Financial Mirror Digital Edition

June 19 - 25, 2013

2 | NEWS | financialmirror.com

Euro zone bail-ins on Ecofin agenda Euro zone finance ministers will discuss on Thursday how to decide which creditors will lose money and in what order during future bank rescues by the bloc’s bailout fund, the European Stability Mechanism.

They will consider four potential options that range from shielding depositors and senior bondholders to imposing losses on some of them.

The options are listed in a preliminary document “ESM direct recapitalisation - role of bail-in” prepared for the ministers for their discussion of guidelines on when the ESM can invest in a systemically important bank to save it from failure.

The euro zone is separately working on a law, called the bank recovery and resolution directive (BRRD), that will establish its own order in which losses are imposed on those who entrusted money to a failing financial institution.

“There is ... a clear distinction to be made between the transition period for which ad hoc rules need to be agreed on, and the steady state, in which a harmonised bail-in regime will

apply subsequent to the entry into force of the BRRD’s bail-in provisions,” said the document, seen by Reuters.

“Consequently, four umbrella options emerge as a possible means of introducing a role for bail-in provisions in the draft instrument guidelines at this time,” the document said.

The first option is to use EU rules regulating when and how a government can help a bank - the so-called state aid rules - to determine who will lose out. In August, state aid rules will be updated to shield bank depositors and senior bondholders.

Under EU state aid rules only shareholders and junior bondholders would suffer losses in case of a bank restructuring.

Under the second option listed in the paper, the European Commission would decide who must contribute financially to a bank’s restructuring, although in agreement with the relevant government and taking into account an assessment by the ECB. The third option would grant the power to decide which liabilities would be written down or converted into equity to the government of the bank’s home country and the ESM, which

would jointly reach a deal on the basis of an ECB assessment.

Under option 3, “depositors shall not be bailed-in”, the document said. It did not make a distinction between depositors with less than 100,000 euros, who are insured under EU law, and those with more. Such uninsured depositors suffered big losses when Cyprus’s banking sector was restructured this year.

The fourth option appears to go the furthest in seeking contributions to a bank rescue and grants the power to determine which of the bank’s liabilities would be affected to euro zone finance ministers, who form the board of the ESM. “The writing down or conversion of debt shall be carried out to the extent necessary to restore the institutions’ capital to the supervisory requirements as determined b the ECB in its capacity as supervisor,” the document said.

“If necessary to reach the supervisory requirement, this will include the writing-down nor conversion of unsecured senior creditors, including uninsured depositors and the national Deposit Guarantee Scheme,” the document said.

3-month delay for single supervision launch l

EP needs to finish negotiations with ECB, work calendars clash to delay final vote

The launch of the euro zone single supervision mechanism, the first step towards banking union, might be delayed by three months from July to September 2014 due to scheduling problems.

Euro zone leaders agreed a year ago that the European Central Bank would take over the supervision of banks in the 17 countries sharing the euro to better deal with large, cross-border institutions whose failure could damage the euro zone.

The ECB has agreed to take up that role 12 months after the European Union passes the relevant laws as it needs time to set up the new institution and cannot start until it has a legal basis.

EU policy-makers first assumed that such legislation would be ready in March, but as negotiations dragged on, the deadline for laws was moved to July 2013 and the ECB starting date a year later.

Finalisation of the legal process, however, which culminates in a vote by the European Parliament in a plenary session, may now be delayed until September.

This is because the German upper house of parliament, the Bundesrat, will review the legislation on July 5 after the Bundestag lower house agreed to it last week.

The Bundesrat, dominated by opposition Social Democrats and Greens, has previously criticised the European Commission’s proposal on the single supervisor on the grounds that it could hurt the ECB’s independence.

The Europarliament therefore has to be sure that German lawmakers will not ask for changes that would alter the existing compromise between euro zone governments and institutions, before it can vote itself in the plenary session.

But the Bundesrat review will take place one day after the

July plenary session of the Europarliament ends, making the necessary vote impossible.

Because August is a monthly of holidays for EU institutions, the next opportunity to vote on the supervision mechanism (SSM) would be in September.

Adding to difficulties are negotiations between the ECB and the European Parliament on various details of the appointment and functioning of the SSM board and the parliament’s role in that process. These need to be completed in the form of an agreement between the institutions before the vote takes place.

“The negotiations deal with an issue of primary political value. Transferring some supervisory powers to EU level implies making sure the new supervisor is properly held to account,” a Europarliament official said. “The agreement being developed between the EP and ECB sets out to do this.”

For all its riches, AS Monaco faces taxing times Soccer club AS Monaco is living up to the principality’s reputation for big spending as it prepares for its return to the French first division next season.

Bankrolled by Russian owner Dmitry Rybolovlev, the club has signed coveted Colombian striker Radamel Falcao as part of a 120 mln euro investment to try to regain a place among Europe’s elite despite attracting only a few thousand fans to home games at the Stade Louis II. However, the spending spree has put the club on a collision course with French soccer authorities unhappy at the way it can use local laws to tempt top foreign players with tax-free salaries.

Monaco also ultimately risks falling foul of Financial Fair Play rules designed to force Europe’s top clubs to curb their losses or face exclusion from continental competitions.

Rybolovlev, who had lived in Monaco for a number of years before buying the club in 2011, has made it clear he wants a swift return to the Champions League, a competition in which Monaco were runners-up as recently as 2004.

“ASM (Monaco) is continuing to strengthen its team with the goal of creating a team that will be highly competitive in Ligue 1 while also playing an attractive brand of football,” a club spokesman said.

“The Club President (Rybolovlev) has said publicly he would like to achieve qualification for (the European) Champions League.”

RAPID RECOVERY

Though French champions on seven occasions, the club had fallen on hard times and was languishing in the second tier of French soccer when Rybolovlev bought control in late 2011.

The Russian had cash to spend after selling his stake in fertiliser producer Uralkali for billions of dollars the previous year.

Waterhouse, believes that clubs may be given a little initial slack by UEFA on rules that put a 45 mln euro cap on aggregate losses before clubs are forced to move to breakeven.

HEAVY SANCTIONS

He is following in the footsteps of fellow Russian billionaire Roman Abramovich, who transformed the fortunes of London club Chelsea after a takeover in 2003.

Indeed, former Chelsea coach Claudio Ranieri, jettisoned by the English team a year after the Abramovich takeover, took over at Monaco in May 2012 and led them to promotion last season.

However, soccer has changed over the past decade and its European governing body, UEFA, is keen to ensure that notoriously spendthrift clubs move to a sounder financial footing and stop relying on the deep pockets of benefactor owners.

“AS Monaco FC is aware of its obligations and will respect the rules,” the club spokesman said when asked about the impact of Financial Fair Play.

UEFA has shown that it means business by barring Qatariowned Spanish club Malaga from next season’s Europa League because of late payments to creditors.

Daniel Geey, a sports lawyer with London firm Field Fisher

“It’s certainly not a foregone conclusion that every club in breach of the breakeven rules will be expelled or banned,” Geey said. “Some believe that, initially, warnings and less harsh sanctions may be appropriate for non-compliant clubs.

“However, such a soft-touch approach will not go down well with clubs that have complied.

They will want the heavy sanctions to have the necessary deterrent effect.”

Like other clubs that have enjoyed cash injections from wealthy backers, Monaco argues that the money is an investment that will be yield increased revenues as it achieves more success and its profile is raised around the globe.

The new season does not start until August, but the club has an important date on Friday, when it begins legal action over a ruling by the French league that would force it to move its head office to France next year.

That would mean all Monaco’s players would be liable to pay tax in France. “The decision puts the future of the club in jeopardy,” Monaco said in a statement last month. The club declined further comment ahead of Friday’s hearing.

June 19 - 25, 2013

financialmirror.com | CYPRUS | 3

Can Bank of Cyprus survive? l

Wants to dispose of Russia, Ukraine assets; To surprise with Q1 2014 results ANALYSIS

It was a briefing like no other: media spread out along a Ushaped panel with the new CEO and chairman in the middle, taking questions of all types, trying to give a simple answer – Bank of Cyprus will survive the storm.

Less than three weeks at the helm, the bank’s new chief executive Christos Sorotos already has his hands full. Fortunately for him, he comes with a track record of restructuring companies and that is what shareholders, stakeholders and depositors expect of him.

An international banker and expert in corporate restructuring, Sorotos was hired by the bank’s month-old board to oversee the takeover of the second-largest Popular Laiki Bank that was rescued by the state but failed to avoid bankruptcy due to its huge exposure to Greek debt and spiralling losses.

Besides, he has been tasked with producing results by the next AGM in October, where the bank’s new shareholders will decide whether to keep him on board and continue with efforts to turn the bank around, or vote no confidence in the interim management and send the bank back into a whirlwind of disaster, taking the economy down with it.

So, what are the plans? How can the Bank of Cyprus recover? What are the next steps?

To begin with, Sorotos is the central piece of a new team, unlike past administrations. He is flanked by board committees on the one hand, and an executive team of senior managers on the other, basically, the group of people that have kept the bank alive ever since it was forced into a limbo state, with the Central Bank and the Ministry of Finance squabbling over who has the final say in the bank’s future. To be frank, neither have proved their ability to resolve this mess, so, perhaps, they should leave the bank alone.

One thing’s for sure – the Bank of Cyprus Group as we knew it in the past decade, will no longer be. Already, it has been amputated and deprived of its assets in Greece, while it’s Russian and Ukrainian arms will probably be put up for sale, while not pulling out of these markets altogether. It will become smaller, leaner and better focused on its core activities – banking and insurance.

To this end, a deal has been struck with the trade unions reducing all wages by “up to 30%” and all benefits scrapped or reduced to half. This will pave the way for some 1,200 to 1,500 of its 5,760 staff to opt for voluntary redundancies, taking the sweetener of a five month wage bonus.

The franchise network in Cyprus is already being reduced by a total of 70 from the joint BOCY and Popular Laiki, with 20 branch closures already underway and absorbing staff in larger properties.

DOSVIDANIA TO UNIASTRUM?

The bank may dispose of its subsidiaries in Russia and Ukraine to reduce costs and return the bank to growth and profitability, with the bank’s management promcing a turnaround as early as the first quarter of 2014.

A senior official said that the Uniastrum subsidiary, one of Russia’s 25 biggest banks, “is a big part of our group and we shouldn’t keep it” under the current economic conditions.

The bank has shrunk in size after the three Cypriot banks’ sizeable operations in Greece were handed over to Piraeus Bank as part of the bailout plan.

Bank of Cyprus bought a controlling 80% stake in Uniastrum in October 2008 for 371 mln euros ($567 mln) but its return on investment has been disappointing with after-tax profits of around 10 mln euros a year. In 2008 it also took full control of AvtoZazbank in Ukraine, renamed Bank Kiprou, with a 44 branch network.

However, the deal at the time has come under scrutiny and

l

New bank will be smaller; Focus on core business; Russia experiment failed

President Nicos Anastasiades has ordered an investigation after a Central Bank-commissioned report by Alvarez and Marsal found the bank went ahead with the purchase despite misgivings in due diligence reports. There were also reports of large kick-backs involved in the deals.

Laiki’s Ukrainian subsidiary, PJSC Marfin Bank, had 59 branches. Bank of Cyprus took over some of Laiki’s international busi-

nesses in Romania and the UK, but the Ukrainian operations remain part of Laiki, which is being wound down for the benefit of its creditors.

As regards the disposal of other assets in order to reduce overheads, the Bank of Cyprus operations in the U.K. will remain as part of the Group. “We have no plans to sell and we need to be there. The international business unit there is doing very well,” a senior banker said.

Q1 2014 WILL BE A SURPRISE

The official said that although the bank will not return to profitability any time soon, the first quarter results for 2014 “will be surprising to all”, expecting positive results from the implementation of the restructuring plans.

A new “Holding” division or asset fund will be created to handle some of the bank’s disposable assets and any other non-banking business that have commercial value, such as 250 properties in Greece that have a market value of about 100 mln euros.

“This may attract property funds to invest in the portfolio held by the new division, but in any case we do not plan to become a real-estate company,” the banker said.

He added that once the bank’s restructuring gets underway, it will be easier to secure more liquidity assistance from the European Central Bank to compensate for the withdrawal of deposits by customers after strict bank controls were imposed as part of the bail-in plan that affected all unsecured deposits above 100,000 euros.

However, those depositors, currently represented by an army of lawyers, will also become the bank’s new shareholders after the equity for deposits programme recapitalised the bank and will want to have a say at the next shareholders’ meeting scheduled for some time in October.

The bank’s executive team will also have to adapt to better and more transparent methods of management by introducing best international practices, good risk management and good corporate governance, with the latter two not applied properly in the past.

The new CEO is active, he is determined to restructure the bank, and the board seems determined to support him in this endeavour.

The new direction of the bank should be in accordance to how the new government envisions the economy in the next five

years. Since it will be the largest bank in Cyprus by far, and will be the main source of funding for the new direction of the economy, then there should be a close cooperation with the government. Government sources told the Financial Mirror that closer cooperation is already underway and that meetings have been scheduled with the new National Economic Council, the president’s advisory committee headed by Economics Nobel laureate Christopher Pissarides.

However, both CEO Sorotos and the bank’s management teams realise that of utmost importance is reinstating trust within the public. If depositors start showing more trust in the banking system, it will face less liquidity issues, banks will be able to fund their customers, they will eventually start generating some business, service their loans, and slowly we will get out of this vicious cycle, hampered by the strangling controls imposed by the Central Bank in order to prevent capital fleeing the country.

The bank is expected to exit the central bank’s direct control by the end of July, while the interim administrator will be stepping out of the building as early as this Friday, having handed over full management control to the new team.

The only outstanding issue is that of the ECB’s Emergency Liquidity Assistance (ELA) to the tune of 11.2 bln euros (9.2 bln for Laiki and 2 bln for Bank of Cyprus). This debt has been transferred to the consolidated Bank of Cyprus, but at a “favourable” rate 2.5%, far lower than other lending at 6% or higher.

Bank of Cyprus Group structure Banking Services Bank of Cyprus Public Company Limited (Cyprus-Greece-Romania) CB Uniastrum Bank LLC (80,0% participation) (Russia) Bank of Cyprus UK Ltd PJSB “Bank of Cyprus” (99,7% participation) (Ukraine) Bank of Cyprus (Channel Islands) Ltd (Guernsey) Hire Purchase and Leasing Services Kyprou Leasing SA (Greece) Kyprou Commercial SA (Greece) Cyprus Leasing Romania IFN SA (Romania) Uniastrum Leasing LLC (80,0% participation) (Russia) Investment Banking and Investment Funds The Cyprus Investment and Securities Corporation Ltd (CISCO) (Cyprus) Kyprou Securities SA (Greece) BOC Ventures Ltd (Cyprus) Tefkros Investments Ltd (Cyprus) Tefkros Investments (CI) Ltd (Guernsey) Asset Management Kyprou Mutual Funds Management Company (AEDAK) (Greece) Cytrustees Investment Public Company Ltd (49,9% participation) (Cyprus) Insurance Services General Insurance of Cyprus Ltd (Cyprus-Greece) EuroLife Ltd (Cyprus-Greece) Property and Hotel Services Kermia Ltd (Cyprus) Kermia Hotels Ltd (Cyprus) Kermia Properties and Investments Ltd (Cyprus) Kyprou Properties SA (Greece) S.C. ONT. Carpati S.A. Credit Card Processing and provision of credit card facilities JCC Payment Systems Ltd (45% participation) (Cyprus)

June 19 - 25, 2013

4 | CYPRUS | financialmirror.com

Kasoulides: Return of Famagusta can act as game changer The return of the fenced-off area of the Turkish occupied town of Famagusta can become a game changer in resolving the Cyprus issue, Foreign Minister Ioannis Kasoulides said in an interview with London Greek Radio, an issue he discussed with his British counterpart William Hague during his recent visit to London.

Kasoulides declined to go into detail of an EU formula on the matter of the return of Famagusta, saying nothing has actually happened so far on the part of the EU. “We hope that an effort will be underway”, he said, adding when the time comes all will be revealed.

He said that he conveyed to Hague the Republic’s position on the need for confidence building measures and for the appointment of a negotiator on the part of the Greek Cypriot side.

Referring to the issue of Famagusta, Kasoulides noted that “everyone understands that something is needed that will constitute a game changer” adding that “for us Famagusta is the great step forward”.

Undoubtedly, he said, it would improve significantly existing trust issues between the two sides and enable the peace talks to proceed with the resolution of matters of substance as far as the Cyprus issue is concerned.

Referring to Turkey having to be involved in the peace effort rather than have the process being ‘Cyprus owned’, Kasoulides said that during his meeting with Hague he explained that the proposition that the two communities can solve the Cyprus issue is an illusion.

The differences between the two communities are small and can easily be resolved, he pointed out, adding that on the other hand Cyprus and Turkey have huge differences which need to be resolved.

Therefore, he said, a way must be found for Cyprus and Turkey to enter into talks directly.

The Cypriot FM said that the role of Turkey is important in order for progress to be achieved as opposed to the talks ending up being a repetition of all other efforts in the past 37 years.

“I think our position was fully understood”, he said, explaining that it is not for him to express Britain’s position. As for my part, he added, “I feel I have conveyed the message and that it has reached its destination.”

New role as regional energy hub l

No intention to leave eurozone

President Nicos Anastasiades has stressed that the government has no intention to leave the eurozone, adding however that Cyprus could play a geostrategic role as a European energy hub and how this could benefit the whole region of Eastern Mediterranean.

Addressing an event at the Technical University in Limassol on Monday, where former Deputy Minister for European Affairs Andreas Mavroyiannis was decorated with an achievement award and his contribution as coordinator during the 6-month Cyprus presidency of the EU Council, the President said that Cyprus belongs in Europe, adding that the government and the majority of the political parties, share the same position. Referring to the economic crisis, Anastasiades said that strict austerity is not the only solution, stressing that we need to have growth and jobs.

He said that the creation of a pipeline for the transfer of natural gas to Cyprus as well as the liquefaction terminal on the island are very important projects that will attract foreign investment and create jobs.

He also reiterated the government’s decision to apply to become member of the Partnership for Future, recalling that parliament has already passed a resolution on that.

The president also referred to the Turkish stance towards the Cyprus problem as well as Cyprus’ sovereign right in its exclusive economic zone.

Referring to Turkey’s European ambitions, the President said that Ankara must fulfil all its obligations towards Cyprus, which is already an EU member.

On June 7, US-based Noble Energy began drilling an appraisal well in block 12 of the Cyprus EEZ, which will take 60 to 90 days. Apart from Noble, Cyprus has also signed contracts with the ENI/KOGAS consortium for exploration in blocks 2, 3 and 9, as well as with French Total for blocks 10 and 11 in the EEZ. Anastasiades met with senior Total executives in Paris last week with whom he also discussed their potential participation in the LNG liquefaction plant near Vassiliko, for which Israel’s Delek and Avner have also expressed interest.

Building permits fall 47% in March The decline in construction accelerated in March, as the drop in the number of building permits authorised fell by 47% to 428, from 808 in March 2012.

The value of these permits declined over the year earlier by 44.4% to EUR 82.4 mln and the total area fell by 41.3% to 87,251 square metres.

These building permits provided for the construction of 303 dwelling units, down from 506 in March 2012.

In January-March 2013, 1,397 building permits were issued, registering a decrease of 30.0% compared to the corresponding period of the previous year.

The total value of these permits decreased by 5.3% and the total area by 13.2%.

The number of dwelling units recorded a decrease of 7.0%.

Building permits constitute a leading indicator of future activity in the construction sector.

Construction was in a long recession already in 2011

Meanwhile, the Statistical Service announced the publication of the annual report “Construction and Housing Statistics, 2011”.

The report contains detailed data on the construction sector, pertaining, inter alia, to output, capital formation, inputs, new dwellings completed, building permits authorized, labour

cost index and price indices of construction materials.

In 2011 the construction sector had its third year of recession, with a real drop of 10.3% compared to a decline of 8.3% in 2010.

Gross output EUR 2.8 bln, compared with EUR 3.2 bln in 2010.

Employment in the sector fell to 33,247 from 35,015 and 8.8% of the gainfully employed population and unemployment rose from 3,497 persons in 2010 to 4,424 persons in 2011.

Despite this, labour costs in construction increased by 2.5% in 2011 and 3.5% in 2010, thanks no doubt to wage indexation, which appears to have priced Cypriots out of the labour force.

Other costs also rose: the price index of construction materials recorded a rise of 4.1% compared to 2.7% in 2010.

The cost of construction per square metre (excluding the value of land) rose from EUR 920 in 2010 to EUR 943 in 2011 for houses and from EUR 808 to EUR 830 for apartments.

The average area per dwelling completed in 2011 was 239 square metres for houses and 131 square metres for apartments, compared to 205 and 125 respectively in 2010.

The dwelling stock at the end of the year amounted to 421 thousand dwelling units, of which 62.5% were in the urban areas.

Retail trade tumbles by 15% y/y in March Retail sales volumes collapsed by a provisional 15% compared with the same month of the previous year in March.

Volumes in February fell by a revised 12.1%.

Bank were closed for nearly two weeks from March 15 after Eurozone leaders decided to hit all bank deposits, a decision subsequently reversed to hit deposits over EUR 100,000 including non-savings and company accounts.

While food sales rose by 3.4% as people rushed to stock up

in expectation of disaster, sales of clothing and footwear dropped by 36.8%, their steepest decline on record.

Another steep decline was recorded by sales of electrical goods and furniture, which fell by 29.9%, having dropped by 37.9% in February.

Fuel sales also tumbled by 12.7%.

The value index in March fell by a provisional 12.7%, after a drop of 10.5% in February. www.sapientaeconomics.com

TNT Cyprus supports Alkionides Friends, customers and staff at TNT Cyprus supported the charity event, TNT Supports Cyprus! held on Sunday, June 16 at Akropolis park in Nicosia that helped raise funds and offered compassion to needy people. The fun-filled afternoon resulted in food and clothing collections donated to Alkinonides foundation which is helping people in need.

June 19 - 25, 2013

financialmirror.com | CYPRUS | 5

Whistle-blowing reaches center stage globally, but what about Cyprus?

Whistleblowing continues to emerge abroad as an important tool in uncovering wrongdoing and prosecuting or punishing offenders. Several recent court cases have been settled successfully based on whistleblowing efforts, and advocacy groups and government regulators in the United States, the United Kingdom and elsewhere took additional steps toward supporting whistleblowers. In Cyprus however, despite the efforts of Transparency International Cyprus as well as others the parliament is still to proceed with a Whistleblower Protection Act.

The Latest Developments in the U.S.

The latest progress comes from the U.S. courts system. In the span of a few weeks, a lawsuit filed by a former University

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

of California-Irvine (UCI) professor and anesthesiologist who blew the whistle on illegal practices resulted in an agreement by the California Board of Regents to pay $1.2 mln to the federal government. In Alaska, an employee was granted a settlement of $3.5 mln in a whistleblower retaliation case after suing his former employer for wrongful termination. And in Maine, a security worker was awarded more than $200,000 in damages and attorney fees for wrongful termination in a whistleblowing case.

Government agencies and other groups are also making progress in increasing whistleblowing efforts. The Government Accountability Project, a U.S. whistleblower advocacy organisation, is engaged in its 2012-2013 American Whistleblower Tour, which visits college campuses and other locations to promote its message of “corporate and government accountability by protecting whistleblowers, advancing occupational free speech, and empowering citizen activists.”

It uses social media and other means to convey to the public its core message of strengthening whistleblower rights.

The U.S. Securities and Exchange Commission (SEC)

released the first full-year report of its Office of the Whistleblower, which was established under the Dodd-Frank Act of 2010. The Office administers an initiative to promote payment of monetary awards and increased protection to individuals providing significant new information helpful in prosecuting large, successful enforcement actions.

The 2012 annual report on the Dodd-Frank Whistleblower Programme shows that the agency received and processed 3,001 tips, complaints, and referrals (TCRs) during the 2012 fiscal year. Additionally, in the four months of the year that a telephone hotline was available, the agency received 3,050 calls. The most common subjects of the TCRs were corporate disclosures and financials (18.2%), offering fraud (15.5%), and manipulation (15.2%). An “other” category made up 23.4% of the TCRs. The SEC’s whistleblower report also indicates that “there were 143 enforcement judgments and orders issued during fiscal year 2012 that potentially qualify as eligible for a whistleblower reward.” Also, “the Office of the Whistleblower provided the public with notice of these actions because they involved sanctions exceeding the statutory threshold of more than $1 mln.”

The Latest Developments in the U.K.

In the United Kingdom, a new independent commission was formed to “make it easier” to raise the alarm on misbehaviour in corporations or the government. It’s led by David Ison, the dean of St. Paul’s Cathedral, and Michael Woodford, the whistleblowing former CEO of Olympus, the Japanese corporation famous for its cameras and medical equipment.

The commission’s objective is to determine how public attitudes, laws and rules about whistleblowing should be changed to encourage speaking up when people see wrongdoing.

At the same time, the U.K. Financial Conduct Authority (FCA), a quasi-governmental agency that was formed as one of the successors of the Financial Services Authority (FSA)

and serves as a sort of counterpart to the U.S. SEC, is considering the adoption of U.S.-style bounty payments to whistleblowers, considering “the FSA –receive[d] up to 4,000 whistleblowing reports every year, with 12% pursued as ‘actionable intelligence’.”

Martin Wheatley, chief executive designate of the FCA, told a parliamentary commission that the FCA is looking into providing cash incentives, adding, “we have spoken to the U.S. authorities and are looking very carefully at it, but it is too early to make a judgment yet.” He continued, “the key difference to us is the incentive structure. Under our system it is a moral incentive to do the right thing, whereas the U.S. system operates a financial incentive, and there are some pros and cons to both.”

What about Cyprus?

More than ever, the present economic crisis in Cyprus demands an approach that also counts for anticorruption measures including the implementation of a Whistleblower Protection Act. As a result of such an Act, employers including government, will be able to institute successfully internal whistleblowing procedures or anonymous hotlines, methods that proved to be the best way to detect and prevent fraud worldwide.

Rakis Christoforou is the first qualified accountant in Cyprus to hold the CFF (Certified in Financial Forensics) and ABV (Accredited in Business Valuation) certifications. He is also the Vice Chairman of the Economic Crime and Forensic Accounting (ECFA) committee of the Institute of Certified Public Accountants of Cyprus (ICPAC).

rakis@spidernet.com.cy

Health in the memorandum era and the need for an efficient GeSY Cyprus is at the start of a very difficult era for its economy, with a multitude of negative consequences on a number of aspects of everyday life. The state, but also the private sector, is trying to put the economy back on a course of growth with various schemes and with the support of the Troika.

An important factor which could help restore the country’s economic growth is to accelerate implementation of the National Health Scheme (GeSY). An efficient and viable GeSY can contribute to reducing the negative effects of the crisis, in the public as well as the private sector.

It is evident that the current model of health system financing and provision cannot be sustainable in the future, especially in the light of the forecasted developments during the period of the economic support programme.

Private demand is forecast to contract and the same applies to the levels of public health care spending. Given the current structure of the health care system, the decrease in private incomes will lead more people to demand the use of public healthcare services, which will call for increased public spending on health care. However, this might not be possible in the short term because of the necessary public budget restrictions and the loss of public revenue as a result of decreased economic activity in the country. If the public and private health care sectors are unable to meet the increasing

health care needs of the Cypriot population, then the economic crisis will be accompanied by a possible health crisis, which in effect will undermine Cyprus’s ability to recover from the recession in the near future.

By Jacqueline Anastassiades

On the contrary, the new National Health System reform in Cyprus will pave the way to solving major problems faced by the health sector today and is expected to have significant benefits for the state, particularly for Cypriot patients: It will lead to better coordination of health care provision as it will be able to reconcile the currently available infrastructures in the public and private sectors.

It will guarantee the right of access to necessary health care services to all citizens in need and ensure that the appropriate eligibility rules are in place so as to cover the emerging groups of unemployed, reduced income working population that may appear during the crisis. Thus, the new

health system could become an instrumental platform for enhancing social cohesion in the country.

It can work as a platform to modernise the health care system by implementing innovative solutions both in the finance and provision of care, taking into account the international experience and the collaboration that will develop between Cyprus and other EU member states.

It will enable the health care sector to become a growth sector with multiple positive implications for the economy of Cyprus. It is true that more health leads to more wealth so the “health economy” can be a fuel for growth in the country.

It will complement the efforts and resources of many people that have been involved in this effort in recent years, and will place Cyprus among other advanced countries in terms of health care coverage.

Accelerating the implementation of the GeSY will help to manage the financial challenges of the economic crisis and position the health of the population as a key factor for social solidarity and economic growth.

Jacqueline Anastassiades is a board member of the Cyprus Association of Research and Development Pharmaceutical Companies (∫∂F∂∞).

www.kefea.org.cy

June 19 - 25, 2013

6 | OPINION | financialmirror.com

It’s everyone for himself EDITORIAL Strange, how even in the present troubled times, there still is no solidarity, friends have disappeared, alliances have collapsed and basically it’s everyone for himself.

We’re not talking about support towards Cyprus from other Euro zone members, but solidarity among groups of strikers and soon-to-be-laid-off personnel at banks, Cyprus Airways, semi-government organisations, etc.

Clearly the strength of the once-mighty trade unions has vanished, as they, too, failed miserably to look after the interest of their members. Priority has been given to public-sector workers, where membership is strongest, simply because of numbers, while private sector workers have been abandoned by their union reps long ago.

Although PM Samaras’ handling of the ERT closure was

ill-planned and turned out to be a PR nightmare, everyone agrees that the decision was right to slash this white elephant’s workforce from a ludicrous 2,600 to a more reasonable 1,000, saving some 100 mln euros in the process.

The time has come for similar actions here as well, which is why union bosses, uncomfortable with the criticism they are getting on a daily basis, are getting ready in the trenches for a long battle ahead. But what is there left to defend, apart from the golden privileges afforded to public servants and bank employees? Despite the relative paycuts, they still enjoy other perks, with nothing being done to improve the productivity and competitiveness of the government machine.

Perhaps, the time is ripe for wide-scale redundancies of civil servants and the transfer of their workload to private contractors, where output will be measurable and increased. Privatisations should be a primary goal and not a last resort, otherwise the “Cyprus” brand will continue to

suffer, as it has done during the last five years of head-inthe-sand ostrichery and during the past three months of frustration and snail-paced reforms.

As regards Cyprus Airways, well, perhaps it’s payback for the troubled carrier’s trade unions that have refused to discuss serious changes and as a result the airline faces imminent closure. Laying off 200 or more staff will not solve the problem if the civil servant mentality and in-flight arrogance continues to rule. Remember the ferocious arguments in favour of closing Eurocypria? Perhaps, the wrong airline was shut down at the time.

If the Flying Moufflon is to be rescued, management and strategy should also be drastically changed, while it is high time a direction change was made as regards the fleet structure and route network.

Besides, there are so many other low-cost and scheduled carriers out there who still get us from point A to B, maybe even at a better price and with less of a hassle.

The honeymoon is over, Mr. President A president’s first few months in office are traditionally a honeymoon period. Voters withhold judgment until the new president has had a chance to show some results. That period is now over. I think everyone realises you took over the office at a particularly difficult time. Furthermore, the Euro group has not treated Cyprus or yourself justly or even competently. It is not fair but this is the situation we are now in and this is the job you asked for. The citizens of Cyprus voted for you and now they expect leadership consistent with the difficult situation Cyprus is in today.

es the prospect of Cyprus incurring a second MOU with the immense damage that it will bring.

PUBLIC SECTOR

Privatisation is one of these measures. The Auditor General’s latest report on the publicly owned organisations has

By Dr. Jim Leontiades

THE WORST OF ALL WORLDS

The danger signals are obvious. Once more, Cyprus has been downgraded by an international rating agency. Does this sound familiar? Euro zone countries, particularly those that have signed an MOU, have no choice but to follow the austerity prescriptions of the Troika, however misguided they may be.

The danger is that once again we are following the footsteps of Greece, implementing these proposals halfheartedly and with delay. This risks the worst of all worlds, bringing the hardships of austerity which such measures entail without taking action quickly and decisively enough to really make a difference - a difference in our national indebtedness that will point the way toward an exit from the MOU and restore international confidence in this country.

Surely, you do not believe that eliminating the potato and wine marketing boards etc., amounts to even a baby step in this direction. The softly-softly, slowly-slowly approach will not do the job. In the situation Cyprus is in today, we require quick and drastic reductions in government spending to build an atmosphere of confidence and a feeling that the economy is moving toward freeing itself from the Troika and the MOU. The kind of measures needed are no doubt painful. They are the kind that will face powerful opposition. They are not the kind that will win votes. But the result of not taking them rais-

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Cyprus International Institute of Management highlighted the general mismanagement, high cost and high compensation which has resulted in Cyprus having the highest electricity prices in the Euro zone. This is one of the so called “profitable” government owned organisations. Of course it is profitable. What company cannot be profitable if it controls prices?

The problems of Cyprus Airways seem to have become a permanent part of our economic landscape. Lengthy negotiations which try to please all interested parties will continue to have the same result as in the past.

The elephant in the room is of course the public sector. A number of studies have shown that the average public sector wage has been substantially higher than in the private sector.

Yes, there have been a few reductions here but hardly anything to match the loss of jobs, drastic wage cuts and fall in pensions seen in the private sector. If anything, the gap between the public and private sector compensation has become wider.

It is not simply a matter of costs or even social justice.

Mindless and unnecessary bureaucracy is itself a major cost.

Every survey of foreign investors in Cyprus cites bureaucracy at every level as a major impediment to foreign investors who desire to establish businesses here and offer jobs. The continuing problems with titles for house ownership has discouraged the purchase of new homes, another major source of employment and government revenue.

Furthermore, the undoubted attractions of working in the public sector acts to “crowd out” employees available to the private sector. Private firms hire and train personnel only to see them whisked away at the first offer of government employment – where both wages and security are higher but productivity lower.

It is not enough to commission studies that will forward suggestions at a future date. The present situation of the economy is dire. Action, no matter how painful or whatever votes may be lost is needed now.

Athens conference looks at Cyprus banking recovery The Hellenic Association for Financial Law, member of the European Society for Banking and Financial Law, recently organized a conference in Athens on “The crisis of the Cypriot Banking System and the recovery and resolution measures of Cypriot banks”, chaired by the distinguished Greek lawyer Dr. Dimitris G. Tsibanoulis The conference attracted more than 300 people from Greece’s financial, business and banking elite, who heard speeches on legal and economic aspects across three individual panel discussions. Among the speakers were Konstantinos Botopoulos, Chairman of the Hellenic Capital Markets Commission; Dr. Phivos Athanasiou, Senior Legal Counsel of the European Central Bank; Michael Stylianou, Head of the

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Bank Resolution Unit of the Cyprus Central Bank; and George Colocassides of the law firm Colocassides Hadjipieris and Co. Beyond supporting the conference, Axia Ventures Group, the investment banking boutique, participated with a presentation by Stavros Agrotis on “The Cyprus’ Crisis: The interrelationship between the sovereign, the household and the banking sector”.

“Cyprus is going through a difficult situation at the moment,” Agrotis said, adding that, “conferences such as the one organized by the Hellenic Association for Financial Law can only assist towards creating a foundation on which potential solutions can be built. I am thoroughly pleased to have been part of such an esteemed panel’’.

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June 19 - 25, 2013

financialmirror.com | COMMENT | 7

U.S. keeps pressing for shell company laws The United States pledged on Tuesday to keep on pressing for legislation to cut down on the criminal use of shell companies but did not take firmer action for now as part of a Group of Eight push to tighten rules on tax evasion and money laundering.

A frequent critic of tax havens, the United States has come under fire from campaigners for the low transparency requirements around ownership of corporate entities registered in some U.S. states such as Delaware.

The White House is keen to tackle such criticism and said it would push U.S. states to create registers of the true ownership of American companies. “The U.S. will continue to forcefully advocate for comprehensive legislation to require the disclosure of beneficial ownership information, including a requirement to identify and verify beneficial ownership information at the time a company is formed,” it said in a statement.

Britain - which hosted a G8 summit in Northern Ireland on

Monday and Tuesday - said on Saturday it would introduce new domestic rules to combat tax evasion, by forcing shadowy shell companies to throw off their cloak of anonymity and reveal who really runs them.

British Prime Minister David Cameron has sought to clamp down on secret flows of money, making it a centrepiece of his presidency of the G8 this year.

Gavin Hayman, director of campaigns at anti-corruption group Global Witness, said the U.S. announcement fell short of Britain’s pledge although some of the details on the possible definition of beneficial ownership looked stronger than previous proposals by Washington.

“The credibility of this depends on the ability of the White House to advance legislation,” said Hayman said. “The U.S. has promised this kind of thing before ... and not a lot happened.”

Under the new British rules, companies will be required to obtain and hold information on their ownership and control

which will then be held in a central registry, available to police and revenue agencies.

The White House also pledged to make U.S. financial institutions conduct more checks on their customers, including a rule requiring banks to identify the beneficial owners of legal entity customers.

“This proposed rule would require that financial institutions understand who their customers actually are and provide important information and resources for law enforcement and tax authorities,” the statement said.

Cameron has been stung by revelations that the likes of Google and Starbucks have sharply cut their corporate tax bills in Britain using legal loopholes.

Last week he sought to turn up the pressure on other rich economies by pressing Britain’s overseas tax havens into a transparency deal and announcing new disclosure rules for British firms.

Putin locks horns with West over Syria Russian President Vladimir Putin clashed with other world leaders over the civil war in Syria at a tense G8 summit, blocking any mention of the fate of Syrian leader Bashar al-Assad from a final communique to be issued on Tuesday.

Isolated at the G8, Putin resisted attempts by other world leaders including U.S. President Barack Obama to get him to agree to anything that would imply Assad should step down or that Russia should tone down its support for Assad.

Western powers tried to hash out a statement with teeth on Syria that all G8 leaders could agree on, though sources indicated that Putin resisted.

“You’re close to a seven to one position on Syria and clearly Putin doesn’t hold back with his views,” a source familiar with the talks said.

Russia has been Assad’s most powerful supporter as his force struggle

to crush an uprising in which 93,000 people have been killed since March 2011. He can also count on backing from Iran.

Russia and the United States agree the warring sides should be brought together to discuss Syria’s future at a peace conference as soon as July. But its timing was under question and one source said it would be delayed until August.

Obama and his allies want Assad to cede power while Putin, whose rhetoric has become increasingly anti-Western since his re-election last year, believes that would be disastrous at a time when there is no clear transition plan.

Putin’s isolation at the G8 may damage perceptions of Russia but for Putin himself it would be a chance to portray himself as a strongman who can stand up to a bullying West - an image certain to please the domestic audience.

He appeared tense on the first day

and has faced a barrage of criticism over his Syria stance. Canada’s Stephen Harper accused him of supporting

“thugs” in Damascus. His meeting with Obama was frosty and both men looked uncomfortable.

US, EU would benefit from free trade l Ifo/Bertelsmann

Foundation study: Losers would be traditional trading partners and developing countries

The US and all EU member countries would significantly benefit from a comprehensive transatlantic trade and investment partnership (TTIP). If it is possible to largely eliminate not only tariffs but also non-tariff trade barriers, real GDP per capita would significantly increase, and new jobs could be created. However, the social welfare gains in this largest free trade zone, with over 800 mln inhabitants, would stand in contrast with real income and employment losses in the rest of the world. These are the results of a current ifo Institute study commissioned by the Bertelsmann Foundation and released before the visit of US President Barack Obama in Berlin.

The study shows how long-term real per capita income would change for a total of 126 countries as a consequence of a transatlantic free trade agreement. According to the calculations, the US would achieve the greatest growth.

There, the long-term GDP per capita would grow by 13.4%.

Social welfare gains would also be achieved in the entire EU region. In all 27 member countries, real income per capita would end up almost 5% higher on average. Great Britain would show the largest increase in income, with a real increase in income of almost 10% per capita.

EU member countries that would profit more than

average from a far-reaching liberalization of trade include small export-oriented economies such as the Baltic states and also the crisis-ridden southern European countries, for whom imports from the US would become cheaper. In comparison to the rest of Europe, the large economies of Germany (4.7%) and France (2.6%) would benefit less than average from a comprehensive free trade agreement.

However, the intensification of trade relationships between the US and EU would result in these economies importing fewer goods and services from the rest of the world. Such partners would thus experience a decline in real income per capita. Traditional trading partners of the US, such as Canada (down 9.5%) and Mexico (down 7.2%) would be particularly affected. In Japan as well, long-term income per capita would be reduced by almost 6%. Additional losers would include developing countries, especially in Africa and central Asia.

The TTIP is not a zero sum game, however, but instead generates real gains in public welfare due to the reduction of trade costs; in principal, therefore, all countries can profit from this reduction. Average per capita income throughout the world would rise by 3.3%.

For the EU, a far-reaching free trade agreement would

result in a significant increase in employment in the participating economies. According to the calculations, the US and Great Britain will benefit to a particularly large degree, with almost 1.1 mln and 400,000 additional jobs, respectively. There would be an above-average impact on employment in the crisis-ridden southern European countries as well. While unemployment in the OECD would decline by an average of 0.45 percentage points, in the four countries in crisis, it would decrease from 0.57 percentage points in Italy to 0.76 percentage points in Portugal.

“A transatlantic free trade agreement would be an important tool for increased growth and employment in Europe,” said Bertelsmann Foundation CEO Aart De Geus.

“Especially the southern Europeans, who have been shaken by crises, would benefit from this to an above-average degree. However, social welfare gains that arise for the EU and US should also be an incentive to show a readiness to compromise toward the losers of the agreement in future multilateral negotiations. In this way, the transatlantic free trade agreement could also give fresh impetus to the Doha Development Round, which has come to a stall.”

Further information is available at http://www.bertelsmann-stiftung.de

June 19 - 25, 2013

8 | COMMENT | financialmirror.com

Copycat capitalists It is all too easy to envy China. At current growth rates, the Chinese economy will double in size in only nine years, raising an estimated 100 million people above the poverty line in the process.

Compare this to the major economies of the Western world. The eurozone’s GDP remains mired below 2008 levels, and the United States last enjoyed Chinese-style growth back in 1984, when gasoline was $1.10 a gallon and the first Apple Macintosh was rolling off the production line in California.

Given the West’s anemic performance in recent years, it is hardly surprising that envy of China’s economic dynamism has manifested itself in official policy. Recent examples range from direct market interventions (such as America’s effort to boost its automotive industry via the “cash for clunkers” program), to the British government’s attempt to reflate the United Kingdom’s housing market by guaranteeing mortgages under its “Help to Buy” scheme.

Even hitherto independent central banks have not escaped the creep toward state-sponsored capitalism. The US Federal Reserve has been gently encouraged to buy 90% of annual net issuance of US Treasury bills, effectively funding the US fiscal deficit and ensuring, via the resulting negative real interest rates, that businesses and individuals wishing to save, rather than spend, will lose purchasing power by doing so.

Ironically, Western countries are shifting to statism at the very moment that China appears to be heading in the opposite direction – witness its recent moves to liberalize its financial system. In just 10 years, the share of state-directed bank lending in China has fallen from 92% of new credit creation to less than half.

But copycat capitalism is not without risk; indeed, it is unlikely to end without someone getting scratched. The

West’s efforts to emulate China are hindered by its inability to replicate the conditions of Chinese growth, such as labor mobilization, and its unwillingness to pursue practices such as the one-child policy. Thus, the West’s forays into state capitalism are more likely to result in the misallocation of capital, more in the vein of China’s vastly oversupplied steel industry but without the stellar headline economic performance of the national economy.

By Alexander Friedman

Coming from the other direction, China’s crawl toward a more market-oriented brand of capitalism also has potential pitfalls. We need look no further than its recent problems with so-called wealth-management products (WMPs) for evidence that reform intentions without adequate regulatory institutions can cause problems.

WMPs were commonly marketed to individuals as alternatives to deposit accounts. But the funds contributed were then invested in riskier assets that included “trust loans” to companies such as property developers. The number of trust loans rose by 40% in 2012, which triggered serious concern among China’s authorities that WMPs could become the next financial “WMDs,” because banks had strong incentives to make uneconomic lending decisions.

The subsequent state-directed WMP regulation put a brake on credit creation and sent Chinese stock markets

plunging. Ultimately, however, the measures should enable China’s shadow banking system to continue to grow at a more manageable pace and in a more sustainable way.

There is a risk that the lack of growth in the West may make economic transformation in the direction of the Chinese model appear more urgent to its governments. But the Western economic model has brought about unprecedented standards of living. This achievement should not be dismissed because of one crisis, no matter how prolonged, and the economic model that produced today’s living standards should not be cast aside without careful consideration.

By contrast, China’s rapid growth should not obscure its need for economic change. According to the International Monetary Fund, at some point between 2020 and 2025, China will pass what economists call the “Lewis Turning Point,” at which a country’s vast supply of low-cost workers is exhausted and factors such as labor mobilization provide a diminishing contribution to growth. With smaller demographic and resource advantages in the coming years, the consequences of capital misallocation, unavoidable under a state-directed economic model, will come to the fore.

As China’s recent experience with WMPs demonstrates, economic change can expose old problems and create new ones. Ironically, China’s transformation from a state-directed to a market-driven economy may require the greatest amount of planning of all.

Alexander Friedman is Global Chief Investment Officer for UBS Wealth Management. © Project Syndicate, 2013. www.project-syndicate.org

The night-watchman state’s last shift Too often, debate about the relationship between the state and the market casts them as opposing forces locked in a zero-sum struggle. But this simplistic approach quickly turns constructive discussion into a casualty of the ideological battle between advocates of state and market capitalism.

A more useful framework would view the state and the market as two sides of the same coin, bound together by the property-rights infrastructure (PRI). The state interacts with the market – the realm of private, voluntary exchange of property rights – in three main ways.

First, the state transacts with the private sector through taxation and expenditure. Second, it establishes and maintains the PRI, which includes all of the institutions needed to delineate, exchange, fine-tune, and protect (through enforcement of law and contracts) property rights.

Among these institutions are the judiciary and arbitration panels, which function not only to adjudicate property-rights disputes, but also to address administrative abuses and disputes between the private and public sectors. Finally, the state competes with the private sector via state-owned enterprises and utilities.

Given that an effective PRI safeguards market order and stability, the market needs a strong state to manage it. This means that whether a government is “big” or “small” is less important than how well it manages the PRI – that is, whether the state is able to ensure high-quality market order.

Current policy debates have largely neglected this aspect of the state’s role, because Western thinkers take their countries’ PRI for granted, especially their regulatory and judicial systems, which have benefited from hundreds of years of development. But these countries’ experience is entirely different from that of developing economies, which are under intense pressure to build a sound PRI quickly.

For a large economy like China – which has overlapping bureaucracies in different state agencies, and many layers of government extending from the central administration to local units – creating a transparent, fair, and effective PRI is particularly complex. As a state-led economy moves toward a market-based system, policymakers are faced with a difficult choice: pursue policies associated with immediate and rapid GDP growth, or seek the longer-term, less visible benefits of PRI development.

When China began this transition, its central and local governments focused on building physical infrastructure, such as roads and electricity grids, which delivered tangible gains. But it was the state’s less visible investment in the country’s institutional infrastructure that had the biggest impact on China’s GDP growth. Over the last three decades, the government has created a transitory but effective PRI to remove barriers to market entry, define new property rights, and mimic international rules, thereby facilitating external

By Andrew Sheng and Xiao Geng

trade and enabling foreign multinationals to operate effectively in China.

China’s government-services supply chain plays an important role in orchestrating and supporting the market economy’s development. But it is not enough. With private and foreign-owned entities now accounting for more than two-thirds of China’s output, and with China becoming a leading actor in global markets, the need to upgrade its PRI is becoming increasingly urgent.

In order to create value consistently within domestic and international markets, China must ensure that competition is fair, transparent, and subject to the rule of law. China’s leaders know that private small and medium-size enterprises with fair market access would be a far more reliable source of innovation and jobs than are large state-owned monopolies.

Given this, China’s continued economic success depends on reducing state ownership of productive capital, facilitating market innovation and growth, and investing in human capital, such as through education, health care, and social welfare. Concretely, this means introducing land reform and privatization, regulating food and drugs, protecting human capital and intellectual property, safeguarding the value of household savings, ensuring market access, and executing

fair and transparent taxation.

Such reforms would not weaken the state; they would simply alter the distribution of power in order to create a more stable system. For example, the primary objective of privatization would not be to reduce the size of the state sector, but to eliminate state-owned enterprises’ unfair and hidden privileges, such as subsidized credit and monopolistic market positions. This would help to eliminate corruption, by making bureaucratic functions more transparent and preventing officials from rewarding themselves at the public’s expense.

Strengthening the rule of law and creating a level playing field essentially involve building a stable, effective PRI, composed of institutions that can motivate public officials to deliver services as effectively as possible. Such a PRI would ensure that the state fulfills its responsibility to safeguard justice, enforce the law firmly and transparently, and enable the strongest competitors to reap their just rewards.

The good news is that many of China’s local governments, which are responsible for overseeing the country’s courts, are beginning to compete with each other to deliver better PRI. They recognize that stable, equitable markets are better than physical infrastructure at creating jobs and driving long-term growth. The bad news is that those who benefit from the current system are resisting progress.

In order to navigate the complex market-state relationship and achieve a beneficial outcome, Chinese policymakers must have a clear idea of where the state’s limited capacity and political capital are needed most. And that presupposes a discourse on the state-market relationship that is very different from the one to which Westerners are accustomed.

Andrew Sheng, President of the Fung Global Institute, is a former chairman of the Hong Kong Securities and Futures Commission, and is currently an adjunct professor at Tsinghua University in Beijing.

Xiao Geng is Director of Research at the Fung Global Institute. © Project Syndicate, 2013. www.project-syndicate.org

June 19 - 25, 2013

financialmirror.com | COMMENT | 9

Iran to change slowly after election of moderate l Hassan Rohani hails from conservative background; Close to supreme leader,

better positioned to pursue change, but far-reaching reforms unlikely ANALYSIS The victory of a moderate in Iran’s presidential election has kindled the hopes of liberals for a return to the “golden years” of reformist president Mohammad Khatami, when Iranians enjoyed more freedoms and Tehran had better relations with the West.

But like Khatami, former nuclear negotiator Hassan Rohani will face obstacles from the conservative establishement. He will be unable to move fast and may not want to move far since, unlike Khatami, he has close ties with the religious leadership.

“Dr. Rohani and the Supreme Leader have been friends for more than four decades,” said Hossein Mousavian, who worked directly under Rohani when he was chief nuclear negotiator.

“It is a relationship of trust.”

That trust is a clue to the puzzle of an overwhelming victory for reformist-backed Rohani after a pre-election clampdown on reformists left many expecting a hardline victory.

“This outcome more likely came about because, not in spite of, the Supreme Leader who allowed Rohani to enter the race, gain momentum, and win,” said Ali Vaez, Iran analyst at International Crisis Group.

While the president-elect is unlikely to seek such far reaching reforms as Khatami, his position at the heart of the Islamic Republic will provide him with a wider political base to get things done.

Rohani has said he intends to pursue constructive interaction with the world and “more active” negotiations over Iran’s nuclear programme, after his predecessor’s belligerence was met with painful Western sanctions and military threats.

He has said suspension of uranium enrichment was out of the question but his more moderate approach could lead to a part thawing of the frosty relations between the Islamic Republic and Western powers who suspect Tehran of seeking to develop nuclear weapons, allegations it denies.

Israel, fearful of such a thaw, made clear on Monday it foresaw no change in the nuclear policy of its long-time foe and few expect any early end to its support for Syrian President Bashar al-Assad in that country’s civil war.

DIFFERENT ROOTS

Khatami was director of the national library before his landslide election as president in 1997 ushered in an era when strict controls were relaxed and a vibrant press and flourishing arts scene sprang up.

But entrenched conservatives fought a rear-guard battle, blocking further reforms and banning reformist newspapers.

By contrast, Rohani earned his revolutionary spurs through his closeness to the founder of Iran’s theocratic state, Ruhollah Khomeini, and former president Akbar Hashemi Rafsanjani, who was disqualified from running in the election but regarded as a “pillar of the Islamic Republic”.

Rohani played a central command role in the Iran-Iraq war bolstering his status and influence, because of its overriding priority in securing the future of the Islamic Republic.

He was rewarded with a string of high-profile positions and remains a member of the Expediency council and the Assembly of Experts, two influential advisory bodies. Significantly, he is Supreme leader Ayatollah Ali Khamenei’s representative on the Supreme National Security Council.

“Compared with Khatami, he is in a better position to have Khamenei’s support while in office,” Vaez said.

To this end, he is expected to draw up a team that includes reformists, conservatives and principlists but that excludes radicals from any faction, said Mousavian.

Although elated that eight years under hardliner Mahmoud Ahamdinejad are drawing to a close, many reform-minded Iranians question whether their president-in-waiting can or wants to deliver what he promised and already sense disappointment.

Chief among those concerns is whether he will take on the issue of the two reformist leaders who have been under house arrest for more than two years over what critics have decried as their seditious role in the post-election protests in 2009.

Supporters stirred memories of 2009 during this campaign, chanting the names of the two men, Mirhossein Mousavi and Mehdi Karoubi, at rallies and intensifying calls for their release.

“We may see the release of Mousavi and Karoubi. After the election there could be no role left for them to play,” said Mehdi Khalaji, a senior fellow at the Washington Institute.

Yet the issue of the two leaders remains deeply sensitive.

Rohani’s first official news conference as president-elect was cut short after a slogan was shouted in favour of Mousavi.

LIMITATIONS

With his pre-election emphasis on rights and freedoms, Rohani may also be forced to confront the issue of human rights and abuses by Iran’s notorious security agencies.

Yet he may find little ability to extend his influence over them, especially after he beat their favoured candidates current chief nuclear negotiator, Saeed Jalili and mayor of Tehran, Mohammad Baqer Qalibaf, to the presidency.

“Rohani will be able to decrease tensions and slightly relax the security atmosphere which has gripped much of the country for four years,” said Eskandar Sadeghi-Boroujerdi, a researcher on modern Iran at Oxford University.

“But he will not have much or any say over the Minstry of Intelligence, the Revolutionary Guards and will find himself hedged in.”

When president, Khatami was faced with thousands of students in 1999 protesting against the closure of liberal newspapers.

The reformist president was accused of standing by, allowing the hardliners to crush the dissent which left several dead.

Several days after the protests, Rohani, then head of the Supreme National Security Council, told a pro-government rally security forces would “deal with these opportunists and riotous elements if they dare to show their faces”.

Despite the foreboding message, a pragmatic Rohani who advocates progress above and beyond ideology, was also visible.

Anchoring the Arab awakening The economic situation in the countries of the so-called Arab Awakenings is deteriorating quickly. Egypt is running low on cash – before recent rescue loans, currency reserves covered less than three months of imports – and Egyptians are hoarding fuel and foodstuffs in anticipation of future shortages. More frequent and longer-lasting power outages foretell worse to come in an economy already struggling with mass unemployment, widespread exclusion, and deep pockets of poverty.

Short-term macroeconomic stability is the immediate priority in Egypt and the other Arab Awakening countries. In the medium term, however, the viability of the current order is at stake – and not only in these countries, but across the rest of North Africa and the Middle East.

With so much at stake, Majid Jafar of UAE-based Crescent Petroleum was right to worry at the recent World Economic Forum on the Middle East and North Africa at the Dead Sea. His proposal of an Arab Stabilization Plan, inspired by the post1945 Marshall Plan in Western Europe, is laudable. The imperative for large-scale coordinated action is overwhelming. But is the Marshall Plan the right model?

The Marshall Plan was a macroeconomic strategy involving massive capital transfers to help reconstruct the war-ravaged industrial capacity and infrastructure of economies with welldeveloped institutions. But what the Arab region needs are micro-oriented, project-based, and governance-heavy investments conditioned on deep reform of a business environment that is generally considered among the worst in the world.

In a joint report on the competitiveness of the Arab countries, the European Bank for Reconstruction and Development (EBRD) and the World Economic Forum call for urgent institutional reform to support private-sector growth. Excessive red tape and ineffective enforcement of competition policy and governance rules are hampering entrepreneurship throughout the region. Massive investments are also needed in education to

eradicate deep pockets of illiteracy, raise overall skill levels, and better match skills to the demands of the market.

Perhaps surprisingly, there is widespread consensus in the Arab Awakening countries that the private sector is central to sustained job creation and growth. We saw this recently when the EBRD, together with the British-based organization Forward Thinking, conducted a closed-door workshop for 27 leading representatives of parties from across the political spectrum in the region. Two days of intensive discussions revealed important differences in perspective, but also many commonalities.

By Erik Berglof

Private-sector development clearly means different things to different people. The parties on the right largely embrace freemarket thinking, while Egypt’s Muslim Brotherhood and its kindred parties in Libya and Tunisia are deeply sceptical of the state, which they view as bloated, inept, and ultimately corrupt.

Moreover, the existing banks have failed to serve these parties’ small-business and farming constituencies. Achieving ambitious goals for inclusive growth and job creation quickly without an enabling state and without using the banking system will be extremely difficult.

Without question, the main responsibility for building these countries’ political systems and reforming their economies rests with their citizens. Outside intervention has left too many scars in the public’s collective memory. But the region can look to the successful transition in Central Europe and the powerful

anchor for reforms provided by these countries’ accession to the European Union. Countries like Hungary and Poland can hardly be accused of having a hidden agenda when they share their development experience. Much can also be learned from countries like Turkey, which has managed to create a dynamic and innovative private sector.

The good news is that the economies of the Arab Awakening countries do not suffer from the deep distortions that characterized post-communist Europe. Many of the early reforms have already been implemented, and reasonably sophisticated banking systems are in place. In post-communist Europe, banks had to be built from scratch out of the rubble of socialism.

As a result, while political uncertainty will take its toll on economic growth, the Arab Awakening countries should not have to face a transitional recession, as post-communist Europe did in the 1990’s. On the other hand, they are unlikely to benefit from the subsequent robust growth that most European transition countries experienced.

Jafar is right that the Arab Awakening countries need a plan.

But it should be a plan for private-sector-led inclusive growth, supported by efforts in the rest of the Arab world and in the EU. Most critically, it must be a plan owned by the countries themselves and based on an approach that recognizes the critical roles of an enabling state and a catalytic financial sector. The ongoing socio-political transition, underpinned by widespread public recognition of the need for change, provides a historic opportunity to embark on growth-enhancing reforms.

Erik Berglof is Chief Economist of the European Bank for Reconstruction and Development. © Project Syndicate, 2013. www.project-syndicate.org

June 19 - 25, 2013

10 | WORLD | financialmirror.com

Toyota overtakes BMW as most valuable car brand Toyota has overtaken BMW as the most valuable automotive brand, an annual ranking of the world’s top brands shows.

The value of the Toyota, Mercedes-Benz, Audi and Hyundai brands improved by double-digit percentages compared with 2012, largely because of strong demand in China and the United States, according to the BrandZ Top 100 Most Valuable Global Brands study released by market research company Millward Brown.

Toyota’s 2013 brand value rose 12% to $24.5 billion largely because of its significant inroads in the hybrid market, according to the study. It ranked No. 23 on the overall list, trailing the top ten brands of Apple, Google, IBM, McDonald’s, Coca-Cola, AT&T, Microsoft, Marlboro, VISA and China Telecom.

“Toyota is carving out a very big position in hybrids across its range, which is tapping into the consumer need for value by saving fuel cost,” said Peter Walshe, Millward Brown global brand director. “Its hybrids are reinforcing the experience of the brand, and in so doing, Toyota continues to magnify what is special and different about it.”

Honda finished No. 71 on the list with a value of $12.40 bln, down 2%. Nissan came in at No. 86 with a value of $10.19 bln, up 3%.

Ford was the only U.S. car brand to make the report with a value of $7.55 bln, up 8% from 2012, but it failed to make the top 100 list.

Volkswagen finished just ahead of Ford at No. 100 on the list. VW’s brand value improved 3% to $8.79 bln, the report said.

The top ten auto brands in the report have kept only 71% of their pre-recession value, the study noted.

BMW’s brand value dipped by 2% to $24 bln, according to the study, because of the German automaker’s lack of new product launches compared with past years. It ranked just behind Toyota at No. 24 on the overall list.

“The automotive brands that grew the most were the ones

that launched the most models,” Walshe said. “BMW remains a very powerful and distinctive brand.”

BMW was the most valuable auto brand in the 2010 and 2012 rankings. Toyota held the top spot from 2006 until 2009 and again in 2011.

Among German premium brands, the value of the MercedesBenz brand, ranked 43, increased 11% to $18 bln and the Audi brand saw its value rise 18% to $5.5 bln largely because of strong demand in the United States and China for luxury cars, according to the study. The Hyundai brand rose 11% to $4 bln and Lexus was up 2% to $3.5 bln.

The rise in Chinese millionaires and a wealthier populace has continued to make China a key growth market for top global luxury brands such as Audi, BMW and Mercedes.

The 2013 Top 100 ranking is led by Apple, which has a brand value of $185.1 bln, up from $182.9 bln in 2012. It is the third consecutive year Apple finished No. 1. Google, with a brand value of $113.7 bln, took the No. 2 spot from IBM, which now ranks third and is valued at $112.5 bln.

Royal baby to give almost £240 mln bump to British economy From Union Jack booties to “Born to Rule” sleepwear, the British royal family has joined retailers in offering baby products to mark the arrival of the royal heir.

Analysts estimate the baby fever could boost the economy by 240 mln pounds.

A baby sleepsuit modelled on a guardsman’s outfit is one of the gifts on sale at palace shops by the Royal Collection Trust, which uses all profits for the upkeep of the royal palaces.

Prince Charles, the grandfather-to-be, is selling handmade baby shoes through a shop on his country estate Highgrove, while the mother-to-be’s parents, Carole and Michael Middleton, have added a range of baby goods to their party goods business.

Joshua Bamfield, director of the Centre for Retail Research (CRR), estimated that the arrival of the baby, due in July, could add more than 240 mln pounds to the British economy.

“This is a good news story and there really is no downside.

With the birth coming in July, people will have time to get involved, and that means additional spending,” Bamfield told Reuters after the release of the CRR’s report on Monday.

“There has been a lot of interest across the Atlantic as well, as the younger royals are very well thought of in the United States, so we are expecting good sales of souvenirs.”

The birth of the royal baby, who will be third in line to the throne after Prince Charles and Prince William, is the latest in a run of royal and sporting events.

Prince William married Kate Middleton in April 2011 and Queen Elizabeth marked her Diamond Jubilee in June last year.

The London Olympics last summer added to the buzz.

Richard Cope, trends director at market researcher Mintel, expected the duke and duchess’s baby to have a positive impact on consumer spending, which only ticked up 0.1% between January-March this year.

“I think the biggest commercial opportunity is going to be with tourists,” Cope told Reuters, pointing to a 13% rise in tourists arrivals in April.

Bamfield forecast 4.8 mln people would splash out 62 mln pounds on alcohol to wet the future monarch’s head and spend 25 mln pounds on food for baby parties.

He expected 156 mln pounds to be spent on commemorative china and other collectables, toys, books, DVDs and media.

Bamfield said another knock-on effect of the birth would be sales of baby products as other new parents copied the duchess.

The “Kate-effect” is already well known as sales of anything the duchess wears or uses soars. A Dalmatian coat she wore last week to launch a new cruise ship sold out within an hour.

“One of the biggest factors will be the unintentional royal brand endorsement,” said Bamfield.

“The ‘Kate effect’ has already taken the fashion world by storm...and this trend will follow for the infant’s baby grows, rattles, first bike and so on.”

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

www.financialmirror.com

AÚ. 920

∆∂∆∞ƒ∆∏, 19 π√À¡π√À, 2013

∆Ú. ∫‡ÚÔ˘: ∫Ô‡ÚÂÌ· ¤ˆ˜ 30% ÛÙÔ˘˜ ÌÈÛıÔ‡˜ Κλιµακωτέσ µειώσεισ µέχρι και 30% στουσ µισθούσ των υπαλλήλων περιλαµβάνει η συµφωνία στην οποία έχουν καταλήξει το µεταβατικÞ ∆ιοικητικÞ Συµβούλιο τησ Τράπεζασ Κύπρου και τησ ΕΤΥΚ. ΑνοικτÞ παραµένει το σχέδιο τησ εθελούσιασ αφυπηρέτησησ του προσωπικού τησ Τράπεζασ, µε την αγωνία για τουσ 5.600 εργαζÞµενουσ τησ Τράπεζασ, στουσ οποίουσ συµπεριλαµβάνονται και αυτοί τησ πρώην Λαϊκήσ, να κορυφώνεται εν αναµονήσ των αποφάσεων. Ùπωσ ανακοίνωσε η Τράπεζα συµφώνησε µε την ΕΤΥΚ, αναφορικά µε τισ αποκοπέσ-µειώσεισ µισθών και επιδοµάτων του συνÞλου των υπαλλήλων του συγκροτήµατοσ τησ Τράπεζασ Κύπρου στην Κύπρο. Οι µισθολογικέσ µειώσεισ είναι κλιµακωτέσ και φτάνουν µέχρι και το 30%, ενώ τα επιδÞµατα καταργούνται ή µειώνονται στο 50%. ∆ιευκρινίζεται Þτι οι µειώσεισ που έχουν γίνει ήδη στο προσωπικÞ τησ Λαϊκήσ Τράπεζασ συνυπολογίζονται στισ µειώσεισ που συµφωνούνται τώρα. Σε Þ,τι αφορά τη µείωση των µισθών, οι αποκοπέσ που εφαρµÞσθηκαν στην πρώην Λαΐκή Τράπεζα απÞ 01/10/2012 τερµατίζονται και απÞ 01/06/2013 εφαρµÞζονται οι ακÞλουθεσ αποκοπέσ απÞ τισ ετήσιεσ απολαβέσ (βασικÞσ + τιµάριθµοσ) Þλου του προσωπικού Þπωσ φαίνεται στον πίνακα: Σύµφωνα µε την ΕΤΥΚ ο µέγιστοσ ετήσιοσ

µισθÞσ τησ κλίµακασ του Γενικού ∆ιευθυντή θα είναι σύµφωνα µε το µέγιστο µισθÞ τησ κλίµακασ του Γενικού ∆ιευθυντή Υπουργείου. Σήµερα ανέρχεται στισ 132,224 ευρώ. Επίσησ µειώνονται κατά 50% Þλα τα συµβατικά επιδÞµατα, καταργούνται Þλα τα µη συµβατικά επιδÞµατα, καταργείται το οικογενειακÞ επίδοµα ενώ η παραχώρηση πρÞσθε-

των προσαυξήσεων στο προσωπικÞ µειώνεται στο 50% για το προσωπικÞ που λαµβάνει επιπρÞσθετη/τεσ προσαύξηση/σεισ και/ή φιλοδώρηµα λÞγω θέσησ εργασίασ, ειδικού ωραρίου και απÞκτησησ επαγγελµατικών/ακαδηµαϊκών τίτλων. Η ΕΤΥΚ διευκρινίζει Þτι θα δοθεί η δυνατÞτητα στο προσωπικÞ να προβεί σε διακανονισµÞ των δανειακών του υποχρεώσεων για ελάφρυνση του οικογενειακού του προϋπολογισµού. Κάθε περίπτωση θα εξετάζεται ξεχωριστά ανάλογα µε τα δεδοµένα του κάθε µέλουσ του προσωπικού. Τα δάνεια για τα αξιÞγραφα, µετοχέσ θα τύχουν τησ ίδιασ µεταχείρισησ Þπωσ των πελατών. ΑπÞ την πλευρά τησ Τράπεζασ, στÞχοσ τησ ∆ιοίκησησ είναι να προσελκύσει Þσο το δυνατÞ περισσÞτερεσ εθελούσιεσ αποχωρήσεισ, µε τον τελικÞ αριθµÞ να καθορίζει τα επÞµενα βήµατα Þσον αφορά το µέγεθοσ του µισθολογίου του νέου σχήµατοσ, ύστερα απÞ την απορρÞφηση του προσωπικού τησ Λαϊκήσ Τράπεζασ η οποία µετά τισ αποφάσεισ του Eurogroup τησ 25ησ Μαρτίου οδηγείται σε εκκαθάριση. Ùπωσ φαίνεται αρχικώσ στÞχοσ είναι να αποχωρήσουν οικειοθελώσ απÞ την Τράπεζα γύρω στουσ 1500 υπαλλήλουσ, ώστε το εργατικÞ κÞστοσ τησ τράπεζασ να µειωθεί κατά 100εκ. ευρώ ετησίωσ.

Να σηµειωθεί πωσ τον περασµένο Οκτώβριο η ∆ιοίκηση τησ Λαϊκήσ είχε επιβάλει στο προσωπικÞ κλιµακωτέσ µειώσεισ απÞ 5% µέχρι και 17% πετυχαίνοντασ εξοικονοµήσεισ 16 εκ. ευρώ. Πάντωσ το επίµαχο θέµα του ταµείου προνοίασ φαίνεται να συνεχίζει να αποτελεί κοµβικÞ σηµείο για την κατάληξη σε συνολική συµφωνία. Οι ρυθµίσεισ για τα ταµεία προνοίασ συνδέονται άµεσα µε την πιθανÞτητα επιτυχίασ του σχεδίου πρÞωρησ αφυπηρέτησησ που κατάρτισε η διοίκηση τησ Τράπεζασ, µε την διοίκηση να θεωρεί το σχέδιο επιτυχέσ αν αποχωρήσουν πέραν των 1000 εργαζÞµενων.

ª¤¯ÚÈ Ù¤ÏÔ˜ πÔ˘Ï›Ô˘ Ë Â͢Á›·ÓÛË Xθεσ ο ΚυβερνητικÞσ ΕκπρÞσωποσ Χρήστοσ Στυλιανίδησ, είπε πωσ απÞ τη στιγµή που ήδη µπήκαµε σε µια οµαλοποίηση και σταθερÞτητα του τραπεζικού συστήµατοσ προσβλέπουµε στην έξοδο τησ Τράπεζασ Κύπρου, ωσ συστηµικήσ τράπεζασ, απÞ το καθεστώσ εξυγίανσησ, το συντοµÞτερο δυνατÞν, και ο στÞχοσ είναι αυτÞ να γίνει µέχρι το τέλοσ Ιουλίου, προσθέτοντασ πωσ “Þλα αυτά δηµιουργούν ένα περιβάλλον για να έχουµε το πιο πρÞσφορο έδαφοσ για µείωση επιτοκίων και για επενδύσεισ και ανάπτυξη”.

¢ÂÓ ÛÔ˘ οӈ ÙÔÓ ∞°π√… ∆Ô˘Ï¿¯ÈÛÙÔÓ €4 ‰È˜ ÎfiÛÙÈÛ ÛÙËÓ ∫‡ÚÔ ÙÔ µ·ÙÔ¤‰È Σε «παράπλευρο σκάνδαλο», αυτÞ τησ συγχώνευσησ τησ Μαρφίν Εγνατίασ µε τη Λαϊκή Τράπεζα µε έδρα την Κύπρο, το οποίο επιβάρυνε το κυπριακÞ τραπεζικÞ σύστηµα µε 4 δισ ευρώ, είχε καταλήξει απÞ το 2010 η προανακριτική εξεταστική επιτροπή τησ ελληνικήσ Βουλήσ για το σκάνδαλο του Βατοπεδίου, δήλωσε ο ίδιοσ ο ΠρÞεδροσ τησ Επιτροπήσ ∆ηµήτρησ Τσιρώνησ, ο οποίοσ παρέδωσε στην Κοινοβουλευτική Επιτροπή Θεσµών υπÞµνηµα για τη διερεύνηση του σκανδάλου για το Βατοπέδι. Στισ δικέσ του δηλώσεισ µετά την κεκλεισµένων των θυρών συνεδρία, ο ΠρÞεδροσ τησ Επιτροπήσ ∆ηµήτρησ Συλλούρησ είπε Þτι τα στοιχεία είναι πολύ σηµαντικά, που δικαιολογούν τη διεύρυνση τησ έρευνασ «γιατί είναι πραγµατικά ένα µεγάλο σκάνδαλο που στήθηκε εισ βάροσ του τραπεζικού συστήµατοσ τησ Κύπρου, το οποίο περιλαµβάνει χρήση µοναστηριών, εταιρειών εγγεγραµµένων στην Κύπρο µε ύποπτεσ προεκτάσεισ». «Είναι τέσσερα τουλάχιστον τα δισ, τα οποία, εκτιµούµε, Þτι έχουν χαθεί µέσα απÞ αυτή την πλεκτάνη», είπε, χωρίσ ωστÞσο να δώσει περαιτέρω λεπτοµέρειεσ. Στισ δικέσ του δηλώσεισ, ο κ. Τσιρώνησ µίλησε για καταιγιστικά στοιχεία που προέκυψαν απÞ τη διερεύνηση του σκανδάλου. Ο κ. Τσιρώνησ απέφυγε να αναφερθεί σε συγκεκριµένα πρÞσωπα. Σηµείωσε Þµωσ Þτι «ασφαλώσ υπάρχουν πρÞσω-

πα, ασφαλώσ υπάρχουν και φυσικά και νοµικά πρÞσωπα, τα οποία εµπλέκονται σε αυτÞ το τεράστιο σκάνδαλο». Απαντώντασ σε σχετική ερώτηση, ο κ. Τσιρώνησ είπε Þτι τα δάνεια που δίνονταν, δίνονταν χωρίσ εξασφαλίσεισ. Σε ερώτηση αν ενηµέρωσε τισ κυπριακέσ Αρχέσ αφού κατείχε τα στοιχεία αυτά απÞ το 2010, ο κ. Τσιρώνησ είπε πωσ ο ίδιοσ ενηµέρωσε «τισ αρµÞδιεσ ελληνικέσ Αρχέσ µε επίσηµο τρÞπο και φαντάζοµαι Þτι Þλα αυτά τα πράγµατα ήταν γνωστά». Ο βουλευτήσ του ∆ΗΣΥ Αντρέασ Κυπριανού είπε Þτι “δεν υπάρχει απολύτωσ καµιά αµφιβολία Þτι σιγά - σιγά ξετυλίγεται το κουβάρι και αναδεικνύεται το τεράστιο σκάνδαλο, το οποίο οδήγησε στην οικονοµική καταστροφή τησ Κύπρου”, προσθέτοντασ πωσ “τα πράγµατα δείχνουν προσ συγκριµένεσ κατευθύνσεισ”. Η βουλευτήσ του ΑΚΕΛ Ειρήνη Χαραλαµπίδου έστρεψε τα πυρά τησ στον τέωσ ∆ιοικητή τησ Κεντρικήσ Τράπεζασ Αθανάσιο Ορφανίδη, λέγοντασ Þτι «γνώριζε επ’ ακριβώσ ποια ήταν η κατάσταση τησ Μαρφίν Εγνατίασ Þταν ενέκρινε τη µετατροπή τησ σε υποκατάστηµα». Οι αναφορέσ Τσιρώνη οδήγησαν τον πρώην µη ΕκτελεστικÞ ΠρÞεδρο τησ Μαρφίν Λαϊκήσ Τράπεζασ Ανδρέα ΒγενÞπουλο, στην έκδοση ανακοίνωσησ στην οποία αναφέρεται πωσ οι δηλώσεισ Τσιρώνη, δεν έχουν την παραµικρή σχέση µε την πραγµατικÞτητα.

BÁÂÓfiÔ˘ÏÔ˜: ¢Â›Í ÌÔ˘ ÙÔÓ Ê›ÏÔ ÛÔ˘…. Ο κ. ΒγενÞπουλοσ χαρακτήρισε τισ δηλώσεισ Τσιρώνη, ωσ απίστευτεσ γελοιÞτητεσ, υπογραµµίζοντασ πωσ τα Þσα είπε ο πρώην Βουλευτήσ στην Επιτροπή Θεσµών είναι γραφικÞτητεσ αφού τα ίδια έχει πει και στην Ελλάδα και τα ψεύδη και οι ανακρίβειέσ του απερρίφθησαν τελεσίδικα απÞ την Ελληνική ∆ικαιοσύνη. «Ο Τσιρώνησ είναι υπÞδικοσ στην Ελλάδα και τον αναµένει βαριά καταδίκη, µε το να έρχεται δε στην Κύπρο για να κερδίσει λίγη δηµοσιÞτητα και να πετάει τισ ίδιεσ λάσπεσ εναντίον µου, εναντίον τησ Τράπεζασ τησ Ελλάδοσ και εναντίον τησ Ελληνικήσ ∆ικαιοσύνησ απλώσ επιβαρύνει περαιτέρω τη θέση του», είπε ο κ. ΒγενÞπουλοσ. Τέλοσ ο πρώην µη ΕκτελεστικÞσ ΠρÞεδροσ τησ Μαρφίν, είπε: Λυπάµαι τουσ Κύπριουσ φίλουσ του βάσει του ρητού «πεσ µου ποιοσ είναι ο φίλοσ σου να σου πωσ ποιοσ είσαι».

ŒÚ¢Ó˜ ÁÈ· ¯Ú˘Ûfi Û 20 ÂÚÈÔ¯¤˜ Ù˘ ∫‡ÚÔ˘ Έσοδα εκατοµµυρίων αισιοδοξεί Þτι θα αντλήσει η κυβέρνηση απÞ τισ εξορύξεισ για εντοπισµÞ χρυσού και άλλων µεταλλευµάτων που αναµένεται να πραγµατοποιήσουν τα επÞµενα χρÞνια τρεισ ξένεσ εταιρείεσ Κολοσσοί οι οποίεσ εξασφάλισαν πέραν των 70 αδειών για τη διεξαγωγή ερευνών στην Κύπρο. Η ερευνητική δραστηριÞτητα για εντοπισµÞ χρυσού και άλλων µεταλλευµάτων, πραγµατοποιείται µε ελπιδοφÞρεσ προοπτικέσ σε εκτεταµένεσ περιοχέσ των επαρχιών Λευκωσίασ, Λάρνακασ, Λεµεσού και Πάφου, σε µια έκταση που ξεπερνά τα 180 τετραγωνικά χιλιÞµετρα. Αυτή τη στιγµή διεξάγονται έρευνεσ σε 20 περιοχέσ: Αγγλισίδεσ, Αγροκηπιά,

ΑναλυÞντα, Ασπρογιά, Βρέτσια, ∆ιερώνα, Κακοπετριά, Καµπιά, Καπέδεσ, Κελλάκι, Κινούσα, Κλήρου, Λεύκαρα, Λουβαρά, ΛυσÞ, Μαθιάτη, ΜιτσερÞ, ΠÞλη Χρυσοχούσ, ΠολιτικÞ, Σκουριώτισσα. Η διευθύντρια του Τµήµατοσ Γεωλογικήσ ΕπισκÞπησησ Ελένη ΜορισÞ εµφανίσθηκε αισιÞδοξη Þσον αφορά τα έσοδα που µπορεί να αντλήσει η Κυπριακή ∆ηµοκρατία. «Ùσον αφορά την εξÞρυξη και την παραγωγή εκεί πληρώνουν δικαιώµατα για τισ εξαγωγέσ που γίνονται και είναι αρκετά σηµαντικά τα ποσά που παίρνει το κράτοσ. Αναµένουµε τα επÞµενα χρÞνια να εισρεύσουν αρκετά εκατοµµύρια απÞ αυτέσ τισ

εξορύξεισ». ΑπÞ την πλευρά του ο προϊστάµενοσ τησ Υπηρεσίασ Μεταλλείων ΕρωτÞκριτοσ Αναστασιάδησ αναφέρθηκε στισ εταιρείεσ που πραγµατοποιούν τισ έρευνεσ στην Κύπρο. «Η Νοrthern Lion, η Treasure και η Eastern Meditteranean Resources. Η µια εταιρεία είναι καναδικών συµφερÞντων και οι άλλεσ δύο αυστραλιανών συµφερÞντων». Καταλήγοντασ ο κ. Αναστασιάδησ διαβεβαίωσε Þτι µέχρι στιγµήσ δεν έχει επισηµανθεί οποιοδήποτε νέο χρυσοφÞρο κοίτασµα, το οποίο να µπορεί να τύχει εκµετάλλευσησ. ΠαρÞλα ταύτα οι προσπάθειεσ συνεχίζονται µε αµείωτο ρυθµÞ.

ΧΡΗΜΑ&ΑΓΟΡΑ

19 ΙΟΥΝΙΟΥ, 2013

2 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

™ÙÔÓ «·˘ÙfiÌ·ÙÔ» ÔÈ ∫˘ÚȷΤ˜ ∞ÂÚÔÁÚ·Ì̤˜ Στην αυριανή συνάντηση µεταξύ των συντεχνιών ΣΕΚ και ΠΕΟ µε τον ΠρÞεδρο τησ ∆ηµοκρατίασ θα διαφανεί οριστικά κατά πÞσον υπάρχει ελπίδα χαριστικών αποζηµιώσεων των υπαλλήλων των Κυπριακών Αερογραµµών που θα πλεονάσουν, καθώσ Κυβέρνηση και ∆ιοίκηση των ΚΑ ξεκαθάρισαν εκ νέου πωσ δεν µπορούν να καταβάλουν χαριστικέσ αποζηµιώσεισ στο προσωπικÞ που θα απολυθεί. Η χθεσινή συνεδρία τησ Κοινοβουλευτικήσ Επιτροπήσ Οικονοµικών πραγµατοποιήθηκε στην παρουσία του Υπουργού Οικονοµικών Χάρη Γεωργιάδη, του Υπουργού Συγκοινωνιών και Έργων Τάσου ΜητσÞπουλου τησ ∆ιεύθυνσησ και των συντεχνιών τησ συντεχνίασ. Αν και µετά το πέρασ τησ συνεδρίασ δεν έγιναν δηλώσεισ, αυτÞ που φαίνεται να διέρρευσε είναι πωσ συζητήθηκε περισσÞτερο το θέµα βιωσιµÞτητασ τησ εταιρείασ και Þχι των θέµα των πλεονασµών. Ùπωσ φαίνεται, πρÞθεση τησ κυβέρνησησ είναι να κρατήσει την εταιρεία εν ζωή αλλά θα πρέπει να προηγηθεί η εξυγίανση τησ. ΣτÞχοσ τησ κυβέρνησησ, είναι να καταστεί η εταιρεία µικρÞτερη και πιο ελκυστική για τουσ επενδυτέσ. Σε δηλώσεισ του, ο ΠρÞεδροσ τησ Επιτροπήσ ΝικÞλασ ΠαπαδÞπουλουσ, είπε «Þτι το κράτοσ, µε τη συµπεριφορά τησ έχει παραπλανήσει το προσωπικÞ των ΚΑ καθώσ φαίνεται σήµερα πωσ δεν υπήρχαν τα χρήµατα, ούτε απÞ πλευράσ Κυβέρνησησ ούτε απÞ πλευράσ τησ εταιρείασ για να καταβληθούν χαριστικέσ αποζηµιώσεισ». Επιρρίπτοντασ ευθύνεσ και στην προηγούµενη Κυβέρνηση Þτι «µεταξύ πρώτησ και δεύτερησ Κυριακήσ» των εκλογών θα παραχωρούσε χαριστικέσ αποζηµιώσεισ, ο κ. ΠαπαδÞπουλοσ κατηγÞρησε την παρούσα διακυβέρνηση Þτι «υποσχέθηκε αποζηµιώσεισ χωρίσ να διευκρινίζει ποιοσ θα τισ πληρώσει και σήµερα τουσ λέµε Þτι δεν υπάρχουν χρήµατα για να δοθούν αυτέσ οι αποζηµιώσεισ».

κ. ΠαπαδÞπουλοσ είπε Þτι έχουν συζητηθεί πολλά ζητήµατα, για να προσθέσει Þµωσ Þτι στην παρούσα φάση η επικέντρωση των προσπαθειών θα πρέπει να είναι στην επιβίωση τησ εταιρείασ.

¶·›ÚÓÔ˘Ó ÂÈÛÙÔϤ˜ ÏÂÔÓ·ÛÌÔ‡

Ο κ. ΠαπαδÞπουλοσ διευκρίνισε Þτι στη συνεδρία ξεκαθαρίστηκε απÞ πλευράσ τησ Κυβέρνησησ Þτι ουδέποτε είχαν υποσχεθεί Þτι αυτέσ τισ αποζηµιώσεισ θα τισ καταβάλει το κράτοσ, Þτι πάντα η προοπτική θα ήταν να τισ καταβάλει η ίδια η εταιρεία. Απαντώντασ σε ερώτηση, ο κ. ΠαπαδÞπουλοσ είπε Þτι βάσει τησ πληροφÞρησησ που δÞθηκε, οι εργαζÞµενοι που θα πλεονάσουν θα πάρουν Þλεσ τισ νÞµιµεσ αποζηµιώσεισ οι οποίεσ απορρέουν απÞ τισ σχετικέσ διατάξεισ τησ ισχύουσασ νοµοθεσίασ», προσθέτοντασ Þτι «φαίνεται Þτι η Κυβέρνηση και η ∆ιοίκηση τησ εταιρείασ δεν συζητούν το ενδεχÞµενο να δοθούν οι οποιεσδήποτε αποζηµιώσεισ». «∆εν υπάρχουν τα χρήµατα απÞ πλευράσ τησ εταιρείασ και υπάρχουν νοµικά προβλήµατα να δοθούν χαριστικέσ αποζηµιώσεισ απÞ πλευράσ τησ Κυβέρνησησ», είπε. Σε ερώτηση αν υπάρχει σχέδιο Β’ στην περίπτωση που το σχέδιο αναδιάρθρωσησ δεν αποδώσει τα αναµενÞµενα, ο

Πάντωσ οι Κυπριακέσ Αερογραµµέσ ανακοίνωσαν χθεσ Þτι υλοποιείται απÞ την ∆ευτέρα ο τερµατισµÞσ των υπηρεσιών πλεονάζοντοσ προσωπικού στην εταιρεία, αναφέροντασ Þτι ωσ πρώτη φάση τερµατίζονται οι υπηρεσίεσ 203 υπαλλήλων. Η δεύτερη φάση, σύµφωνα µε ανακοίνωση που εξέδωσαν στο Χρηµατιστήριο Αξιών Κύπρου οι ΚΑ, ωσ δηµÞσια εταιρεία, θα περιλαµβάνει 220 επιπρÞσθετουσ υπαλλήλουσ οι οποίοι θα αποχωρήσουν µέχρι το τέλοσ Σεπτεµβρίου 2013. Η εταιρεία πληροφορεί το επενδυτικÞ κοινÞ Þτι συνεχίζει κανονικά τη λειτουργία τησ. ΑπÞ την πλευρά του ο ΚυβερνητικÞσ ΕκπρÞσωποσ Χρήστοσ Στυλιανίδησ, ανέφερε Þτι το θέµα των Κυπριακών Αερογραµµών είναι µια πονεµένη ιστορία και πρέπει επιτέλουσ Þλοι να αρθούµε στο ύψοσ των περιστάσεων και αυτή η ιστορία να µασ καταστήσει Þλουσ υπεύθυνουσ απέναντι σε αυτÞ τον τÞπο, σηµειώνοντασ παράλληλα πωσ η Κυβέρνηση δεν µπορεί να έχει ανάµειξη σε προσλήψεισ στισ Κυπριακέσ Αερογραµµέσ. Ερωτηθείσ σε σχέση µε τισ καταγγελίεσ που έγιναν απÞ τισ συντεχνίεσ των Κυπριακών Αερογραµµών, κατά τη διαµαρτυρία τουσ έξω απÞ τη Βουλή, για προσλήψεισ ωροµισθίων πριν λίγεσ ηµέρεσ ενώ απολύεται µÞνιµο προσωπικÞ, ο κ. Στυλιανίδησ είπε πωσ δεν γνωρίζει αν έχει γίνει κάτι τέτοιο.

™·ÚˆÙÈΤ˜ ·ÏÏ·Á¤˜ ÛÙÔÓ ÙÚ·Â˙ÈÎfi ÙÔ̤· Ù˘ ∫‡ÚÔ˘ ∆Ô ·ÚÁfiÙÂÚÔ Ì¤¯ÚÈ ÙȘ 27 πÔ˘Ó›Ô˘ Ë ÂӉȿÌÂÛË ¤ÎıÂÛË Σωρεία αλλαγών πρέπει να γίνουν για εξυγίανση του τραπεζικού τοµέα, ώστε να αποτραπούν καταστάσεισ Þπωσ οι σηµερινέσ, µε βάση τισ εισηγήσεισ, που, σύµφωνα µε πληροφορίεσ, περιλαµβάνει η ενδιάµεση έκθεση τησ ανεξάρτητησ επιτροπήσ για το µέλλον του τραπεζικού τοµέα. Η έκθεση, Þπωσ ανέφερε ενώπιον τησ Επιτροπήσ Οικονοµικών τησ Βουλήσ ο ∆ιοικητήσ τησ Κεντρικήσ Τράπεζασ, Πανίκοσ ∆ηµητριάδησ, αναµένεται να δοθεί στη δηµοσιÞτητα στισ 26 ή το αργÞτερο 27 Ιουνίου. Την επιτροπή είχε διορίσει η Κεντρική Τράπεζα τον περασµένο Νοέµβριο, προκειµένου να προβεί σε εισηγήσεισ για τρÞπουσ ενίσχυσησ τησ ανάπτυξησ, τησ ανταγωνιστικÞτητασ και τησ σταθερÞτητασ του τραπεζικού τοµέα.

Τησ Επιτροπήσ προεδρεύει ο David Lascelles, µε εµπειρία στην ανάλυση του τραπεζικού τοµέα για περισσÞτερο απÞ τριάντα χρÞνια, και µετέχουν ο διεθνήσ εµπειρογνώµονασ David Green, ο πρώην ΠρÞεδροσ τησ Επιτροπήσ Κεφαλαιαγοράσ Γιώργοσ Χαραλάµπουσ, και ο Pierre de Weck Ανώτεροσ Τραπεζίτησ στην Ελβετία. Σύµφωνα µε πηγέσ προσκείµενεσ στην Επιτροπή, στην έκθεση περιλαµβάνονται εισηγήσεισ για σωρεία αλλαγών στην εταιρική διακυβέρνηση των εµπορικών τραπεζών και τησ Κεντρικήσ Τράπεζασ και παράλληλα σηµαντικέσ αλλαγέσ στη λειτουργία των Συνεργατικών Πιστωτικών Ιδρυµάτων. Οι συντάκτεσ τησ έκθεσησ απορρίπτουν την άποψη Þτι ο τοµέασ των διεθνών συναλλαγών φέρει την ευθύνη για την κατάσταση

∞ÓÂ·›ÛıËÙË ÙÒÛË ÛÙÔ Ã∞∫ Ο ΓενικÞσ ∆είκτησ του Χρηµατιστηρίου Αξιών Κύπρου παρουσίασε χθεσ ανεπαίσθητη πτώση σε ποσοστÞ 0,07%, κλείνοντασ στισ 96,42 µονάδεσ. Ο ∆είκτησ FTSE/CySE 20 έκλεισε στισ 37,62 µονάδεσ, καταγράφοντασ αύξηση σε ποσοστÞ 0,62%. Η αξία των συναλλαγών διαµορφώθηκε στα ?27.675,73. Σε Þ,τι αφορά τουσ επιµέρουσ χρηµατιστηριακούσ δείκτεσ, µικρά κέρδη κατέγραψε ο δείκτησ των Επενδυτικών σε ποσοστÞ 3,25%. Απώλειεσ σηµείωσαν οι δείκτεσ τησ Κύριασ Αγοράσ µε 0,07% , τησ Παράλληλησ Αγοράσ µε 0,05% και των Τραπεζών µε 0,07%. Αµετάβλητοι παρέµειναν οι δείκτεσ τησ Εναλλακτικήσ Αγοράσ και των Ξενοδοχείων. Το µεγαλύτερο επενδυτικÞ ενδιαφέρον προσέλκυσαν οι τίτλοι τησ Ελληνικήσ Τράπεζασ µε 11.686 ευρώ (πτώση 0,96%- τιµή κλεισίµατοσ 0,103 ευρώ), τησ ∆ήµητρα Επενδυτικήσ µε 7.204 ευρώ (άνοδοσ 4% - τιµή κλεισίµατοσ 0,234 ευρώ), τησ Ermes Department Stores Plc µε 2.306 ευρώ (πτώση 4,76% - τιµή κλεισίµατοσ 0,080 ευρώ), τησ Woolworth (Cyprus) Properties Plc µε 2.300 ευρώ (άνοδοσ 2,22% τιµή κλεισίµατοσ 0,230) ευρώ και τησ Louis Plc µε 557 ευρώ (αµετάβλητη - τιµή κλεισίµατοσ 0,13 ευρώ). ΑπÞ τισ µετοχέσ που έτυχαν διαπραγµάτευσησ, 2 κινήθηκαν ανοδικά και 2 πτωτικά και 3 παρέµειναν αµετάβλητεσ. Ο αριθµÞσ των συναλλαγών περιορίστηκε στισ 47.

στην οποία έχει περιέλθει ο κυπριακÞσ χρηµατοπιστωτικÞσ τοµέασ, ενώ δεν θεωρούν Þτι υπάρχει λογική πάνω στην οποία να στηρίζεται το µέγεθοσ του τραπεζικού τοµέα σε µια χώρα, το οποίο, σύµφωνα µε την ΤρÞικα, για την Κύπρο πρέπει να είναι στο 350% του κυπριακού Ακαθάριστου Εγχώριου ΠροϊÞντοσ. Η Επιτροπή επισηµαίνει ακÞµη την ανάγκη επαναδραστηριοποίησησ των κυπριακών τραπεζών στο εξωτερικÞ µε µικρÞτερο ωστÞσο δίκτυο υποκαταστηµάτων ώστε να µην επαναληφθούν τα λάθη του παρελθÞντοσ. Στην έκθεση θα περιλαµβάνονται, επίσησ, εισηγήσεισ για: - Μείωση του συστηµικού κινδύνου και ηθικού κινδύνου στον τραπεζικÞ τοµέα - Μείωση των πιθανοτήτων και των επιπτώσεων τησ πτώχευσησ τραπεζών, περιλαµ-

βανοµένου τουσ κÞστουσ για τουσ φορολογούµενουσ - ∆ιασφάλιση του ανταγωνισµού και των επιλογών των καταναλωτών, έτσι ώστε οι ανάγκεσ των πελατών των τραπεζών (ιδιώτεσ και επιχειρήσεισ) να εξυπηρετούνται αποτελεσµατικά Τέλοσ η προκαταρκτική έκθεση καταγράφει και τισ προκλήσεισ που αντιµετωπίζει σήµερα ο κυπριακÞσ τραπεζικÞσ τοµέασ και προβαίνει σε συστάσεισ προσ την Κεντρική Τράπεζα, σχετικά µε τουσ τρÞπουσ ενίσχυσησ τησ ανάπτυξησ, τησ ανταγωνιστικÞτητασ και τησ σταθερÞτητασ του τοµέα, έτσι ώστε να ωφεληθεί η κυπριακή οικονοµία σε µακροπρÞθεσµη βάση. Η τελική έκθεση αναµένεται να παραδοθεί τον Νοέµβριο του 2013.

∏ ∂∂ ÛÊ›ÁÁÂÈ Ù· ÏÔ˘ÚÈ¿ ÁÈ· ÙÔ˘˜ Ô›ÎÔ˘˜ ·ÍÈÔÏfiÁËÛ˘ ΑπÞ την Πέµπτη τίθεται σε ισχύ η νέα δέσµη µέτρων που αποφασίστηκε απÞ το Συµβούλιο και την Ευρωβουλή για τη λειτουργία των οίκων αξιολÞγησησ. Η νέα νοµοθεσία που συµφωνήθηκε τον περασµένο Ιανουάριο καθορίζει τον τρÞπο µε τον οποίο οι οίκοι θα αξιολογούν το δηµÞσιο χρέοσ, αλλά και την οικονοµική κατάσταση ιδιωτικών επιχειρήσεων. Είναι σαφώσ αυστηρÞτερη, ενώ στουσ παραβάτεσ πέραν των οικονοµικών κυρώσεων, µπορεί να τουσ αφαιρείται και η άδεια λειτουργίασ. ΕιδικÞτερα, οι οίκοι θα µπορούν να εκδίδουν «µη ζητηθείσεσ», δηλαδή µε δική τουσ πρωτοβουλία αξιολογήσεισ δηµοσίου χρέουσ µÞνο σε συγκεκριµένεσ χρονικέσ στιγµέσ, ενώ ιδιώτεσ επενδυτέσ θα µπορούν να τουσ µηνύσουν σε περιπτώσεισ αµέλειασ. Οι οίκοι θα πρέπει να εξηγούν τουσ βασικούσ παράγοντεσ στουσ οποίουσ βασίζονται οι αξιολογήσεισ τουσ. Οι αξιολογήσεισ δεν θα πρέπει να επιδιώκουν να επηρεάσουν τισ κρατικέσ πολιτικέσ και οι οίκοι δεν θα µπορούν να κάνουν οποιαδήποτε άµεση ή ρητή σύσταση που αφορά τισ οικονοµικέσ πολιτικέσ κυβερνήσεων. Οι µη ζητηθείσεσ αξιολογήσεισ δηµÞσιου χρέουσ θα µπορούν να εκδίδονται µέχρι τρεισ φορέσ το χρÞνο,

σε συγκεκριµένεσ ηµεροµηνίεσ που θα δηµοσιεύει ο εν λÞγω οίκοσ αξιολÞγησησ στο τέλοσ του προηγούµενου έτουσ. Επιπλέον, οι αξιολογήσεισ αυτέσ θα µπορούν να δηµοσιεύονται µÞνο µετά το κλείσιµο των ευρωπαϊκών αγορών ή τουλάχιστον µία ώρα προτού αυτέσ ανοίξουν εκ νέου. Οι επενδυτέσ οι οποίοι έχουν βασιστεί σε µία αξιολÞγηση κατά την αγορά ή πώληση ενÞσ αξιολογούµενου µέσου, θα µπορούν να ασκήσουν προσφυγή κατά του εν λÞγω οίκου αξιολÞγησησ για οποιαδήποτε ζηµία προκληθεί σε αυτούσ, εφÞσον ο οίκοσ παραβιάσει τουσ κανÞνεσ που ορίζει η νοµοθεσία, είτε εκ προθέσεωσ ή απÞ βαριά αµέλεια, ανεξάρτητα απÞ το αν υπάρχει οποιαδήποτε συµβατική σχέση µεταξύ των δύο µερών. Ùπωσ δήλωσε ο Επίτροποσ για την εσωτερική αγορά και τισ υπηρεσίεσ Μισέλ Μπαρνιέ, η νέα νοµοθεσία θα υποχρεώσει τουσ οίκουσ να είναι πιο διαφανείσ Þταν αξιολογούν κράτη µέλη, ενώ θα ενισχύσει τον ανταγωνισµÞ στον τοµέα τησ αξιολÞγησησ, που σήµερα κυριαρχείται απÞ λίγουσ παίκτεσ, και θα µειώσει την υπερβολική εξάρτηση των συµµετεχÞντων στισ χρηµατοπιστωτικέσ αγορέσ σε σχέση µε αυτέσ τισ αξιολογήσεισ.

ΧΡΗΜΑ&ΑΓΟΡΑ

19 ΙΟΥΝΙΟΥ, 2013

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 3

ªÚ¿‚Ô ÛÙÔÓ µÔ˘ÏÂ˘Ù‹ Î. µfiÙÛË ∞ÓÙÒÓ˘ §Ô˚˙Ô˘ ∞ÓÙÒÓ˘ §Ô›˙Ô˘ F.R.I.C.S. & ™˘ÓÂÚÁ¿Ù˜ §Ù‰, ∂ÎÙÈÌËÙ¤˜ ∞ÎÈÓ‹ÙˆÓ & ¢È·¯ÂÈÚÈÛÙ¤˜ ŒÚÁˆÓ ∞Ó¿Ù˘Í˘

Η πρÞταση του βουλευτή κ. Α. ΒÞτση για διαφοροποίηση του τρÞπου επιβολήσ του φÞρου τησ ακίνητησ ιδιοκτησίασ σε µονάδεσ που ανήκουν στουσ εγγεγραµµένουσ ιδιοκτήτεσ αλλά δεν έχουν µεταβιβαστεί ακÞµη, µασ βρίσκει απÞλυτα σύµφωνουσ. Η πρÞταση βασικά εισηγείται Þτι ο αγοραστήσ θα είναι πλέον ο υπÞχρεοσ τησ πληρωµήσ του φÞρου τησ ακίνητησ ιδιοκτησίασ (έστω αν δεν έχει γίνει η µεταβίβαση/έκδοση τίτλου κλπ) και Þχι ο εγγεγραµµένοσ ιδιοκτήτησ. Τούτο είναι πολύ λογικÞ διÞτι ο εγγεγραµµένοσ ιδιοκτήτησ (π.χ. developer) µπορεί να είναι ιδιοκτήτησ και άλλησ περιουσίασ και να τον κατατάσσει σε πιο ψηλή φορολογική κλίµακα απÞ το Þτι θα ήταν εάν εξεταζÞταν η ιδιοκτησία του αγοραστή και µÞνο. Έτσι ένα διαµέρισµα π.χ. το οποίο ο developer θα χρεωνÞταν 5.000 ευρώ/ χρÞνο φÞρο ακίνητησ ιδιοκτησίασ, ο αγοραστήσ απÞ µÞνοσ του ίσωσ θα χρεώνεται µÞνο 1.000 ευρώ. Ωσ έχει Þµωσ σήµερα το καθεστώσ (το ονοµάσαµε σε προηγούµενο µασ άρθρο «τρέλα»), ο developer θα χρεώσει τον αγοραστή 5.000 ευρώ + τÞκουσ κλπ και αφού τα πληρώσει ο αγοραστήσ στον developer και ο δεύτεροσ στον ΦÞρο

Εισοδήµατοσ, ο αγοραστήσ θα υποβάλει αίτηση στον ΦÞρο Εισοδήµατοσ (αφού παρουσιάσει στοιχεία κλπ) να του επιστραφεί η διαφορά - ∆εν είναι τρέλα; Ωσ έχει σήµερα επιβαρύνεται παράλογα ο developer (θέµα και πωσ θα βρει τα χρήµατα) µετά ο αγοραστήσ και κατ’ επέκταση σε γραφειοκρατικÞ κÞστοσ το Κράτοσ. ΠρÞσθετα µε την πιο πάνω πολύ αξιÞλογη πρÞταση του κ. ΒÞτση, τον παροτρύνουµε να περιλάβει και τα πιο κάτω εξίσου σηµαντικά πρÞσθετα στοιχεία: (α) Με τον ίδιο τρÞπο που θα πληρώνεται ο φÞροσ ακίνητησ ιδιοκτησίασ-ανά µονάδα, να υπολογίζονται και οι ∆ηµοτικοί/αποχετευτικοί φÞροι µε το ίδιο σκεπτικÞ, διÞτι είναι εξίσου σηµαντικοί και δεν επιτρέπουν οι τοπικέσ αρχέσ µεταβίβαση έστω και µιασ µονάδασ εκτÞσ και εάν Þλεσ οι µονάδεσ πληρώσουν τουσ φÞρουσ αυτούσ. Με το υφιστάµενο σύστηµα εγκλωβίζονται χιλιάδεσ αγοραστέσ για ένα και µÞνο ίσωσ αγοραστή που δεν πληρώνει σε ένα ενιαίο έργο (δικά µασ παραδείγµατα προσ µελέτη σασ). Σε έργο πελάτη µασ στην Πάφο απÞ τα 33 διαµερίσµατα 3 αγοραστέσ δεν πληρώνουν τουσ ∆ηµοτικούσ ΦÞρουσ (2 Ρώσοι έχουν εξαφανιστεί και ο τρίτοσ Κύπριοσ αδυνατεί) και έτσι δεν επιτρέπεται η µεταβίβαση σε κανένα. Παρ’ Þλεσ τισ εκκλήσεισ µασ στον ∆ήµο Þτι είναι καλύτερα να εισπράξει το Κράτοσ τα µεταβιβαστικά απÞ τα 30 και τουσ ∆ηµοτικούσ φÞρουσ παρά τίποτε, δεν έγινε κατορθωτÞ να ξεπεραστεί τέτοια στενοκεφαλιά που ασφαλώσ αποβαίνει και εισ βάροσ του ∆ήµου (µε τεράστια ζηµιά σε µη εισπρά-

¡¤· ‰Â‰Ô̤ӷ ÛÙËÓ ·ÁÔÚ¿ ·ÎÈÓ‹ÙˆÓ Ã·Ú¿Ï·ÌÔ˜ ¶ÂÙÚ›‰Ë˜ BSc (Hons), MPhil (Cambridge Uni.) MRICS, ¶Úfi‰ÚÔ˜ ™˘Ó‰¤ÛÌÔ˘ ∂ÎÙÈÌËÙÒÓ, ™˘Ì‚Ô‡ÏˆÓ ∞ÎÈÓ‹ÙˆÓ ∫‡ÚÔ˘ Σε συνέχεια τησ αστάθειασ που παρατηρείται στην οικονοµία σε συνδυασµÞ µε την έλλειψη ρευστÞτητασ, τα ψηλά επιτÞκια και την αβεβαιÞτητα που επικρατεί η κυπριακή αγορά ακινήτων έχει κυριολεκτικά παγώσει. ΑυτÞ άλλωστε φαίνεται απÞ τα επίσηµα στοιχεία των πωλητηρίων εγγράφων που έχουν πρÞσφατα δηµοσιευθεί για το µήνα Μάϊο. Η καθοδική πορεία των ακινήτων αναµένεται να συνεχισθεί λÞγω και τησ συνεχιζÞµενησ αρνητικήσ πορείασ τησ οικονοµίασ. Η βιωσιµÞτητα του Χρηµατοπιστωτικού Τοµέα βρίσκεται σε δύσκολη καµπή αφού το κοινÞ ξεκάθαρα δεν έχει πεισθεί Þτι η εξυγίανση του τραπεζικού τοµέα θα έχει σύντοµα θετική κατάληξη. Αντιθέτωσ το κοινÞ ανησυχεί και αναµένει περαιτέρω «κούρεµα» µε αποτέλεσµα να υπάρχουν σηµαντικέσ εκροέσ απÞ τα τραπεζικά ιδρύµατα. Οι τιµέσ των ακινήτων συνεχί-

ζουν την πτωτική τουσ πορεία ενώ φαίνεται Þτι έχει πλέον επηρεασθεί τÞσο η Λευκωσία Þσο και η ΛεµεσÞσ Þπου κατά τα τελευταία χρÞνια είχαν µικρÞτερεσ απώλειεσ. Η Πάφοσ φαίνεται να κερδίζει τον Þγκο των αγοραπωλησιών, λÞγω του κινέζικου ενδιαφέροντοσ, και ίσωσ να είναι η πρώτη πÞλη µε θετικÞ πρÞσηµο στισ αξίεσ των ακινήτων πολύ σύντοµα. Η µεγάλη επένδυση που έχει πρÞσφατα πραγµατοποιηθεί στο Venus Rock, δείχνει Þτι έχει µέλλον η Κυπριακή Κτηµαταγορά αφού εν µέσω οικονοµικήσ ύφεσησ και εκµεταλλευÞµενοι τα γεγονÞτα, οι µεγαλοεπενδυτέσ έχουν τον ορίζοντα που αρµÞζει σε τέτοιεσ επενδύσεισ (τουλάχιστον 3-5 χρÞνια). Παράλληλα οι προσπάθειεσ τησ Κυβέρνησησ για προσέλκυση ξένων επενδύσεων είναι προσ την ορθή κατεύθυνση αλλά τα µέτρα που έχουν ανακοινωθεί (αύξηση συντελεστών κ.λ.π.) δεν είναι δυνατÞ να ανατρέψουν τα αρνητικά οικονοµικά δεδοµένα και την αβεβαιÞτητα που κυριαρχούν στο παρÞν στάδιο. Ίσωσ η συµµετοχή ενÞσ κολοσσού στο µετοχικÞ κεφάλαιο τησ Τράπεζασ Κύπρου να είναι η λύση για σύντοµη σταθεροποίηση του Χρηµατοπιστωτικού µασ συστήµατοσ και η αρχή για µια ανοδική πορεία στην κτηµαταγορά και την οικονοµία γενικÞτερα.

ξεισ κατ’ επέκταση στο Κράτοσ). (β) Για να ισχύσει αυτή η πρÞταση του κ. ΒÞτση αναφέρει Þτι το πωλητήριο έγγραφο θα πρέπει να είναι κατατεθειµένο στο ΚτηµατολÞγιο και ερωτούµε γιατί ένα πωλητήριο έγγραφο θα πρέπει να είναι κατατεθειµένο για να ισχύσει αυτή η πρÞταση σασ; Εάν δεν είναι κατατεθειµένο, αλλά Þµωσ υπάρχουν αποδείξεισ Þσον αφορά την ηµεροµηνία αγοράσ τησ µονάδασ π.χ. πωλητήριο έγγραφο, ύπαρξη προκαταβολήσ, ηµεροµηνία παράδοσησ κλπ γιατί να είναι απαραίτητα κατατεθειµένο; Το ίδιο σύστηµα που εισηγούµαστε ισχύει Þσον αφορά τισ µεταβιβάσεισ, διÞτι και εκεί άνκαι καθορίζεται η ηµεροµηνία εκτίµησησ η ηµεροµηνία κατάθεσησ, αλλά εάν δεν υπάρχει το έγγραφο κατατεθειµένο, το ΚτηµατολÞγιο ζητά το ΚτηµατολÞγιο τα πιο πάνω στοιχεία για διαπίστωση, µη ζητώντασ απαραίτητα την κατάθεση. ΑυτÞ το θέµα είναι εξίσου σοβαρÞ διÞτι η κατάθεση ή µη ενÞσ πωλητηρίου εγγράφου βαρύνει τον αγοραστή και άρα

γιατί σε τέτοιεσ περιπτώσεισ να επιβαρύνεται ο πωλητήσ κλπ κλπ Þπωσ προσπαθεί αυτή η πρÞταση νÞµου να αποφύγει; Το θέµα είναι ιδιαίτερα σοβαρÞ για τουσ ξένουσ αγοραστέσ και άλλουσ, που βασιζÞµενοι σε σοβαρούσ και µη δικηγÞρουσ ή απÞ δική τουσ αµέλεια δεν κατέθεσαν τα συµβÞλαια τουσ, επιβαρυνÞµενοι τώρα µε το 1.9%. Μπράβο λοιπÞν για αυτή την πρÞταση που είναι παρÞµοια τησ δικήσ µασ προ διετίασ επί τέτοιου θέµατοσ και η οποία δεν έτυχε καµίασ ανταπÞκρισησ, ούτε απÞ τουσ Developers, ούτε απÞ άλλουσ ενδιαφερÞµενουσ, µε µÞνο κατανÞηση απÞ τον ∆ιευθυντή του ΦÞρου Εισοδήµατοσ, ο οποίοσ Þµωσ µασ πληροφÞρησε Þτι δεν µπορεί να κάνει διαφορετικά λÞγω τησ νοµοθεσίασ, άνκαι στο πνεύµα συµφωνεί Þτι θα βελτιώσει την εισπραξιµÞτητα του Κράτουσ. Προχωρήστε λοιπÞν κ. ΒÞτση άµεσα διÞτι υπάρχει ηµεροµηνία λήξησ πληρωµήσ του φÞρου ακίνητησ ιδιοκτησίασ (9/2013).

ΧΡΗΜΑ&ΑΓΟΡΑ

19 ΙΟΥΝΙΟΥ, 2013

4 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

¶ÂÚÈÛÛfiÙÂÚË ÂÔÙ›· ÁÈ· ͤÏ˘Ì· ϤÓ Moneyval Î·È Deloitte ΠερισσÞτερη εποπτεία στην δραστηριÞτητα δικηγÞρων και ορκωτών λογιστών, που συχνά εκπροσωπούν τουσ πραγµατικούσ δικαιούχουσ τραπεζικών λογαριασµών και εταιρειών, οι οποίοι είναι δύσκολο να αποκαλυφθούν µε το άνοιγµα των τραπεζικών λογαριασµών, επισηµαίνει πωσ χρειάζεται στο κυπριακÞ χρηµατοπιστωτικÞ σύστηµα η Moneyval. ΩστÞσο η Οµάδα Καταπολέµησησ τησ νοµιµοποίησησ εσÞδων απÞ παράνοµεσ δραστηριÞτητεσ του Συµβουλίου τησ Ευρώπησ (Moneyval), στην ειδική έκθεση που συνέταξε για λογαριασµÞ τησ ΤρÞϊκασ, σχετικά µε την αποτελεσµατικÞτητα των µέτρων που είχαν λάβει οι κυπριακέσ τράπεζεσ, για την καταπολέµηση του ξεπλύµατοσ βρώµικου χρήµατοσ, επισηµαίνει Þτι ο κίνδυνοσ για ξέπλυµα βρώµικου χρήµατοσ στην Κύπρο είναι ελάχιστοσ. Στην έκθεση, αναγνωρίζεται ακÞµα Þτι οι κυπριακέσ τράπεζεσ έχουν στην διάθεση τουσ συστήµατα παρακολούθησησ, για να αποτρέψουν έναν υψηλÞ επιχειρηµατικÞ κίνδυνο µε το κλείσιµο επίµαχων λογαριασµών αλλά, Þπωσ υπογραµµίζεται, οι πληροφορίεσ που λαµβάνονται στην έναρξη µίασ επιχειρηµατικήσ σχέσησ, δεν είναι πάντα επαρκείσ για να δηµιουργήσουν το ακριβέσ οικονοµικÞ και επιχειρηµατικÞ προφίλ του πελάτη. Με την έκθεση αναγνωρίζεται Þτι, το ειδικÞ φορολογικÞ καθεστώσ που είχε εγκαθιδρύσει η κυπριακή δηµοκρατία (περίπλοκεσ εταιρικέσ δοµέσ, τράστ, διασυνοριακέσ συναλλαγέσ κ.α) δεν αποτελεί χαρακτηριστικÞ µÞνο τησ κυπριακήσ οικονοµίασ αλλά µπορεί να βρεθεί και στα τραπεζικά συστήµα-

τα παγκοσµίωσ. Βέβαια, τονίζεται στην έκθεση, υπάρχει µία ανησυχία Þτι, σε περιπτώσεισ υψηλού κινδύνου, Þλα αυτά τα χαρακτηριστικά τησ κυπριακήσ οικονοµίασ, µπορούν να δηµιουργήσουν ένα σωρευτικÞ κίνδυνο, που δεν θα µπορεί να µετριασθεί απÞ τα µέτρα επιµέλειασ που έχουν ήδη ληφθεί. Η σχετική έκθεση τησ Moneyval, παραδÞθηκε στο Γιουρογκρούπ και τα µέλη τησ Τροϊκασ στισ 24 Απριλίου 2013, προκειµένου, Þπωσ τονίζεται, να βοηθηθούν στη λήψη απÞφασησ, σχετικά µε το αίτηµα χορήγησησ βοήθειασ στην Κύπρο απÞ την Ευρωζώνη. Στην έκθεση σηµειώνεται Þτι, για την σχετική αξιολÞγηση εξετάσθηκαν τα µέτρα αντιµετώπισησ του ξεπλύµατοσ βρώµικου χρήµατοσ που είχαν λάβει 13 κυπριακέσ τράπεζεσ, οι οποίεσ συγκέντρωναν το 71% των συνολικών καταθέσεων. Στην έκθεση τησ Moneyval αναφέρεται Þτι οι κυπριακέσ αρχέσ είχαν λάβει µια σειρά νοµοθετικών και άλλων µέτρων, σύµφωνα µε τισ συστάσεισ τησ Ειδικήσ Οµάδασ Χρηµατοοικονοµικήσ ∆ράσησ (FATF) και τισ προδιαγραφέσ τησ Ευρωπαϊκήσ Ένωσησ, προκειµένου να ελαχιστοποιηθεί ο κίνδυνοσ ξεπλύµατοσ παράνοµου χρήµατοσ και χρηµατοδÞτησησ τησ τροµοκρατίασ. Στην έκθεση χαρακτηρίζεται ορθή η πολιτική τησ καθιέρωσησ προληπτικών απαιτήσεων των τραπεζών έναντι των πελατών τουσ που, Þπωσ τονίζεται, είχε καθιερωθεί εδώ και πολλά χρÞνια απÞ τισ κυπριακέσ αρχέσ, τÞσον για τον προσδιορισµÞ των ταυτοτήτων των καταθετών και την αποκάλυψη των πραγ-

µατικών δικαιούχων Þσον και στον εντοπισµÞ των ύποπτων δραστηριοτήτων. Θετικά, επίσησ, χαρακτηρίζονται τα υψηλά πρÞτυπα τησ γνώσησ και τησ εµπειρίασ που είχαν τα τραπεζικά στελέχη στην Κύπρο, για την καταπολέµηση εσÞδων απÞ παράνοµεσ δραστηριÞτητεσ και τησ τροµοκρατίασ ενώ, επικροτείται το γεγονÞσ Þτι οι κυπριακέσ τράπεζεσ υλοποιούσαν τισ διεθνείσ δεσµεύσεισ τουσ, στον τοµέα τησ επιµέλειασ των ύποπτων συναλλαγών µέσω του κυπριακού τραπεζικού συστήµατοσ. Οι τράπεζεσ που ελέχθησαν απÞ την Deloitte έχουν υιοθετήσει γενικά τισ διαδικασίεσ, προκειµένου να καθοριστεί αν ένασ πελάτησ είναι ένα πολιτικά εκτεθειµένο πρÞσωπο ή εµπλέκεται σε δωροδοκία, ή άλλεσ µορφέσ οικονοµικού εγκλήµατοσ. Οι έλεγχοι Þµωσ, δεν ήταν γενικά σταθεροί, µε βάση τον κίνδυνο. Ωσ εκ τούτου υπάρχει κίνδυνοσ µη έγκαιρου εντοπισµού παράνοµων δραστηριοτήτων και στη διαχείριση µιασ αλλαγήσ στην κατάσταση ενÞσ πελάτη. Σε γενικέσ γραµµέσ η Deloitte καταγράφει ένα σταθερÞ επίπεδο συµµÞρφωση στισ έξι τράπεζεσ που ήλεγξε, µε µερικέσ συγκεκριµένεσ περιοχέσ να απαιτούν περαιτέρω προσοχή (π.χ., απαιτήσεισ αποδοχήσ του πελάτη, παρακολούθηση).

™˘ÓÂÚÁ·ÙÈÛÌfi˜: ªÂÙÔ¯¤˜ ÁÈÔÎ! Επίσηµο αίτηµα προσ την Κεντρική Τράπεζα και την ΤρÞικα Þπωσ η ανακεφαλαιοποίηση του γίνει χωρίσ την έκδοση µετοχών κατηγορίασ Β που συµφωνήθηκε στο ΜνηµÞνιο υπέβαλε εδώ και λίγεσ µέρεσ ο ΣυνεργατισµÞσ. Ùπωσ δήλωσε ο γενικÞσ διευθυντήσ τησ Συνεργατικήσ Κεντρικήσ Τράπεζασ ΕρωτÞκριτοσ Χλωρακιώτησ, ο οποίοσ εξέφρασε παράλληλα την ενÞχληση του για τα Þσα διαδίδονται το τελευταίο διάστηµα περί κουρέµατοσ των µη εγγυηµένων καταθέσεων στο ΣυνεργατισµÞ. «Εµείσ δεν έχουµε ανάγκη να πάµε µε αυτή τη διαδικασία γιατί η Þλη ανακεφαλαιοποίηση προβλέπεται ρητώσ απÞ το µνηµÞνιο που περιέχονται στα 10 δισ ευρώ που θα πάρει

το κράτοσ µασ για συγκεκριµένουσ σκοπούσ. Υπάρχει δηλαδή σοβαρÞ ενδεχÞµενο να µην εκδοθούν αυτέσ οι µετοχέσ; Aσφαλέστατα. ∆εν υπάρχει ούτε ένα τοισ χιλίοισ να γίνει κούρεµα στα Συνεργατικά Ιδρύµατα. ΟπÞταν αυτÞ το πράγµα θα παρακαλούσαµε να λήξει επιτέλουσ», τÞνισε. Για το θέµα τοποθετήθηκε σε ανακοίνωση και η Κεντρική Τράπεζα σηµειώνοντασ Þτι το συνολικÞ ποσÞ των 1,5 δισ ευρώ που απαιτείται για την ανακεφαλαιοποίηση του συνεργατικού τοµέα θα καλυφθεί απÞ χρήµατα του προγράµµατοσ στήριξησ. Με βάση στοιχεία Pimco τισ µεγαλύτερεσ κεφαλαιακέσ

£ÂÙÈΤ˜ ÂӉ›ÍÂȘ ·fi ÙËÓ ÂÊ·ÚÌÔÁ‹ «net metering» Θετικά είναι τα πρώτα αποτελέσµατα απÞ την εφαρµογή του πιλοτικού συστήµατοσ net metering, δηλαδή του συµψηφισµού παραγÞµενησ ενέργειασ και ενέργειασ που καταναλώνεται απÞ φωταβολταϊκά συστήµατα, που εφαρµÞστηκε ήδη σε οικίεσ στην Κύπρο. Το θέµα συζητήθηκε χθεσ ενώπιον τησ Κοινοβουλευτικήσ Επιτροπήσ Εµπορίου, στην οποία δÞθηκαν τα πρώτα στοιχεία απÞ την εφαρµογή του συστήµατοσ. Κατά τη διάρκεια τησ συζήτησησ αναφέρθηκε Þτι συγκεκριµένεσ οικίεσ στην Κύπρο που εγκατέστησαν µε το συγκεκριµένο πιλοτικÞ πρÞγραµµα φωτοβολταϊκά συστήµατα έφτασαν να πληρώνουν σχεδÞν µηδενικÞ κÞστοσ ηλεκτρισµού. Ο λογαριασµÞσ τησ πρώτησ οικίασ που βρίσκεται στο Παραλίµνι, για την περίοδο Απρίλιοσ – Μάιοσ, ήταν 3,55 ευρώ και κατανάλωσε 4 ΚWh, αντί 1000 ευρώ κατανάλωσησ 840 ΚWh που ήταν ο λογαριασµÞσ τησ αντίστοιχησ περιÞδου τησ προηγούµενησ χρονιάσ. Επίσησ, ο λογαριασµÞσ οικίασ στη Λάρνακα, Þπου εφαρµÞστηκε το net metering για την περίοδο Μάρτιοσ – Απρίλιοσ, ήταν µÞλισ 11,64 ευρώ µε κατανάλωση 36 KWh, αντί κατανάλωσησ 1836 KWh τησ αντίστοιχησ περιÞδου τησ προηγούµενησ χρονιάσ. Σε δηλώσεισ του ο ΠρÞεδροσ τησ Επιτροπήσ Εµπορίου τησ Βουλήσ Λευτέρησ ΧριστοφÞρου είπε Þτι τα µέλη τησ Επιτροπήσ θεωρούν Þτι το ψηλÞ κÞστοσ του ηλεκτρικού ρεύµατοσ στην Κύπρο συνεχίζει να γονατίζει τα νοικοκυριά. Ùπωσ ανέφερε «µε την πρÞταση νÞµου που θα κατατεθεί θα δίνεται η δυνατÞτητα στο κάθε κυπριακÞ νοικοκυριÞ να απευθύνεται για την εγκατάσταση φωτοβολταϊκού συστήµατοσ, νοουµένου Þτι θα πληροί κάποιεσ συγκεκριµένεσ προϋποθέσεισ που θα έχουν σχέση µε την τεχνική δυνατÞτητα εγκατάστασησ». «Πέραν τούτου», πρÞσθεσε, «θεωρούµε Þτι στα επÞµενα τρία χρÞνια η Κύπροσ έχει τη δυνατÞτητα περί τα 40 χιλιάδεσ νοικοκυριά να λαµβάνουν σχεδÞν δωρεάν ρεύµα µε την εγκατάσταση φωτοβολταϊκού συστήµατοσ.

H εφαρµογή του net metering µειώνει κάθετα τουσ λογαριασµούσ τησ ΑΗΚ και αυξάνει την παραγωγή ηλεκτρικήσ ενέργειασ απÞ ανανεώσιµεσ πηγέσ ενέργειεσ. Με την µεθοδολογία net metering, γίνεται η µέτρηση τησ ενέργειασ που κατανάλωσε το κτήριο, µετριέται και η παραγωγή απÞ τισ ΑΠΕ και απλά αφαιρείται απÞ την κατανάλωση ενέργειασ του σπιτιού.

ανάγκεσ απÞ πλευράσ Συνεργατικών τισ έχουν η ΣΠΕ Μακράσυκασ µε έλλειµµα 136 εκ. ευρώ και η ΣΠΕ ΣτροβÞλου µε 120 εκ. Την ίδια ώρα ο ΕρωτÞκριτοσ Χλωρακιώτησ τοποθετήθηκε και για τισ κινήσεισ που τροχιοδροµούνται για νοικοκύρεµα του Συνεργατισµού µέσω τησ µείωσησ του αριθµού του προσωπικού. «Ùσοι νιώθουν Þτι θέλουν να αποχωρήσουν µπορεί να υποβάλουν αίτηση για το σχέδιο πρÞωρησ εθελούσια αφυπηρέτησησ. Εµείσ δεν θα υποχρεώσουµε κανένα να αποχωρήσει». Και συµπλήρωσε Þτι ο ΣυνεργατισµÞσ ήταν και θα παραµείνει οικονοµικά εύρωστοσ.

∫∆: ™‡ÛÙ·ÛË ∂ÈÙÚÔ‹˜ ∂ϤÁ¯Ô˘ Το ∆ιοικητικÞ Συµβούλιο τησ Κεντρικήσ Τράπεζασ Κύπρου (ΚΤΚ) αποφάσισε οµÞφωνα τη σύσταση τησ Επιτροπήσ Ελέγχου µε ΠρÞεδρο τον Νίκο Κωνσταντίνου και µέλη τουσ Μιχάλη ΣπανÞ και Στέλιο Κοιλιάρη. Σε ανακοίνωση, η ΚΤ αναφέρει επίσησ Þτι ανασυγκροτήθηκε η Επιτροπή Προσωπικού, τησ οποίασ προεδρεύει ο ∆ιοικητήσ τησ ΚΤΚ, Πανίκοσ ∆ηµητριάδησ, µε µέλη τον Μιχάλη ΣπανÞ, Νίκο Κωνσταντίνου, Στέλιο Κοιλιάρη και Αλέξανδρο Μιχαηλίδη.

™ÙËÓ √ÏÔ̤ÏÂÈ· Ô ÚÔ¸ÔÏÔÁÈÛÌfi˜ ÁÈ· ∞¶∂ Τον προϋπολογισµÞ για τισ Ανανεώσιµεσ Πηγέσ Ενέργειασ (ΑΠΕ), εξέτασε χθεσ η Επιτροπήσ Εµπορίου και Οικονοµικών. Ο Αναπληρωτήσ ΠρÞεδροσ τησ Επιτροπήσ Εµπορίου Ζαχαρίασ Ζαχαρίου ανέφερε πωσ η διαδικασία για τον προϋπολογισµÞ έχει ολοκληρωθεί και αύριο Πέµπτη αναµένεται να περάσει απÞ την Ολοµέλεια τησ Βουλήσ. «Θέλουµε να περάσει τάχιστα, γιατί ένασ προϋπολογισµÞσ των 26 εκ. ευρώ θα δηµιουργήσει θέσεισ εργασίασ, θα δώσει µια ανάσα στην αγορά και απÞ την άλλη θα βοηθήσει και τα θέµατα ενέργειασ τα οποία αντιµετωπίζουµε σήµερα», είπε. Ο βουλευτήσ του ∆ΗΚΟ Άγγελοσ ΒÞτσησ είπε πωσ το ξεκάθαρο µήνυµα τησ κοινήσ συνεδρίασ τησ Επιτροπήσ Οικονοµικών και Επιτροπήσ Εµπορίου είναι Þτι την ερχÞµενη Πέµπτη τελεσίδικα θα εγκριθεί απÞ την Ολοµέλεια τησ Βουλήσ, ούτωσ ώστε αυτά τα πρώτα εκατοµµύρια να διοχετευτούν στην αγορά και προσ το συµφέρον των πολιτών να έχουν χρήση απÞ αυτά τα προγράµµατα. Κατέληξε λέγοντασ πωσ «θα βοηθήσουν επίσησ και τουσ επιχειρηµατίεσ που απασχολούνται µε την τοποθέτηση των φωτοβολταιϊκών και να διοχετευτεί χρήµα στην αγορά».

∞Ó¿ÁÎË ‰ËÌÈÔ˘ÚÁ›·˜ ·ÛÙÈÎÒÓ Ï·¯·ÓfiÎËˆÓ Η Επίτροποσ Περιβάλλοντοσ Ιωάννα Παναγιώτου µε επιστολή τησ καλεί Þλουσ τουσ ∆ηµάρχουσ να αποδεχθούν την πρÞταση τησ για δηµιουργία αστικού λαχανÞκηπου στο ∆ήµο τουσ δηλώνοντασ Þτι είναι στη διάθεση τουσ για περαιτέρω στήριξη και βοήθεια. Ùπωσ αναφέρεται σε ανακοίνωση του Γραφείου τησ, η κ. Παναγιώτου στην επιστολή τησ τονίζει Þτι στην παρούσα δυσχερή περίοδο η διατροφική επάρκεια για τα οικονοµικώσ ασθενέστερα νοικοκυριά, αποτελεί πρώτιστη ανάγκη, γι’ αυτÞ και το Γραφείο τησ ανάλαβε την πρωτοβουλία για προώθηση τησ ιδέασ δηµιουργίασ αστικών λαχανÞκηπων σε συνεργασία µε ενδιαφερÞµενουσ ∆ήµουσ, αναλαµβάνοντασ το συντονισµÞ των προσπαθειών ώστε να είναι ουσιαστικέσ και επιτυχηµένεσ. Η Επίτροποσ Περιβάλλοντοσ διευκρινίζοντασ Þτι η ίδρυση του δηµοτικού λαχανÞκηπου δεν συνδέεται µÞνο µε την οικονοµική κρίση που βιώνουµε, αλλά και µε τη βελτίωση τησ ποιÞτητασ ζωήσ των κατοίκων και τη δηµιουργία δυνατοτήτων για παραγωγή αγνών βιολογικών προϊÞντων και επαφήσ µε τη φύση, αναφέρει Þτι οι αστικοί δηµοτικοί λαχανÞκηποι, στην ιστορία των πÞλεων, σε Ευρώπη και ΗΠΑ, µετρούν περισσÞτερα απÞ 150 χρÞνια ύπαρξησ.

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19 ΙΟΥΝΙΟΥ, 2013

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∞ÏÏ¿˙Ô˘Ó ÔÈ ÈӷΛ‰Â˜ ÁÈ· Ù· ÓÂÔÂÁÁڷʤÓÙ· Ô¯‹Ì·Ù· Με νέεσ πινακίδεσ θα κυκλοφορούν πλέον τα νεοεγγραφέντα οχήµατα. Με απÞφαση ήδη τα οχήµατα τα οποία έχουν εγγραφή µετά τισ 3 Ιουνίου θα πρέπει να έχουν στα οχήµατα τουσ τισ νέεσ πινακίδεσ κυκλοφορίασ σύµφωνα και µε τον διευθυντή του τµήµατοσ οδικών µεταφορών Σωτήρη Κωλέτα. Το νέο σύστηµα θα έχει σηµαντικέσ αλλαγέσ Þπωσ είναι το χρώµα, ενώ καθολική θα είναι η εφαρµογή µέχρι τον ∆εκέµβριο σε ταξί φορτηγά µε άδεια µεταφορών Α και µοτοσυκλέτεσ. «ΕφαρµÞζονται για Þλεσ τισ νέεσ εγγραφέσ σε Þλα τα ιδιωτικά οχήµατα εκτÞσ απÞ τα ταξί που θα έχουν κίτρινεσ πινακίδεσ µπροστά πίσω τα οχήµατα που κατατάσσονται στην κατηγορία των φορτηγών µε άδεια µεταφορέα Α δηλαδή που µεταφέρουν εµπορεύµατα και αυτά θα µετα-

™ÙÔ ÀÔ˘ÚÁÈÎfi Ë ÚfiÙ·ÛË À¶∂™ ÁÈ· Â/Î ÂÚÈÔ˘Û›Â˜ Τίθεται σήµερα ενώπιον του Υπουργικού Συµβουλίου η πρÞταση του Υπουργού Εσωτερικών που δίνει το δικαίωµα για αγοραπωλησίεσ ε/κ περιουσιών στα κατεχÞµενα µεταξύ Ε/κ, µε απαλλαγή απÞ µεταβιβαστικά τέλη, ωσ µέτρο αποτροπήσ τησ µαζικήσ προσφυγήσ στη λεγÞµενη επιτροπή των κατεχοµένων. Οπωσ δήλωσε ο ΥΠΕΣ Σωκράτησ Χάσικοσ η πρÞταση θα αντιµετωπιστεί απÞ κοινού µε τα κÞµµατα, στο πλαίσιο του ευρύτερου προβληµατισµού τησ αρµÞδιασ Υποεπιτροπήσ του Εθνικού Συµβουλίου.

¢ÈÔÚÈÛÌfi˜ Ù˘ Õ. °ÂˆÚÁ›Ô˘ ÛÙËÓ cdbbank Στον διορισµÞ τησ Άντρησ Γεωργίου στην θέση του Πρώτου Εκτελεστικού ∆ιευθυντή τησ Τράπεζασ, προχώρησε η Κυπριακή Τράπεζα Αναπτύξεωσ ∆.Ε. Λτδ. (cdbbank), µετά την παραίτηση του Κυριάκου Ιακωβίδη. Ο Κυριάκοσ Ιακωβίδησ υπέβαλε την παραίτηση του απÞ την υπηρεσία τησ Τράπεζασ στισ 11.6.2013, ενώ βρισκÞταν στον οργανισµÞ απÞ τον Μάρτιο του 2011.

H Α. Γεωργίου είναι Fellow του Institute of Chartered Accountants In England and Wales και κάτοχοσ του Corporate Finance Qualification, και έχει πολυετή πείρα στον τραπεζικÞ τοµέα. Μέχρι το 2008 υπηρέτησε ωσ ΟικονοµικÞσ ∆ιευθυντήσ τησ Τράπεζασ και απÞ τισ αρχέσ του 2009 ωσ ΓενικÞσ ∆ιευθυντήσ υπεύθυνη, µεταξύ άλλων, για τισ Τραπεζικέσ Εργασίεσ και το Treasury. Το Νοέµβριο 2010 διορίστηκε Αναπληρωτήσ Πρώτοσ ΕκτελεστικÞσ ∆ιευθυντήσ τησ Τράπεζασ µε ευρύ φάσµα καθηκÞντων. Είναι επίσησ ΕκτελεστικÞ Μέλοσ του ∆ιοικητικού Συµβουλίου. Αξίζει να αναφερθεί Þτι πλέον στη cdb bank τα δύο στελέχη µε τισ υψηλÞτερεσ θέσεισ, αυτέσ των προέδρου και CEO, κατέχονται απÞ γυναίκεσ, τισ κυρίεσ Ρένα Ρουβηθά και Άντρη Γεωργίου.

8,5 ÂÎ. ÛÙÔ ¶·Ó. ∫‡ÚÔ˘ €8 ·fi ÂÚ¢ÓËÙÈΤ˜ ¯ÔÚËÁ›Â˜ Στην ενίσχυση τησ αποτελεσµατικÞτητασ των φαρµάκων για την καταπολέµηση του καρκίνου στοχεύει νέο ερευνητικÞ έργο του Πανεπιστηµίου Κύπρου που έλαβε χρηµατοδÞτηση ύψουσ 1,5 εκατοµµυρίων ευρώ απÞ το ΕυρωπαϊκÞ Συµβούλιο Έρευνασ (ERC Starting Grants). Η συγκεκριµένη χρηµατοδÞτηση αφορά την διεξαγωγή έρευνασ, µε ορίζοντα πενταετίασ, για την εξεύρεση αποτελεσµατικÞτερησ θεραπείασ συµπαγών καρκινικών Þγκων. Η έρευνα πραγµατεύεται τη συνδυαστική χρήση συγκεκριµένων φαρµακευτικών σκευασµάτων που τροποποιούν την µικροδοµή του καρκινικού περιβάλλοντοσ µαζί µε τισ συνήθεισ χηµειοθεραπευτικέσ µεθÞδουσ, µε αποτέλεσµα τη βελτιστοποίηση τησ αποτελεσµατικÞτητασ αυτών. Σύµφωνα µε τον Πρύτανη του Πανεπιστηµίου Κύπρου, Κωνσταντίνο Χριστοφίδη, το συνολικÞ ποσÞ που έχει απορροφήσει το Πανεπιστήµιο Κύπρου απÞ ερευνητικέσ χορηγίεσ ERC ανέρχεται στα 8.150.000 εκ. ευρώ. Σηµειώνεται Þτι οι χορηγίεσ του Ευρωπαϊκού Συµβουλίου Έρευνασ (European Research Council) θεωρούνται οι πιο ανταγωνιστικέσ στον ΕυρωπαϊκÞ χώρο, καθώσ κάθε χρÞνο τίθενται υψηλά κριτήρια αξιολÞγησησ µε αποτέλεσµα να χρηµατοδοτείται µÞλισ το 8-9% των υποβαλλÞµενων προσ αξιολÞγηση προτάσεων απÞ Þλεσ τισ χώρεσ τησ Ευρώπησ.

φέρουν πινακίδεσ κίτρινεσ µπροστά και πίσω. Οι υπÞλοιπεσ πινακίδεσ θα είναι άσπρεσ µπροστά και πίσω τα οχήµατα ενοικιάσεωσ θα φέρουν κÞκκινεσ πινακίδεσ µπροστά και πίσω χωρίσ το γράµµα Ζ. Το κÞστοσ έχει Þπωσ ήταν προηγούµενοσ», είπε ο κ. Κωλέτασ. ΑπÞ την πλευρά του ο Σύµβουλοσ Θεµάτων Οδικήσ Ασφάλειασ Φάνοσ Γιαννικούρησ, δεν θεωρεί πωσ θα βοηθήσει σε κάτι η συγκεκριµένη αλλαγή και τονίζει Þτι αυτή την στιγµή πρέπει να δοθεί έµφαση σε µετρά ώστε να µην χάνονται ζωέσ στην άσφαλτο. «ΚαθÞλου δεν βοηθά δεν αλλάζει τίποτα απÞ τα δεδοµένα διÞτι βλέπουµε και µέχρι σήµερα ξεχωρίζαµε το Ζ και τα ταξί απÞ την ταµπέλα που έχουν απÞ πάνω. Εγώ νοµίζω Þτι στο τµήµα οδικών µεταφορών και

στην Βουλή υπάρχουν ποιο σοβαρά θέµατα που πρέπει να ασχοληθούν παρά µε τα νούµερα των αυτοκινήτων. Βλέπουµε Þτι χάνουµε τÞσουσ νέουσ στην άσφαλτο σχεδÞν καθηµερινά και εκεί πρέπει να δώσουν έµφαση», επισήµανε. Τα υφιστάµενα σαλούν οχήµατα σύµφωνα µε τον κ. Κωλέτα τώρα δεν είναι υποχρεωµένοι οι ιδιοκτήτεσ να αντικαταστήσουν τισ πινακίδεσ αλλά σε περίπτωση που καταστραφεί απÞ ήδη εγγεγραµµένα οχήµατα ή απολεσθεί ο ιδιοκτήτησ είναι υποχρεωµένοσ να βάλει τισ καινούργιεσ.

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19 ΙΟΥΝΙΟΥ, 2013

6 | EI∆ΗΣΕΙΣ | financialmirror.com

¶ÔÏϤ˜ ÔÈ «Î·˘Ù¤˜ ·Ù¿Ù˜» ÁÈ· ÙËÓ ∆Ú¿Â˙· ∫‡ÚÔ˘ ¡›ÎÔ˜ ªÈ¯·ËÏ›‰Ë˜ Foreign Exchange Analyst Email: michailidisn@aol.com Ùπωσ είχαµε αναφέρει και σε παλαιÞτερο µασ άρθρο το καλοκαίρι που µπήκαµε αναµένεται να είναι πολύ «καυτÞ» για την τράπεζα Κύπρου. Και είδη οι κυβερνÞντεσ τισ τελευταίεσ ηµέρεσ κρούουν το κώδωνα του κινδύνου για την κατάσταση που επικρατεί στην µεγαλύτερη τράπεζα τησ χώρασ. Είδη έχουµε µπει στον τέταρτο µήνα «εξυγίανσησ» διάστηµα που σαφώσ αποτελεί παγκÞσµιο φαινÞµενο. Ùπωσ έχουµε ξανά αναφέρει εκτιµούµε πωσ δύο δρÞµοι υπήρχαν για την τράπεζα Κύπρου για να παραµένει εν ζωή και να µην συµπαρασύρει στην αφάνεια ολÞκληρο το τραπεζικÞ µασ σύστηµα. Είτε περνάει στο σύνολο τησ σε χέρια ξένων είτε αναλαµβάνει την πλήρη εξυγίανση, ανακεφαλοποίηση και εν τέλει πώληση τησ ο ΕυρωπαϊκÞσ µηχανισµÞσ. Και επειδή για το πρώτο σενάριο είναι πλέον αργά η µÞνη «σωτηρία» για την τράπεζα Κύπρου είναι να αναλάβει ο ΕυρωπαϊκÞσ µηχανισµÞσ την ανακαιφαλοποίηση τησ. Ùσο και να προσπαθούν κάποιοι να θέλουν να µασ πλασάρουν µε το έτσι θέλω πωσ οι Ρώσοι και λοιποί µεγαλοκαταθέτεσ θα ανακαιφαλαποιήσουν και εν τέλει διασώσουν την τράπεζα µοιάζει πλέον µε Þνειρο θερινήσ νυκτÞσ.

Καταρχήν ποιοσ θα αναλάβει τράπεζα µε περιορισµÞ κίνησησ κεφαλαίων. Άρα για να υπήρχε έστω η µοναδική ελάχιστη πιθανÞτητα για συµµετοχή ξένων η τράπεζα θα έπρεπε να µην λειτουργούσε κάτω απÞ περιορισµούσ έτσι ώστε να µπορεί να κρίνει ο ενδιαφερÞµενοσ τησ δυνατÞτητεσ τησ τράπεζασ κάτω απÞ φυσιολογικέσ συνθήκεσ. Βεβαίωσ τώρα κανείσ δεν τολµά να άρει τουσ περιορισµούσ επειδή δεν χρειάζεται να είσαι απÞφοιτοσ του Harvard για να προβλέψεισ τι θα ακολουθήσει εάν και εφÞσον υπάρξει ελεύθερη διακίνηση κεφαλαίων στην τράπεζα. Το πιθανÞτερο θα είναι να µεταφερθούν εκτÞσ τράπεζασ πέραν των 90% των κεφαλαίων. Βεβαίωσ απÞ το 50% η τράπεζα θα έχει χρεοκοπήσει. Η δεύτερη καυτή πατάτα για την τράπεζα είναι τα λεγÞµενα «κÞκκινα δάνεια» τα οποία µε την ύφεση να έχει κτυπήσει ρεκÞρ 40ετίασ και τισ τιµέσ των ακινήτων να διολισθαίνουν είναι µαθηµατικά βέβαιο πωσ τα δάνεια αυτά θα ξεπεράσουν και το πιο απαισιÞδοξο και κακÞ σενάριο τησ Pimco. Στην συνέχεια έχουµε το εγκληµατικÞ εκ µέρουσ τησ ΕΚΤ να φορτώσει στην Τράπεζα Κύπρου το δυσθεώρητο ποσÞ του ELA που είχε στουσ ώµουσ τησ η πτωχευµένη Λαϊκή κάνοντασ την τράπεζα ακÞµα λιγÞτερο ελκυστική και βιώσιµη. Μέσα σε Þλα αυτά αν προσθέσεισ τισ πάµπολλεσ προσφυγέσ και µηνύσεισ που δέχεται καθηµερινά η τράπεζα, την τραγική απÞφαση να αποχωρήσει απÞ Ελλάδα µετατρέποντασ τησ σε µια µικρή Τράπεζα περιχαρακωµένη και εγκλωβισµένη στα στενά Þρια τησ Κύπρου, την αδυναµία και πολυπλοκÞτητα να απολύσει τουσ µισούσ τουλάχιστον υπαλλήλουσ και τισ πολιτικέσ και κοµµατικέσ εξαρτήσεισ τησ τράπεζασ αντιλαµβάνεσαι πÞσο δύσκολο ακατÞρθωτο και ανέφικτο είναι να σωθεί η

τράπεζα απÞ τουσ καταθέτεσ τησ. Το εγχείρηµα του Bail-in για την Τράπεζα Κύπρου έχει χρεοκοπήσει. Το µοντέλο που υιοθέτησε ο ανεκδιήγητοσ Mr Dijsselbloem µε τισ ευλογίεσ των Schäuble και Merkel έχει αποδειχτεί παραµύθι χωρίσ αίσιο τέλοσ.

Bail-in χωρίσ ουσιαστική συµµετοχή είτε του κράτουσ είτε του Ευρωσυστήµατοσ δεν υπάρχει. Και Þταν λέµε ουσιαστική εννοούµε το κράτοσ µέσω των Ευρωπαϊκών θεσµών να εγγυηθεί αν µη τι άλλο πωσ τα κεφάλαια που θα χρειαστεί η τράπεζα δεν θα ξεπεράσουν τα ποσά που θα αντληθούν απÞ το κούρεµα του 60% των καταθέσεων. Κάτι δηλαδή που έγινε στην Αµερική Þταν εξαγοράστηκε η Bear sterms απÞ την Morgan. Με τον τρÞπο αυτÞ ο υποψήφιοσ αγοραστήσ γνωρίζει εκ το προτέρων ποιο θα είναι για αυτÞν το χειρÞτερο σενάριο. Η τράπεζα Κύπρου µε τισ παρÞν συνθήκεσ είναι κλινικά νεκρή. Για να αναστηθεί χρειάζεται µετάγγιση αίµατοσ είτε απÞ το κράτοσ (εν προκειµένου δύσκολο αφού και αυτÞ είναι πτωχευµένο) είτε απÞ το ευρωσύστηµα. Το µπαλάκι για διάσωση τησ τράπεζασ είναι πλέον στα πÞδια των Ευρωπαίων και η απÞφαση αν και εφÞσον παρθεί είναι πολιτική και σε καµία περίπτωση οικονοµική Þσεσ αναλύσεισ, αριθµητικέσ και γεωµετρίεσ και αν µασ παρουσιάσουν οικονοµολÞγοι, ακαδηµαϊκοί και λοιποί «ειδήµονεσ».

濯ÓÂÈ ÁÈ· €1,7 ‰È˜ Ë ™˘ÓÂÚÁ·ÙÈ΋ ∆Ú¿Â˙· µÚÂÙ·Ó›·˜ Σε εξαναγκασµÞ των κατÞχων οµολογιών τησ να βοηθήσουν στην εξεύρεση 1,7 δισεκατοµµυρίων ευρώ (1,5 δισεκατοµµυρίου στερλινών) προχωρεί η βρετανική Συνεργατική Τράπεζα, στη πρώτη διάσωση µε ίδια µέσα που αποφασίζεται σε τραπεζικÞ ίδρυµα µετά την Κύπρο και που γίνεται Þχι µε χρήµατα των φορολογουµένων, Þπωσ ίσχυε µέχρι τώρα, αλλά µε συµµετοχή των οµολογιούχων τησ. Ùπωσ ανακοίνωσε η ∆ιοίκηση τησ Τράπεζασ, οι 7.000 περίπου κάτοχοι ειδικών οµολÞγων θα κληθούν να τα ανταλλάξουν µε µετοχέσ και να αποποιηθούν των υψηλών επιτοκίων που εισέπρατταν µέχρι σήµερα.

ΑυτÞ γίνεται στο πλαίσιο τησ ευρωπαϊκήσ τακτικήσ που προωθείται για εφαρµογή του “bail in” και τησ συµµετοχήσ των καταθετών και κατÞχων οµολογιών αντί των φορολογουµένων πολιτών στην αποδοχή του βάρουσ αποτυχηµένων τραπεζικών ιδρυµάτων. “Έχουµε θέσει σε εφαρµογή µια λεπτοµερή και συνολική λύση για αντιµετώπιση των τωρινών και µακροπρÞθεσµων κεφαλαιουχικών αναγκών τησ Τράπεζασ, για διασφάλιση του µέλλοντÞσ τησ”, δήλωσε ο ΕκτελεστικÞσ ∆ιευθυντήσ του Συνεργατικού Οµίλου, Γιούαν Σάδερλαντ.

Η διαδικασία θα ολοκληρωθεί µέχρι τον προσεχή Οκτώβριο, αφού πάρει την οριστική έγκριση απÞ τη νέα βρετανική Εποπτική Ρυθµιστική Αρχή (ΕΡΑ) για την εύρυθµη λειτουργία του τραπεζικού συστήµατοσ και αναµένεται να συγκεντρωθεί κεφάλαιο ενÞσ δισεκατοµµυρίου στερλινών αυτÞ το έτοσ και άλλα 500 εκατοµµύρια στερλίνεσ κατά το 2014. Η βρετανική ΕΡΑ ανακοίνωσε Þτι οι Τράπεζεσ θα πρέπει να συγκεντρώσουν 25 δισεκατοµµύρια λίρεσ Αγγλίασ επιπλέον κεφαλαίου µέχρι το τέλοσ του 2013, προκειµένου να απορροφήσουν οποιεσδήποτε απώλειεσ απÞ δάνεια.

™ÙÔÓ ·Ó·Ó¢ÛÙ‹Ú· Î·È Ë ·˘ÙÔÎÈÓËÙÔ‚ÈÔÌ˯·Ó›· Σε χαµηλÞ επίπεδο 20ετίασ υποχώρησαν οι πωλήσεισ αυτοκινήτων στην ΕΕ τον Μάιο, καθώσ η αύξηση τησ ανεργίασ που προκαλείται απÞ την οικονοµική ύφεση συνέβαλε στη µείωση τησ ζήτησησ. Οι πωλήσεισ στισ 27 χώρεσ τησ ΕΕ µειώθηκαν κατά 5,9% σε 1,04 εκατοµµύρια οχήµατα, απÞ 1,11 εκατοµµύρια αυτοκίνητα πριν απÞ ένα χρÞνο, φθάνοντασ το χαµηλÞτερο σηµείο απÞ το 1993, σύµφωνα µε ανακοίνωση τησ Ευρωπαϊκήσ Ένωσησ Αυτοκινητοβιοµηχανιών (ACEA). Τον Απρίλιο είχε καταγραφεί αύξηση 1,7%, που ήταν και η µÞνη τουσ τελευταίουσ 19 µήνεσ. Αν συµπεριληφθούν οι πωλήσεισ στην Ελβετία, τη Νορβηγία και την Ισλανδία, οι πωλήσεισ τον Μάιο µειώθηκαν κατά 5,9% σε 1,08 εκατοµµύρια αυτοκίνητα. Οι πωλήσεισ στη Γερµανία µειώθηκαν 9,9% έναντι αύξησησ 3,8% τον Απρίλιο. Η ανεργία έφθασε στο επίπεδο - ρεκÞρ 12,2% τον Απρίλιο στισ 17 χώρεσ τησ Ευρωζώνησ και η µεταποιητική παραγωγή

στην περιοχή συρρικνώθηκε τον Μάιο, συνεχίζοντασ µία σχεδÞν διετή τάση. Τα στελέχη τησ αυτοκινητοβιοµηχανίασ προβλέπουν Þτι η ευρωπαϊκή αγορά αυτοκινήτου θα συρρικνωθεί για έκτο συνε-

χÞµενο έτοσ το 2013, µε πιθανή µία ανάκαµψη στο τελευταίο τρίµηνο του. Οι πωλήσεισ τησ γαλλικήσ Peugeot, τησ δεύτερησ µεγαλύτερησ αυτοκινητοβιοµηχανίασ τησ Ευρώπησ, µειώθηκαν κατά 13% τον Μάιο, ενώ οι πωλήσεισ τησ επίσησ γαλλικήσ Renault µειώθηκαν 10%. Μειωµένεσ κατά 11% ήταν οι πωλήσεισ τησ GM και τησ Fiat. Οι Γερµανοί αντιπρÞσωποι αυτοκινήτων µείωσαν τισ τιµέσ του 11,9% κατά µέσο Þρο τον περασµένο µήνα έναντι µείωσησ 11,6% πριν απÞ ένα χρÞνο, σύµφωνα µε το περιοδικÞ Autohaus PulsSchlag. Η Opel έκανε ακÞµη µεγαλύτερη µείωση τιµών, που έφθασε το 15,2% απÞ 12% πέρυσι, ενώ η Fiat πρÞσφερε µειώσεισ 13,5% έναντι 12% το 2012. Η µέση µείωση των Citroen, Peugeot και Renault ήταν 13,3% τον Μάιο, σύµφωνα µε το περιοδικÞ.

∞˘ÍË̤Ó˜ ‰È·Î˘Ì¿ÓÛÂȘ ÛÙËÓ ·ÁÔÚ¿ Û˘Ó·ÏÏ¿ÁÌ·ÙÔ˜ ÃÚ›ÛÙÈ·Ó ™Ù˘ÏÈ·ÓÔ‡ ∆ιεύθυνση ∆ιαχειρίσεως ∆ιαθεσίµων, Alpha Bank Cyprus Ltd Ελαφρώσ χαµηλÞτερα του υψηλού τεσσάρων µηνών, $1,3390, που κατέγραψε την περασµένη Παρασκευή διαπραγµατεύεται η ισοτιµία ευρώ/δολάριο την τρέχουσα εβδοµάδα. Το µεσηµέρι τησ Τρίτησ το ευρώ τυγχάνει διαπραγµάτευσησ έναντι του δολαρίου ΗΠΑ περί τα 1,3370. Αυξηµένεσ παραµένουν οι διακυµάνσεισ εξαιτίασ τησ

αβεβαιÞτητασ που προκαλεί η συνεδρίαση τησ Κεντρικήσ Οµοσπονδιακήσ Τράπεζασ των ΗΠΑ στισ 18-19/6, καθώσ υπάρχουν αναλυτέσ που εκτιµούν Þτι θα υπάρξει µείωση τησ στήριξησ προσ την αµερικανική οικονοµία. ΕπιπρÞσθετα, οι µεταβαλλÞµενεσ προσδοκίεσ σχετικά µε ενδεχÞµενη υιοθέτηση επιθετικÞτερησ επεκτατικήσ νοµισµατικήσ πολιτικήσ απÞ την Ευρωπαϊκή Κεντρική Τράπεζα (ΕΚΤ) συµβάλουν σε σηµαντική διακύµανση τησ ισοτιµίασ του ευρώ. Πιέσεισ στην ισοτιµία ευρώ/δολάριο άσκησαν δηλώσεισ του ΠρÞεδρου τησ ΕΚΤ στισ οποίεσ τÞνισε Þτι η ΕΚΤ θα χρησιµοποιήσει µη συµβατικά µέτρα επεκτατικήσ νοµισµατικήσ πολιτικήσ αν κριθεί αναγκαίο. Σε µια άλλη εξέλιξη, Þσον αφορά τη συνεδρίαση των G8,

σύµφωνα µε την ανακοίνωση των κρατών του Οµίλου η προοπτική τησ παγκÞσµιασ οικονοµίασ διατηρείται αδύναµη. Αναφέρεται ωστÞσο Þτι οι καθοδικοί κίνδυνοι έχουν µειωθεί, καθώσ είναι θετική η συµβολή των πολιτικών που έχουν εφαρµοστεί στισ ΗΠΑ, στην Ευρωζώνη και στην Ιαπωνία. Σηµειώνεται επίσησ Þτι προτεραιÞτητα των κρατών µελών του G8 αποτελεί η τÞνωση τησ οικονοµικήσ ανάπτυξησ και τησ απασχÞλησησ. Η διήµερη σύσκεψη τησ Οµοσπονδιακήσ Κεντρικήσ Τράπεζασ των ΗΠΑ και η δηµοσιογραφική διάσκεψη του προέδρου τησ που θα ακολουθήσει, συνιστά το σηµαντικÞτερο προγραµµατισµένο γεγονÞσ την τρέχουσα εβδοµάδα.

19 ΙΟΥΝΙΟΥ, 2013

ΧΡΗΜΑ&ΑΓΟΡΑ

financialmirror.com | ΕΛΛΑ∆Α | 7

«Restart» ÁÈ· ÙËÓ ∂ƒ∆ ∆¤ÏÔ˜ ÔÈ ÚfiˆÚ˜ ÂÎÏÔÁ¤˜, ¤Ú¯ÂÙ·È ·Ó·Û¯ËÌ·ÙÈÛÌfi˜ ΠροσωρινÞ «φιλί» ζωήσ» στη δηµÞσια ραδιοτηλεÞραση έδωσε το ΕλληνικÞ Συµβούλιο τησ Επικρατείασ λέγοντασ «Þχι» στο «µαύρο» τησ τηλεοπτικήσ οθÞνησ και διατάσσοντασ την άµεση ενεργοποίηση των συχνοτήτων, τη µετάδοση ραδιοτηλεοπτικών εκποµπών και την επαναλειτουργία των διαδικτυακών ιστÞτοπων τησ EPT A.E. ΩστÞσο, το ΣτE µε την προσωρινή δικαστική διαταγή του «πετά το µπαλάκι» στην κυβέρνηση για το πώσ θα συνεχίσει τισ µεταδÞσεισ µέσα απÞ ένα νέο διοικητικÞ σχήµα δηµοσίου ραδιοτηλεοπτικού φορέα.

Eτσι, αφήνουν ανοικτÞ στουσ συναρµÞδιουσ υπουργούσ και τον νέο διαχειριστή, που θα οριστεί άµεσα, να κρίνουν το πώσ θα λειτουργήσει στο µεταβατικÞ αυτÞ στάδιο η δηµÞσια ραδιοτηλεÞραση και µε πÞσουσ εργαζÞµενουσ, µέχρισ Þτου οδηγηθεί προσ ψήφιση νÞµου η σύσταση και λειτουργία ενÞσ νέου φορέα. Το σήµα επέστρεψε χθεσ στο ραδιÞφωνο, στο διαδίκτυο και οι εργαζÞµενοι πήγαν κανονικά στισ δουλειέσ τουσ, χωρίσ Þµωσ να είναι εξασφαλισµένοι για το τι θα γίνει το αµέσωσ επÞµενο διάστηµα. Το κλείσιµο τησ ΕΡΤ ανακοίνωσε µε σκληρÞ και άµεσο τρÞπο ο έλληνασ κυβερνητικÞσ εκπρÞσωποσ, Σίµοσ Κεδίκογλου, την περασµένη εβδοµάδα προκαλώντασ έντονεσ αντιδράσεισ εντÞσ και εκτÞσ ελληνικών συνÞρων. Την ίδια ώρα σ κατ’ αρχήν συµφωνία, µε αµοιβαίεσ υποχωρήσεισ και µε τη «συνδρο-

µή» τησ απÞφασησ του Συµβουλίου τησ Eπικρατείασ, κατέληξαν οι τρεισ πολιτικοί αρχηγοί, αφού παρά την ένταση των προηγουµένων ηµερών επικράτησε η λογική να µην οδηγηθεί η χώρα σε πρÞωρεσ εκλογέσ και αποφάσισαν να συναντηθούν εκ νέου ώστε να συζητήσουν το πώσ θα γίνει η επαναλειτουργία τησ EPT, καθώσ φαίνεται να υπάρχουν διαφορέσ στην ερµηνεία τησ απÞφασησ του ΣτE. H συµβιβαστική λύση κινείται µε βασικÞ άξονα την προσωρινή επαναλειτουργία τησ EPT µέχρι τη συγκρÞτηση του νέου οργανισµού και στη βάση πρÞτασησ εννέα σηµείων που κατέθεσε ο Aντ. Σαµαράσ, η οποία ικανοποιεί και πάγια αιτήµατα του Eυάγγ.

έθεσαν ωσ πρωτεύον ζήτηµα οι πρÞεδροι του ΠAΣOK και τησ ∆HMAP.

∫ÔÌÈÛÈfiÓ: ∫·Ì›· ·Ó¿ÌÂÈÍË ÛÙËÓ ·fiÊ·ÛË Eν τω µεταξύ η Ευρωπαϊκή Επιτροπή αρνείται Þτι είχε οποιαδήποτε ανάµειξη στην απÞφαση τησ ελληνικήσ κυβέρνησησ για το κλείσιµο τησ ΕΡΤ. Ερωτηθείσ σχετικά ο εκπρÞσωποσ τησ Επιτροπήσ Ολιβιέ Μπαγί, επισήµανε Þτι ούτε η ΚοµισιÞν, ούτε η τρÞικα συζήτησαν ή ζήτησαν απÞ την κυβέρνηση το κλείσιµο κάποιου δηµÞσιου οργανισµού. Εκείνο που συµφωνήθηκε µε την Ελλάδα είναι η αναδιάρθρωση του δηµοσίου, Þπου οι ελληνικέσ αρχέσ πρέπει να παρουσιάσουν λύσεισ Þσον αφορά τισ απολύσεισ, τισ µετακινήσεισ εντÞσ των συµφωνηθέντων χρονοδια-

™ÙËÓ ∞ı‹Ó· Ô ™fiÈÌÏÂ «Η Ελλάδα βρίσκεται σε καλÞ δρÞµο προσ την επιτυχία» δήλωσε χθεσ ο ΓερµανÞσ υπουργÞσ Οικονοµικών, ΒÞλφγκανγκ ΣÞιµπλε, κατά τη διάρκεια τηλεφωνικήσ επικοινωνίασ µε τον Έλληνα οµÞλογÞ του, Γιάννη Στουρνάρα. Ο κ. ΣÞιµπλε σχολίασε Þτι η Ελλάδα έχει µπροστά τησ έναν «µακρύ και απÞτοµο δρÞµο µεταρρυθµίσεων», προσθέτοντασ ωστÞσο Þτι οι πρώτεσ ελληνικέσ οικονοµικέσ επιτυχίεσ γίνονται ορατέσ.

Bενιζέλου και του Φ. Kουβέλη για την καλύτερη λειτουργία τησ κυβέρνησησ, κάτι που

Οι δύο υπουργοί συµφώνησαν να αντιµετωπίσουν ωσ «ύψιστησ προτεραιÞτητασ» το ζήτηµα τησ ανεργίασ στην Ελλάδα, ενώ συµφώνησαν και στη δηµιουργία µιασ αναπτυξιακήσ τράπεζασ η οποία θα προσφέρει στήριξη σε µικρέσ και µεσαίεσ επιχειρήσεισ. Επίσησ, ο ΓερµανÞσ ΥΠΟΙΚ διαβεβαίωσε τον κ. Στουρνάρα Þτι «η Ευρώπη θα συνεχίσει να στηρίζει την Ελλάδα», ενώ επιβεβαίωσε Þτι σκοπεύει να επισκεφθεί σύντοµα την Αθήνα.

γραµµάτων, επισήµανε ο κ. Μπαγί. Οπωσ είπε χαρακτηριστικά «το ΜνηµÞνιο προβλέπει συρρίκνωση και αναδιάρθρωση του δηµοσίου τοµέα, αλλά οι λεπτοµέρειεσ για το πωσ θα επιτευχθεί αυτÞσ ο στÞχοσ επαφίενται στην ελληνική κυβέρνηση».Μάλιστα παρέπεµψε στην σελίδα 47 του Μνηµονίου (αναθεώρηση: Οκτώβριοσ 2011) Þπου το κείµενο αναφέρεται σε «συρρίκνωση» και Þχι «κλείσιµο» τησ ΕΡΤ. Ο εκπρÞσωποσ ανέφερε Þτι οι Βρυξέλλεσ λαµβάνουν υπÞψη τησ την απÞφαση του Συµβουλίου τησ Επικρατείασ για

την ΕΡΤ. ΠρÞσθεσε Þτι η Ευρωπαϊκή Επιτροπή δεν είναι αρµÞδια να σχολιάσει τη διαχείριση των δηµÞσιων ΜΜΕ, που είναι αποκλειστική αρµοδιÞτητα των κρατών µελών, επισηµαίνοντασ, Þµωσ, Þτι αναµένει απÞ τισ ελληνικέσ αρχέσ να σεβαστούν την απÞφαση του Συµβουλίου τησ Επικρατείασ και να ακολουθηθούν νÞµιµεσ διαδικασίεσ. «Έχουν προταθεί εναλλακτικέσ λύσεισ για την επαναλειτουργία τησ ελληνικήσ δηµÞσιασ ραδιοτηλεÞρασησ και τώρα οι ελληνικέσ αρχέσ πρέπει να αποφασίσουν τί θα κάνουν, σεβÞµενεσ το υπάρχον νοµοθετικÞ πλαίσιο», τÞνισε.

∂ÈÛÙÚÔÊ‹ Ù˘ ı·Ó·ÙÈ΋˜ ÔÈÓ‹˜ ı¤ÏÂÈ Ë ÃÚ˘Û‹ ∞˘Á‹ Τα συλλυπητήρια τησ εξέφρασε χθεσ η Χρυσή Αυγή στουσ συγγενείσ του άτυχου αστυνοµικού που δολοφονήθηκε απÞ δραπέτεσ των φυλακών. Στην ανακοίνωσή τησ η Χρυσή Αυγή αναφέρει µεταξύ άλλων πωσ για να απαλλαγεί η κοινωνία απÞ τα ανάλογα ειδεχθή εγκλήµατα είναι αναγκαία η επαναφορά τησ θανατικήσ

ποινήσ. Υπενθυµίζεται Þτι η θανατική ποινή στην Ελλάδα καταργήθηκε το ∆εκέµβριο του 1993 απÞ την κυβέρνηση του Ανδρέα Παπανδρέου (ΝÞµοσ 2172/1993, ΦΕΚ Α’ 207 ), κάτι που επιβεβαιώθηκε και στη συνταγµατική αναθεώρηση του 2001. Ùλα τα κράτη τησ Ευρωπαϊκήσ Ένωσησ έχουν πλέον καταργήσει την θανατική ποινή.

¶·Ú·ÁˆÁ‹ ÔÚÁ·ÓÈÎÒÓ ËÏÂÎÙÚÔÓÈÎÒÓ ÛÙËÓ ∂ÏÏ¿‰· ΕντÞσ του 2014 θα είναι έτοιµεσ οι δύο πιλοτικέσ γραµµέσ παραγωγήσ οργανικών ηλεκτρονικών, που προβλέπεται να δηµιουργηθούν στη Θεσσαλονίκη, σε έκταση του Αριστοτελείου Πανεπιστηµίου. Η κίνηση αυτή προβλέπεται να δώσει ώθηση στην Ελλάδα που πρωτοστατεί σε έναν καινούργιο τοµέα που αρχίζει και εξαπλώνεται παγκοσµίωσ. Τα οργανικά ηλεκτρονικά κινούνται στην κατεύθυνση τησ αειφÞρου ανάπτυξησ, Είναι ανακυκλώσιµα, πιο εύκαµπτα, πιο ελαφριά και πιο φθηνά απÞ τα συµβατικά ηλεκτρονικά και κινούνται στην κατεύθυνση τησ αειφÞ-

ρου ανάπτυξησ. Το αποτέλεσµα είναι πωσ µπορούν να βελτιώνουν τισ µέχρι σήµερα συµβατικέσ µεθÞδουσ παραγωγήσ, φωτισµού, αποθήκευσησ ενέργειασ και επικοινωνίασ. Εποµένωσ, τα οργανικά ηλεκτρονικά έχουν πεδίο εφαρµογήσ σε φωτοβολταϊκά συστήµατα, εύκαµπτεσ οθÞνεσ, βιοδιαγνωστικέσ συσκευέσ, εκτυπώσιµεσ µπαταρίεσ, έξυπνα υφάσµατα, εξελιγµένα συστήµατα αναγνώρισησ, συσκευασίεσ τροφίµων και πολλά ακÞµα. Οπωσ δήλωσε ο καθηγητήσ Στέργιοσ Λογοθετίδησ, υπεύθυνοσ του Εργαστηρίου Νανοτεχνολογίασ LTFN του ΑΠΘ και συντονι-

στήσ του ευρωπαϊκού προγράµµατοσ «Smartronics», στÞχοσ είναι στα επÞµενα δύο χρÞνια, να βγουν στην αγορά επτά καινοτÞµα προϊÞντα. Επίσησ, δηµιουργούνται δεκάδεσ νέεσ θέσεισ εργασίασ αφού ήδη έχουν προκηρυχθεί νέεσ θέσεισ υποψήφιων διδακτÞρων ειδικών στα λέιζερ. Τα οργανικά ηλεκτρονικά αποτελούν, ένα επαναστατικÞ τεχνολογικÞ πεδίο µε απεριÞριστεσ εφαρµογέσ στην ενέργεια, φωτισµÞ, ηλεκτρονική, υγεία µε ένα τεράστιο µέγεθοσ εφαρµογών και αγορών, που εκτιµάται Þτι θα υπερβαίνει τα 16 δισ ευρώ το 2015 και τα 65 δισ το 2022 µÞνο σε βασικέσ εφαρµογέσ και

που θα ανοίγει τον δρÞµο για πολλέσ άλλεσ, πιο σύνθετεσ και ολοκληρωµένεσ (Þπωσ τα έξυπνα κλωστοϋφαντουργικά προϊÞντα, έξυπνη συσκευασία κτλ).

«√͢ÁfiÓÔ» ÁÈ· ÙËÓ ∂ÏÏ¿‰· Ë ·Ó·ÎÂÊ·Ï·ÈÔÔ›ËÛË ÙˆÓ ÙÚ·Â˙ÒÓ ΟξυγÞνο για την ελληνική οικονοµία χαρακτηρίζει την ολοκλήρωση τησ διαδικασίασ ανακεφαλαιοποίησησ των ελληνικών τραπεζών η Morgan Stanley, οι αναλυτέσ τησ οποίασ παρακολουθούν στενά Þλεσ τισ οικονοµικέσ και πολιτικέσ εξελίξεισ που σηµειώνονται επί ελληνικού εδάφουσ. “Η ολοκλήρωση τησ διαδικασίασ ανακεφαλαιοποίησησ των ελληνικών τραπεζών θα διευκολύνει τισ πιστωτικέσ ροέσ, γεγονÞσ

που θα επιφέρει ένα σηµαντικÞ οξυγÞνο στην ελληνική οικονοµία”, εξηγεί χαρακτηριστικά ο Paolo Batori, στρατηγικÞσ αναλυτήσ τησ Morgan Stanley. Κατά τον ίδιο, η ανάπτυξη τησ ελληνικήσ οικονοµίασ δεν αργεί, παρά τα προβλήµατα που συνεχίζουν να ταλανίζουν την Αθήνα. “Η ανάπτυξη τησ ελληνικήσ οικονοµίασ πλησιάζει στο σηµείο καµπήσ”, εκτιµά χαρακτηριστικά ο Batori.

ΩστÞσο, οι αµφιβολίεσ και οι διχογνωµίεσ για τον ακριβή χρÞνο επιστροφήσ τησ Ελλάδασ στην ανάπτυξη παραµένουν. Παρά το γεγονÞσ πωσ η ελληνική κυβέρνηση παραµένει πιστή στην πρÞβλεψή τησ για ανάπτυξη το 2014, αυξάνονται οι φωνέσ εκείνεσ των αναλυτών που διαµηνύουν πωσ η Ελλάδα θα παραµείνει δέσµια τησ ύφεσησ και την επÞµενη χρονιά, για 7ο διαδοχικÞ έτοσ. Την ίδια ώρα, ολοένα και αυξάνονται οι

προσδοκίεσ πωσ η Ελλάδα θα επιτύχει στο προσεχέσ µέλλον µια περαιτέρω ελάφρυνση του χρέουσ τησ, µέσω ενÞσ νέου haircut στα δάνεια του επίσηµου τοµέα (ευρωπαϊκέσ κυβερνήσεισ και ΕΚΤ, ήτοι OSI).

To µέγεθοσ τησ νέασ αναδιάρθρωσησ του ελληνικού χρέουσ δεν µπορεί ακÞµη να εκτιµηθεί, καθώσ αφορά ένα άκρωσ ευαίσθητο απÞ πολιτικήσ πλευράσ - ζήτηµα, προειδοποιεί πλειάδα αναλυτών

ΧΡΗΜΑ&ΑΓΟΡΑ

19 ΙΟΥΝΙΟΥ, 2013

8 | ΑΓΟΡΑ | financialmirror.com

∆Ú. ¶ÂÈÚ·ÈÒ˜: ¢ˆÚÂ¿Ó ¿ÚÎÈÓÁÎ ÛÙÔÓ ∫·Ù·ÎÏ˘ÛÌfi Μετά την πρωτοποριακή πρωτοβουλία τησ να προσφέρει δωρεάν πάρκινγκ στουσ ∆ήµουσ Λευκωσίασ και Λεµεσού για την Μεγάλη Εβδοµάδα, η Τράπεζα Πειραιώσ προεκτείνει την προσφορά τησ και προσ το ∆ήµο Λάρνακασ για τισ µέρεσ του Κατακλυσµού. Συγκεκριµένα, η Τράπεζα Πειραιώσ στα πλαίσια τησ Εταιρικήσ Κοινωνικήσ Ευθύνησ τησ, αλλά και τησ δύσκολησ συγκυρίασ που βιώνει ο τÞποσ αποφάσισε να καλύψει το κÞστοσ στάθµευσησ σε παρκÞµετρα και δηµοτικούσ χώρουσ στάθµευσησ στο κέντρο τησ πÞλησ για την περίοδο ∆ευτέρα 17 Ιουνίου έωσ Τετάρτη 26 Ιουνίου. Στα πλαίσια αυτήσ τησ πρωτοβουλίασ τισ επÞµενεσ µέρεσ τα παρκÞµετρα στο κέντρο τησ πÞλησ και οι µηχανέσ στάθµευσησ σε ∆ηµοτικούσ Χώρουσ θα είναι σκεπασµένα µε καλύµµατα και ειδικέσ ετικέτεσ µε τη σήµανση «∆ωρεάν Χώροσ Στάθµευσησ απÞ την Τράπεζα Πειραιώσ».

¡¤· ÂÌÊ¿ÓÈÛË ÁÈ· ÙÔ Ã·Ú·Ï·Ì›‰Ë˜ ∫Ú›ÛÙ˘ ™ÙÚ·ÁÁ¿ÙÔ ∆ιατηρώντασ την ίδια απολαυστική γεύση, το αγαπηµένο στραγγιστÞ γιαούρτι τησ Κύπρου, το ΧΑΡΑΛΑΜΠΙ∆ΗΣ ΚΡΙΣΤΗΣ Στραγγάτο, διατίθεται στην αγορά σε ανανεωµένη συσκευασία και µασ συστήνεται αλλιώσ! Σε τέσσερα πλέον µεγέθη, η γκάµα του ΧΑΡΑΛΑΜΠΙ∆ΗΣ ΚΡΙΣΤΗΣ Στραγγάτο, έχει εµπλουτιστεί µε τη νέα συσκευασία των 450 γραµµαρίων, καλύπτοντασ έτσι ακÞµη περισσÞτερο τισ ανάγκεσ των καταναλωτών. Η ανανεωµένη γκάµα του ΧΑΡΑΛΑΜΠΙ∆ΗΣ ΚΡΙΣΤΗΣ Στραγγάτο διατίθενται στη συσκευασία του 1οσ κιλού (ΑυθεντικÞ και Light), των 300γρ (ΑυθεντικÞ, Light και Low Fat µε µÞνο 2% λιπαρά) το ανανεωµένο µέγεθοσ των 450γρ. (ΑυθεντικÞ και Light) και των 150γρ. (ΑυθεντικÞ και Light). Το γιαούρτι αποτελεί ένα σηµαντικÞ κοµµάτι τησ καθηµερινήσ µασ διατροφήσ, για µια µέρα γεµάτη ενέργεια, µιασ και εκτÞσ απÞ υγιεινÞ και θρεπτικÞ είναι κυρίωσ γευστικÞ και απολαυστικÞ. Επιπλέον, το ΧΑΡΑΛΑΜΠΙ∆ΗΣ ΚΡΙΣΤΗΣ Στραγγάτο µπορεί να αξιοποιηθεί και ωσ πρώτη ύλη για υπέροχεσ συνταγέσ για γλυκά ή αλµυρά σνακ, συνταγέσ για φαγητÞ, βάση για δροσερά παγωτά, για απολαυστικάdips και υπέροχεσ σάλτσεσ!

To Vigi Fall «·ÛÊ·Ï›˙ÂÈ» ÙÔ˘˜ ËÏÈÎȈ̤ÓÔ˘˜ Η κοινοπραξία FallWatch ενσωµατώνει την ευρωπαϊκή τεχνολογία και τεχνογνωσία σε ένα µικροσκοπικÞ, τριγωνικÞ επίθεµα µε την ονοµασία Vigi Fall που φοριέται απÞ τον χρήστη µε ένα µη παρεµβατικÞ, µÞνιµο τρÞπο. Η αλληλεπίδραση µεταξύ τησ συσκευήσ που φοριέται απÞ τον χρήστη, των υπέρυθρων αισθητήρων κίνησησ που είναι τοποθετηµένοι εντÞσ του σπιτιού και ενÞσ κεντρικού συστήµατοσ ελέγχου, διασφαλίζει τον ακριβή εντοπισµÞ µίασ σοβαρήσ πτώσησ και την έγκαιρη ιατρική παρέµβαση. Εκτιµάται Þτι περισσÞτερα απÞ 20 εκατοµµύρια άτοµα άνω των 65 υφίστανται πτώση κάθε χρÞνο στην Ευρώπη. Η πτώση αποτελεί τη βασική αιτία θανάτου που οφείλεται σε τραυµατισµÞ σε αυτή την ηλικιακή οµάδα. Η άµεση ιατρική παρέµβαση θεωρείται υψίστησ σηµασίασ. Η νέα αυτή συσκευή αναµένεται να αγκαλιαστεί απÞ την ιατρική κοινÞτητα και στην Κύπρο. Για να δείτε τη λύση Vigi’Fall σε δράση επισκεφτείτε το http://www.youtube.com/watch?v=6sFhILZ1jmA

¶ÚÒÙË Â›ÛËÌË ÙÔ˘ MSC LIRICA ÛÙË §ÂÌÂÛfi Την Κυριακή 9 Ιουνίου 2013 το MSC LIRCA έδεσε στην ΛεµεσÞ για πρώτη φορά και µετά δέχτηκε τουσ πρώτουσ Κύπριουσ επιβάτεσ για µια δωδεκαήµερη κρουαζιέρα σε Ελλάδα, Ιταλία, Ισραήλ και Τουρκία. Το MSC LIRICA είναι µÞλισ 10 χρονών, και µπορεί να µεταφέρει µέχρι 2,200 επιβάτεσ.∆ιαθέτει 4 εστιατÞρια, 9 µπαρ και καφετερίεσ, θέατρο 710 θέσεων, καζίνο, ντισκÞ, Internet καφέ, καταστήµατα και άλλα που θα δείτε σε λίγο στην ξενάγηση. Είναι πρώτη φορά που πλοίο τέτοιασ εµβέλειασ πραγµατοποιεί κρουαζιέρεσ απÞ Κύπρο κατά τουσ µήνεσ του καλοκαιριού, µέχρι και τισ 19 Σεπτεµβρίου 2013. Τα λιµάνια που επισκέπτεται είναι η Χάιφα ή Ζάκυνθοσ, ή Γένοβα ή Ρώµη ή Μεσσίνα και το Μαρµαρίσ. Ùλεσ οι κρουαζιέρεσ είναι διάρκειασ 12 ηµερών και οι τιµέσ κατ’ άτοµο ξεκινούν απÞ 879 ευρώ για τουσ ενήλικεσ και 160 ευρώ για παιδιά µέχρι 18 χρονών. Η MSC cruises αντιπροσωπεύετε στην Κύπρο και στην Ελλάδα απÞ την TOP KINISIS travel. ΠερισσÞτερεσ πληροφορίεσ στην ιστοσελίδα µασ taxidiamprosta.com και στο κέντρο εξυπηρέτησησ του γραφείου µασ 77787878.

°È· «Secret Bites» ÛÙÔ Pralina Η κουζίνα του Pralina µεταφέρεται στον εξωτερικÞ χώρο και ο κορυφαίοσ σεφ Χρίστοσ Χατζηλύρασ µαγειρεύει σε κοινή θέα. Ο σεφ βάζεισ τισ τελευταίεσ πινελιέσ τελειοποιώντασ τα πιάτα του, τα κρασιά βρίσκονται ήδη στην κάβα σε ιδανική θερµοκρασία, ο χώροσ ετοιµάζεται για να φιλοξενήσει τον κÞσµο του και πλέον οι νύκτεσ Λευκωσία στη παίρνουν χρώµα, αρώµατα και γεύση απÞ τισ θεµατικέσ βραδιέσ Secret Bites, που φέρνει στην πρωτεύουσα το καφεστιατÞριο Pralina. Ντεµπούτο σήµερα Τετάρτη, 19 Ιουνίου στισ 20:30 το βράδυ, στον εξωτερικÞ χώρο, για το µοναδικÞ concept που πραγµατοποιεί το Pralina σε συνεργασία µε την Haze Team. Η διαθεσιµÞτητα είναι περιορισµένη και οι ενδιαφερÞµενοι καλÞ θα ήταν να κρατήσουν έγκαιρα θέση για την πρεµιέρα του event, στο τηλέφωνο 22660491. Το άκρωσ καλοκαιρινÞ δείπνο περιλαµβάνει τρία πιάτα στα 15 ευρώ και για αρχή θα έχει βάση τη γαρίδα. Το Pralina υλοποιεί την ιδέα τησ Haze Team που υπαγορεύει τη µεταφορά τησ κουζίνασ σε εξωτερικÞ χώρο προκειµένου το κοινÞ να βιώσει Þλη την παρασκευαστική διαδικασία ενÞσ πιάτου.

H MTN ÙÒÚ· Î·È ÛÙoÓ ∞ËÏÈÒÙË Η ΜΤΝ επεκτείνει το δίκτυο των µεταπωλητών τησ προσθέτοντασ εννέα νέα σηµεία εξυπηρέτησησ µέσω του δικτύου καταστηµάτων Αηλιώτησ σε Þλη την Κύπρο. Έτσι οι καταναλωτέσ µπορούν να απολαµβάνουν τισ υπηρεσίεσ ΜΤΝ σε ακÞµα εννέα σηµεία µεταπώλησησ παγκυπρια. Στα καταστήµατα Aηλιώτησ ο επισκέπτησ µπορεί να εξυπηρετείται πλήρωσ και να ενηµερώνεται για Þλα τα πλάνα και τισ υπηρεσίεσ τησ ΜΤΝ. Συγκεκριµένα θα έχει τη δυνατÞτητα: Να συνδεθεί ή να ανανεώσει συµβÞλαια MTN PayMonthly, MTN Mobile Internet και MTN Mobile Broadband, Να συνδεθεί µε την καρτοκινητή MTN PayAsYouGo και να πιστώνει τον λογαριασµÞ του, Να εξαργυρώσει βαθµούσ MTN Rewards για να αποκτήσει συσκευή σε χαµηλÞτερη τιµή και Να επωφεληθεί απÞ τισ µεγάλεσ προσφορέσ και τα προνÞµια που απολαµβάνουν οι συνδροµητέσ και πελάτεσ τησ ΜΤΝ Τώρα και οι επισκέπτεσ του δικτύου καταστηµάτων Αηλιώτησ θα µπορούν να απολαµβάνουν το πιο τεχνολογικά προηγµένο δίκτυο τησ Κύπρου, την τεχνολογία ΜΤΝ 3G+ για απίστευτα υψηλέσ ταχύτητεσ δεδοµένων.

™ÙÚÔ‡ÌÊo - ¶·ÁˆÙ¿ ·fi ÙËÓ Regis Καλοκαίρι µε Les Schtroumpfs και Þλα...γίνονται! Με βανίλια και φράουλα, η REGIS φέρνει την Στρουµφοπαρέα στο ψυγείο µασ και το παιχνίδι γίνεται ατέλειωτο. Με δώρα έκπληξη σε κάθε συσκευασία, ταξιδεύουµε στον κÞσµο των Στρουµφ και η απÞλαυση δεν σταµατά ποτέ. Στρουµφογεύσεισ για παιδιά κάθε ηλικίασ, µε την εγγύση ποιÞτητασ τησ δικήσ µασ REGIS. Το νέο παγωτÞ τησ REGIS θα το βρείτε σε µίνι µάρκετσ και περίπτερα. ΚαλÞ καλοκαίρι!

19 ΙΟΥΝΙΟΥ, 2013

ΧΡΗΜΑ&ΑΓΟΡΑ

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™ËÌ·ÓÙÈÎÔ› ÁÈ· ÙËÓ ∂.∂ ÔÈ ÂÓÂÚÁÂÈ·ÎÔ› ۯ‰ȷÛÌÔ› Ù˘ ∫‡ÚÔ˘ Οι ενεργειακοί σχεδιασµοί τησ Κύπρου Þπωσ αποδείχθηκε και στο τελευταίο ΕυρωπαϊκÞ Συµβούλιο δεν αγνοούνται απÞ την Ευρώπη, «αφού οι πιθανÞν, πλέον, νέοι αγωγοί, δεν είναι παρά ο νÞτιοσ αγωγÞσ που ξεκινά απÞ το Λεβιάθαν, θα περνά απÞ την Κύπρο, την Ελλάδα και θα φτάνει στην Ευρώπη», δήλωσε ο ΠρÞεδροσ Αναστασιάδησ. Σε εκτÞσ κειµένου αναφορέσ στο χαιρετισµÞ του σε εκδήλωση για την απονοµή του βραβείου «Γιάννοσ Κρανιδιώτησ» στον τέωσ ΥφυπουργÞ Ευρωπαϊκών Υποθέσεων Ανδρέα Μαυρογιάννη, ο ΠρÞεδροσ αναφέρθηκε στη σηµασία των έργων που δροµολογούνται, Þπωσ είναι ο υποθαλάσσιοσ αγωγÞσ για τη µεταφορά του φυσικού αερίου στην Κύπρο αλλά και στην απÞφαση και τα χρονοδιαγράµµατα που έχουν τεθεί για τη δηµιουργία τερµατικού υγροποίησησ του φυσικού αερίου για εξαγωγή. Σε άλλο σηµείο ο ΠρÞεδροσ είπε Þτι τον βρίσκουν απÞλυτα σύµφωνο οι θέσεισ του Προέδρου τησ Γαλλίασ Φρανσουά

Ολάντ και συµβαδίζει πολύ περισσÞτερο µαζί τουσ παρά µε τισ θέσεισ κάποιων άλλων ηγετών, έστω και αν ανήκουν στη δική του πολιτική οικογένεια. «Η θέση πωσ η λιτÞτητα δεν απαντά στην κρίση, αλλά πωσ απαιτείται και µια σειρά µέτρων, έτσι ώστε να συµβαδίζει η ανάπτυξη µε την αντιµετώπιση τησ ανεργίασ, ιδιαίτερα των νέων, είναι κάτι που δηµιουργεί προϋποθέσεισ και προοπτικέσ ώστε να ξαναζωντανέψει εκείνο που παλαιÞτερα έγινε απÞπειρα να δηµιουργηθεί - Þχι κατά αντιπαράθεση των βορείων ή των κεντρώων Ευρωπαίων - προκειµένου να υπάρχει µεγαλύτεροσ συντονισµÞσ», σηµείωσε. Συνέχισε λέγοντασ Þτι «ήταν εισήγηση µασ Þτι είµαστε έτοιµοι να συµβάλουµε και µε πρωτοβουλία και πρωτοκαθεδρία τησ Ευρώπησ, για να συσταθεί ξανά το λεγÞµενο Olive Group, δηλαδή οι χώρεσ του νÞτου, έτσι ώστε να υπάρχει µεγαλύτεροσ συντονισµÞσ για να αντιµετωπίζουµε τισ δράσεισ, αλλά και τισ πολιτικέσ των βορείων και κεντρώων Ευρωπαίων».

«ŒÓˆÛË» ∂˘ÚÒ˘ Î·È ∞ÌÂÚÈ΋˜ ‚ϤÔ˘Ó ÔÈ °ÂˆÏfiÁÔÈ Αν ο ΧριστÞφοροσ ΚολÞµβοσ περίµενε µερικέσ εκατοντάδεσ εκατοµµύρια χρÞνια ενδεχοµένωσ να είχε πάει περπατώντασ στο Νέο ΚÞσµο, καθώσ οι γεωλογικέσ δυνάµεισ τραβούν την Αµερική προσ την Ευρώπη, µε εκτιµώµενο χρÞνο άφιξησ 220 εκατοµµύρια χρÞνια απÞ σήµερα. ΑυτÞ προκύπτει απÞ νέα έρευνα του πανεπιστηµίου Monash στη Μελβούρνη τησ Αυστραλίασ, η οποία δηµοσιεύθηκε στο επιστηµονικÞ περιοδικÞ «Γεωλογία» και υποστηρίζει Þτι βρέθηκαν τα πρώτα στοιχεία για τη σταδιακή συρρίκνωση του Ατλαντικού Ωκεανού σε µια «εµβρυϊκή ζώνη υποβύθισησ ανοιχτά των ακτών τησ Πορτογαλίασ». Οι ζώνεσ υποβύθισησ σχηµατίζονται Þταν µια τεκτονική πλάκα αρχίζει να διολισθαίνει κάτω απÞ µια άλλη. Οι Αυστραλοί γεωλÞγοι που χαρτογράφησαν τον βυθÞ του Ατλαντικού Ωκεανού εντÞπισαν µια ρωγµή και εκτιµούν Þτι αυτή η νέα ζώνη υποβύθισησ ενδεχοµένωσ να σηµατοδοτεί την αρχή µιασ νέασ φάσησ στον κύκλο του Ουίλσον, κατά τον οποίο περιοδικά, σε διαστήµατα εκατοµµυρίων ετών, οι ωκεανοί ανοίγουν και κλείνουν. Μέχρι σήµερα οι ήπειροι του πλανήτη έχουν διαλυθεί και

ανασχηµατιστεί τουλάχιστον τρείσ φορέσ. «ΑυτÞ που ανιχνεύσαµε είναι η αρχή ενÞσ ενεργού ρήγµατοσ, µια εµβρυϊκή ζώνη υποβύθισησ», δήλωσε ο Joao Duarte, επικεφαλήσ τησ µελέτησ. Η σύγκρουση των δυο τεκτονικών πλακών τησ ζώνησ υποβύθισησ, οι οποίεσ θεωρούνται νέεσ µÞνο µε γεωλογικούσ Þρουσ, ενδέχεται να προκάλεσε τον µεγάλο σεισµÞ τησ ΛισαβÞνασ το 1755, που σκÞτωσε 60.000 ανθρώπουσ, γέµισε την Πορτογαλία µε συντρίµµια και γέννησε τη σύγχρονη επιστήµη τησ σεισµολογίασ. «Η σηµαντική σεισµική δραστηριÞτητα, συµπεριλαµβανοµένου του σεισµού του 1755, καταδεικνύει Þτι ενδεχοµένωσ υπάρχει συγκλίνουσα τεκτονική µετακίνηση στην περιοχή», δήλωσε ο ∆ρ. Duarte. Η παρατήρηση του σχηµατισµού τησ νέασ ζώνησ υποβύθισησ, που θα ενεργοποιηθεί πλήρωσ σε 20 εκατοµµύρια χρÞνια, εκτιµάται Þτι θα δώσει νέα στοιχεία για τη δηµιουργία των ηπείρων. Η προσέγγιση πάντωσ τησ Bορείου Αµερικήσ προσ την Ιβηρική ΧερσÞνησο δεν αναµένεται νωρίτερα απÞ 220 εκατοµµύρια χρÞνια.

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Η ρύπανση του αέρα απÞ τισ 300 µεγαλύτερεσ µονάδεσ ηλεκτροπαραγωγήσ µε άνθρακα στην Ευρώπη προκαλεί 22.300 θανάτουσ ετησίωσ και κοστίζει σε εταιρείεσ και κυβερνήσεισ δισεκατοµµύρια ευρώ για αναρρωτικέσ άδειεσ και θεραπείεσ. ΑυτÞ προκύπτει απÞ µεγάλη έρευνα για τισ επιπτώσεισ τησ καύσησ άνθρακα για ηλεκτροπαραγωγή, που διεξήγαγε το πανεπιστήµιο τησ Στουτγκάρδησ για λογαριασµÞ τησ Greenpeace. Στην έρευνα επισηµαίνεται Þτι άλλοι 2.700 άνθρωποι ετησίωσ ενδέχεται να πεθάνουν πρÞωρα ετησίωσ αν κατασκευαστούν τα 50 εργοστάσια ηλεκτροπαραγωγήσ µε άνθρακα στην Ευρώπη, που ακÞµα βρίσκονται σε φάση σχεδιασµού. ΑπÞ την ανάλυση των εκποµπών προκύπτει Þτι η ρύπανση του αέρα απÞ τισ µονάδεσ ηλεκτροπαραγωγήσ που καίνε άνθρακα ενοχοποιείται για περισσÞτερουσ θανάτουσ στην Πολωνία, τη Ρουµανία, τη Βουλγαρία και την Τσεχία, συγκριτικά µε τα τροχαία ατυχήµατα. Στη Γερµανία και το Ηνωµένο Βασίλειο το ποσοστÞ θανάτων απÞ τροχαία ατυχήµατα και ρυπογÞνεσ µονάδεσ ηλεκτροπαραγωγήσ είναι το ίδιο. Σύµφωνα µε την έρευνα, οι µονάδεσ ηλεκτροπαραγωγήσ τησ Πολωνίασ έχουν τισ χειρÞτερεσ επιπτώσεισ στην ανθρώπινη υγεία στην Ευρωπαϊκή Ένωση, ενώ στα κράτη µε τισ χειρÞτερεσ επιδÞσεισ συγκαταλέγεται και η Ελλάδα. Οι εκποµπέσ αιθάλησ και σκÞνησ απÞ τισ µονάδεσ ηλεκτροπαραγωγήσ µε άνθρακα είναι, σε συνδυασµÞ µε τα καυσαέρια, οι κυριÞτεροι παράγοντεσ σωµατιδιακήσ ρύπανσησ, κατά την οποία µικροσκοπικά σωµατίδια διεισδύουν στα πνευµÞνια και το αίµα. Η ρύπανση του αέρα προκαλεί εµφράγµατα, καρκίνο των πνευµÞνων, άσθµα και άλλα αναπνευστικά προβλήµατα. Οι 300 µεγαλύτερεσ µονάδεσ ηλεκτροπαραγωγήσ στην Ευρώπη παράγουν περίπου το 1/4 τησ συνολικήσ ενέργειασ που παράγεται στην ΕΕ, ωστÞσο ευθύνονται για το 70% των εκποµπών διοξειδίου του θείου και το 40% των εκποµπών οξειδίων του αζώτου στον τοµέα τησ ηλεκτροπαραγωγήσ.

Η Ευρωπαϊκή Επιτροπή προέβη σε πρÞσκληση υποβολήσ προτάσεων χρηµατοδÞτησησ ύψουσ 31,5 εκ. για τα καλύτερα 45 έργα στον τοµέα τησ οικολογικήσ καινοτοµίασ. Επιχειρήσεισ ανά την Ευρώπη έχουν προθεσµία έωσ τισ 5 Σεπτεµβρίου του 2013 για να υποβάλουν τισ προτάσεισ τουσ για την εισαγωγή νέων περιβαλλοντικών λύσεων στην αγορά στουσ εξήσ 5 τοµείσ: ανακύκλωση υλικών, ύδατα, βιώσιµα οικοδοµικά προϊÞντα, πράσινεσ επιχειρήσεισ, τοµέασ τροφίµων και ποτών. Η πρÞσκληση απευθύνεται κυρίωσ σε ιδιωτικέσ επιχειρήσεισ, κυρίωσ ΜΜΕ που έχουν αναπτύξει ένα καινοτÞµο πράσινο προϊÞν, διαδικασία ή υπηρεσία, αλλά αντιµετωπίζουν δυσκολίεσ για τη διείσδυσή του/τησ στην αγορά. Η πρÞσκληση προσφέρει συγχρηµατοδÞτηση έωσ και 50% του κÞστουσ του έργου και αναµένεται να υποστηρίξει περίπου 45 νέα έργα κατά το τρέχον έτοσ. ΣχεδÞν 50 έργα δροµολογήθηκαν απÞ την περυσινή πρÞσκληση και πάνω απÞ 185 έργα βρίσκονται ήδη σε εξέλιξη. Μεταξύ των παραδειγµάτων σηµερινών συστηµάτων συγκαταλέ-

γονται: η βελτιστοποίηση τησ τεχνολογίασ για την επαναχρησιµοποίηση παλιών τούβλων στον κατασκευαστικÞ κλάδο, παραγωγή δερµάτινων υποδηµάτων απαλλαγµένων απÞ επιβλαβείσ χηµικέσ ουσίεσ, χρησιµοποίηση CO2 προκειµένου να αξιοποιηθεί µια φυσική πηγή Ω-3, και µια νέα τεχνική για την κατασκευή χαλιών. Η οικο-καινοτοµία χρηµατοδοτείται µέσω του Προγράµµατοσ ΑνταγωνιστικÞτητασ και Καινοτοµίασ (CIP) και έχει προϋπολογισµÞ περίπου 220 εκ. ευρώ για την περίοδο 20082013. Υποστηρίζει τεχνολογικώσ δοκιµασµένα προϊÞντα που βοηθούν την καλύτερη χρήση των φυσικών πÞρων τησ Ευρώπησ. Η οικο-καινοτοµία είναι ένα πράσινο σκέλοσ του προγράµµατοσ πλαίσιο ανταγωνιστικÞτητασ και καινοτοµίασ-ΠΑΚ και συµβάλλει στο σχέδιο δράσησ για την οικολογική καινοτοµία (EcoAP). Η διαχείριση του προγράµµατοσ πραγµατοποιείται απÞ τον ΕκτελεστικÞ ΟργανισµÞ για την ΑνταγωνιστικÞτητα και την Καινοτοµία (EACI). Η πρÞσκληση υποβολήσ προτάσεων 2013 είναι ανοικτή µέχρι τισ 5 Σεπτεµβρίου.

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

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June 19 - 25, 2013

20 | WORLD MARKETS | financialmirror.com

Ageing economy and its impact on pension plans

By Oren Laurent President, Banc De Binary

In the past decade across the developed world, demographics and economies have been unpredictable at best, and falling at worst. The impact on pension plans for the current adult population has been significant. Gone are the days when individuals can rely on the Government and the next tax-paying generation to support them in later life. Instead, family-raising, mortgage-paying adults now also have to think ahead and save up to ensure their financial stability when they retire.

And the younger you start saving, the better.

Pension schemes have been hot news recently in the UK. Celebrity business icons, Karen Brady and Theo Paphitis are the trusted faces of an advertising campaign aimed at drawing 11 million workers into a saving plan which will see both employees and companies invest a percentage of the employee’s pay slip in an account for retirement.

As a result of the auto-enrolment and opt-out nature of the scheme, the powers-that-be hope that far more people will be

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included by default than if it were run on an opt-in basis. The Government will initially require a minimum contribution of 1% from the employee, to be matched by their employer, on earnings between £5,668 and £41,450. This will rise to 5% and 3% respectively by 2018.

As public awareness grows about the importance of a good pension plan, many generous employers have already been offering higher paying schemes. When it comes to salary negotiations, clued-up workers should jump at this type of perk. Think ahead: in the long run, a higher pension is probably more valuable and advantageous than free gym membership or extra holiday leave in the present.

In Germany too, individuals were accustomed to rely on the statutory pension insurance. Yet, faced with the same demographic challenges of a declining birth-rate and aging population, the old patterns began to change. As will become the norm in the UK, contributions are typically shared between employer and employee.

Chile requires workers to contribute an impressive 10% of each payslip, and Australia operates a mandatory private saving scheme to which employers must contribute 9% of a worker’s salary. The state also offers a means-tested pension to ensure that those who don’t work or have a low income are still supported.

The capitalist thinking in US politics has caused the country to be ranked lower in quality of pension provisions than other developed countries. Amid concerns about placing a burden on the individuals and businesses, there is no mandatory pension scheme. Currently 58% of American workers are not signed up to any pension plan and the country cannot afford to keep this up. The matter has already come to Congress, which will likely soon take tips from Europe or Australia.

For employers and businesses, I urge you to proudly take responsibility and lead in efforts to save. For individuals reading this, I cannot advise strongly enough the importance of investing in your future self. Who knows what the state of the global economy will be in another 20 or 30 years’ time? And who can predict what Governmental thinking towards golden oldies will be when it’s our generation’s turn to retire?

Dollar awaits Fed decision; Aussie down on RBA The U.S. dollar was steady awaiting the outcome of a U.S. Federal Reserve decision on whether the Fed would hint at withdrawing stimulus and unsettle financial markets.

The Australian dollar slipped after the minutes of the Reserve Bank of Australia showed the bank thinks the currency remains high despite its recent steep decline and sees scope for further depreciation.

Speculation that Fed chief Ben Bernanke may indicate he could start winding down its stimulus program has led to a sell-off in global equities in recent weeks. Bernanke will hold a news conference on Wednesday after the Fed’s two-day policy-setting meeting starting later in the day.

On Monday, the U.S. currency eked out

slim gains after data showed growth in New York state’s manufacturing sector picked up in June, while sentiment among U.S. homebuilders surged to the highest in seven years.

halfway from that. I expect continued weakness in the dollar,” said Daisuke Uno, chief strategist at Sumitomo Mitsui Bank, noting that there are still big yen-selling positions.

FOREX COMMENTARY & TECHNICAL ANALYSIS “A softer reading could fan expectations that the Fed will strike a dovish tone, likely bringing down U.S. bond yields and boosting stocks,” Junya Tanase, chief FX strategist at JPMorgan Chase told Reuters.

Still, some analysts do not rule out the risk of a further fall in the dollar/yen.

“The dollar had risen 24 yen since late last year and hasn’t come down even

The Australian dollar faced renewed selling pressure after dovish minutes of the Australian central bank’s last policy meeting.

The Aussie slipped 0.4% to $0.9519, edging closer to a 33-month trough of $0.9325 set a week ago on worries about a

slowdown in China.

The euro stood little changed at $1.3355, still within sight of a four-month peak of $1.3390 hit on June 13, though it was capped by hedge selling related to an option trigger at $1.34.

The common currency was underpinned partly because the European Central Bank’s policy is seen as less accommodative than the Fed and the BOJ, both of which are actively expanding their balance sheets at this point.

Although a prolonged economic contraction in the euro zone dampens investment flows into the euro zone, the currency has underlying support from the region’s solid balance of payments, with its account surplus hitting a record high in March.

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 19 - 25, 2013

financialmirror.com | MARKETS | 21

Not all emerging markets are equal Marcuard’s Market update

by GaveKal Research Emerging markets suddenly face a perfect storm of fleeing capital and shrinking demand for their wares. The proximate cause is the global bond market sell-off, which has sucked hot money back home. And the hardest hit markets are those commodity-heavy exporters which hitherto benefitted from rapidly expanding Chinese demand. But while it may seem like a time to circle the wagons, this sell-off is most likely a healthy realignment of winners and losers within the emerging market universe.

Above all, we have entered a bear market for the big index components of emerging market benchmarks—the long commodities boom means these are disproportionately material producers. While investors’ in broad emerging market indices may have thought they were getting a play on virtuous middle class consumption, what they actually signed up for was a concentrated bet on an over-supplied commodities complex. The market seems to have belatedly woken up to this uncomfortable reality—for example, more money has exited iShares main emerging market fund (EEM) this year than has flowed into its flagship Japan product (EWJ).

This tendency to be overly invested in the winners of the past cycle is the fatal flaw that always catches index-based

investors and the “me too” followers. What worked well during the gentle ascent of a growth phase turns into a high-beta descent on the downside. Currently, we are seeing commodity-dominated emerging markets re-priced according to their less favorable terms of trade, which magnifies the downturn for index-based investors. While the last month has seen a fairly indiscriminate emerging market sell-off, the likes of South Africa, Brazil and Russia have fared worse, and in our view will probably continue to do so.

From our perch in Hong Kong, we note that the more consumer-orientated markets such as the Philippines and Thailand have, on a relative basis, performed better and continue to display decent fundamentals. While a number of Southeast Asian markets appear to be reaching a more mature point in their credit cycle, none display severe fiscal or balanceof-payment payment imbalances. Moreover, we tend to see the Southeast Asian markets as beneficiaries of any sustained pickup in Japan. Rather than losing out to a more competitive Japan, Southeast Asia should benefit from its northern neighbor boosting exports, via supply chain linkages, and catering to increased domestic demand.

As such competitive dynamics play out we would expect stock picking to matter far more in the next phase of emerging market development. This contrasts to the somewhat indiscriminate coat-tailing of Chinese-driven commodity demand that was possible during the last cycle. In a similar vein Francois argued in our last Five Corners that Eastern

Europe is well place on competitiveness grounds to benefit from a process of normalization within the battered eurozone.

Lastly, for Asia at least, we suspect that the potential strengthening of the US dollar is unlikely to create the dislocation that has blighted past cycles. The internationalization of the renminbi, initially as a tool of trade finance, is already lowering the region’s dollar dependence. And as that reliance diminishes further we would expect the volatility of the economic cycle to lessen. In this vein, it is notable that the Dim Sum bond market has been an oasis of calm amidst the recent volatility. Another reason to discriminate when making emerging market asset allocations.

WORLD CURRENCIES PER US DOLLAR

The feedback loop risk A crucial question is whether we are in a bond bear market as investors absorb the bleak reality that central banks cannot save the day; or whether yields are rising because an economic recovery is in fact on the way.

Those in the growth pick-up camp can point to some decent economic trends. The proportion of positive surprises in economic data, as measured by the Citi economic surprise index, has started to rise.

And interestingly a lot of these surprises are coming from Europe, the Achilles heel of the OECD. For example, both German and French industrial production has shown signs of recovery and beaten expectations. Positive surprises are even more pronounced in Japan which is experiencing a substantial cyclical recovery. Earlier last week Japanese authorities revised up 1Q13 GDP by 60bps to 4.1% QoQ annualized — the fact that the revision was driven by capital spending is an encouraging sign for Japan’s reflation story Even those in the optimistic camp, however, face the question of whether the markets can survive any more good news! Volatility is spiking as money managers “reset” their allocations to expectations of higher interest rates and a stronger dollar. What started brewing in global bond markets quickly moved into commodity markets, then to equities and broader credit products. The risk is that we get a feedback loop where the volatility—even if initially caused by a growth pick-up—ends up harming the real economy. Consider that: * Since the Lehman crisis, Japanese banks have been among the largest marginal cross-border liquidity providers (with Asia on the receiving end of much of this liquidity). As we have argued, gyrations in Japanese government bonds may cause capital losses at Japanese banks, in turn undermining their very ability to transmit the Bank of

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Forecast 0-0-9 0.50% <0.25%

Previous 0-0-9 2.2 1.4/1.6 0.30%

1.50% 49.2 1.73B <0.25% 49.4 48.3 47.2 -1.30% 4.52/2.5

345k 52.5 -22 5.01M -0.40% 0.20% 15.1B 13.5B

334k 52.3 -22 4.97M -5.20% 0.60% 25.9B 8.0B

0.00% -0.20% 0.30% 0.10% Source: Eurivex

RATE

EUROPEAN

Japan expansive monetary objectives. This would not only constrain domestic liquidity, but the ability of Japanese banks to buoy regional financial markets. * Leverage is quite high in some equity markets. In the US, various margin debt levels for stock investing are approaching historical peaks. So far, the US equity market has outperformed other falling markets: with the S&P down –3.5% from its May 22 peak, compared to a –6% fall in Europe, while the Nikkei and a number of emerging markets have declined into bear territory. But with correlations as tight as they are—basically most asset classes are falling! — the risk is that the sell-off can become self-fulfilling, as margin calls and redemptions lead to a vicious selling cycle. Large capital losses for investors means a shrinking wealth effect and declining consumer and business sentiment. * Countries that depend on capital inflows to finance large current account deficits are becoming increasingly vulnerable. We are already seeing financial conditions harden in countries like Brazil, Indonesia and India. Not only will this either end easing cycles or force higher interest rates, it will also add to higher imported inflation as currencies weaken. Even Greece is back in play, with the spread in the 10-year sovereign with Germany rising by 170 basis points in the past three weeks and the equity market tanking.

This threat—that volatility nips a burgeoning recovery in the bud—makes it hard to determine whether to treat the current sell-off as buying opportunity. And if so—what’s best to buy? We will be addressing such questions in our upcoming Quarterly. In the meantime, we continue to recommend going long volatility or very longduration bonds as hedges.

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

8700 1.5694 1.4644 19.164 5.5855 11.7145 1.3353 1.64 218.31 0.525 2.5856 0.3215 12.31 5.7357 3.1685 3.3317 31.79 6.4743 0.9233 8.153

AUD CAD HKD INR JPY KRW NZD SGD

0.9515 1.0181 7.7586 58.335 94.83 1130.85 1.2509 1.2593

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

0.3770 6.9945 12069.90 3.5901 0.7059 0.2831 1510.00 0.3850 3.6412 3.7503 9.9602 3.6728

AZN KZT TRY

0.7835 151.3 1.8703

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

<0.25%

0.60% 49.4 2.45B <0.25% 49.9 48.6 47.7 0.80%

CODE

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

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 19 GBP MPC Meeting Minutes due 11.30am JUN 19 CHF Swiss ZEW Economic Expectations due 12.00noon JUN 19 EUR German 10-year Bond Auction JUN 19 CAD Wholesale Sales M/M due 3.30pm JUN 19 US FOMC Economic Projections due 9.00pm JUN 19 US Federal Funds Rate due 9.00pm JUN 19 US FOMC Press Conference due 9.30pm JUN 20 NZD GDP growth rate Q/Q due 1.45am JUN 20 CNY HSBC Flash Manufacturing PMI due 4.45am JUN 20 CHF Swiss Trade Balance due 9.00am in Swiss francs JUN 20 CHF SNB Press Conference and LIBOR Rate due 10.30am JUN 20 EUR German Flash Manufacturing PMI due 10.30am JUN 20 EUR Flash Manufacturing PMI due 11.00am JUN 20 EUR Flash Services PMI due 11.00am JUN 20 GBP Retail Sales M/M due 11.30am JUN 20 EUR Spanish 10-year Bond auction JUN 20 EUR Eurogroup Meetings - ALL DAY JUN 20 US Weekly Unemployment Claims due 3.30pm JUN 20 US Flash Manufacturing PMI due 4.00pm JUN 20 EUR Consumer Confidence due 5.00pm JUN 20 US Existing Home Sales due 5.00pm JUN 20 US Philly Fed Manufacturing Index due 5.00pm JUN 20 US CB Leading Index M/M due 5.00pm JUN 21 EUR Current Account due 11.00am JUN 21 GBP Public Sector Net Borrowing in sterling JUN 21 EUR ECOFIN Meetings - ALL DAY JUN 21 CAD Core Retail Sales M/M due 3.30pm JUN 21 CAD Core CPI M/M due 3.30pm Indicated times are Cyprus time

CURRENCY

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 0.07 0.12 0.00

0.23 0.50 0.10 0.14 0.01

0.27 0.51 0.13 0.15 0.02

0.41 0.59 0.23 0.23 0.08

0.67 0.89 0.43 0.42 0.24

USD GBP EUR JPY CHF

0.43 0.72 0.50 0.25 0.15

0.65 0.92 0.65 0.29 0.28

0.94 1.11 0.83 0.38 0.43

1.24 1.30 1.03 0.47 0.59

1.78 1.72 1.37 0.67 0.91

2.35 2.23 1.77 0.96 1.29

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

Opening Rates

100 1 USD 1 EUR 1 GBP 1 CHF JPY 1.3353 0.7489

1.5694

1.0831

1.0545

1.1753

0.8111

0.7897

0.6901

0.6719

0.6372

0.8508

0.9233

1.2329

1.4490

94.83

126.63

148.83

0.9736 102.71

Weekly movement of USD

CCY\Date

21.05

28.05

04.06

11.06

18.06

CCY

Today

USD GBP JPY CHF

1.2835

1.2869

1.3012

1.3220

1.3297

0.8418

0.8520

0.8491

0.8483

0.8469

131.28

130.94

129.50

129.48

125.85

1.2404

1.2414

1.2316

1.2297

1.2251

GBP EUR JPY CHF

1.5694 1.3353 94.83 0.9233

Last Week %Change 1.5582 1.3273 98.31 0.9326

-0.72 -0.60 -3.54 -1.00

June 19 - 25, 2013

22 | WORLD MARKETS | financialmirror.com

European shares gain on M&A speculation l Telecoms

top gainers; Indexes find support after sell-off

European equities rose for a second straight session on Monday, led by telecom shares after the sector was buoyed by merger and acquisition talk, and as stock indexes found strong support after recent falls.

The European telecoms index, up 2.2%, topped the gainers’ list, helped by a 2.9% rise in Telefonica after a newspaper report that the Spanish government had blocked a 70 bln euro tender offer from U.S. company AT&T. Telefonica denied it had received any approach from its rival, but investors remained positive on the sector, which has seen a pick up in merger talks.

Vodafone, which has shown interest in cable operator Kabel Deutschland and witnessed speculation U.S. peer Verizon may look to buy full control of the Verizon Wireless venture, rose 2.7%.

“Momentum is building in the sector,” said Daniel McCormack, strategist at Macquarie, referring to more merger and acquisition talks in the industry. He added that the market’s focus would be on a policy meeting of the U.S. Federal Reserve on June 18-19.

The FTSEurofirst 300 index of top European shares fell 8% in three weeks from a 5-1/2-year high late last month following comments from Fed Chairman Ben Bernanke that

it could begin trimming its stimulus in the next few meetings if the economy improves.

But mixed U.S. economic numbers have prompted some analysts to say the Fed might not trim its bond-buying operations anytime soon.

“Expectations had swung aggressively in a hawkish direction over the last couple of weeks. But there is definitely a bit of a shift going on in the market as people are anticipating somewhat dovish rhetoric from Bernanke,” McCormack said.

The FTSEurofirst 300 was up 1.1% at

1,188.74 points, while the euro zone’s blue chip Euro STOXX 50 index was up 1.6% at 2,709.11 points.

Charts showed the Euro STOXX 50 found support after recent falls. It bounced after touching its 12-month uptrend line and a 200-day moving average, but is likely to face resistance at its 38.2% retracement from a rise from mid-April to late May. “(These) support areas are holding, suggesting that the bull case for this index remains just about intact, and a push back above 2,700 would look promising on a

short-term view,” Bill McNamara, technical analyst at Charles Stanley, said.

Analysts were positive on the medium term outlook.

S&P Capital IQ Equity Research said in a note the current levels pointed to an attractive entry point for investors ahead of a predicted economic recovery in the second half of 2013.

It upgraded the autos and media sectors to “marketweight” from “underweight”, and banks and industrial goods and services to “overweight” from “marketweight”.

Private equity exits hit by economic uncertainty The rate at which private equity firms exited their European investments slowed last year, a study showed on Monday, as economic uncertainty hit both new stock market listings and merger activity. Ernst & Young (E&Y) found in 2012 there were just 61 exits from Europe-based businesses which had an enterprise value of more than 150 mln euros ($200.1 mln) at the time private equity made its investment, down from 85 exits in 2011.

As a result, the average period for which private equity holds a European investment is now 4.7 years, Ernst & Young said, the longest in the study’s eight-year history.

Private equity firms buy up companies with the aim of selling

them later at a profit. A sale - known as an “exit” - can be either a straight sale to another private equity firm or a company or a stock market listing.

E&Y estimated at last year’s rate, it will take 13 years for private equity firms to exit their current portfolio of European businesses, taking the average ownership period to 11 years. “Private equity will need to increase its focus on realising the backlog of companies to be exited to return capital to investors,” said Harry Nicholson, Ernst & Young’s private equity partner. “Exit rates need to increase two to four fold over the coming few years if this overhang is to be is managed successfully.”

Spendthrift elite signals equity slide l

Behavioural experts predict market crash; Social mood reflected in art, leisure peaks

Record prices at art auctions in recent weeks and oversubscribed holidays by private jet are among signals that a stock market slump is approaching, if followers of behavioural finance are to be believed.

They insist social mood governs human action, including investment on stock markets, and their theories are gaining ground as tools for financial analysis.

To gauge the mood and the likely impact on markets, behavioural analysts look at traditional measures such as investment polls and options but also at social media, including Twitter and Facebook, and even at developments in art and sport.

The theory goes that people make bad decisions at moments of extreme fear or optimism and that studying their behaviour could provide clues to where equities are headed.

Now may be just such a moment.

“Markets either have topped or will soon top, based on the behaviours I see outside of the markets, especially in art, automobiles and residential real estate,” Peter Atwater, president and chief executive of Financial Insyghts, a firm based in Mendenhall, Pennsylvania, that advises on how social mood affects decision making, said.

Atwater cited an Aston Martin car fetching a record $4.85 mln at auction in May, a New York sale of Christie’s Post-War and Contemporary Art setting 37 records last month, and holiday firm Abercrombie & Kent adding a second departure to its 19-day tour of Africa by private jet after the first sold out.

Behavioural analysts term the 140% rise in major indexes since 2009 the “rich man’s rally”, and say the behaviour of the uber-rich reflects peak-of-the-market sentiment.

Their views are in sharp contrast with many traditional analysts, who bet an improving global economic outlook, along with better company fundamentals, will take indexes to new highs in coming months despite recent “healthy” corrections.

One non-traditional expert who accurately predicted 2007’s stocks bust and the recovery in 2009 is Robert Prechter, whose Socionomic Theory of Finance suggests social mood causes

economic and political events instead of the other way round.

“Two dozen stock market sentiment indicators show record or near-record optimism, suggesting the stock market is a lot closer to a top than a bottom,” said Prechter, founder of the U.S.-based Socionomics Institute.

To measure mood, Prechter looks at investor polls, buying in stock option contracts and polls of feelings of well-being.

“In the past century at least, optimism this extreme has occurred only twice before, in 2000 and 2007,” said Prechter, whose theories have influenced many others.

The S&P 500 index slid 50% in two years from August 2000 after the dot-com bubble burst and sank 55% in 17 months from late 2007 as the financial crisis took hold. It surged 33% in a year to hit a record high last month.

CLOSE TO A TURN

Terry Burnham, author of “Mean Markets and Lizard Brains” and associate professor of finance at Chapman University in Orange, California, is a recent convert. He initially held the traditional notion that economic fundamentals led market moves.

“Twenty five years later, I have come to the opposite view.

Prices move first and fundamentals adjust later. My sense is that we are pretty close to a turn in equity markets and people will be

given no gentle opportunity to sell stocks,” he said.

Experts like Burnham, HSBC’s head of technical analysis Murray Gunn and others have been influenced by socionomics, which has gained ground since the 2000 dot-com bust, though some seeing it another tool rather than the only one.

“Prechter’s theory is complementary to technical analysis. We incorporate it into our analysis by identifying mood trends,” Gunn said.

Others base their strategies on these ideas. Richard Peterson, managing partner of behavioural economics consultancy MarketPsych, said he ran his fund on his model for two years during the financial crisis and beat the S&P 500 by 24%.

A fund at Derwent Capital, launched by Paul Hawtin in 2011, used only Twitter to take investment decisions and returned 1.9% in its first month as global equity markets sank, but was then forced to close having failed to raise enough capital.

Hawtin, who now uses Twitter analysis as his principal investment strategy to manage private accounts at his new company Cayman Atlantic, said his systems were flagging up an increasing chance of a bubble in the market.

Several top global banks have been less keen to take up the trend, saying it was hard to lay down strict rules on behavioural finance and results were subject to wide interpretations.

Some quantitative analysts reject the idea markets are either driven purely by mood or purely by traditional factors, seeing the two in a symbiotic relationship.

“I find the term ‘socionomics’ a bit pompous. However, I subscribe to the idea that social moods may govern events,” said Julien Turc, Societe Generale’s head of cross-asset quantitative strategy. “I believe both things are the product of each other.”

Behavioural finance analysts said although socionomics will continue to gain in popularity, its counter-intuitive nature challenges the way most investors think.

“While I expect that it will be a while before investors intuitively think “socionomically”, those who do will be at a strong advantage to those who just follow the herd,” Atwater said.

June 19 - 25, 2013

financialmirror.com | WORLD MARKETS | 23

Stephen Hester... Have I got a job for you When one door closes, another one opens. Last week, UK Chancellor George Osborne had RBS chief executive Stephen Hester fired; a day later an ad appeared in the Financial Times job section that has Hester’s name all over it. Maybe there is justice in the world after all.

So what will he have to exhibit to land this plum job? Well, “exceptional financial acumen and strategic vision, and extensive financial services experience. A proven change manager, with a high level of intellect”.

Big ticks all along there, I’d say.

COMMENT

By IFR Editor-at-large

Keith Mullin “Personal credibility, gravitas and authority to negotiate on highly complex and contentious issues with chairmen/CEOs of investee banks, the investor community, and Cabinet-level ministers and senior civil servants.”

Yep. All good there.

“Politically astute. A confident, articulate and measured leader, with first-rate interpersonal skills together with a diplomatic, collegiate and persuasive style.”

Got that covered, too. Next?

“Able to demonstrate strong influencing, negotiating and interpersonal skills, and provide strong leadership and management. A commitment to valuing equality and diversity in the workplace.”

Tick. Tick. Tick.

“Substantial experience of operating in or with Whitehall, and with Ministers, would be a significant advantage.”

Got that in spades.

GOOD ENOUGH FOR GOVERNMENT WORK

So what is this fabulous job? Well, it’s none other than the ad for the vacant chief executive slot at… wait for it… UK Financial Investments Ltd, the agency tasked with looking after the government’s shareholdings in RBS and Lloyds. Think about it: Hester would be perfect.

He knows RBS inside-out for a start; and over the past five years he has come to know the government and civil service back channels like the proverbial back of his hand. I can’t think of anyone better qualified. I say: go for it, Stephen, Who knows, maybe you’ll relish the poacher-turned-gamekeeper career

shift. And once the bank is privatised, you can take the credit you deserve.

As for his unceremonious removal from office, it was hardly a secret that the board had begun to look for the next CEO, but the sloppy and amateurish manner in which Hester’s departure was handled cost UK taxpayers dear as the shares tumbled at the market open on Thursday, down almost 8.5% at one point as investors made their feelings clear at the bizarre turn of events. RBS bonds and CDS spreads also got whacked.

Hester was unable to hide his dismay at the way he was turfed out before he was ready to go. But in dispensing with his services prematurely without naming the person who is going to see the bank to privatisation and beyond has just created an overhang of uncertainty.

It’s a dreadful botch. RBS chairman and chief government stooge Philip Hampton, and George Osborne both acknowledged Hester’s contribution; a blasé Hampton telling us Hester’s was one of the most demanding business jobs in the world.

But none of their emotionless, tick-box acknowledgements changed the reality, which was that Hester wanted to stay and complete the task he started in 2008 to get the bank on the road to privatisation. If Hester’s was among the most demanding business jobs in the world, depriving him of the chance to stick around until re-privatisation in 2014 just seems, well, almost mean-spirited.

The man spent five years attempting what many considered an impossible task, has worked tirelessly to fix a broken bank amid small-minded and relentless digs from smart-ass politicians and an unacceptable level of baiting around his comp, to the extent that he had no option but to forgo bonuses that were due to him.

But despite all the flak and unpleasantness, Hester achieved a considerable amount: cutting close to a trillion pounds off the bloated balance sheet, reducing the loan-to-deposit ratio from 154% to 99% by the first quarter of 2013, dramatically reducing reliance on short-term wholesale funding from £297 bln to just £43 bln (equivalent to 5% of the funded balance sheet now ver-

sus 24% at the worst point) and halving leverage to 15 times.

That’s some feat.

WHO NEXT AT RBS?

Nathan Bostock, RBS’s finance director, is the front-runner to replace Hester. Bruce Van Saun, who held that position until he moved a few weeks ago to head Citizens Financial to prepare the group’s US unit for a partial IPO in 2015, is also mentioned in dispatches.

The list of credible external alternatives includes Richard Meddings, finance director of Standard Chartered; David Roberts, deputy chairman of Lloyds; Barclays vice-chairman Naguib Kheraj; National Australia Bank CEO Cameron Clyne; Gary Hoffman former CEO of Northern Rock and now with NBNK Investments; oh and Bill Winters of course (although Bill must be getting mightily tired of being tipped to have his hat in the ring for pretty much every senior banking job that comes up).

Even amid the furore created by the news of Hester’s departure, the pruning continues. The bank is losing another 2,000 jobs in the markets division, exiting equity derivatives and retail structured products, and running down peripheral eurozone government bond market-making. The division now has a pretty tight orientation around FX and rates, DCM, credit and ABS, with corporate clients at the centre of the proposition.

I do wonder about the future of the division, though.

Through the restructuring, the proportion of group assets accounted for by markets has been slashed from 56% to 22% as the group exited products and sold businesses, Assets have been cut by 67% to £288 bln, not far off the £250 bln target.

There’s been a similar reduction in RWAs to £89 bln, close to the £80 bln target. Divisional costs have been halved. Retail and commercial banking assets, by contrast, had risen to 65% of the group total at the end of last year from 44% in 2008. That’s a bit of a clue.

Has the markets division been prepped for sale? People discount a break-up of the group but I’m not so sure. But that’s something for the new CEO to figure out.

Bahrain rating on review for possible downgrade Moody’s Investors Service has placed Bahrain’s Baa1 government issuer rating on review for possible downgrade due to the fiscal implications of the kingdom’s high and rising break-even oil price; the outlook for lower trend growth over the medium term; and, the impact of a low-growth, high government expenditure and weaker oil price scenario on Bahrain’s long-term debt sustainability.

Moody’s said it will conclude the rating review within three months and expects Bahrain’s ratings to remain within investment grade.

The rating agency said that the first driver underlying the decision is the country’s rising government debt burden, which introduces uncertainty into the longer-term debt sustainability. Although Bahrain’s fiscal deficit for 2012 was a moderate 2.6% of GDP and smaller than the deficits recorded in 2009 and 2010, the IMF estimates Bahrain’s high and rising fiscal break even oil price to be at $118.70/barrel, which is above the forecast of $106/barrel for the average oil price in 2013. This reflects

expenditure pressures that will likely widen the deficit considerably into the 4.0%-5.0% range in 2013 and 2014, according to the IMF. Given the budget’s significant dependence on oil revenues, Bahrain’s government finances are less flexible and its shock-absorption capacity is lower than that of its regional and global rating peers.

The second driver is the growing uncertainty, in Moody’s view, surrounding the dynamism of Bahrain’s longer-term growth prospects. Although the country has a more diversified economy than its Gulf Cooperation Council (GCC) peers, Bahrain’s economy remains dependent on the oil and financial sectors. In addition, Moody’s believes that continued political and social tensions may dampen confidence and investment in the economy, and ultimately weaken long-term growth prospects. Moreover, it expects that Bahrain’s real GDP trend growth rate will remain below its pre-crisis performance.

The third driver behind Moody’s rating decision is that the two previous factors are likely to lead to a considerable medium-term rise in government debt as a share of GDP, which the IMF predicts will exceed 60% of GDP by 2018.

Although not a prime ratings driver, Moody’s also notes that the banking sector remains large. Assets of onshore retail banks are almost three times Bahrain’s GDP. Moody’s recognizes, however, that high levels of capitalization should help to absorb losses and limit the sovereign’s potential contingent liabilities in a severe downside scenario. Nevertheless, the large size of the banking sector poses a degree of systemic risk.

At the same time, Moody’s notes a number of factors that support Bahrain’s rating. These include a strong positive net international investment position and continued current account surpluses. In addition, Bahrain has a record of receiving sizable amounts of external financial assistance from fellow GCC governments.

June 19 - 25, 2013

24 | WORLD MARKETS | financialmirror.com

ICE to win EU approval for $8.2 bln NYSE bid IntercontinentalExchange (ICE) is set to win unconditional EU approval for its $8.2 bln bid for NYSE Euronext in a deal that would strengthen its presence in the lucrative derivatives trading business.

The acquisition would give ICE control of London-based Liffe, Europe’s second-largest derivatives market, and help it compete with U.S. rival CME Group. New EU derivatives rules, to be gradually phased-in this year, will dramatically expand the demand for clearing over-the-counter contracts.

The deal would also boost ICE’s presence in the interest rate futures business. The combined ICE-NYSE Euronext would be the third-largest exchange group globally, behind world No. 1 Hong Kong Exchanges and Clearing and CME Group.

The European Commission, which has been assessing the deal since mid-May, will clear it without requiring conditions from ICE as it did not see any competition concerns, two people familiar with the matter said on Monday.

The Commission, the European Union’s competition authority, focused on soft commodities derivatives such as coffee, cocoa and sugar, and found that ICE and NYSE Euronext dealt in two different types of assets which meant they would

not reduce competition after the takeover.

‘NOT CLOSE COMPETITORS’

Regulators also looked at U.S. financial derivatives as NYSE offers U.S. equity index options while ICE deals in U.S. equity index futures.

“The two companies are not close competitors so there are no competition concerns,” the source said.

ICE’s announcement in March that it would cap its trading fees for Liffe soft commodities such as coffee, cocoa and sugar for five years and put product committees in place, if the merger was approved, also eased possible competition concerns, the source said.

The promise came before the EU antitrust authority started its scrutiny of the deal.

Traders and brokers on NYSE Liffe’s soft commodity markets had expressed concerns that the deal may lead to higher trading fees and give ICE a near monopoly in global cocoa, coffee and sugar derivatives trading.

The Commission is scheduled to formally give its decision on the deal by June 24. Antoine Colombani, its spokesman for

competition policy, declined to comment.

ICE and NYSE Euronext declined to comment.

Regulators blocked NYSE Euronext’s proposed merger with German peer Deutsche Boerse in February last year, saying the combined company would have a quasi-monopoly of the listed European futures market.

In the ICE, NYSE Euronext case, soft commodities account for just 1% of NYSE Euronext’s revenue and 8% of ICE’s sales.

Sustained oversupply keeps negative outlook for shipping The outlook for the global shipping industry will remain negative over the next 12-18 months, as the supply of vessels will likely continue to outstrip demand in most shipping services, Moody’s Investors Service said in its latest Industry Outlook on the sector. The global shipping industry’s outlook has been negative since July 2011.

“Substantial oversupply will constrain freight rates for at least the next 18 months, particularly weighing on earnings in the dry-bulk and crude oil tanker segments, while falling US crude oil imports and declining European demand are likely to depress seaborne deliveries,” said Marco Vetulli, author of the report.

“We expect aggregate EBITDA in the global shipping industry to decline by around 5%-10% in 2013.”

Shipping companies concentrated on the crude oil tanker segment or focused on the dry-bulk sector, such as Navios Maritime Holdings, Inc. (B2 negative), are more likely to be adversely affected by these trends.

Moody’s outlook for the product tanker segment is more favourable. Companies, such as Sovcomflot JSC (Ba2 stable) and Navios Maritime Acquisition Corp. (B3 stable), could continue to benefit from demand growth linked to the shift in refining capacity to Asia and the Middle East, leading to a slight improvement in freight rates.

Moody’s does not expect to see a major improvement in the container segment’s financial performance in 2013 as it is the most sensitive to bunker fuel costs, which are likely to remain high. However, the container segment has the potential to outperform other shipping sectors this year if players maintain market discipline through proactive fleet management, such

as laying up ships to reduce supply, and control costs.

Rated Japanese conglomerates — Nippon Yusen Kabushiki Kaisha (NYKK, Baa2 negative) and Mitsui O.S.K. Lines, Ltd. (MOL, Baa3 negative) — are better positioned to ride out choppy conditions because they have healthy liquidity, benefit from solid relationships with banks and are part of large groups.

Shipping finance will remain tight with selective bank lending continuing. In general, rated shipping companies have stronger liquidity than the industry average, which should enhance their ability to weather challenges posed by the weak operating environment. The strongest operators may also have access to bond financing.

Moody’s could change its outlook to stable if it believes that the supply-demand gap is likely to narrow over the coming 12-18 months, such that supply exceeds demand by no more than 2% or demand exceeds supply by up to 2%. For the outlook to stabilise, the industry’s aggregate EBITDA growth would also need to be within a range of -5 to +10%.

Market prospects should improve in 2014 as the amount of oversupply declines. However, downside risks remain high as the global economic recovery appears to have lost momentum in recent months.

The incredible deflating gas market Marcuard’s Market update

by GaveKal Research Emerging markets are taking a pounding with commodityproducing centers worst affected. Everywhere we look we see resource markets that are either over-supplied or have the potential to be so. The old market adage that the best cure for high prices is high prices would seem as relevant as ever. But it isn’t just iron ore and copper stocks which are bulging; LNG prices have plunged almost 25% in the last couple months.

The trans-Myanmar gas pipeline which provides China with a new supply channel directly from its receiving terminal on the Indian Ocean is slated to open next month. And across East Asia big gas users suddenly look to have more options, and in a softer demand environment, much more pricing power. The Asian spot price for liquefied natural gas has fallen from US$19 per million btu in March to US$14. That still puts the Asian spot market for LNG at a premium of US$3-4 per mmbtu over its European equivalent, but the scale of the supply response underway suggests that this price gap will shrink further.

A slew of new projects in Australia, Canada and East Africa slated for completion in 2016-2018 will raise global LNG production capacity by up to 50%. In addition, the US will become a significant exporter of low cost gas produced from shale fracking.

All of this has been apparent, in broad outline, for some time — the problem is that the demand environment in 2013 looks very different from two years ago when several big LNG projects were signed off. Consider the following: · Chinese gas demand is softening. Apparent demand growth (output plus net imports) decelerated last year from 20% YoY in 2011 to only 10% for most of 2012. April looked better, but continued weak industrial growth suggests that gas demand may undershoot the official forecast of 16% compound annual growth to 2011-2015. · Shinzo Abe, Japan’s prime minister, wants to restart nuclear reactors which were closed after the 2011 Fukushima disaster. This cannot happen overnight, but it seems likely that Japanese gas demand will stabilize or deteriorate over the next five years. · Weaker Chinese growth combined with reduced US demand for coal is pushing down the price of the main competitor fuel to gas. As US power producers switch to cheap domestically-produced gas, US coal is increasingly being exported.

Abundant global coal supplies paired with weak demand is depressing the price of LNG in Europe and Asia. The Japanese, in particular, are importing more coal and less LNG since mid2012 when coal prices fell.

And on the supply side of the equation: · Although some projects are being cancelled or delayed, a massive amount of gas export capacity is slated for completion

within the next three years; Australian capacity alone will rise by 50-60 mtpa, or 25% of current global demand. · Declining European demand paired with weakening pricing power is pushing Russia to sell more gas in Asia Pacific. A long delayed Sino-Russian gas deal seems likely to be finalized; Beijing and Moscow signed an outline agreement in March for up to 60 bn cubic meters of supply from 2018, stipulating that a final price should be agreed before the end of this year. · Estimates of US and global shale gas reserves keep rising, while more US export terminals seem likely to be approved following a precedent-making decision last month which granted Freeport an export license from a facility in Texas. US policymakers are keen to allow LNG exports to friendly nations in Asia Pacific. · The risk that China invests further in its own massive shale assets, despite technical and regulatory barriers, is also rising along with public concern over air pollution and reform momentum on energy prices.

In light of these supply-demand dynamics we think Asia Pacific spot prices will remain weak in the coming months and could converge further with levels observed in Europe.

This will particularly be the case if Chinese growth remains soft, keeping downward pressure on coal prices and reinforcing the tendency for the big buyers of spot LNG cargoes—notably Japan and Korea—to remain cautious in their purchase decisions. www.marcuardheritage.com

June 19 - 25, 2013

financialmirror.com | GREECE | 25

2014 bond market return seen doubtful

l 10-year bonds sharply underperform 30-year debt; Derailed privatisation, bourse downgrade rattle investors Greek 10-year bonds have sharply underperformed longer-dated debt last week, propelling yields to levels that suggest Athens will struggle to return to the bond market next year as planned.

Greece’s yields have seen the biggest rise in the euro zone market this week after a privatisation scheme seen crucial to meeting the terms of its bailout failed to attract binding bids and its bourse was downgraded to emerging market status.

Ten-year borrowing costs are back above 10%, their highest since early May, and some analysts say they could hit 15% near term as investors fret the era of ample central bank liquidity, which boosted Greek bonds, could be ending.

The rise in 10-year yields has taken them to more than a percentage point above those on 30-year debt from around flat three weeks ago after Fitch upgraded twicebailed-out Greece’s credit ratings. http://link.reuters.com/nec88t When investors demand higher returns to hold short-

term than longer-term debt, they are pricing in increased risk they will not get their money back. Indeed, many analysts see a further write-down of Greek debt, after private creditors were forced to take cuts in the value of their bonds last year, as inevitable.

Investors usually look at sovereign debt insurance costs using credit default swaps to gauge default risk but the Greek CDS market is moribund after last year’s debt restructuring.

Just before Greece’s debt restructuring in March 2012, 10-year yields were a full 15 percentage points higher than their 30-year counterparts.

“It’s clear that ... the recent Greek rally was just liquidity driven, with people playing carry trades in this market rather than buying Greece for fundamental reasons,” said Alessandro Giansanti, a strategist at ING. Carry trades involve taking cheap loans to buy assets which offer a higher return.

“We can have a further widening and go back to 15% in 10-year yields which will mean the market will be closed

to them for the next one or two years.”

As borrowing costs tumbled to single digits early last month, Prime Minister Antonis Samaras said Greece aimed to sell bonds at some point early in 2014, ending four years of exclusion from international capital markets.

Greece’s lenders said last month a partial market return could be possible next year.

Analysts say that target looks out of reach given the struggle to meet privatisation targets under the 240 bln euro bailout that obliges Athens to sell assets and generate budget surpluses to cut its outsize debt.

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

“Greece has been lucky to piggy back on the back of positive sentiment in Europe...If that comes to a stop that would have a multiplier effect for Greece,” said Athansios Ladopoulos, a partner and senior fund manager at Swiss Investment Managers.

Battles ahead for Samaras weakened by ERT crisis l Prospect of elections recedes as standoff weakened PM,

emboldens coalition partners Greece has avoided the uncertainty of an early election but the standoff over state broadcaster ERT’s closure has weakened the prime minister and deepened mistrust in his fractious coalition.

A court ordered ERT back on air late on Monday as Prime Minister Antonis Samaras and his partners moved towards a compromise, ending a six-day impasse and easing fears of snap polls that would have plunged the country into a new crisis.

Greeks and investors breathed a sigh of relief, with the main Athens stock index rising 2.8% on Tuesday, far outperforming European stock indexes, while yields of benchmark 10-year bonds were steady at 10%.

But the repercussions from Samaras’s sudden shutdown of ERT in a bid to save money and please foreign lenders were set to grow as the three parties in the coalition resumed bickering over how exactly ERT must restart.

Analysts say Samaras appeared to have gambled that he could force through ERT’s shutdown since his allies could not afford to go to elections, but had to backtrack in the face of an open revolt by his coalition partners and growing public protests.

“Samaras backed down and he must thank God for the court decision which allowed him to climb down without losing face,” said political analyst John Loulis.

“Samaras overplayed his hand — the coalition government will be even more fragile now than it already was.”

Samaras switched off ERT and fired its 2,600 staff to meet a public sector layoffs target set by Greece’s lenders. ERT was “sinful”, “wasteful” and “full of scandals”, he said.

An outcry from unions, journalists and the PASOK and Democratic Left parties in his coalition followed, with tensions defused only after three-hour talks on Monday and a court decision that came in time to save face for all three parties.

The court said the government had the right to shut down ERT with the purpose of setting up a new, leaner successor. But the ruling also vindicated Samaras’s partners by saying that a new, transitional broadcaster must immediately resume programmes.

“It’s difficult to find a winner from all this,” said ALCO leader Costas Panagopoulos. “ERT was a catalyst that revealed insufficient cooperation between coalition partners.”

“Compromise with the help of a court decision,” Greece’s top-selling daily Ta Nea said on its front page.

The indebted country is kept afloat by aid from the EU and IMF that allowed it to avoid bankruptcy last year. In return, Athens has promised a raft of reforms, including overhauling its bloated public sector.

RESHUFFLE

In return for their support, Samaras offered his partners in government a cabinet reshuffle and promised to update their coalition agreement to reassure them that it would operate in a more collegial way.

However, the ERT crisis has yet to blow over. Its radio and television channels remain off air and the coalition disagrees over how exactly to implement the court decision.

Political leaders have set a new meeting for Wednesday to iron out their differences.

Azeri SOCAR close to buying DESFA Azeri state energy company SOCAR said it has started talks with the Greek government on purchasing the country’s natural gas grid operator DESFA, after being the only bidder in a failed tender for the asset sale. “The tender procedure on the privatisation of DESFA is over and SOCAR has started talks with the Greek government,” SOCAR’s President Rovnag Abdullayev told reporters on Saturday.

“It means that the whole natural gas distribution system of Greece will be in our hands soon.”

Russian energy company Sintez and Greek-Czech group PPF-Terna dropped out of the race for DESFA earlier this month, leaving SOCAR as the only major player in the running.

Abdullayev said that a purchase of Greek assets would “strengthen the export potential of SOCAR.” SOCAR wants to increase the level of its gas distribution in Greece, from 17% at present, and deliver gas from the major Shah Deniz field off Azerbijan.

Greece failed to attract any binding bids for natural gas firm DEPA earlier this month, meaning a key sale to meet the country’s privatisation targets under its international bailout had floundered.

PASOK and Democratic Left insist that ERT must immediately go back on air exactly as before - similar to 24-hour broadcasts that ERT’s staff have defiantly continued over the Internet during the shutdown.

“Public television should have started operating yesterday, the radio and television shows should have started broadcasting as well as ERT’s websites,” Democratic Left said in a statement.

“All ERT frequencies should have been active. Not executing the temporary order is an illegal act.”

But Samaras’s conservative New Democracy insists the transitional, stopgap broadcaster will run just a few ready-made programmes, in line with a concession he had offered previously.

“Even transmitting a logo would be enough to comply with the court decision,” one New Democracy official told Reuters.

Barely out of the woods from its last crisis, the coalition appeared to be gearing up for yet another battle on the issue.

“They (New Democracy) are working to create the next crisis and we’ll prevent that,” PASOK deputy Dimitris Karydis said.

NBG raises capital, avoids state control National Bank of Greece (NBG) said on Friday it had raised enough money from private investors in a share offering to ensure it avoids state control.

NBG is the second major lender to successfully recapitalise without falling under the full control of the Hellenic Financial Stability Fund (HFSF), a vehicle to rescue Greek banks under an EU/IMF bailout plan.

Detailing the results of its 2.2-for-1 rights issue that ended on Thursday, NBG said it raised 10.8% of the funds needed to plug a 9.65-bln-euro capital shortfall, with about half, or 500 mln euros, coming from foreign investors.

It said 120,000 domestic retail investors had subscribed for one third of the 1.17 bln euro rights offering.

Greece’s four biggest banks, including NBG, need 27.5 bln euros to restore their solvency after losses on

sovereign debt writedowns and bad loans.

Under the recapitalisation plan that Athens agreed with its international lenders, at least 10% of new equity issues by its four big banks must be bought by the market for them to remain in private hands.

Meeting the minimum threshold means NBG will not need to resort to issuing costly contingent convertible bonds (CoCos).

The remaining funds to plug the capital shortfall will be provided by the HFSF rescue fund in exchange for shares.

Last month, Alpha Bank raised 12% of its capital requirement from the market, retaining management control.

Piraeus Bank, which is carrying out a rights issue, is also expected to meet the threshold. Eurobank has opted to be fully recapitalised by the HFSF.

June 19 - 25, 2013

26 | CSE PRICES | financialmirror.com CSE CODE

ΟΑΣΗΣ

OASIS

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

AIAS AD APC PROP AST CFL CHAP CLL CPIH CBH CAIR DHH TLM DOME EFR ELMA EMP ERP EXIN PES CONF ACS ARI ACD KAN KARK KNO KYTH LI LAS LHG TRB NEM OPT ORF PHIL PIPF PTL FRH REG ROL SAFS SEAS STAR SUP UNI USB

ΑΙΕΠ ΑΘΩΣ ΑΠΑΝ ΠΡΟΠ ΑΣΤΑ ΣΙΦΛ ΧΑΡΙ ΣΛΕΠ ΚΕΑΕ ΚΩΝΣ ΚΑΕΡ ∆ΡΟΥ ΤΕΛΕ ΝΤΟ∆ ΕΦΡΕ ΕΛΕΠ ΕΜ ΓΙΟΥ ΕΞΕΠ ΦΙΛΟ ΚΟΕΠ ΑΒΑΚ ΤΖΕΠ ΑΘΗΕ ΚΑΝΙ ΚΑΡΚ ΚΝΕΠ ΚΥΘΡ ΛΕΠΕ ΛΕΕΠ ΛΙΠΡ ΤΡΑΝ ΝΕΜΕ ΟΚΑΣ ΟΡΦΑ ΦΙΛΑ ΠΙΠΗ ΠΤΕΛ ΡΕΝΟ ΡΕΕΠ ΡΟΛΑ ΣΑΦΣ ΣΕΑΣ ΣΤΕΠ ΣΑΠΦ ΓΙΕΠ 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 -1 647 -1 046 -3 657 702 -1 273 1 723

805 -796

86 -2 591

-4 411

-4 966

-4 402

-7 471

6 005 -1 354 -1 880 -492 -49 -1 767 -6 497 1 006 -3 284 -8 312

2012 Q1

2013 Q1

1.24 0.25 0.73 0.74 0.48 0.17 0.60

0.14 0.32 0.07 0.08 0.10

-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 38 750 8 200 122 804 35 000 48 006

0.34 0.43 0.17 0.34 0.17 1.03 0.10 0.35 0.35

114 320 27 336 29 236 14 000 5 038 4 100 3 930 3 850 2 688 204 497

1.78 3.17 0.25 0.43 0.31 3.00 0.02 1.96 0.48 1.27

0.13 0.12 0.65 0.19 0.42 0.17 1.60 0.06 0.12 0.38

14 730 5 518 22 683 2 239 5 526 242 4 759 6 887 1 249 17 201 4 130 27 624 2 096 4 050 743 6 160 10 700 335 10 842 1 709 11 934 5 593 8 469 863 164 33 955 70 000 1 658 5 421 1 650 2 557 2 461 6 500 3 175 207 196 75 000 379 224

0.49 0.45 0.76 0.79 0.33 0.40 0.27 0.09 0.27 2.08 5.70 1.86 0.43 0.29 0.30 0.67 0.92 -0.10 3.40 0.38 0.59 0.75 0.63 0.09 -0.0075 0.18 1.31 0.38 3.40 0.12 0.43 1.33 2.44 0.34 0.04 0.11 0.19 0.87 NAV

0.31 0.11 0.76 0.18 0.12 0.06 0.16 0.38 0.90 0.06 0.24 0.16 0.33 0.18 0.19 0.57 0.12 -0.15 0.10 0.25 0.99 0.07 0.31 0.13 -1.47 0.44 0.61 0.20 0.44 0.43 0.16 0.03 0.08 0.76 0.25 0.18 5.38 0.38 Disc/Prem

1 932 -2 123 2 311 571 -3 532 -375 -3 913 -2 998 -652 -4 639 -4 127 6 152 658 1 600 -529 -257 5 126 -2 268 -3 948 -802 108 -10 021 1 324 -3 328 -337 -20 039 10 783 -868 75 480 973 -19 200 1 577 -891 13 -56 2 739 -48 481

993 5 390 4 227 45 800 565 1 260 3 958 473 418 2 183 5 458 709 71 435

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

-53.93 -49.84 -64.58 -68.08 66.67 36.36 -59.04 -26.99 0.94 -23.30 -6.66 -15.10

162 13 023 3 657 1 587 5 296 207 1 600 576 7 314 12 375 4 303 471 23 15 000 285 3 135 35 890 752 4 692 2 306 148 7 256 4 559 7 915 7 833 948 218 1 910 14 393 8 582 189 1 971 10 843 510 1 619 4 275 773 15 298 298 405 2 925 140 1 889 77 1 240 3 704 64 526 277 100

0.1728 0.06 0.88 0.014 0.02 -1.21 0.12 0.03 0.65 0.57 -0.12 -0.20 -0.08 1.30 0.086 0.04 0.05 0.13 0.15 2.73 0.0100 0.29 0.36 4.69 0.67 0.09 0.11 0.38 0.05 0.06 -0.38 0.30 0.43 0.004 1.49 0.15 -0.0002 0.004 0.04 0.0265 0.28 0.000 -0.08 0.05 -0.12 0.2000 0.52

2011

2011

81 202 128 936 36 572 158 660 99 925 5 055 50 000 288 141 24 379 160 714 391 155 157 138 7 700 25 000 11 385 348 333 47 853 31 344 34 000 4 805 49 385 72 562 62 446 13 416 60 250 7 967 21 827 42 450 282 213 61 739 189 377 8 571 67 770 46 355 80 966 45 000 9 660 382 440 297 915 20 247 54 166 70 220 629 785 38 581 124 009 13 468 99 271

0.17 0.27 0.30 0.87 0.02 0.17 0.51 0.51 0.43 0.85 0.85 0.85

0.21 0.17 0.35 0.09 0.35 0.03 0.35 0.08 0.17 0.35 0.086 0.17 0.12 0.43 0.43 0.09 0.87 0.09 0.29 0.87 0.10 0.34 0.20 0.35 0.35 0.35 0.17 0.17 0.27 0.06 0.01 0.35 0.17 0.17 0.35 0.17 0.35 0.17 0.03 0.09 0.17 0.17 0.04 0.17 0.09 0.17 0.57

1 028 714

-98.84 1.68 0.11 0.74 2.41 -0.03 0.27 0.08 0.46 0.13 -0.09 -0.02 -0.04 0.46 0.29 0.23 15.00 0.19 0.89 0.18 -70.00 0.34 0.20 0.13 0.19 1.27 0.09 0.12 1.02 2.46 0.00 0.78 0.37 2.75 0.01 0.63 0.00 10.26 0.03 -24.53 0.20 6.67 -0.04 -0.08 37.50 1.25

2012 EUR ('000) Κέρδη µετά φορολ.

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

63 828 17 779 8 864 5 987 96 458

58 430 56 147 44 494 200 000 282 483 14 000 56 545 11 000 2 000 2 729 2 729 1 364

Profit/(Loss)

2012

1.00 0.10 0.43 0.35 0.35 0.17

0.26 0.35 0.35 0.17 0.43 0.35 0.35 0.87 0.43 0.43 1.73 0.85 0.43 0.09 0.35 0.62 0.17 0.34 0.43 0.31 0.43 0.35 0.35 0.17 0.14 0.17 0.35 0.34 1.73 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

98 861 110 358 39 109 15 438 141 692 10 070 108 163 208 700 5 140 137 611 3 059 92 079 14 973 80 999 13 506 16 000 100 000 22 343 30 978 17 985 20 400 101 683 43 211 78 415 14 900 424 435 87 500 22 100 3 590 33 000 36 529 66 520 32 500 12 212 20 700 9 788 75 000

Q1 2012 EUR ('000) Kέρδη 2012

-737 -4 301 -10 771 -14 853 -6 892 -255 -9 493 -86 -180 331 -136 -36 -47 409

2012 Q1

-3 350

3 353

2012 Q1

2013 Q1

2012

-258

-258

3 353

-1 596

-1 596

4 139 -2 774 -3 423 -2 559 -22 -443 -251 -57 155 -1 921 12 -11 140

2011

2012

-69 -12 265 399 -2 776 -6 400 -2 974 -5 512 -7 733 -104 -3 755 -23 885 -9 100 -243 -701 35 -6 807 -4 283 -219 -15 527 1 608 -1 465 -24 581 -1 263 3 250 -77 -112 87 621 -1 734 -10 339 -11 700 -545 2 145 -1 484 -8 648 -2 224 -1 879 -6 356 151 -150 -328 -1 953 -15 879 -3 735 -60 -403 -8 961 -197 933 -5 500 121

11

-27 883

-1 011 -12 265 -350 -1 033 -6 400 -217 -11 266 -14 283 -95 -10 859 -55 832 -9 100 -391 -70 35 -8 999 6 553 -2 111 -6 859 673 -1 465 -220 -2 408 3 181 -77 -203 87 -3 654 -34 500 -713 -11 700 -605 31 494 -8 648 -2 567 -1 997 -5 473 -1 463 -182 -410 -450 -24 032 921 -60 -782 -825 -231 600

-21 053

-88 214

-428 776

11

-27 883

Earnings Per

Dividend Per

Dividend Yield

Share 2012 Cents

Share 2011/12 Cents

%

Results

n/a n/a n/a 8.72 n/a n/a 1.61

4.38 n/a n/a n/a n/a n/a n/a 3.83 n/a 5.26

2012 -3 731 -1 284 1 532 403 -7 040 -376 -16 998 -1 275 -366 -9 917 -2 868 4 381 -226 664 -666 -1 404 -3 404 -2 602 -8 013 -670 -2 852 -9 471 -1 006 -1 399 -318 -14 396 5 428 -719 -148 -1 593 -3 323 -21 450 2 218 -852 -192 -74 1 153 -102 854

-3 350

P/E ratio 2012

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

Cents

%

1.50

6.25

Cents 5.26 -1.88 -1.03 -0.28 -0.13 -21.55 -5.29 2.87 -6.84

Cents 2.31 1.50

% 10.04 3.95

2.10

26.25

Cents -3.77 -1.16 3.92 2.61 -4.97 -3.73 -15.72 -0.61 -7.12 -7.21 -93.76 4.76 -1.51 0.82 -4.93 -8.78 -3.40 -11.65 -25.87 -3.73 -13.98 -9.31 -2.33 -1.78 -2.13 -3.39 6.20 -3.25 -4.12 -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

12.07 8.28

3.20

10.67

0.45

4.21

1.70

2.13

2.00

10.00

Cents 0.01 0.25 -6.23 -1.71 -0.91 -0.16 -0.78 -2.28 -2.85 5.68 -70.39 0.88

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

31/12/2012 Ποσ. Μετ.

31/12/2012

since

124.29 47.75 188.86

92.66 37.08 81.63

96.42 37.62 128.41

114.86 44.40 168.87

-16.05 -15.27 -23.96

113.87 0.278 0.047 0.177 0.300 0.048 0.019

83.34 0.185 0.040 0.100 0.226 0.036 0.011

87.77

104.69 0.251 0.044 0.175 0.263 0.045 0.018

-16.16 -41.14 -8.75 -20.00 -27.78

637.17 0.260 0.460 0.195 0.124 0.130 0.500 0.032 0.110 0.059

528.76 0.220 0.380 0.160 0.080 0.130 0.500 0.032 0.100 0.056

528.76 0.230 0.380 0.160 0.080 0.130 0.500 0.032 0.110 0.056

627.38 0.250 0.439 0.183 0.115 0.130 0.500 0.032 0.100 0.058

-15.72 -8.00 -13.44 -12.57 -30.43 0.00 0.00 0.00 10.00 -3.45

657.64

624.25

631.50 0.149 0.050 0.580 0.145 0.039 0.024 0.044 0.033 0.243 0.125 1.350 0.300 0.140 0.050 0.055 0.385 0.107 0.015 0.350 0.095 0.585 0.055 0.196 0.011 0.011 0.080 0.800 0.075 1.510 0.050 0.070 0.037 0.200 0.260 0.010 0.020 1.000

636.57 0.153 0.045 0.650 0.180 0.041 0.024 0.042 0.037 0.270 0.153 1.490 0.346 0.140 0.073 0.055 0.385 0.108 0.015 0.385 0.089 0.585 0.053 0.184 0.013 0.011 0.075 0.733 0.075 1.510 0.050 0.066 0.046 0.230 0.260 0.010 0.020 1.000

-0.80 -2.61 11.11 -10.77 -19.44 -4.88 0.00 4.76 -10.81 -10.00 -18.30 -9.40 -13.29 0.00 -31.51 0.00 0.00 -0.93 0.00 -9.09 6.74 0.00 3.77 6.52 -15.38 0.00 6.67 9.14 0.00 0.00 0.00 6.06 -19.57 -13.04 0.00 0.00 0.00 0.00

572.39

450.90

510.30 0.017 0.096 0.095 0.229 0.002 0.090 0.070 0.043 0.209 0.800 2.000 0.520

546.03 0.017 0.115 0.119 0.250 0.004 0.078 0.048 0.043

-6.54 0.00 -16.52 -20.17 -8.40 -50.00 15.38 46.14 0.00 -0.48 0.00 0.00 0.00

0.002 0.101 0.100 0.010 0.053 0.041 0.032 0.002 0.300 0.077 0.011 0.003 0.003 0.600 0.025 0.009 0.750 0.024 0.138 0.480 0.003 0.100 0.073 0.590 0.130 0.119 0.010 0.045 0.051 0.139 0.001 0.230 0.160 0.011 0.020 0.095 0.080 0.040 0.001 0.020 0.054 0.002 0.003 0.002 0.010 0.275 0.650

0.002 0.101

0.103 0.240 0.036 0.013

0.210 0.800 2.000 0.520

0.00

2.49 n/a

n/a

n/a n/a

-1.25 -9.51 -0.96 -0.65 -6.40 -4.29 -22.53 -4.96 -0.39 -6.76 -14.27 -5.79 -5.08 -0.28 0.31 -2.58 13.69 -6.73 -20.17 14.01 -2.97 -0.30 -3.86 23.71 -0.13 -2.55 0.40 -8.61 -12.22 -1.15 -6.18 -7.06 0.05 1.07 -10.68 -5.70 -20.67 -1.43 -0.49 -0.90 -0.76 -0.64 -3.82 2.39 -0.05 -5.81 -0.83

1.12

1.87

1.050 0.14

0.061

4.00

0.590 0.10

0.051

25.00 0.120 0.095

0.045 0.095

0.128 0.012

0.055 0.041 0.060 0.004 0.290

0.070 0.020 0.002 0.003 0.650 0.020 0.009

0.600 0.024 0.140 0.480

0.009 0.100 0.069 1.050

0.130 0.119

0.005 0.045 0.058

0.139 0.001 0.230 0.210 0.009 0.017 0.095

0.080 0.052 0.001 0.020

0.054 0.001 0.014 0.002 0.010 0.250

0.660

-21.88 -16.67 -50.00 3.45 0.00 -1.43 0.00 5.80 -43.81 0.00 -12.07 0.00 -23.08 0.00 0.00 10.00 -

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.

% Change

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

June 19 - 25, 2013

financialmirror.com | MARKETS | 27

Russia backs weaker rouble to boost budget and growth

l Siluanov welcomes market-driven weakening; Real appreciation has hurt competitiveness,

while weaker rouble would boost budget revenues Russia’s Finance Minister said on Tuesday he would welcome a weaker rouble to revive flagging economic growth, but while the approach may boost fiscal revenues there is a risk that inflation could become entrenched.

Anton Siluanov’s call for a weaker currency follows a series of meetings chaired by President Vladimir Putin, who has pressed the government to meet spending promises made on his return to the Kremlin in May 2012 in the search for more growth.

The $2 trln economy, the world’s ninth largest, grew by 1.6% year-on-year in the first quarter of this year - its slowest since 2009. Weakness ran into May, with industry output shrinking by 1.4% from a year earlier.

“The Finance Ministry would accept a certain weakening of the rouble’s exchange rate, but only as long as it is driven by the market and not by administrative methods,” Siluanov told Reuters.

“A small weakening of the rouble can play a positive role for budget revenues and for the economy as a whole”, he added.

The IMF, however, urged Russia to keep spending in check, fight inflation and accelerate reforms aimed at putting the economy on a broader footing rather than manipulating demand or the currency. “There is no point in monetary or fiscal stimulus,” the IMF’s mission chief for Russia, Antonio Spilimbergo, told a news conference after an annual visit. “The economy is running at full capacity. A weaker rouble will not boost the economy.”

Moscow has made scant progress in developing a manufacturing base to diversify away from relying on its mineral wealth, weighed down by a nominal exchange rate that has remained stable while wages and the cost of living rise faster than elsewhere.

Weakening the rouble would help exporters in that battle while also encouraging domestic producers in the vast, resource-rich country to compete on price with imports.

It would also benefit the budget through the higher return from oil exports, with a one-rouble decline in the exchange rate to the dollar overall worth an estimated 190 bln roubles ($6 bln) in annual revenues.

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

The rouble has fallen by more than 5% this year to 36.92 against the dollar-euro currency basket targeted by the central bank. It weakened further after Siluanov’s comments.

EASING

The government last year introduced a so-called fiscal rule, capping new borrowing at 1% of GDP, making it hard to ramp up spending in an increasingly desperate struggle to revive growth.

ity of the rouble.

Economists said a weaker rouble could bolster the public finances without jeopardising financial stability, as Russia’s foreign debts are low. But they doubted there would be much of a positive impact on growth.

“A weaker rouble is likely to help improve fiscal performance in 2013 and beyond, but may not be so promising for economic acceleration in general,” Julia Tsepliaeva, economist at BNP Paribas in Moscow, said in a note.

MANAGING THE WINDFALL

The central bank has held off from easing monetary policy because inflation, at 7.4%, remains above its 5-6 percent target range. Putin’s dovish economic adviser Elvira Nabiullina takes the helm next week, possibly heralding interest rate cuts.

Siluanov said, however, that he saw no place in Russia for western-style monetary stimulus, where central banks buy up government bonds to lower the cost of credit.

“There is no need at the moment to implement a policy of so-called quantitative easing, as is being done in other countries, as this could stoke inflation further,” he said.

Those comments sought to put an end to a debate in Russia on widening the mandate of the Bank of Russia to add promoting economic growth to its existing task of defending the stabil-

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 8 913 250 569 981

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 0.48 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

The Finance Ministry is laying the ground for a shift in how it handles oil export revenues - a key part of its revenue base. Energy levies account for around a half of the federal tax take. In the past, dollar-denominated revenues would be converted into roubles in off-market operations and deposited in the ministry’s budget Reserve Fund and the National Welfare Fund, which are together worth 5.4 trln roubles ($170 bln) and are held at the central bank.

From August, these dollar revenues will be transferred directly to the central bank, obviating the need for the central bank to conduct market operations to mob up rouble liquidity.

“This is a zero-sum operation from the point of view of buying and selling currency,” Siluanov said. “The Finance Ministry thus neutralises the effect that currently results from filling the Reserve Fund from oil and gas revenues.”

Under the new fiscal rule, the Reserve Fund effectively functions as an off-balance-sheet fiscal buffer, being topped up when oil prices are high and drawn down when they are low. It is now worth around 4% of GDP. A weaker rouble would also have the beneficial impact of unwinding its real effective appreciation - which has totalled 56% since 2004 - forcing up business costs and making it hard for them to compete against imports.

“Over the past ten years the nominal exchange rate of the rouble has hardly changed, and prices have risen strongly,” said Siluanov. “The resulting real effective appreciation of the rouble has had a negative impact on Russian exporters.”

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 19 - 25, 2013

28 | BACK PAGE | financialmirror.com

Investors look to Fed to ease volatility “What (Bernanke) has done is create what I call an early summer market storm, not a huge one but enough to cause people to become a little nervous,” said Fred Dickson, chief market strategist at D.A. Davidson & Co.

WALL ST WEEKAHEAD Stock investors eager to hear from the Federal Reserve about its plans for continuing economic stimulus may get some soothing words from the U.S. central bank this week.

The Fed is unlikely to tip its hand about when it might begin to scale back its bond-buying program, but policymakers still may be inclined to try to tamp down recent volatility in financial markets with some mention of the issue.

The rally in stocks stumbled and Treasury bond yields rose to 14-month highs following Chairman Ben Bernanke’s comments that the Fed may decide to begin scaling back its quantitative easing in the next few policy meetings if the economy improves.

As part of its quantitative easing policy, adopted more than four years ago, the Fed has been buying Treasury and other

bonds each month to keep interest rates low and promote growth.

Interpreting Bernanke’s words and recent signs about the economy has roiled markets since then. The Dow industrials climbed 200 points in eight of the 17 sessions since Bernanke’s comments, and its daily average swing has been 191.5 points.

Stocks ended a third negative week in four last week. The Dow fell 1.2%, the S&P 500 slid 1 percent and the Nasdaq lost 1.3%.

in Lake Oswego, Oregon.

This week might offer a bit more clarity, he said, but probably not the details many investors are hoping for. Still, analysts said, the Fed may want to say something to remove some of the markets’ anxiety.

The markets have priced in a sea change and seem to think that rates are going up soon, said Stephen Massocca, managing director at Wedbush Equity Management LLC in San Francisco. But “I think the Fed is not going to want that to be the market’s impression.”

The news may be that any change is going to be gradual, he added.

Comments from Fed policymakers in recent weeks have added fuel to the guessing game. Views have ranged from favoring continuing the stimulus policies for some time to starting the process of winding down quantitative easing in the near term.

But Bernanke’s views hold the most weight, so investors will likely be on edge awaiting his comments.

The Fed chairman is due to give a news conference at 2:30 p.m. EDT (1830 GMT) on Wednesday shortly after the Fed’s policy committee ends a two-day meeting and issues a statement.

RALLY EASES

Although earnings have taken a back seat to Fed talk, forecasts for second-quarter profits have come down in recent weeks. Growth is forecast at 3.2%, down from an April 1 forecast of 6.1%, and negative preannouncements have outnumbered positive ones by a ratio of 6.9 to 1, according to Thomson Reuters data. That would be the most negative ratio since at least 1996.

Investors worry speculation about the Fed’s course alone may have been enough to spark the long-feared pullback in stocks, which have rallied for most of this year. Even with recent losses, the S&P 500 is up 15% for the year to date.

The benchmark index is down 2.5% since May 21, but there have been short-lived rallies in that period.

Also the gains in bond yields since Bernanke’s comments caused investors to rotate out of high-yielding dividend stocks. Dividend stocks had been among the market’s leaders as investors favored those shares over fixed-income securities in a low interest-rate environment.

The Dow shot up 200 points and scored its best day since January 2 after the U.S. employment report for May showed 175,000 jobs were created, a positive sign but not strong enough for the Fed to abandon stimulus efforts to aid the economy.

“As we see mixed signals in terms of economic growth from across the globe, a marginal tapering can have significant effects,” said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.

“What would happen if the tapering is too soon, I think, is that it puts risk into financial assets, both equities and bonds.”

Among this week’s economic reports, the Consumer Price Report for May is due on Tuesday along with data on housing starts.