.

Fitch Ratings said earlier this month it expected the unemployment rate to peak at 28.5 percent in the first quarter of next year

as government measures like wage-setting reforms took effect and a contraction in industrial output reached its limit.

IMF tells France to step up reforms, cut spending France must step up reforms to liberalise its economy and lower labour costs to get back to growth and improve its competitiveness, the IMF said on Tuesday.

It said the euro zone’s second-largest economy would start turning around in the second half of the year. On Monday, it halved its 2013 forecast for number one economy Germany based on uncertainty in other euro zone economies, including neighbouring France.

In its report on France, it slightly trimmed its forecast to see the economy contract by 0.2% this year from a previous -0.1% forecast. The French economy would grow by 0.8% next year,

from a previous 0.9% forecast.

“Following three years of substantial fiscal adjustment, there is scope to moderate the pace of consolidation going forward, provided the effort is concentrated on the expenditure and backed by continued structural reforms,” it said in a regular review of France.

The Fund stressed that France must increase competition in product and services markets to improve its competitiveness, while focusing budgetary efforts on containing expenditure.

“A powering up of the reforms launched by the government in the last six months is needed to close this gap,” it said in a

report after one of its regular missions.

“Other instruments should be found to lower the effective cost of hiring young workers, if not through the wage through an easing of contractual work arrangements.”

The Fund said that the balance sheet repair of banks had continued at a sustained pace and overall risks to financial stability have abated considerably.

France says it will eke out 0.2% growth this year but the European Commission and most economists have already said they see it shrink slightly, with the Commission projecting a 0.1% contraction.

Franco-German-EU deal puts onus on Hollande ANALYSIS A Franco-German deal to strengthen the euro zone has ended months of bickering between Paris and Berlin and raised the onus on French President Francois Hollande to embark on potentially explosive social and economic reforms.

German Chancellor Angela Merkel, Europe’s most powerful politician, made a string of symbolic concessions to France in joint proposals for closer economic policy coordination outlined last week, in return for a clear commitment to reform.

She did so because bolstering the stagnant French economy has become a top German priority.

“If France weakens further, it endangers the foundations of the euro,” a senior German official said.

Departing from past positions, Merkel accepted a full-time president of the Eurogroup of euro area finance ministers, more frequent summits of euro zone leaders, greater coordination of social and tax policy, a slowdown in the pace of deficit reduction and a commitment to reciprocity in EU external trade.

Furthermore, she cleared the way for the next stage of a European banking union by accepting a “resolution board” that will be empowered to take decisions on restructuring or winding up failed banks, financed by contributions from the banking sector and backstopped by the euro zone’s rescue fund.

And she accepted all this could happen without treaty change and without transferring new powers to the executive European Commission.

“The Germans were so worried by the weakness of France that they have revised their strategy and decided they have to

help France,” said Jean-Dominique Giuliani, president of the pro-European Robert Schuman Foundation in Paris.

“On paper, Merkel made a lot of concessions to France, but by doing so she has given Hollande the face-saving political cover he needs to move ahead with reforms that are extremely sensitive, especially for the left,” he said.

The Socialist president promised to use the extra two-year leeway for reducing France’s budget deficit granted by EU authorities to reform the pension system, welfare benefits and tax breaks in negotiation with unions and employers.

Whether a Franco-German deal on Europe will make it easier for Hollande to overcome resistance to entitlement reforms from organised labour, the left and the street remains to be seen.

SKIRTING BRITAIN

By ruling out new powers for Brussels or an early drive for European fiscal union that would require a new EU treaty, the conservative Merkel may also have changed tack for domestic reasons ahead of September’s German general election.

Moving forward pragmatically through inter-governmental cooperation is hence more realistic and offers a way to skirt a potential British veto on any treaty amendment as London seeks to force a return of EU powers to national capitals.

“There is real convergence between France and Germany on the need to give structure to this governance - which is relatively new,” said a diplomatic source in Hollande’s office.

Berlin long suspected France of raising the subject only to try and exert influence on the European Central Bank, while Paris suspected Berlin of pushing a federalist agenda, he said.

Merkel’s gesture to Hollande was preceded by a spate of

German visitors - including Foreign Minister Guido Westerwelle, Economics Minister Philipp Roesler and Bundesbank President Jens Weidmann - who delivered the same message: Germany needs a strong France and does not want to lead Europe on its own.

Alarm at France’s accelerating loss of economic competitiveness, expressed bluntly in private, finds public expression in statements by German policymakers that they are confident France will make the necessary reforms.

NECESSARY REFORMS

As the Germans see it, Hollande understands what reforms are necessary but has to convince a domestic audience that is under the false impression that enough has already been done.

Merkel’s Paris concessions reflect a strong desire to avoid being seen as the sole driver of unpopular austerity policies. In the same vein, Germany has launched bilateral initiatives with Portugal, Spain and Italy to help overcome high youth unemployment. The European Commission, relieved to see the main motor of European integration spring back into life after stalling during Hollande’s first year in office, welcomed the Franco-German paper as giving momentum to its own blueprint for pulling Europe out of crisis.

June 5 - 11, 2013

financialmirror.com | CYPRUS | 3

Getting ready for 4G l

3rd mobile operator by summer ’14 (or sooner)

Cyprus is getting ready for a massive telecommunications upgrade to a high-speed fourth generation (4G) network, as the Ministry of Communications announced that it will auction frequencies available on the spectrum paving the way for a third mobile operator, some time next year.

“This will be an open competition in the form of an auction, with the interest period closing on July 24 and the bidding to start from 12.3 mln euros,” said the ministry’s Director General Alecos Michaelides, who said the price was “reasonable” and could be adjusted according to interest.

However, telecom industry experts told the Financial Mirror that the adjustment could even be upwards, if there are several bidders, or even downwards, if only one shows up or is prequalified.

Areeba, later taken over and renamed MTN Cyprus, was the final bidder for the first commercial license in 2005, upping the stake to 22 mln euros and knocking out Greek bidder OTE from the race. Government-owned Cyta matched

the 22 mln price.

Local telco PrimeTel is expected to lead the bids for the new licenses, as it already operates a mobile service using local carriers and transmission network.

The government is rushing through the auction as it is already six months behind schedule, according to EU competition rules for the sale of available frequencies, or else it could face harsh penalties.

Experts also believe that if an operator such as PrimeTel wins the auction, with operations already in place, the third mobile network could be up and running “much sooner” than the initial deadline of the end of summer 2014.

Meanwhile, Petros Galides, Deputy Telecoms and Post Regulator, said that with more than 1.2 mobile accounts per person in Cyprus, “it is natural for operators to invest in the next technology of telecommunications.”

Galides explained that current operators Cyta and MTN are already working towards implementing their 4G networks,

while Cyprus is also expected to follow the international trends of high-speed broadband using fibre optic networks with speeds of 30-100 gigabits, and advanced mobile services.

Commissioner wants EU roaming to end by 2014 Digital Agenda Commissioner Neelie Kroes has called for an end to mobile roaming charges before the next European elections, and said mobile network operators should no longer be able to block telecommunications services such as Skype.

Speaking to the European Parliament, Kroes said she wanted Europeans to be able to see what the EU is doing for them ahead of elections to be held on May 22-25, 2014.

“Will you join me in building something special between now and the European elections,” she asked the MEPs. “I want us to show citizens that the EU is relevant to their lives. I want you to be able to go back to your constituents and say that you were able to end mobile roaming costs.”

Kroes said the EU could deliver a “full, final” legislative package to end roaming charges “around Easter 2014”. Kroes’ proposal would go well beyond previous Commission efforts to cap roaming charges on cross-border calls and messaging.

BRIDGE WITH CITIZENS

Kroes, who is not running for another term at the Commission, said she wanted to give MEPs the “full share of credit” for “building a bridge” to EU voters. She said the proposal could reach young people – “the generation that cares most about being connected, but who votes the least”.

“If we do this right, then digital connections can bring polit-

ical connections. Digital dividends can bring social ones. …

Whether they need it for travel, for trade, or for transactions – our people need this reform,” Kroes said. The commissioner’s spokesman, Ryan Heath, said telecom operators did not oppose the move because it would spur demand.

Telco executives had told Kroes that they had been wrong to oppose caps on roaming charges, he said.

“That’s a case of a real win-win. It’s not a total shock for the companies,” he said.

Telecom companies may not be so easy to convince by the move to guarantee network neutrality, which would mean ending restrictions on Internet communications services. The neutrality principle implies that no provider can prioritise traffic on the network for economic reasons. A recent report showed that at least 20%, and potentially up to half of EU mobile broadband users, have contracts that allow their internet service provider (ISP) to restrict communications services or peer-to-peer file sharing. Some 20% of fixed operators also enforce service restrictions that limit Internet speed.

Companies blocking services like Skype “will really have to face the competition,” Heath said. “They will no longer be able to block Skype because its suits them. That’s going to come at a cost for them, but it’s going to help more companies than it hurts.”

Georgi Gotev, Euractive.com

Outbound tourism drops 19% y/y in April In a sign that Cypriots are cutting back as a result of the crisis, outbound tourism fell by 19% compared with the year earlier in April.

In absolute numbers 84,688 residents of Cyprus returned from a trip abroad in April 2013 compared with 104,493 in April 2013. The timing of Orthodox Easter might also have played a part, since Easter was celebrated on May 5 this year and April 15 last year.

There were significant falls in the largest two markets, Greece and the UK. The number returning from Greece fell by 24.4% to 24,978 in April 2013, from 33,029 in April 2012, while the number returning from the UK dropped by 14.8% to 24,928, from 29,265 in April 2012.

There was a small increase in the number of residents returning from Russia, which rose by 1.9% to 5,590. www.sapientaeconomics.com

Most services apart from shipping take a hit in Q1 The services sector took a hit in the first quarter of 2013, according to the latest figures on turnover.

Turnover for the accommodation and food service activities sector fell by 9.4% compared with the same period of 2013, while information and communication declined by 4.7%.

Professional, scientific and technical activities tumbled by 8.9%, while administrative and support service activities fell by 4.8%.

In the transport and communication sector, turnover fell by 5.6% compared with the corresponding period of 2012.

Land transport dropped by 5.4% but air transport recorded a modest rise of 0.6%.

Postal and courier activities fell by 10.1%.

The one bright spot was water transport (mainly shipping), which rose by 52.7% in the first quarter of 2013 compared with the same period of 2012.

Avanti Earth Station hosted by Cyta Cyta and satellite company Avanti have inaugurated Avanti’s Gateway Earth Station facilities at Cyta’s Makarios Teleport that provides highly resilient and reliable access to customers using the HYLAS 2 satellite since November 2012. HYLAS 2 is a latest generation spacecraft that operates in Ka band frequencies and offers broadband access across large parts of Africa, the Middle East and Europe. It provides advanced services in key high growth markets, enabling customers in underserved areas to enjoy modern communication services and high-speed internet connections.

Communication and Works Minister Tasos Mitsopoulos thanked Avanti for choosing Cyprus and the facilities of Cyta for their satellite ground station.

“In these difficult times for our country, it is very encouraging to see an established company such as Avanti invest in our country and we hope that many others will follow their example.”

June 5 - 11, 2013

4 | CYPRUS | financialmirror.com

Bank deposits tumbled further in April Business and household bank deposits fell 7.3% to 41.32 bln euros in April, following a fall of 4% in March from the previous month, while deposits in Greece dropped at a lower pace over the Cypriot banking crisis affecting Greek depositors as well.

Government officials have been trying to spur growth and revive confidence in the market that is reliant on the services and banking sector, but a 10 bln euro bailout from lenders ECB and the IMF. Harsh conditions included a “bail in” that subjected all depositors of amounts of over 100,000 euros to a 37% haircut in order to finance the recpitalisation of local banks exposed to huge losses on Greek sovereign debt.

The economy came to a standstill in March after the Eurogroup of Eurozone ministers imposed the haircut and forced the island’s second largest lender, Popular Laiki Bank, into resolution, with the Bank of Cyprus inheriting a further debt burden of 10 bln euros as the banking sector looks to consolidate.

Most of the depositors withdrawing their money included foreign-owned entities and individuals, probably from Russia, who had been targeted by the Eurogroup as conducting money laundering through Cyprus banks. They have subsequently moved their deposits to banks in Baltic states,

British colonial tax havens and other jurisdictions.

In Greece, where the island’s three main banks were forced to give up their vast branch network as part of the ‘Troika’ bailout plan, deposits were down 1.1% from 164.1 bln euros in March to 162.29 bln, according to European Central Bank data. Spain saw a similar development with a 1.5% fall, while deposits in Italian and Portuguese banks fell less than 1% each.

According to the April Monetary Survey of the Central Bank of Cyprus, total lending to non-MFIs reached EUR

68.42 bln declining by 0.1% y-o-y. Total deposits stood at EUR 57.37 bln, down by 19.9% y-o-y.

Total lending declined by 2.8% m-o-m or by EUR 2.0 bln m-o-m. Consumer lending declined by EUR 138.6 mln m-om, whilst corporate lending dropped by EUR 714.7 mln m-om. On the liability side, on a monthly basis, deposits declined

by EUR 6.35 bln (domestic deposits: -2.96 bln; FX deposits: 3.38 bln). Domestic residents’ deposits reached 38,33bn, down by 12.1% y-o-y (-7.2% m-o-m), whilst FX deposits were down by 32.0% y-o-y to 19.04 bln (-10.0% m-o-m).

Hellenic Bank posts Q1 loss on bad loans, Greek sale Hellenic Bank posted a 31.7 mln euro loss in the first quarter, taking a hit from higher provisioning for bad loans and from the sale of its Greek business as part of an international bailout for Cyprus.

Hellenic was one of three Cypriot banks which sold their Greek branches to Piraeus Bank in March under a controversial deal brokered between Cypriot authorities and international lenders to ring-fence the Cypriot banking system and prevent its chaotic bailout spilling over to Greece.

Hellenic, in which the Church of Cyprus is a major shareholder, said it booked a 10.2 mln

Construction materials prices up 0.5% m/m in April As if the Cyprus construction sector was not beleaguered enough, further difficulties came in April with a rise of input prices.The price index of construction materials rose by 0.49% in April 2013 to reach 124.65 (base year 2005=100,00).

On the other hand, the index recorded a decrease of 1.51% compared with the same period of 2012 in January-April 2013.

Meanwhile, industrial turnover tumbled by 15.9% in February compared with the same month of 2012.

The manufacturing index dropped by 15.6% in the same period.

For the period January-February 2013, the turnover fell by 9.3% compared with the same period of the previous year.

euro loss from the sale of its Greek unit in a deal valued at 29 mln euros. The total cost for Piraeus of acquiring the Hellenic, Popular Bank and Bank of Cyprus Greek operations was 524 mln euros.

Unlike Popular Laiki Bank and Bank of Cyprus, Hellenic was not exposed to the restructuring of Greek sovereign debt which blew a hole in the other banks’ balance sheets.

However it said that group provisions for non-performing loans more than doubled to 56.4 mln euros from 24.1 mln a year earlier, reflecting a deteriorating economic environment.

MTN supports future business ideas through STARTup LiVE STARTup Live Cyprus, the biggest event for startups and with the scope the education of the youth entrepreneurial community in producing future sustainable business, will be held at the University of Cyprus on June 14-16, supported by MTN Cyprus.

STARTup LiVE Cyprus is a three-day event where young entrepreneurs, students and scientists have the opportunity to share their ideas and, with the help of experts from Cyprus and abroad, to compete in transforming them into real business opportunities.

The winners’ prizes are chosen in such a way so as to help them promote their idea at international and European level, as well as attracting investors from around the world.

“We are delighted to support STARTup LiVE Cyprus, because it provides what the local community needs most: networking, education, fair competition, coaching from

experienced mentors, tangible results. We are proud because this institution will enable Cyprus to position itself dynamically to the European startup map,” said MTN CEO Philip van Dalsen.

STARTup Live Cyprus contestants will not exceed 100. During the three-day event they have to collaborate to create business plans and present their ideas to a committee of professionals. Winners will get promotional and networking opportunities and the chance to sell their idea effectively to a broader audience of investors. At the same time, teams will have the chance to win prizes, which are ultimately opportunities for promotion and networking of their idea in pan-European level. STARTup Live Cyprus consists of networking, pitching, mentoring and selling, with the help of 30 mentors from Cyprus and abroad.

Registration is open to anyone who wishes to take part http://startuplive.in/cyprus/1/registration/ STARTup LiVE Cyprus is part of the START Europe, a pan-European institution dedicated to the transformation of a startup idea into a business opportunity in three days. It has already been implemented by the local startup communities in more than 30 European cities and it provides the necessary networking, resources and incentives to enable individuals and groups in order to realise their dreams.

June 5 - 11, 2013

financialmirror.com | CYPRUS | 5

The importance of a sound risk management plan John F. Kennedy once said, “There are risks and costs to a programme of action, but they are far less than the long-range risks and costs of comfortable inaction”.

When making any business decision, there are risks that must be measured. Risk management is a key element for any successful business. It starts with identifying, assessing and quantifying business risks, then taking measures to control or reduce them. The risks are then reassessed and business decisions are made based on the remaining risk vs. reward. Having a clear understanding of all risks allows an organisation to measure and prioritise them, then take the appropriate actions to reduce losses. The same also stands true for government departments, small businesses and individuals.

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

I. Risk Assessment

The Risk Assessment Process represents the cornerstone of an effective Enterprise Risk Management Programme (ERM). In order to understand the art of good risk management, one must be able to identify the different types of risk associated with each decision. Risk can come from uncertainty in financial markets, previous bad decisions, project failures, legal liabilities, credit risk, time risk, human risk, accidents, natural causes and disasters, as well as deliberate attacks from an adversary. Effective risk management reduces the opportunity for finances to be used fruitlessly, making sure that all resources are utilised efficiently.

II. Enterprise Risk Management

Enterprise Risk Management (ERM) in business includes the methods and processes used by organisations and businesses in general to manage risks and seize opportunities related to the achievement of their objectives. ERM provides a framework for risk management, which typically involves identifying particular events or circumstances relevant to the organisation’s objectives (risks and opportunities), assessing them in terms of likelihood and magnitude of impact, determining a response strategy, and monitoring progress. By identifying and proactiveINDUSTRIAL PRODUCTION % change over same period of previous year Mining & quarrying

ly addressing risks and opportunities, business enterprises protect and create value for their shareholders, including owners, employees, customers, regulators, and society overall.

III. Risk Management Process

1. Establishing Context: This includes an understanding of the current conditions in which the organisation operates on an internal, external and risk management context.

2. Identifying Risks: This includes the documentation of the material threats to the organisation’s achievement of its objectives and the representation of areas that the organisation may exploit for competitive advantage.

3. Analysing/Quantifying Risks: This includes the calibration and, if possible, creation of probability distributions of outcomes for each material risk.

4. Integrating Risks: This includes the aggregation of all risk distributions, reflecting correlations and portfolio effects, and the formulation of the results in terms of impact on the organisation’s key performance metrics.

5. Assessing/Prioritising Risks: This includes the determination of the contribution of each risk to the aggregate risk profile, and appropriate prioritisation.

6.Treating/Exploiting Risks: This includes the development of strategies for controlling and exploiting the various risks.

7. Monitoring and Reviewing: This includes the continual measurement and monitoring of the risk environment and the performance of the risk management strategies.

The biggest problem in organisations, businesses and government in the implementation of a sound ERM programme is not having competent personnel to assess the risk. This however, should be under the control of shareholders and government who have a duty to employ the right professionals, that is qual-

Iαν-13

Φεβ-13

Mαρ-13

-15.1

-18.7

-30.8

Food Products, Beverages and Tobacco Products Textiles, Wearing Apparel and Leather Products Wood and Products of Wood and Cork, except furniture Paper and Paper Products and Printing Refined Petroleum Products, Chemicals, Pharmaceuticals Rubber and Plastic Products Other Non-Metallic Mineral Products Basic Metals and Fabricated Metal Products Electronic and Optical Products and Electrical Equipment Machinery and Equipment Motor Vehicles and Other Transport Equipment Furniture, Other Manufacturing, Repair and installations Total manufacturing

-1.3 -5.3 -27.1 4.8 25.0 0.3 -19.6 -17.1 -6.9 -13.0 -5.4 -19.9 -4.3

-9.4 -30.7 -27.7 -6.1 11.2 -9.5 -22.1 -29.6 -36.4 -24.8 -4.7 -26.9 -13.9

-18.1 -49.5 -26.3 -17.7 9.4 -20.6 -2.8 -26.4 -33.7 -34.7 -19.6 -36.1 -16.8

Electricity supply Water Collection, Treatment and Supply Materials Recovery Total water supply and materials recovery

-16.3 -15.2 19.9 -6.8

-21.7 -8.0 -7.9 -8.0

-12.3 3.9 -49.1 -13.5

-7.6

-15.3

-16.1

TOTAL INDUSTRIAL PRODUCTION Source: Statistical Service.

Industrial output decline deepens in March The decline in industrial production deepened in March, output falling by 16.1% compared with March 2012, after a fall of 15.3% in February.

Industrial production comprises manufacturing, electricity, water supply and materials recovery, and mining and quarrying.

The biggest decline by subsector was recorded by mining and quarrying, which fell over the year earlier by 30.8%, presumably as there was little demand for building materials.

Manufacturing dropped by 16.8%. The only subsector showing growth was “chemical products, pharmaceutical products and preparations”, which rose over the year earlier by 9.1%.

Electricity supply declined by 12.3%, while water supply and materials recovery fell by 13.5%.

In the first three months of the year industrial production fell over the year earlier by 13.0%.

Meanwhile, industrial output prices in April rose by 0.1% compared with March 2013 and by 1.7% in the first four months of the year.

ified professionals with ethos, in order to protect shareholders’ interests and the society’s in general.

Risk management is crucial as risk can suddenly materialise as losses, and in extreme cases threatens the viability of entities.

This situation is now experienced in Cyprus by many organisations, businesses and government departments.

A detailed step by step approach from “Risk Assessment to the Development of a comprehensive ERM Programme” will be addressed in a workshop organised by CIIM (Cyprus International Institute of Management) on June 18. For information contact CIIM at 22 462246.

Rakis Christoforou is the first Cypriot to hold the CFF (Certified in Financial Forensics) and ABV (Accredited in Business Valuation) certifications. He is a member of many professional accounting associations including the Institute of Certified Public Accountants of Cyprus (ICPAC), and Vice Chairman of ICPAC’s Economic Crime and Forensic Accounting (ECFA) Committee. rakis@spidernet.com.cy

€100 mln from EIB l But nothing for SMEs

The European Investment Bank is to provide a EUR 100 mln loan for key investments in Cyprus to partfinance investments totalling EUR 1,177 mln in areas identified under the National Strategic Reference Framework for the 2007-2013 period. These include improving the competitiveness of the economy, promoting sustainable development, and investing in skills and innovation.

This new loan complements a first loan of EUR 200 mln provided in 2012 for the same purpose in line with the Europe 2020 strategy.

The finance agreement was signed in Nicosia in a public ceremony by Harris Georgiadis, Minister of Finance, and EIB President Werner Hoyer in the presence of EIB Vice–President with responsibility for Cyprus, Mihai Tanasescu.

This loan “comes as a timely boost to the Cypriot economy and enhances the effective use of the EU grant funds allocated to the country,” said EIB President Hoyer.

“We are joining forces with the European Commission in supporting the priority areas of sustainable development and human capital and building upon the excellent working relationship with the Cypriot authorities. Our presence here today underlines the Bank’s commitment to economic development in Cyprus and our discussions with President Anastasiades aim to strengthen further our cooperation in view of the current economic circumstances.”

This second loan brings total EIB support for key investments in Cyprus to EUR 300 mln. EIB finance focuses on solid waste management, renewable energy, skills and innovation and urban development. The investments to be financed are grouped around selected priorities of two comprehensive Operational Programmes

(OPs). The schemes are expected to contribute primarily to the achievement of objectives in sustainable development and competitiveness as well as employment, human capital and social cohesion. The investments will address long-term objectives of the Cypriot economy in the sectors of solid waste management, port infrastructure, renewable energy, knowledge economy, human capital and sustainable urban development.

However, a government official clarified that the funds will not go in the form of direct aid to small and medium sized enterprises (SMEs), but to projects already underway or previously committed.

Examples of projects financed include the improvement of operations of 37 waste sites in the Paphos district, development of a Green Point Network in Cyprus, development of the Open University of Cyprus technological infrastructure and regeneration of Limassol’s town centre.

This loan is complemented by technical advice in the form of project preparation provided through the JASPERS initiative. The facility will unlock investments in key infrastructure and regional assets and is expected to assist the country’s rate of absorption of EU Structural Funds.

In 2012, the EIB provided a total of EUR 398 mln in Cyprus, up from EUR 180 mln in 2011. The funds were directed at the real economy as an anti-crisis, competitiveness and growth support mechanism for the country.

Of the amount for 2012, EUR 200 mln was for schemes under the National Strategic Reference Framework, EUR 68 mln co-financed the Limassol-Amathus Sewerage and Drainage Project, EUR 130 mln went to the Electricity Authority of Cyprus for a new production unit at Vassilikos to cater for urgent electricity needs, while SMEs were supported by the European Investment Fund, the EIB subsidiary, through the JEREMIE initiative.

June 5 - 11, 2013

6 | OPINION | financialmirror.com

Another case of Troika faux pas?

EDITORIAL Some of us used to have great esteem for the Troika inspectors and their masters until Eurogroup chief Jeroen Dijsselbloem came along, proving that it’s not too hard to imitate and even match the blunders of the Christofias administration. Since then, it’s been gaffe after gaffe, with our international lenders gradually losing credibility for the amateurish way they have been handling the crisis, in Cyprus and elsewhere.

Now, they have been duped into a tug-of-war between the President Anastasiades who wants to

kick-start the economy and get Cypriots back to work again, and the Central Bank chief who is busy defending the autonomy of the institution.

Instead of staying on the sidelines and perhaps taking a mediatory role between the two obstinate sides in order to help the current economic stalemate, the ECB, IMF and the Commission have thrown their support behind Governor Panicos Demetriades suggesting that the Cypriot parliament should stand down from amending a law that would give equal resolution authority to the Minister of Finance.

The Troikans seem content with the pace of our centralbanker who does not seem too enthused about what’s happening in the real world.

As a result, another month has passed and the

Bank of Cyprus is still in a state of resolution, the economy is bleeding, unemployment is rising and SMEs are shutting down on a daily basis, while civil servants and (independent) central bank staff are clinging on to their cushy jobs and a secure salary at the end of the month. Wage payments and the settlement of invoices in the private sector have trickled down to a lethargic pace and the whole economy has ground to a halt.

If the government cannot get rid of the Governor in order to replace him with one who will share the president’s vision for the economy, could they at least tell him (and the Troika paymasters) to move any faster? Otherwise, at this pace, we might not even have a Bank of Cyprus to save by July 31.

Recent developments in the Syrian crisis: Stalemate or struggle for regional hegemony?

Recent developments concerning the Syrian crisis have brought about some changes. After 26 months of diplomatic stalemate, Russia and the United States agreed to convene an international conference to try to stop Syria’s civil war, whereas David Cameron and Vladimir Putin decided in the Black Sea resort of Sochi to work towards a transitional government in Syria.

The conference will take place in Geneva, late June or early July, if eventually convened. Last year, during the talks in Geneva, Russia and the United States disagreed whether Assad must leave power. Now there is a change.

The United States accepted the participation in the conference of representatives of the Syrian government and Russia, and the participation of Saudi Arabia, a foe of both Damascus and Tehran and leading backer of the rebel forces. There is, however, a diplomatic conundrum. France opposes any meeting if Iran were invited, contrary to the Russian stand that it should be part of a solution. However, it is far from clear that Assad’s opponents can agree to meet the president’s representatives, as they are too divided on the issue of their own participation. What represents, however, a major obstacle to the plan for an international peace conference is the fact that according to U.S. assertions, Russia has delivered Yakhout anti-ship missiles to Syria. In this connection, President Putin’s spokesman said that Russia would honour contracts to supply arms to Syria.

More serious, however, is Russia’s announcement that it would deliver an advanced S-300 air defence system to

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Damascus, despite U.S., French and Israeli objections. On the other hand, the European Union, at the meeting of the Foreign Ministers on July 27 could not agree on maintaining an arms embargo against Syria, leaving the possibility open to the U.K. and France to supply, as of August 1, arms to the rebels, believing that they might gain leverage over Assad and Russia.

These developments will undoubtedly prolong the civil war which left 80,000 dead and 1.5 mln refugees. More

By Dr Andrestinos Papadopoulos Ambassador a.h. importantly, it will endanger the possibilities of even convening the international conference, let alone its successful outcome.

What has compelled Washington and Moscow to seek a diplomatic solution to the Syrian crisis are the reports of atrocities, the accusations that chemical weapons are being used, the rise of Al Qaeda-linked fighters among rebels, the escalation of war through the involvement of Hezbollah fighters and the possibility of a spill-over of the war beyond Syria’s borders. In other words, the lack of the possibility of a military solution. All these are not happening in a vacuum. There are factors affecting positively or negatively the two camps in Syria, whereas the conflict of interest of the countries of the region complicate even more the situation.

It is of interest, therefore, to examine them.

On May 15, the UN General Assembly condemned Syrian President Al Assad’s forces and praised the opposition Syrian National Council, which opened its first embassy in Qatar in a diplomatic blow to President Al Assad and took Syria’s seat at the summit meeting of the Arab League in Doha. The UN-Arab League mediator, Lakhdar Brahimi, ruled out any role for President Assad in a transitional government, while the Organisation of Islamic Cooperation in August 2012 suspended Syria from the OIC. On the other hand, the divided opposition is untrustworthy and unprepared to govern.

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Coming now to the conflict of interests, we observe the following: Turkey, because of her economic strength, the reduced U.S. influence in the Middle East after the “Arab Spring”, and her doubtful perspectives of EU membership, became the first contender for hegemony in the region. She relinquished Assad, counting that having shown solidarity with his Sunni enemies she will secure influence in Syria in the post-Assad era. Consequently, Turkey openly supports the Syrian opposition, supplies arms to the Free Syrian Army and accepts thousands of refugees on her territory.

Egypt hosts the Syrian National Council in Cairo and President Mohhamed Morsi asked President Assad to relinquish power. He also proposed the creation of a quartet (Egypt, Turkey, Saudi Arabia and Iran) to solve the crisis.

Saudi Arabia and Qatar are arming the rebels. Israel, no longer feeling that preserving stable relations with Assad is a high priority, decided to make two major air strikes in and near Damascus, for the known reasons, assuming that Assad sooner or later will be overthrown.

On the opposite side are the supporters of Syria: Russia, Iran and Hezbollah. Russia, the erstwhile ally and supplier of arms to Syria, has a naval base in Tartus, which allows it to have an important role in the affairs of the Middle East.

Iran is using Syria, the only Arab state with which it entertains excellent relations, to strengthen the Shiite community in Lebanon, by sending arms and money to Hezbollah.

Hezbollah’s involvement in the war, by the side of Assad, has repercussions in Lebanon, where the antagonism of pro-Syrians and anti-Syrians recently left several dead in Tripoli and threatens the delicate balance achieved after a long civil war between Christians, Sunnis and Shiites.

This is grosso modo the situation created by the Syrian crisis. The changes it brought about and the emerging antagonism between Shiites and Sunnis of the region moved the Arab-Israeli conflict to second place. The epicentre now is the struggle for regional hegemony between Iran on the one side and Egypt, Turkey and Saudi Arabia on the other.

A fall of Assad will bring to power a variant of the Muslim Brotherhood and Israel will be surrounded by hostile Sunni powers. Iran will suffer a major defeat, as the Shiite axis Iran-Iraq-Syria-Lebanon will lose a link, thus weakening Hezbollah’s strength in Lebanon. The war developments that are unfolding will certainly oblige us to follow them closely in the months to come.

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June 5 - 11, 2013

financialmirror.com | COMMENT | 7

Demonstrations in Turkey not necessarily a cause for celebration Demonstrations in Turkey are not necessarily a cause for celebration - and this is especially true for Cyprus.

It goes without saying that any measures limiting human freedoms and human rights should be condemned and reactions to such measures by citizens in Turkey seem justified.

In any case, respect of human rights is a primary consideration in the annual progress reports prepared by the European Commission for Turkey and the reports repeatedly call upon the Turkish government to proceed to reforms that will strengthen respect of human rights in the country.

It would, however, be unfortunate to restrict one’s analysis to the conclusion that what we currently witness in the streets of Istanbul is the reaction of Turkish citizens to religious oppression and that this may be the beginning of the end for the government of Prime Minister Recep Tayip Erdogan.

What seems to be actually taking place in Turkey is the attempt on behalf of the Kemalist opposition to exploit Erdogan’s insistence on introducing more religious elements in the country’s life and legislation. And certainly no person preaching democracy and liberalism can agree with measures that limit personal freedom.

Beyond the surface, however, what seems to be really bothering the old establishment in Turkey is the fact that Erdogan has managed over the years to diminish the power, influence and control of the army in the country. And those

of us who are older remember that former Kemalist governments had been basing their control of power on their cooperation with the military. And, of course, at those times human rights were again being violated - though violation concerned a different group of individuals.

Prime Minister Erdogan has recently succeeded to reach an agreement with the Kurds leading to the solution of the Kurdish problem. He has also managed to bring the Turkish economy to its feet and to healthy growth. He has won the respect and confidence of partners in Europe and internationally that Turkey under his government can serve as a pole of stability and peace in the area of the Eastern Mediterranean. In other words, both today’s opposition who represent the old Kemalist establishment, as well as the army seem to be increasingly losing control; and they had to do something to regain such control. They thus concentrated on their opponent’s weakness which are his efforts to make his Islamic identity a way of life for more.

In Cyprus, it is very important to remember that the Turkish invasion of 1974 was not conducted by Erdogan or by some Islamic party. The invasion took place when Turkey was being run by Kemalist politicians in harmonious cooperation with the military. The implementation of expansionary Turkish policies was effected by a Kemalist establishment.

Today, to the extent that the current Turkish government of Prime Minister Erdogan has embarked on a course of a

By Praxoula Antoniadou Kyriacou

peaceful settlement of the Cyprus problem – following success with efforts to resolve the Kurdish problem – any weakening of Erdogan’s political influence would undermine prospects for the reunification of Cyprus.

Those of us who really care about peace, cooperation and prosperity in the area of the Eastern Mediterranean should encourage Prime Minister Erdogan to strengthen his liberal self so that Turkey can further proceed to the road of democracy, peaceful resolution of problems and of peaceful regional cooperation, rather than regress to the times of military control under the face of a Kemalist government.

Praxoula Antoniadou Kyriacou is a former Minister of Trade and Energy, and President of the United Democrats, member party of Alliance of Liberals and Democrats for Europe (ALDE).

June 5 - 11, 2013

8 | COMMENT | financialmirror.com

Where Europe works With Swedish cities roiled for weeks now by rioting by unemployed immigrants, many observers see a failure of the country’s economic model. They are wrong. The Swedish/Scandinavian model that has emerged over the last 20 years has provided the only viable route to sustained growth that Europe has seen in decades.

Europeans should remember that perceptions of strength and weakness change fast. In the 1980’s, Scandinavian countries stood for chronic budget deficits, high inflation, and repeated devaluations. In 1999, The Economist labeled Germany “the sick man of the euro” – a monument of European sclerosis, with low growth and high unemployment.

Now, however, the specter of devaluation has disappeared from northern European countries. Budgets are close to balance, with less public expenditure and lower tax rates, while economic growth has recovered. The transformation of the old European welfare state started in northern Europe, and it is proceeding to most of the rest of the continent.

Today, it is difficult to imagine the mindset that prevailed before Margaret Thatcher came to power in the United Kingdom in 1979 and Ronald Reagan in the United States in 1981.

Thatcher’s greatest achievement was the liberalization of the overregulated British labor market, while Reagan turned the tide with his inaugural address: “In this present crisis, government is not the solution to our problem; government is the problem.” The moral superiority of high marginal income taxes suddenly waned.

Free-market ideas took hold.

In northern Europe, the transformation of the welfare state started in Denmark in 1982. In deep financial crisis, traditionally social-democratic Denmark elected a conservative prime minister, Poul Schlüter, a jovial man with a bow tie. One of his first decisions was to peg the Danish krone to the Deutschmark to stop the inflation-devaluation cycle. The Danish peg – now to the euro – still holds.

Schlüter’s second big decision was to deregulate the Danish economy, which now has the world’s largest number of enterprises per citizen. But he left the country’s high taxes and welfare state in place.

In the early 1990’s, Norway, Sweden, and Finland experienced a horrendous real-estate, banking, and currency crisis. Output fell and unemployment skyrocketed. In 1991, Swedish voters broke the reign of the Social Democrats, electing a coalition government under conservative Prime Minister Carl Bildt, who called his program “the only way.” Bildt tried to follow Schlüter’s lead, but, in 1992, Sweden was forced to devalue – though his deregulation of markets did work well.

By Anders Aslund

Sweden’s greatest achievement was a gradual cut of public spending by no less than one-fifth of GDP from 1993 to 2007.

Meanwhile, Sweden’s public debt was reduced from 73% of GDP to 39% of GDP, while taxes have been cut repeatedly. The Social Democrats returned to power in 1994, but they accepted Bildt’s new fiscal policies, and even carried out a revolutionary pension reform in 1998 that properly tied benefits to payments.

In parallel with the Scandinavian crisis, communism collapsed in Eastern Europe in 1989 and in 1991 in the Baltic states.

Poland’s first post-communist finance minister, Leszek Balcerowicz, showed an amazed world how communism could be abolished and a market economy built almost instantly. The rest of Central Europe and the Baltic states followed his lead.

Former Estonian Prime Minister Mart Laar was the most radical European reformer. Indeed, his ideas about taxation have revolutionized Europe. In 1994, he introduced a flat personalincome tax, a policy that most Eastern European countries have since adopted. In 1999, when Laar became Prime Minister again, he abolished the tax on corporate profit, which was harming entrepreneurship. As a consequence of the ensuing tax competition, corporate-tax rates have fallen to 15-25% in most European countries.

More broadly, Estonia has revolutionized public finances.

Since 1992, it has maintained a more or less balanced budget, with hardly any public debt. It slashed public expenditure and capped spending at 35% of GDP – the same level as in the United States.

As free-market thinking has taken hold and similar reforms have proliferated, the social-welfare state is being transformed into a social-welfare society. Government spending remains large enough to guarantee reasonable public services and a social safety net. Reformers have exposed the public sector to competition, not least from private providers, rendering it more efficient.

The systematic reforms in the United Kingdom, Denmark, Sweden, Poland, and Estonia have much in common. First, all were caused by a profound crisis of the social-welfare state: falling output, rising unemployment, large budget deficits, inflation, and devaluation. Without severe crisis, no significant reform was likely.

Second, a change of government through elections prompted reforms and gave them democratic legitimacy. Reform does not require a state of emergency, as is often argued.

Third, reforms require a strong leader. No major reform has been undertaken through consensus, though successful reforms usually generate a broad consensus a few years later. At that point, reforms can be carried forward by those who had initially opposed them, as happened in Denmark and Sweden.

Finally, fundamental reform of the social-welfare state requires leaders who embrace free-market ideas. Rethinking requires a new ideology, and, after one country has shown the right direction, neighbors often follow.

Europe has now reached the point at which most of its laggards are prepared to accept the social-welfare society. This humane European capitalism is now hastening toward crisis-ridden southern Europe.

Anders Aslund is a senior fellow at the Peterson Institute for International Economics in Washington, DC, and author of How Capitalism Was Built. © Project Syndicate, 2013. www.project-syndicate.org

Conflict management and economic growth One of the most interesting aspects of the prolonged economic crisis in Europe, and of the even longer crisis in Japan, is the absence of serious social conflict – at least thus far. Yes, there have been strikes, marches, and growing anger at political leaders, but protests have been largely peaceful.

While that may change, the credit for social peace must go to institutions such as elections (“throwing the rascals out” is a non-violent way to vent popular anger), responsive democratic legislatures, and effective judiciaries. All of these institutions have successfully mediated political conflict during a time of great adversity in advanced countries.

This suggests that a major reason for underdevelopment may be that such institutions, which allow countries to cope with distress, are missing in poor economies. Economic growth permits conflict between social actors to be papered over. A downturn, however, usually exposes or sharpens latent social tension.

Why do the benefits of growth seem to be easier to share than are the burdens of adversity? This is not a trivial question.

Perhaps the answer lies in human psychology. If consumption is shaped by habit, an income loss is very hard to bear and one might fight to avoid it, while fighting for additional gain when one is doing well is less important. Also, because conflict may destroy growth opportunities, it may be seen as costlier when growth is strong. For example, squabbling between workers and management may drive away investors – and thus the chance to start new projects. But if there are no new investment opportunities on the horizon, squabbling is less costly, because the existing plant and machinery are already sunk costs.

Regardless of why conflicts are greater in times of economic adversity, how a society deals with them depends on the scope and quality of its conflict-management institutions. The Oxford University economist Paul Collier has shown that years of weak economic growth typically precede civil war in poor countries.

Even after establishing peace, the probability that these countries will relapse into conflict is high.

Not surprisingly, these states typically have weak conflictmanagement institutions – patchy law enforcement, limited adherence to democratic principles, and few meaningful checks and balances on the government. Similarly, Dani Rodrik of Harvard University has found that the countries that experienced the sharpest declines in growth after 1975 had divided societies

and weak conflict-management institutions.

Societies with well-functioning institutions allocate the burden of distress in predictable ways. For example, people who suffer the most adversity can fall back on an explicit social safety net – a minimum level of unemployment insurance, for example. In the United States in recent years, federal and state legislatures prolonged unemployment benefits as joblessness persisted.

By Raghuram Rajan

Similarly, debtors and creditors can rely on credible bankruptcy proceedings to determine their relative shares. With an explicit institutional mechanism in place to dictate the division of pain, there is no need to take to the streets.

By contrast, when institutions are too weak to offer predictable and acceptable settlements, or to protect existing shares, everyone has an incentive to jockey for a larger slice of the pie.

Outcomes will be mediated more by actors’ relative bargaining power than by pre-existing implicit or explicit contracts. Often, bargaining will break down. Everyone is made worse off by strikes, lockouts, and even violent conflict.

Can countries without a reliable and effective legislature or legal system do better to protect against downturns?

One answer may be to use arrangements that depend in a limited way on the legal system for enforcement. For example, labor contracts in many developing countries effectively prohibit employers from firing workers. This is regarded as inefficient because firms cannot adjust quickly to changing business conditions.

Often, such prohibitions are attributed to overly strong unions that hold the economy hostage. But, if slow or corrupt courts mean that a worker who is wrongfully dismissed has no legal recourse, perhaps the prohibition on firing – enforced by mass protests against violations, which are easily and publicly observable – is the only way to protect workers from arbitrary decisions by employers.

Job tenure may also serve as a form of social security, because the government performs miserably on providing a safety net and private insurance markets do not exist. Thus, an inflexible contract can protect workers when the preponderance of bargaining power is with firms.

Such inflexible arrangements are not without cost. In a downturn, too many firms will fail, because they cannot shed labor. Alternatively, knowing that they cannot fire permanent workers, firms may remain tiny in order to remain below the authorities’ radar. Or they may hire informal workers who have no rights, or pay inspectors to look the other way (a related point could be made about workplace safety in Bangladesh’s garment factories).

Thus, the attempt to protect workers with rigid labor laws may have the unintended consequence of generating too few protected jobs. This may be the situation in India, where most workers have few rights, and the few large firms that are established in the formal sector tend to use a lot of labor-saving capital in order to avoid hiring protected workers.

Change is not easy. Protected workers have no reason to give up their benefits. Moreover, removing rigid protections without offering alternative, contingent safety nets and judicial redress is a recipe for conflict. At the same time, some protection is better than none, and if most workers are unprotected, change becomes necessary to avoid even worse conflict.

Sustainable change in developing countries requires reforming not only specific arrangements, such as rigid labor laws, but also more basic institutions, such as the legislature and the judiciary, to make them more responsive to people’s needs. If developed countries’ citizens want to feel slightly better about their economies’ slow growth and high unemployment, they should contemplate how much worse matters could be without the institutions that they have The view expressed here are the author’s own.

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

June 5 - 11, 2013

financialmirror.com | COMMENT | 9

The threat to the central-bank brand The “branding” of modern central banking started in the United States in the early 1980s under then-Federal Reserve Board Chairman Paul Volcker. Facing worrisomely high and debilitating inflation, Volcker declared war against it – and won.

In delivering secular disinflation, he did more than change expectations and economic behavior. He also greatly enhanced the Fed’s standing among the general public, in financial markets, and in policy circles.

Volcker’s victory was institutionalized in legislation and practices that granted central banks greater autonomy and, in some cases, formal independence from long-standing political constraints. To many, central banks now stood for reliability and responsible power. Simply put, they could be trusted to do the right thing; and they delivered.

As any corporate executive will tell you, brands can be consequential drivers of behavior. In essence, a brand is a promise; and powerful brands deliver on their promise consistently – be it based on quality, price, or experience. In some cases, consumers have been known to act on the strength of brand alone, even purchasing a product with relatively limited knowledge about it.

Indeed, brands send signals that facilitate the task at hand. In some special cases – think of Apple, Berkshire Hathaway, Facebook, and Google – they have also acted as a significant catalyst for behavioral modification. In the process, they often insert a wedge that essentially disconnects fundamentals from pricing.

Building on Volcker’s success, Western central banks have used their brand to help maintain low and stable inflation. By signaling their intention to contain price pressures, they would alter inflation expectations – and thus essentially convince the public and the government to do the heavy lifting.

In the last few years, however, the threat of inflation has not been an issue. Instead, Western central banks have had to confront market failures, fragmented financial systems, clogged monetary-policy transmission mechanisms, and sluggish growth in output and employment. Facing greater challenges in delivering desired outcomes, they have essentially pushed both policies and their brand power to the limit.

This is apparent in central banks’ aggressive emphasis on communication and forward policy guidance. Both have been used more widely – indeed, taken to extreme levels – to supplement the unconventional expansion of balance sheets in the context of liquidity traps.

Now, corporate executives will also tell you that brand management is a tricky affair. It is particularly hard to maintain or control your brand when popular sentiment overshoots.

This is what happened to Apple’s stock this year. As brilliantly explained by Guy Kawasaki in his book on the company, the brand essentially created “enchantment.” Extrapolating this into a market view that Apple could not only innovate continuously, but also fend off any and all competitors, investors took the company’s share price to dizzying heights.

Elsewhere in California, Facebook found its brand fueling enormous hype for the company’s initial public offering.

By Mohamed A. El-Erian

Encouraged by investor excitement and indications of over-subscription, underwriters hiked the IPO’s price well above what they had first deemed reasonable. Issuing the stock to the public at an inflated price a year ago, the shares initially traded even higher.

In both of these cases, and in many others, brand power did more than lead to price behavior that was disconnected from fundamentals; it also caused a dangerous overshoot, which, when subsequently reversed, damaged the brand.

However powerful, brands cannot divorce pricing from fundamentals entirely and forever. Accordingly, and despite a significant market rally that has taken many individual stocks to record highs, Apple and Facebook currently trade at almost half their record levels. Their dominance and influence are no longer unquestioned.

Western central bankers should spend some time reflecting on these experiences. Some have actively encouraged markets to take the prices of many financial assets to levels no longer warranted by fundamentals. Others have stood by passively. Indeed, it seems that only retiring central bankers, such as Meryvn King of the Bank of England, are willing to raise concerns publicly.

This behavior is understandable. Central bankers are basical-

ly hoping that financial-market hype by itself can help pull fundamentals higher. The idea is that price action will trigger both the “wealth effect” and “animal spirits,” thus inducing consumers to spend more and companies to invest in future capacity.

Count me among those who worry about this situation. Far from a world of optimal policy, central bankers have been forced into prolonged reliance on imperfect approaches. From my professional vantage point, I sense a mounting risk of collateral damage and unintended consequences.

Market signals are more distorted, fueling resource misallocations. Investors are piling on more risk at increasingly elevated prices. Fundamentals-based investing is giving way to a frantic search for relative bargains in an increasingly overpriced financial world.

All this will not matter much if central banks live up to their reputation as responsible and powerful institutions that deliver on their economic promises. But if they do not – essentially because they are not getting the required support from politicians and other policymakers – then the downside will involve more than just disappointed outcomes. They will have materially damaged their standing and, consequently, the future effectiveness of their policy stance.

By extending well beyond their comfort zone, today’s central banks face unusual brand-management risks. Their prior ability to deliver on promises and expectations has made today’s financial markets take the forward pricing of the economy to levels that exceed what central bankers alone can reasonably deliver.

The implication is not that central banks should immediately halt their hyper-activism and unconventional measures. It is that they should be much more open about the inherent limitations of their policy effectiveness in current circumstances.

Western central bankers need to become much more vocal and, one hopes, more persuasive in placing pressure on politicians and other policymakers. Otherwise, risking major brand damage, they will end up adding yet another item to an alreadyoverloaded plate of challenges for the next generation.

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

America’s misplaced deficit complacency The United States still faces a dangerous fiscal deficit, but one might not know it from the complacency that dominates budget discussions in Washington. Regarded as an urgent problem until recently, the federal deficit is now being placed on the back burner of American politics.

The shift in thinking was triggered by the revised deficit forecasts recently published by the Congressional Budget Office, the independent technical agency responsible for advising Congress on budget issues. According to the CBO’s report, the US fiscal deficit will decline from 7% of GDP in 2012 to 4% in 2013. This reduction reflects the cuts in government spending on defense and non-defense programs mandated by the budget “sequester” that took effect in March, as well as the rise in revenue caused by higher rates for income and payroll taxes since the end of 2012.

More striking is the CBO’s projection that the deficit will continue to decline rapidly, reaching just 2.1% of GDP in 2015, before rising gradually to just 3.5% of GDP in 2023, the end of the CBO’s official forecast period. That path of deficits implies that the government debt/GDP ratio will remain at about the current level of 75% for the next ten years.

Unfortunately, these headline-grabbing numbers are not likely to be borne out in reality; indeed, even the CBO does not believe that they represent what will occur. Instead, these official forecasts represent a “baseline” scenario that the CBO is required to present. The CBO’s “baseline budget” assumes that all of the deficit-reducing features in current law will remain unchanged.

These include, for example, an old legislative requirement that payments to physicians in the government’s Medicare program be reduced sharply in future years, a requirement that Congress has voted each year to “postpone.”

In order to provide better guidance, the CBO presents an “alternative fiscal scenario,” in which such very unlikely features are removed from the forecast. The alternative forecast implies that the annual budget deficit at the end of ten years will be back up to 4.7% of GDP, with the debt/GDP ratio at 83% and rising.

And those estimates are based on the optimistic assumption that the economy will have returned gradually to full employment

with low inflation and moderate interest rates.

Officials and others who favor stimulating growth through increased government spending ignore the CBO’s more realistic alternative scenario. They buttress their argument that the deficit is not an immediate problem by pointing to very low interest rates on long-term government debt, with a 2% yield on the ten-year Treasury bond and a negative real interest rate on Treasury inflation-protected bonds (TIPS). But such low rates do not reflect ordinary market sentiment; rather, they stem from

By Martin Feldstein

the fact that the Federal Reserve is now buying more long-term securities than the government is issuing to finance the budget deficit.

Looking further ahead, the CBO warns that the combination of a rapidly aging population and the increase in medical costs will cause the deficit to rise rapidly, driven by the higher costs of pension and health-care benefits for middle-income retirees.

According to the CBO, without legislative changes, the fiscal deficit in 2037 will be 17% of GDP, while the national debt will increase to more than 195% of GDP. A large and rising national debt is a serious danger to an economy’s health. Higher debt-service costs require higher tax rates, which in turn weaken incentives and reduce economic growth. By the end of the decade, the US will have to pay an amount equivalent to more than one-third of the revenue from personal-income taxes just to pay the interest on the national debt.

Foreign investors now hold more than half of that debt.

Paying interest to them requires sending more goods and serv-

ices to the rest of the world than the US receives from the rest of the world. That requires a weaker dollar to make US goods more attractive to foreign buyers and to make foreign goods more expensive to American consumers. The weaker dollar reduces the US standard of living.

A large national debt also limits the government’s ability to respond to emergencies, including both military threats and economic downturns. And it makes the US vulnerable to changes in financial-market sentiment, as the European experience has shown.

Reducing future deficits and reversing the rise in the national debt require raising tax revenue and slowing the growth of government pension and health-care programs. Tax revenue can be raised without increasing marginal tax rates by limiting the tax subsidies that are built into the current tax code. Those subsidies are a hidden form of government spending on everything from home mortgages and health insurance to the purchase of hybrid cars and residential solar panels.

Slowing the growth of the pension and health-care programs for middle-class retirees cannot be done abruptly. It must begin by giving notice to those who are now a decade away from retirement – which is why it is important to launch such reforms now.

Unfortunately, the new complacency about future deficits makes it difficult, if not impossible, to enact the legislation needed to begin the process of trimming America’s long-term fiscal deficit. It is important for policymakers and the public alike to understand the real fiscal outlook and the damage that high deficits will cause if prompt action is not taken. Merely moving the problem to the back burner will not prevent it from boiling over.

Martin Feldstein, Professor of Economics at Harvard University and President Emeritus of the National Bureau of Economic Research, chaired President Ronald Reagan’s Council of Economic Advisers from 1982 to 1984. © Project Syndicate, 2013. www.project-syndicate.org

June 5 - 11, 2013

10 | COMMENT | financialmirror.com

When capitalism meets capitalism Sotheby’s to auction Gursky’s “Stock Exchanges” Sotheby’s London will offer a collection of five iconic depictions of international stock exchanges by Andreas Gursky on June 26. These monumental and dynamic images, with a combined estimate of £2.5-3.4 mln, represent one of the most arresting metaphors for the socioeconomic topography of our age, the auction house said.

Initiated in 1990 and revisited throughout Gursky’s career, this seminal series is not just iconic, but represents a technical and conceptual watershed. The Chicago Board of Trade, Hong Kong Stock Exchange, Tokyo Stock Exchange and Kuwait Stock Exchange are depicted with Gursky’s God’s-eye perspective, in a group of works which is the most significant comprehensive collection in public or private hands.

“This is a landmark collection and undoubtedly the most important group of works by Andreas Gursky to ever come to market,” said Oliver Barker, Sotheby’s Deputy Chairman, Europe and Senior International Specialist, Contemporary Art. “Sotheby’s holds the auction record for a Gursky Stock Exchange and with examples of the series held by leading institutions including MoMA and the Tate, we anticipate enormous interest in these works. Not only are they fresh to the market, but they represent the apotheosis of Gursky’s technique and trademark subject. Standing before these epic works one is literally engulfed by the overwhelming spectacle, power and dynamism of the stock exchanges and their trading floors.”

More than any artist of his generation, Andreas Gursky’s Stock Exchange series, ten images made over 20 years on three continents, chart the history of the modern age of globalisation. The activities of his traders link the entire globe through an invisible matrix of trades and economic dependency. Reduced in scale to the size of ants, they force the viewer to critically reappraise the very nature of human activity.

Tokyo Stock Exchange of 1990, from an edition of four,

the only one in private hands, is estimated at £500,000700,000. The first of Gursky’s pantheon of trading floors, this vision set the blueprint and structure for his future practice. Suspended in motion, the frantic energy contained in this and all his subsequent trading floors, suggests they

are poised on the edge of apotheosis or collapse.

Hong Kong Stock Exchange of 1994, a diptych estimated to realise £300,000-400,000, offers a markedly different and strictly geometric panorama of the trading floor. The traders are depicted as anonymous individuals frantically at work in front of computer screens. In this work Gursky explores the use of multiple viewpoints to compose a single expansive scene. The result is a sprawling frontal panorama without a single centring vantage point that has been dominant in art history since the discovery of perspective.

Chicago Board of Trade, 1997 (est. £700,000-900,000) and Chicago Board of Trade III, 1999-2009 (est.

£600,000-800,000) depict one of the most iconic photographic subjects of the late 20th century. In these images Gursky reduces each human being to a blob of colour, the traders’ brightly hued jackets - their specific meanings so clearly understood in the financial world – transformed through the camera lens into daubs of colour serving the same purpose as pigment to a painter. Seen from afar, the eye struggles to discern the detail in these works and the image becomes a masterpiece of abstraction.

The lack of spatial depth, combined with all over surface detail recalls the work of Jackson Pollock - but as one approaches each image, the eye is rewarded with ever increasing detail and vignettes of individual traders and their activities. This monument to the goliath of global trade and the seat of contemporary economic power is an image of dissolution and abstraction.

Chicago Board of Trade III represents the highest point of Gursky’s creative powers. Recreated from original negatives taken in 1999, using the rapidly evolving tools of digital manipulation, the balance between abstraction and figuration is pushed to its limits. The colour and composition, expansive minutiae of detail and theatrical throng of human activity, instil the composition with an art historical grandeur, much aligned to the heroic conceits of history painting.

Kuwait Stock Exchange II of 2008, (est. £400,000-600,000) is the most recent of Gurksy’s exchange subjects. The work is remarkable for its striking and minimalist palette, informed by the uniformity of the traders’ white robes. The ostensible culture clash of the Arabic world with a typically Western financial prototype furthers Gursky’s treatment of an overarching human constant. During the late 2000s the artist focussed his lens on the unbridled displays of wealth in the Middle East, particularly those staged within the Emirate states. As a financial centre, Kuwait stands in dialogue with Gursky’s photographs of Dubai as the 21st century destination for conspicuous consumption and luxury.

EU trade chief vows no U-turn in solar panel row with China EU Trade Commissioner Karel De Gucht has bluntly told China and leading European states that they were wasting their time trying to put pressure on him to drop plans to impose punitive import duties on Chinese solar panels.

The European Commission accuses China of flooding Europe with cheap solar panels sold at below the cost of production, and intends to impose duties.

That has prompted energetic lobbying from Beijing against the move and divisions have emerged among EU countries on the issue, foreshadowing a bruising internal battle over how to respond to China’s trade practices.

A majority of European countries, led by Germany and Britain, oppose Gucht’s plans to levy tariffs of 47% on solar panel imports from China this month, according to a survey

by Reuters.

De Gucht, who met Chinese Vice-Minister of Commerce Zhong Shan in Brussels last week, confirmed there was widespread resistance among member states, but said governments were clearly being lent on by Beijing.

The Chinese “are not going to impress me by putting pressure on member states,” De Gucht told the European Parliament’s influential trade committee.

“I couldn’t care less whether that happens with ... the

biggest and most populous state in the world. For me it is the same. So they can try to put pressure on member states, but they will waste their time trying to do so with me,” De Gucht said.

LARGEST CHALLENGE

The solar case is the largest the Commission has undertaken, with about 21 bln euros of Chinese-made solar panels sold in the EU. The split between the commission and EU member countries, as well as division among the bloc’s 27 governments, sets the European Union up for a potentially debilitating dispute over how to deal with China, its second largest trade partner.

France and Italy support De Gucht and say China’s rapid rise in solar panel production - to more than total global demand - could not have happened without illegal state support. They blame Chinese overproduction for the loss of thousands of EU jobs in the sector.

But countries such as Germany, Britain, Sweden and the Netherlands do not want duties on Chinese solar panels because they are worried about retaliation from China and being shut out of its lucrative markets.

Chinese diplomats in Brussels said that if the European

Commission were to impose sanctions “the Chinese government would not sit on the sidelines, but would take necessary steps to defend its national interest”.

The case also has implications for how Europe handles another complex dispute, over Chinese telecoms equipment makers.

The Commission accuses Huawei and ZTE of dumping in Europe and gaining almost a quarter of the EU market by unfair means, a sensitive security issue as more and more European firms rely on cheaper Chinese equipment to run their mobile networks.

European manufacturers Ericsson, Alcatel-Lucent SA and Nokia Siemens Networks also fear retaliation if the Commission acts against Huawei and ZTE. Division over Europe’s strategy on China is even more difficult to resolve because in the solar panels case the Commission has set in motion a process within EU law that cannot be stopped easily.

A group of European firms led by Germany’s Solar World complained of Chinese dumping last year and the Commission launched an investigation in September. The Commission is now legally obliged to act, because it has found clear evidence of dumping by Chinese producers.

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

www.financialmirror.com

AÚ. 918

∆∂∆∞ƒ∆∏, 5 π√À¡π√À, 2013

∆Ú›ÙÔ ‰›ÎÙ˘Ô ÁÈ· ÎÈÓËÙ‹ ÙËÏÂʈӛ· Τρίτο αυτÞνοµο δίκτυο κινητήσ τηλεφωνίασ θα έχει η Κύπροσ µετά το καλοκαίρι του νέου έτουσ σύµφωνα µε τον προγραµµατισµÞ του Yπουργείου Συγκοινωνιών ενώ θα προχωρήσει η διαδικασία αδειοδÞτησησ και για δίκτυα 4ησ γενιάσ, Þπωσ και για άλλεσ νέεσ υπηρεσίεσ. Ùπωσ πληροφορείται η εφηµερίδα µασ ο ανοικτÞσ διαγωνισµÞσ που δηµοσιεύθηκε την προηγούµενη Παρασκευή στην επίσηµη εφηµερίδα τησ Κυπριακήσ ∆ηµοκρατίασ ήταν αποτέλεσµα ισχυρών πιέσεων που δέχθηκε η Λευκωσία απÞ τισ Βρυξέλλεσ αφού δεν εκπλήρωσε τισ σχετικέσ οδηγίεσ τησ Ευρωπαϊκήσ Επιτροπήσ και του Ευρωκοινοβουλίου, για διεξαγωγή και ολοκλήρωση των διαδικασιών παραχώρησησ αδειών στην κινητή τηλεφωνία και τισ συναφείσ υπηρεσίεσ, µέχρι τισ 31

∆εκεµβρίου 2012 που ήταν η τελευταία ηµεροµηνία. Σε δηλώσεισ του ο γενικÞσ διευθυντήσ του Υπουργείου Συγκοινωνιών Αλέκοσ Μιχαηλίδησ έδωσε λεπτοµέρειεσ για τον ανοικτÞ διαγωνισµÞ που προκηρύχθηκε. «Είναι ένασ ανοικτÞσ διαγωνισµÞσ στη βάση του πλειστηριασµού. Θα λήξει στισ 24 Ιουλίου και οι ενδιαφερÞµενοι µπορούν να υποβάλουν τισ αιτήσεισ του. Ο διαγωνισµÞσ ξεκινά απÞ τα 12,3 εκ. ευρώ ποσÞ που κρίθηκε λογικÞ υπÞ τισ περιστάσεισ. Το ποσÞ µπορεί να διαφοροποιηθεί ανάλογα µε το ενδιαφέρον που θα επιδειχθεί», είπε. Σηµειώνεται Þτι η ΜΤΝ κατέβαλε για την άδειά τησ το ποσÞ των 22 εκ. στον πλειοδοτικÞ διαγωνισµÞ, ενώ άλλα τÞσα κατέβαλε έπειτα και η Cyta. Το τρίτο δίκτυο δεν δικαιούνται να διεκδικήσουν οι

Cyta και ΜΤΝ, Þπωσ και οποιεσδήποτε εταιρείεσ συνδέονται άµεσα ή έµµεσα µε τα κατεχÞµενα. Να σηµειωθεί Þτι ταυτÞχρονα γίνονται ακÞµα δύο σηµαντικέσ κινήσεισ προσ την κατεύθυνση του εκσυγχρονισµού των υπηρεσιών κινητήσ τηλεφωνίασ στην Κύπρο. Η πρώτη είναι Þτι θα δοθεί άδεια σε Cyta και ΜΤΝ να διευρύνουν τισ δυνατÞτητέσ τουσ µε χρήση συχνοτήτων για επέκταση του 3G στισ αγροτικέσ περιοχέσ και να αναπτύξουν δίκτυο 4ησ γενιάσ. Η δεύτερη είναι Þτι θα δοθούν µε διαγωνισµÞ και επιπλέον συχνÞτητεσ για αξιοποίηση σε συναφείσ υπηρεσίεσ κινητήσ τηλεφωνίασ.

«√ÚÔÊ‹» €173 ÛÙ· ÂȉfiÌ·Ù· ÙˆÓ ·ÏÏÔ‰·ÒÓ Σηµαντικέσ αλλαγέσ στη χορήγηση επιδοµάτων προσ αλλοδαπούσ τροχιοδροµεί η κυβέρνηση εντÞσ του τρέχοντοσ µηνÞσ. Ùπωσ ανέφερε η ΥπουργÞσ Εργασίασ Ζέτα Αιµιλιανίδου βρίσκεται σε προχωρηµένο στάδιο η επεξεργασία σχεδίου στο οποίο Þλεσ οι βασικέσ ανάγκεσ των αλλοδαπών θα καλύπτονται µε συνδυασµÞ κουπονιών για είδη Þπωσ τροφή, ένδυση και στέγαση Þπωσ και η µικρή καταβολή επιδÞµατοσ για κάθε αιτητή που δεν θα ξεπερνά τα 173 ευρώ. “Έτσι ώστε να µπορούν να αγοράζουν απÞ τισ επιχειρήσεισ. Θα προκηρύξουµε έτσι ώστε να υπάρξει ενδιαφέρον απÞ τισ επιχειρήσεισ για συµµετοχή σε αυτÞ το σχέδιο και επιπρÞσθετα οι στεγαστικέσ ανάγκεσ δεν θα δίνονται µε παραχώρηση ενοικίου, αλλά θα προσπαθήσουµε µέσω ιδιÞ-

κτητων κυβερνητικών κτηρίων ή απÞ κτήρια τα οποία θα ενοικιάσουµε να µπορούµε να παρέχουµε τη στέγαση. Σύµφωνα µε τη Ζέτα Αιµιλιανίδου το σχέδιο θα προωθηθεί για έγκριση απÞ το ΥπουργικÞ Συµβούλιο και ακολούθωσ θα κατατεθεί στη Βουλή για ψήφιση. “Θα είναι µεγάλη εξοικονÞµηση. Καθώσ δεν είναι µÞνο το Þτι αντί επιταγέσ θα δίνουµε κουπÞνια. Και µε βάση µελέτεσ που κάνουµε σήµερα πÞσο ποσÞ θα δίνεται απÞ το κράτοσ για τροφή, πÞσο για ένδυση και υπάρχουν µειώσεισ στα ποσά µε βάση τισ έρευνεσ που κάναµε σήµερα”. Καταλήγοντασ σηµείωσε Þτι τα επίδοµα για ενοίκια που µέχρι σήµερα ανέρχονταν στα 450 ευρώ αναµένεται να µειωθούν κατά 50%.

∂› Ù¿ËÙÔ˜ Ë ·Ó·‰È¿ÚıˆÛË Ù˘ ∆Ú¿Â˙·˜ ∫‡ÚÔ˘ Ηγεσία τησ Τράπεζασ Κύπρου και Συντεχνία εργαζοµένων θα συζητήσουν το σχέδιο εθελούσιασ αφυπηρέτησησ µε την πλευρά των εργαζοµένων να εκτιµά Þτι οι εθελούσιεσ αποχωρήσεισ µπορεί να φθάσουν τισ χίλιεσ. Επί τάπητοσ θα τεθεί και το θέµα των κλιµακωτών µειώσεων απολαβών για τουσ εργαζÞµενουσ µε ποσοστά τησ τάξησ του 20 % να βρίσκονται ήδη στο τραπέζι των διαπραγµατεύσεων. Την ίδια ώρα διοίκηση και εργαζÞµενοι αντιλαµβάνονται

Þτι δεν υπάρχει πολυτέλεια για περαιτέρω καθυστέρηση στη λήψη αποφάσεων που θα οδηγήσουν την Τράπεζα εκτÞσ του καθεστώτοσ εξυγίανσησ. Ùπωσ πληροφορείται η εφηµερίδα µασ σε πρώτο στάδιο αναµένεται να κλείσουν 20 υποκαταστή-

™ÙÔÓ ·¤Ú· 2500 ÂÎ·È‰Â˘ÙÈÎÔ›; Mύδρουσ κατά του Υπουργείου Παιδείασ και Πολιτισµού εξαπολύουν οι 2500 εκπαιδευτικοί που απασχολούνται στα απογευµατινά και βραδινά προγράµµατα του Υπουργείου κατηγορώντασ το για αθέτηση των συµφωνιών του για τη συλλογική τουσ σύµβαση σύµφωνα µε τισ πρÞνοιεσ του κώδικα εργασιακών σχέσεων την οποία αποδίδουν σε αλλÞτρια συµφέροντα. Μάλιστα σήµερα Τετάρτη στισ 10 το πρωί είναι προγραµµατισµένη εκδήλωση διαµαρτυρίασ έξω απÞ το Υπουργείο Παιδείασ. Απάντηση στισ επικρίσεισ των συντεχνιών έδωσε µέσω γραπτήσ ανακοίνωσησ ο ΥπουργÞσ Παιδείασ Κυριάκοσ Κενεβέζοσ. Ùπωσ αναφέρει: «Στο Υπουργείο Παιδείασ έχουµε να διαχειριστούµε και να αποσαφηνίσου-

µε ρÞλουσ, καθήκοντα, αρµοδιÞτητεσ και δαπάνεσ είναι και το λεγÞµενο Ι∆ΑΒΕΠ, που για Þσουσ δε γνωρίζουν αποτέλεσε άλλη µια επινÞηση τησ προηγούµενησ κυβέρνησησ. Η κάθε µασ απÞφαση για τη λειτουργία των προγραµµάτων θα συνοδεύεται µε τα στοιχεία τησ ίσησ µεταχείρισησ, τη δίκαιη µοριοδÞτηση καιτην ορθολογιστική διαχείριση των δαπανών που τα προγράµµατα συνεπάγονται, καθώσ και την αξιολÞγηση του περιεχοµένου των προγραµµάτων αυτών». Και συµπλήρωσε Þτι το Υπουργείο είναι ανοικτÞ για διάλογο µε κάθε ενδιαφερÞµενο αλλά θα πρέπει να αντιληφθούν Þλοι Þτι ο διάλογοσ αυτÞσ θα πρέπει να είναι εντÞσ των αρχών που πιο πάνω έχω αναφέρει

µατα τησ Τράπεζασ, ενώ την ίδια ώρα πονοκέφαλο προκαλούν τα παλαιά υποκαταστήµατα τησ Λαϊκήσ Τράπεζασ τα οποία αν και σήµερα έχουν το λογÞτυπο τησ Τράπεζασ Κύπρου λÞγω διαφορών στα λογισµικά τουσ προγράµµατα εργάζονται σαν να είναι ξεχωριστή οντÞτητα Στο µεταξύ η επανεκτίµηση των περιουσιακών στοιχείων τησ τράπεζασ Κύπρου αναµένεται να παραδοθεί στισ 15 Ιουλίου και στÞχοσ είναι η Τράπεζα να εξέλθει απÞ το καθεστώσ διαχείρισησ µέχρι τισ 31 Ιουλίου.

∆¤ÏÔ˜ ÛÙ· ÙÚÈÌËÓÈ·›· ·ÔÙÂϤÛÌ·Ù· Κάθε έξι µήνεσ, και Þχι κάθε τρεισ µήνεσ, θα είναι υποχρεωµένεσ απÞ την Ευρωπαϊκή Ένωση οι εισηγµένεσ εταιρείεσ να δηµοσιεύουν τα οικονοµικά τουσ αποτελέσµατα απÞ το 2015, αν εγκριθεί και επίσηµα απÞ τισ κυβερνήσεισ η πρÞταση που συµφωνήθηκε απÞ εκπροσώπουσ και των 27 κρατών-µελών τησ Ευρωπαϊκήσ Ένωσησ. Η αλλαγή αυτή προτείνεται στο πλαίσιο µιασ σειράσ µεταρρυθµίσεων για τη διαφάνεια των επιχειρήσεων, µεταξύ των οποίων και η υποχρέωση των εταιρειών που σχετίζονται µε την εξÞρυξη πετρελαίου, αερίου και πολύτιµων λίθων και µετάλλων να αναφέρουν τισ πληρωµέσ που καταβάλλουν σε κυβερνήσεισ. Πάντωσ, αν και οι µικρέσ επιχειρήσεισ αναµένεται να εκµεταλλευτούν τη δυνατÞτητα αυτή και να εκδίδουν αποτελέσµατα κάθε έξι µήνεσ, οι µεγαλύτερεσ εταιρείεσ εκτιµάται Þτι θα συνεχίσουν να τα ανακοινώνουν σε τριµηνιαία βάση, ώστε να ικανοποιήσουν τουσ µετÞχουσ τουσ.

ΧΡΗΜΑ&ΑΓΟΡΑ

5 ΙΟΥΝΙΟΥ, 2013

2 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

∏ ÂȂ‚·ÈˆÙÈ΋ ÁÂÒÙÚËÛË Ï‡ÓÂÈ Ù· ¯¤ÚÈ· ÁÈ· ÂÂÓ‰‡ÛÂȘ Η επιβεβαιωτική γεώτρηση αποτελεί ‘δυνατÞ χαρτί’ και εγγύηση στα χέρια τησ Κυβέρνησησ που θα επιτρέψει τη χρηµατοδÞτηση µεγάλων έργων ανάπτυξησ και υποδοµών, δήλωσε ο ΥπουργÞσ Ενέργειασ, Εµπορίου, Βιοµηχανίασ και Τουρισµού Γιώργοσ Λακκοτρύπησ. Ο ΥπουργÞσ ενηµέρωσε χθεσ το πρωί τον ΠρÞεδρο τησ ∆ηµοκρατίασ και µέλη του Υπουργικού Συµβούλιου για την πορεία των σχεδιασµών που αφορούν τουσ υδρογονάνθρακεσ, παρουσιάζοντασ οδικÞ χάρτη που ξεκινά µε την επιβεβαιωτική γεώτρηση και ολοκληρώνεται µε την εξαγωγή του φυσικού αερίου που τοποθετείται στο τέλοσ του 2019 µε αρχέσ του 2020. Σε δηλώσεισ στο Υπουργείο, ο κ. Λακκοτρύπησ ανέφερε Þτι στη σύσκεψη συζητήθηκε και τρÞποσ ένταξησ του τοµέα

των υδρογονανθράκων στην εκπαίδευση ώστε να µπορέσουν στο µέλλον να εργοδοτηθούν Þσο το δυνατÞ περισσÞτεροι Κύπριοι. Εξήγησε Þτι η προπώληση φυσικού αερίου δεν µπορεί να γίνει πριν την επιβεβαιωτική γεώτρηση και την πιστοποίηση των κοιτασµάτων και αυτή είναι διεθνήσ πρακτική που ακολουθείται.

∆Ô 2020 Ë ÂÎÌÂÙ¿ÏÏ¢ÛË ÙÔ˘ º∞ ÛÙËÓ ∫‡ÚÔ Εν τω µεταξύ χθεσ ο Αναπληρωτήσ ΚυβερνητικÞσ ΕκπρÞσωποσ Βίκτωρασ ΠαπαδÞπουλοσ δήλωσε πωσ η εκµετάλλευση του φυσικού αερίου στην Κύπρο τοποθετείται γύρω στο 2020.

Ο κ. ΠαπαδÞπουλοσ ανέφερε Þτι «Έγινε µια λεπτοµερέστατη καταγραφή για το τι αποµένει να γίνει, ποιο δρÞµο θα ακολουθήσει η Κυπριακή ∆ηµοκρατία, ποια στάδια, και πÞτε προβλέπουµε να έχουµε την ευτυχή κατάληξη να χρησιµοποιούµε το δικÞ µασ φυσικÞ αέριο και να το εκµεταλλευÞµαστε εµπορικά». Κληθείσ να πει κατά πÞσο έχουν τεθεί χρονοδιαγράµµατα, ο κ. ΠαπαδÞπουλοσ είπε Þτι «η εκµετάλλευση του φυσικού αερίου τοποθετείται γύρω στο 2020». Σε σχέση µε τη δηµιουργία τερµατικού σταθµού, ο κ. ΠαπαδÞπουλοσ είπε πωσ αυτή είναι µια διαδικασία που ακÞµη δεν έχει ξεκινήσει και σηµείωσε Þτι θα πρέπει να γίνουν οι σχεδιασµοί και µετά θα µπορεί να λεχθεί µε ακρίβεια πÞτε θα ολοκληρωθεί το τερµατικÞ.

Ερωτηθείσ πÞσα υπολογίζονται να είναι ετησίωσ τα έσοδα απÞ την εκµετάλλευση του φυσικού αερίου, ο κ. ΠαπαδÞπουλοσ είπε Þτι «αυτά είναι πράγµατα που θα δούµε στην πορεία, Þταν θα είµαστε σίγουροι για τη συνολική ποσÞτητα των αποθεµάτων φυσικού αερίου και την ποιÞτητα τουσ». «ΑκÞµη µπροστά µασ έχουµε τη δεύτερη επιβεβαιωτική γεώτρηση στο οικÞπεδο 12. Είναι πρÞωρο να κάνουµε υπολογισµούσ και να µιλάµε για αριθµούσ, χωρίσ να έχουµε τα τελικά στοιχεία», κατέληξε.

∫ÔÓ‰‡ÏÈ· €640 ÂÎ. ÂÍ·ÛÊ¿ÏÈÛÂ Ë ∫‡ÚÔ˜ ÙÔ 2007 - 2013 Με στÞχο την επανεκκίνηση τησ οικονοµίασ και τη βελτίωση τησ ανταγωνιστικÞτητασ των επιχειρήσεων, δεκάδεσ επιχειρηµατίεσ ενηµερώθηκαν χθεσ για τισ Ευκαιρίεσ Επενδύσεων και τα Ευρωπαϊκά Προγράµµατα στη διάρκεια ΧρηµατοδÞτησησ, Επιχειρηµατικήσ Συνάντησησ που διοργάνωσαν ο Σύνδεσµοσ Αποφοίτων του CIIM και το Cyprus International Institute of Management, σε συνεργασία µε την ΟΕΒ και το ΚΕΒΕ.

Ο ΠρÞεδροσ του Συνδέσµου Αποφοίτων του CIIM Κυριάκοσ Θεοφίλου, καλωσορίζοντασ τουσ επιχειρηµατίεσ, ανέφερε Þτι σκοπÞσ και επιδίωξη τησ πρωτοβουλίασ των διοργανωτών είναι η ώθηση στο Επιχειρείν και την Καινοτοµία, διαβεβαιώνοντασ Þτι «η προσπάθεια και η συµβολή µασ στον αγώνα που διεξάγεται για έξοδο απÞ την κρίση που βιώνουµε, θα συνεχιστεί». Η Ανώτερη ΛειτουργÞσ του Γραφείου

Προγραµµατισµού Ανθούλα Χαραλάµπουσ Σαββίδη παρουσίασε τα ευρωπαϊκά προγράµµατα που συγχρηµατοδοτούνται απÞ τα διαρθρωτικά ταµεία, λέγοντασ πωσ στο πλαίσιο τησ κατανοµήσ των πÞρων ανέφερε, η Κύπροσ για την περίοδο 2007-2013 εξασφάλισε 640 εκ. ευρώ. «Τα 400 εκ. ευρώ αφορούν χρηµατοδÞτηση για ενίσχυση τησ ανταγωνιστικÞτητασ και τησ απασχÞλησησ. Συµπεριλαµβάνοντασ τη συνεισφορά του

Κρατικού Προϋπολογισµού, είπε, το ελάχιστο ποσÞ που θα διοχετευτεί σε αναπτυξιακά έργα ανέρχεται στα 760 εκ. ευρώ. Το συνολικÞ ποσÞ των 760 εκ. ευρώ πρέπει να διατεθεί µέχρι το τέλοσ του 2015 και το ποσοστÞ συνεισφοράσ τησ ΕΕ δύναται να ανέλθει µέχρι και 85% τησ συνολικήσ δαπάνησ, ενώ καταβάλλεται προσπάθεια για αύξηση τησ κοινοτικήσ συνεισφοράσ στο 95%, κατέληξε η κ. Σαββίδη.

ƒÂ˘ÛÙfiÙËÙ· ÛÙËÓ ·ÁÔÚ¿ Â‰Ò Î·È ÙÒÚ· Εισηγήσεισ που αφορούν την ανάκαµψη του κλάδου τησ ανάπτυξησ ακινήτων κατέθεσε σε συνάντηση που είχε µε τον ΥπουργÞ Οικονοµικών, αντιπροσωπεία του Συνδέσµου Ανάπτυξησ Γησ και Επιχειρηµατιών ΟικοδÞµων, υπÞ τον ΠρÞεδρο του Συνδέσµου Παντελή ΛεπτÞ, µε στÞχο να τύχουν επεξεργασίασ και να τεθούν στη συνέχεια ενώπιον τησ Κεντρικήσ Τράπεζασ και τησ ΤρÞικασ. Ανάµεσα στισ προτάσεισ που υπέβαλε ήταν η αποδέσµευση του υπολοίπου 30% των καταθέσεων στην Τράπεζα Κύπρου για κάθε καταθέτη για αγορά ακίνητησ περιουσίασ, µε

«∫ÔÏÏË̤ÓÔ» ÛÙȘ 96 ÌÔÓ¿‰Â˜ ÙÔ Ã∞∫ Σταθεροποιητικέσ τάσεισ, για άλλη µια ηµέρα, επικράτησαν στην χθεσινή χρηµατιστηριακή συνάντηση µε τον ΓενικÞ ∆είκτη να παραµένει «κολληµένοσ», για πολλοστή φορά την τελευταία περίοδο, µεταξύ των επιπέδων των 96 και 97 µονάδων, παρουσιάζοντασ συνολικÞ εύροσ διακύµανσησ µιασ µονάδασ. Η αγορά κατέγραψε τη ∆ευτέρα αµελητέα κέρδη σε ποσοστÞ 0,05% και έκλεισε στισ 96,91 µονάδεσ, µε την αξία των συναλλαγών να παρουσιάζει µικρή αύξηση σε σχέση µε το τελευταίο διάστηµα και να ανέρχεται στα 77.487 ευρώ. Ο ∆είκτησ FTSE/CySE 20 παρουσίασε κέρδη τησ τάξησ του 0,23% και έκλεισε στισ 38,5 µονάδεσ. Ο ΓενικÞσ ∆είκτησ κινήθηκε κυρίωσ εντÞσ του επιπέδου των 96 µονάδων, καταγράφοντασ χαµηλÞτερη τιµή ηµέρασ, στισ 96,6 µονάδεσ. Η αγορά άγγιξε και το επίπεδο των 97 µονάδων, χωρίσ, ωστÞσο, να µπορέσει να το διατηρήσει. Τελικά, το ΧΑΚ έκλεισε στισ 96,91 µονάδεσ, σε σύγκριση µε 96,86 µονάδεσ στη συνάντηση τησ ∆ευτέρασ, σηµειώνοντασ αµελητέα αύξηση σε ποσοστÞ 0,05%.

την προϋπÞθεση Þτι ο πωλητήσ θα επανακαταθέτει στο ίδιο τραπεζικÞ οργανισµÞ το ποσÞ που θα εισπράττει προσ εξÞφληση των δανείων του και ο καθορισµÞσ συγκεκριµένων ηµεροµηνιών οριστικοποίησησ των εξελίξεων µε την Τράπεζα Κύπρου και η µη άσκηση πίεσησ για πληρωµή δÞσεων κεφαλαίου / τÞκων µέχρι να γίνουν οι αναγκαίεσ διευθετήσεισ (αναδιοργάνωση/επιµήκυνση, απελευθέρωση δεσµευµένων ποσών, κλπ). Οι επιχειρηµατίεσ ανάπτυξησ γησ εισηγούνται επίσησ άµεση διοχέτευση ρευστÞτητασ στην αγορά για χρηµατοδÞτηση τησ ανά-

πτυξησ µε µακροχρÞνια χαµηλÞτοκα δάνεια και επιµήκυνση του χρÞνου αποπληρωµήσ υφιστάµενων δανείων µέσω επαναδιαπραγµάτευσησ. Προτείνουν ακÞµα παραχώρηση χρÞνου προσαρµογήσ 2-3 χρÞνων για την εφαρµογή των προνοιών του µνηµονίου για τα τραπεζικά δάνεια (ορισµÞσ µη εξυπηρετούµενων δανείων, χρÞνοσ εκποίησησ, επιµήκυνση/αναδιάρθρωση δανείων κ.ά.), ώστε να αποφευχθούν οι µαζικέσ απολύσεισ και κλείσιµο υγιών επιχειρήσεων, οι οποίεσ µπορεί να αντιµετωπίσουν προβλήµατα ρευστÞτητασ λÞγω

¢ÂÓ Ù›ıÂÙ·È ı¤Ì· ¤ÏÏÂȄ˘ Ê·ÚÌ¿ÎˆÓ ∆εν τίθεται θέµα ελλείψεων σε φάρµακα και αναλώσιµα στα δηµÞσια νοσηλευτήρια, λÞγω τησ οικονοµικήσ κατάστασησ διαβεβαίωσε χθεσ ο ΥπουργÞσ Υγείασ Πέτροσ Πετρίδησ. Ο ΥπουργÞσ Υγείασ κληθείσ να σχολιάσει δηµοσιεύµατα, τα οποία αναφέρονται στισ δυσκολίεσ που αντιµετωπίζει το Υπουργείο Υγείασ, λÞγω τησ µείωσησ κατά 12.5% του προϋπολογισµού του, ο κ. Πετρίδησ επεσήµανε πωσ υπάρχει επάρκεια τÞσο σε φάρµακα, Þσο και σε αναλώσιµα. Ο ΥπουργÞσ Υγείασ επιβεβαίωσε πωσ µελετούνται διάφοροι τρÞποι εξοικονÞµησησ, ξεκαθάρισε, ωστÞσο, πωσ οι Þποιεσ αποφάσεισ ληφθούν δεν θα είναι εισ βάροσ τησ δηµÞσιασ υγείασ. Σηµείωσε πωσ οι δαπάνεσ του κράτουσ στον τοµέα τησ υγείασ είναι ήδη χαµηλέσ, κάτι που διαπίστωσαν, Þπωσ ανέφερε, και οι αξιωµατούχοι τησ ΤρÞικασ.

€56 ‰È˜ ÙÔ ÎfiÛÙÔ˜ Ù˘ ‰È·ÊÔÚ¿˜ ÛÙËÓ ˘Á›· Την ίδια ώρα απÞ τα χίλια δισεκατοµµύρια ευρώ που δαπανώνται, κάθε χρÞνο, για τισ υπηρεσίεσ υγείασ τησ Ευρωπαϊκήσ Ένωσησ, τα 56 δισ ευρώ αποτελούν το κÞστοσ τησ απάτησ και τησ διαφθοράσ, στον ευαίσθητο κοινωνικά αυτÞ χώρο, υπογραµµίζει έκθεση του Γάλλου Χριστιανοδηµοκράτη βουλευτή Ζαν Λουϊσ Λορέν, που εγκρίθηκε απÞ την κοινοβουλευτική επιτροπή κοινωνικών υποθέσεων τησ Συν έλευσησ του Συµβουλίου τησ Ευρώπησ. Με την έκθεσή τησ η Επιτροπή διαµαρτύρεται για την έκταση που έχει προσλάβει η απάτη και η διαφθορά στο χώρο τησ ευρωπαϊκήσ υγείασ και επισηµαίνει τισ γεωγραφικέσ, οικονοµικέσ και γλωσσικέσ ανισÞτητεσ που υπάρχουν στην ίση πρÞσβαση στην υγειονοµική περίθαλψη στην Ευρώπη. Κατά την άποψη του κ. Λορέν, ο καθένασ που ζει και εργάζεται σε ευρωπαϊκή χώρα θα πρέπει να έχει ανεµπÞδιστη πρÞσβαση σε περίθαλψη και υπηρεσίεσ υγείασ, ανεξάρτητα απÞ την οικονοµική του κατάσταση και τον τÞπο τησ προγενέστερησ διαµονήσ του.

τησ κρίσησ και τησ αδυναµίασ των κυπριακών τραπεζών να τισ χρηµατοδοτήσουν, και το ίδιο θεωρούν Þτι θα πρέπει να ισχύει και για τα ιδιωτικά δάνεια. Εισηγούνται επίσησ τα µη εξυπηρετούµενα δάνεια να αντιµετωπίζονται µεµονωµένα (στη βάση δανείου Þχι εταιρείασ). Ο κ. ΛεπτÞσ τÞνισε Þτι «στÞχοσ είναι η ανάπτυξη και ανάκαµψη του κλάδου των ακινήτων και τησ κυπριακήσ οικονοµίασ γενικÞτερα και η επαναφορά τουσ σε ρυθµούσ που θα οδηγήσουν στην αύξηση τησ απασχÞλησησ».

∏ ¶¿ÊÔ˜ ÛÙÔ «∆op 20» H Περιοχή τησ Πάφου φηµίζεται σε Þλο τον κÞσµο ωσ η γενέτειρα τησ Αφροδίτησ, ωσ προορισµÞσ που συνδυάζει πανέµορφο φυσικÞ τοπίο, ιστορικά ενδιαφέροντα και γραφικέσ ακτέσ, και τώρα έχει ακÞµη ένα ξεχωριστÞ χαρακτηριστικÞ: Το χρυσÞ µετάλλιο στον ευρωπαϊκÞ διαγωνισµÞ «Ακτέσ ΠοιÞτητασ», Þπου ανακηρύχθηκε ωσ µια εκ των 20 πιο αειφÞρων τουριστικών προορισµών στην Ευρώπη, ανάµεσα σε 1.000 υποψηφιÞτητεσ. Η τελετή απονοµήσ των βραβείων του 2013 έγινε την περασµένη εβδοµάδα στο Gozo τησ Μάλτασ. Σύµφωνα µε ανακοίνωση τησ Εταιρείασ Τουριστικήσ Ανάπτυξησ και Προβολήσ Περιφέρειασ Πάφου, το βραβείο «Ακτή ΠοιÞτητασ» ξεκίνησε το 2009 και απονέµεται σε παράκτιουσ οργανισµούσ τοπικήσ αυτοδιοίκησησ και φορείσ τουρισµού, που µοιράζονται τισ ίδιεσ αξίεσ και υλοποιούν πρακτικέσ για τη διαχείριση των παράκτιων περιοχών που υπάγονται στη δικαιοδοσία τουσ, βελτιώνοντασ τισ πολιτικέσ τουσ που αφορούν, µεταξύ άλλων, την προστασία του παράκτιου περιβάλλοντοσ, τησ πολιτιστικήσ κληρονοµιάσ και των κοινωνικών δοµών.

ΧΡΗΜΑ&ΑΓΟΡΑ

5 ΙΟΥΝΙΟΥ, 2013

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

Κάθε φορά που αλλάζει µια Κυβέρνηση φέρνει µαζί τησ και κάποιεσ νέεσ ιδέεσ, εξαρτώµενεσ Þµωσ στην εκτέλεση τουσ εν πολλοίσ στον εκάστοτε ΥπουργÞ (για εµάσ - ακίνητα) των Εσωτερικών. Στην παρούσα Κυβέρνηση και στον δικÞ µασ τοµέα τουλάχιστον, γνωρίζουµε Þτι έχοντασ περίπου σίγουρη την επιλογή του, ο κ. Ν. Αναστασιάδη, ετοιµάστηκε προτού αναλάβει για τουλάχιστον ένα τρίµηνο, µε επιτροπέσ µελέτησ, χρησιµοποιώντασ και ελεύθερουσ επαγγελµατίεσ και προσ τουσ προσκείµενουσ του υποψηφίου ∆ηµÞσιουσ υπαλλήλουσ (στον δικÞ τουσ χρÞνο) και άλλουσ, µε οδηγίεσ εκσυγχρονισµού του Þλου γηραιού συστήµατοσ των ακινήτων - ανάπτυξη, άδειεσ, κίνητρα, έκδοση τίτλων κλπ. Βέβαια, είναι επίσησ προσεκτÞ µε την ποιÞτητα του πολιτικού συστήµατοσ που έχουµε, η κάθε κίνηση θα πρέπει να συνάδει και µε τουσ επιχορηγητέσ, οπαδούσ και άλλουσ του εκάστοτε κÞµµατοσ και των βουλευτών. Ωσ εκ τούτου οι αναµενÞµενεσ αυτέσ αλλαγέσ ίσωσ να µην εξελιχθούν ωσ αρχικά παρουσιάζονταν στο άµεσο µέλλον. Οι τίτλοι ιδιοκτησίασ εκδιδÞµενοι απÞ ιδιώτεσ είναι η µÞνη λύση, διÞτι δεν µπορούν οι ∆ηµÞσιοι υπάλληλοι να αλλάξουν νοοτροπία και ταχύτητα στην εργασία τουσ και ούτε υπάρχει αρκετÞσ

αριθµÞσ για να εκτελέσει την εργασία (απÞ την πρώτη του χρÞνου 2.000 λιγÞτεροι, χωρίσ την δυνατÞτητα νέων προσλήψεων). Επιπλέον στο πολιτικÞ µέροσ (ΥπουργικÞ Συµβούλιο-Βουλή κλπ) σπανίζει να διαπιστωθεί µελέτη νέων ιδεών που να βασίζεται στη γνώση. Ωσ εκ τούτου οι πολιτικοί αίρονται και φέρονται απÞ τισ προσωπικέσ επιλογέσ των ανώτερων ∆ηµοσίων υπαλλήλων και άλλων. ΠαρÞµοια κατάσταση θα διαπιστώσετε και µε τουσ Ηµικρατικούσ Οργανισµούσ, Þπου αρκετοί ΠρÞεδροι και τα πλείστα απÞ τα µέλη των Συµβουλίων έχουν περιορισµένη γνώση και καλούνται να σώσουν ή να διορθώσουν µια Ηµικρατική εταιρεία, βασιζÞµενοι πάνω στουσ ίδιουσ τουσ υπαλλήλουσ και άλλουσ που συνεισέφεραν σε κάποιο ποσοστÞ στην καταστροφή τησ. Ένα θλιβερÞ παράδειγµα αδυναµίασ ήταν και η πρÞσφατη ανακοίνωση Ηµικρατικών Οργανισµών για να υποθηκεύσουν την περιουσία τουσ για να εξασφαλίσουν δάνειο και έτσι να αποφευχθεί η ιδιωτικοποίηση τουσ. ∆εν πέρασαν 5 ηµέρεσ µετά απÞ την ανακοίνωση, για να ανακοινώσει η CYTA εκατοµµύρια ευρώ ζηµιά και η ΑΗΚ να ζητά την επείγουσα παραχώρηση βοήθειασ απÞ το Κράτοσ. Άρα ποια πεφωτισµένη διαχείριση αναµένουµε; ΕπανερχÞµενοι στο θέµα τησ έκδοσησ των τίτλων απÞ ιδιώτεσ εισηγούµαστε Þπωσ: - Το πιστοποιητικÞ τελικήσ έγκρισησ και η άδεια διαίρεσησ ανατίθενται είτε στουσ επιβλέποντεσ µηχανικούσ, είτε σε κάποιο τρίτο µηχανικÞ.

- Η αποτύπωση σχεδίων κλπ να αναληφθεί απÞ τουσ πιο πάνω και η Χωροµετρία απÞ ιδιώτεσ χωροµέτρεσ.

- Η εκτίµηση τησ 1.1.80 (ή 1.1.2014) να

ανατεθεί σε ιδιώτεσ εκτιµητέσ βάσει των που θα εκδώσει το παραµέτρων ΚτηµατολÞγιο (παρÞµοιο σύστηµα µε την Πολεοδοµική Αµνηστία).

- Η εγγραφή των επιβαρύνσεων να παραµείνει στο ΚτηµατολÞγιο για την ύπαρξη του σχετικού αρχείου.

- ∆ιαφορέσ συνÞρων, επεµβάσεισ, παρατυπίεσ να µην σταµατούν την διαδικασία έκδοσησ τίτλων. Ασφαλώσ τα πιο πάνω να αναφέρονται στον τίτλο, υποδεικνύοντασ την προσοχή του ιδιοκτήτη/αγοραστή/δανειστή.

- Κλπ κλπ Θα πρέπει να υπάρξει εξ’ αρχήσ µια νέα προσέγγιση και Þχι η υιοθέτηση τησ υφιστάµενησ διαδικασίασ µε χρήση κάποιων ιδιωτών. Το παράδειγµα τησ αποτυχίασ τησ πολεοδοµικήσ αµνηστίασ που ακολούθησε την ίδια ακριβώσ διαδικασία µε την αρχική, είχε ωσ αποτέλεσµα ένα ευφάνταστο στην σύλληψη σχέδιο να αποτύχει. Βέβαια και επανερχÞµενοι στην γνώση των πολιτικών προϊσταµένων, πωσ θα µπορέσουν να υπερβούν τισ τρικλοποδιέσ που θα τουσ θέσουν οι πλείστοι Þσοι Κυβερνητικοί λειτουργοί και άλλοι (παρακολουθήσατε την τηλεοπτική σειρά Yes Mr Minister;). Ùσο και να σασ φαίνεται παράξενο σηµαντικÞ ρÞλο σε αυτήν Þλη την µετεξέλιξη έχουν οι δηµοσιογράφοι, οι οποίοι προβάλλοντασ ένα θέµα και επιµένοντασ επί τούτου,

ωθούν τουσ αρµÞδιουσ προσ την διορθωτική πορεία. Εµείσ ωσ Γραφείο εισηγηθήκαµε τα περί ιδιωτικοποίηση των τίτλων προ 3 ετών και χαιρÞµαστε ιδιαίτερα για την σηµερινή αποδοχή τησ δικήσ µασ θέσησ απÞ την νέα Κυβέρνηση. Χρειάζεται Þµωσ γνώση κύριε Υπουργέ των Εσωτερικών για να υπερπηδήσετε τα πολυάριθµα εµπÞδια στην εκτέλεση τησ απÞφασησ τησ Κυβέρνησησ. Το τι πληροφορούσαν τον τÞτε υπουργÞ κ. Ν. Συλικιώτη για την διαδικασία τησ πολεοδοµικήσ αµνηστίασ ήταν το κάτι άλλο. Ίσωσ µεταξύ των πολλών µέτρων που αναµένονται να είναι και η πειθαρχική καταδίκη των ∆ηµÞσιων υπαλλήλων για λανθασµένεσ αποφάσεισ ή/και ύπαρξη υπερ-αυστηρήσ διαδικασίασ (ίδε µεµονωµένη κατοικία) διÞτι ωσ έχουν σήµερα τα δεδοµένα Þσο λανθασµένη και να είναι µια απÞφαση, δεν υπάρχουν επιπτώσεισ - Ποιοσ θα ξεχάσει τον προτεινÞµενο απÞ τουσ ∆ηµÞσιουσ υπαλλήλουσ Συντελεστή ∆Þµηση σε µαρίνεσ 20% (τώρα 160%!!), γήπεδα γκολφ και τÞσα άλλα παραδείγµατα µε χίλιεσ δύο ελλείψεισ και αντιφάσεισ;

ΧΡΗΜΑ&ΑΓΟΡΑ

5 ΙΟΥΝΙΟΥ, 2013

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ŒÓÙ·ÍË Ù˘ ∫‡ÚÔ˘ ÛÙȘ ÊÙˆ¯¤˜ ¯ÒÚ˜ ™Ùfi¯Ô˜ Ë ·ÔÚÚfiÊËÛË Â˘Úˆ·˚ÎÒÓ ÎÔÓ‰˘Ï›ˆÓ Η Επιτροπή Εµπορίου αποφάσισε να αποστείλει επιστολή στον ΠρÞεδρο τησ ∆ηµοκρατίασ Νίκο Αναστασιάδη καλώντασ τον να ζητήσει απÞ την ΕΕ Þπωσ η Κύπροσ ενταχθεί στισ φτωχέσ χώρεσ ώστε να λάβει την απαραίτητη οικονοµική βοήθεια µέσω κονδυλίων. Σε δηλώσεισ του ο ΠρÞεδροσ τησ Επιτροπήσ Λευτέρησ ΧριστοφÞρου είπε πωσ αποφασίστηκε Þπωσ αποσταλεί επιστολή στον ΠρÞεδρο τησ ∆ηµοκρατίασ πωσ είναι κοινή η διαπίστωση Þτι η Κύπροσ το 2004 εισήλθε στην ΕΕ ωσ πλούσια χώρα και αποκλείστηκε απÞ πολλά κοινοτικά προγράµµατα εξαιτίασ του Þτι δεν ανήκε στην κατηγορία εκείνων των χωρών, Þπωσ ήταν και η Ελλάδα, που θεωρούνταν φτωχέσ και ουσιαστικά στηρίζονταν σε Þλουσ τουσ τοµείσ τησ οικονοµίασ απÞ συγκεκριµένα κονδύλια. Καλούµε, συνέχισε, Þπωσ υπάρξει κυβερνητική προσπάθεια να απευθυνθούµε στην ΕΕ να µασ κατατάξει στην κατηγορία εκείνων των χωρών που θεωρούνται Þτι είναι φτωχέσ, που θα επιδέχονται και θα έχουν την ευχέρεια και δυνατÞτητα

να αντλούν επιπρÞσθετουσ πÞρουσ για συγκεκριµένεσ οικονοµικέσ δραστηριÞτητεσ που µέχρι σήµερα τισ στερηθήκαµε. Προσπάθεια τησ Επιτροπήσ Εµπορίου ήταν και παραµένει, σηµείωσε ο κ. ΧριστοφÞρου, να στηριχθούν µε κάθε τρÞπο οι κυπριακέσ επιχειρήσεισ, τα κυπριακά προϊÞντα και οι κυπριακέσ υπηρεσίεσ. Προσ αυτή την προσπάθεια, συνέχισε, καλέσαµε Þλουσ τουσ κρατικούσ και ηµικρατικούσ φορείσ Þπωσ να προτιµούν να επιλέγουν και να επιδιώκουν να καταναλώνουν κυπριακά προϊÞντα και να στηρίζουν κυπριακέσ επιχειρήσεισ. ΤαυτÞχρονα στέλλουµε και το µήνυµα, πρÞσθεσε, Þτι και οι κυπριακέσ υπηρεσίεσ οφείλουν να ανταποκρίνονται στη δική µασ έκκληση και να απασχολούν κυπριακά εργατικά χέρια. Ο βουλευτήσ του ∆ΗΚΟ Άγγελοσ ΒÞτσησ είπε πωσ σήµερα γνωρίζουµε Þτι η κατάσταση τησ οικονοµίασ σίγουρα µασ κατατάσσει στισ φτωχέσ χώρεσ τησ ΕΕ κι αυτή η διαφορά πρέπει να αντιµετωπιστεί. ΕφÞσον οι Ευρωπαίοι εταίροι παρουσιάζονται να είναι έτοιµοι να βοηθήσουν αυτή τη δύσκολη ώρα που έχει προ-

κύψει και µε δικέσ τουσ αποφάσεισ και ευθύνεσ - χωρίσ να αποκλείοµε τισ δικέσ µασ ευθύνεσ - θεωρούµε Þτι είναι η στιγµή που µπορεί η Κύπροσ να ζητήσει διαφορετική αντιµετώπιση. Ο βουλευτήσ του ΚΣ Ε∆ΕΚ Γιώργοσ Βαρνάβα ανέφερε πωσ «στηρίζουµε πλήρωσ την απÞφαση τησ Επιτροπήσ Εµπορίου να αποστείλει επιστολή στον ΠρÞεδρο τησ ∆ηµοκρατίασ ζητώντασ απÞ την ΕΕ να εντάξει την Κυπριακή ∆ηµοκρατία στο στÞχο 2 αντί στο στÞχο 1». Θα πρέπει να γίνει βίωµα Þλων µασ, είπε, Þτι και η ίδια η Κυπριακή ∆ηµοκρατία εκεί και Þπου υπάρχουν τοµείσ κατανάλωσησ προϊÞντων Þπωσ είναι τα νοσοκοµεία, στρατÞπεδα και άλλοι χώροι να χρησιµοποιούν πλέον κυπριακά προϊÞντα. Ανέφερε επίσησ Þτι ωσ ΠρÞεδροσ τησ Επιτροπήσ Άµυνασ θα αποστείλει επιστολή στον ΥπουργÞ Άµυνασ ζητώντασ Þπωσ οποιαδήποτε προϊÞντα κατανάλωσησ ή και ένδυσησ µπορούν να παραχωρηθούν απÞ την εγχώρια αγορά να είναι στισ προτεραιÞτητεσ του Υπουργείου Άµυνασ.

æËÊ›˙ÂÙ·È ·‡ÚÈÔ Ô ÓfiÌÔ˜ Ì›ˆÛ˘ ÙˆÓ ÂÓÔÈΛˆÓ Μείωση για ένα χρÞνο στα ενοίκια οικιστικών υποστατικών και εµπορικών καταστηµάτων και γραφείων κατά 20%, µε ανώτατη µείωση τα 120 και 400 ευρώ αντίστοιχα, εισηγείται το τελικÞ κείµενο τησ πρÞτασησ νÞµου, που κατέθεσε εκ µέρουσ του ΑΚΕΛ ο Βουλευτήσ Γιάννοσ Λαµάρησ. Η συζήτηση επί του θέµατοσ τησ µείωσησ των ενοικίων έγινε κατά την τελευταία συνεδρία τησ Κοινοβουλευτικήσ Επιτροπήσ

Εσωτερικών, ενώ το θέµα παραπέµπεται για ψήφιση στην Ολοµέλεια, αύριο Πέµπτη. Σύµφωνα µε τον Βουλευτή του ΑΚΕΛ και ΠρÞεδρο τησ Επιτροπήσ Εσωτερικών Γιώργο Λαµάρη, η πρÞταση προβλέπει µείωση ενοικίων για ένα χρÞνο, µε έναρξη ισχύοσ την 7η Ιουνίου 2013. Επί τησ ουσίασ, τίθεται πλαφÞν στη µείωση, καθώσ µε τον καθορισµÞ µέγιστου ποσού, η µείωση του 20% ισχύει για τα πρώτα 600 ευρώ στα οικιστικά ενοίκια και τα

2.000 ευρώ στα εµπορικά ενοίκια, ενώ δεν θα υπάρχει µείωση πέραν του ποσού αυτού. Ο κ. Λαµάρησ συνέχισε, λέγοντασ Þτι η µείωση στα οικιστικά ενοίκια θα καλύπτει Þσεσ συµβάσεισ έχουν συνοµολογηθεί πριν το 2013. Θα ισχύει για Þσουσ ενοικιαστέσ έχουν τακτοποιηµένεσ υποχρεώσεισ έναντι του ιδιοκτήτη τουσ τελευταίουσ δύο µήνεσ, ενώ σε περίπτωση που υπήρξε µείωση τουσ τελευταίουσ 18 µήνεσ, τÞτε θα γίνεται συµ-

∞fi €3 35,000 Ô ÿηÚÔ˜ ÙÔ˘ ÃÚÈÛÙfiÊÔÚÔ˘ ™¿‚‚· Έργα Ελλήνων και Kυπρίων Καλλιτεχνών του 19ου και 20ου θα περιλαµβάνει η ∆ηµοπρασία ‘Έργων Τέχνησ που θα πραγµατοποιηθεί απÞ την Cypria Αuctions στισ 12 Ιουνίου 2013 και ώρα 7.00µ.µ. στην αίθουσα ∆ηµοπρασιών Cypria, Έβρου 14 στον ΣτρÞβολο Λευκωσία. Η Cypria Auctions ιδρύθηκε το 2006 και έχει στο ιστορικÞ τησ επιτυχηµένεσ δηµοπρασίεσ στισ οποίεσ πέτυχε τιµέσ ρεκÞρ για τα έργα των καλλιτεχνών ΝικηφÞρου Λύτρα, Πολύκλειτου Ρέγκου, ΧριστÞφορου Σάββα, Ιωάννη Κισσονέργη, Paul Γεωργίου και Βίκτωρα Ιωαννίδη .

ΑπÞ τα σηµαντικÞτερα έργα που θα δηµοπρατηθούν στισ 12 Ιουνίου 2013 είναι του Γεώργιου ΠÞλ Γεωργίου ΓεωµετρικÞ Άλογο,1960, 30,000-45,000 ευρώ. ∆ύο σηµαντικά έργα του Κυπρίου καλλιτέχνη ΧριστÞφορου Σάββα Η πτώση του Ίκαρου ,1959, 35,000-50,000 ευρώ και το Πορτραίτο τησ Αλύα,1962, 25,000-35,000 ευρώ. Τα έργα είναι σε έκθεση, αίθουσα ∆ηµοπρασιών Cypria Έβρου 14, ΣτρÞβολοσ 2003, Λευκωσία, απÞ τισ 29 Μαΐου µέχρι τισ 12 Ιουνίου. Για περισσÞτερεσ πληροφορίεσ στην ιστοσελίδα www.cypria-auctions.com

ψηφισµÞσ. Για τα εµπορικά καταστήµατα ακÞµη και αυτά που είναι σε ενοικιοστάσιο - η µείωση, είπε, προβλέπεται να ανέλθει στο ποσÞ των 400 ευρώ κατά µέγιστο. Κάλεσε τέλοσ την Κυβέρνηση να µην ασκήσει το Þποιο δικαίωµα πιθανÞν τησ υποδείξει η Γενική Εισαγγελία, καθώσ, Þπωσ είπε, είναι µια προσωρινή διάταξη που έρχεται να καλύψει ένα κενÞ που δεν ρυθµίστηκε απÞ την ίδια την κοινωνία.

¡¤Ô Lidl ÛÙËÓ ¶¿ÊÔ Ένα νέο κατάστηµα πρÞκειται εγκαινίασε η Lidl Cyprus τη ∆ευτέρα 3 Ιουνίου στην Πάφο και συγκεκριµένα στην οδÞ Α.Υψηλάντη. Η Lidl έφθασε τον αριθµÞ των 14 καταστηµάτων σε Þλη την Κύπρο, ενώ προγραµµατίζει περεταίρω επέκταση του δικτύου τησ. Παράλληλα, η γερµανική αλυσίδα κατασκευάζει στην περιοχή Ύψωνα στη ΛεµεσÞ και το δεύτερο κατάστηµά τησ στη συµπρωτεύουσα. Σηµειώνεται, Þτι το συγκεκριµένο κατάστηµα προγραµµατίζεται να λειτουργήσει εντÞσ του επικείµενου καλοκαιριού.

ΧΡΗΜΑ&ΑΓΟΡΑ

5 ΙΟΥΝΙΟΥ, 2013

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 5

Fitch: ™Ù· “ÛÎÔ˘›‰È·” ÙÔ ÎÚ·ÙÈÎfi ·ÍÈfi¯ÚÂÔ Ù˘ ∫‡ÚÔ˘ Στην µακροπρÞθεσµη αξιολÞγηση τησ Κύπρου σε ξένο νÞµισµα (IDR), σε «Β-», απÞ «Β» που ήταν προηγουµένωσ, καθώσ και την αξιολÞγηση σε εγχώριο νÞµισµα κατά δύο βαθµίδεσ, σε «CCC”, απÞ “Β”, προχώρησε o διεθνήσ οίκοσ Fitch Ratings. Σύµφωνα µε τον Fitch, η υποβάθµιση τησ αξιολÞγησησ τησ Κύπρου σε ξένο νÞµισµα αντανακλά την αυξηµένη αβεβαιÞτητα γύρω απÞ τισ προοπτικέσ τησ κυπριακήσ οικονοµίασ, λÞγω των υψηλών κινδύνων υλοποίησησ του συµφωνηθέντοσ προγράµµατοσ και τησ αναδιάρθρωσησ του τραπεζικού κλάδου. Παράλληλα, ο διεθνήσ οίκοσ έχει αφαιρέσει την αρνητική παρακολούθηση (RWN) για πιθανή νέα υποβάθµιση απÞ τισ δύο αξιολογήσεισ, ενώ επιβεβαίωσε στην βαθµίδα “Β” τÞσο την βραχυπρÞθεσµη αξιολÞγηση τησ Κύπρου σε ξένο νÞµισµα Þσο και την ανώτερη αξιολÞγηση που µπορεί να λάβει η χώρα (Country Ceiling). Ο Fitch αναγνωρίζει Þτι το πρÞγραµµα στήριξησ βελτιώνει την άµεση θέση τησ Κυβέρνησησ τÞσο απÞ την άποψη ρευστÞτητασ Þσο και απÞ άποψη φερεγγυÞτητασ (η εκταµίευση το Μάιο δÞσησ απÞ ΕΜΣ ύψουσ 2 δισ. ευρώ θα χρησιµοποιηθεί για την πληρωµή οµολÞγου EMTN, ύψουσ 1,4 δισ. ευρώ που λήγει τον Ιούνιο). Αναφέρει, ωστÞσο, Þτι η Κύπροσ δεν έχει καµία ευελιξία για την αντιµετώπιση εγχώ-

ριων ή εξωτερικών σοκ και υπάρχει µεγάλοσ κίνδυνοσ το πρÞγραµµα να βγει εκτÞσ τροχιάσ, µε το χρηµατοδοτικÞ περιθώριο ενδεχοµένωσ να είναι ανεπαρκή για την απορρÞφηση µιασ σηµαντικήσ δηµοσιονοµικήσ και οικονοµικήσ διολίσθησησ. Στισ βασικέσ παραδοχέσ του πάνω στισ οποίεσ στηρίχθηκε για την υποβάθµιση, ο Fitch επικαλείται τη µεγάλη αβεβαιÞτητα που υπάρχει βραχυπρÞθεσµα και µεσοπρÞθεσµο σε σχέση µε την παραγωγή, την ανεργία και το δηµοσιονοµικÞ έλλειµµα. Ο Fitch αναµένει Þτι η ύφεση θα είναι βαθύτερη και να διαρκέσει περισσÞτερο απÞ Þ, τι αναµένεται απÞ το πρÞγραµµα τησ ΤρÞικασ, καθώσ και αποκλίσεισ απÞ τουσ δηµοσιονοµικούσ στÞχουσ, αντικατοπτρίζοντασ τισ αδύναµεσ µακροοικονοµικέσ προοπτικέσ και τουσ κινδύνουσ εφαρµογήσ του προγράµµατοσ µε αποτέλεσµα το δηµÞσιο χρέοσ ωσ ποσοστÞ του ΑΕΠ να ανέλθει σηµαντικά υψηλÞτερα απÞ Þ, τι αναµένεται. Ο διεθνήσ οίκοσ θεωρεί επί του παρÞντοσ Þτι το δηµοσιονοµικÞ κÞστοσ τησ ανακεφαλαιοποίησησ των τραπεζών δεν θα υπερβαίνει τα 2,5 δισ. ευρώ, Þπωσ καθορίζεται στο πλαίσιο του προγράµµατοσ ΕΕ-∆ΝΤ. Η πίεση στισ τράπεζεσ για αποµÞχλευση αναµένεται να ασκήσει σηµαντική πίεση στην οικονοµία µε αλυσιδωτέσ επιπτώσεισ στα δηµÞσια οικονοµικά, αναφέρει, σηµειώ-

νοντασ Þτι “µια πρÞωρη άρση των ελέγχων στην κίνηση κεφαλαίων που θα ενεργοποιήσει σηµαντική εκροή κεφαλαίων θα µπορούσε να έχει µεγάλεσ αρνητικέσ οικονοµικέσ συνέπειεσ”, σηµειώνει. Ùπωσ αναφέρει ο διεθνήσ οίκοσ, ενώ η κυβέρνηση έχει εγκρίνει και συµφωνήσει µέτρα εξυγίανσησ µÞλισ πέρα του 7% του ΑΕΠ για την περίοδο 2013-2018, ένα επιπλέον 4,7% πρÞσθετων µέτρων θα είναι αναγκαία σύµφωνα µε τισ παραδοχέσ του προγράµµατοσ για να επιτευχθεί ο στÞχοσ για πρωτογενέσ πλεÞνασµα 4% του ΑΕΠ και ισοσκελισµένο προϋπολογισµÞ µέχρι το 2018, το οποίο απαιτείται για να µειωθεί το βάροσ του χρέουσ στο στÞχο τησ τρÞικασ, κοντά σε περίπου 100% του ΑΕΠ έωσ το 2020. Σύµφωνα µε τον Fitch, η επιδείνωση τησ οικονοµικήσ κατάστασησ θα καταστήσει ολοένα και πιο δύσκολο τον εντοπισµÞ νέων µέτρων, τα οποία αναµένεται να επικεντρωθούν στην πλευρά των δαπανών, ενώ η παραγωγή εσÞδων απÞ µερικά απÞ τα εξαγγελθέντα µέτρα, Þπωσ σηµειώνει ο οίκοσ, είναι επίσησ αβέβαιη, συµπεριλαµβανοµένων των εσÞδων απÞ τισ ιδιωτικοποιήσεισ. Προσθέτει Þτι το δηµÞσιο χρέοσ αναµένεται να κορυφωθεί υψηλÞτερα του 126% του ΑΕΠ µέχρι το 2015, στο πλαίσιο του προγράµµατοσ στήριξησ, γεγονÞσ που αντικατοπτρίζει, Þπωσ αναφέρει ο οίκοσ, την αξιολÞ-

γηση του για βαθύτερη ύφεση κατά τα τελευταία έτη του προγράµµατοσ και µια πιο αργή ανάκαµψη απÞ αυτή που αναµένεται, µε µικρή ορατÞτητα σε αυτÞ το στάδιο τησ δυνατÞτητα η Κύπροσ να µεταφέρει την οικονοµία τησ µε επιτυχία µακριά απÞ τοµείσ που συνδέονται µε τη συρρίκνωση του χρηµατοπιστωτικού τοµέα. Αναφέρει επίσησ Þτι σε περίπτωση που η υφιστάµενη αστάθεια του τραπεζικού τοµέα οδηγήσει σε µια παρατεταµένη διακοπή τησ λειτουργίασ του εγχώριου συστήµατοσ πληρωµών, αυτÞ θα αυξήσει τησ πτώχευσησ εταιρειών και θα οδηγήσει σε βαθύτερη συρρίκνωση του κυπριακού ΑΕΠ. ΩστÞσο, ο Fitch εκτιµά Þτι το τραπεζικÞ σύστηµα θα πρέπει να ανακεφαλαιοποιηθεί άµεσα και Þτι οι τα περιοριστικά µέτρα θα πρέπει να επιτρέπουν στουσ καταθέτεσ να έχουν πρÞσβαση σε χρηµατοδÞτηση για κατανάλωση και για πληρωµή προµηθευτών. Τέλοσ, ο οίκοσ Fitch αναφέρει Þτι δεν υπολογίζει στισ προβλέψεισ του πιθανέσ εισπράξεισ απÞ τουσ υδρογονάνθρακεσ και προσθέτει Þτι αυτέσ συνιστούν ανοδικούσ κινδύνουσ που δεν αφορούν το άµεσο µέλλον, σηµειώνοντασ Þτι η οικονοµική βιωσιµÞτητα τησ εξÞρυξησ στο οικÞπεδο 12 παραµένει αβέβαιη και πέρα ??απÞ τον ορίζοντα του προγράµµατοσ, που διαρκεί µέχρι το 2018.

∞fi 14 - 16 πÔ˘Ó›Ô˘ ÙÔ STARTup LiVE Cyprus Για τισ 14, 15 και 16 Ιουνίου έχει προγραµµατιστεί το STARTup LiVE Cyprus. ΠρÞκειται για µια τριήµερη εκδήλωση, Þπου νέοι, επιχειρηµατίεσ, φοιτητέσ και επιστήµονεσ θα έχουν την ευκαιρία να µοιραστούν τισ ιδέεσ τουσ και µε τη βοήθεια εµπειρογνωµÞνων απÞ την Κύπρο και το εξωτερικÞ να τισ διαµορφώσουν, ώστε να αναδειχτούν σε πραγµατικέσ επιχειρηµατικέσ ευκαιρίεσ. Τα βραβεία των νικητών επιλέγονται µε στÞχο την καλύτερη δυνατή προβολή των ιδέων τουσ σε διεθνέσ και ευρωπαϊκÞ επίπεδο, καθώσ και την προσέλκυση επενδυτών απÞ Þλο τον κÞσµο. Η ΜΤΝ είναι ο επίσηµοσ υποστηρικτήσ

του STARTup Live Cyprus, τησ µεγαλύτερησ εκδήλωσησ που έχει διοργανωθεί ποτέ στην Κύπρο µε θέµα τισ startups και στÞχο την εκπαίδευση τησ νεανικήσ επιχειρηµατικήσ κοινÞτητασ για τη µελλοντική παραγωγή βιώσιµων επιχειρήσεων. Οι διαγωνιζÞµενοι του STARTup Live Cyprus δεν θα ξεπερνούν τουσ 100, ενώ στισ τρεισ µέρεσ µαθαίνουν να συνεργάζονται, να σχεδιάζουν επιχειρηµατικά πλάνα και να προβάλλουν τισ ιδέεσ τουσ αποτελεσµατικά σε επενδυτέσ και ειδικούσ επιχειρηµατίεσ. Παράλληλα οι οµάδεσ θα έχουν την ευκαιρία να διεκδικήσουν βραβεία, τα οποία µεταφρά-

ζονται σε ευκαιρίεσ πανευρωπαϊκήσ προβολήσ και δικτύωσησ τησ ιδέασ τουσ. Νetworking, pitching, mentoring, selling µε τη βοήθεια 30 επιχειρηµατιών, επενδυτών, developers και ακαδηµαϊκών απÞ την Κύπρο και το εξωτερικÞ και Þλα αυτά µε την υποστήριξη τησ ΜΤΝ, στο Πανεπιστήµιο Κύπρου. Ùσοι επιθυµούν να λάβουν µέροσ µπορούν να κάνουν την εγγραφή τουσ τώρα στο http://startuplive.in/cyprus/1/registration/ Το STARTup LiVE Cyprus εντάσσεται στο πλαίσιο του START Europe, ενÞσ πανευρωπαϊκού θεσµού αφιερωµένου στη µετατροπή µιασ startup ιδέασ σε πράξη εντÞσ τριών ηµε-

ρών. Έχει ήδη πραγµατοποιηθεί σε περισσÞτερεσ απÞ 30 ευρωπαϊκέσ πÞλεισ και παρέχει την απαιτούµενη δικτύωση, πÞρουσ και κίνητρα σε άτοµα και οµάδεσ, προκειµένου να µπορέσουν να υλοποιήσουν το ÞνειρÞ τουσ.

K˘ÚȷΤ˜ ∞ÂÚÔÁÚ·Ì̤˜ - ∞fi ÙËÓ Î·Ù·ÛÙÚÔÊ‹ ÛÙËÓ Â͢Á›·ÓÛË; Τη διαβεβαίωση, εκ µέρουσ του συνÞλου του νέου ∆ιοικητικού Συµβουλίου των Κυπριακών Αερογραµµών (ΚΑ), Þτι θα καταβληθεί µια ύστατη αποφασιστική προσπάθεια για να ανακοπεί η πορεία τησ εταιρείασ προσ την καταστροφή και να τεθεί σε πορεία πραγµατικήσ εξυγίανσησ κι ανάπτυξησ, εξέφρασε σε µήνυµά του προσ το προσωπικÞ του κρατικού

αεροµεταφορέα ο νέοσ ΠρÞεδροσ του ∆ιοικητικού Συµβουλίου, Τώνησ Αντωνίου. ΤαυτÞχρονα, εξέφρασε την πεποίθηση Þτι µε πρωτοβουλίεσ που έχει αναλάβει το ∆Σ τησ εταιρείασ “εντÞσ των προσεχών λίγων ηµερών θα ανοίξει ο δρÞµοσ για οµαλή υλοποίηση τησ Συµφωνίασ Κυβέρνησησ - Συντεχνιών και εφαρµογήσ ταυτÞχρονα, σηµαντικών προνοι-

ών του Σχεδίου Αναδιάρθρωσησ” Ο νέοσ επικεφαλήσ των ΚΑ αναφέρει Þτι “η κατάσταση τησ εταιρείασ υπαγορεύει την εφαρµογή άµεσων µέτρων προκειµένου να κερδηθεί χρÞνοσ και κυρίωσ για να σταµατήσει η ακατάσχετη οικονοµική αιµορραγία”, προσθέτοντασ Þτι “το εργασιακÞ ζήτηµα και η επίλυση του προβάλλει ωσ ύψιστη προτεραιÞτητα”.

Ο κ. Αντωνίου καλεί το προσωπικÞ να παραµείνει ψύχραιµο και να επιδείξει “πνεύµα εποικοδοµητικήσ συνεργασίασ, προκειµένου να ξεπεράσουµε Þσο γίνεται πιο σύντοµα την κρίσιµη αυτή περίοδο”, σηµειώνοντασ Þτι “η ταχύτητα στη λήψη και εκτέλεση αποφάσεων είναι αναγκαία για να κινηθούν τα λιµνάζοντα νερά”.

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6 | EI∆ΗΣΕΙΣ | financialmirror.com

ELA: ∂˘ÏÔÁ›· ‹ ηٿڷ; ¡›ÎÔ˜ ªÈ¯·ËÏ›‰Ë˜ Foreign Exchange Analyst Email: michailidisn@aol.com Πολλά λέγονται τισ τελευταίεσ εβδοµάδεσ για τον ELA και κατά πÞσον είναι Þντοσ τÞσο κακÞ για µια τράπεζα να είναι εκτεθειµένη προσ τον µηχανισµÞ αυτÞ. Καταρχήν στον ELA (Emergency Liquidity Assistance) καταφεύγουν τράπεζεσ που δεν έχουν τη δυνατÞτητα να εξασφαλίσουν χρηµατοδÞτηση απÞ το ευρωσύστηµα, γιατί δεν έχουν να δώσουν ενέχυρα µε την ελάχιστη πιστοληπτική διαβάθµιση που απαιτεί η ΕΚΤ. Ο ELA ουσιαστικά είναι προσωρινή ρευστÞτητα που παρέχεται σε φερέγγυο τραπεζικÞ ίδρυµα για να καλύψει έκτακτεσ ανάγκεσ Þπωσ η εκροή καταθέσεων.Το ποσÞ αυτÞ δεν δίδεται απÞ την ΕΚΤ απευθείασ αλλά απÞ τισ 17 Κεντρικέσ Τράπεζεσ τησ ευρωζώνησ έναντι επαρκών εξασφαλίσεων. Το µέγα ερώτηµα βέβαια που γεννιέται είναι πωσ µια τράπεζα η οποία λÞγο προσωρινών προβληµάτων ρευστÞτητασ απεγκλωβίζεται στο τέλοσ τησ ηµέρασ απÞ τον µηχανισµÞ αυτÞ. Θα λέγαµε πωσ είναι λεπτή η γραµµή που καθορίζει το πÞτε διακÞπτεται η έκτακτη παροχή ρευστÞτητασ και αυτÞ διαφάνηκε και στισ πρÞσφατεσ περιπτώσεισ τησ Ιρλανδίασ και τησ Ελλάδασ Þπωσ και πιο παλιά του Βελγίου και τησ Γερµανίασ. Με το που ξέσπασε η χρηµατοπιστωτική κρίση στισ ΗΠΑ ήταν η πρώτη φορά που ενεργοποιήθηκε ο ELA για να στηρίξει την υπο πτώχευση Γερµανική Hypo-Real Estate AG και την Βελγική Dexia. ΠαρÞλο που η γερµανική Bundesbank’s έχει πλέον αποσύρει τον ELA απÞ την Hypo η Βελγική Dexia σύµφωνα µε ασφαλέσ πληροφορίεσ παραµένει εκτεθειµένη στον ELA έναντι 13 δισ περίπου. Μετά την Γερµανία και το Βέλγιο

πήραν σειρά και άλλα Ευρωπαϊκά κράτη µε τον ELA να έχει προσφέρει ρευστÞτητα σε ευρωπαϊκέσ τράπεζεσ για ένα ποσÞ γύρω στα 300 µε 350 δισ ενώ εκτιµάται πωσ σήµερα τράπεζεσ απÞ Þλη την Ευρωζώνη είναι εκτεθειµένεσ στον ELA για ένα ποσÞ κοντά στα 200 δισ ευρώ. Το µέγα ζήτηµα βέβαια που γεννιέται είναι πωσ το ακριβέσ ποσÞ που ο ELA παρέχει στισ τράπεζεσ δεν δηµοσιεύεται ενώ το αξιοπερίεργο είναι πωσ παρÞλο που ο ELA είναι κάτω απÞ την αιγίδα και πλήρη έλεγχο τησ ΕΚΤ δεν παρουσιάζετε στον ισολογισµÞ τησ τράπεζασ παρά µÞνο στον ισολογισµÞ του ευρωσυστήµατοσ. ∆ηλαδή ναι µεν είναι υποχρέωση των κεντρικών τραπεζών τησ κάθε χώρασ προσ την ΕΚΤ να φροντίσουν να αποπληρώσουν το ποσÞ αυτÞ αλλά την ίδια ώρα στα βιβλία τησ ΕΚΤ αυτή η πράξη δεν αναγράφεται. Σε πρÞσφατο άρθρο του ο Michael Steen των Financial Times, αναφέρει πωσ λίγα πράγµατα είναι στα χαρτιά για το πώσ παραχωρείται ο ELA, ξεχωρίζει µία φράση απÞ τα σχετικά έγγραφα «Flexibility and discretion are… essential in order to guard against the risk of moral hazard. ∆ηλαδή, «η ευελιξία και η διακριτικÞτητα είναι… απαραίτητα, προκειµένου να υπάρξει προστασία απÞ το ρίσκο του ηθικού κινδύνου». Επίσησ καµιά αναφορά δεν γίνεται στην περίπτωση µου κάποια τράπεζα που κάνει χρήση του ELA αδυνατεί να αποπληρώσει ή χρεοκοπήσει η υποχρέωση αποπληρωµήσ σε ποιον µεταφέρεται. Η ΕΚΤ ορίζει τον ELA σαν παροχή «προσωρινήσ» έκτακτησ ρευστÞτητασ αλλά σε καµία περίπτωση δεν διευκρινίζει την περίοδο αποπληρωµήσ του αλλά και τισ είδουσ εξασφαλίσεισ απαιτούνται. Έτσι κάτω απÞ αυτέσ τισ συνθήκεσ οι «επιστήµονεσ» των Βρυξελλών για ακÞµα µια φορά κρίνουν κατά το δοκούν. ∆ηλαδή γίναµε µάρτυρεσ σε Ελλάδα και Ιρλανδία να παραχωρείται ELA τησ τάξησ των 150 και 80 δισ ευρώ αντίστοιχα

χωρίσ να γνωρίζει κανείσ ούτε αν υφίσταται ακÞµα αλλά ούτε και τι εξασφαλίσεισ δÞθηκαν για Þλα αυτά τα δισεκατοµµύρια. Σύµφωνα µε έγκριτουσ οικονοµικούσ αναλυτέσ τÞσο οι Ελληνικέσ Þσο και οι Ιρλανδικέσ τράπεζεσ συνεχίζουν εδώ και 3 χρÞνια να αντλούν ρευστÞτητα απÞ τον ELA για ποσά που ξεπερνούν τα 50 δισ ευρώ. Και το µέγα ερώτηµα που γεννιέται είναι γιατί η ΕΚΤ Þχι µÞνο αρνείται επίµονα να αυξήσει τον ποσÞ που παρέχει στο κυπριακÞ τραπεζικÞ σύστηµα αλλά δέχεται και αφÞρητεσ πιέσεισ απÞ τουσ Ευρωπαίουσ για αποπληρωµή του υφιστάµενου. Και η απάντηση βέβαια βρίσκεται ακριβώσ στον ίδιο ακριβώσ λÞγο που επέτρεψαν οι «επιστήµονεσ» των Βρυξελλών να γίνει το εγκληµατικÞ κούρεµα καταθέσεων τησ 15ησ Μαρτίου. Η Κύπροσ καθÞτι µικρή χώρα δεν είναι συστηµική και ωσ εκ τούτου είναι το τέλειο πειραµατÞζωο στην Γερµανοκρατούµενη και πλήρη διασπασµένη Ευρώπη. Ùσο αφορά το ερώτηµα κατά πÞσον ο ELA είναι ευλογία ή κατάρα, θα λέγαµε πωσ Þσο το «παιχνίδι» παίζεται επί ίσοισ Þροισ θα µπορούσαν οι των Βρυξελλών και τησ ΕΚΤ να τον µετατρέψουν σε ένα χρήσιµο και ευλογηµένο µηχανισµÞ. Ùσο Þµωσ οι ευρωπαίοι «εταίροι» µασ κρίνουν και εκτελούν µε δύο µέτρα και δύο σταθµά µικρά κράτη Þπωσ η Κύπροσ θα καταριούνται την ώρα και την στιγµή που έκαναν χρήση τον µηχανισµÞ αυτÞ.

∏ ΢Úȷ΋ ÎÚ›ÛË ‰ÂÓ ÂËÚ¤·Û ÙË ÚˆÛÈ΋ ÔÈÎÔÓÔÌ›· Η κυπριακή κρίση χρέουσ δεν θα έχει αισθητή επίδραση στη ρωσική οικονοµία, αλλά στην κατάσταση στην ευρωζώνη, εκτίµησε ο Ρώσοσ Πρέσβησ στην ΕΕ Βλαντίµιρ ΤσιζÞφ, λίγο πριν τη σύνοδο Κορυφήσ ΕΕ - Ρωσίασ, που διεξάγεται στην Ρωσία και ήδη ασχολήθηκε εκτενώσ µε την κρίση στην Κύπρο. “Η κυπριακή κρίση χρέουσ δεν θα έχει άµεσα αισθητή

επίδραση στη ρωσική οικονοµία, αλλά θα έχει επίδραση στην κατάσταση στην ευρωζώνη. Είχαµε διατυπώσει ερωτήµατα για τισ µεθÞδουσ εξÞδου τησ Κύπρου απÞ την κρίση, οι οποίεσ προτάθηκαν και υλοποιήθηκαν. Ùλα αυτά έµοιαζαν να έχουν µπολσεβίκικη µορφή, να µοιάζουν µε κατάσχεση περιουσίασ”, είπε ο κ. ΤσιζÞφ, συµπληρώνοντασ Þτι ο χρηµατοπιστωτικÞσ τοµέασ τησ Κύπρου υπερδιογκώθηκε Þχι µÞνο προσ

την κατεύθυνση τησ Ρωσίασ, αλλά και τησ Ελλάδασ και “Þταν κονιορτοποιήθηκαν ελληνικέσ τράπεζεσ, κατέρρευσαν και οι κυπριακέσ”. Σύµφωνα µε τον κ.ΤσιζÞφ το ελκυστικÞ προτέρηµα τησ Κύπρου “µε εταιρικÞ φÞρο 10%, ασύγκριτο ακÞµη και µε το 13% τησ Ρωσίασ” έχει πλέον χαθεί και ήδη απÞ την εποχή τησ εισÞδου τησ Κυπριακήσ ∆ηµοκρατίασ στην ΕΕ, δεν έπρεπε να αποκαλείται και ούτε ήταν υπεράκτια ζώνη.

∞ÚÓËÙÈο ÂËÚ¿ÛÙËΠÙÔ ‰ÔÏ¿ÚÈÔ ∫˘ÚÈ¿ÎÔ˜ √ÚÂÈÓfi˜ Treasury Division, Alpha Bank (Cyprus) Ltd Αρνητικά επηρεάζεται την τρέχουσα εβδοµάδα το αµερικανικÞ δολάριο έναντι του ευρώ καθώσ τυγχάνει διαπραγµάτευσησ περί τα 1,3100 λÞγω κυρίωσ των µεικτών οικονοµικών στοιχείων που ανακοινώθηκαν στισ ΗΠΑ. Αρνητικά επηρεάστηκε το δολάριο υποχωρώντασ τη ∆ευτέρα µέχρι και το επίπεδο των 1,3107 (χαµηλÞ 3 εβδοµάδων) λÞγω κυρίωσ τησ ανακοίνωσησ στισ ΗΠΑ του δείκτη µεταποίησησ ISM που παρουσίασε απροσδÞκητη µείωση τον Μάιο, καταγράφοντασ χαµηλÞ απÞ τον Ιούνιο του 2009. Σηµειώνεται Þτι το επίπεδο του δείκτη (49 µονάδεσ) καταδεικνύει συρρίκνωση του τοµέα µεταποίησησ για πρώτη φορά

απÞ το Νοέµβριο του 2012. Σύµφωνα µε το ινστιτούτο, η απροσδÞκητη επιδείνωση του τοµέα µεταποίησησ αποδίδεται στην επιβράδυνση του ρυθµού ανάπτυξησ τησ παγκÞσµιασ οικονοµίασ. ΩστÞσο, το ΑΕΠ των ΗΠΑ ενισχύθηκε σε ετησιοποιηµένη βάση το α’ τρίµηνο του έτουσ κατά 2,4% καταγράφοντασ άνοδο για 15ο συνεχέσ τρίµηνο. Επιπλέον, οι αιτήσεισ για επιδÞµατα ανεργίασ για την προηγούµενη εβδοµάδα διαµορφώθηκαν σε επίπεδο χαµηλÞτερο του ιστορικού Þρου των 363,400 και οι επικείµενεσ πωλήσεισ κατοικιών ενισχύθηκαν σε µηνιαία βάση τον Απρίλιο για τρίτο µήνα στουσ τελευταίουσ 4 µήνεσ. Θετικά επηρεάζεται το ευρώ απÞ την ενίσχυση τησ εκτίµησησ για άνοδο των µετοχικών τιµών στην Ευρώπη. Επίσησ ώθηση παρείχε στο ευρώ η δήλωση του µέλουσ τησ Ευρωπαϊκήσ Κεντρικήσ Τράπεζασ Coeure Þτι η οικονοµία τησ Ευρωζώνησ θα παρουσιάσει ανάκαµψη µέχρι το τέλοσ του

∞ÓÂͤÏÂÁÎÙË Ë ·ÓÂÚÁ›· ÙˆÓ Ó¤ˆÓ “Ανεξέλεγκτη” χαρακτήρισε την κατάσταση Þσον αφορά την ανεργία των νέων στον ευρωπαϊκÞ νÞτο ο πρωθυπουργÞσ του Λουξεµβούργου Ζαν-Κλοντ Γιουνκέρ, ο οποίοσ υποστήριξε Þτι η λιτÞτητα πρέπει να πηγαίνει “χέρι-χέρι” µε την ανάπτυξη. ∆ήλωσε εξάλλου Þτι δεν ενδιαφέρεται για την θέση του προέδρου του Eurogroup. Σε συνέντευξή του ο κ. Γιουνκέρ δηλώνει Þτι στηρίζει “τον νέο ρυθµÞ” που δίνει η Ευρωπαϊκή Επιτροπή στην λιτÞτητα, η οποία, Þπωσ σηµειώνει, “πρέπει να πηγαίνει χέρι-χέρι µε την ανάπτυξη” και να χαλαρώσει στισ χώρεσ οι οποίεσ αντιµετωπίζουν ύφεση. Ο ΠρωθυπουργÞσ του Λουξεµβούργου εµφανίστηκε να συµφωνεί εν µέρει µε τον γάλλο ΠρÞεδρο Φρανσουά Ολάντ, ο οποίοσ πρÞσφατα ανέφερε Þτι δεν είναι αρµοδιÞτητα τησ Ευρωπαϊκήσ Επιτροπήσ “να µασ υποδεικνύει τι θα κάνουµε” κι επισήµανε Þτι η ΚοµισιÞν µπορεί µÞνο “να προτείνει πολιτικέσ”. ∆ιαφώνησε ωστÞσο µε τον ΒρετανÞ οµÞλογÞ του Ντέιβιντ Κάµερον, ο οποίοσ τάσσεται υπέρ τησ αναθεώρησησ των ευρωπαϊκών συνθηκών και υπογράµµισε Þτι θα στήριζε µÞνο αλλαγέσ οι οποίεσ θα ενίσχυαν την οικονοµική και νοµισµατική ένωση. Ο Ζαν-Κλοντ Γιουνκέρ εµφανίστηκε επίσησ πεπεισµένοσ Þτι η Ιταλία, η Ισπανία και η Σλοβενία δεν θα χρειαστεί να ενταχθούν σε πρÞγραµµα στήριξησ, παρά το γεγονÞσ Þτι δεν θεωρεί Þτι η κρίση έχει ακÞµη ξεπεραστεί. Ερωτηθείσ ακÞµη σχετικώσ µε τισ επικείµενεσ εκλογέσ στην Γερµανία, ο Λουξεµβούργιοσ πρωθυπουργÞσ τÞνισε Þτι “είναι προσ το συµφέρον τησ χώρασ να επανεκλέξει την Αγκελα Μέρκελ” στην καγκελαρία.

τρέχοντοσ έτουσ. Σηµειώνεται ωστÞσο Þτι το ποσοστÞ ανεργίασ στην Ευρωζώνη κατέγραψε, Þπωσ αναµενÞταν, τον Απρίλιο νέο ιστορικÞ υψηλÞ στο 12,2%. Σε µια άλλη εξέλιξη, η ανάκαµψη των µετοχικών τιµών στην Ιαπωνία στα µέσα τησ εβδοµάδασ, επηρέασε αρνητικά το ιαπωνικÞ γιεν έναντι των κύριων νοµισµάτων. Συγκεκριµένα το γιέν υποχώρησε στο χαµηλÞτερο επίπεδο των τελευταίων 4 εβδοµάδων έναντι του ευρώ (¥129,51) και του δολαρίου (¥98,87). Επιπλέον, σύµφωνα µε δηµοσιεύµατα, ο ΠρωθυπουργÞσ τησ Ιαπωνίασ σχεδιάζει να µειώσει τη φορολογία των επιχειρήσεων προκειµένου να στηρίξει την εγχώρια οικονοµία.Το ενδιαφέρον τησ αγοράσ είναι στραµµένο την τρέχουσα εβδοµάδα στη σύσκεψη τησ Επιτροπήσ καθορισµού νοµισµατικήσ πολιτικήσ τησ Ευρωπαϊκήσ Κεντρικήσ Τράπεζασ (6/6) και την ανακοίνωση των στοιχείων απασχÞλησησ Μαΐου στισ ΗΠΑ (7/6).

5 ΙΟΥΝΙΟΥ, 2013

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§›ÊÙÈÓÁÎ €92 ÂÎ. ÁÈ· ·Ó¿Ï·ÛË ÙÔ˘ ΤÓÙÚÔ˘ Ù˘ ∞ı‹Ó·˜ Σηµαντικέσ παρεµβάσεισ απÞ την περιοχή του Συντάγµατοσ µέχρι και την ΟµÞνοια, περιλαµβάνει το έργο «ΑνασυγκρÞτηση του Κέντρου τησ Αθήνασ µε Άξονα την οδÞ Πανεπιστηµίου». Το κÞστοσ ανάπλασησ τησ Πανεπιστηµίου, αποτιµάται συνολικά στα 92 εκ. ευρώ στο πλαίσιο τησ δράσησ Rethink Athens. Η χρηµατοδÞτηση του έργου θα γίνει απÞ το επιχειρησιακÞ πρÞγραµµα «Περιβάλλον και ΑειφÞροσ Ανάπτυξη» του υπουργείου Ελληνικού Περιβάλλοντοσ και το ΠεριφερειακÞ ΕπιχειρησιακÞ ΠρÞγραµµα Αττικήσ και περιλαµβάνει ανάπλαση πλατειών, πεζοδροµήσεισ (Πανεπιστηµίου και ορισµένων κάθετων οδών µεταξύ Σταδίου και Ακαδηµίασ), καθώσ και σηµαντικέσ κυκλοφοριακέσ ρυθµίσεισ για την αποτροπή τησ διαµπερούσ κυκλοφορίασ των Ι.Χ. αυτοκινήτων απÞ το κέντρο τησ Αθήνασ. Οι ρυθµίσεισ περιλαµβάνουν αντιδροµήσεισ

¡¤· ÂÏÏËÓÈ΋ ÂÙ·ÈÚ›· ˘‰ÚÔÁÔÓ·ÓıÚ¿ÎˆÓ ΕθνικÞ στÞχο χαρακτήρισε την υπÞθεση τησ ανακάλυψησ και εξÞρυξησ των υδρογονανθράκων στην Ελλάδα, ο ΠρωθυπουργÞσ Αντώνησ Σαµαράσ, ο οποίοσ χθεσ πραγµατοποίησε επίσκεψη στο υπουργείο Περιβάλλοντοσ, Ενέργειασ και Κλιµατικήσ Αλλαγήσ, παρουσία τησ ηγεσίασ του υπουργείου, υπηρεσιακών παραγÞντων αλλά και ειδικών εµπειρογνωµÞνων. Ο κ. Σαµαράσ προανήγγειλε την ίδρυση νέασ εταιρίασ υδρογονανθράκων, χαρακτηρίζοντασ µεγάλη πρÞκληση «τη διερεύνηση και την τεκµηρίωση τησ ύπαρξησ των υδρογονανθράκων που µπορούν να αποτελέσουν ένα πολύ µεγάλο εθνικÞ οικονοµικÞ αλλά και γεωπολιτικÞ πλεονέκτηµα για την Ελλάδα». Ο κ. Σαµαράσ είπε Þτι ο συγκεκριµένοσ στÞχοσ προωθείται και µε «στρατηγικέσ συµµαχίεσ µε τισ καλύτερεσ εταιρίεσ ερευνών», µε στÞχο να ενταχθεί το ελληνικÞ πρÞγραµµα στα νέα ευρωπαϊκά δίκτυα στο πλαίσιο τησ ευρωπαϊκήσ ενεργειακήσ πολιτικήσ, κάτι που θα δώσει και ενεργειακή αυτονοµία, Þπωσ είπε στην ΕΕ. Σύµφωνα µε τον Έλληνα πρωθυπουργÞ έτσι δίνεται εθνική και πανευρωπαϊκή σηµασία στο θέµα και κάνει δυνατή τη θωράκιση των ελληνικών αλλά και ευρωπαϊκών συµφερÞντων.

¶·Ú·Ì¤ÓÔ˘Ó ÂÎÙfi˜ Ã∞ ∆Ú. ∫‡ÚÔ˘ Î·È §·˚΋ Παράταση τησ αναστολήσ διαπραγµάτευσησ των µετοχών των τραπεζών Κύπρου και Λαϊκήσ µέχρι τισ 31/7/2013 ανακοίνωσε το Χρηµατιστήριο Αξιών Αθηνών. Σύµφωνα µε σχετική ανακοίνωση, µετά απÞ ενηµέρωση τησ Επιτροπήσ Κεφαλαιαγοράσ απÞ την Επιτροπή Κεφαλαιαγοράσ Κύπρου για τη συνέχιση αναστολήσ διαπραγµάτευσησ και σχετικού αιτήµατÞσ τησ, «το Χρηµατιστήριο Αθηνών αποφάσισε Þπωσ συνεχίσει την αναστολή διαπραγµάτευσησ των µετοχών των εταιριών ΤΡΑΠΕΖΑ ΚΥΠΡΟΥ ∆ΗΜΟΣΙΑ ΕΤΑΙΡΙΑ ΛΙΜΙΤΕ∆ και CYPRUS POPULAR BANK PUBLIC CO LTD µέχρι τισ 31 Ιουλίου 2013 (συµπεριλαµβανοµένησ), σύµφωνα µε την παρ.3 του άρθρου 46 του ν.3606/2007 Þπωσ ισχύει». Σύµφωνα µε την ανακοίνωση, συνεχίζεται και «η αναστολή διαπραγµάτευσησ των Μετατρέψιµων Αξιογράφων Ενισχυµένου Κεφαλαίου (ευρώ & δολάριο), των Μετατρέψιµων Χρεογράφων 2013/2018, και των Μετατρέψιµων Αξιογράφων Κεφαλαίου τησ “ΤΡΑΠΕΖΑ ΚΥΠΡΟΥ ∆ΗΜΟΣΙΑ ΕΤΑΙΡΙΑ ΛΙΜΙΤΕ∆” καθώσ και των παραγώγων προϊÞντων συµπεριλαµβανοµένου των προϊÞντων δανεισµού, µε υποκείµενο τίτλο των εταιριών “ΤΡΑΠΕΖΑ ΚΥΠΡΟΥ ∆ΗΜΟΣΙΑ ΕΤΑΙΡΙΑ ΛΙΜΙΤΕ∆” και “CYPRUS POPULAR BANK PUBLIC CO LTD”».

οδών (π.χ. Ακαδηµίασ) και γενικÞτερα αλλαγέσ στον τρÞπο κυκλοφορίασ στην ευρύτερη περιοχή τησ Πανεπιστηµίου και τησ Πατησίων µέχρι και την οδÞ Μάρνη. «ΣτÞχοσ µασ είναι κάθε λογήσ µελέτη να ολοκληρωθεί µέχρι το φθινÞπωρο, να ξεκινήσει η δηµοπράτηση µέχρι το τέλοσ του χρÞνου και µέχρι τα µέσα του επÞµενου χρÞνου να έχει αναδειχθεί µειοδÞτησ» Þπωσ επεσήµανε ο υπουργÞσ Ανάπτυξησ Κωστήσ Χατζηδάκησ, συµµετέχοντασ σε διευρυµένη σύσκεψη για την πρÞοδο τησ ανάπλασησ. Έτσι, σύµφωνα µε το χρονοδιάγραµµα έωσ το τέλοσ του 2013 προβλέπεται να έχει γίνει η δηµοπράτηση του έργου, µέσα στο 2014 να ξεκινήσουν οι εργασίεσ και να ολοκληρωθούν το 2015. ΤÞσο οι παρεµβάσεισ - αναπλάσεισ του αστικού χώρου, Þσο και οι κυκλοφοριακέσ ρυθµίσεισ προβλέπεται Þτι θα αλλάξουν σε σηµαντικÞ βαθµÞ τα σηµερινά δεδοµένα και

τισ συνήθειεσ µετακίνησησ των κατοίκων στην ευρύτερη περιοχή εντÞσ του ∆ακτυλίου τησ Αθήνασ. «ΕµβληµατικÞ» χαρακτήρισε το έργο απÞ την πλευρά του ο δήµαρχοσ Αθηναίων, Γιώργοσ Καµίνησ που συµµετείχε στη σύσκεψη, καθώσ θα συνδυαστεί µε τον εκσυγχρονισµÞ τησ Συγγρού, ένα έργο που ήδη µελετά η περιφέρεια.

ΧΡΗΜΑ&ΑΓΟΡΑ

5 ΙΟΥΝΙΟΥ, 2013

8 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

«•ÂÔ‡ÏËÌ·» ÙˆÓ Î˘ÚÈ·ÎÒÓ ÙÚ·Â˙ÒÓ ÛÙËÓ ∂ÏÏ¿‰· Η συµφωνία πώλησησ των υποκαταστηµάτων των τραπεζών στην Ελλάδα είχε ζηµιέσ δισεκατοµµυρίων ευρώ για την Κύπρο και κέρδη πολλών δισεκατοµµυρίων για την ελληνική τράπεζα, σύµφωνα µε διαπιστώσεισ µελών τησ Επιτροπήσ Θεσµών τησ Βουλήσ που συζήτησε χθεσ σε συνεδρία τησ το συγκεκριµένο θέµα κεκλεισµένων των θυρών. Ο ∆ιοικητήσ τησ Κεντρικήσ Τράπεζασ Πανίκοσ ∆ηµητριάδησ, που παρέστη στη συνεδρία, ανέφερε Þτι η απÞφαση ήταν πολιτική και υπÞ τισ περιστάσεισ ήταν καλή. Ο ΠρÞεδροσ τησ Επιτροπήσ Θεσµών ∆ηµήτρησ Συλλούρησ, σε δηλώσεισ του, εξήρε το έργο που επιτελεί η Επιτροπή Θεσµών. Μέσα απÞ τισ εργασίεσ τησ, σηµείωσε, αναδεικνύονται πολύ σηµαντικά θέµατα, καυτά ερωτήµατα. “Το γεγονÞσ Þτι η συνεδρία είναι κλειστή µασ βοηθά πάρα πολύ να εµβαθύνουµε στα θέµατα και αποφεύγεται η ταλαιπωρία του κοινού και ο εντυπωσιασµÞσ”, ανέφερε. «∆εν έχω καµία αµφιβολία Þτι τα αποτελέσµατα θα είναι πολύ βοηθητικά αν η πολιτεία αυτή έχει πράγµατι τουσ µηχανισµούσ να προχωρήσει σε διορθωτικά µέτρα ή και τιµωρίασ», είπε, προσθέτοντασ Þτι «δεν είπα ποτέ Þτι εµείσ θα γίνουµε και δικαστέσ και αστυνÞµοι και θα βάλουµε κÞσµο φυλακή. Είπαµε Þτι θα βοηθήσουµε να λάµψει η αλήθεια σε βάθοσ µε Þλη την πληροφÞρηση, κάτι που ήδη πετύχαµε». Η βουλευτήσ του ΑΚΕΛ Ειρήνη Χαραλαµπίδου δήλωσε Þτι η πώληση των υποκαταστηµάτων των κυπριακών τραπεζών στην Ελλάδα ήταν αποτέλεσµα πολιτικήσ απÞφασησ κι έγινε µε προσωπική παρέµβαση του Προέδρου τησ ∆ηµοκρατίασ Νίκου Αναστασιάδη. «Οι ζηµιέσ του adverse σεναρίου τησ PIMCO για τη Λαϊκή είναι 7,3 δισ. ΑπÞ αυτά, τα 4,5 δισ ζηµιέσ αφορούσαν στο ελληνικÞ χαρτοφυλάκιο. Οι ζηµιέσ για το κυπριακÞ χαρτοφυλάκιο ήταν µÞνο 2,5 δισ. Σηµαίνει Þτι το κÞστοσ τησ Ελλάδασ το πλήρωσαν οι Κύπριοι καταθέτεσ αλλά και ο κυπριακÞσ λαÞσ στο σύνολÞ του. Πρέπει να πούµε Þτι η τιµή τησ πώλησησ των υποκαταστηµάτων Þχι µÞνο δεν ήταν ικανοποιητική, η ζηµιά ήταν τεράστια και οδήγησε την Τράπεζα Κύπρου σε αρνητικά κεφάλαια δίνοντασ το δικαίωµα στη συνέχεια να τεθεί η Τράπεζα Κύπρου σε εξυγίανση», είπε.

¢¿ÓÂÈ· ¯ˆÚ›˜ ÂÍ·ÛÊ·Ï›ÛÂȘ Η Τράπεζα Πειραιώσ, συνέχισε, δεν έδωσε ικανοποιητικέσ εξηγήσεισ στα διάφορα ερωτήµατα που τέθηκαν και είναι σηµαντικÞ Þτι το ∆Σ τησ Λαϊκήσ Τράπεζασ είχε κάνει πρÞταση πριν πωληθούν τα υποκαταστήµατα στην Πειραιώσ να γίνει αποξένωση των καταστηµάτων αλλά να πωληθούν οι µετοχέσ στουσ µετÞχουσ τησ Λαϊκήσ Τράπεζασ. Σηµείωσε Þτι ο ΠρÞεδροσ τησ Τράπεζασ Πειραιώσ συνήψε δάνεια απÞ τη Λαϊκή 150 εκ. ευρώ, για τα οποία οι εξασφαλίσεισ δεν ήταν επαρκείσ. Ανέφερε επίσησ Þτι παραχωρούνταν δάνεια απÞ τη Λαϊκή σε στελέχη τησ Τράπεζασ Πειραιώσ χωρίσ επαρκείσ εξασφαλίσεισ. Είπε συγκεκριµένα Þτι δÞθηκαν δάνεια σε πολιτικά πρÞσωπα, ΜΜΕ και Μονέσ και πάλι χωρίσ εξασφαλίσεισ. Ο βουλευτήσ του ∆ΗΚΟ ΝικÞλασ ΠαπαδÞπουλοσ είπε πωσ η χθεσινή συζήτηση ξεκαθάρισε κάποια πάρα πολύ σηµαντικά πράγµατα: Είναι πλέον πέρα απÞ ξεκάθαρο πωσ οι Κύπριοι µέτοχοι και οι Κύπριοι καταθέτεσ των κυπριακών τραπεζών έχασαν 3.4 δισ ευρώ απÞ αυτή την πώληση και η Τράπεζα Πειραιώσ κέρδισε 3.4 δισ ευρώ απÞ αυτή την πώληση. Ο ισχυρισµÞσ, σηµείωσε, Þτι αυτά είναι

«λογιστικά κέρδη» και Þχι πραγµατικά κέρδη δεν ευσταθεί, καθώσ δεν υπάρχουν άλλησ µορφήσ κέρδη. Ùλα τα κέρδη είναι «λογιστικά». «Κάποιοι έχασαν, κάποιοι κέρδισαν σε αυτή τη συµφωνία. Στην Κύπρο κλαίµε, στην Ελλάδα πανηγυρίζουν. Αυτή είναι η πραγµατικÞτητα µε το αποτέλεσµα αυτήσ τησ συµφωνίασ που επιβλήθηκε στο κυπριακÞ τραπεζικÞ σύστηµα», είπε. Ο κ. ΠαπαδÞπουλοσ είπε επίσησ Þτι ο ∆ιοικητήσ τησ Κεντρικήσ Τράπεζασ παραδέχθηκε ενώπιον τησ Επιτροπήσ Θεσµών Þτι πριν απÞ την πώληση των εργασιών τουσ στην Ελλάδα, οι δυο µεγαλύτερεσ κυπριακέσ τράπεζεσ (Λαϊκή Τράπεζα και Τράπεζα Κύπρου) ήταν φερέγγυεσ. Τισ κατέστησε Þµωσ αφερέγγυεσ η πώληση των εργασιών τουσ στην Ελλάδα, πρÞσθεσε.

KTK: ƒ‹ÙÚ· ÙÔ˘ ªÓËÌÔÓ›Ô˘ Mετά την λήξη τησ συνεδρίασ τησ Κοινοβουλευτικήσ Επιτροπήσ Θεσµών, Αξιών και ΕπιτρÞπου ∆ιοικήσεωσ, και την παρατήρηση απÞ πλευράσ ΝικÞλα ΠαπαδÞπουλου Þτι δεν είναι ακριβήσ ο ισχυρισµÞσ πωσ µασ επιβλήθηκε στα δυο Εurogroup η πώληση των εργασιών των τραπεζών στην Ελλάδα, η ΚΤΚ µε ανακοίνωση τησ θέλησε να διευκρινίσει Þτι σε Þ,τι

αφορά στο θέµα τησ πώλησησ των κυπριακών τραπεζών στην Ελλάδα, υπήρχε πρÞνοια στο ΜνηµÞνιο Νοεµβρίου 2012 που έλεγε Þτι µε την ολοκλήρωση του προγράµµατοσ αναδιάρθρωσησ, ο τραπεζικÞσ τοµέασ θα είναι µικρÞτεροσ, πιο δυνατÞσ και πιο ανθεκτικÞσ. Στο πλαίσιο αυτÞ τησ αποµÞχλευσησ, τησ σµίκρυνσησ, δηλαδή, του τραπεζικού τοµέα γίνονταν κάποιοι σχεδιασµοί, κάποιεσ ασκήσεισ επί χάρτου σε µεσοπρÞθεσµο και µακροπρÞθεσµο ορίζοντα (5-7 χρÞνια), σηµειώνει η Κεντρική Τράπεζα. Προσθέτοντασ Þτι «είχαν τεθεί στÞχοι για τη µείωση του τραπεζικού συστήµατοσ σταδιακά, σε πιο αποδεκτά επίπεδα». Σε Þ,τι αφορά στο θέµα τησ φερεγγυÞτητασ των κυπριακών τραπεζών, η ΚΤΚ αναφέρει Þτι οι κυπριακέσ τράπεζεσ µε βάση τουσ κανÞνεσ τησ ΕΚΤ για την παροχή ELA ήταν φερέγγυεσ. Οι προβλέψεισ για τισ ζηµιέσ τησ Pimco, κάτω απÞ το ακραίο σενάριο, που αφορούν σε ορίζοντα τριών χρÞνων, δεν λαµβάνονταν υπÞψη για σκοπούσ ισολογισµού των τραπεζών και παρά τα σηµαντικά ελλείµµατα κεφαλαίου, οι τράπεζεσ δεν θεωρούνταν αφερέγγυεσ διÞτι υπήρχε η προοπτική τησ ανακεφαλαιοποίησησ τουσ µέσα απÞ το ΠρÞγραµµα Στήριξησ. Η Κεντρική Τράπεζα ανέφερε ακÞµα Þτι στο προκαταρκτικÞ ΜνηµÞνιο του Νοεµβρίου 2012, υπήρχε πρÞνοια για ποσÞ 10 δισ ευρώ για την ανακεφαλαιοποίηση των κυπριακών τραπεζών. Με αυτÞ το δεδοµένο, οι τράπεζεσ θεωρούνταν φερέγγυεσ. ΕπιπρÞσθετα, προστίθεται στην ανακοίνωση τησ Κεντρικήσ Τράπεζασ, Þταν είχε απορριφθεί η πρώτη πρÞταση του Eurogroup στισ 15 Μαρτίου και δεν υπήρχε η προοπτική του Προγράµµατοσ, µέσω του οποίου θα γινÞταν η ανακεφαλαιοποίηση των τραπεζών, τÞτε οι τράπεζεσ έπαυσαν να θεωρούνται φερέγγυεσ για σκοπούσ παροχήσ ELA. Εκείνο που χρειάζεται να τονιστεί είναι Þτι, υπÞ τισ τÞτε περιστάσεισ, δεν υπήρχε άλλη επιλογή απÞ την πώληση των δύο κυπριακών τραπεζών στην Ελλάδα, αφού αυτÞ είχε τεθεί ωσ προϋπÞθεση για την έγκριση του Προγράµµατοσ Στήριξησ τησ κυπριακήσ οικονοµίασ, µια απÞφαση που λήφθηκε σε επίπεδο Eurogroup, καταλήγει στην ανακοίνωση τησ η Κεντρική Τράπεζα τησ Κύπρου.

¶ÚÔÛÊÔÚ¤˜ ÁÈ· ÙÔ˘˜ ∫‡ÚÈÔ˘˜ ÂÍ·ÁÁ¤ÏÏÂÈ Ô ¶∞™À•∂ ªÂ ÌÂȈ̤Ó˜ Ù¿ÛÂȘ Ô ª¿ÈÔ˜-πÔ‡ÓÈÔ˜ Αισιοδοξία Þτι οι µήνεσ Ιούλιοσ, Αύγουστοσ και Σεπτέµβριοσ θα καλύψουν τισ ζηµιέσ που καταγράφουν στην ξενοδοχειακή βιοµηχανία ο Μάιοσ αλλά και ο Ιούνιοσ, εξέφρασε ο ΠρÞεδροσ του ΠΑΣΥΞΕ Χάρησ Λοϊζίδησ.

O κ. Λοιζίδησ ανέφερε Þτι «οι εκτιµήσεισ µασ είναι Þτι τÞσο ο Μάιοσ Þσο και ο Ιούνιοσ δεν παρουσιάζονται αυτή τη στιγµή µε αυξητικέσ τάσεισ. Ευελπιστούµε Þµωσ Þτι υπάρχει ο Ιούλιοσ, Αύγουστοσ, Σεπτέµβριοσ που είναι οι µήνεσ τησ πραγµατικήσ αιχµήσ κι ελπίζουµε Þτι εκείνη την περίοδο θα καλύψουµε µέροσ τησ ζηµιάσ που έχουµε καταγράψει µέχρι σήµερα ή µέροσ των απωλειών». Σε ερώτηση αν η Κύπροσ θα πάρει ένα µερίδιο του τουρισµού απÞ την Τουρκία λÞγω των εκεί αναταραχών, είπε πωσ «επειδή είµαστε λίγο ευαίσθητοι σε αυτÞ το θέµα γιατί κατά την περίοδο που είχαµε εµείσ τα προβλήµατα γινÞταν µια άγρια εκµετάλλευση απÞ τουσ ανταγωνιστέσ µασ, δεν θέλουµε κι

εµείσ τώρα να εκµεταλλευτούµε κάποια προβλήµατα που παρουσιάζονται στην Τουρκία». Η πραγµατικÞτητα Þµωσ, συνέχισε, είναι Þτι έχουν εκδοθεί και ταξιδιωτικέσ οδηγίεσ ιδιαίτερα απÞ τη Βρετανία για ταξίδια προσ την Τουρκία. Απλώσ, είπε, δεν θέλουµε να χαιρεκακούµε στα προβλήµατα που αντιµετωπίζουν οι τουριστικοί µασ προορισµοί, Þπωσ µασ ενÞχλησε εµάσ Þταν χαιρεκακούσαν άλλοι στα δικά µασ προβλήµατα κατά την περίοδο του Μαρτίου-Απριλίου.

M›ˆÛË 25% ÛÙȘ ÙÈ̤˜ Σε σχέση µε χαµηλά πακέτα, είπε πωσ είναι γεγονÞσ Þτι ήδη έχουν γίνει σηµαντικέσ εκπτώσεισ τησ τάξησ που έχουν φθάσει στο 20-25% Þσον αφορά τα µεγάλα συµβÞλαια για τουσ διοργανωτέσ ταξιδιών του εξωτερικού ώστε να συγκρατήσουµε αυτή τη µειωµένη ροή των κρατήσεων που είχαµε την τελευταία περίοδο.

Παράλληλα θα ξεκινήσουµε απÞ τισ επÞµενεσ εβδοµάδεσ, είπε, και εξαγγελίεσ προσφορών για τουσ συµπατριώτεσ µασ οι οποίοι συνήθωσ επιλέγουν τισ διακοπέσ τουσ κατά τη διάρκεια του Αυγούστου και κάποιεσ περιπτώσεισ του Ιουλίου. Ερωτηθείσ σχετικά, ανέφερε Þτι το σύνολο των διανυκτερεύσεων Κυπρίων στα ξενοδοχεία καθ’ Þλη τη διάρκεια τησ χρονιάσ είναι το 7% του συνÞλου τησ αγοράσ.

Ùσον αφορά το σχέδιο στήριξησ τησ ανεργίασ απÞ το Υπουργείο Εργασίασ, ο κ. Λοιζίδησ ανέφερε πωσ για να αξιολογηθεί το σχέδιο πρέπει πρώτα απ’ Þλα να εξετάσουµε κατά πÞσο ο συγκεκριµένοσ τοµέασ έχει µια αναπτυξιακή πορεία. ΑπÞ τα επίσηµα στατιστικά στοιχεία, σηµείωσε, φαίνεται Þτι η τουριστική βιοµηχανία µέχρι και το τέλοσ του Απρίλη είχε µια µείωση τησ τάξησ του 12,5%.

5 ΙΟΥΝΙΟΥ, 2013

ΧΡΗΜΑ&ΑΓΟΡΑ

financialmirror.com | ΕΝΕΡΓΕΙΑ | 9

∫·È «™¯¤‰ÈÔ µ’» ÁÈ· Ù· ÎÔÈÙ¿ÛÌ·Ù· ÛÙÔ ÔÈÎfiÂ‰Ô 12 ∏ ¤Ï¢ÛË ÙÔ˘ ÈÛÚ·ËÏÈÓÔ‡ Ê˘ÛÈÎÔ‡ ·ÂÚ›Ô˘ ı· Û˘Ì‚¿ÏÂÈ ıÂÙÈο ÛÙËÓ Î·Ù·Û΢‹ ÙÂÚÌ·ÙÈÎÔ‡ Η επιβεβαιωτική γεώτρηση ενδεχοµένωσ να ανεβάσει λίγο τισ εκτιµήσεισ στο κοίτασµα «Αφροδίτη» του οικοπέδου 12, απÞ 7 σε 8 tcf, προσδοκεί ο ΠρÞεδροσ τησ ΚΡΕΤΥΚ Χαράλαµποσ Έλληνασ, λέει Þµωσ Þτι δεν θα έρθει το τέλοσ του κÞσµου σε αντίθετη περίπτωση, καθώσ υπάρχει «σχέδιο Β’». Προσθέτει Þτι σε περίπτωση που το κοίτασµα είναι πιο περιορισµένο, η Noble θα προχωρήσει µε την εκµετάλλευση άλλου, µικρÞτερου κοιτάσµατοσ στο θαλάσσιο οικÞπεδο 12, ενώ η Κύπροσ θα παραµείνει εντÞσ σχεδιασµών σε σχέση µε το τερµατικÞ στο ΒασιλικÞ. Σε συνέντευξή του στο ΚυπριακÞ Πρακτορείο Ειδήσεων, ο κ. Έλληνασ ανέφερε εξάλλου Þτι η έλευση του ισραηλινού φυσικού αερίου στην Κύπρο θα συµβάλει θετικά στην κατασκευή του τερµατικού, προσθέτει Þµωσ Þτι δεν το θεωρεί απαραίτητο στοιχείο για τη βιωσιµÞτητα του project. Τα κυπριακά αποθέµατα απÞ µÞνα τουσ αρκούν, λέει. Ωσ προσ τον σχεδιασµÞ των υπολοίπων εταιρειών, ο ΠρÞεδροσ τησ ΚΡΕΤΥΚ αναµένει Þτι η Total θα προχωρήσει σε δύο γεωτρήσεισ εντÞσ του 2014, ενώ για την ΕΝΙ, λέει Þτι είναι πιθανÞν να ξεκινήσει στισ αρχέσ του 2015 ή και νωρίτερα. Συµπληρώνει εξάλλου Þτι η τελική επενδυτική απÞφαση για το ΒασιλικÞ θα παρθεί στισ αρχέσ του 2016, και Þχι στα τέλη του 2015, συµπληρώνει Þµωσ Þτι µέχρι τÞτε θα είναι γνωστή η ποσÞτητα των κυπριακών κοιτασµάτων, κάτι που θα διευκολύ-

νει τουσ σχεδιασµούσ για το τερµατικÞ. Ο Χαράλαµποσ Έλληνασ αναφέρθηκε και στην µεταστροφή τησ αντίληψησ που υπάρχει στην ΕΕ για την ενεργειακή συνεισφορά τησ Κύπρου. Λέει Þτι υπήρξαν πιέσεισ να διοχετευτεί το κυπριακÞ φυσικÞ αέριο µέσω Τουρκίασ, ενώ ευρωπαίοι αξιωµατούχοι δεν ήταν σε κάποιεσ περιπτώσεισ ενήµεροι για την εµπλοκή και άλλων εταιρειών στην κυπριακή ΑΟΖ, πέραν τησ Noble. Πλέον, αναγνωρίζεται η Ανατολική ΜεσÞγειοσ ωσ ένασ ξεχωριστÞσ ενεργειακÞσ διάδροµοσ, αναφέρει. Ùπωσ σηµείωσε η επιβεβαιωτική γεώτρηση ξεκινά στη βάση του χρονοδιαγράµµατοσ που είχε αναγγείλει η Noble. Η γεώτρηση ξεκινά αύριο Πέµπτη ή Παρασκευή, και θα διαρκέσει τρεισ µήνεσ, σηµείωσε. Σε ερώτηση αναφορικά µε το γεγονÞσ Þτι η Noble εξετάζει το ενδεχÞµενο να ερευνήσει και για πετρέλαιο ο κ. Έλληνασ ανέφερε «Βεβαίωσ και οι σχεδιασµοί τησ Noble στο θέµα αυτÞ είναι προχωρηµένοι. Έχει ετοιµαστεί ένα νέο, ειδικά κατασκευασµένο γεωτρύπανο, το οποίο του χρÞνου θα τρυπήσει βαθύτερα στο «Λεβιάθαν», για πετρέλαιο. H Noble είχε ήδη κάνει µια απÞπειρα στo συγκεκριµένο κοίτασµα, Þµωσ δεν µπÞρεσε να προχωρήσει πέρα απÞ ένα ορισµένο βάθοσ. Με το νέο γεωτρύπανο θα µπορέσει να πάει πιο βαθιά. Αν βρεθεί πετρέλαιο στο «Λεβιάθαν», τÞτε οπωσδήποτε θα υπάρχει και

στο «Ταµάρ» και στην «Αφροδίτη», διÞτι τα πετρώµατα είναι παρÞµοια σε Þλη τη λεκάνη τησ Λεβαντίνησ. Για εµάσ αυτή τη στιγµή έχει προτεραιÞτητα το φυσικÞ αέριο και η έρευνα για πετρέλαιο θα γίνει αργÞτερα, µέσα απÞ µια ξεχωριστή διαδικασία. Σχετικά µε τισ δηλώσεισ του αντιπροέδρου τησ ΚΡΕΤΥΚ ΣÞλων Κασίνη για το Þτι το 2014 θα υπάρχουν άλλεσ «4 µε 5 γεωτρήσεισ» ο κ. Έλληνασ επεσήµανε πωσ η Total προγραµµατίζει να προχωρήσει µε τισ γεωτρήσεισ το 2014. «Ελπίζουµε Þτι θα κάνει τουλάχιστον δύο, στο οικÞπεδο 10 και 11. Άρχισαν ήδη οι διαδικασίεσ για τισ τρισδιάστατεσ έρευνεσ στην περιοχή, ενώ άνοιξαν και τα γραφεία τουσ στην Κύπρο. Η ιταλική ΕΝΙ είναι σε παρÞµοιο στάδιο και σύµφωνα µε τουσ σχεδιασµούσ που µασ έχουν αναφέρει, προτίθενται να ξεκινήσουν τισ γεωτρήσεισ στισ αρχέσ του 2015 ή και νωρίτερα. Εγώ ελπίζω Þτι θα καταφέρουν να ξεκινήσουν το 2014».

∂ÁηٿÛÙ·ÛË ÊˆÙÔ‚ÔÏÙ·˚ÎÒÓ Û˘ÛÙËÌ¿ÙˆÓ Û 2.000 ÓÔÈÎÔ΢ÚÈ¿ ™‡Ó‰ÂÛË Ì ÙËÓ ∞∏∫ ̤ۈ ÙÔ˘ Û˘ÛÙ‹Ì·ÙÔ˜ net metering Εγκατάσταση φωτοβολταϊκών συστηµάτων σε 2.000 νοικοκυριά στη βάση εισοδηµατικών κριτηρίων προνοεί το Σχέδιο Χορηγιών του Ειδικού Ταµείου για Προώθηση και Ενθάρρυνση τησ Χρήσησ Ανανεώσιµων Πηγών Ενέργειασ και τησ ΕξοικονÞµησησ Ενέργειασ, µε τη συνολική δαπάνη να ανέρχεται περίπου στα 5 εκ. ευρώ. Τα νοικοκυριά στα οποία θα εγκατασταθούν τα φωτοβολταϊκά συστήµατα θα είναι συνδεδεµένα µε το δίκτυο τησ ΑΗΚ µέσω του συστήµατοσ net metering και αναµένεται Þτι η εξοικονÞµηση που θα πετύχουν στουσ λογαριασµούσ ηλεκτρικού ρεύµατοσ θα ανέλθει µέχρι και το 80% του σηµερινού κÞστουσ. Ο ΠροϋπολογισµÞσ του Ειδικού Ταµείου για Προώθηση και Ενθάρρυνση τησ Χρήσησ ΑΠΕ και τησ ΕξοικονÞµησησ Ενέργειασ για το 2013 συζητήθηκε στη Βουλή στο πλαίσιο κοινήσ συνεδρίασ των Επιτροπών Οικονοµικών και Εµπορίου. Σε δηλώσεισ του µετά το τέλοσ τησ συνεδρίασ τησ Επιτροπή ο ΠρÞεδροσ τησ Επιτροπήσ Εµπορίου Λευτέρησ ΧριστοφÞρου έκανε λÞγο για νέα στοιχεία που εισάγονται και τα οποία, Þπωσ είπε, θα βοηθήσουν πάρα πολύ την περαιτέρω υλοποίηση τησ ενεργειακήσ πολιτικήσ τησ Κυβέρνησησ. «Για πρώτη φορά η Κυβέρνηση θα επιδοτήσει 2.000 κατοικίεσ για εγκατάσταση φωτοβολταϊκών συστηµάτων, µέσω των οποίων

θα µειώσουν σχεδÞν στο µηδέν την κατανάλωση ηλεκτρικού ρεύµατοσ απÞ την ΑΗΚ» σηµείωσε. Ο κ. ΧριστοφÞρου επεσήµανε Þτι η πολιτική για εφαρµογή του συστήµατοσ net metering είναι µια νέα επαναστατική πολιτική η οποία θα επιλύσει πολλά προβλήµατα που έχουν να κάνουν µε το κÞστοσ του ηλεκτρικού ρεύµατοσ στα νοικοκυριά και πολύ περισσÞτερο µε το κÞστοσ στισ µικροµεσαίεσ επιχειρήσεισ και κατ’ επέκταση την ανταγωνιστικÞτητα τησ οικονοµίασ. Εξήγησε ακÞµη πωσ µε τη ψήφιση του Προϋπολογισµού απÞ τη Βουλή, θα ξεκινήσει άµεσα η εφαρµογή του Σχεδίου έτσι ώστε µέσα στο 2013 να εγκατασταθούν τα συστήµατα αλλά και Þτι η επιλογή των δικαιούχων θα γίνεται αυστηρά στη

βάση εισοδηµατικών κριτηρίων. Ο Λευτέρησ ΧριστοφÞρου ανέφερε πωσ η Επιτροπή Εµπορίου θα πραγµατοποιήσει ευρύτατη σύσκεψη στην παρουσία του αρµÞδιου Υπουργού Εµπορίου , µε στÞχο τη µείωση τησ τιµήσ του ηλεκτρικού ρεύµατοσ µε άµεσο ή έµµεσο τρÞπο και πολύ περισσÞτερο την υλοποίηση τησ πολιτικήσ για πράσινη ανάπτυξη η οποία περιλαµβάνεται και στο πρÞγραµµα διακυβέρνησησ Αναστασιάδη. Σε Þ,τι αφορά τισ µικροµεσαίεσ επιχειρήσεισ ο κ. ΧριστοφÞρου ανέφερε Þτι οι επιχειρήσεισ θα µπορούν να εγκαταστήσουν φωτοβολταϊκά έτσι ώστε να µειώσουν το κÞστοσ ηλεκτρικού ρεύµατοσ και να ενισχύσουν την ανταγωνιστικÞτητα τουσ. Ερωτηθείσ τέλοσ πÞτε θα εφαρµοστεί το σύστηµα του net metering ο κ. ΧριστοφÞρου ανέφερε Þτι µέχρι στιγµήσ οι υπηρεσίεσ του κράτουσ δεν είναι έτοιµεσ να απαντήσουν στο βασικÞ ερώτηµα πÞτε θα µπορεί ο οποιοσδήποτε, είτε ιδιώτησ είτε επιχείρηση, να εγκαταστήσει φωτοβολταϊκά συστήµατα τα οποία θα είναι συνδεδεµένα µε το δίκτυο τησ ΑΗΚ µέσω του συστήµατοσ net metering. Και αυτÞ επειδή, Þπωσ εξήγησε, υπεισέρχονται διάφορα τεχνικά ζητήµατα αλλά και το ζήτηµα τησ σταδιακήσ εφαρµογήσ του net metering έτσι ώστε να µην προκληθούν προβλήµατα στο ευρύτερο σύστηµα τροφοδοσίασ τησ ΑΗΚ.

∂ÓÂÚÁÂÈ·Îfi µÚ·‚Â›Ô ÁÈ· ÙËÓ ¶fiÏË ÃÚ˘ÛÔ¯Ô‡˜

∞ÓÔÈÎÙ‹ ™˘˙‹ÙËÛË ÁÈ· ÙȘ ÎÏÈÌ·ÙÈΤ˜ ·ÏÏ·Á¤˜ ∂ÈÙÒÛÂȘ ÛÙÔ ÂÚÈ‚¿ÏÏÔÓ Î·È Ì¤ÙÚ· ·ÓÙÈÌÂÙÒÈÛ˘ ÙÔ˘˜ Το Ινστιτούτο Κύπρου, στο πλαίσιο του ∆ιεθνούσ Περιφερειακού Συνεδρίου για την Ερευνητική ∆ράση «Μελλοντική Γη» και µε αφορµή την ΠαγκÞσµια Ηµέρα Περιβάλλοντοσ, διοργανώνει σήµερα Τετάρτη, 5 Ιουνίου 2013, στισ 17.30, στο Ξενοδοχείο Hilton, Ανοικτή Συζήτηση µε θέµα «Κλιµατικέσ αλλαγέσ, επιπτώσεισ στο περιβάλλον και µέτρα αντιµετώπισησ τουσ», µε τη συµµετοχή εκπροσώπων Þλων των κοινοβουλευτικών κοµµάτων. Στη Συζήτηση, που είναι ανοικτή για το κοινÞ, επιστηµονική παρέµβαση θα κάνει ο Καθηγητήσ του Τµήµατοσ Φυσικήσ του Πανεπιστηµίου Αθηνών και τέωσ Πρύτανησ ∆ηµοσθένησ ΑσηµακÞπουλοσ. Οι εκπρÞσωποι των κοµµάτων θα αναφερθούν στισ αναγκαίεσ δράσεισ και αποφάσεισ που πρέπει να υλοποιηθούν, για την αντιµετώπιση των αλλαγών του κλίµατοσ, τον περιορισµÞ των αυξανÞµενων ρύπων, την καταστροφή του περιβάλλοντοσ και την υιοθέτηση ενÞσ µοντέλου βιώσιµησ ανάπτυξησ για την Κύπρο. Στην Ανοικτή Συζήτηση θα τοποθετηθούν οι βουλευτέσ Αδάµοσ Αδάµου ΑΚΕΛ, ΠρÞδροµοσ ΠροδρÞµου ∆ΗΣΥ, Σοφοκλήσ Φυττήσ ∆ΗΚΟ, Ρούλα ΜαυρονικÞλα Ε∆ΕΚ, Γιώργοσ Περδίκησ Κίνηµα ΟικολÞγων και Σούλα Ζαβού Μέλοσ Πολιτικήσ Επιτροπήσ ΕΥΡΩΚΟ.

Ο ∆ήµοσ ΠÞλησ Χρυσοχούσ είναι απÞ τουσ πρώτουσ ∆ήµουσ στην Κύπρο που εκδήλωσε ενδιαφέρον να συµµετάσχει στο έργο Isle- Pact- Medeea, µε εταίρο το ΕνεργειακÞ Γραφείο Κυπρίων Πολιτών, υπογράφοντασ το Σύµφωνο των Νησιών και το Σύµφωνο των ∆ηµάρχων. Κύριοσ σκοπÞσ του έργου, σύµφωνα τον ∆ήµο ΠÞλησ, είναι η εκπÞνηση ενεργειακού σχεδίου δράσησ για την επίτευξη των ευρωπαϊκών στÞχων αειφορίασ Þπωσ καθορίστηκαν απÞ την ΕΕ για το 2020,δηλαδή µείωση των εκποµπών CO2 τουλάχιστον κατά 20% µέσω µέτρων προώθησησ των ανανεώσιµων πηγών ενέργειασ, τησ εξοικονÞµησησ ενέργειασ και των βιώσιµων µεταφορών. Τα µέτρα που θα προωθηθούν απÞ το ∆ήµο, προστίθεται στην ανακοίνωση, για την εξοικονÞµηση ενέργειασ είναι η εξοικονÞµηση ενέργειασ στα δηµÞσια κτίρια του ∆ήµου, στισ µεταφορέσ, στον οδικÞ φωτισµÞ, µε εκστρατείεσ ενηµέρωσησ, επενδύσεισ του ∆ήµου σε ανανεώσιµεσ πηγέσ ενέργειασ και ανάπτυξη χώρων πρασίνου. Ο ∆ήµοσ φρÞντισε να δηµιουργήσει τισ κατάλληλεσ υποδοµέσ για τη διακίνηση ατÞµων µε κινητικέσ δυσκολίεσ και ένα απÞ τα µέτρα που υλοποίησε είναι η εγκατάσταση του καινοτÞµου και πρωτοποριακού συστήµατοσ πρÞσβασησ ατÞµων µε κινητικέσ δυσκολίεσ στη θάλασσα, που λειτουργεί µε φωτοβολταϊκά πλαίσια. Επίσησ, ο ∆ήµοσ αντικρίζει θετικά τισ διάφορεσ αιτήσεισ που υποβάλλονται για απÞκτηση άδειασ για δηµιουργία φωτοβολταϊκών πάρκων.

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

w ww .hellas -ene rgy .com

June 5 - 11, 2013

20 | WORLD MARKETS | financialmirror.com

Decline in India? companies are already investing less profit back in their businesses and cutting down on job opportunities, reducing output and further growth potential, and simultaneously forcing quality graduates out of the country. As a result, annual capital investment growth declined to a mere 3.5% in the first President, Banc De Binary quarter of 2013.

While the present government has a vital role to play, the blame should certainly not be fully placed on its shoulders.

India’s economy grew just 5% last year, according to the With hindsight, it is easy to see that India was not prepared for latest figures. With the manufacturing and service sectors its rapid development in the years preceding the global finandeclining, and foreign investment being deterred, it raises the cial crisis. Institutions lacked the capacity to cope and farmers question whether India is another victim of global downwards ended up being exploited by the corporate acquisition of their land, which left them without traditional means of income. trends or simply facing a short-term set back.

That said, it is now the government’s responsibility to act, Until two years ago, India was enjoying an annual growth of 9% but a variety of factors have shaken up recent develop- and to act in the belief that there is still potential for further growth. According to Yes Bank’s chief ment in Asia’s third biggest economy. The economist, Shubhada Rao, “The governcountry has experienced a decline in its ment needs to go all-out to turn around manufacturing and service sectors, and the investment sentiment.” high interest rates and steep inflation have Following the latest figures, Singh undermined consumer spending. Factor in pledged to control inflation and promote too that delays in key reforms and the comgrowth-increasing activities, insisting plicated business regulations have driven that his policies would start to take away foreign investors. effect later in 2013. On cue, the central The decline in growth comes less than a www.bbinary.com Bank cut interest rates for the first time year before national elections in 2014, reflecting badly on the existing Prime Minister, Manmohan in nine months and implemented changes which it said Singh, and his government. They passed a series of measures would add 180 billion rupees of liquidity into the banking last year aimed at boosting growth, but the worry is that it may system, around $3.2billion.

It will be for the government now to follow through on its have been too little too late. Although Singh has voiced confidence that the current downturn is “temporary” and the econ- promises. It will also have to cut down on unnecessary bureauomy will shortly bounce back to an 8% growth rate, several cracy that hinders business, invest significantly in solid infraindustry leaders remain pessimistic and share concerns about structures and transport links to support industry, and find incentives to make India an attractive place of investment for the high rates of inflation.

Many countries today can unfortunately testify to the eco- foreign companies. If the political leadership acts boldly now, nomic reality that it is easy for a whole economy to enter a the government may just manage to have its shot at re-election vicious circle of decline if no decisive action is taken. Indian and slowly turn around India’s economy. Watch this space.

By Oren Laurent

Dollar rebounds as U.S. data calms stimulus fears The U.S. dollar found a foothold back above 100 yen on Tuesday after suffering a sharp setback in the previous session, when disappointing data cooled speculation the Federal Reserve would scale back its stimulus anytime soon.

The dollar index also recovered to 82.837 after sliding as much as 1% to 82.428 on Monday following news the Institute for Supply Management (ISM)’s index of U.S. factory activity fell to 49.0, its lowest since June 2009.

The ISM sent the dollar crashing through the psychologically important level to a four-week low of 98.86 overnight on the ISM data, marking a 4.9% drop from a 4-1/2 year high of 103.74 set last month.

On Tuesday, the dollar reclaimed 0.5% to 100.09 yen, initially bounced off its lows

early on Tuesday after sources told Reuters that Japan’s government will urge public pension funds - a pool of more than $2 trln - to increase their investment in equities and overseas assets.

Market participants said the news would

so I think they are using this as a trading factor,” Societe Generale analyst was quoted by Reuters.

The Australian dollar trimmed its losses to 0.4% to $0.9729 after the Reserve Bank of Australia (RBA) kept its cash rate steady

FOREX COMMENTARY & TECHNICAL ANALYSIS not be taken in earnest until the government announced it officially - which sources said could come as early as Wednesday, when Prime Minister Shinzo Abe is due to make a speech about his growth strategy.

“I think a lot of people were waiting to buy on the dip, around the 99.5 level and

at a record low of 2.75%, as expected.

Governor Glenn Stevens said easing was still on the table if the inflation outlook did not change.

The market’s next focus is a U.S. jobs report out on Friday, which could support

the prospect of the Federal Reserve winding down its asset-buying programme early.

But market participants say disappointing data such as the ISM suggests bullish bets on the dollar in recent weeks in hope of such a move were overdone.

“We think USD long positions are likely to remain under pressure heading into Friday’s jobs report, and the employment number will likely need to beat the 165,000 consensus significantly to revive USD upside momentum,” said Daniel Katzive, strategist at BNP Paribas.

Renewed pressure on the greenback saw the euro briefly pop above $1.3100 for the first time since May 9. It was last at $1.3068 with resistance seen at the overnight high of $1.3108. This is followed by $1.3141, the 76.4% retracement of its May 1-17 decline.

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.

June 5 - 11, 2013

financialmirror.com | MARKETS | 21

Can Japan stop the rout?

Marcuard’s Market update

by GaveKal Research The sudden collapse of Japanese equity prices last month had many possible explanations but one that deserves more attention is the simplest— there were more sellers than buyers. What makes this banal observation potentially useful in Japan’s case is the possibility that the imbalance between buyers and sellers may be about to shift. More precisely this imbalance may soon be affected by a change in government regulation which, for once, could improve financial pricing instead of distorting it even more.

We draw this conclusion from two items of information last week brought to our attention by our friend Jonathan Allum of SMBC Nikko, whose daily comments on Japan have for years been a must-read for equity investors. The first was the weekly report on equity sales and purchases from the Tokyo Stock Exchange (TSE). This clearly identified the two sources of selling pressure behind the equity rout from May 23 onwards. One

was fully expected—foreign buying, which had been by far the biggest force on the bid side suddenly stopped and in fact turned slightly negative in the week ending May 24. But the second source of selling pressure was more surprising. It was not over-leveraged Japanese individuals who panicked, perhaps in response to margin calls, as was widely believed when the market reversed; Mr and Mrs Watanabe switched from moderate net sellers to big buyers as prices tumbled. Instead, the domestic investors mainly responsible for the sudden market panic appeared to be the trust banks, whose main job is to manage pension funds. Trust banks became big sellers of equities in the week ending May 17 and then suddenly disgorged a net –JPY 457bn in equities in the week ending May 24.

This raises the question of why the trust banks have been such big sellers and especially why their retreat from equities suddenly turned into a fullscale rout in the week ending May 24. Which brings us to the second important item of information Jonathan highlighted last week. This was a Reuters story on changes in asset allocation targets in Japan’s Government Pension and Investment Fund (GPIF), the US$1.1trn colossus

that manages pensions for most of the government’s employees.

The GPIF is not just the world’s biggest pension fund. Even more importantly its behaviour sets a benchmark for most other Japanese pensions funds and trust banks. The Reuters story, based on unnamed but clearly authoritative sources, said that GPIF could be forced into massive selling of equities because stock market price gains were pushing its equity allocations above the upper limits allowed by its rigid asset-allocation guidelines.

The GPIF’s model portfolio apparently set a core allocation of 67% bonds, with a minimum of 59%, and an 11% core allocation to domestic equities, with a maximum of 17%. At the end of 2012, the GPIF’s bond investment was around 60% and its equity allocation 13%. The 50% increase in the Nikkei to May 22 would have mechanically increased the equity allocation to 19.5%, well above the upper limit, even without accounting for the big fall in bond prices at the same time. It seems very likely, therefore, that the GPIF along with many Japanese pension funds and trust banks were forced to sell equities aggressively to

An odd divergence In recent weeks, the JGB market has broken down, with 10-year bond yields almost doubling. The Nikkei has fallen more than -15% from its peak and thus technically entered bear market territory (even if, in fairness, the past ten days’ pullback only brings the Nikkei back to where the index was at the beginning of the month!). But, over the same period, in a surprising turn of events, the yen has barely budged, staying well anchored in the JPY 100.5-102/USD range. Honestly, who, a few weeks ago, would have thought that bond yields could double, the Nikkei could crumble and the yen remain steady as a rock? Part of our surprise stems from the fact that, in almost all recent periods of market stress, the yen strengthened. But not this time. A development which is bound to lead traders to conclude “if the yen can’t rise with JGB yields doubling and the Nikkei losing -15%, it can’t rise at all.”

Given our conviction that the yen has entered a structural bear market, we have a lot of sympathy for this conclusion; even if we acknowledge that the recent lack of yen volatility in the face of sharp falls in the stock market could also be a reflection of the odd nature of the Japanese equity and bond market sell-off.

Starting with equity markets, one striking feature of the recent pullback is the lack of dispersion in the performance of the various Japanese sectors.

Indeed, in a “normal” bear market, one would expect low beta sectors like utilities, healthcare, staples, etc., to significantly outperform and high beta sectors like financials or technology to lead the market on the downside.

This has happened, but not to the extremes that would usually be associated with moves of the magnitude witnessed, begging the question of whether the move lower in Japanese equities has been triggered by massive futures selling?

But if the sell-off was primarily futures-led, what triggered it? We find

www.marcuardheritage.com

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

Weekly Economic Calendar Date Country Detail JUN 5 EUR Final Services PMI due 11.00am JUN 5 EUR Retail Sales M/M due 12.00noon JUN 5 EUR Revised GDP growth Q/Q due 12.00noon JUN 5 US ADP Non-Farm Employment Change due 3.15pm JUN 5 US Revised Nonfarm Productivity Q/Q due 3.30pm JUN 5 US ISM Non-Manufacturing PMI due 5.00pm JUN 5 US Factory Orders M/M due 5.00pm JUN 6 AUD Aussie Trade Balance due 4.30am JUN 6 EUR Spanish 10-year Bond Auction JUN 6 EUR German Factory Orders M/M due 1.00pm JUN 6 GBP Bank of England MPC meeting on rates due 2.00pm JUN 6 EUR ECB Rate Meeting - Minimum Bid Rate due 2.45pm JUN 6 EUR ECB President Mario Draghi press conf starts 3.30pm JUN 6 US Weekly Unemployment Claims due 3.30pm JUN 7 EUR German Trade Balance due 9.00am JUN 7 EUR French Trade Balance due 9.45am JUN 7 EUR French Government Budget due 9.45am JUN 7 GBP UK Trade Balance due 11.30am in Sterling JUN 7 CAD Canada Unemployment Change due 3.30pm JUN 7 CAD Canada Unemployment Rate due 3.30pm JUN 7 US Non-farm Employment Change due 3.30pm JUN 7 US Unemployment Rate due 3.30pm JUN 7 US Average Hourly Earnings M/M due 3.30pm JUN 7 US Consumer Credit M/M due 10.00pm Jun 8 CNY China Trade Balance Indicated times are Cyprus time

two possible explanations (but please do let us know if you have others!).

The first is that macro-traders had become over-extended on the Japanese trade and began ratcheting back their exposure. In turn, this triggered some negative momentum signals and the CTA, which until now had been a key marginal buyer (for the trend was so strong), simultaneously all became marginal sellers. And with over half of the world’s marginal trading dollars now allocated by computer programs, the unwind took on a life of its own.

The objection to the simple explanation of blaming the nefarious macro and CTA traders is that the Japanese sell-off had a very clear catalyst, namely the increase in the volatility of long-dated Japanese bonds.

And logically, macro traders and CTAs should not really care about falling JGBs (in our travels around the world, in the whole history of Marcuard, we never ever met a macro manager long Japanese bonds!).

Higher bond volatility should not have led CTA/macro funds to the brutal unwinding we have just witnessed.

So, if our starting point is that the seller of equity first took a hit on bonds, then the question becomes who cares about long-dated JGBs? The retail investor does not (he barely owns any), nor do the insurance companies, nor the big banks (the duration on the big Japanese banks’ bond holdings is reportedly under two years). This leaves the trust and regional banks. Whose bond holdings do tend to extend further out on the yield curve. So did trust and regional banks—sitting on large equity gains but also witnessing an increase in the overall volatility of their portfolio because of the bond sell-off—decide to reduce their risk? Very possibly. But then, if that’s the case, why was the sell-off so uniform across sectors? After all, regional banks tend to be long individual names more than Nikkei futures?

Forecast 47.5 -0.20% -0.20% 171k 0.70% 53.4 1.60% 0.21B

Previous 47.5 -0.10% -0.20% 119k 0.70% 53.1 -4.90% 0.31B

-1.00% 0.50% 0.50%

2.20% 0.50% 0.50%

354k 17.6B -4.7B -31.0B -8.8B -9.1B 17.3k 12.5k 7.10% 7.20% 163k 165k 7.50% 7.50% 0.20% 0.20% 13.4B 8.0B 20.8B 18.2B Source: Eurivex

stay within their asset allocation models. But now comes the interesting part: According to the Reuters story, the GPIF “is expected to announce changes [to its asset allocation model] as soon as next month…. “The sharp moves in financial markets over the past six months have made fund administrators more serious about considering changes now” on the advice of a review committee set up by the Abe government. According to other reports from Tokyo, this committee will report by June 14, which is also a date set for the replacement of several GPIF investment managers. This also happens to be the date by which the Abe government has promised to finalise its structural reform program, the “third arrow” in its quiver of new economic policies.

To grasp the potential impact of GPIF asset allocation changes, which might well be followed by other Japanese pension funds and trust banks, we can look at GPIF holdings in 2005. Allum notes that domestic equities back then were 26% of the GPIF portfolio, more than double the 11% core allocation today. In sum, the destabilising behaviour of the GPIF and the Japanese trust banks in last month’s Tokyo equity meltdown offers the Abe government a new and attractive structural reform target: overly conservative pension fund management. If Abe is serious about his program of economic revival he will fire his structural reform arrow at this new target, maybe as soon as June 14.

WORLD CURRENCIES PER US DOLLAR CURRENCY

CODE

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

8660 1.5295 1.4956 19.7106 5.7008 11.9655 1.3075 1.65 223.49 0.536 2.6405 0.3283 12.43 5.8122 3.2448 3.365 31.9073 6.5536 0.9495 8.152

AUD CAD HKD INR JPY KRW NZD SGD

0.9651 1.0326 7.7619 56.55 100.19 1122 1.2483 1.254

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

0.3770 6.9846 12030.90 3.6761 0.7065 0.2852 1501.00 0.3850 3.6409 3.7502 9.7430 3.6728

AZN KZT TRY

0.7835 151.32 1.8760

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

MIDDLE EAST & AFRICA Bahrain Dinar Egyptian Pound Iranian Rial Israeli Shekel Jordanian Dinar Kuwait Dinar Lebanese Pound Omani Rial Qatar Rial Saudi Arabian Riyal South African Rand U.A.E. Dirham ASIA Azerbaijanian Manat Kazakhstan Tenge Turkish Lira Note:

* USD per National Currency

The Financial Markets 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

0.19 0.49 0.06 0.12 0.00

0.23 0.50 0.09 0.14 0.01

0.27 0.51 0.12 0.15 0.02

0.42 0.59 0.20 0.24 0.08

0.69 0.89 0.40 0.43 0.25

USD GBP EUR JPY CHF

0.46 0.70 0.45 0.25 0.11

0.66 0.84 0.61 0.30 0.20

0.93 1.00 0.79 0.38 0.34

1.22 1.18 0.98 0.48 0.49

1.75 1.57 1.33 0.71 0.82

2.32 2.10 1.76 1.01 1.20

Exchange Rates

345k 16.5B -4.4B

Major Cross Rates CCY1\CCY2 USD EUR GBP CHF JPY

Opening Rates

1 USD 1 EUR 1 GBP

1 CHF

100 JPY

1.3075

1.5295

1.0532

0.9981

1.1698

0.8055

0.7634

0.6886

0.6526

0.7648 0.6538

0.8549

0.9495

1.2415

1.4523

100.19

131.00

153.24

0.9477 105.52

Weekly movement of USD

CCY\Date

30.04

14.05

21.05

28.05

04.06

CCY

Today

USD GBP JPY CHF

1.3043

1.2958

1.2835

1.2869

1.3012

0.8420

0.8461

0.8418

0.8520

0.8491

127.48

131.25

131.28

130.94

129.50

1.2201

1.2334

1.2404

1.2414

1.2316

GBP EUR JPY CHF

1.5295 1.3075 100.19 0.9495

Last Week %Change 1.5106 1.2910 102.16 0.9688

-1.25 -1.28 -1.93 -1.99

June 5 - 11, 2013

22 | WORLD MARKETS | financialmirror.com

Britain’s Co-op Bank targets bondholders l

Asset sales, debt restructuring and buyback under consideration; Bank must agree plan with regulator by end of June

The Co-operative Bank may cut payouts to bondholders to help to plug a capital shortfall that could be as high as 1.8 bln pounds.

Parent company the Co-operative Group, Britain’s biggest customer-owned business, has been exploring options for its troubled banking division since Moody’s cut the lender’s credit rating to junk status last month, raising fears over the bank’s future.

The latest option under consideration would see the bank defer coupons on subordinated debt to preserve capital, a London-based debt capital markets banker said. The move would be part of a three-pronged approach to boost capital, including the sale of parts of its business and a restructuring of its subordinated debt in conjunction with a bond buyback.

Concern over Co-op Bank’s capital position first surfaced after it pulled out of a deal to buy hundreds of bank branches from Lloyds Banking Group in April.

The bank has until the end of the month to agree a rescue

plan with Britain’s Prudential Regulation Authority, which has identified an industry-wide capital shortfall of 25 bln pounds and is holding talks with banks individually.

The final details of Co-op Bank’s plans have yet to be finalised, the sources said, and will depend upon the size of the shortfall. Analysts have estimated that it could be between 800 mln pounds and 1.8 bln pounds.

EU PRECEDENT

Asset sales and a further slimming of the bank, which has stopped lending to new business clients, are both on the table, the sources said. However, bondholders are likely to have to share at least some of the pain.

A precedent was set when British banks Lloyds and RBS were blocked from paying coupons by the European Union after their state bailout.

“Deferring coupons will certainly save the group some cash and restore some of its capital position, but alone it will

not be enough,” the banker said.

The option of a debt buyback in conjunction with a restructuring of the bank’s debt is likely to be welcomed by investors. Some are keen to secure an exit, especially if Co-op buys at a premium to where the bonds are trading at present.

“The trading prices on Co-op debt suggest that investors do not think they will be able to recover par on their securities,” the banker said.

Such an arrangement would involve the bank offering to buy back bonds at a premium to the market price but a discount to par value. If the bonds are trading at 60 cents in the euro, for example, it can pay 70 cents, giving a premium to the investor while making a capital gain of 30%.

Market participants reported that bond values fell by as much as half after the Moody’s downgrade. Though a recent recovery makes such a buyback exercise less attractive than before, industry experts doubt that the bank has many other options to raise capital in the public market.

Luxury carmakers chase India’s young, female and frugal l

Mercedes, BMW, Audi going small and local to boost sales

Luxury carmakers in India are moving downmarket and shifting production of smaller and cheaper cars to local plants to cut costs, broadening their target market to include India’s young, female and middle-class drivers to boost lacklustre performance.

In an effort to raise stuttering sales that far lag emerging Asian rival China, the German big three of Mercedes-Benz, Audi and BMW want to win buyers outside the ultra-rich with locally-made hatchbacks and smaller cars.

“This is a real year of offensive,” said Eberhard Kern, India managing director of Daimler AG’s Mercedes-Benz brand, for which sales dropped nearly one-third in the financial year just ended. He expects the rollout of its hatchback A-Class and a diesel version of its B-class model to help spur double-digit sales growth this year.

After two decades of economic boom, the sight of a sleek Lamborghini or polished Bentley outside Mumbai or Delhi’s flashiest hotels or most exclusive nightclubs is not uncommon.

Yet annual sales of luxury cars stand at just over 20,000 vehicles, or about 1% of the total car market, compared with around 7% in China.

Tapping into India’s love for compact vehicles - which account for around 75% of all car sales - is no guaranteed fix for the German firms, whose luxury hatchbacks will face competition from far cheaper mid-market offerings made by competitors including Toyota and Volkswagen in India’s highly costsensitive market.

“What the (manufacturers) are trying to do is lower the prices and create a much more marketable population. That trend is going to continue,” said Abdul Majeed, automotive leader at PricewaterhouseCoopers India.

“In India you have to demonstrate a value-for-money proposition ... but ‘How can I make sure that the BMW stands a class apart from the other products?’ will be the challenge for the (manufacturers),” Majeed told Reuters.

In 2014, over 90% of the vehicles Audi sells in India will be made there, up from around 80% now, as it adds the Q3 compact SUV to its Indian assembly line where the A4, A6, Q5 and Q7 are already being built.

Cars built from imported kits, known as complete knockdown (CKD) production, avoid high import taxes on ready-todrive models such as the top-end Audi R8 Spyder, which costs around $320,000 in India and will continue to be shipped in from overseas plants and sold alongside “Made in India” vehicles.

In his February budget, India’s finance minister raised the import duty on luxury cars to 100% from 75%, making local production even more attractive.

Luxury car sales fell an annual 14% in the financial year that ended in March, as India’s lowest economic growth in a decade brought years of rising demand to an end.

Overall car sales fell for the first time in ten years in 2012, and now to attract Indians who are affluent but lack the vast resources of the super-rich, Mercedes and its rivals are introducing lower-priced models, more of which than ever before will be built in India.

Mercedes, which has built cars in India since 1995, is doubling assembly capacity at its plant in western Pune to 20,000 cars annually this year, and will bring its A-Class small cars to the country in the next three months. It is also introducing guaranteed resale prices across its range, and adding cars like its GL-Class to its local plant this year.

The range offered by Mercedes in India starts with the BClass from around $40,000.

Audi and BMW are following similar scripts. The UK-based luxury Jaguar Land Rover unit of India’s Tata Motors, which saw sales in India double last year, is even mulling full production, using Indian parts, in the country.

YOUNG AND TRENDY

Mercedes-Benz, which entered India in 1994, expects total Indian luxury sales to rise to 280,000 annually by 2020, or 4% of the total forecast car market. The company believes it must break into new markets to secure that business.

“There is a different growing segment below the 30 lakh (3 mln rupees, $55,500) threshold, where we are not in the game right now,” said Kern. “There the game starts for us in the next three months.”

The A-Class will be India’s “first luxury hatchback” according to Kern, and will be launched alongside a diesel version of its B-Class model, a fuel that powers 90% of the cars Mercedes now sells in India.

Both those smaller models will be prime candidates for local assembly in 2014, further lowering their cost, while the company is also considering the CLA-Class compact for an Indian entry, Kern said.

BMW, India’s biggest luxury carmaker by sales, began making its Mini small car in India last month, and will add the 1 series hatchback to its production line in the south Indian city of Chennai this year.

RBS narrows list of branch bidders Royal Bank of Scotland has narrowed a shortlist of prospective bidders for hundreds of branches it must sell, with JC Flowers and Apollo dropping out of the race.

The part-nationalised bank informed the U.S. private equity firms last week that their joint proposal had not been successful and the bank is expected to contact other bidders in the next few days.

RBS has to sell 315 branches as a condition of receiving a 45.8 bln pound bailout during the 2008 financial crisis

that left it 82% owned by the government. A planned 1.65-bln-pound sale to Santander collapsed last October, while a consortium led by Invesco Perpetual and Schroders has offered 1 bln pounds.

A proposal from several of Britain’s biggest investment firms, fronted by former Tesco finance director Andrew Higginson, remains in the running, along with a proposal from U.S. private equity firms Centerbridge Partners and Corsair Capital. Virgin Money is also waiting for a response to its proposal

from RBS. RBS may finalise a shortlist this week but the timetable for an eventual sale remains uncertain given the different types of proposals being considered.

RBS is preparing the business, code named Rainbow, for a stock market flotation but is open to the idea of having cornerstone investors on board prior to an initial public offering. The bank has said a sale this year is now unlikely, meaning it will have to ask European regulators to extend a December 2013 deadline.

June 5 - 11, 2013

financialmirror.com | WORLD MARKETS | 23

Sell emerging markets in May... June... July Sell in May? They certainly did in emerging markets.

But unlike in the old adage, they are likely to sell in June and July too if investment returns in the once-hot sector keep getting slammed by moves in U.S. bond yields and the dollar.

Emerging currencies have crashed to multi-month and even multi-year lows against the dollar in the recent frantic selloff, with emerging bond funds suffering their first weekly outflow in a year, according to data from EPFR Global.

The Boston-based fund tracker reports redemptions of $224 mln from emerging debt in the week to May 29, while equities lost $2.9 bln, their biggest outflow since end-2011.

“People are really worried we will see a 1994-type market event, when the Fed hiked rates and emerging markets suffered a lot,” said Pierre-Yves Bareau, head of emerging debt at JPMorgan Asset Management in London.

Memories of 1994 have been stirred by recent talk that signs of a U.S. economic recovery could induce the Federal Reserve to scale back its money-printing, risking a repeat of the market bloodbath that followed Alan Greenspan’s decision to start tightening policy almost 20 years ago.

As years of rock-bottom U.S. yields draw to a close, emerging markets, at least temporarily, may be victims of the Fed’s success in pulling the U.S. economy out of its funk.

During these years they have enjoyed an investment bonanza. EPFR data shows over $46 bln flowing to emerging stock and bond funds since January, after almost $90 bln last year.

But 10-year U.S. Treasury yields, considered the risk-free benchmark for most assets, rose 40 basis points in May while the greenback surged.

INVESTMENT FOCUS And while some weak U.S. economic data has dampened expectations the Fed will end, or taper, money-printing early, the emerging markets selloff shows no sign of abating.

“The seed of doubt has been sown as to what prospects the emerging markets trade has from here,” said Manik Narain, a strategist at UBS. “The big picture is: the U.S. economy is recovering and the Fed has signalled that tapering will happen.”

Put simply, an investor comparing 10-year U.S. yields at 2.2% with the 5.2% offered by, say, Chile, might well, given the skew of currency risk, opt for the former.

That is partly because real interest rates - taking into account inflation - in most emerging markets are negative and have fallen below U.S. real rates, says Narain at UBS. Many also fear this round of U.S. recovery, possibly fuelled by re-industrialisation rather than relying on emerging market imports, may not be bullish for the developing world.

The boom in recent years has meanwhile slashed yields on emerging debt. JPMorgan’s main GBI-EM index yielded a record low 5.2% in early May, 120 bps less than a year earlier.

WHAT THEY SOLD IN MAY

The panic over U.S. rates blew emerging dollar bond spreads almost 20 bps wider over Treasuries in May to bring 2013 returns to minus 3%. Local debt yields meanwhile rose 50 bps, with returns tipping into the red in the past week.

Emerging equities slumped more than 3%, their biggest monthly loss in a year, while currencies, which typically make

Turkish markets claw back losses Turkish assets clawed some of the previous day’s heavy losses on Tuesday as investor concern about anti-government protests across the country appeared to ease.

Attention was focused on a morning meeting between President Abdullah Gul and Deputy Prime Minister Bulent Arinc, who was subsequently set to hold a news conference expected to focus on the unrest.

The main Istanbul share index was up 3.87% at 79,965 points in early trading,

having closed 10.47% lower on Monday.

The lira strengthened to 1.8804 against the dollar from 1.8892 late on Monday, when it hit its weakest level since January 2012.

The two-year benchmark bond yield fell to 6.36% from 6.47% on Monday.

Protesters clashed with Turkish riot police overnight and a union federation began a two-day strike on Tuesday as the demonstrations in which two people have died stretched into a fifth day.

China shares have worst day in weeks, HK tepid China shares suffered their biggest loss in weeks on Tuesday, weighing on Hong Kong markets, on fears that the central bank is tightening money supply.

The People’s Bank of China drained 14 bln yuan ($2.28 bln) at the first of its two open market operation this week. That was more than 80% of the 17 bln yuan it drained last week.

The CSI300 of the leading Shanghai and Shenzhen A-shares listings closed down 1.4% at 2,565.7 points in its worst day since May 14. The Shanghai Composite Index slid 1.2%, its largest daily loss since April 23.

Sentiment was further soured in the mainland by another tumble for small and mid-cap counters, outperformers on the year. The ChiNext Composite slid 2.6%, though it is still up 35.2% for the year, compared with the 1.7% gain for the CSI300.

The Hang Seng Index closed flat on Tuesday, while the China Enterprises Index of the top Chinese listings in Hong Kong slipped 0.1% in a fifth-straight loss. They have now slid 5 and 7% from their respective May peaks.

Hong Kong turnover was the weakest in a week, and some 9% below its average in the last 20 sessions. Shanghai volumes stayed below average for a second day.

Markets have become particularly sensitive to U.S. data since the Federal Reserve began raising the prospect of scaling back its bond-buying programme if the world’s largest economy shows it is on a sustainable growth path.

“It’s a very macro-driven market right now. Most macro hedge funds will love it, but for others, if they can’t short, they should probably stay away,” said Hong Hao, chief strategist at Bank of Communication International.

“We are probably moving into a low liquidity environment, so despite the correction we saw last week, high dividend yield names will continue to outperform,” Hong added.

On Tuesday, some of those counters rebounded. Link Real Estate Investment Trust gained 1.5% but is still some 12% off its May 15 peak. It is now up 4.9% on the year, compared with the 1.6% loss on the Hang Seng benchmark.

up a significant portion of investors’ annual return, have also slipped.

According to UBS, an equally weighted basket of 20 emerging market currencies that it tracks has lost 3.7% to the dollar this year, the bulk of the weakening coming in May. These may seem like big moves. But while negative return is a powerful sell signal for funds, most big investors are still hanging in there, with losses so far down to so-called hot money exiting or a pickup in currency hedging, analysts say.

Foreign investors are estimated to hold a third of emerging local debt and more in countries such as Peru and Hungary.

That is why Benoit Anne, head of emerging markets strategy at Societe Generale, is advising clients to close long emerging debt positions before the real selloff gets going.

OVERSHOOT?

Not everyone agrees, of course.

“It should be good news for equity investors that the Fed is talking of tapering,” says Bill Maldonado, Asia-Pacific CIO at HSBC Global Asset Management. “Everyone is worried about bond yields rising but it also means we have an economic recovery underway.”

But in ‘deficit’ economies such as South Africa, Turkey and India, which have big external funding needs and have been at the forefront of the May selloff, the rout could extend further.

South Africa’s rand is at four-year lows while bond yields have jumped a whole percentage point in May. “South Africa is probably close to a point where you could look at it,” said Bareau, who thinks the wider selloff overdone.

June 5 - 11, 2013

24 | WORLD MARKETS | financialmirror.com

China’s appetite for pork spurs $4.7 bln Smithfield buy Shuanghui International Holdings is buying Smithfield Foods Inc, the world’s biggest hog producer, for $4.7 bln to feed a growing Chinese appetite for U.S. pork, in a deal that has stirred concern among U.S. politicians.

The takeover would be China’s biggest of a U.S. company, with an enterprise value of $7.1 bln, including debt, and follows a call by Smithfield’s largest shareholder, Continental Grain Co, to break up the company.

The deal highlights China’s growing appetite for protein-rich food, particularly pork, as its middle class expands, making China more reliant on foreign producers.

“I think this is a move by China to make sure their population is going to get fed in a cheaper manner. It’s the right move for them,” said Brian Bradshaw, a pig producer with operations in Illinois and Indiana, who has sold hogs to Smithfield. “Time will tell whether it’s the right move for the rest of the pork industry.”

The deal will face scrutiny by the Committee on Foreign Investment in the United States (CFIUS), a government panel that assesses national security risks. At least one member of Congress said the deal raised alarms about food safety, noting Shuanghui was forced to recall tainted pork in the past.

COMPLEX STRUCTURE

Shuanghui, which controls Henan Shuanghui Investment & Development Co, China’s largest meat processor, would be joining forces with a company that has a global herd of 1.09 mln sows, according to Successful Farming magazine, and which raises close to 16 mln hogs a year.

The U.S. firm, which also brings its grocery brands such as Armour, Eckrich and Farmland, earned 11% of its $13.1 bln revenue in the year to April 2012 outside the United States, including in China.

Goldman Sachs’ main investing arm owns a 5.2% stake in an offshore affiliate of Shuanghui International, public filings show. Funds associated with Chinafocused private equity firm CDH own 33.7% of the same offshore affiliate, and Singapore state investor Temasek owns 2.8%.

Shares in Henan Shuanghui jumped as much as 10% in trading on the Shenzhen stock market last Thursday. Shares in Smithfield, founded in 1936 as a single meat-packing plant in Smithfield, Virginia, rose to as high as $33.96, close to

Shuanghui’s $34 offer price.

The deal will help Smithfield sell its products to a growing Chinese middle-class through Shuanghui’s distribution network, while Shuanghui gains access to high-quality and safe U.S. products, said company chairman Wan Long.

“They’re a major processor who want to source consistent, large volumes of raw material. You want to look at all sources of potential supply. You want to look at the cheapest sources and in the U.S, we’re very competitive,” said Joel Haggard, Senior Vice President for Asia Pacific at the U.S. Meat Export Federation in Hong Kong.

Average live hog prices in China, at about $2.08 per kilo, are currently around a third higher than in the United States, Haggard said.

Shuanghui has promised not to close or move any of Smithfield’s operations and will keep current management, including CEO Larry Pope, in place.

In Smithfield town, which the local visitors bureau describes as rich in “hams, history and hospitality,” officials said they were shocked by the news. “It was a total shock to us,” said Mayor T. Carter Williams. “Right now, I don’t think anybody here knows what’s going to happen ... the people in China say nothing is going to change. We would hope so.” On a conference call with analysts, Pope said Smithfield had been trying to strike a deal with Shuanghui since 2009, long before Continental agitated for change at the company. “The Asian market is a huge opportunity for us,” he said. “We just haven’t been able to put something together until today.”

TENSE RELATIONS

The deal is the biggest Chinese play for a U.S. company since state-controlled energy firm CNOOC Ltd offered to buy Unocal for $18 bln in 2005. It later withdrew its bid under U.S. political pressure.

The CFIUS review process comes at a time of sour relations between the United States and China over cross-border deals.

A $20.1 bln bid by Japan’s SoftBank Corp to control U.S. wireless carrier Sprint Nextel Corp has fanned fears of Chinese cyber-attacks against the United States. SoftBank uses equipment made by China’s Huawei Technologies Co and ZTE Corp.

Last year, the House Intelligence Committee urged U.S. telecoms firms to steer clear of those firms, saying potential

Chinese state influence posed a threat to U.S. security.

Demand for U.S. meat in China has risen tenfold over the past decade, fuelled in part by a series of food safety scandals from rat meat passed off as pork to thousands of pig carcasses floating down a river. Public anxiety over cases of fake or toxic food often spreads quickly.

Shuanghui itself was forced to recall its Shineway brand meat products from store shelves two years ago amid fears that some of it contained a banned feed additive called clenbuterol.

In that respect, the Smithfield deal may help quell Chinese concerns over the use of ractopamine, a similar additive commonly used by U.S. hog producers to bulk up animals with muscle instead of fat, without increasing the amount of feed.

Smithfield has been trying to stop using ractopamine, which is banned in China and Russia - an effort that could enhance its appeal as an exporter.

THAI INTEREST

Shuanghui will pay for the deal through a combination of cash, the rollover of existing Smithfield debt and debt financing produced by Morgan Stanley and a syndicate of banks.

Thailand’s Charoen Pokphand Foods, controlled by billionaire Dhanin Chearavanont, said it had considered bidding for Smithfield Foods, but declined to say more due to a non-disclosure agreement. The Thai company had talked to banks and financial advisers about making a bid. Another person said Smithfield was in talks with two parties about a potential bid before the Chinese offer was announced. Smithfield has 30 days to continue talks with the interested parties, but cannot solicit bids from others.

Russian grocer Lenta eyes London listing Russian hypermarket chain Lenta, part-owned by U.S. private equity firm TPG and Russia’s VTB Capital, is talking to banks about a possible London listing which could raise at least $1 bln.

The move could produce a rare success story for U.S. buyout firms in Russia, giving TPG the opportunity to exit an investment it made in 2009.

Most U.S. private equity firms have shied away from

Russia due to concerns about corruption and a suspicion that the best deals go to favoured oligarchs. TPG has not had an easy time with Lenta - it had a long running dispute with its founder which ended in 2011.

An IPO of Lenta would be the biggest flotation of a Russian company since mobile operator MegaFon raised $1.7 bln in November. Planning for an IPO is in the very early stages and could take place in the first quarter of

2014 or even in the fourth quarter of 2013.

Two banking sources said the company could command a valuation of over $5 bln, meaning that selling a 20-25% stake could see it raise $1-$1.25 bln, while another source said $1.5 bln was realistic.

State-controlled VTB, which owns more than 10% of Lenta, had previously said it wants to sell its holding in Lenta by 2015.

Sprint, SoftBank reach deal with U.S. over security concerns Sprint Nextel Corp and Japan’s SoftBank Corp have reached an agreement with U.S. authorities on the national security aspects of the Japanese firm’s pending $20.1 bln deal to win control of the U.S. wireless carrier.

As a part of that agreement, the U.S. government will have a veto over new equipment purchases by Sprint in certain circumstances if the two companies merge.

The government will also establish a four-member oversight committee to make sure the companies abide by their national security promises. A Sprint board member will sit on that committee. Formal announcement of the highly unusual agreement - drawn up amid fears of Chinese espionage - is likely to come this week.

Japanese mobile operator SoftBank agreed to buy a 70% stake

in Sprint last October. That deal faces a challenge from Dish Network Corp, a U.S. satellite TV provider which last month launched a rival $25.5 bln bid for Sprint. Dish has taken out fullpage ads in Washington newspapers warning that a SoftBankSprint merger would threaten U.S. national security.

U.S. Senator Charles Schumer expressed strong concern about the proposed SoftBank-Sprint merger, warning it could expose the United States to Chinese cyber attacks.

Sources said SoftBank agreed with U.S. authorities to remove equipment made by China’s Huawei Technologies Co from Sprint and Clearwire Corp’s networks if the Japanese company completed its deal by the end of 2016. SoftBank President Masayoshi Son has said he will pull equipment made by China’s ZTE Corp if asked by U.S. regulators.

The House Intelligence Committee last year urged U.S. telecoms firms not to do business with Huawei and ZTE because it said potential Chinese state influence on the companies posed a threat to U.S. security.

Last week, Clearwire’s board recommended Sprint’s sweetened buyout offer for the company after Sprint raised its bid to $3.40 per share, from $2.97 per share, for the 50% it doesn’t already own. “We believe the U.S. government should proceed with deliberation and caution in turning over assets of national strategic importance - such as the Sprint fiber backbone and wireless networks - to a foreign-controlled entity with significant ties to China,” spokesman Bob Toevs said. “Oversight and accountability for our national network infrastructure is critical at a time when offshore attacks on that infrastructure continue to rise.”

June 5 - 11, 2013

financialmirror.com | GREECE | 25

No debt relief until April 2014 Eurogroup head Jeroen Dijsselbloem said during his visit to Athens that Eurozone countries will not consider possible debt relief for Greece until April 2014.

The Dutch finance minister met with Prime Minister Antonis Samaras and Finance Minister Yannis Stournaras to discuss Greece’s efforts to reform the economy and said that “I am confident the Greek programme is on a sound footing ... there are the first signals of a turn in the economy” adding that “there is optimism that growth will pick up in the eurozone as well as in Greece next year.”

Dijsselbloem stated that a landmark decision would be taken on June 20 on how Europe’s new bank rescue mechanism would work, and whether the EUR 50 bln recapitalisation loans could be retrospectively taken up by the ESM. Moreover, he stated that “the mechanism will be available hopefully in mid-2014,” adding it was still unclear whether Greece could benefit retroactively regarding its massive current

bank recapitalisation programme, noting that “the retroactive use of direct recap is a sensitive subject on which discussions have yet to be finalised”.

The Dutch official expressed respect for the difficult circumstances prevailing in Greece and congratulated the government and people on their insistence in applying the fiscal measures, which he called “unavoidable”. Asked about the possibility of lowering Greek taxes, Dijsselbloem said it depended on acquiring a primary surplus and retaining the viability of public debt. As to the fiscal gap for 2015-2016, he said “we are working on the basis of programmes ending in 2014; further measures can be introduced for all countries on an infrastructural and fiscal basis.”

He added that the labour market needs further changes, while he said that he could not speak now on a further extended Greek programme, whose success was based on the commitment of both Greece and the eurozone.

IMF releases €1.74 bln The IMF’s executive board of the IMF has agreed to disburse EUR 1.74 bln to Greece under its second bailout to the country after the government took measures including a bill to dismiss public-sector employees.

Meanwhile, Troika technical teams were due back in Athens this week to start their latest review of the Greek programme, with IMF head Poul Thomsen and other top EC and ECB not expected in Athens until June 11.

IMF Chief Christine Lagarde said last week that Greece was “well underway” to bring its government deficit under control and on track to meet 2013 fiscal targets, calling for “decisive steps” to reform government administration and reduce the state payroll.

Lagarde also stated that the authorities remain committed to making rapid progress on productivity-enhancing structural reforms and on tax and public administration reforms.

However, she set tackling tax evasion as a critical priority “by pressing forward rapidly with reform of the revenue administration to improve operational independence and make the burden of adjustment more equitable.”

As far as tax reduction is concerned, Christine Lagarde said that the Greek government should resist all pressures.

Addressing the issue of bank recapitalisation, which is near completion, the IMF head said “the authorities must reinforce the governance framework and return to the private sector the stakes in banks that are under the government’s control at an early time.”

Lagarde concluded by saying that additional measures to reduce Greek debt, which “is projected to remain high well into the next decade”, to levels below 110% by 2022, would be welcome by the IMF, provided that the country fully implements all programme conditions.

Finally, she stated that it was essential for European partners to continue their commitment “to provide adequate financial support to Greece during the life of the programme and beyond until it has regained market assess, provided that Greece complies fully with the programme.”

Konstantinos Manolopoulos, analyst at the Investment Bank of Greece, said that the new visit by the Troika inspectors “will look at several areas of the Greek programme, including: assessing the size of the potential fiscal gap for 2015-16 ahead of a new midterm fiscal plan being drawn up in September; the bank recapitalisation process and the resolution of failed lenders; the privatisation process and whether the target will be reduced from EUR 2.6 bln to EUR 2 bln; the firing of civil servants; and structural reforms that include changes to the energy market, which is one of the “prior actions” required before the next tranche of EUR 3.3 bln is released.”

ECB wants clearer rules on bank rescue fund

OPAP gets VLTS extension

Alpha Bank raises private capital to avoid state control

The European Central Bank wants a clearer definition of decision making responsibilities at Greece’s bank rescue fund, it said in reference to legislation Athens adopted last month to strengthen the agency’s governance.

Greece’s international creditors - which include the ECB alongside the European Commission and the IMF - want to ensure the Hellenic Financial Stability Fund (HFSF) is wellrun and independent given the 50 bln euros of financing it is handling to restore the banking system’s solvency.

In an opinion on the law, the ECB welcomed the addition of two independent members on the HFSF’s five-member board and amendments ensuring it is governed by private law but said the roles of its two governing bodies should be made clearer.

“The ECB considers that although the provisions improve to some extent the HFSF’s operation, they do not contribute substantially to enhancing the independent and effective fulfilment of the HFSF’s mandate,” it said.

Specifically, the ECB took issue with the rescue fund’s seven-member supervisory body having “significant decision-making” powers on proposals from the fund’s threemember executive board.

The HFSF was set up in 2010 with administrative and financial autonomy to recapitalise the country’s big banks and cover the costs of winding down others deemed nonviable.

Its general council, which includes a finance ministry and a Greek central bank representative and has a five-year term, oversees the exercise of the fund’s tasks. The head of the fund’s executive board reports to the general council.

Gaming giant OPAP announced that the European Commission has extended the standstill period relating to the regulation of VLTs until July 8, while the Court of Auditors has approved the 12-year concession agreement regarding the operation of Hellenic State Lotteries.

The extension of the standstill status for VLTs was an unexpected development but OPAP will continue its preparation of the roll-out of its 16,500 VLTs according to the initial time plan, with the first expected to go live in 1Q 2014.

The company said that it has not received the approval of the Competition Committees of Greece and Cyprus and the Greek parliament for the Hellenic State Lotteries concession but the CEO appeared confident that OPAP will record the first revenues from this asset in 4Q13.

The company also said it has completed the revision of the Code of Conduct of its games that will also include its internet games. The new rules will provide for a scalable commission for agents, which will link their fees to performance starting from September this year.

Meanwhile, the government has amended the taxation of winners’ prizes (net wins of less than EUR 100 are untaxed) and the positive impact of this change is obvious on the performance of OPAP’s games.

Greece’s third-largest lender Alpha Bank raised more than the required proportion of a share offering to plug a capital hole from private investors, allowing its existing managers to keep control.

Alpha is the first of the country’s biggest banks to successfully recapitalise without falling under the full control of a bank rescue fund, which is financed from Greece’s international bailout package.

“The recapitalisation is a vote of confidence on the prospects of the Greek banking system and the economy,” Alpha chairman Yannis Costopoulos said on Monday.

Subscriptions to Alpha’s 457 mln euro rights issue was 166%, with strong interest from international investors, the bank said.

Together with a 92.9 mln euro private share placement, Alpha raised 550 mln or 12% of its 4.57 bln euro capital need from the market, meaning it avoided issuing costly contingent convertible bonds.

The remaining funds will be pumped in by the Hellenic Financial Stability Fund (HFSF), the state capital backstop, in exchange for shares.

Investors who took part in the capital boost will get warrants for each new share they subscribed for. Each warrant will entitle them to buy back from the HFSF 7.31 shares during the next four and a half years.

Alpha shares were up 1.04% in early Monday trade, outperforming the banking index which was down 0.89%.

National Bank and Piraeus are also issuing shares to recapitalise. The country’s fourth-largest lender Eurobank was fully recapitalised by the HFSF, falling under its control.

June 5 - 11, 2013

26 | CSE PRICES | financialmirror.com CSE CODE OASIS

ΟΑΣΗΣ

Kωδ.

Index performance CSE General Index FTSE/CySE 20 FTSE/XA & XAK Banking MAIN MARKET MAIN MARKET INDEX BANK OF CYPRUS BOCY ΤΡΚΥ CYPRUS POPULAR BANK CPB ΛΑΙΚ HELLENIC BANK HB ΕΛΗΤ LOGICOM LOG ΛΟΤΖ A. TSOKKOS HOTELS TSH ΤΣΟΚ LOUIS LTD LUI ΛΟΥΗ SECTOR TOTAL / OΛIKO PARALLEL MARKET PARALLEL MARKET INDEX WOOLWORTH (CYPRUS) PROP FWW ΓΟΥΛ VASSILIKO CEMENT VCW ΤΣΙΒ A&P (ANDREOU&PARASKEV.) APE ΑΝΠΑ ERMES DEPARTMENT STORES ERME ΕΡΜΕ LAIKI CAPITAL PUBLIC CO LI ΛΕΠΕ K. ATHIENITIS CONTR. - DEV. ACD ΑΘΗΕ G.A.P VASSILOPOULOS GAP ΒΑΣΙ MITSIDES MIT ΜΙΤΣ PHIL. ANDREOU PHIL ΦΙΛΑ LORDOS HOTELS HOLDINGS LHH ΛΟΞΕ LIBERTY LIFE INSURANCE LIB ΛΙΠΕ LORDOS UNITED PLASTIC LPL ΛΟΡ∆ SECTOR TOTAL / OΛIKO ALTERNATIVE MARKET ALTERNATIVE INDEX ALKIS HADJ. (FROU-FROU) FBI ΦΡΟΥ A.L. PROCHOICE FIN. SERV. PROP ΠΡΟΠ AMATHUS PUBLIC LTD ANC ΑΜΑΘ ATLANTIC INSURANCE ATL ΑΤΑΣ BLUE ISLAND FISH FARMING BLUE ΜΠΛΕ CCC TOURIST ENT. CCCT ΣΙΤΟ CHRIS JOANNOU LTD CJ ΙΟΑΝ CLARIDGE INVESTMENTS CLA ΚΛΑΡ CLR INVESTMENT FUND CLL ΣΛΕΠ CPI ENTER. DEVELOPMENT CPIH ΚΕΑΕ C.T.O. PUBLIC CO CTO ΣΤΟ CYPRINT LTD. CYP ΣΑΙΠ CYPRUS CEMENT CCC ΚΕΤΣ CYPRUS FOREST IND. CFI ∆ΒΚ∆ CYPRUS TRADING CORP. CTC ΣΤΣ∆ CYVENTURE CAPITAL EXE ΒΕΝΤ DIMCO PLC DES ΝΤΙΜ DISPLAY ART LTD DISP ΝΤΙΑ ELLINAS FINANCE ELF ΕΛΛΗ ELMA HOLDINGS ELMA ΕΛΕΠ EXELIXIS INVESTMENT EXIN ΕΞΕΠ FILOKTIMATIKI PES ΦΙΛΟ K & G COMPLEX KG ΚΚΟΜ KARA K A R A OLI S G ROU P KARKOTIS MANUFACTURING KARK ΚΑΡΚ KEO LTD KEO ΚΕΟ KOSMOS INSURANCE COS ΚΟΣΑ KRONOS PRESS DIST. KRO ΚΡΟΝ JUPITER PORTFOLIO INV. ARI ΤΖΕΠ LEPTOS CALYPSO HOTELS LCH ΛΕΠΤ MALLOUPAS & PAPACOSTAS MPT ΜΑΠΑ MINERVA INSURANCE MINE ΜΙΝΕ MODESTOU SOUND & VISION MSV ΜΟ∆Ε PANDORA INVESTMENTS PND ΠΑΝ∆ PETROLINA HOLDINGS PHL ΛΙΝΑ PIERIDES HOLDINGS PGE ΠΙΕΡ PRIMETEL PLC PTL ΠΤΕΛ PROODOS AGROS AGRO ΑΓΡΟ RENOS HADJIOANNOU FARMS FRH ΡΕΝΟ ROYAL HIGHGATE LTD ROY ΡΟΧΑ SALAMIS TOURS SAL ΣΑΛΑ SFS GROUP PUBLIC CO. SFS ΕΣΕΦ STADEMOS HOTELS SHL ΣΤΑ∆ TOP KINISIS TRAVEL TOP ΤΟΚΙ TOXOTIS INVESTMENTS COV ΤΟΕΠ UNIFAST FIN. & INV. UFI ΦΑΣΤ VISION INTL PEOPLE GROUP VIP ΒΙΖΝ SECTOR TOTAL / OΛIKO APPROVED INVESTMENTS / EΠEN∆YTIKOI OPΓAN. INVESTMENT INDEX ACTIBOND GROWTH FUND ACT ΑΚΕΠ APOLLO INVESTMENT FUND APOL ΑΠΕΠ CYTRUSTEES INV. PUBLIC CO CYTR ΣΑΕΠ DEMETRA INV. PUBLIC CO. DEM ∆ΗΕΠ DODONI PORTFOLIO DOD ∆ΩΕΠ HARVEST CAPITAL HCM ΧΑΕΠ INTERFUND INVESTMENTS INF ΙΝΕΠ ISCHIS INVESTMENT ISXI ΙΣΕΠ KARYES INVESTMENTS KAR ΚΑΕΠ REGALLIA HOLD. & INV. REG ΡΕΕΠ TRIENA INV. INCOME TINC ΤΕΕΠ TRIENA INV. CAPITAL TCAP ΤΚΕΠ TRIENA INTERNATIONAL TINT Τ∆ΕΠ UNIGROWTH INVESTMENTS UNI ΓΙΕΠ SECTOR TOTAL / OΛIKO SHIPPING COMPANIES SECTOR SPECIAL CATEGORY / AIANTAS INVESTMENTS AD SHOPPING GALLERIES A. PANAYIDES CONTRACTING ASTARTI DEVELOPMENT CEILFLOOR CHARILAOS APOSTOLIDES CONSTANTINOU BROS. CYPRUS AIRWAYS D.H. CYPROTELS D&M TELEMARKETING DOME INVESTMENTS EFREMICO HOLDINGS EMPIRE CAPITAL INV. EUROPROFIT CAPITAL FINIKAS AMMOCHOSTOU FIRSTDELOS GROUP KANIKA HOTELS KNOSSOS INV. K. KYTHREOTIS HOLDINGS LASER INVESTMENT GROUP LIBRA GROUP L.P. TRANSBETON NEMESIS CONSTRUCTIONS O.C. OPTIONS CHOICE ORPHANIDES PIPIS FARM ROLANDOS ENTERPRISES SAFS HOLDINGS SEA STAR CAPITAL STARIO INVESTMENTS SUPHIRE HOLDINGS USB BANK SECTOR TOTAL / OΛIKO MARKET TOTAL / OΛIKO AΓOPAΣ

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

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

Number

Nominal

Market

Book Value

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.

2011

8 063 2 400 -3 103 -20 414 -13 054

-31 685 456 -1 102 -22 286 -54 617

2011

2012 Q1

2013 Q1

2012

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

805 -796

86 -2 591

-4 411 11

-4 966 -27 883

6 005 -1 354 -1 880 -492 -34 500 3 181 -49 -1 767 -2 567 1 006 -6 497 -3 284 -42 198

1.24 0.25 0.73 0.74 0.48 0.17 0.60

0.15 0.33 0.07 0.09 0.11

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

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

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

114 320 27 336 29 236 16 975 14 675 7 915 5 038 4 100 4 275 3 850 3 930 2 688 234 338

1.78 3.17 0.25 0.43 0.05 4.69 0.31 3.00 0.15 1.96 0.02 0.48 1.36

0.14 0.12 0.65 0.23 1.04 0.13 0.42 0.17 0.63 0.06 1.60 0.12 0.44

2011 14 730 1 587 5 518 24 248 2 239 5 526 242 4 867 576 7 314 6 887 1 249 18 165 4 130 27 624 2 096 4 455 743 6 160 3 135 4 692 2 306 10 800 335 948 10 533 1 709 11 934 4 559 5 593 7 735 863 164 31 833 73 500 1 658 15 298 5 421 298 1 650 2 557 2 461 6 825 3 175 207 196 75 000 423 736

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 NAV

0.31 0.74 0.11 0.81 0.18 0.12 0.06 0.16 0.08 0.46 0.38 0.90 0.06 0.24 0.16 0.33 0.19 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 0.13 -1.47 0.41 0.64 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 Disc/Prem

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 5 126 -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 -87 400

993 5 166 4 227 47 600 565 1 260 3 393 473 418 405 2 183 5 458 709 3 704 76 554

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 -51.93 -64.58 -66.82 66.67 36.36 -64.89 -26.99 0.94 -24.53 -23.30 -6.66 -15.10 37.50

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

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

2011

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

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

1 045 459

-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

2012 EUR ('000) Κέρδη µετά φορολ.

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

65 687 18 446 8 864 7 369 100 365

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

Profit/(Loss)

2012

1.00 0.10 0.43 0.35 0.35 0.17

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

Q1 2013 EUR ('000) Kέρδη 2013

2013 Q1

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

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

Q1 2012 EUR ('000) Kέρδη 2012

2012 Q1

-4 391

-35 354

2012 Q1

2013 Q1

-3 350

3 353

2012 Q1

2013 Q1

2012

-258

-258

3 353

-1 596

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

-1 596

Earnings Per

Dividend Per

Dividend Yield

Share 2012 Cents

Share 2011/12 Cents

%

Results

n/a n/a n/a 9.04 n/a n/a 1.66

4.74 n/a n/a n/a n/a 2.49 n/a n/a n/a 3.83 n/a n/a 5.54

2012 -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 -3 404 -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 -142 997

-3 350

P/E ratio 2012

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

-5 500 121

-21 053

-88 214

-427 738

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

Cents

%

1.50

6.02

Cents 5.26 -1.88 -1.03 -0.28 -12.22 23.71 -0.13 -21.55 -5.70 2.87 -5.29 -6.84

Cents 2.31 1.50

% 9.28 3.95

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 -3.40 -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

11.29 8.28

3.20

10.67

0.45

4.17

1.70

2.02

2.00

9.52

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

13.75

2012 High Low EUR EUR Aνώτατο Kατώτατο

Last Close EUR Kλείσιµο

Price 31/12/2012 EUR Tιµή 31/12/12

% Change

124.29 47.75 188.86

92.66 37.08 81.63

96.91 38.50 155.71

114.86 44.40 168.87

-15.63 -13.29 -7.79

113.87 0.278 0.047 0.177 0.300 0.048 0.019

83.34 0.185 0.040 0.106 0.226 0.036 0.011

88.06 0.106 0.249 0.036 0.016

104.69 0.251 0.044 0.175 0.263 0.045 0.018

-15.88 -39.43 -5.32 -20.00 -11.11

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

548.39 0.220 0.380 0.160 0.092 0.052 0.590 0.130 0.500 0.095 0.100 0.032 0.056

548.39 0.249 0.380 0.160 0.097 0.052 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

-12.59 -0.40 -13.44 -12.57 -15.65 -10.34 -43.81 0.00 0.00 0.00 10.00 0.00 -3.45

657.64

624.25

636.37 0.149 0.010 0.050 0.620 0.145 0.039 0.024 0.045 0.002 0.300 0.033 0.243 0.132 1.350 0.300 0.140 0.055 0.055 0.385 0.009 0.138 0.480 0.108 0.015 0.119 0.340 0.095 0.585 0.073 0.055 0.179 0.011 0.011 0.075 0.840 0.075 0.040 1.510 0.001 0.050 0.070 0.037 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

-0.03 -2.61 -16.67 11.11 -4.62 -19.44 -4.88 0.00 7.14 -50.00 3.45 -10.81 -10.00 -13.73 -9.40 -13.29 0.00 -24.66 0.00 0.00 0.00 -1.43 0.00 0.00 0.00 0.00 -11.69 6.74 0.00 5.80 3.77 -2.72 -15.38 0.00 0.00 14.60 0.00 -23.08 0.00 0.00 0.00 6.06 -19.57 -8.70 0.00 0.00 0.00 0.00

572.39

450.90

513.33 0.017 0.092 0.095 0.238 0.002 0.090 0.060 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

-5.99 0.00 -20.00 -20.17 -4.80 -50.00 15.38 25.26 0.00 -0.48 0.00 0.00 0.00 0.00 10.00

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

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

4.00

0.06

0.03

0.14

0.10

0.120

0.045

1.87

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.

since 31/12/2012 Ποσ. Μετ.

31/12/2012

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

June 5 - 11, 2013

financialmirror.com | MARKETS | 27

Investor psychology - learning to control your feelings when trading It is a common misconception that the key to successful trading is simply a sharp mind and a deep understanding of the industry. Sure enough these qualities are of great significance, but being able to control your feelings when trading is just as fundamental, if not more. The decision making process, not only in trading but in most areas of life, is complicated by emotions. Emotions tend to blur one’s judgment as they take over rationale. To avoid as much risk as possible, a trader should remain calm and collected and maintain discipline. In order to manage to act in a calm and sensible way, the best thing to do is to make a trading plan well in advance and to stick to this plan.

Having said this, each plan must be flexible enough to adapt to the current economic environment, which will always dictate some changes.

The first rule that I learned about trading is that nerves are the biggest obstacle in a trader’s path and the root of bad decision making. The only way to tackle these nerves and rid yourself of any emotions which may blur your judgment is to come up with a trading strategy based on experience and rationale, incorporate it into your very own personal trading plan and try to be as faithful to this plan as you can. Acting on impulse will almost always work against a trader, because acting on impulse is either a result of fear, impatience or over-optimism. If a trader has a solid and reliable set of rules they can always fall back on when these dangerous feelings

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 8 440 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 12 660 10 010 9 841 250 570 910

kick in, they will be able to safeguard themselves. I recognize that this is easier said than done, because part of our nature as human beings is to be greedy and often this greed to gain more and more becomes a recipe for destruction. When a trader finds themselves in a winning position it is very hard to let go of this position; it is very rare for someone to ‘quit while they’re ahead’. Of

By Andrey Dashin

course, it is up to each individual trader to decide how risky their strategy will be, but becoming overexcited when experiencing a winning streak is most definitely dangerous. When one truly sets a trading plan in action and they know that they must beware of their feelings ahead of time, they can replace these feelings with logic when the time calls for it.

Having a trading plan is imperative for more reasons than the ones discussed already. For one, without a plan there can be no stability and no coherence in one’s trading activity. The absence of a plan is also inevitably

Latest price EUR 18.90 0.99 0.75 2.71 11.90 1.20 1.00 4.80 4.00 1.41 1.50 0.77 0.53 0.01

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

bound to slow down the decision making process and opportunities are likely to be missed; or the opposite scenario is just as likely to happen and a trader may make quick and rash decisions in fear of missing an opportunity. Lastly, one of the biggest benefits of having a plan is that it can be tested; once put into action a few times it will prove to be either weak or successful, helping the trader decide if they should change it.

An investor’s psychology is complex and it can be affected by a great deal of factors, so when placing a trade, just ask yourself a few questions: Have I given this decision careful consideration? Is it a sensible decision?

Am I happy with the decision I’ve made? This brief selfreflection will help clarify a few things. The answer to those questions is likely to be ‘Yes’ if your decision has been based on previous estimations and if it is suitable for the current economic environment.

One thing is for certain: impulsiveness is not the best guide for investing. Controlling your emotions and establishing discipline is key.

Andrey Dashin is the founder of ForexTime Ltd (FXTM), Chairman of the Supervisory Board and shareholder of the Alpari brand.

Note: The content in this article comprises personal opinions and ideas and should not be interpreted as investment advice.

No. of warrants (000) 24831 17606

Mkt Cap (00) 25 176 224

Protean Global Futures (Perpetual Notes)

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.) GreenTea SA

Exercise Period

Latest Close 0.001 0.010

Market Cap

Latest price

Listing

Latest

EUR

EUR

Date

NAV

GRTEA

1 040

104 000 000

100 000

8 Nov 2011

N/A

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.

June 5 - 11, 2013

28 | BACK PAGE | financialmirror.com

Good news on jobs may be bad for stocks WALL ST WEEKAHEAD Standing conventional stock market wisdom on its head, investors may wish for weaker-than-expected U.S. employment numbers this Friday.

A strong jobs report could prompt an early end to the Federal Reserve’s policy of pumping money into the banking system to rescue the economy and set off the stock market’s long-awaited pullback.

The Fed’s loose monetary policy since the end of 2008 has kept interest rates low and propelled stocks to record highs.

Bond yields surged and stocks fell on May 22 after Fed Chairman Ben Bernanke said the U.S. central bank may decide to taper its stimulus programs in the next few policy meetings if data shows the economy is gaining traction.

Stocks posted their second straight week of losses on Friday, mostly on fears that the Fed would curb its bond-buying program sooner than most people expected. “We’re in a mindset where the market seems to be very fearful of the Fed beginning a tapering,” said Quincy Krosby, a market strategist at

Prudential Financial in Newark, New Jersey. “Those who are in the market based on easy money ... will probably exit” if the May jobs number exceeds expectations, she said.

The market has managed to climb this year without any substantial pullback. Concerns about the Fed’s next move have increased speculation that a major bout of selling is ahead.

A stronger-than-expected jobs number “would continue to produce the concerns you’ve seen manifested in the market over the last couple of days,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia, which manages about $58 bln in assets.

Economists say job gains of at least 200,000 per month over several months are needed to significantly reduce high unemployment.

The Fed has said it will keep interest rates at historic lows until the U.S. unemployment rate drops to 6.5%.

Employers are expected to have added 168,000 jobs to their payrolls in May, according to economists polled by Reuters.

That’s slightly above April’s count of 165,000 new positions.

The U.S. unemployment rate is expected to hold steady at 7.5% in May. Better-than-expected jobs data would be evidence

of strength in the economy, a positive for the market in the long run, so any pullback could be short-lived, analysts said. “If it’s a short-term correction, I think that would have to be opportunistic, in the sense that investors should take advantage of moving any sideline money into the equity market,” Luschini said.

Even with the recent losses - the Standard & Poor’s 500 index fell 1.1% last week - the index rose 14.34% for the first five months of 2013. That gain marked the S&P 500’s best first five months of any year since 1997.

DITCHING DIVIDEND STOCKS

A rotation out of high-yielding dividend stocks has already begun because of the rise in U.S. Treasury bond yields.

Dividend stocks had been among the market’s leaders for much of this year’s rally as investors favoured those shares over fixed-income securities in a low interest-rate environment. “The first crack we’ve seen is, as bond yields have been going up, people are moving out of that area,” said Eric Kuby, chief investment officer of North Star Investment Management Corp in Chicago. “Managers are starting to look at things other than consumer staples with nice dividends and stable businesses. So within the stock market, you’re seeing more volatility within sectors.”

The S&P 500 gained 2.1% for the month of May, while the S&P utilities sector index lost 9.6% and the S&P consumer staples index dropped 2.4%.

The spread between the S&P 500 dividend yield and the 10year U.S. Treasury note’s yield last week hit its narrowest in about a year. The S&P 500 dividend yield was at 2.39%, while the 10-year note’s yield hit 2.235% during the week.

By comparison, the dividend yield on the utilities sector stands at about 4%.

The move out of dividend-paying and other defensive shares should continue as the economy improves, Kuby said, although he pointed out that the market is still a “long way” from seeing high interest rates. “The fact that rates are likely to creep up over time, that’s a given. And it’s not going to be sudden or dramatic. It’s going to be more gradual.”

IT’S RAINING NUMBERS

This week will bring a snapshot of U.S. manufacturing activity from the Institute for Supply Management, which releases its May index on Monday. Economists polled by Reuters expect a reading of 50.5 for May, compared with 50.7 in April.

Monday’s economic agenda also calls for April construction spending - forecast up 0.8 percent after a drop of 1.7% in March.

Domestic car and truck sales for May, also expected on Monday, are projected to have increased to 15.1 mln units from April sales of about 14.9 mln units, the Reuters Poll showed.

The U.S. international trade deficit is forecast this week to have widened slightly to $41 bln in April from $38.8 bln in March.

A preview of the jobs picture will come on Wednesday with the release of a report from payrolls processor ADP. Economists polled by Reuters have forecast that the ADP data will show private-sector employers added 165,000 jobs in May, compared with 119,000 in April.

Wednesday’s numbers to watch will include the ISM’s release of its U.S. services-sector Purchasing Managers’ Index for May. A reading of 53.4 is forecast for May, up from April’s 53.1.

The Fed’s Beige Book is expected on Wednesday afternoon.

That report will give a look at the economy in 12 regional Federal Reserve bank districts.

On Thursday, initial claims for unemployment benefits will grab attention - on the day before the big payrolls report from the U.S. government. Initial jobless claims are projected to have slipped to 345,000 in the week that ended June 1, from 354,000 in the previous week.