Financial Mirror 05.30.2012

FinancialMirror

â‚Ź1.00 Issue No. 982 May 30 - June 5, 2012

2 NEWS

FINANCIAL MIRROR, May 30 - June 5, 2012

Europe treads a thin line on Greece Two weeks ago, Herman Van Rompuy and Jose Manuel Barroso, the European Union’s top two officials, met for lunch in Van Rompuy’s offices to discuss the deteriorating situation in Greece. Their immediate concern was an uncompromising letter.

On May 10, Alexis Tsipras, the 37-year-old leader of Greece’s far-left SYRIZA coalition, had written to them to say that the 130-bln-euro bailout agreed between Greece and the EU/IMF was illegitimate and could not be honoured.

Since SYRIZA had come second in Greece’s May 6 election, a better result than expected, Tsipras’s threat could not be ignored. Some opinion polls were already suggesting he could win a second election, scheduled for June 17, an outcome that would shunt Greece closer to a possible exit from the euro zone.

In talks that spanned a range of issues, Van Rompuy and Barroso discussed whether to respond to the two-page missive.

Sources present said Barroso initially proposed replying, but Van Rompuy was more cautious, concerned that whatever they wrote would be leaked, ran the risk of playing into Tsipras’s hands, and that in any case they should not get into the game of replying to every letter they receive from a party leader.

Ultimately it was decided that they would not reply and none has been sent.

But the episode illustrates the delicate balance Europe’s leaders are trying to keep between engaging in - or even influencing - Greece’s political process and standing back to let it run its course, no matter what the consequences may be.

Get too involved and the EU runs the risk of being seen to meddle in Greek democracy, an interference that could turn frustrated voters ever more firmly against Europe and its institutions, exacerbating an already precarious situation.

Maintain too much distance and leaders might be accused of fiddling while Athens burns - allowing the country to slide towards a fate that could include departure from the euro and the European Union, with vast and unpredictable repercussions for everyone involved in the 50-year European project.

A dramatic example of the risk of being seen to be too involved came in a phone call German Chancellor Angela Merkel held with Greek President Karolos Papoulias on May 18.

A Greek government spokesman said after the call that Merkel had “relayed ... thoughts” about Greece holding a referendum on its euro zone membership, a suggestion that provoked outrage in the Greek media and inflamed anti-German sentiment.

Merkel’s spokeswoman later denied reports she had urged Greece to hold a referendum, but the damage was done - Europe’s most powerful leader was seen to have overstepped.

“There is no rulebook for how you do this,” said the Europe minister of a small euro zone state, acknowledging the difficulty of trying to influ-

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EU wants pro-bailout parties to win, but can’t meddle

ence without getting too involved.

“You feel a responsibility to make sure that Greek voters and Greek party leaders understand the consequences of their actions, but you can’t dictate to a democracy - and certainly not in the current circumstances.”

SPLIT OPINION For now, the views of Greek voters seem to be trending in the direction European leaders would like, whether as a result of quiet outside pressure or the realisation that a vote for the far-left really could mean an exit from the euro, a currency that the vast majority of Greeks like and want to keep.

Whereas two weeks ago opinion polls suggested Tsipras could win the June 17 election outright, with up to 30% of the vote, the latest surveys suggest the pro-bailout New Democracy is favourite.

The result remains too close to call, but with New Democracy seen winning 26-28% of the vote and SYRIZA 20-26%, there are growing expectations that a pro-bailout party will be given the first mandate to try to form a coalition. Yet that would effectively mean a repeat of the May 6 election, leading to more political uncertainty, especially if SYRIZA sticks to its commitment to tear up or renegotiate the bailout, something the EU and IMF will not countenance.

For Europe’s leaders, therefore, it remains necessary over the next 21/2 weeks to quietly cajole the Greek public towards backing pro-bailout parties without explicitly saying so. The message is: if you want the euro, back the bailout. “We want Greece to stay in the euro but meet its commitments and that’s a decision that’s up to the Greeks,” German Finance Minister Wolfgang Schaeuble said on May 18.

Van Rompuy echoed that message in a speech on Monday in Cyprus, as close to Greece as he could get without visiting it.

“Greece must remain in the euro area while respecting its commitments. We expect that after the elections, the next Greek government will make that choice,” the European Council president told Cypriot parliamentarians. “The stakes are high - for you as neighbours with close links to its financial system, but also for all of us in the euro zone.”

Van Rompuy wasn’t overstating the stakes - if Greece were to leave the euro, it would default on up to 300 bln euros of foreign debt, the vast majority owed to euro zone countries, including Cyprus. That would have a profound knock-on impact on banks and economies across the region, and Tsipras knows it.

In what has become akin to a game of chicken, the SYRIZA leader

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Soft influence quietly being brought to bear

appears to be calculating that Europe will do everything to keep Greece in the euro, including perhaps softening the terms of the bailout, for fear of the consequences if it leaves.

For their part, euro zone countries have made clear how serious they are about the risk Greece is running - all 17 were told last week to prepare contingency plans for Greece leaving the single currency bloc.

OVERSTEPPING As well as Merkel’s referendum discomfort, IMF director Christine Lagarde has learnt the risk of being seen to meddle.

In an interview with Britain’s Guardian newspaper last week, she assailed Greeks for not paying enough taxes and said she was more worried about the fate of poor countries in Africa. The comments did little to win her or the IMF popularity among Greeks and may even influence how some decide to vote.

But it is not just those views that EU leaders must try to hold in check ahead of June 17 - there is also pressure from inside Greece to be more outspoken, and that can backfire too.

In an interview with Italian television on May 11, Barroso, the president of the European Commission, was asked what he thought of Tsipras’s plans to tear up the bailout agreement.

“Look,” he said, “if a member of a club does not respect the rules, it’s better that it leaves the club, and this is true for any organisation or institution or any project.”

Even though he did not name the country, his comments were taken as referring to Greece and made it look as if a Greek exit from the euro was drawing closer. Financial markets were thrown into panic, Greeks were outraged and Barroso was criticised.

But what was particularly galling about the incident for Barroso was that he had never intended to make such a strong statement. He did so only because he got a call from Greece’s caretaker prime minister, Lucas Papademos, asking him to do so, a Commission official said.

Frustrated at the failing efforts to form a coalition after the May 6 election, Papademos wanted Barroso to say something strong in the hope it might wake Greece’s political leaders up.

“It wasn’t Barroso’s initiative. It was a direct request,” said the Commission official informed of the sequence of events, adding with a degree of understatement: “It didn’t work.”

Leaders will be hoping a quieter form of pressure might.

“The future of the euro is at stake” Europe must move quickly with measures to pull Spain back from the brink of a debt crisis, with the future of the euro common currency at stake, Spanish Deputy Prime Minister Soraya Saenz de Santamaria said.

Saenz, a long-time politician in the centre-right People’s Party, spoke with Reuters Editor-at-Large Harold Evans during a critical week for Spain as it seeks to fund a 19-bln-euro rescue of one of its biggest banks and the country’s autonomous regions face a liquidity crunch.

Spain’s borrowing cost hovered close to an unsustainable level on Tuesday - the yield on the benchmark 10-year government bond was 6.5% - as investors worry costly rescues of the regions and banks will push Spain’s finances over the edge.

Spain has made enormous strides in containing its deficit and making its economy more competitive, Saenz said, but it needs European-wide measures to give confidence to the common currency and restore calm to markets.

“If the EU doesn’t reinforce the euro zone with some sort of mechanism, it’s not about who leaves (the euro), it’s about the EU itself. What is the EU without the euro?” Saenz, 40, said at the prime minister’s complex, Moncloa, on the outskirts of Madrid on Monday.

“It’s about the future of the euro.”

Spain is asking for huge sacrifices from its citizens she said, with budget savings this year of more than 45 bln euros, which have meant spending cuts in schools and hospitals.

At the same time, she noted, interest payments on debt this year will

rise to 30 bln euros. “For states that are making the effort it’s not possible to explain to their citizens that what they save through austerity will then be spent on higher interest payments on debt,” said Saenz, a lawyer by profession and one of Prime Minister Mariano Rajoy’s closest advisors.

Meanwhile, almost one in four Spanish workers is jobless and unemployment is expected to rise even further in the coming months as the economy contracts again after barely emerging from its last recession.

“Countries which are doing reforms need to find a way to be rewarded rather than punished,” she said, pointing to her government’s overhaul of labour market rules to make companies more competitive, as well as its reforms of the financial sector.

Spain says it can foot the rising bill to rescue its banks on its own, after a property market crash left them with more than 184 bln euros in sour assets.

And the government is expected to announce later this week guarantees that will help the country’s 17 autonomous regions refinance their debt.

On the European stage, Spain has pushed for immediate solutions such as more ECB liquidity or purchases of Spanish sovereign debt on sec-

ondary markets by the central bank.

For the short-term Spain does not foresee any euro area agreement on joint debt, or eurobonds.

GOOD NEWS ON SPAIN Saenz said that while markets are focused on Spain’s risks there is also a lot of good news that should be taken into account. The PP has an absolute majority in Parliament, which means it can act swiftly to pass reforms.

Under Rajoy’s government’s repeated threat of sanctions, the regions submitted very austere budgets for this year.

Spain badly missed its deficit target last year, it came in at 8.9% of gross domestic product rather than 6.0%, mainly because of overspending at the regional level.

Although the collapse of the construction sector left the economy with a gaping hole, Saenz said there are bright areas and that Spain’s indices of competitiveness are improving.“We have a very internationalised economy, exports have been growing in recent years and new market niches have been opened,” said Saenz.

She said that other European countries should fall in line with Spain’s conviction that austerity and growth are not mutually exclusive.

“You need fiscal consolidation in order to grow,” she said.

Spain in focus as EU readies euro zone strategy The European Commission will set out its economic strategy for the euro zone on Wednesday, spelling out measures to balance growth with unpopular fiscal consolidation that will be particularly pointed for Spain and Italy.

The Commission will issue specific recommendations for each of the 27 EU members, as well as for the 17 sharing the euro. Once endorsed by EU leaders in June, the executive’s plans will become binding for the 27nation bloc.

Italy, the euro zone’s third biggest economy and a country under close market scrutiny because of its large debt and slow growth, is likely to get praise for its fiscal consolidation efforts under technocrat premier Mario Monti, a draft document obtained by Reuters shows.

Spain, struggling to wrestle down its deficit and recapitalise its debtladen banking system, is unlikely to get such a positive write-up.

There has been speculation that the Commission, the guardian of EU rules, will shift its emphasis from austerity to growth, without which euro zone debts cannot be reduced.

New French President Francois Hollande has championed a greater focus on growth over budget cuts and Commission President Jose Manuel Barroso reiterated on Tuesday that the euro zone needed both to regain investor confidence. He also said the EU’s budget rules, the Stability and

Growth Pact, should take into account differences between states - a possible shift in emphasis towards growth, one that could benefit countries such as Spain and Italy, whose excessive debts could yet pose a threat to the future of the currency bloc.

While Spain has repeatedly said it does not want to be cut any slack, it would make its budget consolidation efforts more manageable if it had longer to meet the target. Similar flexibility would help several other strapped euro zone states.

Spanish 10-year borrowing costs have surged to 6.5% on investor concerns about the cost of rescuing the country’s banking sector and supporting its indebted regions. A 7% yield was the tipping point that pushed Ireland and Portugal into taking EU/IMF bailouts.

SHIFT OF EMPHASIS? Some economists expect a switch in the Commission’s focus to structural budget deficits, which exclude one-off items and the effects of the economic cycle, from headline deficits, which at a time of recession are larger.

The draft report on Italy says the priority areas for Rome are its public finances, reforming labour markets, education and market regulation, as well as making taxation more growth friendly and a more efficient organisation of the judiciary.

It calls on Italy to adopt laws that would implement an agreed balanced budget rule and urges the government to tackle Italy’s grey economy - such as undeclared work. But it says Rome’s reform plans are ambitious and relevant. Spain has vowed to reduce its budget deficit, which stood at 8.9% of GDP last year, to 5.3% in 2012 and 3% in 2013. With its economy in recession, many officials believe the targets are overly ambitious.

Some policymakers have said Madrid could get more time to reduce its deficit if it presented a credible 3-4 year plan of fiscal adjustment.

The need for more time was underlined last week, when previously undisclosed data showed Spain’s 17 autonomous regions will need to refinance 36 bln euros of debt this year, rather than the 8 bln euros initially expected. It also faces a 19 bln euros bill to rescue troubled lender Bankia.

FINANCIAL MIRROR, May 30 - June 5, 2012

CYPRUS 3

ON THE PATH TO RECOVERY?

Laiki Q1 profits down 23% to €55 mln The Cyprus Popular Bank, the island’s second-largest lender facing a state bailout unless it finds investors by the end of June, posted a 23% drop in its first quarter net profits to 54.8 mln euros, down from 71 mln in the same quarter last year.

Popular, which has agreed to five state-appointed board members in exchange for the government underwriting a 1.8 bln euro rights issue and capital increase, said net profits included a deferred tax asset of 84.7 mln euros relating to its massive writedown of Greek sovereign bonds which pushed it to record losses in 2011.

The worsening situation in the Greek market took its toll on the bank’s loan portfolio as well, with advances and deposits down 5% and 16%, respectively. Greek operations account for 50% of Group activities.

If Popular does not find investors by the end of June, the state will be forced to inject up to 1.8 bln euros, or 10% of Cypriot GDP, into the bank to keep it afloat.

It is already underwriting the bank’s rights issue in an attempt to lure potential buyers.

A lack of investors could force Cyprus, the third-smallest member of the euro zone, to a financial stability mechanism to find the cash and signal growing contagion from the debt crisis rippling through Europe.

The bank reported losses of 2.8 bln euros last year from a writedown in the value of its Greek sovereign bonds, depleting its regulatory capital.

The European Banking Authority expects the bank to replenish its capital by 1.97 bln euros to reach a core tier 1 capital level — a signal of financial strength - of 9% by June 30.

The bank said net interest income (NII) fell by 2% on a yearly basis, reflecting a deleveraging of its loan portfolio and lower deposit spreads. Fee

and commission income also fell on subdued activity in capital markets.

EXPENSES DOWN The bank booked a profit of 2.9 mln euros from the sale of its Estonian subsidiary Marfin Pank Eesti AS, following last year’s sale of Laiki Bank (Australia) Ltd for 53.4 mln.

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ended 31 December 2011, but still 5% below the Q1 loan portfolio of 25.6 bln euros.

The Cypriot net loan book stood at 10.6 bln euros in the first quarter 2012, 3% higher on a yearly basis mainly driven by a 5% rise in business loans. On a quarterly basis the loan book remained unchanged.

The Greek net loan book decreased by 13% on a yearly basis and 3% on a quarterly basis and stood at 11.5 bln.

As at the end of March 2012, the Group said that its net loan portfolio consisted of 70% business loans and 30% loans to households. Mortgages accounted for 18% of the loan book and consumer loans for 12%.

Total deposits stabilised at 20 bln from the previous quarter “despite the adverse macroeconomic environment that prevailed in general and especially in Greece”, but were still down 16.5% from the first quarter of 2011 mainly due to the reduction in deposits in Greece.

Income up 25%, deposits stable NPLs rise to 16%

NPL RATIO AT 16%

In the short-term, the Group seems to be on a path of recovery as it reported total operating income of 247 mln euros, up by 25% compared to the last quarter of 2011, but still down 22% from 317 mln in the first quarter last year.

Total operating expenses of 148 mln euros were down 16% from the last quarter of 2011 and 6% on a yearly basis.

Total Group provisions were up nearly 51% to 119 mln euros compared to 78 mln a year ago.

Total net loans stood at 24.2 bln, 2% lower from the previous quarter

The NPL ratio increased to 16% compared with 13.9% on 31 December 2011. Cypriot non-performing loans increased by 141 mln in the first quarter 2012, driving the NPL ratio to 9.4%, 130 basis points higher compared to fourth quarter 2011.

In Greece due to the ongoing worsening crisis, the NPL ratio rose to 22.8% in the first quarter, 330 basis points higher versus fourth quarter 2011.

With regards to Group international operations, non-performing loans fell by 23 mln euros in the first quarter 2012, resulting in a decrease of the NPL ratio by 50 basis points on a quarterly basis and by 140 basis points on a yearly basis to 10.3%.

Popular Bank sees interest for rights issue, no ring-fencing The Popular Bank, the island’s second biggest lender that is struggling to recover from a massive exposure to Greek sovereign debt, is hopeful that an upcoming rights issue will be picked up by existing and new shareholders.

The 1.8 bln euro issue to be underwritten by the state will effectively part-nationalise the recapitalized bank with the government appointing up to eight board members and taking control of the bank.

The bank’s chairman and former Finance Minister Michalis Sarris told a new briefing Thursday that although the 10c price of the rights is at par with the current stock market value of the shares, major shareholders from Cyprus “have not yet indicated if they will participate fully or partly with their allocated rights.”

“The private sector, too, has been affected by the current economic crisis and many of them have liquidity issues,” said Sarris, but was quickly reassured by the bank’s CEO Christos Stylianides that Cypriot shareholders “have expressed a desire to participate in the issue.”

Sarris admitted that “mistakes were made in the past”, especially as regarding the enormous exposure to about 3 mln euros of Greek government bonds (GGBs) in 2008 and 2009, that have since suffered a 76% writedown, pushing the bank into the red to the tune of 2.8 bln euros last year.

CEO Stylianides revealed that the bank’s board was unaware of a warning letter sent by former centralbanker Athanassios Orphanides urging Marfin Popular Bank, as it was called at the time, to reduce its

exposure to GGBs. The communist government in Cyprus had sided with major shareholder Andreas Vgenopoulos in efforts to oust Orphanides blaming the latter for the demise of the Cyprus banking system.

As regards large loans held by board members or groups controlled by board members in Greece, Stylianides said that these people should resign in order to release the bank from the strict requirement of all board members’ loan exposure not exceeding 2% of the capital.

GREECE IS 50% “We have disposed of two subsidiaries, but our presence in Greece represented nearly 50% of our Group operations up to March 2011 where we also maintain a market share of about 5% in all areas of activity,” Sarris said.

The loan and asset portfolio of some 11 bln euros in Greece represents a mix of operations, from retail banking to shipping, Sarris said, but excluded the prospect of splitting the group into a “good bank” in Cyprus and a “bad bank” in Greece. However, he was also optimistic that the central bank of Greece may consider some assistance to Popular due to its significant presence there.

Four Greek banks – National Bank, Alpha, EFG Eurobank and Piraeus – are to share a recapitalisation boost of some 18 bln euros, but Popular and the Societe Generale subsidiary Emporiki have been excluded, for now.

The parliament in Cyprus has approved the appointment of five offi-

cials representing the state on the board of Popular Bank, with a further three expected to be appointed if the government takes full control.

The rights issue, the conversion of bonds, as well as other cost-cutting measures that include redundancies, pay cuts of 12.5% and the reduction of operational costs by at least 7% should help the bank replenish its core tier 1 capital by June 30, in accordance with European Banking Authority demands.

Similar to the part nationalisation of Lloyd’s and the Royal Bank of Scotland, the government will take up the balance of unsold rights through a bond-for-equity swap, but will seek an early exit, probably within five years. The rights issue will first be offered to existing shareholders, then through a private placement to potential institutional investors, according to the prospectus submitted to the Securities and Exchange Commission.

The amount, equivalent to about 10% of Cyprus GDP, forms the bulk of a 1.97 bln euro capital shortfall identified by the EBA.

NEW BOARD MEMBERS In accordance with the state bailout plan, the Minister of Finance has appointed five new directors to Laiki’s board, while it may appoint three more and take full control of the bank does not find investors in time.

The new board members are Andreas Trokkos, Spyros Episcopou, Andreas Philippou, Andreas Zachariades and Marios Hadjiyiannakis.

Is CSE making a comeback?

In what is probably a premature sign of recovery, the Cyprus Stock Exchange saw the All-Share Index rise 0.39% on Tuesday after consecutive session falls, ending at 141.68 points, having lost 52% so far this year.

Bank of Cyprus shares saw a mild uptick of 0.7%, closing the

Retail sales fall 1.5% y/y in March Retail sales volumes fell over the year earlier by 1.5% in March according to provisional estimates.

The decline came after a mild recovery in March, when sales rose over the year earlier by 0.5%.

For the period January-March 2012, retail sales are provisionally estimated to have decreased by 0.7% compared with the first quarter of 2011.

day at 28.7c. Having shed 53% of its value so far this year, the market cap is estimated at 515 mln euros.

The plunging Popular Bank shares halted their downfall and the stock seems to have stabilised at 8.7c, giving the bank a market cap of 140 mln euros, down 70% this year.

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Hellenic Bank saw its shares drop 0.55% to 18.1c, down 49% this year.

With a mere 511,000 euros traded on the Exchange, 14 stocks recorded a rise, including Demetra Investment (+1.49% at 20.4c) and A. Tsokkos Hotels (+1.89% at 5.4c).

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CYPRUS

Can Cyprus workers learn from Germany?

Ten years ago Cyprus was enjoying full employment and Germany was struggling with high jobless rates.

Ten years later, Cyprus’s unemployment has hit 10% and Germany’s is just 5.6%.

This could be linked to the fact that Germany’s wage increases have been slower and its productivity growth higher than that of Cyprus.

This, in turn could be linked to the well developed model of cooperation between the unions and employers in Germany The German model will be the focus of discussion this afternoon at Hilton Park at an open conference organised by the Cyprus Chamber of Commerce and Industry (KEVE) with the support of the German leftwing Friedrich Ebert Stiftung, PWC Cyprus and the German embassy.

There will be inaugural speeches by Finance Minister Vassos Shiarly, Uwe Wixforth of the German Embassy, Evgenios Evgeniou, CEO of PwC, and Hubert Faustmann, FES Representative in Cyprus.

Dirk ¡eumann of the Confederation of German Trade Unions (DGB) will present a trade union perspective, Dr Nicole Elert, a PwC Partner, will look at the issue from an employers perspective and Fiona Mullen of Sapienta Economics will probe the link between competitiveness and jobs as a comparison of Germany and Cyprus.

The second part of the seminar will include Michael Persianis, Economics Editor at Kathimerini Cyprus, Prof. Panos Pashardes from the University of Cyprus, Dirk ¡eumann (DGB), Nicole Elert (PwC) and Fiona Mullen.

The seminar starts at 3pm and proceedings will be in English.

For more information call Julia Kalimeri on 96565015.

Minister announces Nicosia ring road, Chinese interest for Larnaca The government hopes to secure EU funding to build a 350 mln euros ring road around Nicosia, Communications and Works Minister Efthymios Flourentzou said.

He said the 25 klm-long project needs EU funding. “Our goal is to do as much road infrastructure as possible, but this goal is being adversely affected by the financial crisis”, he said.

Flourentzou was also asked on reconstruction works at Faneromeni Avenue, in Larnaca, which came to a halt, and responded that problems were overcome and work is expected to commence soon.

The Minister finally noted that the government is currently evaluating a proposal by Chinese investors concerning the old Larnaca airport site.

The proposal submitted, foresees a 50-year long lease of the site, to turn in to a logistical center, and the investment is estimated at 600 mln euros.

Before reaching an agreement, there are many issues the intraministerial committee, charged with the proposal’s evaluation, needs to probe for an investment of this magnitude, the Minister concluded.

FINANCIAL MIRROR, May 30 - June 5, 2012

Van Rompuy: Opposing deficit reduction and growth is a false debate The EU Council presidency is a fundamental feature of our Union and must be fully respected by all, President of the European Council Herman Van Rompuy said on Monday, referring to Turkey.

In statements he made after a meeting he had with President Demetris Christofias in Nicosia, Van Rompuy said that during the meeting he was briefed of recent developments in the UN-led talks.

“The EU continues to attach utmost importance to the continuation of the negotiations and calls on both sides to make every effort to pave the way for a comprehensive settlement”, he said, adding that the “status quo is in no one’s interest”.

Although, Van Rompuy said, “this is a Cypriot led process, the EU stands ready to provide the necessary support”.

The ultimate goal, he added is a united Cyprus in the EU. The two men also spoke of the need for growth in Europe, with Van Rompuy expressing the view that “it is obvious that opposing deficit reduction and growth is a false debate”. They are, he said, “two sides of the same coin”.

Referring to the plans the EU has made to boost growth, he spoke of three pillars, which will be based on the Europe 2020 strategy.

The first has to do with mobilising EU policies to fully support growth. As an example of that, he gave the need for rapid progress on important legislative proposals such as the Single Market Act or the Energy Efficiency Directive.

The second pillar, Van Rompuy said, has to do with stepping up “our efforts to finance the economy through investments and better access of SMEs to credit, to complement reforms”. In this context, the European Investment Bank has been invited to consider an increase of capital by June to be used by supporting projects across the EU, he added.

The third pillar, he noted, is to strengthen job creation.

“We need reforms and measures to support the labour demand and job-creation”, he said.

Van Rompuy further expressed the view that the European Council to take place at the end of June which will focus for the first time at summit level on the Multiannual Financial Framework will “set the stage for the high- level negotiations which will continue during the Cyprus EU presidency”.

“Our goal is to conclude them by the end of this year to equip the EU with a growth and job-enhancing tool, which will support – both directly and indirectly – thousands of investments in different areas”.

On his part, President Christofias expressed the point of view that “austerity-only policies, evidently lead our economies to deeper recession”, adding that “we can and we must give back hope again to the European citizens”.

Firstly, he noted, “we must give prospects and hope to our young people, to the future of our Europe”.

At the same time, he expressed the hope that “we shall all seize the opportunity ahead of us in the upcoming semester and agree to adopt a development budget of the Union for the next programming period of 2014-2020”.

President Christofias further said that “I believe that if we faithfully follow the Community method, Europe will once again be able to tackle methodically and effectively the crisis and come out stronger from this grave period”.

President Christofias also spoke of the difficulties the Cypriot economy faces as a result of the crisis of Greece and the exposure of Cypriot banks to Greek bonds.

“Our efforts focus on avoiding entry into the European Stability Mechanism”, he said, adding that “however, I would like to thank the President sincerely for his assurances regarding Brussels’ readiness to help if need be”.

More taxes on tobacco, spirits l

Civil servants left untouched

Minister of Finance Vasos Shiarly said on Monday that in a few days a new package of economic measures will be ready, including taxes on tobacco, spirits, property and luxury goods. He added that some of the measures will be submitted to parliament for ratification, while others will be approved directly by the Council of Ministers.

New measures include doubling taxes on rolling tobacco, higher taxes on spirits, a luxury tax and a net asset tax.

The Minister also hopes to reform the inheritance tax and some aspects of property tax, while parliament already approved a previous set of new tax rules such as reduced 5% VAT on all property purchases, even by non-EU citizens.

However, Shiarly wants to abolish extensive privileges enjoyed by civil servants that amount to as much as 100 mln euros a year.

Another measure that will find support from the employers groups

is the limiting of the automatic wage indexation system (ATA) only to individuals that earn no more than 40,000 euros a year. This is regarded as a compromise in the face of a general need to abolish the cost-ofliving allowance.

Shiarly also wants to go ahead with the privatisation of the Cyprus Stock Exchange, that could earn the state some 20-30 mln euros, but investors caution that the sale should proceed with transparency.

However, probably under pressure from the communist Akel party, the Minister seems to be shying away from taxing the lump sum awarded to civil servants beyond their pension benefits, nor a reduction in their 13th month salary, not even a reduction in the income tax threshold of 19,600 euros a year.

Shiarly hopes to save some 200 mln euros and meet EU budget deficit requirements.

EuroAsia Interconnector proceeds rapidly Lois Builders JV delivers €15.6 mln ParalimniDherynia road A joint venture between Lois Builders, Phoenix Constructions and Greece’s Ergodynamiki Patron ATE delivered the 4.2 km road section on Friday connecting Dherynia to Paralimni.

The project, that took 30 months to complete at a cost of 15.56 mln euros, included resurfacing and widening the old road, the creation of on-street parking for 800 cars, a junction that connects the existing road to Protaras with an option to extend to Famagusta and Dherynia Industrial Estate, pavements with access for the disabled and markings for bicycle lanes, green areas, bus stops, repair of old bridges, a new pedestrian bridge, street lighting and rain water ducts.

This adds to Lois Builders’ record of over 200 projects that include Stasinou Nouvel Tower 25, the eco-friendly Forum School, the Cyprus Olympic Committee building, the Ministry of Finance, the European University Cyprus, Hilton park in Nicosia, the Almyra hotel, Frederick University and other public buildings.

The EuroAsia Interconnector Energy Bridge is a massive project with unprecedented challenges that require determination, organisational excellence, advanced technology and flawless coordination among state and private partners, Nassos Ktorides, head of the project steering committee, told a briefing to the energy regulatory authorities of Greece and Cyprus.

The project has secured the cooperation of the leader of the submarine cable that links Norway and the Netherlands (NorNed). The project has also commissioned the most modern ship in the world, which is able to submerge two layers of cables simultaneously to a depth of 3000 meters.

The feasibility studies are in progress and their findings will be ready to present to the governments of Israel, Cyprus and Greece by October 28, Ktorides said, adding that “the project is of national importance for both Cyprus and Greece and is proceeding rapidly.”

It was confirmed that the project will be completed 36 months from the day of commencement of the work. It was also reported that there is strong interest from state energy companies in Europe for the advance purchase of electricity output.

George Shammas, President of the Cyprus Energy Regulatory, said “the Authority views the project positively and where feasible will do everything possible to the support it.”

Nikos Vasilakos, President of the Greek Regulatory Authority,

recommended that the Energy Bridge project managers work closely with national regulators and with energy managers to ensure a successful outcome.

FINANCIAL MIRROR, May 30 - June 5, 2012

CYPRUS

5

Bankers: stop putting all your eggs in one basket!

GEORGE THEOCHARIDES In the last few months, we have experienced a period of extreme uncertainty in our banking sector and the economy as a whole, mainly because of the massive losses of our banks from the Greek debt restructuring. An amount of about five billion euros has been wiped out from our banks’ balance sheets with the implementation of the famous Public Sector Involvement (PSI), that’s almost 30% of the country’s GDP for 2011! Since then we have witnessed desperate efforts by the banks to achieve the recapitalization targets needed by the European Banking Authority by the end of June. After it seemed impossible to find the capital needed from private investors, the government was forced to step in to help by underwriting the issuance of capital that needs to be raised for Laiki bank – an amount of ?1.8 billion, which is almost 10% of the country’s GDP! The top management and board of directors of these banks received massive criticism and accusations for their actions, mainly for speculating (or gambling) with investors’ and depositors’ money and investing in the risky Greek government bonds. Several accusations were also targeted to the former Governor of the Central Bank for failing to monitor and supervise appropriately the actions of these banks.

Although these accusations maybe valid, in my opinion the main criticism should be centered on the failure of these banks to diversify their portfolio. Basic knowledge of finance tells you that you should NEVER

put all your eggs in one basket. By combining various assets in your portfolio, you gain the benefits of diversification that can help to eliminate the idiosyncratic (or issuer-specific) risk, leaving you with the systematic (or undiversifiable) risk. For example, if banks held a diversified portfolio, then any losses resulting from the Greek haircut could have been offset by gains in other assets in their portfolio. Investing in risky securities is not a sin and investors can come with different risk appetites, but it’s certainly not wise to not properly diversify your portfolio.

We have also heard extensively the excuse from bankers that sovereign debt is risk-free and no one expected at the time that Greece would fail to repay their debt. Although there is some truth to that, in the sense that Greece is part of a monetary union of European member states, we know from our experience in the past that lots of countries defaulted on their sovereign debt (prime examples are Russia in 1998 and Argentina in 2002). Since we know now that part of the acquisition of Greek government bonds were from the secondary market (i.e. from third parties) and not the primary market (i.e. the direct issuance of the bonds from the Greek government) at a time when these bonds were trading at large discounts, it should have raised a big red flag to these banks that this can be a very risky investment.

Furthermore, it should have been a warning sign about the dangers of their massive, expansionary Greek operations. But it seems that they decided to take the gamble in order to achieve high returns, without having a well-diversified portfolio. In the end, it turned out that this

GRS opens Malta office GRS Recruitment, the leading recruitment consultancy in Cyprus, ris expanding its network with an office in Malta. The company was established in 2005 and already operates offices in Nicosia and Limassol employing 18 people. It now aims to support the well-established and growing finance and professional sectors in Malta.

“We saw Malta as an exciting opportunity as a number of our international clients have recently opened up there and we saw it as a natural progression especially as a jurisdiction as Malta is particularly attractive for Cyprus entities from a tax perspective,” said Steve Slocombe, co-founder of GRS. “It also affords us an opportunity to expand our business into a country that has significant synergies with Cyprus as a low tax jurisdiction.”

“Malta is becoming increasingly popular as a fund jurisdiction, a regional hub for financial services and is an attractive location geographically particularly for clients from mainland Europe” added Donna Stephenson, also co-founder of GRS. Located in Floriana next to the Belgian Embassy,

George Theocharides is Associate Professor of Finance and Director of MSc in Finance & Banking at the Cyprus International Institute of Management (CIIM). http://www.ciim.ac.cy/georghio/

Vassiliko in full operation

by March 2013

the new location offers all of GRS’s services, including permanent recruitment, temporary staffing solutions, outsourced payroll and outplacement services. Areas of specialisation include funds, trusts/fiduciary, corporate services, accounting, legal and IT.

Laiki shows during EU Presidency The Laiki Bank Cultural Centre is organising a series of exhibitions and related events in view of Cyprus’ Presidency of the Council of the European Union.

“From Arrival To Departure” (July – December 2012) will be held at Larnaca airport with an exhibition of interactive works by six artists from three Mediterranean states: Cyprus, Greece and Malta.

“A Meeting Of Contemporary And Ancient Art Layers Of Time” by Theodoulos Gregoriou (September 2012 – May 2013) will be held at the Pierides – Laiki Bank Museum in Larnaca, inspired by the archaeological collection of the Museum.

“Beyond Dress Codes” (September 2012 – May 2013) at the Byron Avenue Museum in Nicosia presents 140 drawings depicting traditional Greek and Cypriot costumes by illustrator Gisi Papageorgiou and 40 original creations of prominent fashion designers such as Jean Paul Gaultier, John Galliano, Sophia Kokosalaki, Angelos Bratis, Dimitris Dassios, Yiorgos Eleftheriadis, Parthenis, Loukia, MiRo, Mastori / Motwary, Ioannis Guia, Thanos Kyriakides, Deux Hommes, with an additional 20 creations by Cypriot

risky investment failed to pay out.

I agree with all those people that argue for a thorough investigation into what went wrong (and the parties responsible) that led to these massive losses. If the above situation happened to other industries, one can say that this could have been an internal issue to be dealt by the existing shareholders. However, the banking sector is an entirely different case as it carries systemic risk that can lead to the collapse of the whole economy (especially in Cyprus where we have such a massive banking sector in relation to the country’s GDP). That is why the government had no other option but to intervene, underwrite the new issuance, and bring back some stability and security to the market (I would argue though here that this action should have occurred months ago rather than wait until the last minute). Let’s hope next month Greece puts together a government that is pro-euro and continues with its necessary reforms, the banks achieve the desired recapitalization, and our government keeps its promise to bring down the budget deficit to 2.5% for 2012 and comes up with effective measures for promoting growth. Only then we can be optimistic that better days lie ahead.

fashion designers, including Hussein Chalayan.

On a similar theme, “Before Dress Codes: From Tradition To Modernity” (October 2012 – May 2013) at the Laiki Bank Cultural Centre Hall in Nicosia is a retrospective exhibition documenting the evolution of traditional Cypriot attire from the Byzantine period to the 1960s, including costumes, accessories and jewellery from the Ethnographic Collection of the Laiki Bank Cultural Centre and the Aziz Damdelen Collection of Turkish Cypriot dress.

“Art Is... The Art Of Cyprus Through The Ages” will remain open until July, 31, 2012 at the Byron Avenue Museum in Nicosia with a selection from the Antiquity Collection, the Ethnographic Collection, as well as the Contemporary Art Collection of the Laiki Bank.

Part of the exhibition is also on display in the inner Foyer of the European Parliament House of Cyprus.

Finally, the Laiki Bank Cultural Centre will take part with important exhibits taken from its collections in three other exhibitions: the Bozar Centre for Fine Arts, the Royal Museums of Art and History and the Louvre Museum in Paris.

The Vassiliko power plant, the island’s main electricity supplier decimated by a deadly ammunitions blast last July, will return to full operation by March 2013, Haris Thrasou, chairman of the Electricity Authority of Cyprus said.

Thrasou said that the power plant will reach it pre-2011 its output level of about 1300MW. The power plant was destroyed when nearly 100 containers laden with a confiscated arms shipment from Iran headed to Syria exploded in sweltering heat, killing 13 soldiers and firefighters. The outage brought the island’s power grid to its jknees and businesses continued to suffer throughout the year, with the cost on the economy estimated to have exceeded one billion euros (1.25 bln dollars).

Since then, the EAC has relied on mobile power units to supplement energy loss, with renewable sources of energy – wind and solar – providing less than 10% of the island’s needs. The government was also obliged to buy electricity from the Turkishoccupied north, causing further friction among the Greek Cypriot society.

Thrasou added that the leased mobile units are expected to be removed by the end of this year, ending a 6.96% levy on energy bills to pay for their rent.

“We are working in full swing, in order to secure sufficient power supply in the summer, and satisfy

demand during the peak season,” he said. By July 15, he added, more reserve mobile units of 120 MW will be installed in the grid, in case of higher than predicted energy demand.

As regards the reconstruction of the Vassiliko power station, Thrasou said that part of the plant’s Unit 5 will be in place by June with its full operation scheduled for August. Energy output is expected at 220 MW, to which another 70 MW from Unit 4 will be added.

6

COMMENT

EDITORIAL

Holier Than Thou…

The naïve and arrogant way the Biblical and Archaeology Society of America has chosen to organise a “tour in the footsteps of St Paul” has once again exposed the weaknesses and vulnerability of movement across the Green Line, a bizarre status quo that none of our EU and American “friends” want resolved.

The BAS was approached by the Association of Cypriot Archaeologists, as well as Cypriot diplomats in the U.S., to be advised to change their schedule, whereby after their visit to Turkey, the group would need to arrive through a recognised port of entry and not through Tymbou, a.k.a. Ercan. Naturally, the Society based its decisions on the advice received from a travel agent in Turkey and on the vague documentation posted by the State Department on its website which allows great room for interpretation.

What is important here is the moral aspect of the whole situation. On the one hand we have the Republic of Cyprus that wants to be seen to encourage north-south trade and movement, but is not too sure to what length. Then you have the Turkish Cypriots who scream about “isolation” every time they are given a chance, with our diplomatic service unable to counter the claims due to the extensive firepower and cozy alliances Ankara enjoys with its North Atlantic partners.

Perhaps BAS members consider themselves as more Christian than others, in which case it would be easier to ignore the fact that Pope Benedict XVI chose to arrive on the island at the exact point where St. Paul arrived, ie. in Paphos, probably the most important location related to the apostle outside of the Holy Lands and Rome.

Instead of rummaging through the bags of visitors from the Republic who may buy a handful of goods in the north, thus encouraging the economic support given to Turkish Cypriot traders, the Customs officials should start implementing the letter of the law, whereby nonEU nationals cannot enter the Republic if they have arrived on the island via Turkey.

If the Pope could do it, why can’t the Americans?

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

FINANCIAL MIRROR, May 30 - June 5, 2012

Political Dimensions of the Second Licensing Round DR ANDRESTINOS N. PAPADOPOULOS Ambassador a.h.

The recent discoveries of natural gas and oil in the Exclusive Economic Zone (EEZ) of Cyprus and the wider area of the eastern Mediterranean have changed the energy map and brought forward two issues. First, the downgrading of the role of Turkey as a transit hub for hydrocarbons from Russia, the Caspian Sea and the Middle East to the European market, hence the threats against Cyprus, and second, the projection of the strategic importance of Cyprus as a means of transporting natural gas from the Eastern Mediterranean to Europe, resulting in the reduction of its dependence on Russian gas.

Concerning the first, it should be mentioned that Turkey is surrounded by 70% of the world’s oil and gas reserves and its geographic location enhances its role as an energy transit hub connecting the markets that surround it. It suffices to mention the Baku-Tiblisi-Ceyhan, the Kirkuk-Ceyhan and the Tabrir-Ankara pipelines, as well as the Blue Stream between Russia and Turkey. As a regional power, therefore, Turkey is seeking an important role not only in the protection of air and sea traffic through the Eastern Mediterranean, but also control of access to, and exploration of, the substantial resources below the seabed. Moreover, Turkish revenues from transit fees are substantial and, therefore, not at all negligible.

In view of the above, it is only natural that Turkey objects to the agreements Cyprus has signed with Egypt (2003), Lebanon (2007) and Israel (2010) delineating their respective EEZs. Furthermore, the strategic cooperation between Cyprus and Israel in the field of energy is an additional source of concern for Turkey. As a matter of fact, the heavenly-sent present of natural gas and hydrocarbons in our region has brought Cyprus and Israel closer. The negotiations on the shared development and exploitation of hydrocarbon reservoirs in the cross median line are in their final stages and the signing of the relevant agreement is expected soon.

When Noble Energy started drilling in Block 12 of Cyprus’ EEZ the reaction of Turkey was strong. Her threats, however, were met by the unanimous stand of the international community, which defended

Cyprus’ sovereign right to explore and exploit the resources of its EEZ. The recent interest of 15 European and other bidders at the second licensing round angered Turkey more, as it represents not only an additional confirmation of Cyprus’ sovereign rights in its EEZ but also damages Turkish interests.

In a statement, dated 18 May 2012 the Turkish Foreign Ministry calls upon the bidders to withdraw their interest and threatens not only them with reprisals, but also the Republic of Cyprus with undesirable tensions. The question arises, however, whether the bidders were unaware of Turkey’s stand on the matter or whether Turkey was expecting a change in the attitude of the international community, which defended Cyprus’ sovereign rights in the case of Block 12. The answer is obvious.

Concerning the second issue, the strategic importance of Cyprus as a transit hub for the provision of Europe with natural gas was recognised by the interest shown at the second licensing round by international heavyweights from European countries, among others, such as France, Italy, the Netherlands and the U.K. The recognition of Cyprus by EU countries as a third corridor which will provide Europe with natural gas from the Eastern Mediterranean is of particular importance, as it means that any action of Cyprus in the energy field is not undertaken pro domo sua, but in the interest of Europe, whose dependence on Russian natural gas will be reduced. For Cyprus, the European involvement is a significant development, since the EU has already recognised the need for active engagement in promoting the energy infrastructure of the Mediterranean, within the framework of the importance it attaches to EU energy supplies.

These are the political dimensions which demand a wise and firm energy policy from Cyprus, within the framework of international law.

It is within this framework that the Turkish threats are unacceptable and the condemnation of the provocative stand of Turkey by the Cyprus Foreign Ministry understandable. Denouncing the Turkish claims, the Foreign Ministry clearly states that an occupying power cannot dictate the policy of an independent and sovereign state. It augurs well that at this juncture the interests of foreign countries coincide with those of Cyprus.

Canada to force striking rail employees to work Talks between Canadian Pacific Railway and the union representing 4,800 striking locomotive engineers have broken down, paving the way for the government to bring in legislation forcing them back to work.

The Canadian government, concerned that a rail strike could hurt an economy still struggling with the aftermath of the last recession, had said it was prepared to introduce the legislation.

The back-to-work bill has yet to be formally l introduced in Parliament. If the government speeds it through the legislative process, it could become law this week.

Members of the Teamsters Canada Rail Conference walked off the job on May 23 after talks over pension issues broke down, shutting down freight traffic across the country.

The majority Conservative government previously used back-to-work legislation to end strikes at Air Canada and at the Canada Post mail services.

A spokeswoman for Labour Minister Lisa Raitt said that government mediators had offered every support possible, but despite months of conciliation, the parties remained far apart.

Speaking on CTV’s “Question Period” before the talks broke

down, Raitt did not say when the back-to-work legislation might land, but noted that the government had got procedural steps out of the way in case it needed to move quickly.

“Still, you have to go through the process in Parliament, so things don’t move fast there at all,” she said.

The minister also said that the government had consulted with businesses to see how deeply the strike was hampering their operations.

Companies across a range of industries have scrambled to find alternative ways to ship their grain, coal, fertiliser, autos and other goods as CP trains sit idle.

One industry group, Canadian Manufacturers & Exporters, called for the federal government to immediately intervene to end the dispute.

“Over the past week, we’ve heard directly from members, large and small, from all sectors of the economy, who have indicated the labour disruption at CP is having a significant impact,” it said in a statement.

Perhaps Cyprus, too, should be stricter with dealing with strikes in “essential services”. Unfortunately, the mediation service has a different view.

A lesson for Cyprus?

Publisher/Managing Editor Masis der Parthogh masis@financialmirror.com Greek Section Editor Angela Komodromou angelak@financialmirror.com Editorial submissions: info@financialmirror.com Advertising inquiries: marketing@financialmirror.com Subscriptions: http://www.financialmirror.com/signup/index.html

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MANAGEMENT TIP OF THE WEEK

Hire for passion If you don’t look for passion in the people you hire, you could end up with employees who never engage especially deeply, says Harvard Business Review.

The Management Tip offers quick, practical management tips and ideas from Harvard Business Review and HBR.org (http://www.hbr.org).

“People are more creative when they feel passionate about their work. Whether they are driven by interest, enjoyment, satisfaction, or a sense of personal challenge, they are more likely to take risks, look for multiple solutions to a problem, and seek out the best one rather than the easiest.

“These are the people you want on your team. Get to know potential hires as thoroughly as possible, even before you have an opening for them. Ask them why they do what they do, what disappointments they’ve had, what their dream jobs would be.

“Look for fire in their eyes as they talk about the work itself, and listen for a deep desire to do something that hasn’t been done before. When you talk to their references, listen for mentions of passion.”

- This week’s management tip was adapted from “Talent, Passion, and the Creativity Maze” by Teresa Amabile and Steve Kramer.

FINANCIAL MIRROR, May 30 - June 5, 2012

COMMENT 7

BOJ gets cold feet after Valentine surprise ANALYSIS Hyped up market expectations of more forceful steps by Japan’s central bank to beat deflation since its two-punch monetary easing has raised concerns it needs to temper the message, or risk leading investors up a blind alley.

The Bank of Japan eased monetary policy in February and set a 1% inflation target to show its determination to fix deflation that has plagued the country for more than a decade.

The aggressive steps, from out of the blue on Valentine’s Day, succeeded in altering market perception of what the authorities would do and how they would do it.

But now, alarmed by what it sees as overblown expectations of frequent easing and worried about demands for more quantitative steps, the BOJ is carefully trying to tell markets that the large-scale stimulus measures in February and April were exceptional and won’t be easily repeated.

The BOJ wants to signal a pause after easing monetary policy twice in just over two months, but without dispelling expectations it will act if the economy slips.

That is a tough balancing act with potential pitfalls and a big challenge for a central bank rarely praised for its skills in communicating with markets.

“The February easing created a misperception that monetary policy can solve everything. That needed to change,” said a source familiar with the central bank’s thinking. “A period of easing sporadically to beat deflation may be coming to an end.”

Another source expressed a similar view.

With interest rates virtually at zero and markets awash with cash, the BOJ knows further easing may not have much direct impact on the economy. But it hopes its actions will lift sentiment, prompting companies and households to spend more.

The BOJ thus won’t rule out another easing but wants to keep its finger firmly on the trigger, unless a Greek exit from the euro zone jolts financial markets or there is clear evidence that Japan’s recovery is being derailed.

That is a different approach from the February and April actions, delivered despite growing economic momentum and justified as aimed at speeding up an exit from deflation.

In a sign of discomfort over the hyped-up expectations, minutes of the April meeting showed board members complaining about “misunderstanding” in markets that the central bank will ease automatically until 1% inflation was in sight regardless of what the economy was doing.

The BOJ presented itself as a bold deflation fighter by setting the inflation target and topping up its asset-buying programme by 10 trln yen ($126 bln), double the usual increment. It followed up with another increase of the same scale in April, bringing the target for asset purchases to 40 trln yen.

l

Wants to flag pause after back-to-back easing Running out of ammunition, the BOJ now wants to pause.

But central bankers are apparently not quite sure how best to do this without disappointing markets and politicians growing impatient with the slow progress in ending deflation.

They got a taste of how tough it is to massage expectations when they removed from a policy statement last week a vow of pursuing “powerful” easing, in place since August 2010.

The move was meant to scale back expectations of frequent easing. It did just that, but a resulting yen rise led Governor Masaaki Shirakawa to stress that there was no change to the bank’s powerful easing stance.

Mari Iwashita, chief market economist at SMBC Nikko Securities in Tokyo, questioned why the phrase was removed from the statement if Shirakawa had to revive it shortly after.

“The statement is an important tool for communication,” she said. “This episode left some lessons for the BOJ on how it wants to communicate with the market.”

TALK AND FORCE-FEEDING The BOJ is walking a tightrope.

It needs to buy 20 trillion yen more of government bonds by June next year. But some of its bond-buying actions failed to draw enough bids this month as it struggles to force-feed funds to markets awash with cash, a sign it may not be able to top up the asset-buying programme as frequently as before. The central bank also worries that boosting bond buying too much without a clear government roadmap to get Japan’s fiscal house in order may cause a jump in yields, a risk that led Fitch Ratings to cut the country’s sovereign debt rating.

Shirakawa has thus stressed more than before that the BOJ is already buying huge amounts of bonds and with borrowing costs close to zero, there is little point in simply pumping money into markets. He has also warned that monetary stimulus cannot cure ills and only buys time for long-term structural reforms.

But the message has fallen on deaf ears to politicians who want bolder monetary support for the economy, particularly with Japan’s huge debt pile leaving little room for fiscal stimulus.

Some lawmakers have called for extreme steps such as revising a law guaranteeing the BOJ’s independence so that the government can tinker with monetary policy.

The government has dismissed such calls but wants the BOJ’s support in shielding the export-reliant economy from the pain of any sharp yen rises as it tries to push through a sales tax increase to solve Japan’s tattered finances.

That means a spike in the yen or jawboning by politicians will remain the key for any further easing, regardless of what line the BOJ wants to sell to markets, analysts say.

Atsushi Mizuno, a former BOJ board member and an executive at Credit Suisse, said the central bank may be saying too much, not too little, and confusing markets on what exactly it wants to achieve.

“Markets don’t have time to read between the lines for subtle messages from the BOJ,” he told Reuters this month.

“What markets want to hear is not what Shirakawa thinks is right but the BOJ’s strong determination to beat deflation.”

France’s Broken Dream MARTIN FELDSTEIN CAMBRIDGE – The crisis in the eurozone is the result of France’s persistent pursuit of the “European project,” the goal of political unification that began after World War II when two leading French politicians, Jean Monnet and Robert Schuman, proposed the creation of a United States of Europe.

Monnet and Schuman argued that a political union similar to America’s would prevent the types of conflict that had caused three major European wars – an appealing idea, but one that overlooked America’s horrific Civil War. A European political union could also make Europe a power comparable to the United States, and thereby give France, with its sophisticated foreign service, an important role in European and world affairs.

The Monnet-Schuman dream led to the 1956 Treaty of Rome, which established a small free-trade area that was later expanded to form the European Economic Community. Establishing the EEC had favorable economic effects, but, like the North American Free Trade Area, it did not reduce national identification or create a sense of political unity.

That was the purpose of the 1992 Maastricht Treaty, which established the European Union. The influential report “One market, one money,” issued in 1990 under the leadership of the former French Finance Minister Jacques Delors, called for the creation of a single currency, relying on the specious argument that the single market could not function well otherwise. More realistically, advocates of a single currency reasoned that it would cause people to identify as Europeans, and that the shift to a single European Central Bank would herald a shift of power away from national governments.

Germany resisted the euro, arguing that full political union should come first. Since there was no chance that the other countries would accept politi-

cal union, Germany’s position seemed like a technical maneuver to prevent the establishment of the single currency. Germany was reluctant to give up the Deutsche Mark, a symbol of its economic power and commitment to price stability. Germany eventually agreed to the creation of the euro only when French President François Mitterrand made it a condition of France’s support for German reunification.

Moreover, under pressure from France, the Maastricht Treaty’s requirement that countries could introduce the euro only if their national debt was less than 60% of GDP was relaxed in order to admit countries that were seen to be “evolving” toward that goal. That modification allowed Greece, Spain, and Italy to be admitted.

The pro-euro politicians ignored economists’ warnings that imposing a single currency on a dozen heterogeneous countries was bound to create serious economic problems. They regarded the economic risks as unimportant relative to their agenda of political unification.

But the creation of the euro caused a sharp fall in interest rates in the peripheral countries, leading to debt-financed housing bubbles and encouraging their governments to borrow to finance increased government spending.

Amazingly, global financial markets ignored the credit risks of this sovereign debt, requiring only very small differences between interest rates on German bonds and those of Greece and other peripheral countries.

That ended in 2010, after Greece admitted that it had lied about its budget deficits and debt. Financial markets responded by demanding much higher rates on the bonds of countries with high government debt ratios and banking systems weakened by excessive mortgage debt.

Three small countries (Greece, Ireland, and Portugal) have been forced to accept help from the International Monetary Fund, and to enact painful contractionary fiscal cuts. The conditions in Greece are now hopeless, and are likely to lead to further defaults and a withdrawal from the eurozone. Spain,

too, is in serious trouble, owing to the budget deficits of its traditionally independent regional governments, the weakness of its banks, and its need to roll over large sovereign-debt balances each year.

It is already clear that the EU’s recently agreed “fiscal compact” will not constrain budget deficits or reduce national debts. Spain was the first to insist that it could not meet the conditions to which it had just agreed, and other countries will soon follow. French President François Hollande has proposed balancing deficit limits with growth initiatives, just as France had earlier forced the EU’s Stability Pact to become the Stability and Growth Pact. The fiscal compact is an empty gesture that may be the last attempt to pretend that EU members are moving toward political unification.

The European project has clearly failed to achieve what French political leaders have wanted from the beginning. Instead of the amity and sense of purpose of which Monnet and Schuman dreamed, there is conflict and disarray.

Europe’s international role is shrinking, with the old G-5 having evolved into the G-20. And, with German Chancellor Angela Merkel setting conditions for the eurozone, France’s ambition to dominate European policy has been thwarted.

Even if most eurozone countries retain the single currency, it will be because abandoning the euro would be financially painful. Now that its weaknesses are clear, the euro will remain a source of trouble rather than a path to political power.

Martin Feldstein, Professor of Economics at Harvard, was Chairman of President Ronald Reagan’s Council of Economic Advisers and is a former president of the US National Bureau for Economic Research. © Project Syndicate, 2012. www.project-syndicate.org

The Cooperative Alternative MAHMOUD MOHIELDIN WASHINGTON, DC – In an era in which conventional models of finance, corporate governance, and corporate responsibility are increasingly debated, if not called into question, it may be time to revisit the alternative approach taken by economic cooperatives. The foundational values of cooperatives embody not only a humane vision, but also a pragmatic approach to production that has enabled the successful ones to thrive – and to spur economic growth in countries that desperately need it.

Cooperative movements took shape in the Americas, Europe, Australia, and Japan in the 1800’s. Many grew from the simple proposition that ordinary people could overcome adversity in the marketplace by banding together to buy and sell goods at reasonable prices, and quickly realized the added benefits of sharing knowledge among members, promoting inclusion, and building social capital.

Today, cooperatives cover a range of activities and come in a variety of shapes and sizes, from small-scale agricultural and consumer organizations in Africa to some of the leading agricultural brands and largest financial-service providers in North America and Europe.

According to the International Cooperative Alliance, a cooperative is a “jointly owned and democratically controlled enterprise.” But, beneath this definition lie rich notions of voluntary association, accountability for strategic decisions, and concern for the communities that cooperatives serve.

Cooperatives have helped to bring information and services to far flung rural communities, empower workers, and expand financial services, healthcare, education, and housing. In doing so, they have transformed the economic and social landscape in countless communities. The International Cooperative

Alliance reports that more than 800 million people are members of cooperatives worldwide.

Moreover, cooperatives account for a significant share of GDP in many countries, and an especially high share of the agricultural and consumer sectors.

Cooperatives are also one of the largest providers of financial intermediation to the poor, serving an estimated 78 million people globally who live on less than $2 per day.

Of course, cooperatives have sometimes struggled to live up to the ideal. In the most egregious cases, some have fallen victim to bad politics, weak governance, or mismanagement. Others are exposed to risks stemming from concentration in a single business sector, commodity, and/or geographic area.

Cooperatives have also wrestled with questions of members’ entry and exit, financial disclosure, and relationships with the non-cooperative sector. And governments have often faced vexing questions with regard to financial regulation and taxation of cooperatives, including treatment of profits and consideration of exemptions.

And now, in a more mobile and urban world, one might ask: can cooperatives maintain their essential character, based on inclusion and knowledge sharing within a community? In a world in which geography is a diminishing barrier to business, can cooperatives sufficiently distinguish themselves as a viable alternative model? Or will they evolve to serve virtual communities, organized around new sets of challenges and opportunities?

The United Nations has declared 2012 the “Year of Cooperatives.” This provides a good opportunity to examine the extraordinary history of cooperatives, assess their strengths and weaknesses, and rekindle a discussion about a development model that promises higher levels of inclusion, ownership, selfdetermination, and concern for community.

The World Bank is active in the development of producer and credit cooperatives around the world. Some of the most notable programs include the Indian Dairy Cooperative, which has created an estimated 250,000 jobs, mostly in rural areas. Similarly, Mexico’s National Savings and Financial Services Bank has helped to strengthen savings and credit institutions that serve millions of rural residents who would otherwise have been relegated to the margins of the formal financial sector.

The Bank’s policy work has re-affirmed the notion that rural producer organizations are fundamental building blocks of agricultural development. And it has helped governments to supervise and regulate cooperative financial institutions. As we search for innovative solutions to today’s development challenges, we should consider what the cooperative movement can offer. That means not only greater economic inclusion, higher agricultural productivity, strengthened food security, and financial stability, but also lessons concerning responsible and sustainable business practices, corporate governance, and community relations. And we should consider how to facilitate the spread of cooperatives’ best practices while avoiding common pitfalls.

The cooperative movement can prompt us to think in new, inspired ways.

Capitalizing on cooperatives’ successes and learning from their mistakes can help us to expand the menu of options as we search for more inclusive and sustainable models of development, and new ways of building and sharing knowledge.

Mahmoud Mohieldin is Managing Director at the World Bank Group, and was formerly Egypt’s minister for investment. © Project Syndicate, 2012. www.project-syndicate.org

10 WORLD

Ukraine’s $13.4 bln soccer spend becomes debt burden Ukraine may never recover all of the billions of dollars it has spent to co-host next month’s European soccer championship and the outlay might complicate its chances of servicing its debt.

The staging of the month-long Euro 2012 tournament absorbing a total of $13.4 bln including $6.6 bln from state coffers - is unlikely to make the former Soviet republic any more inviting for foreign investment, analysts say.

The mathematics of financing Euro 2012, being co-hosted with Poland, are crucial for a country which faces $11.9 bln in debt obligations this year, $5.3 bln of which is denominated in foreign currencies - making it sensitive to movements on foreign exchange markets.

The issue looms large as in June, the government has to repay a $2 bln loan to Russia’s VTB Capital and $500 mln in outstanding Eurobonds.

Kiev has failed to agree on a new credit line with the IMF and has for more than a year been unable to issue Eurobonds to help cover state spending, which has spiked ahead of October’s parliamentary election.

The jailing of opposition leader Yulia Tymoshenko, sentenced to seven years in October for abuse of office, has hurt confidence in Ukraine’s creditworthiness and led to a boycott of the sporting event by some of top European politicians.

A high level of corruption has scared off some foreign investors, while skyrocketing hotel prices have made many soccer fans either cut short their stay or skip it altogether and opt to follow their team’s fortunes on television.

“In effect, the (state) budget took on the additional debt burden and taxpayers for many years to come will be paying for the Euro soccer holiday,” said Erik Nayman at brokerage Capital Times.

Analysts at analytical group Da Vinci AG forecast financial losses suffered from hosting the championship could total between $6 bln and $8 bln.

The National Bank of Ukraine sees $1 bln in capital flowing into the country from visitors who will spend on restaurants, hotels and souvenirs during the month-long championship in Kiev, Donetsk, Kharkiv and Lviv.

But some see lesser benefits and Da Vinci estimates the influx at no more than $800 mln.

So far there seems little evidence that FDI is following the government’s spending.

According to the State Statistics Service, FDI into Ukraine was down last year at $4.6 bln, down from $4.7 bln in 2010 and significantly less than the $8 bln which Ukraine attracted in 2005 in the wake of the pro-Western Orange Revolution.

Graff upbeat on $1 bln IPO, despite market slump London luxury jeweller Graff Diamonds has seen “tremendous interest” for its Hong Kong IPO of up to $1 bln, which is entering its final stretch in the shadow of a global stock market rout.

Famous for its giant and rare gems, Graff will test retail investors’ appetite for what is set to be Asia’s biggest IPO this year, close on the heels of the botched $16 bln Facebook Inc offering, which has undermined investor confidence.

Since Graff Diamonds’ management began meeting institutional investors and fund managers on May 7, global stock markets have gone into a tailspin.

One of Graff’s nearest rivals, Tiffany & Co, cut its sales forecast last week, blaming it on slowing demand from key markets such as China.

The benchmark Hang Seng index is down almost 9%, while stocks in the luxury goods sector have tumbled further.

Like many other luxury names, Graff is betting big time on Asian billionaires, and a Hong Kong listing will bring it to the doorstep of that growth.

Overall retail growth from Asia more than doubled in the first quarter of 2012 from a year ago, and Graff aims to more than triple its directly owned stores in Asia by 2013.

Graff plans to price the offer on Thursday and the stock is expected to debut on June 7 joining Italian fashion house Prada SpA, luggage maker Samsonite, French cosmetics company L’Occitane and other global brands looking to tap booming consumer demand and rising wealth in Asia with a Hong Kong listing.

FINANCIAL MIRROR, May 30 - June 5, 2012

Lessons from the Rock for Europe’s banks In November 2010, rumours swirled through financial markets that Spanish bank BBVA was suffering a run on its deposits. The share price fell before excitable traders realised they had made a mistake.

In fact the bank was holding a “fun run” in Madrid and customers had lined up outside its branches to get their T-shirts. In a jittery market, talk spread quickly and few things worry bank investors and customers more than talk of a run.

Nervous times have returned to the euro zone, and customers are worrying again about whether their savings are safe.

Banks, regulators and policymakers in Greece, Spain and across Europe are back on high alert to avoid a repeat of the most catastrophic risk for a bank — a loss of confidence among savers, or a run on the bank.

A run may start irrationally, but once it takes hold the panic can be entirely rational. No-one wants to be last in line if everyone else is pulling out their cash.

A run on Britain’s Northern Rock in September 2007 was one of the most sudden and shocking events of the financial crisis.

It was the first run on a British bank for more than 100 years and critics said it made the country look like a banana republic. Yet it is providing lessons on how to limit the damage in future.

“The key thing to learn is that runs can happen out of nowhere and once they start they are incredibly difficult to stop. And to stop them you have to do far more than you expect, and to do it far more quickly than you expect,” said Alistair Darling, Britain’s finance minister at the time.

“With what’s going on at the moment, it’s clear that many Greeks have taken their money out. If you’re not careful, a trickle can become a flow and it can then become an absolute torrent,” Darling told Reuters in an interview.

The dynamics have shifted, but there is now a greater risk that panic will spread to more than one bank.

“Northern Rock was a question about the soundness of the bank. Now the question is about the soundness of the government,” said Nicolas Veron at Brussels think-tank Bruegel.

“Then there is a related question - for countries that are at risk of leaving the EU, it could make sense to withdraw the deposits. It becomes a currency risk,” he said.

If Greeks fear their country could leave the euro, they may not want to keep their money in a local bank and risk seeing it devalued.

As a result, deposit insurance schemes can offer only limited support.

A guarantee helps, but not if there are doubts that the government can pay, and it doesn’t protect against currency redenomination, as in Argentina in 2001, when the value of deposits fell 20%.

Reassuring customers they will not lose money and strengthening the deposit guarantee scheme is nonetheless the biggest lesson learned from Northern Rock.

“It came as a bolt from the blue and people weren’t sure of their protection, and then there was some spectacular and sensational media coverage. It was difficult to control,” said a person involved with events at that time.

l

estimated to have been withdrawn.

Other banks also suffered silent runs during the crisis, including Belgium’s Fortis and U.S. lender Wachovia, and in the modern era that is seen as the biggest risk for banks.

It may lack the drama of a High Street panic, but big amounts can move quickly and easily at the click of a mouse.

Britain and other countries have made the rules on compensation less complex and more generous, and banks now regularly communicate that. Four years ago, only the first 2,000 pounds was fully guaranteed, and then 90% of the next 33,000 pounds. Now it is 100% of 85,000 pounds, and other European countries guarantee a similar amount.

Consumers are more financially aware. During Northern Rock’s crisis, a branch manager was barricaded in her office after refusing to allow one couple to withdraw 1 mln pounds. Deposits are now typically distributed across more banks.

As well as being attacked for a poor communications strategy, British authorities were criticised for a lack of contingency planning, weak coordination between the Treasury, the central bank and the regulator, and lax supervision.

Risks at Northern Rock had been identified in “war games” held in 2005, but steps to address weaknesses were not taken.

But Darling said the Northern Rock crisis did mean the government acted sooner and more decisively a year later when Royal Bank of Scotland was on the brink of collapse.

“We were determined that we would not let it happen again, and this time we were dealing with big global players ... we had no hesitation in taking the action we needed to do,” he said.

SLOW RUN Other banks have suffered runs before and since Northern Rock, and more will in future.

“If people think that their money might be at risk, it’s entirely rational for them to take it out,” Darling said.

In 1933, President Franklin Roosevelt took drastic action to halt a series of runs on U.S. banks, successfully calming savers with an effective 100% deposit insurance.

Greeks were last week rattled after the country’s president said savers had withdrawn 700 mln euros in one day. That prompted a similar amount to be withdrawn the next day.

The exodus slowed, and there has been no sign of panic or queues at branches in Athens. But there had already been a slow run on Greek deposits — about 72 bln euros, or 30%, has been taken out since the start of 2010.

A bigger worry is that Madrid’s banking crisis or a Greek euro zone exit could prompt an exodus from Spanish banks.

Shares in Bankia plunged last week after a report that 1 bln euros had been pulled out by customers, forcing the government to deny the claim.

There has been no sign of panic in Spain, and the latest deposits data from its central bank showed a slight increase in March, although about 55 bln euros has been withdrawn in the year to March, or 4.6%.

But Santander’s British arm did see 200 mln pounds withdrawn last Friday after it was included in a Moody’s credit rating downgrade of Spanish banks.

Several local governments withdrew funds from Santander UK due to worries about its parent, Spain, or the euro zone, even though it is an autonomous subsidiary and is self-sufficient in capital and funding, showing the risk of a run is not just about retail customers.

Britain’s local authorities are risk-averse after many lost millions of pounds held in Icelandic banks.

Plymouth City Council told Reuters it removed funds from Santander UK on Friday, while Kent, Oxford and Waltham Forest said they had taken out deposits and were reviewing the situation. John Simmonds of Kent County Council said he was reassured that capital could not be drained by its Spanish parent, but he was now “waiting for the fog to clear a little”.

At least five more councils, including Westminster and Middlesbrough, told Reuters they had stopped depositing cash with Santander UK in the last two years, due to Spain and the euro zone concerns.

Unlike four years ago, there was a swift reaction to quell any panic, and the Financial Services Authority confirmed no money could be sent to bail out the parent. Santander UK said activity returned to normal the day after Friday’s withdrawals.

With the euro zone crisis likely to drag on, there have been calls for a pan-European deposit scheme to reassure savers in countries like Greece. But that would fail to protect against currency risk and would probably face opposition in Germany, which does not want to pay for more problems elsewhere.

Northern Rock “run” was due to bank risk l Threat now is country risk

RUN ON THE ROCK Northern Rock was caught on the back foot when news of its problems were reported by the BBC late one Thursday night.

The bank, which had grown rapidly to become Britain’s fifth biggest mortgage lender, had needed emergency funding from the Bank of England a few days before, having been frozen out of wholesale funding markets due to a reckless business model.

The BBC report caused panic among savers, which got worse when policymakers were slow to reassure them.

Thousands queued outside Northern Rock’s bracnhes from early that Friday, over the weekend, and on the Monday. When Darling stood up to tell people their savings would be 100 percent guaranteed, the queues quickly disappeared.

Reassurance came too slowly and ministers were criticised for not doing enough to calm savers.

“Our lesson from Northern Rock is we let it run for three or four days, which was far, far too long,” Darling said.

“The problem was the government did not appear to be in control of events, and it wasn’t. It wasn’t until the Monday evening when I announced the formal guarantees that we were able to stop money leaving,” he said.

Although that slowed the visible run, deposits continued to be pulled from Northern Rock by online, postal and telephone customers in a socalled silent run.

About half of Northern Rock’s 24 bln pounds of retail deposits were

Ã∏ª∞&∞°√ƒ∞ EB¢OMA¢IAIA OIKONOMIKH ¶√§π∆π∫∏ EºHMEPI¢A

www.financialmirror.com

AÚ. 866

∆∂∆∞ƒ∆∏, 30 ª∞´√À, 2012

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Ã∞∫: 2 ÛÙÔ˘˜ 3 ÂÂÓ‰˘Ù¤˜ ÙÔÔıÂÙË̤ÓÔÈ Û ̛· ÌÂÙÔ¯‹ Τοποθετηµένοι σε µία µÞλισ µετοχή είναι δύο στουσ τρεισ επενδυτέσ στο ΚυπριακÞ Χρηµατιστήριο. Το ενδιαφέρον αυτÞ στοιχείο προκύπτει απÞ το τελευταίο µηνιαίο στατιστικÞ δελτίου του ΧΑΚ. Συγκεκριµένα το 66,43% που αντιστοιχεί σε 167,906 ενεργέσ µερίδεσ είχαν µÞνο µία µετοχή, ενώ τοποθετηµένοι σε 2-5 µετοχέσ ήταν το 28,02% των επενδυτών. ΑπÞ εκεί και πέρα 6-10 µετοχέσ είχε το 4,39% των επενδυτών του ΧΑΚ, ενώ πάνω απÞ 10 µετοχέσ είχε µÞλισ το 1,16%. Συνολικά µε βάση πάντα τα στοιχεία του ΧΑΚ για το µήνα Απρίλιο υπήρχαν 252,738 ενεργέσ µερίδεσ επενδυτών. Σε Þτι αφορά τη γεωγραφική προέλευση των Κυπρίων επενδυτών το 42,48% ήταν απÞ τη Λευκωσία, το 27,26% απÞ τη ΛεµεσÞ, το 14,22% απÞ τη Λάρνακα, το 10,11% απÞ την Πάφο και το 5,94% απÞ την ελεύθερη ΑµµÞχωστο. Τέλοσ, σχετικά µε τουσ ξένουσ επενδυτέσ το 31,68% ήταν απÞ την Ελλάδα, το 26,38% απÞ τη Ρωσία, το 18,75% απÞ Μεγάλη Βρετανία, το 4,34% απÞ Ουκρανία και το 3,43% απÞ τισ Η.Π.Α.

™‡Ìʈӷ Ì ÙÚ·Â˙Èο ÛÙÂϤ¯Ë, ÙÔÓ ÙÂÏÂ˘Ù·›Ô ¯ÚfiÓÔ Î·Ù·ÁÚ¿ÊÂÙ·È ÌÂÁ¿ÏË ·‡ÍËÛË ÛÙË ˙‹ÙËÛË ÁÈ· ÂÓÔÈΛ·ÛË ÙÚ·Â˙ÈÎÒÓ ı˘Ú›‰ˆÓ, Ì ·ÔÙ¤ÏÂÛÌ· ÛÙ· ÌÂÁ¿Ï· ηٷÛÙ‹Ì·Ù· ÙˆÓ ÙÚ·Â˙ÒÓ Ô˘ ‰È·ı¤ÙÔ˘Ó ÙËÓ ··ÈÙÔ‡ÌÂÓË ˘Ô‰ÔÌ‹, Ó· ˘¿Ú¯ÂÈ ¤ÏÏÂÈ„Ë ı˘Ú›‰ˆÓ. ∆· ÚÔËÁÔ‡ÌÂÓ· ¯ÚfiÓÈ· ÌÔÓ¿¯· ÙÔ 30% ÙˆÓ ı˘Ú›‰ˆÓ, ‹Ù·Ó Î·Ï˘Ì̤ÓÔ, ÂÓÒ ÙÒÚ· ˘¿Ú¯ÂÈ ·˘ÍË̤ÓË ˙‹ÙËÛË.

2 σελ. 5/15

Ã∞ƒ∞∆™π ™∂ ¶√∆∞ ∫∞π ∆™π°∞ƒ∞

πÔ‡ÓÈÔ ÙÔ ·Î¤ÙÔ Ì¤ÙÚˆÓ Â͢Á›·ÓÛ˘

Triple Five: 濯ÓÂÈ ÁÈ· ¤‰Ú· ÛÙËÓ §Â˘ÎˆÛ›· Σε προχωρηµένεσ συζητήσεισ µε επιχειρηµατίεσ στην Κύπρο για εξαγορά του κτηρίου το οποίο θα αποτελέσει το προπύργιο τησ για τισ επενδύσεισ που θα πραγµατοποιήσει στο νησί µασ προχωρεί αυτÞ το διάστηµα η εταιρεία Triple Five. Ùπωσ πληροφορείται η Financial Mirror, τα κτήρια τα οποία ενδιαφέρει να αγοράσει ο Ναντέρ Γκερµεζιάν είναι το Patroclos Tower στη ΛεωφÞρο Σπύρου Κυπριανού στη Λευκωσία, το Rotos Residence το οποίο βρίσκεται πλησίον του Προεδρικού Μεγάρου και ένα κτήριο το οποίο είναι υπÞ ανέγερση στη ΛεωφÞρο Κέννετυ στη Λευκωσία. ΣτÞχοσ είναι η εξαγορά να ολοκληρωθεί το αργÞτερο αρχέσ του 2013. Η Triple Five ωσ γνωστÞ ενδιαφέρεται να εξαγοράσει το πλειοψηφικÞ πακέτο στισ Κυπριακέσ Αερογραµµέσ, ενώ παράλληλα συµµετέχει σε κοινοπραξία για εξασφάλιση οικοπέδου στην κυπριακή ΑΟΖ, διεκδικώντασ τα ΟικÞπεδα 2 και 9.

Cyta: ºÂ‡ÁÂÈ Ô ºÒÙ˘ ™·‚‚›‰Ë˜ Αλλαγή σκυτάλησ επίκειται στη Cyta Κύπρου απÞ την 1η Νοεµβρίου του 2012 καθώσ ο νυν Ανώτατοσ ΕκτελεστικÞσ ∆ιευθυντήσ Φώτησ Σαββίδησ αναµένεται να αποχωρήσει µετά απÞ τετραετή θητεία λÞγω του Þτι συµπλήρωσε το 63ο έτοσ τησ ηλικίασ του παρά το Þτι εξέπνεε το 2013. Σύµφωνα µε διασταυρωµένεσ πληροφορίεσ µασ ενδιαφέρον αναµένεται να επιδείξει για τη θέση ο ΟικονοµικÞσ ∆ιευθυντήσ τησ Εταιρείασ και ΠρÞεδροσ του ΧΑΚ Γιώργοσ Κουφάρησ, ενώ ενδιαφέρον υπάρχει και απÞ άλλα στελέχη του Οργανισµού. Για να µπορεί κάποιοσ να υποβάλει αίτηση για τη θέση θα πρέπει να έχει τουλάχιστον δεκαετή πείρα στον Τοµέα των Τηλεπικοινωνιών.Ο Ανώτατοσ ΕκτελεστικÞσ ∆ιευθυντήσ διορίζεται απÞ το Συµβούλιο τησ Cyta µε σύµβαση ιδιωτικού δικαίου πενταετούσ διάρκειασ, ή µικρÞτερη, ώστε να µην υπερβαίνει το καθορισµένο Þριο ηλικίασ υποχρεωτικήσ αφυπηρέτησησ.

Μέτρα τα οποία θα περιλαµβάνουν αυξηµένεσ φορολογίεσ σε στριφτά τσιγάρα και οινοπνευµατώδη ποτά, αλλά και φÞρο πολυτελείασ και φÞρο επί καθαρήσ περιουσιακήσ θέσησ οι οποίεσ στοχεύουν στη συνεισφορά απÞ τουσ έχοντεσ και κατέχοντεσ περιλαµβάνει το πακέτο µέτρων του Βάσου Σιαρλή και του επιτελείου του. Η λήψη αποφάσεων για το νέο πακέτο µέτρων θα είναι εντÞσ του χρονικού πλαισίου, ενώ Þπωσ διευκρίνισε ο υπουργÞσ κάποια απÞ τα µέτρα αυτά δεν χρειάζονται νοµοθετική ρύθµιση. ΣτÞχοσ του Υπουργού είναι να αποφασιστούν τα µέτρα εντÞσ Ιουνίου για να προκύψει δηµοσιονοµικÞ Þφελοσ το δεύτερο εξάµηνο του έτουσ. Πληροφορίεσ θέλουν το νέα µέτρα να καθυστερούν µέχρι

Ιούλιο, λÞγω των πιέσεων που δέχεται ο πρÞεδροσ ΧριστÞφιασ απÞ τισ συντεχνίεσ. Η κυβέρνηση έχει δεσµευθεί Þτι θα µειώσει το έλλειµµα στο 2,5% του ΑΕΠ απÞ 6,3% το 2011. Τα νέα µέτρα περιλαµβάνουν επίσησ εκσυγχρονισµÞ του φÞρου κληρονοµίασ και ακίνητησ περιουσίασ και σηµαντικέσ εξοικονοµήσεισ απÞ το ψαλίδι που θα µπει στα επιδÞµατα που απολαµβάνουν οι δηµÞσιοι υπάλληλοι απÞ τον καιρÞ τησ Αγγλοκρατίασ τα οποία ανέρχονται σε ετήσια βάση στα 100 εκ. ευρώ. Ùσον αφορά την ΑυτÞµατη Τιµαριθµική Αναπροσαρµογή πρÞθεση του Υπουργείου Οικονοµικών είναι Þπωσ σταµατήσει να παραχωρείται για Þλουσ Þσοι έχουν ετήσια εισοδήµατα που ξεπερνούν τισ 30 ή τισ 40,000 ευρώ το χρÞνο. Τα µέτρα ενδεχοµένωσ να περιλαµβάνουν και την ιδιωτικοποίηση του Κυπριακού Χρηµατιστηρίου απÞ την οποία εκτιµάται Þτι θα προκύψουν έσοδα τα οποία θα κυµαίνονται µεταξύ 20 και 30 εκ. ευρώ. Λέµε ενδεχοµένωσ καθώσ το µέτρο αυτÞ δεν θεωρείται µÞνιµου χαρακτήρα. Κυβερνητικέσ πηγέσ µασ διαβεβαίωσαν Þτι τα µέτρα δεν θα περιλαµβάνουν φορολογία του εφάπαξ ποσού που παραχωρείται στουσ δηµοσίουσ υπαλλήλουσ, ούτε αποκοπή του 13ου µισθού, ούτε µείωση του πήχη Þσον αφορά το αφορολÞγητο εισÞδηµα. Οι ίδιεσ πηγέσ µασ διαβεβαίωσαν Þτι την επÞµενη εβδοµάδα επίκειται η κατάθεση στη Βουλή τησ συνταγµατικήσ ρύθµισησ µε την οποία η Κύπροσ θα πληροί τισ υποχρεώσεισ τησ κάτω απÞ το ∆ηµοσιονοµικÞ Σύµφωνο κάτι το οποίο εκτιµάται πωσ θα προσδώσει σηµαντική τÞνωση στην αξιοπιστία τησ Κύπρου. ΣτÞχοσ να θυµίσουµε είναι µέχρι το τέλοσ του χρÞνου να προκύψουν επιπρÞσθετεσ εξοικονοµήσεισ ύψουσ 200 εκ. ευρώ. ¶·‡ÏÔ˜ °ÂˆÚÁÈ¿‰Ë˜

§. ÷Ù˙ËΈÛÙ‹˜: ¢ÂÓ ı· ˘¿ÚÍÔ˘Ó ·ÔχÛÂȘ ÛÙËÓ §·˚΋ ∆ιαβεβαιώσεισ απÞ τη διοίκηση τησ Λαϊκήσ Τράπεζασ Þτι τα µέτρα περισυλλογήσ που αποφασίστηκαν δεν περιλαµβάνουν απολύσεισ προσωπικού στην Κύπρο έλαβε ο ΠρÞεδροσ τησ Ένωσησ Τραπεζικών Υπαλλήλων Κύπρου Λοϊζοσ Χατζηκωστήσ. Ο κ. Χατζηκωστήσ µετά απÞ συνάντηση που είχε µε µε το διευθύνοντα σύµβουλο τησ Λαϊκήσ Τράπεζασ Χρήστο Στυλιανίδη ανέφερε Þτι δεν αµφισβητούνται Þχι µÞνο οι θέσεισ εργασίασ αλλά και πολλά άλλα πράγµατα. «∆εν πρέπει να υπάρχει ανησυχία ούτε καν για τισ καταθέσεισ ιδιαίτερα σε µια περίοδο που µπαίνει εγγυητήσ το κράτοσ. ∆εν πρέπει η τράπεζα να πάει προσ τα πίσω Þλοι πρέπει να νιώθουν

ασφάλεια. ∆εν θα αµφισβητηθούν οι θέσεισ εργασίασ τησ Κύπρο γιατί το κοµµάτι τησ Κύπρου είναι ιδιαίτερα κερδοφÞρο και παραγωγικÞ. Συζητήσαµε κατά καιρούσ µε Þλεσ τισ τράπεζεσ σχέδια εθελοντικήσ εξÞδου. Αν η Τράπεζα καταθέσει τέτοια άποψη θα τη συζητήσουµε δεν υπάρχει καµία αµφιβολία», διαβεβαίωσε. Ο Λοϊζοσ Χατζηκωστήσ έστειλε παράλληλα το µήνυµα Þτι η συντεχνία των τραπεζοϋπαλλήλων θα λειτουργήσει ωσ οµπρέλα προστασίασ των χαµηλÞµισθων υπαλλήλων τησ Λαϊκήσ Τράπεζασ. «Εµείσ θα αναζητήσουµε µειώσεισ σε κÞστη προσωπικού οι οποίεσ δεν θα επηρεάζουν αν είναι δυνατÞ τουσ πραγµατικούσ µισθούσ των συναδέλφων θα ψάξουµε τρÞπουσ µε

τη διοίκησησ τησ τράπεζασ ώστε να µην επηρεαστεί η καθηµερινÞτητα των συναδέλφων. ΠροτεραιÞτητα µασ στην ΕΤΥΚ ήταν και είναι πάντοτε οι χαµηλÞµισθοι», είπε. Ο κ. Χατζηκωστήσ απαντώντασ σε ερωτήσεισ δεν ήταν σε θέση να απαντήσει το κατά πÞσον δεν θα επηρεαστούν οι θέσεισ εργασίασ των υπαλλήλων τησ Λαϊκήσ Τράπεζασ στισ άλλεσ χώρεσ που έχει παρουσία, δηλαδή Ελλάδα, Ηνωµένο Βασίλειο, Ρουµανία και Σερβία. «Η άποψη που θα καταθέσουµε στη διοίκηση είναι να δείξει ανθρώπινο πρÞσωπο χωρίσ να θέτει σε κίνδυνο την ασφάλεια και τη βιωσιµÞτητα του συνÞλου», κατέληξε.

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EI¢∏™∂π™

∆∂∆∞ƒ∆∏, 30 ª∞´√À, 2012

∆Ô Grexit Û‹Ì·Ó ·ÁÎfiÛÌÈÔ Û˘Ó·ÁÂÚÌfi, Û ÎÚ›ÛÈÌ· ÛËÌ›· ÙÔ Â˘ÚÒ TÔ˘ ¡›ÎÔ˘ ªÈ¯·ËÏ›‰Ë Πτωτικά κινήθηκε για άλλη µια εβδοµάδα η ισοτιµία Ευρώ – ∆ολαρίου, την τέταρτη διαδοχική, υποχωρώντασ σε χαµηλÞ δύο ετών και αγγίζοντασ το ψυχολογικÞ φράγµα του 1.2500. Συγκεκριµένα η ισοτιµία απÞ τα 1.2750 τησ περασµένησ εβδοµάδοσ διολίσθησε µέχρι και τα 1.2510, για να διορθώσει στην συνέχεια κοντά στα 1.2550 Þπου και κινείται τισ τελευταίεσ ηµέρεσ. Βεβαίωσ η αφορµή για την συνεχÞµενη πτώση του Ευρώ δεν ήταν άλλη απÞ την έντονη ανησυχία που έχει κατακλίσει τισ αγορέσ απÞ την πιθανή έξοδο τησ Ελλάδασ απÞ το Ευρώ. Εδώ και δύο εβδοµάδεσ γινÞµαστε µάρτυρεσ µιασ ανελέητησ παραφιλολογίασ για τισ επιπτώσεισ και εδικά το κÞστοσ που θα έχει στον υπÞλοιπο πλανήτη το Grexit. Οι αναλύσεισ και εκτιµήσεισ δίνουν και παίρνουν µε κοινÞ παρονοµαστή βέβαια την έντονη ανησυχία που φτάνει τα Þρια του πανικού στο ενδεχÞµενο η Ελλάδα να εγκαταλείψει το Ευρώ. ΣχεδÞν δεδοµένο θεωρείται απÞ Þλουσ το domino effect µε πρώτα θύµατα βέβαια τον ΕυρωπαϊκÞ νÞτο µε τισ συνέπειεσ να είναι ανυπολÞγιστων διαστάσεων. Είδη η φυγή κεφαλαίων απÞ τισ χώρεσ αυτέσ είναι γεγονÞσ και το τελευταίο διάστηµα η εκροή καταθέσεων και επενδύσεων απÞ µη κατοίκουσ τησ ζώνησ του ευρώ έχει επιδεινωθεί επικίνδυνα. Να σηµειωθεί Þτι οι καταθέσεισ µη κατοίκων

™Â ¯·ÌËÏ¿ ‰‡Ô ÂÙÒÓ ˘Ô¯ÒÚËÛ ÙÔ ∂˘ÚÒ ÂÓ Ì¤Ûˆ ÌÈ·˜ ÚˆÙÔÊ·ÓÔ‡˜ ·ÓËÛ˘¯›·˜ ÁÈ· ÙȘ ÂÈÙÒÛÂȘ ·fi ÂӉ¯fiÌÂÓË ¤ÍÔ‰Ô Ù˘ ∂ÏÏ¿‰·˜ ·fi ÙÔ ∂˘ÚÒ ÙËÓ ›‰È· ÒÚ· Ô˘ ÔÈ °ÂÚÌ·ÓÔ› ·Ú·Ì¤ÓÔ˘Ó ·Ó¤Ó‰ÔÙÔÈ ÛÙËÓ ·ÁÎfiÛÌÈ· ηٷÎÚ·˘Á‹ ÁÈ· ·ÏÏ·Á‹ ÔÏÈÙÈ΋˜. τησ ζώνησ του ευρώ στην Ελλάδα ανέρχονται στα 45,4 δισ ευρώ Þταν οι συνολικέσ καταθέσεισ στην Ελλάδα βρίσκονται στα 161-162 δισ ευρώ. ΛÞγω τησ Ελλάδοσ αλλά και των ανησυχιών για επέκταση τησ κρίσησ χρέουσ, στην Ιταλία οι επενδυτέσ απέσυραν 100 δισ ευρώ απÞ οµÞλογα ή 12% στο β΄6µηνο του 2011. Στην Ισπανία οι µη κάτοικοι απέσυραν 37 δισ ευρώ απÞ κρατικά οµÞλογα µεταξύ Νοεµβρίου του 2011 και Μαρτίου του 2012. Είναι σχεδÞν σίγουρο πωσ αν η απÞσυρση κεφαλαίων και καταθέσεων συνεχιστεί µε τον ίδιο ρυθµÞ στην Ιταλία το 2013 θα βρεθεί οι επενδύσεισ στην χώρα να διαµορφώνονται σε επίπεδα προ τησ ένταξησ του ευρώ. Για την Ισπανία θα µπορούσαν οι επενδύσεισ ξένων σε οµÞλογα και καταθέσεισ να µειωθούν σε προ ευρώ επίπεδα προσ τα τέλη του 2013. Σύµφωνα µε την Citigroup οι ξένοι επενδυτέσ έχουν αποσύρει µαζικά καταθέσεισ και κεφάλαια σε ποσοστÞ 64% στην Ελλάδα, 55% στην Ιρλανδία, 37% στην Πορτογαλία, 13% στην

¶·Ú¿Ù·ÛË ÁÈ· ÌÂȈ̤ӷ Ù¤ÏË Παρατείνονται µέχρι την 31η ∆εκεµβρίου του 2012 τα µειωµένα µεταβιβαστικά τέλη στα ακίνητα. Ωσ γνωστÞ ο νÞµοσ που ψήφισε προ µηνών η βουλή λήγει τέλοσ του µήνα και προβλέπει την αναστολή τησ επιβολήσ και είσπραξησ µεταβιβαστικού τέλουσ για την εγγραφή τίτλου ακίνητησ ιδιοκτησίασ Þταν κατά τη µεταβίβαση καταβάλλεται ΦΠΑ και παράλληλα µειώνονται κατά 50% τα µεταβιβαστικά τέλη Þταν δεν επιβάλλεται ΦΠΑ στη µεταβίβαση του ακινήτου. Επίσησ ο νÞµοσ επεκτείνεται στισ περιπτώσεισ τησ µακροχρÞνιασ εκµίσθωσησ γησ.

∂¶∞: ¢È¤Ù·Í ¤Ú¢ӷ ÁÈ· ÙÔ Á¿Ï· Αυτεπάγγελτη έρευνα εναντίον του Παγκύπριου Οργανισµού ΑγελαδοτρÞφων για πιθανολογούµενεσ παραβάσεισ αποφάσισε να διεξάγει η Επιτροπή Προστασίασ Ανταγωνισµού. Στα πλαίσια τησ εν λÞγω αυτεπάγγελτησ έρευνασ, η Επιτροπή έδωσε οδηγίεσ στην Υπηρεσία τησ Þπωσ διεξάγει προκαταρκτική έρευνα και Þπωσ προβεί στη διεξαγωγή επί τÞπου έρευνασ στα γραφεία, στουσ χώρουσ και µεταφορικά µέσα τησ επιχείρησησ ΠΟΑ.

∫.∞: ¶ÏÂÔÓ·ÛÌfi˜ 247 ÂÚÁ·˙fiÌÂÓˆÓ Για την πρÞθεση τησ να προχωρήσει στην υποβολή πρÞτασησ για µείωση του εργατικού κÞστουσ στισ Κυπριακέσ Αερογραµµέσ, ενηµέρωσε τισ συντεχνίεσ ΣΗ∆ΗΚΕΚ-ΠΕΟ και ΣΥΝYΚΑ ΣΕΚ, καθώσ και τη ∆ιεύθυνση τησ εταιρείασ, η ΥπουργÞσ Εργασίασ και Κοινωνικών Ασφαλίσεων Σωτηρούλα Χαραλάµπουσ. Η πρÞταση θα αφορά τον πλεονασµÞ και τουσ µισθούσ και Þρουσ απασχÞλησησ του προσωπικού. Το σχέδιο προνοεί εξοικονοµήσεισ 17 εκ. ευρώ και πλεονασµÞ 247 εργαζÞµενων. Επιπλέον, προνοεί 10% συνολικέσ περικοπέσ στα επιδÞµατα των πιλοτών, 5% των επιδοµάτων των αεροσυνοδών και επιπρÞσθετα 5% περικοπέσ στα επιδÞµατα του προσωπικού εδάφουσ. Προνοεί επίσησ µειώσει κατά 5 ηµέρεσ των ηµερών ανάπαυσησ και αύξηση εργασίασ κατά µια ώρα την εβδοµάδα.

Καθαρά κέρδη 54,8 εκ. ευρώ τα οποία περιλαµβάνουν Þφελοσ απÞ αναβαλλÞµενη φορολογία ύψουσ 84,7 εκ. ευρώ, κατέγραψε το πρώτο τρίµηνο η Λαϊκή Τράπεζα. Τα κέρδη σηµείωσαν µείωση 23%, απÞ τα 71 εκ. ευρώ που ανακοίνωσε το αντίστοιχο τρίµηνο του 2011. Τα συνολικά έσοδα σηµείωσαν αύξηση 25% στα 247 εκ. ευρώ ενώ οι συνολικέσ καταθέσεισ παρέµειναν αµετάβλητεσ στα 20 δισ ευρώ σε σχέση µε τισ 31 ∆εκεµβρίου 2011. Το σύνολο των εσÞδων του α’ τριµήνου 2012 διαµορφώθηκε σε 247 εκ. ευρώ έναντι 198 εκ. ευρώ το δ’ τρίµηνο 2011, σηµειώνοντασ αύξηση 25% σε σχέση µε το προηγούµενο τρίµηνο. Σε ετήσια βάση τα συνολικά έσοδα αναπροσαρµοσµένα για το κέρδοσ απÞ την πώλη-

ση θυγατρικών εταιρειών ήταν 7,5% χαµηλÞτερα. Το πρÞγραµµα που εφαρµÞζει ο Ùµιλοσ για τον εξορθολογισµÞ των δαπανών έχει αρχίσει να αποφέρει σηµαντικά αποτελέσµατα. Τα συνολικά λειτουργικά έξοδα το α’ τρίµηνο 2012 ανήλθαν σε 148 εκ. ευρώ, µειωµένα κατά 6% σε ετήσια βάση και 16% σε τριµηνιαία βάση. Το κÞστοσ απÞ τα έξοδα προσωπικού σε επίπεδο Οµίλου το α’ τρίµηνο 2012 ανήλθε σε 89 εκ. ευρώ, έναντι 97 ευρώ εκ. το α’ τρίµηνο 2011 και 103 εκ. ευρώ το δ’ τρίµηνο 2011. Η µέχρι τώρα πραγµατοποιηθείσα συρρίκνωση των εξÞδων προσωπικού µεταφράζεται σε 8% µείωση σε ετήσια βάση και 13% σε τριµηνιαία βάση.

Ã∞∫: ∞ÌÂÙ¿‚ÏËÙË Ë §·˚΋ ∆εύτερο ανοδικÞ σερί κατέγραψε χθεσ το Χρηµατιστήριο Αξιών Κύπρου, µε τουσ αναλυτέσ να λένε πωσ λειτούργησε θετικά η ανακεφαλαιοποίηση των ελληνικών τραπεζών. Το επενδυτικÞ κοινÞ µέτρησε φαίνεται θετικά και τισ διαβεβαιώσεισ που δηµοσιοποιήθηκαν τισ τελευταίεσ µέρεσ για στήριξη τησ κυπριακήσ οικονοµίασ Ο γενικÞσ δείκτησ του ΧΑΚ ανέβηκε στισ 141,68 µονάδεσ µε άνοδο 0,39% και ο δείκτησ των 20 επίλεκτων τίτλων FTSE έκλεισε την ηµέρα στισ 52,97 µονάδεσ και στο +0,25%. Η ηµερήσια συναλλακτική δραστηριÞτητα ανήλθε στα 580,500 ευρώ µε την Τρ. Κύπρου να είναι ο τίτλοσ µε την µεγαλύτερη εµπορευσιµÞτητα τησ ηµέρασ. Η Τρ. Κύπρου έκλεισε στο ΧΑΚ µε κέρδη 0,70% στα 0,287 ευρώ και στο ΧΑ στα 0,285 ευρώ χωρίσ µεταβολή και τζίρο 1 εκ. ευρώ. Ακολούθησε η µετοχήσ τησ Λαϊκήσ µε Þγκο 92,900 ευρώ η οποία έκλεισε χωρίσ µεταβολή στα 0,087 ευρώ. Στο ΧΑ, η Λαϊκή έκλεισε χωρίσ µεταβολή.

«∞Ó¿Û˜» ‹Ú ÙÔ Ã∞ Με νέα άνοδο και µάλιστα κοντά στα υψηλά ηµέρασ έκλεισε χθεσ ο ΓενικÞσ ∆είκτησ του Χ.Α.

™Ù· €14.5 ÂÎ. Ù· ÂÈÛÔ‰‹Ì·Ù· ÙÔ˘ ∆ÛÈÌÂÓÙÔÔÈ›Ԣ µ·ÛÈÏÈÎÔ‡ Σε 14.5 εκ. ευρώ σε σύγκριση µε 22 εκ. ευρώ κατά το αντίστοιχο τρίµηνο του 2011, ανήλθαν τα εισοδήµατα του Τσιµεντοποιείου Βασιλικού το τρίµηνο που έληξε 31 Μαρτίου 2012. Το ∆ιοικητικÞ Συµβούλιο τησ “Τσιµεντοποιίασ Βασιλικού ∆ηµÞσια Εταιρεία Λτδ” ενέκρινε τα οικονοµικά αποτελέσµατα του Οµίλου, τονίζοντασ πωσ η εγχώρια ζήτηση για τσιµέντο για το τρίµηνο αυτÞ µειώθηκε σε 184.000 τÞνουσ απÞ 307.000 τÞνουσ κατά το αντίστοιχο τρίµηνο του 2011 (µείωση 40%). Οι εξαγωγέσ τσιµέντου το πρώτο τρίµηνο του 2012 ανήλθαν σε 14.000 τÞνουσ (κατά το πρώτο τρίµηνο του 2011 δεν υπήρξαν εξαγω-

√ ¡›ÎÔ˜ ªÈ¯·ËÏ›‰Ë˜, Â›Ó·È Foreign Exchange Analyst Email: michailidisn@aol.com

§·˚΋: M›ˆÛË ÎÂÚ‰ÒÓ, ·‡ÍËÛË ÂÛfi‰ˆÓ

™ÙȘ 862.000 Ô ÏËı˘ÛÌfi˜ Στισ 862,0 χιλιάδεσ ανήλθε στο τέλοσ του 2011 ο πληθυσµÞσ στισ ελεύθερεσ περιοχέσ τησ Κύπρου, σε σύγκριση µε 839,8 χιλιάδεσ τον 2010, σηµειώνοντασ αύξηση 2,6%. Σύµφωνα µε τα αναθεωρηµένα στοιχεία που αφορούν τον πληθυσµÞ και τα νοικοκυριά στο τέλοσ του χρÞνου, καθώσ και κύριουσ δηµογραφικούσ δείκτεσ, που δηµοσιοποίησε η Στατιστική Υπηρεσία το ποσοστÞ πληθυσµού στισ αστικέσ περιοχέσ ανήλθε στο 67,4% το 2011 σε σύγκριση µε 67,5% τον προηγούµενο χρÞνο. Ο αριθµÞσ νοικοκυριών το 2011 ανήλθε στισ 309,3 χιλιάδεσ, σηµειώνοντασ αύξηση 3,1%, ενώ ο µέσοσ αριθµÞσ προσώπων ανά νοικοκυριÞ σηµειώνει σταδιακή µείωση διαχρονικά, φθάνοντασ το 2,77 κατά το τέλοσ του 2011.

Ισπανία και 34% στην Ιταλία. Βέβαια τα πιο πάνω ποσοστά µπορεί ακÞµη να µην σοκάρουν, αν Þµωσ αναλογιστεί κανείσ πωσ οι ξένοι ακÞµη κατέχουν 900 δισ ιταλικά και ισπανικά οµÞλογα, οπÞτε αν κάτι πάει λάθοσ υπάρχουν πολλά περιθώρια µεγάλων ρευστοποιήσεων άρα και αύξησησ του σοκ σε Ιταλία και Ισπανία. Ίσωσ ένα πανευρωπαϊκÞ σύστηµα εγγύησησ καταθέσεων θα βοηθούσε σε αυτή την χρονική στιγµή ή η έκδοση ευρωοµολÞγων αλλά προφανώσ δεν είναι µια εύκολη υπÞθεση. Και δεν είναι εύκολη υπÞθεση Þσο η Þλη συζήτηση αναλώνεται στο ελληνικÞ ζήτηµα αγνοώντασ επιδεκτικά την πραγµατική αιτία το ολέθρου αυτού που δεν είναι άλλοσ απÞ την εγκληµατική εµµονή τησ Γερµανίασ να βυθίσει Þλη την Ευρώπη στην ύφεση εφαρµÞζοντασ σκληρή λιτÞτητα. ΑκÞµα και στο παρά πέντε τησ διάλυσησ του Ευρώ απορρίπτουν κατηγορηµατικά τÞσο τα ΕυρωοµÞλογα Þσο και την χαλάρωση τησ νοµι-

σµατικήσ πολιτικήσ. Μπορεί τÞσο ο νέοσ πρÞεδροσ τησ Γαλλίασ Þσο και ηγέτεσ τησ Ιταλίασ και τησ Ισπανίασ στην τελευταία συνεδρία του Eurogroup να προσπάθησαν να ηρεµήσουν τισ αγορέσ µιλώντασ για ΕυρωοµÞλογα και για σχέδια ανάπτυξησ, για ακÞµα µια φορά Þµωσ έπεσαν πάνω στο ΓερµανικÞ τείχοσ. Πλέον η οποιαδήποτε ελπίδα για διάσωση τησ Ευρωζώνησ επικεντρώνεται στουσ Αµερικάνουσ οι οποίοι φαίνονται πιο ευαισθητοποιηµένοι απÞ ποτέ στο Þλο ζήτηµα φοβούµενοι βέβαια η παγκÞσµια οικονοµία µην πέσει και πάλι σε ύφεση. Τεχνικά το επίπεδο του 1.25 αποτελεί ένα πολύ σηµαντικÞ ψυχολογικÞ επίπεδο στήριξησ. Το εβδοµαδιαίο σπάσιµο του θα ανοίξει τον δρÞµο για τα 1.20. ΑπÞ την άλλη Þµωσ η ισοτιµία χρωστά µια ανοδική διÞρθωση αφού η πτώση απÞ τα 1.30 στα 1.25 σηµειώθηκε µέσα σε πολύ σύντοµο χρονικÞ διάστηµα και ωσ είθισται σε αυτέσ τισ περιπτώσεισ παρατηρείται διÞρθωση. Ùπωσ αναφέραµε Þµωσ και στο τελευταίο µασ άρθρο ακÞµα και έτσι, η τάση είναι σαφέστατα πτωτική και τα επίπεδα του 1.25 είναι απλÞσ θέµα χρÞνου να δοκιµαστούν και πάλι. Βέβαια πολλά θα εξαρτηθούν απÞ το ΕλληνικÞ ζήτηµα Þπωσ βέβαια και απÞ τισ αποφάσεισ των Αµερικάνων.

γέσ). Οι επιδεινούµενεσ συνθήκεσ στην αγορά έχουν επηρεάσει δυσµενώσ την κερδοφορία τησ Εταιρείασ. Η διεύθυνση επικεντρώνεται στην περεταίρω βελτίωση τησ λειτουργικήσ απÞδοσησ, για να αντιµετωπιστούν οι αρνητικέσ συνέπειεσ τησ χαµηλήσ ζήτησησ και για να βελτιωθεί η ανταγωνιστικÞτητα στισ εξαγωγικέσ αγορέσ. ΩστÞσο, το υπερβολικά υψηλÞ κÞστοσ ηλεκτρικήσ ενέργειασ στην Κύπρο αποτελεί ένα σηµαντικÞ εµπÞδιο για παραγωγή ανταγωνιστικού προϊÞντοσ για εξαγωγικέσ αγορέσ, παρά την τεχνολογία υψηλήσ ενεργειακήσ απÞδοσησ που χρησιµοποιείται στην παραγωγική διαδικασία.

Ο ΓενικÞσ ∆είκτησ έκλεισε µε κέρδη 1,86% στισ 528,14 µονάδεσ, µετά απÞ διακύµανση 17 περίπου µονάδων, µεταξύ κερδών 2,03% και απωλειών 1,34%. Για τον δείκτη των τραπεζών, οι συναλλαγέσ ολοκληρώθηκαν στισ 203,97 µονάδεσ µε µικρή πτώση 0,21%. Στο κλείσιµο µÞνο οι τίτλοι των Alpha Bank και Eurobank διατήρησαν στη σύνθεσή του θετικÞ πρÞσηµο. Αναλυτέσ τησ αγοράσ αποδίδουν τη διήµερη άνοδο τησ αγοράσ στισ σοβαρέσ απώλειεσ που έχουν προηγηθεί στο ΧΑ µετά τισ εκλογέσ τησ 6ησ Μαΐου, και αναµένουν Þτι έωσ τισ εκλογέσ του Ιουνίου το ελληνικÞ ταµπλÞ θα επιχειρεί να αντλεί κατεύθυνση απÞ την προεκλογική ειδησεογραφία. Εν τω µεταξύ οι τέσσερισ µεγαλύτερεσ ελληνικέσ τράπεζεσ έλαβαν απÞ το ΕυρωπαϊκÞ Ταµείο Χρηµατοπιστωτικήσ ΣταθερÞτητασ (EFSF), το ποσÞ των 18 δισ ευρώ µέσω οµολÞγων. ΣτÞχοσ να αποκατασταθεί «η κεφαλαιακή επάρκειά τουσ, ώστε να εξασφαλίζεται η απρÞσκοπτη χρηµατοδÞτησησ ρευστÞτητασ απÞ την Ευρωπαϊκή Κεντρική Τράπεζα και το Ευρωσύστηµα», Þπωσ επισηµαίνει το ελληνικÞ Υπουργείο Οικονοµικών.

Logicom: ™Â Â›‰· 2011 Ô Î‡ÎÏÔ˜ ÂÚÁ·ÛÈÒÓ Στα ίδια µε τα επίπεδα του 2011 παρέµεινε ο Κύκλοσ Εργασιών τησ Logicom το α’ τρίµηνο του 2012. Ο Κύκλοσ Εργασιών του τοµέα ∆ιανοµήσ παρουσιάζει οριακή µείωση, ενώ ο Κύκλοσ Εργασιών των τοµέων Παροχήσ Λύσεων Λογισµικού και Ολοκληρωµένων Λύσεων Πληροφορικήσ αυξήθηκε κατά 13,1% σύµφωνα µε την εταιρεία. Το ποσοστÞ του Μεικτού Περιθωρίου Κέρδουσ αυξήθηκε στο 8,0% απÞ 7,2% κατά το Α’ τρίµηνο του 2011, κυρίωσ λÞγω πωλήσεων προϊÞντων µε µεγαλύτερο του µέσου ποσοστού του µεικτού περιθωρίου κέρδουσ και τησ συνεισφοράσ του Τοµέα Υπηρεσιών. Η αύξηση στα Έξοδα ∆ιοίκησησ κατά

381.843 ευρώ και σε ποσοστÞ 5,5%, οφείλεται κυρίωσ στην επέκταση τησ υποδοµήσ του Συγκροτήµατοσ στισ αγορέσ που δραστηριοποιείται και την αύξηση του κÞστουσ τησ ασφάλειασ πιστώσεων, συνέπεια τησ συνεχιζÞµενησ παγκÞσµιασ οικονοµικήσ κρίσησ. Το Κέρδοσ απÞ Λειτουργικέσ ∆ραστηριÞτητεσ αυξήθηκε κατά 649.297 ευρώ και σε ποσοστÞ 34,9%, λÞγω κυρίωσ τησ αύξησησ του µεικτού περιθωρίου κέρδουσ. Το Κέρδοσ µετά τη Φορολογία αυξήθηκε κατά 9,4%, σε ?2.400.241 ευρώ έναντι 2.194.896 την ευρώ αντίστοιχη περίοδο του 2011, κυρίωσ λÞγω τησ αύξησησ του µεικτού περιθωρίου κέρδουσ.

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H ·ÓÂÚÁ›·, ÔÈ Ó¤ÔÈ Î·È Ù· ·Î›ÓËÙ· ∆Ô˘ ∞ÓÙÒÓË §Ô›˙Ô˘ F.R.I.C.S. & ™˘ÓÂÚÁ¿Ù˜ §Ù‰, ∂ÎÙÈÌËÙ¤˜ ∞ÎÈÓ‹ÙˆÓ & ¢È·¯ÂÈÚÈÛÙ¤˜ ŒÚÁˆÓ ∞Ó¿Ù˘Í˘ Σε πρÞσφατη µασ επίσκεψη στην Σκωτία µασ έκαναν µεγάλη εντύπωση τα διάφορα µέτρα, µε τα οποία η Σκωτσέζικη τοπική Κυβέρνηση προσπαθεί να µειώσει την ανεργία για νέουσ, προσφέροντασ κίνητρα µέχρι 50% τησ συνολικήσ επένδυσησ µε µέγιστο 300.000 ευρώ και τα υπÞλοιπα µε δάνειο απÞ εµπορικέσ τράπεζεσ µε Κυβερνητικέσ εγγυήσεισ (µέχρι 100.000 ευρώ) για “innovative industries” (πρωτοποριακέσ παραγωγικέσ επιχειρήσεισ). Μια ενδιαφέρουσα ανταπÞκριση απÞ τον Economist, αναφέρεται σε µια µικρή οικογενειακή επιχείρηση κατασκευήσ σοκολάτασ στην Σκωτία, τησ οποίασ οι εξαγωγέσ τησ και µÞνο, ανήλθαν απÞ 6 τÞνουσ τον χρÞνο σε 13 τÞνουσ, µε την ζήτηση να προέρχεται κυρίωσ απÞ τισ Αραβικέσ χώρεσ και το Ντουπάϊ και την Ιαπωνία. Σε αντιπαράθεση µε τα πιο πάνω ένασ Κύπριοσ ποιοτικÞσ κατασκευαστήσ σοκολάτασ απÞ τισ Πάνω Πλάτρεσ (ΒρετανÞσ) µασ δήλωσε Þτι περίπου δεν προλαβαίνει την ζήτηση και µάλιστα προσ πίστη του, έχει οργανώσει και σχολή για να διδάξει σε νέουσ και άλλουσ πώσ να κατασκευάζουν ποιοτικέσ σοκολάτεσ (στην ΛεµεσÞ). Ακριβούτσικο το κÞστοσ των σοκολάτων αυτών µε Þλων των ειδών τισ γεύσεισ (ζιβανία, µπράντι, ουίσκι, σαµπάνια κλπ) που κοστίζουν περίπου 3 ευρώ η µια «µπουκιά», αλλά η ποιÞτητα είναι άριστη, κατάλληλο για δώρο και για ειδικέσ περιπτώσεισ. ΑπÞ Þτι παρατηρούµε έχουµε αρκετÞ γάλα το οποίο και χύνουµε στουσ δρÞµουσ, ζιβανία την οποία και δεν µπορούµε να την διαθέσουµε, ενώ οι Κυπριακέσ σοκολάτεσ αν και έχουν τεράστιεσ ελλείψεισ απÞ τισ Βελγικέσ και άλλεσ, εντούτοισ, ίσωσ, µε συνεργασία 2-3 παραγωγών ντÞπιων και µε ξένη τεχνογνωσία, να µπορέσουµε να φθάσουµε σε κάποια ανεκτή ποιÞτητα στην σοκολάτα και µε αρκετή ποσÞτητα για εξαγωγέσ πλέον των ντÞπιων και ξένων. Στο θέµα αυτÞ τησ σοκολάτασ, υπάρχουν αγαπητοί µασ αναγνώστεσ και σοκολάτεσ µε επένδυση φύλλου χρυσού!! Άν και δεν τισ δοκιµάσαµε ποτέ, εντούτοισ αποτελούν ιδιαίτερη αδυναµία για ορισµένουσ, αλλά ιδιαίτερα την κατηγορία ακριβών δώρων, διÞτι Þλα αυτά που αναφέρουµε δεν είναι (λÞγω κÞστουσ) ευρείασ κατανάλωσησ. ΑπÞ την άλλη, έχουµε και µια πολύ µικρή µεν ξένη πλούσια κοινωνία αγοραστών στην Κύπρο (και αρκετούσ Κύπριουσ) που έχουν την δυνατÞτητα για τέτοιου είδουσ ακριβά δώρα (ίδε Ρώσουσ, υπεράκτιεσ εταιρείεσ, φιλοξενία ξένων συνεργατών κλπ). Στο ξενοδοχείο Burj Al Arab στο υπÞγειο (κάτω απÞ το επίπεδο τησ θάλασσασ), το αποκορύφωµα τησ Þλησ φιλοσοφίασ του δείπνου είναι οι σοκολάτεσ µε φύλλο χρυσού (µια ο καθένασ) µε κÞστοσ 20 ευρώ/µια (µπουκιά). Ασφαλώσ φαίνεται πολύ ψηλÞ αλλά απÞ την άλλη, εάν θέλετε να κάνετε ένα δώρο είτε σε οικογενειακέσ επετείουσ και/ είτε σε ξένουσ/κάποιουσ επιχειρηµατικούσ σασ συνεργάτεσ 5-6 σοκολάτεσ αυτού του είδουσ (αντί το τετριµµένο κολάνι παντελονιού για τον κύριο ή γραβάτα και/ή µυρωδικÞ για την κυρία) είναι ένα πρωτÞτυπο δώρο. Έχουµε και το ταλαιπωρηµένο µασ χαλούµι. Αντί το χαλούµι να πωλείται Þπωσ έχει, απαρουσίαστο σε φθηνÞ πλαστικÞ κάλυµµα, ίσωσ να προσφέρεται για δώρο σε ένα διαφανέσ δίσκο µε συνολικά έστω 20 κοµµατάκια σε διαφορετικέσ γεύσεισ, αλλά ψηλήσ ποιÞτητασ κατασκευήσ και αυτÞ πιστεύουµε Þτι είναι ένα πολύ ωραίο δώρο σουβενίρ για τουσ επισκέπτεσ. Επισκεφθήκαµε και ένα ποιοτικÞ ελαιοτριβείο στην Σκαρίνου Þπου υπάρχει εξαιρετικÞ λάδι σε µικρά κιβώτια tetra pack ή σε tins τύπου µπύρασ και απέξω στο περίβληµα αναφέρονται τα θετικά του λαδιού µε υπογραφή γιατρού. Τι πιο ωραίο δώρο (3 ευρώ) για τουσ ξένουσ; ΑκριβÞ µεν(;), αλλά ωραίο δώρο (παροµοίωσ υπάρχει για ελιέσ τύπου Καλαµάτασ και περιγραφή π.χ. για ποτÞ µε γέµιση κλπ κλπ).Υπάρχουν δεκάδεσ ψωµοπωλεία για παξιµάδια και ίσωσ µια προσφορά σε µικρά πακέτα µε διάφορεσ γεύσεισ (κÞστοσ ενÞσ 50 ευρώ) είναι και αυτÞ µια επιλογή (ίδε Κρήτη στο αεροδρÞµιο και αλλού για τα παξιµάδια). Ίσωσ στο περίβληµα να αναφέρεται «ειδικÞ για δίαιτα» µε τα δικαιολογητικά του – ίσωσ µε υπογραφή διαιτολÞγου εάν ασφαλώσ έτσι είναι. Έχουµε και τον ΚυπριακÞ καφέ (ο οποίοσ οµολογουµένωσ δεν αρέσει στουσ ξένουσ τουρίστεσ ιδιαίτερα). ΑπÞ την άλλη η πώληση ενÞσ «µπρικιού» µε ένα σακουλάκι καφέ και µε οδηγίεσ πωσ κατασκευάζεται, ίσωσ να είναι πρÞσθετη ανάµνηση για τουσ επιστρέφοντεσ τουρίστεσ, ιδιαίτερα εάν το µπρίκι είναι µικρÞ και τύπου “µπρούτζινο” (απÞ µÞνο του είναι ένα σουβενίρ). Στο περίβληµα να προστεθεί γιατί ο ΚυπριακÞσ καφέσ είναι «ο ιδανικÞσ» π.χ. (µε κάποιο logo π.χ.) «σασ διεγείρει» για µια αξέχαστη βραδιά µε τον σύντροφο σασ είναι µια προσέγγιση πώλησησ (ίδε Σερβία Þπου υπάρχει εµφιαλωµένο νερÞ µε την ονοµασία “sexy water” σε µικρέσ µπουκαλίτσεσ των 2 ευρώ για δώρο!!). Επίσησ αντί των ανοησιών που παρατηρούµε στα καταστήµατα σουβενίρ, ασ αντιγράψουµε την Ελλάδα µε αντιγραφέσ αγαλµατίδιων και δοχεία, µε σφραγίδα του Κυπριακού Μουσείου Þτι είναι πιστÞ αντίγραφο (τι πιο ωραίο δώρο;).

Cooking books – Κυπριακά φαγητά, ωραίεσ φωτογραφίεσ και τισ σχετικέσ οδηγίεσ π.χ. Þπωσ πωσ ψήνονται τα σουβλάκια, σούβλα, χταπÞδι στα κάρβουνα, οδηγίεσ για το ΚυπριακÞ χαλούµι (τηγανιτÞ, κάρβουνα, ωµÞ); Τι είναι η σταφίδα και γιατί κάποιοσ να την τρώει µε το κρασί του; Ùσον αφορά τώρα τα Κυπριακά γλυκά του κουταλιού και άλλα, είναι µεγάλο θέµα προσ διάθεση µε τα ανάλογα Þµορφα µπουκάλια (ίδε ∆άλι µε ύφασµα απÞ πάνω). Και πάλι γιατί να αγοράσει ένα τουρίστασ διάφορα µπουκάλια και Þχι ένα πλαστικÞ δίσκο ερµητικά κλεισµένο µε θήκεσ µε γλυκά κουταλιού 5-6 γεύσεισ; Μήπωσ σπιτικέσ συνταγέσ σε τινσ είναι µια εναλλακτική λύση (π.χ. αυγολέµονο µε κοµµάτια κοτÞπουλο), µήπωσ µικρέσ µερίδεσ µουσακά (frozen) και κουπέπια; Ùσον αφορά τον σιουσιούκκο Þπωσ αυτÞσ πωλείται τώρα στισ υπεραγορέσ και

αεροδρÞµια, σίγουρα σιουσιούκκοσ δεν είναι. Εµείσ ωσ Γραφείο αγοράζουµε Þλη την παραγωγή τησ καθαρίστριασ του Γραφείου µασ, την οποία και προσφέρουµε ωσ Χριστουγεννιάτικο δώρο αλλά η ποιÞτητα είναι «µπουκιά και συχώριο». Άλλη ιδέα είναι η χρήση του λουκουµιού γάµου (σε µικρÞ µέγεθοσ) µοναδικÞ µε τα χαλεπιανά και µε την επιγραφή Champaign Sweet (γλυκÞ σαµπάνιασ) – γιατί Þχι; Η στήλη αυτή ασχολείται εδώ και 30 χρÞνια µε ακίνητα, αλλά πάντοτε µε την έγνοια για τουσ νέουσ. Και επειδή αρκετοί νέοι ακολούθησαν τον κλάδο των ακινήτων αντί του µέχρι πρÞσφατα χρηµατοδοτικού τοµέα (Þπωσ και πριν οι νέοι για χρηµατιστηριακέσ σπουδέσ), εισηγούµεθα και ορισµένα άλλα επαγγέλµατα προσ προβληµατισµÞ ωσ εναλλακτικέσ πηγέσ εργασίασ Με σχεδÞν 2.5 εκ. τουρίστεσ τον χρÞνο και µε 600.000 µÞνιµουσ κατοίκουσ ξένουσ, πιστεύουµε Þτι οι πιο πάνω και άλλεσ σκέψεισ έχουν κάποια βάση µελέτησ, αλλά είµαστε σίγουροι Þτι θα πετύχουν Þλα αυτά; Ùχι ασφαλώσ, αλλά ο κάθε ένασ επίδοξοσ νέοσ θα πρέπει να διεξάγει τισ µελέτεσ του. Έχουµε και την Προεδρία τησ Ε.Ε. τι πιο ωραίο δώρο σαν τα πιο πάνω µε την ανάλογη προβολή; Έτσι και για να µην νοµίζετε Þτι τα πιο πάνω είναι “Þνειρα θερινήσ νυκτÞσ”. Ρώσοσ εκατοµµυριούχοσ στον οποίο πουλήσαµε µια κατοικία στην Λάρνακα στο έργο Possidon, µασ ζήτησε Þπωσ επί πληρωµή να του αποστείλουµε ωσ µέροσ τη αγοράσ τησ κατοικίασ

ªÈ· ÂӉȷʤÚÔ˘Û· ·ÓÙ·fiÎÚÈÛË ·fi ÙÔÓ Economist, ·Ó·Ê¤ÚÂÙ·È Û ÌÈ· ÌÈÎÚ‹ ÔÈÎÔÁÂÓÂȷ΋ Âȯ›ÚËÛË Î·Ù·Û΢‹˜ ÛÔÎÔÏ¿Ù·˜ ÛÙËÓ ™ÎˆÙ›·, Ù˘ ÔÔ›·˜ ÔÈ ÂÍ·ÁˆÁ¤˜ Ù˘ Î·È ÌfiÓÔ, ·Ó‹Ïı·Ó ·fi 6 ÙfiÓÔ˘˜ ÙÔÓ ¯ÚfiÓÔ Û 13 ÙfiÓÔ˘˜, Ì ÙËÓ ˙‹ÙËÛË Ó· ÚÔ¤Ú¯ÂÙ·È Î˘Ú›ˆ˜ ·fi ÙȘ ∞Ú·‚ÈΤ˜ ¯ÒÚ˜ Î·È ÙÔ ¡ÙÔ˘¿˚ Î·È ÙËÓ π·ˆÓ›·.

(3.5 εκ. ευρώ) Παφίτικο λίζο και τον σιουσιούκκο «τον δικÞ µασ» για 2 συνεχή χρÞνια, ωσ µέροσ τησ αγοράσ (και είναι στο πωλητήριο έγγραφο παρακαλώ κατατεθειµένο στο ΚτηµατολÞγιο!!). Ευτυχώσ που αρνηθήκαµε στην επιµονή του για την “frozen” σούγλα, διÞτι θα του λέγαµε Þτι είναι αδύνατον!! Στον πρώτο χρÞνο του δώρου µασ, ο ίδιοσ µασ έκανε και δώρο µια Ρωσική εικÞνα (αξίασ κατ’ εµάσ τουλάχιστον 2.000 ευρώ) ωσ αντάλλαγµα, ενώ εάν µπορούσαµε να του στείλουµε και την σούγλα (που είναι η αδυναµία του) ποιοσ ξέρει;

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∆∂∆∞ƒ∆∏, 30 ª∞´√À, 2012

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√È ·ÂÚÔÌÂÙ·ÊÔÚ¤˜ ÛÙËÓ ∫‡ÚÔ ÛÙËÚ›˙Ô˘Ó 15.500 ı¤ÛÂȘ ÂÚÁ·Û›·˜ Οι αεροµεταφορέσ ενισχύουν σηµαντικά την οικονοµία τησ Κύπρου, συνεισφέροντασ ποσοστÞ 3,6% στο Ακαθάριστο Εγχώριο ΠροϊÞν (ΑΕΠ) τησ Κύπρου, Þπωσ δήλωσε ο Γιώργοσ Μαµαλάκησ ∆ιευθυντήσ Προγραµµάτων και Πωλήσεων τησ ΙΑΤΑ για την Κύπρο και την Ελλάδα. Σε δηµοσιογραφική διάσκεψη του Συνδέσµου Ταξιδιωτικών ΠρακτÞρων ο κ. Μαµαλάκησ είπε Þτι οι αεροµεταφορέσ στην Κύπρο «υποστηρίζουν πάνω απÞ 15.500 θέσεισ εργασίασ». Σύµφωνα µε µελέτη του Oxford

Economics µε τίτλο «Economic Benefits from Air Transport in the Republic of Cyprus», η αεροπορική βιοµηχανία διαδραµατίζει καθοριστικÞ ρÞλο στο εµπÞριο και στην οικονοµία τησ Κύπρου, αφού περίπου το 89% των ξένων επισκεπτών φτάνουν στη χώρα αεροπορικώσ. ΕιδικÞτερα, είπε ο κ. Μαµαλάκησ, «η µελέτη εκτιµά Þτι 48.400 επιπλέον θέσεισ εργασίασ υποστηρίζονται απÞ τισ δαπάνεσ των ξένων επισκεπτών που ταξιδεύουν στην Κύπρο αεροπορικώσ». Ο κ. Μαµαλάκησ είπε Þτι «η µελέτη του

Oxford Economics εκτιµά Þτι η αεροπορική βιοµηχανία συνεισφέρει µε περίπου 175 εκατοµµύρια ευρώ κρατικά έσοδα, Βε τη µορφή των άµεσων φÞρων και έµµεσα, Βέσω τησ αλυσίδασ εφοδιασΒού του κλάδου των αεροµεταφορών, καθώσ και Βέσω των δαπανών των εργαζοµένων στον τοΒέα των αεροµεταφορών και τησ αλυσίδασ εφοδιασµού του». Καταλήγοντασ είπε Þτι «οι φÞροι και οι εισφορέσ κοινωνικήσ ασφάλισησ απÞ τισ εταιρείεσ που εδρεύουν στην Κύπρο και δραστηριοποιούνται στισ αεροµεταφορέσ ανέρχονται ετησίωσ σε 67 εκ. ευρώ».

ª¤¯ÚÈ 30 πÔ˘Ó›Ô˘ ı· Ï‹ÍÂÈ ÙÔ ı¤Ì· Ù˘ ∞∆∞ Αναβλήθηκε για διαδικαστικούσ λÞγουσ η χθεσινή έναρξη του διαλÞγου για την ΑΤΑ µεταξύ του Υπουργού Οικονοµικών και των κοινωνικών εταίρων. Οπωσ δήλωσε ο ΥπουργÞσ Οικονοµικών Βάσοσ Σιαρλή ύστερα απÞ τη σύντοµη συνάντηση µε τουσ κοινωνικούσ εταίρουσ, στην οποία συµµετείχε και η ΥπουργÞσ Εργασίασ και Κοινωνικών Ασφαλίσεων Σωτηρούλα Χαραλάµπουσ, οι διαδικαστικοί λÞγοι που προέκυψαν απÞ πλευράσ Υπουργείου Οικονοµικών, πριν την έναρξη τησ συζήτησησ, αναλύθηκαν και εξηγήθηκαν στουσ κοινωνικούσ εταίρουσ και ‘’Þλοι συµφώνησαν Þτι είναι καλÞ να αναβληθεί η συζήτηση’’. Ο ΥπουργÞσ Οικονοµικών, χωρίσ να αναφέρει τουσ διαδικαστικούσ λÞγουσ, είπε Þτι τισ επÞµενεσ λίγεσ ηµέρεσ, ίσωσ και σήµερα, θα καθοριστεί νέα ηµεροµηνία συνάντησησ µε τουσ κοινωνικούσ εταίρουσ για συζήτηση του θέµατοσ τησ ΑΤΑ. Επιπλέον, ο κ. Σιαρλή εξέφρασε αισιοδοξία Þτι ‘’εντÞσ τησ εβδοµάδασ’’, το Υπουργείο Οικονοµικών θα είναι ‘’σε θέση’’ να δώσει στοιχεία για τα µέτρα που θα

περιλαµβάνονται στο νέο πακέτο εξυγίανσησ τησ κυπριακήσ οικονοµίασ για να αρχίσει η συζήτηση των µέτρων µε τουσ κοινωνικούσ εταίρουσ. ΕιδικÞτερα, για το θέµα τησ ΑΤΑ, ο κ. Σιαρλή είπε Þτι ‘’µετά απÞ µια εκτενή ανάλυση των διαδικαστικών λÞγων, καταλήξαµε στο συµπέρασµα Þτι η συζήτηση δεν θα µπορούσε να αρχίσει και αναβλήθηκε σε ηµεροµηνία που θα καθοριστεί τισ επÞµενεσ λίγεσ ηµέρεσ’’, προσθέτοντασ Þτι ‘’Þλοι έµειναν σύµφωνοι και ικανοποιηµένοι Þτι οι λÞγοι που προτάθηκαν ήταν ικανοποιητικοί για σκοπούσ αναβολήσ τησ συζήτησησ’’. Ο κ. Σιαρλή εξέφρασε την ετοιµÞτητα του Υπουργείου Οικονοµικών να ανοίξει το διάλογο για το θέµα τησ ΑΤΑ. ∆έσµευση του Υπουργείου, Þπωσ είπε, είναι η κατάληξη του διαλÞγου επί του θέµατοσ µέχρι τισ 30 Ιουνίου. ‘’Οπωσ είχαµε πει και στο παρελθÞν, η πρÞθεση µασ είναι να συζητήσουµε µε τουσ κοινωνικούσ εταίρουσ τισ σκέψεισ µασ Þσον αφορά την ΑΤΑ’’, σηµείωσε. Ερωτηθείσ για το χρÞνο ετοιµασίασ του

EasyPower: To ÌÂÁ·Ï‡ÙÂÚÔ ÊˆÙÔ‚ÔÏÙ·˚Îfi ¿ÚÎÔ Αίτηση για κατασκευή και λειτουργία φωτοβολταϊκού πάρκου ισχύοσ 21MW κατέθεσε η EasyPower Κύπρου Ltd στην Ρυθµιστική Αρχή Ενέργειασ Κύπρου. Το έργο, που θα γίνει στη περιοχή κοινοτήτων Ποταµιάσ και Άγιοσ ΣωζÞµενοσ, αποτελείται απÞ ένα σύµπλεγµα τεσσάρων µικρÞτερων έργων και θα καλύπτει µισθωµένη γη συνολικήσ έκτασησ 500 χιλιάδων τ.µ. Το έργο θεωρείται η µεγαλύτερη επένδυση φωτοβολταϊκών που έγινε ποτέ στην Κύπρο τÞσο σε ισχύ Þσο και σε προϋπολογισµÞ. Συγκεκριµένα, η επένδυση ανέρχεται σε 30 εκ ευρώ και η συνολική ισχύσ του σε 21MW. Μάλιστα, η πρÞταση τησ εταιρείασ EasyPower Κύπρου Ltd προνοεί πώληση του ηλεκτρικού ρεύµατοσ που θα παράγεται προσ 0.315 ευρώ ανά κιλοβατώρα, δηλαδή χαµηλÞτερη απÞ το σηµερινÞ κÞστοσ παραγωγήσ τησ ΑΗΚ, που ανέρχεται στα 0.159 ευρώ. Το έργο δεν θα πραγµατοποιηθεί µε κρατική επιδÞτηση απÞ το ειδικÞ ταµείο ανάπτυξησ Ανανεώσιµων Πηγών Ενέργειασ.

νέου πακέτου µέτρων που επεξεργάζεται το Υπουργείο Οικονοµικών, ο κ. Σιαρλή είπε Þτι το Υπουργείο εργάζεται ‘’πάνω σε κάποια σχέδια, τα οποία θα πρέπει να είναι έτοιµα εντÞσ του τρέχοντοσ µηνÞσ’’. Αναφέροντασ Þτι ‘’ο χρÞνοσ είναι πολύ πιεστικÞσ’’, ο κ. Σιαρλή είπε Þτι έχει συνείδηση του χρÞνου και Þτι ‘’ο χρÞνοσ πάει να λείψει’’, αλλά παραµένει αισιÞδοξοσ Þτι ‘’εντÞσ του τρέχοντοσ µηνÞσ, δηλαδή εντÞσ τησ εβδοµάδασ θα είµαστε σε θέση να δώσουµε στοιχεία για τα µέτρα που προτείνουµε’’. ‘’Θα µπορούσαµε να καταλήξουµε στα µέτρα και αµέσωσ µετά θα µπορεί να αρχίσει ο διάλογοσ’’, µε τουσ κοινωνικούσ εταίρουσ, πρÞσθεσε. Ερωτηθείσ αν θα µπορούσαν να συζητηθούν µαζί τα δύο θέµατα µε τουσ κοινωνικούσ εταίρουσ, ο κ. Σιαρλή είπε Þτι αυτÞ θα µπορούσε να γίνει ‘’αλλά δεν ήταν αυτÞ το σκεπτικÞ µασ’’. ‘’Τα δύο θέµατα ανακοινώσαµε απÞ την αρχή Þτι τα χειριζÞµαστε ανεξάρτητα και θα συνεχίσουµε να τα χειριζÞµαστε µε αυτÞ τον τρÞπο’’, κατέληξε ο κ. Σιαρλή.

∂›ÁÂÈ Ë ÛÙ‹ÚÈÍË Ù˘ ÂȯÂÈÚËÌ·ÙÈÎfiÙËÙ·˜ Τη θετική ψήφο των ξένων επενδυτών συνεχίζει να λαµβάνει το χρηµατοπιστωτικÞ σύστηµα τησ Κύπρου, σύµφωνα µε δηλώσεισ του Προέδρου τησ Κοινοβουλευτικήσ Επιτροπήσ Εµπορίου Λευτέρη ΧριστοφÞρου στη Βουλή. Παράλληλα τÞσο ο κ. ΧριστοφÞρου Þσο και άλλοι Βουλευτέσ Μέλη τησ Επιτροπήσ αναφέρθηκαν στην ανάγκη λήψησ περαιτέρω µέτρων για στήριξη τησ επιχειρηµατικÞτητασ. Εξέφρασε παράλληλα την πεποίθηση Þτι ‘’η Κύπροσ θα συνεχίσει να παραµένει ισχυρÞ χρηµατοπιστωτικÞ κέντρο, ο τραπεζικÞσ µασ τοµέασ παρά τισ δυσκολίεσ θα κατορθώσει να αντεπεξέλθει και µαζί και η ίδια η κυπριακή οικονοµία’’. ΠρÞσθεσε Þτι την ίδια εµπιστοσύνη που επιδεικνύουν οι ξένοι επενδυτέσ πρέπει να υπάρχει και στο εσωτερικÞ. ‘’Είναι γι’ αυτÞ που εµείσ ζητήσαµε περαιτέρω µέτρα στήριξησ τησ Κύπρου ωσ επιχειρηµατικού κέντρου’’, συµπλήρωσε. Ο κ. ΧριστοφÞρου είπε Þτι ‘’µπορούν να γίνουν πάρα πολλά σπάζοντασ γραφειοκρατικέσ διαδικασίεσ, αλλά πολύ περισσÞτερο, προχωρώντασ στην υπογραφή Þλων εκείνων των εκκρεµοτήτων που έχουν να κάνουν µε την αποφυγή διπλήσ φορολογίασ’’. Ενηµέρωσε ταυτÞχρονα Þτι η Επιτροπή ανέλαβε συντονιστικÞ ρÞλο ‘’για να αποδυθούµε σε µια επιθετική προσπάθεια για το επιχειρείν αλλά και τη συνέχιση τησ προσέλκυσησ ξένων επενδυτών και ξένων καταθετών στην πατρίδα µασ’’.

√ÚÊ·Ó›‰Ë˜: ∑ËÌȤ˜ €1,5 ÂÎ. ÛÙÔ ·’ ÙÚ›ÌËÓÔ Στο 1.5 εκ. ευρώ ανήλθαν οι ζηµιέσ τησ εταιρείασ υπεραγορών Ορφανίδησ (Ορφανίδησ ∆ηµÞσια Εταιρεία Λτδ) για το πρώτο τρίµηνο του 2012 σε σύγκριση µε κέρδοσ 350.000 ευρώ την αντίστοιχη περίοδο του 2011. Σύµφωνα µε τα αποτελέσµατα του πρώτου τριµήνου που ανακοίνωσε η εταιρεία ο κύκλοσ εργασιών µειώθηκε απÞ 47.4 εκ. ευρώ σε 44.4 εκ. ευρώ. Την ίδια ώρα Þµωσ και παρά την αύξηση κατά 38.7% στο κÞστοσ ηλεκτρισµού, η εταιρεία προέβη σε σηµαντική µείωση του κÞστουσ προσωπικού κατά 20% ή 1 εκ. ευρώ. Παράλληλα λÞγω τησ λειτουργάσ των νέων υπεραγορών που λειτούργησαν το 2011, τα καθαρά έξοδα χρηµατοδÞτησησ παρουσίασαν αύξηση κατά 86.8% και ανήλθαν σε 2.9εκ. ευρώ σε σύγκριση µε 1.6 εκ. ευρώ.

¡∂√™ °∂¡π∫√™ ¢π∂À£À¡∆∏™ Εν τω µεταξύ η εταιρεία σε µία κίνηση στρατηγικήσ σηµα-

σίασ, έχει πρÞσφατα εντάξει στο δυναµικÞ τησ στη θέση του Γενικού ∆ιευθυντή, έναν απÞ τουσ πιο έµπειρουσ και καταξιωµένουσ µάνατζερσ στο χώρο του λιανικού εµπορίου και Þχι µÞνο, τον κ. Κωνσταντίνο Ιωάννου. Ο κ. Ιωάννου αναµένεται να φέρει άµεσα µία νέα πνοή τÞσο σε διοικητικά Þσο και σε λειτουργικά θέµατα αλλά και να βοηθήσει στη στρατηγική ανάπτυξη του Οµίλου µέσα σε ένα έντονα ανταγωνιστικÞ και γεµάτο προκλήσεισ περιβάλλον ενισχύοντασ περαιτέρω την ηγετική θέση που κατέχει ο Ùµιλοσ Ορφανίδη στο ΚυπριακÞ λιανεµπÞριο. Ο κ. Ιωάννου έχει διατελέσει κατά το παρελθÞν ∆ιευθύνων Σύµβουλοσ στην Cosmos Trading και στην ΚΕΟ καθώσ και ∆ιευθυντικÞ στέλεχοσ του Οµίλου ΣιακÞλα.

ª·˜ «¤Î·„·Ó» ÔÈ ·˘Í‹ÛÂȘ ÛÙÔ Ú‡̷ l Eurostat: Στην Κύπρο σηµειώθηκε η δεύτερη µεγαλύτερη αύξηση τησ τιµήσ ηλεκτρικού ρεύµατοσ µεταξύ των χωρών τησ ΕΕ, το δεύτερο εξάµηνο του 2011, σύµφωνα µε την Eurostat. Η µέση τιµή ηλεκτρικού ρεύµατοσ στην Κύπρο το δεύτερο εξάµηνο του περασµένου έτουσ ήταν 24,1 ευρώ/100 kWh, ενώ ο µέσοσ Þροσ στην ΕΕ ήταν 18,4 ευρώ/kWh, στην Ευρωζώνη 19,3 ευρώ/kWh και στην Ελλάδα 12,4 ευρώ/ kWh. Εκπεφρασµένη σε Μονάδεσ Αγοραστικήσ ∆ύναµησ (ενιαίοσ υπολογισµÞσ των τιµών µε βάση το βιοτικÞ επίπε-

¢Â‡ÙÂÚË ÛÙË Ï›ÛÙ· Ë ∫‡ÚÔ˜ δο), η τιµή του ηλεκτρικού ρεύµατοσ στην Κύπρο ήταν η ψηλÞτερη στην ΕΕ αφού ανήλθε το δεύτερο εξάµηνο του 2012 σε 26,7 ΜΑ∆ ανα 100 kWh, ενώ ο µέσοσ Þροσ στην ΕΕ ήταν 18,4 ΜΑ∆/100 kWh και στην Ελλάδα 13,5 ΜΑ∆/100 kWh. Η ποσοστιαία αύξηση το δεύτερο εξάµηνο του 2011 σε σχέση µε την αντίστοιχη περίοδο του 2010 ανήλθε στην Κύπρο σε 19,4% και ήταν η δεύτερη µεγαλύτερη µετά την Λετονία (27,5%). Η µέση αύξηση στην ΕΕ ήταν 6,3%, στην Ευρωζώνη 6,2% και στην Ελλάδα 2,2%. Η µέση αύξηση που σηµειώθηκε σε

κάθε κράτοσ µέλοσ την παραπάνω περίοδο ήταν η εξήσ: Λετονία 27,5%, Κύπροσ 19,4%, Πορτογαλία 12,9%, Ισπανία 12,8%, Ηνωµένο Βασίλειο 12,1%, Ιρλανδία 11,3%, ∆ανία 9,8%, Ιταλία 8,5%, Ολλανδία 8,4%, Βέλγιο 7,3%, Γαλλία 5,4%, Βουλγαρία 5,4%, Τσεχία 5,2%, Πολωνία 5,1%, Σλοβενία 4,6%, Σλοβακία 4,5%, Γερµανία 3,8%, Εσθονία 3,8%, Ρουµανία 3,7%, Σουηδία 2,4%, Ουγγαρία 2,3%, Ελλάδα 2,2%, Αυστρία 1,8%, Λιθουανία 0,4%, Φινλανδία 0,0%, Μάλτα 0,0%. Στο Λουξεµβούργο η µέση τιµή υποχώρησε 4,9%.

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¢ÂÓ ¤ÌÂÈÓ·Ó ÙÚ·Â˙ÈΤ˜ ı˘Ú›‰Â˜… Ô‡Ù ÁÈ· ‰Â›ÁÌ· 2 σελ. 1/11 Το πρώτο βήµα, πάντωσ, για Þποιον επιθυµεί να προβεί σε µια τέτοια κίνηση, είναι η έρευνα αγοράσ. Οι τιµέσ για την ενοικίαση των θυρίδων ποικίλλουν, το ίδιο και οι υπηρεσίεσ αλλά και η διαθεσιµÞτητα τουσ. Αφού επιλέξει το τραπεζικÞ ίδρυµα που εµπιστεύεται περισσÞτερο και ταιριάζει στα κριτήρια του, επÞµενο βήµα είναι η αναζήτηση του καταστήµατοσ εκείνου που υπάρχουν διαθέσιµεσ τραπεζικέσ θυρίδεσ. Στην πλειονÞτητα τουσ οι τράπεζεσ, προσφέρουν θυρίδεσ σε κεντρικά καταστήµατα που διαθέτουν µεγάλουσ χώρουσ και τηρούν συγκεκριµένεσ προϋποθέσεισ.

€40 – €190 Ë ÂÓÔÈΛ·ÛË Οι θυρίδεσ ενοικιάζονται µε το χρÞνο, το ετήσιο ενοίκιο κυµαίνεται απÞ 40 έωσ 190 ευρώ συν ΦΠΑ, ανάλογα µε το µέγεθÞσ τουσ. Τα µεγέθη κυµαίνονται απÞ 6,000 κυβικά εκατοστά µέχρι 50,000 κυβικά εκατοστά και άνω. Τα µεγέθη των θυρίδων δεν είναι ίδια απÞ τράπεζα σε τράπεζα, γι’ αυτÞ και σε κάποιεσ περιπτώσεισ οι διαφορέσ στη τιµή είναι µεγάλεσ. Για την ενοικίαση θυρίδασ η διαδικασία είναι ανάλογη µ αυτή που ακολουθείται για το άνοιγµα ενÞσ τραπεζικού λογαριασµού, ενώ αν ο ενδιαφερÞµενοσ είναι ήδη πελάτησ τησ τράπεζασ, απαιτείται µÞνο η ταυτÞτητά του. Η ύπαρξη λογαριασµού κρίνεται απαραίτητη απÞ Þλεσ τισ τράπεζεσ, καθώσ απÞ εκεί αντλούνται και τα χρήµατα ενοικίασησ τησ θυρίδασ.

§·˚΋: ŒÎÙ·ÎÙË Û˘Ó¤Ï¢ÛË ÁÈ· ÎÂÊ¿Ï·ÈÔ Έκτακτη γενική συνέλευση στισ 21 Ιουνίου θα πραγµατοποιήσει η Λαϊκή Τράπεζα για θέµατα κεφαλαίου µετά το πέρασ τησ Ετήσιασ Γενικήσ Συνέλευσησ. Στη συνέλευση θα τεθεί ψήφισµα για αύξηση του µετοχικού κεφαλαίου τησ τράπεζασ απÞ 2.465.000.0000 ευρώ διαιρούµενο σε 24.650.000.000 συνήθεισ µετοχέσ ονοµαστικήσ αξίασ 0,10 ευρώ η κάθε µία σε 2.800.000.000 ευρώ διαιρεµένο σε 28.000.000.000 συνήθεισ µετοχέσ ονοµαστικήσ αξίασ 0,10 ευρώ η κάθε µία µε τη δηµιουργία 3.350.000.000 νέων συνήθων µετοχών ονοµαστικήσ αξίασ 0,10 ευρώ. Επίσησ, θα τεθεί προσ ψήφιση ειδικÞ ψήφισµα προκειµένου να ακυρωθεί το ειδικÞ ψήφισµα 7 που εγκρίθηκε στην έκτακτη γενική συνέλευση στισ 2 Απριλίου 2012. Στη γενική συνέλευση τησ τράπεζασ, θα εξεταστούν οι εκθέσεισ των συµβούλων και των ελεγκτών και οι οικονοµικέσ καταστάσεισ τησ τράπεζασ για το τέλοσ του 2011, ενώ θα γίνει και εκλογή µελών του ∆Σ.

™ÙÔ §·˚Îfi Ë ‰È·ÓÔÌ‹ ÙÔ˘ Chino Σε συµφωνία κατήλθε ο Þµιλοσ Λαϊκού µε την εταιρεία XUXA LTD η οποία αντιπροσωπεύει την γνωστή µάρκα “Chino” για διανοµή των προϊÞντων Καφέ Chino Slush στην κυπριακή αγορά και ήδη ξεκίνησε την τοποθέτηση µηχανών και προϊÞντων στην αγορά. Η νέα αυτή συνεργασία, εντάσσεται στο γενικÞ στρατηγικÞ σχεδιασµÞ του Οµίλου Λαϊκού για δηµιουργία συνεργασιών µε στÞχο την περαιτέρω ανάπτυξη του Οµίλου, µέσω εµπλουτισµού τησ γκάµασ µε προϊÞντα που απευθύνονται σε πιο νεανικÞ καταναλωτικÞ κοινÞ.Το Chino αµέσωσ µε την παρουσία του στην κυπριακή αγορά το 2002, κατάφερε να γίνει ένα απÞ τα πιο αγαπητά προϊÞντα του καταναλωτικού κοινού.

Ùσον αφορά την ασφάλεια του περιεχοµένου, αυτÞ αφορά την συµφωνία τησ τράπεζασ µε τον πελάτη και εµπίπτει στα πλαίσια τησ υπογραφήσ συµφωνίασ µεταξύ των δύο. Σε κάθε περίπτωση, η κάθε τράπεζα ακολουθεί τη δική τησ πολιτική. Το περιεχÞµενο κάθε θυρίδασ µένει επτασφράγιστο µυστικÞ, καθώσ ο δικαιούχοσ ανοίγει την προσωπική του θυρίδα µε τη βοήθεια τραπεζικού υπαλλήλου, ο οποίοσ, Þµωσ, αποχωρεί απÞ το σηµείο, Þταν ο κάτοχοσ ανοίξει το εσωτερικÞ κουτί τησ θυρίδασ. Σε µερικέσ περιπτώσεισ, είναι πιθανÞν εκτÞσ απÞ την τιµή ενοικίασησ να ζητηθεί απÞ τον µισθωτή η καταβολή εγγύησησ, η οποία αφορά κυρίωσ την κάλυψη των εξÞδων για τα κλειδιά τησ θυρίδασ και την αντικατάσταση τουσ σε περίπτωση απώλειασ, µε το πÞσο αυτÞ να κυµαίνεται γύρω στα 60 ευρώ.

¶ÚfiÛ‚·ÛË Με την ενοικίαση τησ θυρίδασ, ο µισθωτήσ παραλαµβάνει 2 κλειδιά µε τα οποία µπορεί να έχει πρÞσβαση σε αυτήν. ΕκτÞσ απÞ τον ίδιο, µπορεί να ορίσει απÞ έναν έωσ δύο δικαιούχουσ, στισ περισσÞτερεσ τράπεζεσ, οι οποίοι θα έχουν δικαίωµα να έχουν πρÞσβαση στην θυρίδα µε την επίδειξη τησ ταυτÞτητασ τουσ. Αυτή είναι απαραίτητη προϋπÞθεση και για τον µισθωτή, έτσι ώστε να µην υπάρχει περίπτωση χρήσησ κλεµµένου κλειδιού. Οι ώρεσ που µπορούν οι δικαιούχοι να έχουν πρÞσβαση στη θυρίδα είναι στισ περισσÞτερεσ των περιπτώσεων εκείνεσ που λειτουργούν τα υποκαταστήµατα. Σε µερικέσ περιπτώσεισ το άνοιγµα των θυρίδων µέχρι τρείσ φορέσ τον χρÞνο είναι δωρεάν. Υπάρχουν Þµωσ και τράπεζεσ που για πέραν των τριών επισκέψεων χρεώνουν επιπλέον 15 ευρώ για

κάθε επίσκεψη. Σίγουρα οι ανάγκεσ του καθ ενÞσ ποικίλουν, γι αυτÞ είναι ορθÞ πριν την ενοικίαση θυρίδασ το κοινÞ να κάνει µια έρευνα αγοράσ, Þπωσ έχουµε επισηµάνει και πιο πάνω. Τέλοσ η κρίση και η γενικÞτερη ανησυχία που επικρατεί τουσ τελευταίουσ µήνεσ στην Ελλάδα, ώθησε πολλούσ στισ τράπεζεσ για ενοικίαση θυρίδασ, προκειµένου να έχουν σε ασφαλέσ µέροσ αντικείµενα αξίασ. ∆εν είναι λίγοι µάλιστα, αυτοί, που επηρεαζÞµενοι απÞ τη φηµολογία περί πτώχευσησ ή επιστροφήσ τησ οικονοµίασ µασ στη δραχµή, έχουν σηκώσει Þλεσ τισ καταθέσεισ τουσ απÞ τα ταµεία των τραπεζών και επιλέγουν να φυλάξουν τισ οικονοµίεσ τουσ στισ θυρίδεσ. Πολλοί µάλιστα βρίσκονται σε λίστα αναµονήσ για ενοικίαση θυρίδασ. ∞ÁÁ¤Ï· ∫ˆÌÔ‰ÚfiÌÔ˘

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∆Ô G-euro Î·È Ë Î·Ù·ÁÁÂÏ›· ÙÔ˘ ªÓËÌÔÓ›Ô˘

M ÙȘ ηٷı¤ÛÂȘ ÙÈ Á›ÓÂÙ·È; Ενώ η Ευρωζώνη εξετάζει το ενδεχÞµενο εξÞδου τησ Ελλάδασ απÞ το ευρώ, δεν έχει ακÞµη ένα αρκετά αποτελεσµατικÞ τείχοσ προστασίασ για να αποφευχθεί µια βαθύτερη κρίση σε περίπτωση που κλονιστεί η εµπιστοσύνη των καταθετών στον τραπεζικÞ κλάδο µιασ χώρασ µέλουσ. Την προηγούµενη εβδοµάδα, Þπωσ επισηµαίνουν αναλυτέσ, οι Ευρωπαίοι ηγέτεσ συζήτησαν πανευρωπαϊκά µέτρα στήριξησ των τραπεζών, µέτρα που η Ευρωπαϊκή Κεντρική Τράπεζα προσδοκά Þτι θα περιλαµβάνουν ένα ταµείο εξυγίανσησ των τραπεζών, το οποίο θα αντιµετωπίζει τισ περιπτώσεισ πτώχευσησ ή αναδιάρθρωσησ πιστωτικών οργανισµών. ΩστÞσο, µια µαζική φυγή κεφαλαίων απÞ τισ τράπεζεσ είτε λÞγω ανησυχιών Þτι η µία κυβέρνηση είναι ιδιαίτερα αδύναµη για να στηρίξει τισ τράπεζέσ τησ, είτε Þτι η χώρα ενδέχεται να εγκαταλείψει το ευρώ- θα αποτελούσε ένα εντελώσ διαφορετικÞ είδοσ κρίσησ. Τώρα οι επενδυτέσ ανησυχούν για το ενδεχÞµενο µετάδοσησ που θα µπορούσε να προκαλέσει η πιθανή έξοδοσ τησ Ελλάδασ απÞ το ευρώ και τισ επιπτώσεισ στισ καταθέσεισ άλλων χωρών. «Θα πρέπει να διασφαλιστεί Þτι τυχÞν αναγκαστική µετατροπή των καταθέσεων στην Ελλάδα απÞ ευρώ σε ένα νέο αδύναµο νÞµισµα δεν θα προκαλέσει φυγή καταθέσεων σε τράπεζεσ... αλλού», σχολίασε ο ΧÞλγκερ Σµίντινγκ, οικονοµολÞγοσ τησ Berenberg Bank.

∂ηÙÔÌ̇ÚÈ· ·È‰È¿ ÛÂ Û˘Óı‹Î˜ ÊÙÒ¯ÂÈ·˜ Καθώσ εντείνονται οι συζητήσεισ σχετικά µε τα µέτρα λιτÞτητασ και τισ περικοπέσ των κοινωνικών δαπανών, µια νέα έκθεση αποκαλύπτει την έκταση τησ παιδικήσ φτώχειασ και των παιδιών που ζουν µε στερήσεισ στισ προηγµένεσ οικονοµίεσ του κÞσµου. Περίπου 13 εκατοµµύρια παιδιά στην Ευρωπαϊκή Ένωση (συν Νορβηγία και Ισλανδία) στερούνται βασικά αγαθά απαραίτητα για την ανάπτυξή τουσ. ΤαυτÞχρονα, 30 εκατοµµύρια παιδιά – σε ένα σύνολο 35 χωρών µε αναπτυγµένεσ οικονοµίεσ - ζουν σε συνθήκεσ φτώχειασ. Πιο συγκεκριµένα, στισ τρεισ καλύτερεσ θέσεισ τησ κατάταξησ των χωρών σύµφωνα µε αυτÞ τον τρÞπο µέτρησησ βρίσκονται, η Ισλανδία (0,9%), Σουηδία (1,3%) και Νορβηγία (1,9%) ενώ στισ χαµηλÞτερεσ, η Ρουµανία (72,6%), Βουλγαρία (56,6%) και Ουγγαρία (31,9%). Η Ελλάδα βρίσκεται στην 21η θέση µε 17,2% αµέσωσ µετά την Ιταλία (13,3%) και πριν τη Σλοβακία (19,2%).

Τι θα συνέβαινε αν η επÞµενη κυβέρνηση τησ Ελλάδασ κατέγγειλε το ΜνηµÞνιο κι αρνούνταν να συνεχίσει την εφαρµογή του; Η απάντηση που δίνει η Ευρώπη επισήµωσ, αφορά στο πλέον καταστροφικÞ σενάριο, εκείνο δηλαδή που θέλει τη χώρα να χρεοκοπεί άτακτα και να επιστρέφει στη δραχµή, τισ τράπεζεσ να καταρρέουν και το ∆ηµÞσιο να προχωρεί σε στάση πληρωµών, αδυνατώντασ να καταβάλει µισθούσ και συντάξεισ. Ανεπισήµωσ, ωστÞσο, εξετάζει εναλλακτικά σενάρια που θα απέτρεπαν µια άτακτη χρεοκοπία τησ Ελλάδασ το ντÞµινο βίαιων αναταράξεων εντÞσ τησ Ευρωζώνησ που θα την ακολουθούσε. Σε αυτÞ το πλαίσιο, την εβδοµάδα που πέρασε η Deutsche Bank προκάλεσε αίσθηση υποβάλλοντασ µια πρÞταση για την εισαγωγή µιασ µορφήσ παράλληλου νοµίσµατοσ στην Ελλάδα, το οποίο θα εξυπηρετούσε την Þσο το δυνατÞν πιο εύρυθµη λειτουργία τησ χώρασ και τησ οικονοµίασ τησ, κρατώντασ παράλληλα ανοιχτή για την ίδια την πÞρτα του ευρώ. Η ιδέα

αυτή δεν είναι καινούργια εδώ και περίπου δυο χρÞνια κυκλοφορούν στα ευρωπαϊκά φÞρα προτάσεισ περί εισαγωγήσ ενÞσ νέου «ασθενούσ» ευρώ, για τισ προβληµατικέσ χώρεσ τησ περιφέρειασ, ενώ το σηµερινÞ, «ισχυρÞ» ευρώ θα αποτελούσε το αποκλειστικÞ νÞµισµα του ευρωπαϊκού βορρά. ΩστÞσο, η πρÞταση τησ γερµανικήσ τράπεζασ συνιστά την πρώτη φορά που η ιδέα ενÞσ παράλληλου νοµίσµατοσ εντÞσ τησ Ευρωζώνησ αναφέρεται ειδικά για µια συγκεκριµένη χώρα-µέλοσ. ΣτÞχοσ τησ Deutsche Bank ήταν να προτείνει µια λύση που να σώζε τα προσχήµατα ωσ προσ την παραµονή τησ Ελλάδασ στο ευρώ, αποτρέποντασ την κατάρρευση του τραπεζικού τησ συστήµατοσ, και στέλνοντασ προσ τα έξω το µήνυµα Þτι ναι µεν η Ευρωζώνη δεν πρÞκειται να εκβιαστεί απÞ καµία χώρα-µέλοσ για να τησ προσφέρει χωρίσ Þρουσ τη βοήθειά τησ, ούτε Þµωσ πρÞκειται να εγκαταλείψει και καµία χώρα-µέλοσ στην τύχη τησ. Πιο συγκεκριµένα, η Deutsche Bank

υποστηρίζει Þτι αν η Αθήνα καταγγείλει το ΜνηµÞνιο τÞτε θα πρέπει µεν να διακοπεί η προσ αυτήν οικονοµική βοήθεια αλλά Þχι ολοκληρωτικά. Θα πρέπει, λέει, να συνεχιστεί η παροχή κεφαλαίων για την εξυπηρέτηση του ελληνικού χρέουσ -ώστε να αποτραπεί µια χρεοκοπία εντÞσ του ευρώ- και τη στήριξη των ελληνικών τραπεζών, αλλά να σταµατήσει παντελώσ η χρηµατοδÞτηση των πρωτογενών δαπανών τησ κυβέρνησησ. Η τελευταία θα έχει τη δυνατÞτητα να ασκήσει ελεύθερα τη δική τησ δηµοσιονοµική πολιτική και να µεταρρυθµίσει µε τουσ δικούσ τησ Þρουσ την οικονοµία τησ. ΜÞνο που δίχωσ την οικονοµική βοήθεια τησ Ευρώπησ, θα ήταν αδύνατον για την Αθήνα να εξισορροπήσει σε σύντοµο χρονικÞ διάστηµα τον προϋπολογισµÞ τησ, µε συνέπεια να προκληθεί σοβαρÞ πρÞβληµα ρευστÞτητασ του ∆ηµοσίου, το οποίο δεν θα µπορούσε να πληρώσει τουσ λογαριασµούσ του ούτε να καταβέλει µισθούσ και συντάξεισ. Πηγή: Hµερησία

ŒÚ¯ÂÙ·È ÙÔ Facebook smartphone Έωσ το 2013 είναι πιθανÞ να κυκλοφορήσει στην αγορά ένα έξυπνο κινητÞ τηλέφωνο, που σχεδιάζει το Facebook, σε µία ακÞµη προσπάθεια να δηµιουργήσει νέεσ πηγέσ εσÞδων. Η εταιρεία, που µÞλισ εισήχθη στο χρηµατιστήριο, έχει ήδη ξεκινήσει το δικÞ τησ ηλεκτρονικÞ κατάστηµα πώλησησ εφαρµογών (apps) για κινητέσ συσκευέσ. Τισ σχετικέσ πληροφορίεσ, που δεν έχουν επιβεβαιωθεί απÞ το Facebook, δηµοσίευσαν οι «Τάιµσ τησ Νέασ ΥÞρκησ» (επικαλούµενεσ ανώνυµεσ πηγέσ, µεταξύ των οποίων εργαζÞµενοι στο µεγαλύτερο κοινωνικÞ δίκτυο). Σύµφωνα µε τισ διαρροέσ, το Facebook ήδη ξεκίνησε µέσα σε συνθήκεσ µυστικÞτητασ να κάνει προσλήψεισ αρκετών πρώην µηχανικών τησ Apple µε εργασιακή εµπειρία σε έξυπνα κινητά Þπωσ το iPhone.

Το δίκτυο αρνήθηκε ν’ απαντήσει στισ φήµεσ Þτι ετοιµάζει κινητÞ τηλέφωνο και παρέπεµψε σε παλαιÞτερη γραπτή απάντηση, Þπου, µεταξύ άλλων, αναφέρεται Þτι «κάθε κινητή συσκευή είναι καλύτερη αν είναι βαθιά κοινωνική». Την περασµένη εβδοµάδα, εξάλλου, η Google ολοκλήρωσε την εξαγορά τησ εταιρίασ κατασκευήσ κινητών Motorola Mobility αντί 12,5 δισεκατοµµυρίων δολαρίων, γεγονÞσ που µπορεί να την οδηγήσει να δηµιουργήσει κι αυτή το δικÞ τησ έξυπνο κινητÞ τηλέφωνο. Στο παρελθÞν και άλλεσ µεγάλεσ εταιρείεσ, Þπωσ η Hewlett-Packard και η Dell, αποπειράθηκαν να φτιάξουν δικά τουσ κινητά, αλλά τελικά εγκατέλειψαν την προσπάθεια, καθώσ το Þλο εγχείρηµα είναι ιδιαίτερα πολύπλοκο, ακÞµα και για εταιρείεσ που έχουν κατασκευαστική εµπειρία στο πεδίο τησ πληροφορικήσ.

OÈ ÌÈÛÔ› ∂˘Úˆ·›ÔÈ ‰ÂÓ ı· ¿Ó ‰È·ÎÔ¤˜ Οι οικονοµικέσ δυσκολίεσ αναγκάζουν τουσ Ευρωπαίουσ στην καλύτερη περίπτωση να περιορίσουν τισ δαπάνεσ για διακοπέσ ή στην χειρÞτερη να µην φύγουν καθÞλου. ΑπÞ τισ εφτά χώρεσ στισ οποίεσ διενεργήθηκε η έρευνα τησ Ipsos- Europ Assistance (Γαλλία, Ιταλία, Ισπανία, Γερµανία, Βρετανία, Βέλγιο, Αυστρία) µÞνο 58% των ερωτηθέντων σχεδιάζουν να πάνε διακοπέσ το χρονικÞ διάστηµα Ιούνιοσ-Σεπτέµβριοσ, δηλαδή 8% λιγÞτεροι σε σχέση µε πέρυσι. Συνολικά, 45% των Ευρωπαίων δηλώνουν Þτι θέλουν να κάνουν οικονοµίεσ ή να θυσιάσουν τισ διακοπέσ αυτÞ το καλοκαίρι. Πάνω απÞ το ένα τρίτο δεν θα λείψει περισσÞτερο απÞ µια βδοµάδα, ενώ το βασικÞ κριτήριο επιλογήσ του προορισµού των

ταξιδιωτών είναι το κÞστοσ . ΜÞνο το 15% των Ευρωπαίων (έναντι 20% πέρυσι) σκοπεύει να κάνει περισσÞτερα ταξίδια φέτοσ. Αυτοί που θυσιάζουν σε µεγαλύτερο ποσοστÞ τισ διακοπέσ τουσ, είναι οι λαοί του νÞτου οι οποίοι νιώθουν πιο έντονα τισ επιπτώσεισ τησ κρίσησ. Πιο εντυπωσιακή είναι η στροφή των Ιταλών οι οποίοι παρÞτι το 2011 δήλωναν σε ποσοστÞ 78% Þτι θα φύγουν για διακοπέσ, αυτοί που σκοπεύουν φέτοσ να φτιάξουν βαλίτσεσ δεν ξεπερνούν το 63%. Επίσησ, µÞνο 51% των Ισπανών σχεδιάζουν να φύγουν φέτοσ (έναντι 65% πέρυσι). Αντιθέτωσ το 70% των Γάλλων δηλώνει Þτι θα κάνει διακοπέσ αυτή την χρονιά έναντι 68% πέρυσι.

ªfiÏȘ ÙÔ 58% ÙˆÓ ∂˘Úˆ·›ˆÓ ۯ‰ȿ˙Ô˘Ó Ó· ¿Ó ‰È·ÎÔ¤˜ ʤÙÔ˜, ÂÓÒ ÙÔ 45% ‰ËÏÒÓÔ˘Ó fiÙÈ ı¤ÏÔ˘Ó Ó· οÓÔ˘Ó ÔÈÎÔÓƠ̂˜ ‹ Ó· ı˘ÛÈ¿ÛÔ˘Ó ÙȘ ‰È·ÎÔ¤˜ ·˘Ùfi ÙÔ Î·ÏÔη›ÚÈ

¶È¤ÛÂȘ ·ÛÎÔ‡ÓÙ·È ÛÙÔ Â˘ÚÒ ∫˘ÚÈ¿ÎÔ˜ √ÚÂÈÓfi˜ Alpha Bank Cyprus Ltd, Treasury Division.

Υποχώρηση παρουσίασε το ευρωπαϊκÞ νÞµισµα έναντι του δολαρίου την ∆ευτέρα 28 Μαΐου καθώσ έτυχε διαπραγµάτευσησ στα 1,2525 απÞ 1,2820 που βρισκÞταν την περασµένη Τρίτη. Αρνητικά επηρέασαν το ευρώ τα δυσµενέστερα των εκτιµήσεων στοιχεία για τον τοµέα µεταποίησησ στην Ευρωζώνη και το επιχειρηµατικÞ κλίµα στη Γερµανία. Συγκεκριµένα, ο δείκτησ µεταποίησησ PMI υποχώρησε το Μάιο σε χαµηλÞ απÞ τον Ιούνιο του 2009, καταδεικνύοντασ συρρίκνωση του κλάδου για 10ο συνεχή µήνα. Αρνητική ήταν επίσησ η εικÞνα για τον κλάδο υπηρεσιών µε το δείκτη PMI να υποχωρεί το Μάιο σε χαµηλÞ απÞ τον Οκτώβριο του 2011, καταδεικνύοντασ συρρίκνωση του κλάδου για 4ο συνεχή µήνα. Στη Γερµανία ο δείκτησ IFO προσδοκιών υποχώρησε το Μάιο στισ 100,9 µονάδεσ , καταγράφοντασ χαµηλÞ απÞ το ∆εκέµβριο του 2011. Τέλοσ, ο δείκτησ τρέχουσασ συγκυρίασ IFO υποχώρησε το Μάιο σε χαµηλÞ απÞ τον Αύγουστο του 2010.

Αρνητική ήταν επίσησ για το ευρώ η διατήρηση των ανησυχιών σχετικά µε την κατάσταση του τραπεζικού τοµέα τησ Ισπανίασ. ΩστÞσο η πρÞθεση τησ κυβέρνησησ τησ Ισπανίασ να διαθέσει 19 δισ ευρώ για την ανακεφαλαιοποίηση τησ τράπεζασ Bankia παρείχε προσωρινή στήριξη στο ενιαίο νÞµισµα. Ο ΠρωθυπουργÞσ τησ Ισπανίασ κάλεσε τισ ευρωπαϊκέσ αρχέσ να δράσουν, ώστε να εξαλειφθούν οι ανησυχίεσ σχετικά µε το ευρώ. Ανέφερε Þτι η Ευρωζώνη θα πρέπει να επιβεβαιώσει µε πράξεισ Þτι η πορεία τησ νοµισµατικήσ ενοποίησησ δεν επιδέχεται αντιστροφήσ. Εκτιµά Þτι ο µÞνιµοσ µηχανισµÞσ στήριξησ ESM, ο οποίοσ θα τεθεί σε ισχύ τον Ιούλιο, θα πρέπει να διαθέτει τη δυνατÞτητα να πραγµατοποιεί απευθείασ ανακεφαλαιοποίηση ευρωπαϊκών τραπεζών. Σε µια άλλη εξέλιξη, ο ΠρÞεδροσ τησ Fed Philadelphia δήλωσε Þτι οι ΗΠΑ έχουν προετοιµαστεί για επιδείνωση τησ κρίσησ χρέουσ στην Ευρωζώνη. Ανέφερε επίσησ, Þτι η αβεβαιÞτητα για την κατάσταση στην Ευρώπη ενδεχοµένωσ λειτουργεί θετικά για την οικονοµία των ΗΠΑ σε βραχυπρÞθεσµο ορίζοντα, καθώσ συµβάλει σε χαµηλÞτερα επιτÞκια δολαρίου, σε µειωµένεσ τιµέσ ενέργειασ και σε αυξηµένη ρευστÞτητα, λÞγω τησ αύξησησ των ξένων επενδύσεων σε περιουσιακά στοιχεία ΗΠΑ.

∫¿Ùˆ ·fi 2% ÌÂÈÒıËÎÂ Ô ÏËıˆÚÈÛÌfi˜ ÛÙË °ÂÚÌ·Ó›· Στο 1,9% µειώθηκε το Μάιο ο πληθωρισµÞσ στη Γερµανία, στη µεγαλύτερη οικονοµία τησ Ευρωζώνησ, υποχωρώντασ, για πρώτη φορά απÞ το ∆εκέµβριο του 2010, κάτω απÞ το βασικÞ επίπεδο του 2,0%, σύµφωνα µε επίσηµα στοιχεία. Ο πληθωρισµÞσ βρισκÞταν στο 2,1% τον προηγούµενο µήνα και η µείωση των τιµών των καυσίµων ήταν ο κύριοσ λÞγοσ για την επιβράδυνση του πληθωρισµού, σηµειώνει σε ανακοίνωση η γερµανική Στατιστική Υπηρεσία, Destatis. Σε µηνιαία βάση, το κÞστοσ ζωήσ στη Γερµανία µειώθηκε κατά 0,2% το Μάιο, σε σύγκριση µε τον Απρίλιο. Χρησιµοποιώντασ τον Εναρµονισµένο ∆είκτη Τιµών Καταναλωτή, το κÞστοσ ζωήσ στη Γερµανία αυξήθηκε κατά 2,1%, σε 12µηνη βάση, το Μάιο, σηµειώνοντασ ελαφρά µείωση απÞ το 2,2% που καταγράφηκε τον Απρίλιο. Η ΕΚΤ ορίζει τη σταθερÞτητα των τιµών ωσ αύξησησ του Εν∆ΤΚ µε ρυθµÞ παραπλήσιο αλλά ακριβώσ κάτω απÞ 2,0%.

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∆∂∆∞ƒ∆∏, 30 ª∞´√À, 2012

√ÈÎÔÓÔÌÈÎfi ÙÛÔ˘Ó¿ÌÈ ı· ʤÚÂÈ Ë ¤ÍÔ‰Ô˜ Ù˘ ∂ÏÏ¿‰·˜ ΕνδεχÞµενη έξοδοσ τησ Ελλάδασ απÞ το ευρώ θα συνιστούσε απειλή για την παγκÞσµια ευηµερία, παρά το γεγονÞσ Þτι η συµµετοχή τησ στην παγκÞσµια οικονοµία είναι 0,4%, καθώσ οι επιπτώσεισ θα έφθαναν έωσ την Κίνα, αναφέρει δηµοσίευµα του πρακτορείου Bloomberg, το οποίο παραπέµπει σε δηλώσεισ αναλυτών διεθνών επενδυτικών ταµείων και τραπεζών. Μία έξοδοσ τησ Ελλάδασ απÞ το ευρώ θα προκαλούσε ζηµιά στα ενέχυρα, αναφέρει το στέλεχοσ του Pimco - του µεγαλύτερου ταµείου επενδύσεων σε οµÞλογα στον κÞσµο - Ρίτσαρντ Κλάριντα, µία άποψη που συµµερίζονται οικονοµολÞγοι των τραπεζών Bank of America Merrill Lynch και JPMorgan Chase. Στη χειρÞτερη περίπτωση, θα µπορούσε να προκαλέσει χρεοκοπίεσ κρατών τησ Ευρώπησ καθώσ και επιδροµέσ σε τράπεζεσ, πιστωτικέσ κρίσεισ και υφέσεισ που µπορεί να οδηγήσουν περισσÞτερεσ χώρεσ να φύγουν απÞ το ευρώ. Οι διασυνδέσεισ, ωστÞσο, των χωρών µέσω τουσ διεθνούσ εµπορίου και των χρηµατοπιστωτικών ροών σηµαίνουν Þτι οι επιπτώσεισ δεν θα περιορισθούν στην Ευρωζώνη. Η JPMorgan εκτιµά Þτι κάθε υποχώρηση τησ οικονοµίασ τησ

Ευρωζώνησ κατά 1% µειώνει την ανάπτυξη στισ άλλεσ περιοχέσ του κÞσµου κατά 0,7%. Οι εξαγωγικέσ χώρεσ, απÞ τη Βρετανία έωσ την Κίνα, θα υπέφεραν και η παραγωγÞσ πρώτων υλών Ρωσία θα αντιµετώπιζε µείωση των τιµών του πετρελαίου. Αν και οι ΗΠΑ είναι πιθανÞν να κινηθούν καλύτερα, ακÞµη και αυτέσ θα αισθάνονταν έναν απÞηχο παρεµφερή µε τη χρηµατοπιστωτική µÞλυνση που ακολούθησε τη χρεοκοπία τησ Lehman Brothers. Οι αναλυτέσ τησ BofA Merrill Lynch εκτιµούν Þτι το ΑΕΠ τησ Ευρωζώνησ θα συρρικνωνÞταν κατά τουλάχιστον 4% στην ύφεση που θα ακολουθούσε, αντίστοιχα µε την πτώση που ακολούθησε την κατάρρευση τησ Lehman Brothers. Σύµφωνα µε τουσ ίδιουσ αναλυτέσ, η ισοτιµία του ευρώ θα υποχωρούσε κάτω απÞ τα 1,20 δολάρια και ο πανευρωπαϊκÞσ δείκτησ τραπεζικών µετοχών Stoxx 600 θα υποχωρούσε κάτω απÞ τισ 110 µονάδεσ απÞ 123 µονάδεσ που ήταν χθεσ. Χώρεσ, Þπωσ η Ισπανία και η Πορτογαλία, θα είχαν να αντιµετωπίσουν υψηλÞτερο κÞστοσ δανεισµού. Στη Γερµανία, που θεωρείται ασφαλέσ καταφύγιο για τουσ επενδυτέσ, οι αποδÞσεισ των 10ετών οµολÞγων τησ θα µπορούσαν να µει-

∫È fï˜ Ë Fitch ϤÂÈ ˆ˜ Â›Ó·È ·›ı·ÓÔ Ó· Û˘Ì‚Â› Απίθανο παραµένει το ενδεχÞµενο αποχώρησησ τησ Ελλάδασ απÞ την ευρωζώνη, σύµφωνα µε το βασικÞ σενάριο του οίκου πιστοληπτικήσ αξιολÞγησησ Fitch. Ùπωσ εξήγησε ο εκτελεστικÞσ διευθυντήσ του οίκου, Τζον Ùλερτ, σε περίπτωση που αυτή πραγµατοποιείτο θα ασκούσε πίεση στο αξιÞχρεο των άλλων χωρών τησ ευρωζώνησ. «Αν η Ελλάδα ήταν σε θέση να φύγει απÞ το ευρώ , αυτÞ θα είχε κατά την άποψή µασ συνέπειεσ για µία σειρά απÞ αξιολογήσεισ, έωσ το σηµείο πολλέσ απÞ αυτέσ να τεθούν υπÞ παρακολούθηση», δήλωσε ο Ùλερτ στο πρακτορείο Dow Jones. Ùπωσ σηµείωσε, η σπουδή ορισµένων υπερχρεωµένων χωρών τησ Ευρώπησ να µειώσουν τισ δηµÞσιεσ δαπάνεσ τουσ επιδείνωσε τα δηµοσιονοµικά τουσ προβλήµατα. «Σε πολλέσ περιπτώσεισ, η λιτÞτητα αύξησε την πίεση στισ πιστοληπτικέσ αξιολογήσεισ. ΑυτÞ που καθίσταται σαφέσ είναι Þτι η λιτÞτητα απÞ µÞνη τησ δεν αποτελεί λύση, πρέπει να υπάρξει κάποιοσ προσανατολισµÞσ στην ανάπτυξη , γιατί χωρίσ ανάπτυξη είναι πραγµατικά δύσκολο να µπουν τα πράγµατα σε µία τροχιά», δήλωσε ο αξιωµατούχοσ τησ Fitch.

™¯¤‰ÈÔ ¤ÎÙ·ÎÙ˘ ·Ó¿Á΢ ÁÈ· ¤ÍÔ‰Ô Ù˘ ∂ÏÏ¿‰·˜ ·fi ÙÔ Â˘ÚÒ Μία απÞ τισ µεγαλύτερεσ αγορέσ ασφαλίσεων στον κÞσµο, η Lloyds of London, έχει ετοιµάσει σχέδιο έκτακτησ ανάγκησ για το ενδεχÞµενο εξÞδου τησ Ελλάδασ απÞ την ευρωζώνη. «Λειτουργούµε µε πολλά νοµίσµατα και θα στρεφÞµασταν σε ένα πολυ-νοµισµατικÞ συµβιβασµÞ εάν οι έλληνεσ εγκατέλειπαν το ευρώ και άρχιζαν να χρησιµοποιούν τη δραχµή», αποκάλυψε ο ∆ιευθύνων Σύµβουλοσ τησ εταιρίασ, Ρίτσαρντ Γουάρντ. Ο ∆ιευθύνων Σύµβουλοσ τησ Lloyds of London παραδέχτηκε Þτι είναι «πολύ ανήσυχοσ για την Ευρώπη», αποσαφηνίζοντασ Þτι ο ασφαλιστικÞσ κολοσσÞσ έχει µειώσει την έκθεσή του στη νοµισµατική ένωση κατά τα τελευταία χρÞνια. «Με Þλεσ τισ ανησυχίεσ που περιβάλλουν την ευρωζώνη αυτή τη στιγµή, πρέπει να είµαστε προσεκτικοί κάνοντασ δουλειέσ στην Ευρώπη, ενώ υπάρχουν πολλά ερωτηµατικά Þσον αφορά τη µελλοντική ασφάλιση δραστηριοτήτων σε ευρώ», προσέθεσε ο κ. Γουάρντ. Παρά τον προβληµατισµÞ του για το µέλλον του κοινού νοµίσµατοσ, ο κ. Γουάρντ γνωµοδÞτησε Þτι τυχÞν έξοδοσ τησ Ελλάδασ απÞ το ευρώ δεν θα «οδηγούσε στην κατάρρευση τησ ευρωζώνησ», υπογραµµίζοντασ Þµωσ Þτι «πρέπει να προετοιµαστούµε για αυτÞ το ενδεχÞµενο». Ο κ. Γουάρντ παραδέχτηκε πωσ η Lloyds of London µελετά τισ επιπτώσεισ που θα είχε ενδεχÞµενη πτώχευση τησ Ελλάδασ στο χαρτοφυλάκιÞ τησ, και Þτι η εταιρία πιθανώσ θα υποχρεωθεί να αποδεχτεί «κάποια κουρέµατα» των περιουσιακών στοιχείων που διαχειρίζεται.

ωθούν στο 1%, σύµφωνα µε την έκθεση τησ αµερικανικήσ τράπεζασ. Η ανάπτυξη στην Κίνα θα µειωνÞταν στο χαµηλÞτερο επίπεδο των τελευταίων 20 ετών, σύµφωνα µε εκτίµηση τησ µεγαλύτερησ επενδυτικήσ τράπεζασ τησ χώρασ, ενώ θα πλήττονταν και οι οικονοµίεσ των µεγαλύτερων εµπορικών εταίρων τησ Ευρωζώνησ, Þπωσ τησ Βρετανίασ και τησ Ελβετίασ, αλλά και των γειτονικών αναδυÞµενων οικονοµιών, περιλαµβανοµένησ τησ Ρουµανίασ, λÞγω τησ µείωσησ τησ ζήτησησ. Ο κ. Τζέικοµπ Κίρκεγκαρντ, στέλεχοσ του αµερικανικού ινστιτούτου Peterson για διεθνείσ οικονοµικέσ σχέσεισ, αναφέρει Þτι δεν είναι πιθανÞ να υπάρξει µία διάσπαση τησ Ευρωζώνησ, ακÞµη και αν στισ εκλογέσ που θα γίνουν τον επÞµενο µήνα στην Ελλάδα επικρατήσουν κÞµµατα που αντιτίθενται στουσ Þρουσ του µνηµονίου. «Θα δώσω πιθανÞτητα 5% για το ενδεχÞµενο εξÞδου τησ Ελλάδασ», δήλωσε ο κ. Κίρκεγκαρντ, ο οποίοσ πρÞσθεσε Þτι µία έξοδοσ τησ Ελλάδασ απÞ το ευρώ θα έριχνε την οικονοµία και το χρηµατοπιστωτικÞ τησ σύστηµα σε ένα τέτοιο χάοσ, που η νέα κυβέρνηση θα έπεφτε µέσα σε λίγεσ εβδοµάδεσ.

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ÀÔÙÈÌË̤ӷ ¢ÚÒ Ë «Ï‡ÛË» Τα ευρώ µε σειριακÞ αριθµÞ που αρχίζει απÞ Υ, έχουν δηλαδή τυπωθεί απÞ την Τράπεζα τησ Ελλάδοσ, να αντικαταστήσουν αυτοµάτωσ, σε περίπτωση εξÞδου τησ Ελλάδασ απÞ την Ευρωζώνη, τα ευρώ -µε πολύ µικρÞτερη αξία- προτείνει ο ΓερµανÞσ καθηγητήσ Οικονοµικών του Πανεπιστηµίου Χούµπολτ και µέλοσ του οικονοµικού συµβουλίου του υπουργείου Οικονοµικών τησ Γερµανίασ Τσαρλσ Μπλανκάρτ. Ùπωσ επισηµαίνεται σε δηµοσίευµα τησ εφηµερίδασ Bild, εάν η Ελλάδα εγκαταλείψει το ευρώ, το νέο νÞµισµα θα έπρεπε να δοθεί στουσ πολίτεσ εν µία νυκτί, ενώ το παλιÞ ευρώ θα διατηρούσε την αξία του. Κάτι τέτοιο, Þµωσ, επισηµαίνεται, θα αποτελούσε «δηλητήριο για την ελληνική οικονοµία» καθώσ «ήδη οι Έλληνεσ λεηλατούν τουσ τραπεζικούσ λογαριασµούσ τουσ, ζητώντασ ευρώ σε µετρητά». Η εφηµερίδα τονίζει, πάντωσ, Þτι το σχέδιο Μπλανκάρτ µπορεί να έλυνε κάποιο πρÞβληµα, αλλά, «δυστυχώσ, θα είχαµε ξαφνικά Þλοι άχρηστα ευρω- χαρτονοµίσµατα στισ τσέπεσ µασ, τουλάχιστον Þσα έχουν το σειριακÞ αριθµÞ Υ».

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∆∂∆∞ƒ∆∏, 30 ª∞´√À, 2012

∞°√ƒ∞

Uniastrum - BOC: ¢È·ÁˆÓÈÛÌfi˜ fi˜ ∑ˆÁÚ·ÊÈ΋˜ ÁÈ· ·È‰È¿ Η Uniastrum Bank, θυγατρική τράπεζα του Συγκροτήµατοσ τησ Τράπεζασ Κύπρου στη Ρωσία, µέσα στα πλαίσια τησ Εταιρικήσ Κοινωνικήσ τησ Ευθύνησ, διοργάνωσε διαδικτυακÞ διαγωνισµÞ ζωγραφικήσ για παιδιά µε την ονοµασία “Sunny Island”. Ο διαγωνισµÞσ αφορούσε δύο ηλικιακέσ κατηγορίεσ 6-8 και 9-12 ετών αντίστοιχα. Το θέµα του διαγωνισµού ήταν το ΗλιÞλουστο Νησί (Sunny Island) και τα παιδιά έπρεπε να παρουσιάσουν εικÞνεσ Þπωσ η θάλασσα, Þ ήλιοσ, το ψωµί, τα εσπεριδοειδή, η ιστορία, ο πολιτισµÞσ, οι µύθοι και θρύλοι, η ΜεσÞγειοσ και η Κύπροσ. Πάνω απÞ 1.500 παιδιά πήραν µέροσ στο διαγωνισµÞ µε 1.657 ζωγραφιέσ µαζεύοντασ συνολικά 90.000 ψήφουσ. Οι τελικοί νικητέσ επιλέγηκαν απÞ κριτική επιτροπή µε το πρώτο νικητή κάθε κατηγορίασ να κερδίζει ένα πακέτο διακοπών στην Κύπρο. Η νικήτρια τησ κατηγορίασ 9-12 ετών Olesya Redina ταξίδεψε στην Κύπρο την προηγούµενη εβδοµάδα µαζί µε τη µητέρα τησ και φιλοξενήθηκε στο κτίριο ∆ιοίκησησ τησ Τράπεζασ Κύπρου απÞ τον κ. Γιάννη Κυπρή, Αναπληρωτή ∆ιευθύνοντα Σύµβουλο του Συγκροτήµατοσ τησ Τράπεζασ Κύπρου.

Emirates: ∞˘Ùfi ÙÔ Î·ÏÔη›ÚÈ ¿Ì ª¿ÏÙ· Η µακρά και πλούσια ιστορία τησ Μάλτασ καθώσ και η γεωγραφική τησ θέση, στο κέντρο τησ Μεσογείου, αποτελούν δυο βασικούσ παράγοντεσ που ελκύουν τον κÞσµο. Πολλέσ διασηµÞτητεσ – αυτÞν τον καιρÞ ο Τοµ Χανκσ γυρίζει ταινία στη Μάλτα, και λίαν συντÞµωσ ο Τοµ Κρουζ θα κάνει τα γυρίσµατα τησ δικήσ του ταινίασ εκεί - έχουν προσδιορίσει το νησί σαν “υπαίθριο µουσείο”. Φοίνικεσ, ΚαρχηδÞνιοι, Ρωµαίοι και Βυζαντινοί έχουν περάσει σαν κατακτητέσ απÞ τη Μάλτα, Þλοι αφήνοντασ ένα µείγµα απÞ διαφορετικά στιλ αρχιτεκτονικήσ Þσο και έργα τέχνησ για να θαυµάσετε και να περιεργαστείτε. Μπορείτε επίσησ να απολαύσετε µια σειρά απÞ θαλάσσια σπορ τÞσο στη Μάλτα Þσο και στα µικρÞτερα νησιά τησ, το ΓκÞζο (Gozo) και το Κοµίνο (Comino) που κατοικείται απÞ µÞνο ένα άτοµο. Η µεγαλύτερη τουριστική εκδήλωση το καλοκαίρι, ωστÞσο, επικεντρώνεται στη µεγάλη Μαλτέζικη Φέστα. Στουσ Κύπριουσ που θα επέλεγαν να παραθερίσουν στο νησί, η Μάλτα προσφέρεται και σα γέφυρα για επίσκεψη στη Σικελία και στη ΝÞτια Ιταλία ή για µια πολυτελή κρουαζιέρα στη ∆υτική ΜεσÞγειο, σε προσιτέσ τιµέσ, που αναχωρεί απÞ την πρωτεύουσα τησ Μάλτασ, Βαλέτα. Η Emirates πετά καθηµερινώσ, µετ’ επιστροφήσ, στη Μάλτα απÞ το αεροδρÞµιο Λάρνακασ.

B¿ÏÙ ÁÎÔÏ Î·È ÎÂÚ‰›ÛÙ ¤Ó· BMW ™ÂÈÚ¿ 1 Η µεγαλύτερη ποδοσφαιρική Ευρωπαϊκή διοργάνωση πλησιάζει και περισσÞτεροι απÞ 1.4 εκατοµµύρια φίλαθλοι αναµένονται στα στάδια για τουσ αγώνεσ, οι οποίοι θα µεταδίδονται ζωντανά σε περισσÞτερεσ απÞ 200 περιοχέσ στον κÞσµο. Μην στεναχωριέσαι Þµωσ αν δεν µπορείσ να είσαι εκεί. Η BMW σου δίνει την ευκαιρία να την ζήσεισ διαδικτυακά, µε ένα διασκεδαστικÞ τρÞπο: Μέσα απÞ το iPhone σου! Και το καλύτερο; Ένα BMW Σειρά 1 µπορεί να γίνει δικÞ σου!

Kατέβασε τώρα στο κινητÞ σου το La Ola App τησ BMW που παραπέµπει στο Mexican wave. Κάθε φορά λοιπÞν που λαµβάνεισ ένα push message απÞ την BMW στο iPhone σου µετά απÞ κάθε γκολ, κάνεισ ένα Mexican wave Þπου κι αν βρίσκεσαι κρατώντασ το iPhone σου (η κίνηση καταγράφεται µέσω του µετρητή κίνησησ στο iPhone σου), µαζεύοντασ έτσι πÞντουσ. Ùσουσ περισσÞτερουσ πÞντουσ µαζέψεισ τÞσο πιο κοντά βρίσκεσαι στο µεγάλο βραβείο. Μαζέψτε Þσουσ περισσÞτερουσ πÞντουσ µπορείτε λοιπÞν και ανεβείτε ψηλά στην κατάταξη του La Ola! Ο τυχερÞσ νικητήσ θα είναι ο χρήστησ µε τουσ περισσÞτερουσ πÞντουσ µέχρι την 1η Ιουλίου 2012, ο οποίοσ θα κερδίσει το µεγάλο δώρο: Ένα ολοκαίνουριο BMW Σειρά 1! Ασ αρχίσουν λοιπÞν τα γκολ και τα LA OLA Mexican waves!

™ÙËÓ ∫‡ÚÔ ÙÔ 7Ô “AEGEAN AIRLINES PRO-AM” Η Aegean Airlines, διοργανώνει για 7η συνεχή χρονιά το διεθνούσ κύρουσ τουρνουά γκολφ «Αegean Airlines Pro-Am” που έχει πλέον καθιερωθεί ωσ ένα απÞ τα πιο σηµαντικά γεγονÞτα του γκολφ στην Ευρώπη και χαίρει µεγάλησ επιτυχίασ και υψηλήσ αναγνωρισιµÞτητασ. Το τουρνουά τελεί υπÞ την αιγίδα των PGAs of Europe και υπÞ την πλήρη υποστήριξη του PGA τησ Ελλάδασ, τησ Κυπριακήσ Οµοσπονδίασ και τησ Ελληνικήσ Οµοσπονδίασ Γκολφ. Το 7ο “Aegean Airlines Pro-Am” θα διεξαχθεί φέτοσ στην Κύπρο, απÞ τισ 30 Μαΐου έωσ τισ 2 Ιουνίου στο διεθνών προδιαγραφών και 18 οπών γήπεδο γκολφ του Αphrodite Hills, σχεδιασµένο απÞ τον διάσηµο αρχιτέκτονα Cabell Robinson. Στο τουρνουά συµµετέχουν 45 οµάδεσ, αποτελούµενεσ απÞ έναν επαγγελµατία και τρείσ ερασιτέχνεσ. Το συνολικÞ χρηµατικÞ έπαθλο για τουσ επαγγελµατίεσ (PGA Professionals) θα είναι 62,700 ευρώ, ενώ προβλέπονται εξαιρετικά δώρα–έπαθλα για τουσ ερασιτέχνεσ παίκτεσ. Επίσησ, Þπωσ σε κάθε τουρνουά “Aegean Airlines Pro-Am” έτσι και το φετινÞ, θα συνδέσει το Þνοµά του µε έναν κοινωφελή σκοπÞ. Σε αυτÞ το πλαίσιο, το 7ο “Aegean Airlines ProAm” θα προσφέρει το ποσÞ των 8,000 ευρώ στο Ίδρυµα Χρήστου Στέλιου Ιωάννου.

∆Ô Gloria Jean’s ˘ÔÛÙËÚ›˙ÂÈ ÙËÓ Europa Donna Η Europa Donna Κύπρου θα ήθελε να εκφράσει τισ θερµέσ τησ ευχαριστίεσ στην εταιρεία Gloria Jean’s Coffees η οποία µέσα στα πλαίσια τησ κοινωνικήσ τησ προσφοράσ προχώρησε στη στήριξη του συνδέσµου µε την απÞφαση τησ κάλυψησ του ενοικίου του Σπιτιού τησ Europa Donna Κύπρου στη Λευκωσία για τα επÞµενα δύο χρÞνια. Η εταιρεία Gloria Jean’s Coffees µε την ευγενική τησ προσφορά συµβάλλει στην επίτευξη των στÞχων τησ Europa Donna Κύπρου.Ο σύνδεσµοσ που έχει σαν προτεραιÞτητα την σωστή ενηµέρωση για πρÞληψη αλλά και την στήριξη των γυναικών µε εµπειρία καρκίνου του µαστού και των οικογενειών τουσ, την εξασφάλιση άριστησ ποιÞτητασ ιατρικών και άλλων θεραπευτικών υπηρεσιών, απαιτεί την άµεση δηµιουργία ενÞσ εξειδικευµένου κέντρου µαστού που να πληροί τισ Ευρωπαϊκέσ κατευθυντήριεσ γραµµέσ, προσβάσιµο δωρεάν σε Þλεσ τισ γυναίκεσ. Το Σπίτι τησ Europa Donna Κύπρου στη Λευκωσία λειτουργεί καθηµερινά και στελεχώνεται απÞ 3 λειτουργούσ καθώσ επίσησ και ένα µεγάλο αριθµÞ εθελοντριών. Στο Σπίτι µία γυναίκα µπορεί να ενηµερωθεί και να παρακολουθεί τισ διαλέξεισ, να ενταχθεί στα προγράµµατα τησ Europa Donna Κύπρου, να συµβουλευτεί την ειδική νοσηλεύτρια µαστού και να συµµετέχει στισ εκδηλώσεισ που διοργανώνονται ολÞχρονα. Η Europa Donna Κύπρου λειτουργεί 3 Σπίτια Παγκύπρια, στη Λευκωσία, Λάρνακα και ΛεµεσÞ.

BÚ·‚Â›Ô ÁÈ· ÙËÓ Jose Cuervo Η Jose Cuervo Reserva de la Familia, η super premium τεκίλα τησ οικογένειασ Cuervo, πήρε την ψηλÞτερη θέση στο διαγωνισµÞ THE SPIRITS MASTERS 2011 ο οποίοσ διοργανώθηκε απÞ το περιοδικÞ THE SPIRITS BUSINESS. H Jose Cuervo παρουσίασε την Reserva de la Familia το 1995 για να γιορτάσει την επέτειο των 200 χρÞνων τησ ωσ η πρώτη εταιρεία παραγωγήσ τεκίλασ ανά το παγκÞσµιο. ΜÞνο 17,000 µπουκάλια Jose Cuervo Reserva de la Familia παράγονται κάθε χρÞνο και κάθε χρÞνο η οικογένεια Cuervo, επιλέγει έναν διαφορετικÞ ΜεξικανÞ καλλιτέχνη για να σχεδιάσει ένα µοναδικÞ συλλεκτικÞ κουτί για την Reserva de la Familia. Ένα ξεχωριστÞ κουτί για µια ξεχωριστή τεκίλα. Στην Κύπρο η Jose Cuervo, διανέµεται απÞ την εταιρεία Φώτοσ Φωτιάδησ ∆ιανοµείσ Λτδ. Για περισσÞτερεσ πληροφορίεσ επισκεφτείτε τη σελίδα τησ Cuervo Cyprus στο www.facebook.com/CuervoCyprus.

¢È·ÛΉ¿ÛÙ Ì ÙËÓ Madonna Η διασκέδαση µε τη Smirnoff συνεχίζεται µε καυτά πάρτι σε Þλη την Κύπρο. Ετοιµαστείτε λοιπÞν για το πιο φανταστικÞ πάρτι το τριήµερο του Κατακλυσµού, το Σάββατο 2 Ιουνίου, στο αγαπηµένο µασ Plin2 στον Πρωτάρα. Η Smirnoff για να γιορτάσει την κυκλοφορία του 12ου δίσκου τησ Madonna, ‘MDNA’ αλλά και την έναρξη του 2012 World Tour τησ, µέσα απÞ ένα online διαγωνισµÞ δίνει την ευκαιρία σε 4 super τυχερούσ να κερδίσουν ένα πακέτο για 2 άτοµα, για να απολαύσουν απÞ κοντά την πολυσυζητηµένη συναυλία τησ θρυλικήσ pop-star, στισ 7 Ιουλίου στην Ziggo Dome arena, στο Άµστερνταµ, σαν VIP guests τησ Smirnoff, µε Þλα τα έξοδα του ταξιδιού πληρωµένα! Για να λάβετε µέροσ στο διαγωνισµÞ τησ Smirnoff, να δείτε φωτογραφίεσ απÞ τα πάρτι και να µάθετε περισσÞτερα µπείτε στη σελίδα τησ Smirnoff στο Facebook, www.facebook.com/SmirnoffFamily.

FINANCIAL MIRROR, May 30 - June 5, 2012

ECO NEWS 19

Max Planck says impact of nuclear fallout bigger than expected l Western

Europe most vulnerable, according to CI professor

The Max Plack team found German citizens in the densely populated The impact of nuclear fallout could be bigger than initially expected, southwestern part of the country run the highest risk of radioactive with western Europe the most vulnerable to a meltdown similar to contamination in the world because of the numerous nuclear power Chernobyl and Fukushima, a new study has found. plants near the borders between France, Belgium and Germany and the Prof. Jos Lelieveld, director of the Max Planck Institute for Chemistry, prevailing westerly wind. who headed the team of scientists into the research, said similar If a nuclear meltdown happened in Western Europe, an area with a catastrophes could occur around every ten to 20 years - 200 times more population of around 28 mln would be contaminated, they said. frequently than previously thought.

This figure would be even higher in southern Asia, due to the dense And people in Western Europe have a higher risk than anybody else in populations. the world of being affected by radioactive fallout from such a disaster.

A major nuclear accident there would affect around 34 mln people, The researchers based their gloomy predictions on the operating hours of all civil nuclear reactors and how many meltdowns there have been.

They also warned that half the radioactive caesium-137 produced, which was released following the Chernobyl and Fukushima meltdowns, would spread over an area reaching as far as 1,000 kms from the reactor.

Western Europe is likely to be contaminated once every 50 years, said Lelieveld, who is also Institute Professor at the Cyprus Institute where he leads the Atmospheric and Climate Modelling group of the EEWRC since 2008.

The International Atomic Energy Agency designates an area as “contaminated” if it has a reading of more than 40 kilobecquerels of caesium-137 per square metre.

Prof Lelieveld said Germany needed to carry out an “in-depth and public analysis of the actual risks of nuclear accidents.”

“In light of our findings I believe an internationally coordinated phasing out of nuclear energy should also be considered,” he added.

Map shows the annual probability in percentage of radioactive The meltdown at Japan’s Fukushima plant following the March 2011 tsunami contamination by more than 40 kilobecquerels per square metre triggered a worldwide debate on the future of the energy source, leading to while in the eastern USA and east Asia this would be 14 to 21 mln Germany’s decision to phase out nuclear power by 2022. people.

Before the crisis, Japan provided almost a third of its electricity from 54 “Germany’s exit from the nuclear energy programme will reduce the reactors. But earlier this month it closed its last nuclear reactor on the national risk of radioactive contamination,” said Prof Lelieveld, adding island of Hokkaido for maintenance - leaving the country without electricity that, “an even stronger reduction would result if Germany’s neighbours from atomic energy for the first time in more than four decades. Worldwide, were to switch off their reactors.” there are 440 nuclear reactors in operation, with 60 more planned.

Airlines say carbon law cutting EU off from growth Rising tensions with India and China over the European Union’s “arrogant” law on carbon emissions could rob the region of the markets that can rescue it from economic malaise, airline leaders said last week.

They also said they had prepared contingency plans for a possible exit of Greece from the euro, as part of the industry’s extensive crisis management, and they were worried about a domino effect of more countries’ being forced out of the currency bloc, with implications for all businesses.

“Europe is going to have to go outside of Europe to deliver the sort of growth that everyone wants, and that means doing business with the likes of China, Russia, India, with Latin American countries, all of whom are opposed to this Emissions Trading Scheme (ETS),” International Airlines Group Chief Executive Willy Walsh told reporters.

“To have a crisis in Europe and concerns about growth, and political leaders coming together to talk about a growth agenda, and at the same time have something going on in the background that risks undermining that fragile growth we believe is absolutely the wrong thing to do.”

Since the start of this year, all airlines have been bound by an EU law making them acquire carbon permits under the ETS. The European Commission has issued figures showing more than 1,200 airlines had complied with its ETS and only 10 - all from China and India - had not.

“We should not confuse compliance with agreement,” Walsh said.

“The fact that India and China have not complied we believe is significant and of great concern.”

Chinese and Indian opposition has been largely about the principle of sovereignty. The airlines said for them it was financial too as they battle rising costs and competition.

Speaking after a meeting of 34 airline CEOs in Brussels, Walsh said they had met EU Transport Commissioner Siim Kallas.

“We expressed to him the frustration and anger of the industry at what many believe is an arrogant approach by the Commission,” he said.

“We believe the Commission has to defuse the tensions that are rising rapidly on a daily basis and to take concrete steps to move towards a global solution.”

WOULD IT STOP WITH GREECE? Any Greek exit from the euro zone would be a business issue in general, not just for airlines, executives said.

“We’ve looked at what we would do if Greece left the euro zone, if there were major problems with the euro. I don’t think it’s an airline issue, it’s a business issue,” Walsh said.

“For the Greek exit, I don’t really see it for my company as a significant issue. The issue is, does it stop with Greece, if Greece exits, is that the end of it?”

Bernard Gustin, co-CEO of Brussels Airlines, said the aviation sector offered a way to get Europe back to growth.

“We believe that airlines can really fuel the growth of the EU economy.

You are talking about an industry that in terms of GDP has a real impact on the European economy,” he said. “It can be a vector for EU economic growth.”

But he argued EU policy, notably the ETS, meant there was “a lack of fertile soil” for the industry to grow.

CARBON BILL Even though it will not face a carbon bill until April next year, Walsh said IAG, formed from the merger of British Airways and Spain’s Iberia, was already feeling the impact of the ETS. “The reality is that we’ve accounted for the cost of emissions trading in IAG’s first quarter results released the week before last,” he said.

“We had 15 mln euros in fuel bills and associated costs for the ETS, and we’ve projected 60 mln euros for the course of this year. So it’s already impacting on the airlines.”

For Brussels Airlines, part-owned by Deutsche Lufthansa AG , Gustin said first-quarter extra costs were 1.2 mln euros.

The European Commission is looking to the United Nations’ International Civil Aviation Administration (ICAO) to come up with a global approach to curbing emissions from airlines.

The airlines say they would also be happy with an ICAO solution. Many analysts, however, doubt it can deliver.

The Commission has said it only decided on its law after more than a decade of talks at the ICAO failed to agree on a global scheme to combat rising carbon emissions.

In December last year, the EU’s highest court, the EU Court of Justice, ruled the ETS law was valid and did not breach international treaties. It also agreed with the Commission that the ETS was a market-based mechanism, not a tax.

Ergo Energy delivers 2nd solar park Ergo Energy delivered a 150KWp solar park built near Vouni village in Limassol District using improved technology that reduced maintenance costs and increases efficiency by 25%. The project, Demos & Maria PV Park, was inaugurated by Energy Service Director Solon Kassinis.

Ergo Energy’s first project, the Lambros PV Park in Pachna, has already completed its first year of operation and has so far produced 278,042 KWh based on a yield rate of 1858∫ Wh/KWp. All 13 operating and under-study projects can be monitored at www.sunnyportal.com.

U.K. landmarks cut energy costs with Powerstar EMSc (UK) Ltd, manufacturer of the Star range of energy saving solutions, recently installed its PowerStar voltage optimisation system at the Palace of Westminster, home of Big Ben and the House of Commons, resulting in immediate savings in energy consumption and a substantial reduction in electricity costs and CO2 emissions.

In addition, the installation of PowerStar at London City Hall, which was designed by Sir Norman Foster to maximise energy efficiency, has resulted in annual energy consumption savings of 13.6%.

“The Greater London Authority has invested extensively in a range of measures to make buildings across London increasingly more energy efficient. The installation of Powerstar has added to these efforts and is helping cut these buildings’ carbon footprint and electricity consumption,” said Dr Alex Mardapittas, EMSc (UK) Ltd Managing Director and designer of PowerStar.

Other locations where PowerStar has been installed include the Welsh Assembly, House of Keys, Western Australia Parliament and the London Stock Exchange.

The company maintains offices in the UK, Australia and Cyprus, with distribution partners in the UAE, Spain, Bahrain and South Africa.

Deadlock breaks at climate talks, mistrust remains More than 180 countries agreed on an agenda for work on a new climate treaty by 2015 at United Nations climate talks on Friday, breaking a deadlock over procedure, but mistrust remains that could threaten progress for the rest of the year. “(The workplan) was not an easy issue to agree (on),” U.N. climate chief Christiana Figueres told reporters after the negotiations held at Bonn in Germany.

U.N. climate talks in South Africa last year agreed a package of measures that would extend the 1997 Kyoto Protocol after it expires at the end of this year and decide a new, legally binding accord to cut global greenhouse gas emissions by 2015, coming into force by 2020.

Procedural wrangling during the two-week session has shown there is mistrust among participants and heaps pressure on ministerial talks in Doha, Qatar, at the end of the year to deliver, observers said.

Meanwhile a lot of work remains for this year, including agreeing on the length of an extension of the Kyoto Protocol, which nations will sign up to it and their level of emissions cut ambitions, as well as the means to raise $100 bln a year of finance by 2020 to help developing countries tackle climate change.

Countries have agreed that deep emissions cuts are needed to limit a rise in global average temperature to less than 2 degrees Celsius this century above pre-industrial levels, a threshold that scientists say is the minimum required to avert catastrophic effects.

However, one of the main contributors to global warming, global carbon dioxide emissions, hit a record high last year, according to the International Energy Agency.

20 FOREX

FINANCIAL MIRROR, May 30 - June 5, 2012

Gold marks time; copper slips Gold traded little changed on Tuesday, after attempts to breach the resistance at $1,580 an ounce stalled as Spain’s deepening crisis rekindled worries about euro zone finances, sending the single currency to near its two-year low against the dollar.

Bullion has fallen more than 5% so far this month, on course for its biggest monthly decline since December, as fear of Greece’s exit from the euro zone sank the single currency and boosted the dollar index to a 20-month high, weighing on gold priced in the greenback.

The impact of a strong dollar more than offset gold’s safe-haven appeal, especially as the prospect of further monetary easing by the U.S. central bank in the near term has dimmed. “If Spain ended up seeking an international bailout, it would trigger more panic than Greece,” Li Ning, an analyst at Shanghai CIFCO Futures told Reuters. “Such concern is reflected in the enormous pressure at the $1,600 level, as the dollar index appears to retain an uptrend.”

Gold has attempted to breach that resistance level a few times over the past week or so without success, which could in turn send prices lower, she cautioned.

Spot gold was little changed at $1,573.89 an ounce by 0259 GMT, retreating from a one-week high of $1,583.50 hit the previous session.

U.S. gold edged up 0.3% to $1,573.60.

As a sign of persistent worries about Spain’s finances, the country’s 10-year borrowing costs rose to near the dangerous 7% level, and the risk premium on Spanish government debt over German Bunds hit a euro-era high, as investors sought refuge in assets perceived to be low-risk.

“People don’t know where things might go and the

physical market is quiet,” said a Singapore-based dealer, adding that buying from both China and India had been slow.

Potentially supportive of platinum group metals demand, China may soon resume paying subsidies to rural residents who trade in old vehicles for new, fuelefficient ones, in an effort to rekindle demand amid a slowdown in the world’s largest auto market.

Spot platinum edged down 0.2% to $1,428.74, and spot palladium lost 0.3% to $599.90. Palladium was the worst performer in the precious metals complex with an 8% year-to-date decline.

Current platinum prices could endanger investment plans to allow platinum miner Lonmin to ramp up production at key shafts and slash unit costs, the chief executive of the world’s third-largest producer of the precious metal said.

Copper prices edged down on Tuesday. Threemonth copper on the London Metal Exchange edged down $4 to $7,685 a tonne by 0431 GMT, snapping a three-session winning streak during which it had risen 2% by Monday’s close. The most-active September copper contract on the Shanghai Futures Exchange ticked down 0.6% to 55,880 yuan ($8,800) a tonne, after rising 1.5% on Monday.

Analysts noted that prices are stuck in small ranges as many traders prefer to stay on the sidelines due to macroeconomic uncertainties. “Copper prices are going through a period of consolidation before eking out a new technical range as concerns about the euro zone, China and U.S. economies continue to weigh on prices. But with prices higher than early last week, the shorts are covering and this is supportive,” said a Shanghai-based trader.

Japan, China to launch direct yen-yuan trade on June 1 Japan and China will launch direct yen-yuan trade in the Tokyo and Shanghai markets from June 1 to facilitate trade and financial transactions between Asia’s two biggest economies, Japanese Finance Minister Jun Azumi said.

The step follows an agreement between the leaders of the two countries in December to promote direct trading of their currencies without the interim step of using dollars to set exchange rates.

“By conducting transactions without using the third country’s currency, it will bring merits of reducing transaction costs and lowering risks involved in settlements at financial institutions,” Azumi told reporters after a cabinet meeting.

“That will contribute to improve convenience of

By: Eurivex

The euro wobbled near a two-year low against the dollar on Tuesday as concerns about the cost of shoring up Spain’s banking system pushed up its debt yields, offsetting a slight easing in worries about Greece.

The 10-year Spanish bond yield rose to around 6.5 percent, driving the risk premium on its government debt over German Bunds to a euro-era high of 515 basis points, raising fears the euro zone’s fourth biggest economy may fall victim to the debt crisis.

A 10-year yield of 7 percent in a eurozone country is seen as critical as the three countries that requested bailouts all did so soon after their bond yield rose above that level. The euro stood at $1.2535, near last week’s two-year low of $1.2495, having failed to clear resistance at previous support around $1.2625 for three days in a row.

The euro gave up most of the gains made on Monday after Greek polls showed more support for probailout parties ahead of the country’s election on June 17. That eased fears Greece may walk out of the euro zone, potentially unleashing a chain reaction in other indebted countries.

The currency is supported for now by bids just below $1.25, though there are more stop-loss offers near $1.2450, traders said. Against the yen, the common currency fetched 99.64 yen , near a four-month low of 99.37 yen hit last week.

the both countries’ currencies and reinvigorate the Tokyo market,” he said.

The People’s Bank of China said it will actively support development of the direct yuan/yen trading.

“Developing the direct yuan/yen trading will help form the direct yuan/yen exchange rate and reduce the trading cost for entities and promote the use of the yuan and yen in bilateral trade and investment as well as help strengthen financial cooperation between the two countries,” it said in a statement.

A separate statement issued by the China Foreign Exchange Trade System said it will provide a marketmaking system for the direct yuan/yen trading.

Previously, the yuan/yen exchange rate was based on the yuan/dollar mid-point rate and dollar/yen rate.

Euro doubters say ‘I told you so’ They were dismissed as prophets of doom. Now, as the euro struggles to survive, long-standing critics of Europe’s single currency are more like prophets in their own time.

But when they say ‘I told you so’, many do so with a regretful shake of the head, knowing the chaos and contagion that could ensue if austerity-weary Greece, at the epicentre of the crisis, quits the euro after a new election next month. “I feel a deep sorrow that things could develop like they have in the euro zone considering that the fundamental mechanisms at play now were there for everybody to see,” said Leif Pagrotsky, a former Swedish trade minister. He said it had been obvious to him from the outset that a single interest rate for 17 countries with different inflation rates was a recipe for real estate bubbles and banking crises.

Similarly, a single-currency area without central decision-making or fiscal transfers and coordination of budgets - political union in short - was bound to lead to

FOREX COMMENTARY / TECHNICAL ANALYSIS

trouble. Swedes emphatically rejected the euro in a plebiscite in 2003, and for Pagrotsky the matter is closed. “I don’t think Sweden will join. We had a referendum and the people said ‘no’, and I think that’s it,” he said. Euro zone leaders, who met on Wednesday in Brussels for yet another inconclusive summit on the two-year-old crisis, will eventually take steps towards closer coordination of fiscal policy, Pagrotsky believes.

And, for all his reservations about the construction of the euro, he expects the currency to survive - with a question mark next to Greece. If it was up to Wilhelm Noelling, an anti-euro economics professor at the University of Hamburg, Athens would be ushered to the exit forthwith. Greece and the rest of the euro zone have no rational future unless they can reclaim control of their own currencies, said Noelling, one of a clutch of eurosceptics who filed a case last year with Germany’s constitutional court arguing that bailouts for Greece and other countries violated German law.

Many traders expect further downside in the euro as they fear troubles at Spanish banks hit by a bust in property could add further strains on Madrid’s efforts to rein in its debt.

There seems to be distrust in the market on Spain after Bankia asked for a bailout of 19 billion euros just weeks after the government had injected 4.5 billion in the bank, analysts said. Prime Minister Mariano Rajoy again ruled out seeking outside aid to revive Spain’s banking sector, though investors doubt if that would be possible.

Any buying in the euro may also be curbed ahead of Ireland’s referendum on Europe’s new fiscal treaty on Thursday, although the market is cautiously optimistic that the Irish will support the treaty on fear that a “no” vote could add fuel to the fire.

While the treaty needs the approval of only 12 of the 17 euro zone countries to be ratified, a rejection by the Irish - the only nation offered a popular vote on the pact - would undermine Europe’s strategy for overcoming the crisis.

Weekly Economic Calendar Date Country Detail MAY 30 EUR M3 Money Supply Y/Y due 11.00am MAY 30 EUR Private Loans Y/Y due 11.00am MAY 30 GBP Mortgage Approvals due 11.30am MAY 30 EUR Italian 10-yr bond auction MAY 30 US Pending Home Sales M/M due 5.00pm MAY 30 EUR ECB President Mario Draghi speaks around 6.30pm MAY 31 CHF German Retail Sales M/M due 9.00am MAY 31 EUR German Unemployment Change due 10.55am MAY 31 EUR CPI Flash Estimate Y/Y due 12.00noon MAY 31 US ADP Non-Farm Employment Change due 3.30pm MAY 31 US Prelim GDP Q/Q growth due 3.30pm MAY 31 US Prelim GDP Price Index Q/Q due 3.30pm MAY 31 US Weekly Unemployment Claims due 3.30pm MAY 31 US Chicago PMI due 4.45pm JUN 1 CHF Swiss Retail Sales Y/Y due 10.15am JUN 1 EUR Final Manufacturing PMI due 11.00am JUN 1 GBP Manufacturing PMI due 11.30am JUN 1 EUR Unemployment Rate due 12.00noon JUN 1 GBP 10-yr Bond Auction JUN 1 CAD GDP growth M/M due 3.30pm JUN 1 US Non-Farm Payroll Employment Change due 3.30pm JUN 1 US Unemployment Rate due 3.30pm JUN 1 US Average Hourly Earnings M/M due 3.30pm JUN 1 US Core PCE Price Index M/M due 3.30pm JUN 1 US Personal Spending M/M due 3.30pm JUN 1 US Personal Income M/M due 3.30pm JUN 1 US ISM Manufacturing PMI due 5.00pm JUN 1 US Construction Spending M/M due 5.00pm JUN 1 US ISM Nanufacturing Pricex due 5.00pm Indicated times are Cyprus time

Forecast 3.50% 0.70% 50k 0.00% 0.20% -7k 2.50% 139k 1.90% 1.50% 369k 56.8 3.60% 45.0 49.7 11.00%

Previous 3.20% 0.60% 50k 4.10% 1.60% 19k 2.60% 119k 2.20% 1.50% 370k 56.2 4.20% 45.0 50.5 10.90%

0.30% 152k 8.10% 0.20% 0.20% 0.30% 0.40% 54.1 0.40% 57.3 Source: Eurivex

-0.20% 115k 8.10% 0.00% 0.20% 0.30% 0.40% 54.8 0.10% 61.0

The risk averse mood helped support the yen. The dollar stood not far from its three-month low of 79.002 yen, last trading at 79.48 per dollar. The 79.00 yen level is seen as a major support, while strong resistance is seen at 80.41 yen, the top of cloud on weekly Ichimoku chart.

The Australian dollar held steady at $0.9855, staying above a six-month low of $0.9690 hit almost a week ago. In addition to worries about Europe, concerns about a slowdown in China - Australia’s main export market - and other emerging economies have weighed on the growth-sensitive Aussie for about a month.

Disclaimer The commentary appearing on this page is for indication purposes only and Eurivex does not take any responsibility for investment action taken. Nothing in this report should be considered to constitute investment advice. It is not intended, and should not be considered, as an offer, invitation, solicitation or recommendation to buy or sell any of the financial instruments described herein. Trading on leverage is very risky and may lead to losses.

MARKETS

FINANCIAL MIRROR, May 30 - June 5, 2012

21

Bond investors could desert banks over new rules tional lots.

Senior unsecured bondholders have lent just $122 bln to European banks this year, compared with $218 bln in the corresponding period in 2011, Thomson Reuters data shows.

The market opened up in the first few months of this year but seized up as concerns about Greece’s future in the euro returned. The proposed rules will do little to help the market, investors say, and public support may once again be needed.

“This is all about policy response. This is about LTRO3, it is about keeping interest rates at very low levels for extended periods of time,” said one equity capital markets banker.

Bond investors say they could stop funding Europe’s fragile banks if rules designed to insulate them from shocks are put in place, making financial institutions even more vulnerable to the debt crisis and possibly more reliant on taxpayer money.

Global regulators want bondholders to give up a privileged position which gives them a priority over other investors if a bank runs into trouble, in favour or people who deposit their money in an account.

The European Union will unveil its draft version of the rules for big crossborder banks next month. They are designed to make sure taxpayers do not pay the bill for bailing out banks again, to prevent a run on banks and to make sure bank bonds are not seen as risk free.

l

l

New regulation may repel staple investors

Bond buyers say rules will push up debt costs for banks LOBBYING HARD

But some investors say they will go too far at the expense of those who lend long-term money through unsecured bond markets, one of the most important sources of bank funding.

They say the cost of issuing the debt will rise, curtailing demand and leaving the sector dependent on a shrinking pool of funds that could send banks running back to governments or the European Central Bank to plug the gap.

“Why should I as a buyer of bonds wish to get into a senior bank bond today when I know that there’s a very good chance that my bonds will become subordinated to other creditors?,” said Stephen Snowden, fund manager at Kames Capital.

“The money raised from the markets will be more expensive. That means debt they lend to us will be too. Politicians have undoubtedly helped society by strengthening the banks but they have also crippled it by making it harder for them to lend.”

Europe’s market for unsecured debt seized up during the worst moments of the region’s debt crisis, sending banks to the European Central Bank to take up a trillion euros of cheap long-term funding (LTRO) doled out in two excep-

The EU’s draft law has been repeatedly postponed for fear it would unnerve investors, even though the measure would not likely come into effect for several years.

Banking lobby groups will point to this potential exodus of bond investors to try and persuade EU p olicymakers to review the plans and spend more time evaluating the consequences.

Regulators say big banks have benefited from unrealistically cheap funding because investors believed they would be rescued by governments if there was trouble.

Giving supervisors powers to impose losses on creditors is part of ending this “too big to fail” perception and regulators say many investors will still buy bank debt.

“I talk to a lot of investors about this and they say ...’we are not against it in principle... We may not mind buying a piece of debt that has a higher probability of bail-in but we can then price the risk attached to doing that’,” said Andrew Bailey, the top banking regulator at the Bank of England.

French CDS: Very Odd Divergence A second possible explanation is that the OAT-CDS spread indicates that France’s banks are starting to hit the skids. Recent weeks have seen stories Here is a story of relevance to everyone who deals in markets; five monon the serious issues confronting the Credit Immobilier de France (somekeys are placed at the bottom of a set of stairs and bananas are left at the what surprising as this purely real estate-focused lender should be doing top. After one monkey attempts to climb the stairs, the whole group is well given that French property values remain at all-time highs. Imagine sprayed with jets of cold water. A second monkey tries the ascent, but the what this bank will look like once real estate actually starts to fall!), and, of group is again doused. Unsurprisingly, the monkeys desist from further course, there is Dexia, which, according to Le Figaro, will soon need a ?55 attempts. Then one of the troop is removed and replaced with a new monbln recapitalisation. key—spotting the bananas it makes a dash for the stairs, but is attacked by Experience suggests that when some odd market movement cannot be the others. Then another of the original monkeys is replaced, and is also set rationally explained, the process can usually be traced to shenanigans at upon for pursuing the bananas. This time the previous newcomer enthusisome or other commercial bank. We gather from Paris market chatter that astically joins in with the punishment. certain French commercial banks may have written guarantees to a bunch Replacing a third original monkey of institutions, such that they elicits the same group beating. And assume continent liabilities in WEALTH MANAGEMENT yet half of the assailants have no the event of the OAT yield ZURICH LIMASSOL MOSCOW SINGAPORE LONDON idea why they are attacking their falling below a particular level fellow monkey since they have not (3%?); in essence, these banks have sold masses of naked calls on the been sprayed. Even after the final two French bond market. To boost profitability, some of these banks may have original monkeys are replaced the group continues to avoid the stairs and also sold large amount of French CDS. From what we hear the French cenpounce on the banana-seeking new comer. Such is the power of group tral bank is actively seeking to unwind the mess which would imply that think, especially in European bond markets, where of late it has been easy banks have to buy back CDS positions (thereby explaining the rise) and also to feel like a monkey getting doused with cold water, or pounced upon by buy back the bonds (which they have effectively sold short). peers.

Consequently the actions of these “whales”, notably Dexia, means that Take the French bond market: one of our key recommendations in price movement is erratic and so we should be wary of drawing conclusions. recent quarters has been to sell French OATs as a hedge against the If some French banks are hitting the wall, then current prices are a function European crisis worsening. This has undeniably happened although, to our of extreme distress. Needless to say, the fact that JP Morgan is in the process surprise, long-dated French bond yields have headed toward new lows. For of cleaning out a massive derivative book may only be adding fuel to this much of the French press this is because the markets are giving President particular fire. With the prospect of being doused by the cold stream of bank Francois Hollande’s plans for a return to “pro-growth policies” (whatever failures this analyst is not about to go reach for that banana. In a banking that may mean) a big thumbs up. We are skeptical as the move lower in crisis, you stay away from the stairs.

French bond yields coincides with a big rise in the French CDS premium. www.marcuardheritage.com In other words, the CDS market says that France’s path is unsustainable, Disclaimer: This information may not be construed as advice and in particuwhile the OAT market signals the opposite. So what is going on? lar not as investment, legal or tax advice. Depending on your particular circumOne possible explanation is that, as the number of “investable” markets in stances you must obtain advice from your respective professional advisors.

Europe’s bond universe shrinks, France attracts money that used to be Investment involves risk. The value of investments may go down as well as up. Past invested in Italian or Spanish bond markets. This may happen directly or performance is no guarantee for future performance. Investments in foreign currenindirectly (e.g., Italian depositor transfers money to Switzerland and the cies are subject to exchange rate fluctuations. Marcuard Cyprus Ltd is regulated by the Cyprus Securities and Exchange Commission (CySec) under License no. 131/11.

Swiss National Bank buys OATs to prevent its currency from rising.)

Marcuard’s Market update by GaveKal Research

The Financial Markets

0-0,25% 0.50% 1.00% 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

0.24 0.67 0.33 0.14 0.06

0.35 0.79 0.42 0.16 0.09

0.47 1.00 0.60 0.20 0.11

0.74 1.31 0.91 0.34 0.19

1.07 1.84 1.23 0.55 0.39

USD GBP EUR JPY CHF

0.63 1.21 0.90 0.34 0.06

0.73 1.24 0.98 0.35 0.11

0.90 1.33 1.10 0.38 0.21

1.10 1.44 1.25 0.42 0.33

1.49 1.73 1.54 0.57 0.62

1.91 2.19 1.85 0.86 0.95

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

Opening Rates

1 USD 1 EUR 1 GBP 1 CHF 1.2568 0.7957

100 JPY

1.5701

1.0458

1.2582

1.2493

0.8321

1.0011

0.6661

0.8013

0.6369

0.8005

0.9562

1.2018

1.5013

79.48

99.89

124.79

1.2031 83.12

Instead of making banks capable of coping in any crisis, many of the rules designed to galvanise balance sheets make future bank funding models even weaker, critics say.

“Banks are already worried about whether they can show that they are generating returns on equity that are sufficiently interesting for shareholders at the levels of reserved capital regulators are requiring of them. They cannot afford to lose bondholder demand too,” David Butler, head of credit research at Rogge Global Partners.

“Different banks with different models will have their own problems but there are bound to be losers along the way, especially among those smaller banks who have taken on unsustainable debt loads and cannot roll those commitments over.”

The ECB 1 trln euros cheap cash injection should have inspired confidence among depositors and investors.

But under relentless pressure to become more efficient and boost returns for investors and improve capital ratios, banks like Royal Bank of Scotland and Spain’s Banco Santander used the cash to buy out holders of their more costly subordinated debt, pushing senior bondholders closer to potential loss.

With a smaller capital cushion standing between more conservative bank bond buyers and shareholders on the frontline of market volatility, the costs of retaining bondholder support will likely soar to uneconomic levels for many lenders.

“The difference in the cost of going to the central bank and the cost of issuing senior unsecured is so large that many banks are now addicted to central bank funding,” Legal & General Investment Management Credit Strategist Ben Bennett said. “What is clear is that there is no way of moving from an old structure to a new structure in a smooth way, there will be casualties, differentiation, massive volatility - and that is not a very friendly environment for fixed income managers.”

One of the ways in which banks are hoping to plug the likely funding gap is by issuing bonds secured on their prime mortgage book but with little fresh lending to replenish that collateral pool, covered bonds will only support needy banks for so long.

“If you screw over your senior bondholders and they effectively go on strike, then there’s a huge problem for the banks again,” Pramerica’s Farley said.

World Currencies Per Us Dollar CURRENCY

CODE

RATE

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

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

8210 1.5699 1.5563 20.1631 5.9130 12.4505 1.2566 1.610 237.74 0.5549 2.7468 0.3416 11.9400 5.9926 3.4552 3.5524 32.0535 7.1380 0.9564 8.0625

AUD CAD HKD INR JPY KRW NZD SGD

0.9887 1.0218 7.7621 55.5175 79.48 1174.70 1.3093 1.2743

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

0.3757 6.0390 12132.9023 3.8681 0.7080 0.2800 1501 0.3846 3.6407 3.75 8.3063 3.673

AZN KZT TRL

0.7847 147.95 1833300

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

LIBOR rates

CCY USD GBP EUR JPY CHF

WEAKENING THE MODEL

ALPHA BANK

Interest Rates Base Rates

But critics say bank bonds would become unattractive at a time when lenders need to stand on their own two feet and not rely on cheap ECB funds.

“Bail in will happen in some way, whether current bonds are subjected to new rules or there’s a creation of an entire new debt asset class structured to lose some of its position when a bank’s capital falls below a certain level,” Edward Farley, principal at Prudential Financial’s Pramerica said.

“But I can’t figure out who would buy those instruments? If you went round the buy-side one by one, they’d say ‘thanks, but no thanks’. Regulators are trying to find a species of credit investor that doesn’t exist at the numbers they need.”

Bondholders would only have to bear losses if writing down shareholder equity and regulatory buffers proved insufficient and there is some dispute among regulators over when the bail-in trigger would be pulled.

HSBC Chairman Douglas Flint said in a recent speech that proposals to create a minimum public threshold for bail-inable debt could potentially turbocharge a bank failure.

“Any threshold should be a private number between the regulator and the institution as the market could start getting worried if a bank got near that limit,” he said. “Bail-ins will lead to significant changes in the debt market and potentially a lesser role for senior debt,” he said.

ASIA

Weekly movement of USD

CCY\Date

30.04

08.05

15.05

22.05

29.05

CCY

Today

USD GBP JPY CHF

1.3215

1.2995

1.2792

1.2748

1.2501

0.8116

0.8035

0.7949

0.8063

0.7976

105.82

103.84

102.05

101.11

99.24

1.1967

1.1964

1.1962

1.1961

1.1972

GBP EUR JPY CHF

1.5701 1.2568 79.48 0.9562

Last Week %Change 1.5842 1.2805 79.52 0.9380

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

+0.89 +1.85 -0.05 +1.94

Azerbaijanian Manat Kazakhstan Tenge Turkish Lira

Note:

* USD per National Currency

22 WORLD MARKETS

COMMENTARY

Cyprus should seek EU support with a solid plan SHAVASB BOHDJALIAN Cyprus should seek support from the EU to strengthen the capital of the island’s banks with a comprehensive plan on how it can achieve a budget surplus to repay its debts, rather than copying Greece which announces half measures, sets unrealistic targets and after missing revenue targets proceeds with more cuts. This can only add to the misery of the people and is very counterproductive.

The Central Bank Governor Panicos Demetriades is very correct in stating that such an application, if it’s made, will have to be planned and prepared in such a manner to allow Cyprus to secure the funds it is seeking on the best terms and conditions.

All officials are now waiting to see how the Cyprus Popular Bank (Laiki) rights issue goes, where the Bank is seeking up to EUR 1.8 bln in funds to shore up its capital. Since the government is the underwriter of the issue, it has pledged to cover all unexercised rights. If private investors do not subscribe to the issue, then the government has to find the money to inject it into the capital of Laiki.

The government has 3 options; borrow from international markets, which it cannot do because it has lost its investment grade ratings, borrow privately, which looks difficult or tap the EU’s support mechanism, which will be done subject to negotiation.

In my opinion, if the government takes most or all of the Laiki rights issue obligations, then it’s best if ALL the Cyprus banks are forced to perform a very strict evaluation process to also cover nonperforming property related loans made in Greece and Cyprus, so that when the application is made, we do this once and after bringing out all the “dirt”.

The Central Bank has the obligation to perform a correct audit of the books of all the Cyprus banks and not allow them to sweep problematic loans under the carpet. It is very immature for the other banks to insist on keeping their so called independence only by hiding their problematic loans through various rescheduling exercises.

The state of the economy is going to become worse before it gets any better, so the banks need to come forward and tell us the truth about their situation.

Once the government knows the true state of affairs at Cyprus banks, then a plan has to be rushed through parliament on how state expenses will be cut so that the country will start recording a surplus and be in a position to repay the loans that it will secure from the EU and perhaps also from the IMF. Cost cutting is not a bad exercise. Just take a look at the cost cutting exercise that the government and the House managed to secure from Laiki Bank before agreeing to become underwriter for the rights issue. The maximum cap of EUR 120.000 for every senior manager and the across the board 7% to 12% salary pay and operational expense cuts are forecast to achieve cost savings of EUR 50 mln to EUR 65 mln annually. My question is why did the Board wait for the government and the House to do this when it was obvious that they should have done this themselves. The same goes for the other banks who lost big in 2011 and the same is true for when the government will seek EU funding. It needs to cut its expenses before it submits the case to the EU/IMF. By cutting the 13th salaries of civil servants and all allowances, as well as proceeding with across-the-board cuts in operational expenses, Cyprus will be in a strong position when it asks for help. In such a case, Cyprus will be able to defend its corporate tax regime, which everybody wants to preserve. Alternatively, if Cyprus does not put its finances in order and applies to the EU with half measures, then even if the support is given, the country will be obliged to keep making new cuts, just like Greece is doing, plunging the country into an endless game of cuts, low growth, missed revenue targets and more cuts. shavasb@eurivex.com (Shavasb Bohdjalian is a certified Investment Advisor and CEO of Eurivex Ltd., a Cyprus Investment Firm, authorized and regulated by CySEC, license #114/10 and approved by the Cyprus Stock Exchange to act as Nomad for listings on the Emerging Companies Market.

Eurivex offers complete packages and solutions for all types of listings on the ECM/CSE. The views expressed above are personal and do not bind the company and are subject to change without notice)

Yell takes big charge, plans new capital structure Debt-laden Yell Group posted a 1.42 bln pound full year loss mostly due to a writedown of the value of operations and said it had appointed advisors to help put a new capital structure in place. The Yellow Pages directories publisher also said its new generation of products was taking longer than expected to bear fruit.

The company’s net debt stood at 2.2 bln pounds as on March 31.

Yell’s full-year loss arose from a goodwill impairment charge of about 1.21 bln pounds, mainly in relation to its operations in the United States, the UK, Spain, Chile and Peru. The yellow pages publisher’s revenue fell 14% to 1.61 bln pounds.

The company also said it would change its name to hibu Plc, with the new name to become the brand name for its new product offerings.

All the print products, which are sold under different brands in each country, will continue to be sold under those current brands.

FINANCIAL MIRROR, May 30 - June 5, 2012

US data, Europe woes to set tone WALL ST WEEK AHEAD Investors will grapple this week with major U.S. economic reports and the looming possibility of a Greek exit from the euro zone, which is likely to keep dragging on equities for weeks to come.

As contingency plans are made for Greece’s possible departure from the euro zone, investors may not get a clear picture until Greece holds elections on June 17. As a result, U.S. economic statistics may grab the spotlight during the holiday-shortened week.

Major releases include consumer confidence, gross domestic product and on Friday the May non-farm payrolls report, which could provide clues on whether the economy is running out of steam or has simply hit a soft patch.

U.S. financial markets were closed on Monday for the Memorial Day holiday.

Corporate news this week is expected to be light, with the first-quarter earnings season largely in the rear view mirror. Among S&P 500 companies, only government contractor SAIC Inc is scheduled to report this week.

EUROPE STILL A CONCERN “We are going to continue to worry about Europe no matter what.

That is going to be a concern,” said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.

“But with the two main events in Europe not taking place for several weeks, the market will probably concentrate more on the domestic economy and the economic numbers.”

But Europe will continue to be closely monitored, with equities affected by any developments in the fiscally troubled region. Increasing worries about the region, coupled with tepid U.S. data, have sent the S&P 500 down more than 5% for May. But stocks rose last week. The Dow Jones industrial average gained 0.7%, the Standard & Poor’s 500 was up 1.7% and the Nasdaq composite index rose 2.1%.

As the Greek elections draw closer, headlines from Europe could unsettle investors.

Belgian Deputy Prime Minister Didier Reynders said it would be a “grave professional error” if central banks and companies were not preparing for a Greek exit from the euro zone.

In addition, French banks, which are among the lenders most exposed to Greece, have stepped up their efforts on contingency plans for the debt-laden country leaving the euro zone, sources familiar with the situation said.

JUMPING INTO STOCKS Any U.S. data this week which points to an economy pulling out of the doldrums could divert attention from Europe and provide investors an incentive to jump into stocks, which have become cheap during the recent pullback.

Analysts have pointed to the 1,275 to 1,280 range for the benchmark S&P index, just below the 200-day moving average, as a key level of support the market is likely to challenge.

“You are looking at 1,277 on the downside. The market will test it, but when it gets there it is going to hold because there is a lot of money on the sideline that needs to be put to work,” said Ken Polcari, managing director at ICAP Equities in New York.

“People are using that number as the entry point, so you will find stability at that level.”

Another possible silver lining for investors may be the strengthening of the dollar, which has been a safe haven during the euro zone’s sovereign debt troubles.

The dollar index is up nearly 5% for the month, and some analysts feel it could not only help equities stabilize but spur a move higher.

“With sovereign debt default now a possibility, and some form of dissolution of the euro also possible, the hidden positive may be for the U.S. dollar, and U.S. dollar-denominated assets,” said Brad Lipsig, vice president of investments and senior portfolio manager at UBS Financial Services in New York.

“Capital inflows could support U.S. real estate prices, which could help stabilize U.S. banks,” he said. “All of this could help support U.S. stock prices during a difficult period for Europe’s economy. It’s not inconceivable that this dynamic could trigger a rally in the U.S. stock market.”

Summer of discontent beckons l

Flight to safety gathers pace

GLOBAL MARKETS WEEK AHEAD The late spring warmth spreading across Europe and the United States is unlikely to soothe a growing anxiety in financial markets that the global outlook is anything but balmy.

An escalating euro zone crisis and weak data from China and Europe have turned investment flows ever more firmly toward safe-haven assets, mainly in the U.S., and away from anything with a hint of risk - a trend that is firmly entrenched.

In the coming week investors find out if the list of current concerns extends to the health of the giant U.S. economy with May non-farm payrolls and consumer confidence reports due, along with a more detailed reading on the first quarter’s economic performance.

But the focus of market attention will mainly be on risk in Europe, centered on elections on June 17 that could leave Greece governed by parties opposed to the international bailout that is keeping the country afloat.

That could force Greece to leave the euro zone, causing collateral damage of a scale that is hard to assess to the world’s fragile economic and financial system.

To the west, a perfect storm of soured bank loans and regional governments flirting with bankruptcy is gathering over Spain, with Bankia seeking a 15 bln euro bailout and Catalonia also going cap in hand to Madrid.

“I don’t think Europe will drag down the rest of the global economy if nothing too bad happens. The problem is there’s a possibility that something too bad will happen,” said Peter Westaway, chief economist at Vanguard Asset Management.

That uncertainty is spreading across the world is highlighted in data from fund tracker EPFR Global showing that emerging equity funds saw outflows of over $1.5 bln in the week to May 23 after losing $2.25 bln the previous week.

Emerging market bond funds lost almost $500 mln in the same period, their first decline in 19 weeks.

Also in the past week, the European Central Bank said in the past week that direct and portfolio investment recorded net outflows of 54 bln euros in March, the month after the second of its two massive liquidity injections into the banking system.

At the other end of the risk scale, Germany was able to sell a twoyear bond in the past week that offered investors no regular return and found buyers lining up for the deal.

The yield on 10-year U.S. Treasury note dropped to near 1.7%, close to its lowest level on record, while the dollar indexed against a range of

l

U.S. jobs report to offer health check on U.S.

major currencies touched a 20-month high.

After a volatile week on global equity markets, MSCI’s world share index gave up virtually all its gains for this year and has fallen 12.5% since its peak at the end of March.

SAFETY FIRST The speculation about Greece exiting the euro, contagion in Italy and Spain, and the future of the whole euro zone project still isn’t fully reflected in market prices, according to some analysts.

“We think that the ramifications of a Greek exit are more serious than the market anticipates,” analysts at Morgan Stanley said in a note to clients.

“While a euro zone break-up is not our base case scenario, we raise our subjective probability to 35% from 25%, and reduce the time scale of this move to 12-18 months from five years.”

Analysts at RBS believe that even after the shake-out in financial markets sparked by the political turmoil in Greece, the drive into safehaven assets has further to run.

“You’ve had a little smokescreen of the ECB liquidity injection, but apart from this it’s been same the trade for two years - don’t own any risky assets,” said Andrew Roberts, head of European Rates Research at RBS Markets.

“The only difference now is that Asia is coming to the party partly because its main export market is Europe.”

One thing that could change in the coming week is talk of a more proactive stance from major central banks, especially if evidence grows that Europe’s crisis is further clouding the U.S. or Asian economic outlook.

Vanguard’s Westaway said that in the current environment it is likely that firms and households everywhere are putting off spending decisions.

“They’re taking into account the possibility that something really awful is going to happen, so the optimum thing to do is not to do anything until the situation gets resolved.”

The first key signal could be the U.S Conference Board Index of Consumer Confidence for May, which some expect to fall because of April’s weak U.S. jobs market.

The big data release comes on Friday with the U.S. employment report for May, expected to show a slight recovery with new jobs rising to 150,000 from 115,000 in April.

Of significance to expectations over whether the ECB will ease its interest rates is likely to be the first estimate of German inflation in May on Tuesday, euro zone inflation data on Thursday and a survey on bank lending activity on Wednesday.

FINANCIAL MIRROR, May 30 - June 5, 2012

WORLD ª∞RKETS 23

24 WORLD MARKETS

FINANCIAL MIRROR, May 30 - June 5, 2012

Sechin’s Rosneft set to shop after Arctic spree ANALYSIS

F1 chairman puts brake on IPO talk Businessman Peter Brabeck, celebrating his appointment as Formula One chairman on Friday, said the motor racing series had not made a decision on whether to proceed with a much discussed $10 bln listing on the stock market in Singapore.

Speaking to Reuters over a trackside lunch with Formula One commercial chief Bernie Ecclestone also in attendance, Brabeck said the business had a plan in hand to replace the octogenarian Ecclestone but hoped it would not be needed for a number of years yet. “He has a fantastic motivation. He has very good health,” said Brabeck, who is chairman of Swiss food group Nestle and was confirmed in the Formula One role at a board meeting in Monaco on Friday.

“As Bernie has said, you can’t replace Frank Sinatra but you can find another singer. One day we are going to find another singer and he or she will be different. The show will go on,” added Brabeck, an Austrian.

The diminutive Briton Ecclestone has built up the Formula One business over the past 40 years, turning the current 20-race series into a money-spinner that is expected to produce revenues of $2 bln this year.

Life after the billionaire Ecclestone was seen as one of the risk factors for investors in any flotation. The appointment of heavyweight fig- l ures like Brabeck, who has had a small stake in the business for the last couple of years, to high profile roles was seen as under- l pinning its status.

Formula One has been given the green light to list in Singapore, with l speculation of a market debut next month.

However, market uncertainties and the turmoil surrounding the Facebook IPO are making its owners weigh their words carefully.

“It was the first time that the board had a report on the preparation, there was pre-valuation of the whole process. I think we made a step forwards but no decision has been taken,” Brabeck said.

Morgan Stanley, Goldman Sachs and Switzerland’s UBS have been hired to lead the IPO. The two U.S. houses have both faced a backlash over their role in the messy Facebook flotation.

Singapore flotation not decided Plan in place to replace Ecclestone Revenues of $2 bln seen this year

INVESTORS BUY IN Private equity firm CVC Capital Partners unveiled a $1.6 bln deal this week to sell a 21% stake in the business to U.S groups Waddell & Reed and BlackRock, along with Norway’s Norges Bank Investment Management.

“If anything it has reduced the pressure or the need for an IPO or a next step and that’s why the board looked at the IPO today as one option,” Donald Mackenzie, managing partner at CVC told Reuters in the principality, where billionaires’ yachts are moored alongside the famous street circuit.

“It’s certainly something we are going to look at over the next 36 months but there is no set timetable,” he added.

CVC now owns around 42% of Formula One and sources told Reuters this week it was looking to cut that to around 30% in a float.

The estate of failed investment bank Lehman Brothers is also looking to cash in a 15% stake.

Ecclestone, in a dark suit and eating a late lunch of risotto after a lengthy board meeting, said he believed that the German Mercedes team would sign up to remain in the sport.

Mercedes have been unhappy with reports that Ferrari, Red Bull and McLaren, the top three in the sport, would be offered future places on the board while it would miss out.

“I don’t see any problem,” Ecclestone said. “I’m a realist.”

Teams are expected to sign up this year to a renewal of the socalled “Concorde Agreement” — the long-term deal covering relations between Formula One, which owns the commercial rights for 98 years, the teams and the FIA, the sport’s governing body.

Ecclestone brushed aside talk of differences with the FIA as minor and said he planned to meet FIA President Jean Todt over dinner on Friday.

Ecclestone said top sports like soccer, tennis and Formula One retained their appeal as an antidote to the grind of recession.

Formula One draws television audiences of over 500 million for its fortnightly races, helping to support its valuation among sponsors and TV companies.

“When the world is bad, people want to escape,” he said. “I’m very proud of the job we do for TV, it’s something good to watch.”

In the hands of powerful former deputy prime minister Igor Sechin, Russia’s state-controlled oil giant Rosneft is likely to make a grab for low-hanging fruit in Russia to feed its reserves and market value.

Sechin could eye targets such as Surgutneftegas, Russia’s No. 4 oil producer which is friendly with the Kremlin, or Zarubezhneft, which spearheads state energy investments in Vietnam and Cuba, sources and analysts said.

After his appointment as CEO, Sechin could also drive more international joint ventures after a dealmaking spree in which Rosneft partnered with the likes of ExxonMobil to explore the Russian Arctic.

Sechin had a behind-the-scenes role brokering landmark international deals when Vladimir Putin was serving as prime minister. Now the powerful confidant of the newlyinaugurated Russian president, is expected to lead from the front.

“He is a very influential guy,” Ivan Mazalov, fund manager of Russia-focused Prosperity Capital Management, said. “(Having him) as CEO is quite likely to be a positive experience for Rosneft shareholders ... he will be able to be more focused on an active strategy, expansion, acquisitions.”

Following three major drilling deals with Exxon, Italy’s Eni and Norway’s Statoil, which gave Rosneft an entry ticket to projects l around the world, Rosneft is eyeing its next act in a longrunning effort to make it a leading player on world capital and energy markets.

“Rosneft has been fairly cautious in its forays internationally, but that isn’t to say it doesn’t look to start making a bigger impression, it could even be a foreign policy objective of this new administration,” said Mark Henderson, energy specialist at Credit Suisse in London.

“However, they have enough to keep them going domestically without going overseas,” Henderson said.

One source close to Rosneft said Sechin’s strategic goal will be to transform the company into a national champion capable of competing on a global scale, if necessary with the help of acquisitions.

“Rosneft has large capital commitments that mean it will have negative cashflow until 2016,” said Renaissance Capital oil and gas analyst Ilya Balabanovsky. “It would be natural to put that money to work to the benefit of the Russian state.”

Those investors undeterred by Surgut’s refusal to report financial results to international standards are attracted by its high dividend yield - while the company is valued at a discount to its cash pile. “(Rosneft) could buy a stake in Surgut and Surgut would start to pay them dividends,” said Prosperity’s Mazalov, who holds Surgut shares.

“Surgut’s cash pile is worth more than its market cap ($27.6 bln at today’s prices).”

Zarubezhneft, which handles state energy investments in foreign countries, is a much smaller actor which has long been a rumoured match for another state energy company.

For Rosneft, buying Zarubezhneft would instantly expand its footprint abroad. The company, which has roots in the Soviet era operating in communist countries such as Cuba and Vietnam, has also operated in Iraq, Iran and Syria at various stages.

“There is also an idea to merge Zarubezhneft and Rosneft, but this is in virtual stage, so to say, nothing concrete,” an industry source said.

Hinting at ambitions on a grander scale, a government source said: “I would not exclude anything. Anything, and beyond the obvious two (Surgut and Zarubezhneft).”

“The question is the price, the value to shareholders and the manageability of the enlarged company.”

A drive by Rosneft to bulk up its production portfolio via acquisitions may help to address its flagging valuation. Its shares are 19% below its 2006 IPO price of $7.55 a GDR, an embarrassment to the state which wants to see Rosneft a leader on the global market.

Rosneft is valued far below its international peers, trading at about 5 times earnings, below ExxonMobil at nearly 10 times and PetroChina at 11 times - a discount that reflects political risk and governance concerns specific to Russia.

Surgutneftegas, Zarubezhneft possible targets

STATE DOMINATION Sechin and Putin have made no secret of their conviction that the state should dominate strategic resources, and view the energy industry as a projection of state power.

But previous efforts to put that into practice through international M&A have not been successful, particularly the acquisition of equity in a German refinery group, which has incurred chronic losses.

At home, Rosneft has the option of investing in companies rich in reserves and cash that already have a long-standing relationship with the Russian state.

Analysts have speculated that Rosneft, which has dented its cash flow by committing heavily to investments, may be tempted by reclusive Surgutneftegas. While known for its lack of transparency with investors, it has a cash-pile of nearly $30 bln which could be deployed to accelerate Rosneft’s growth.

ARCTIC CHARGE Rosneft struck a deal last year to search for oil in three blocks of Russia’s Arctic Kara Sea with Exxon. The deal saw it receive rights to stakes in three projects in North America where Exxon is developing hard-to-recover reserves.

Deals with Statoil and Eni were similarly structured and Rosneft has indicated it is eager for more.

While the Arctic drilling deals are held up as the clearest signal yet that Rosneft is serious about going global, the ultimate impact on its crude oil reserves - already the largest in the world - is unknown.

Commercial oil production is over a decade away.

“Charging off into the Arctic Sea misses the point, which is that there are 80 bln barrels of oil in place in the onshore regions of Russia, in many cases, where there is infrastructure in existence and where they have some idea of the geology,” said Credit Suisse’s Henderson.

Putin orders Rosneftegaz assets sale in 2013-2015 l

Manages stakes in Rosneft, Gazprom, CPC Russian President Vladimir Putin has ordered the government to approve a plan to sell assets held by state energy holding company Rosneftegaz in 2013-2015, paving the way for the sale of stakes in Gazprom and Rosneft.

The decree appeared to represent a renewed drive to privatise Russian energy assets, but the president later muddied the waters by stating that Rosneftegaz itself could take part in auctions of state-controlled energy and power companies to prevent them being sold to the private sector on the cheap. “(These companies) are undervalued and we would not like them to be privatised for peanuts and then to be resold right away for serious money,” Putin said.

He said that using Rosneftegaz as a vehicle for acquiring state companies was a way to recapitalise them using non-budgetary resources, adding that “nothing has changed with regard to privatisation plans”.

The decree stated that Rosneftegaz would have to finance any acquisitions using dividends paid by companies that it owned.

Russia first announced a plan to raise hundreds of billions of dollars via a wide ranging privatisation plan two years ago, but little progress has been made amid volatile stock-market conditions.

l

Could mean renewed push on privatisation plan

Putin’s latest order potentially opens the way for the sale of a stake in biggest oil producer Rosneft, although a separate Presidential decree placed the giant on a list of strategic companies that should officially remain in state hands.

Rosneftegaz controls 75.16% in Rosneft, 10.74% in Gazprom and 7% in the Caspian Pipeline Consortium.

While Gazprom’s privatisation has not been discussed, selling down the state’s stake in $65 bln-valued Rosneft has been included on earlier lists of assets to be auctioned.

Russia had planned to sell 15% in Rosneft in 2012 as part of a wider privatisation programme, but the plan was later scrapped due to a low share price.

Igor Sechin, the energy ‘tsar’ in Putin’s former government and now Rosneft’s CEO, has long opposed the sale of the stake in Russia’s top crude producer, which raised $10 bln in one of the biggest London IPOs of all time in 2006.

Rosneft, which accounts for over a quarter of Russia’s total crude oil production, earlier this year struck landmark agreements with ExxonMobil, Eni and Statoil to tap huge hydrocarbon reserves in the Russian Arctic and other regions.

FINANCIAL MIRROR, May 30 - June 5, 2012

WORLD MARKETS

25

Minute by minute, Nasdaq chaos engulfed Facebook IPO For nearly 20 minutes on the morning of Facebook Inc’s trading debut, the line Nasdaq had opened up to keep traders informed about the social media company’s $16 bln IPO had been mute. Well after the stock was supposed to have opened at 11 a.m. New York time, no one from Nasdaq was talking - and there was still no sign of trading.

Finally, at 11:28 a.m., an unidentified person announced that the shares would open in about 2 minutes. Nasdaq also said orders and cancellations were still being processed, according to several sources listening to the call.

Those crucial 20 minutes created confusion that turned into chaos over the next few hours as market makers - the brokers who quote bid and offer prices - struggled to figure out what was happening. They were rebuffed in their attempts to get Nasdaq to halt trading and sort out a growing number of problems.

A lack of communication and, some say, misinformation from Nasdaq may have been central to the failed debut of Facebook’s shares.

Market makers - crucial to the smooth operation of stock trading - were unsure about their exposure for hours. Investors were in the dark as to whether their trades had gone through, in some cases for days afterwards.

The turmoil caused the four big market-makers for Facebook’s stock, Knight Capital Group, Citigroup’s Automated Trading Desk, Citadel Securities, and UBS AG to lose around $115 mln between them.

“There was very little if any communication from Nasdaq throughout the entire process,” said Mark Turner, head of trading at Instinet, another market-maker based in New York. “As a matter of fact, we feel there was miscommunication.”

Instinet said it also suffered a loss, though it wasn’t specific other than to say it was significantly less than the $30-35 mln reported by Knight.

The precise actions taken by Nasdaq officials are still unclear.

Spokespeople for Nasdaq declined numerous requests for comment, referring Reuters to a status alert issued later that outlined some of the problems encountered and some of the steps it took in an attempt to resolve them.

ple who subscribe to the exchange’s alerts that Nasdaq is “experiencing a delay in delivering the opening print in Facebook,” with no other details.

Meanwhile, market-makers were receiving messages about their orders that later proved to be inaccurate. They say they were told during the period between 11:05 and 11:30 a.m., when the stock finally opened, that orders were still being taken for the opening price.

“Nasdaq representatives were stating right up until 11:29 that they were still accepting orders in Facebook for the open,” said Turner of Instinet.

But that wasn’t the case. Later, Turner said he was told that orders submitted up to 25 minutes before the opening were either canceled or not submitted into the marketplace until about 1:50 p.m. - more than two hours later. Other market makers received similar messages.

Behind the scenes, the massive order volume was overwhelming Nasdaq’s systems.

Orders that were supposed to be processed in 3 milliseconds were taking 5 milliseconds, said one person familiar with exchange operations.

This proved to be a major problem: In the extra two milliseconds new orders flooded in, thwarting the system’s ability to establish an opening price for the stock and leading to a backup in unprocessed orders.

FIST-PUMPING The Nasdaq call, led by Nasdaq Vice President Todd Golub, according to sources, was scheduled to last 2 hours from 10:15 a.m. to 12:15 p.m. to make sure that the exchange was keeping in close touch with the market. It is a normal event for a big IPO. However, this call stretched into the late afternoon, as the most anticipated new U.S. stock offering in years turned into one of the ugliest.

The fallout from the events has become a continuing nightmare for Nasdaq OMX Group, which wooed the social media network for months and openly prides itself on its technology.

The result is another black eye for an exchange industry already suffering because investors not only lost confidence in the financial crisis but through the “flash crash” in May 2010 when $1 trln in shareholder equity was temporarily wiped out in a matter of minutes.

Nasdaq CEO Bob Greifeld pumped his fist at the symbolic opening bell ceremony at Facebook’s headquarters in Menlo Park, California next to Facebook CEO Mark Zuckerberg an hour-and-a-half before the company’s stock was due to start trading. There were no outward signs then of the problems that were about to unfold back on Wall Street.

At 10:58 a.m., Nasdaq issued a notice that the Facebook opening would be delayed until 11:05 a.m. IPO delays of that nature are not unusual, especially with a massive launch like Facebook.

But then, the revised start time passed without an opening trade on the stock. Minutes passed as traders waited. Nasdaq’s next communication came at 11:13 a.m., when it noted in a terse emailed message to peo-

“This is starting to get bizarre,” Wayne Kaufman, an equity market strategist at brokerage John Thomas Financial, said from the firm’s trading floor on Wall Street, around 11:15 a.m.

Finally, the decision was made to put through a fix to the systems problem and get the stock trading. That move to a secondary matching engine used the order book as it appeared at 11:11 a.m. - but this meant new orders and changes in orders that came in later did not show up in the opening price. A matching engine is a computer that pairs bids and offers to complete trades.

Eric Noll, Nasdaq’s head of transaction services, said in a statement earlier last week that the fix instead led to 2-1/2 hours of uncertainty during which brokers were unable to see the results of their trades.

TRADING HALT? The stock opened at 11:30:09 a.m. at $42.05 a share. An investor looking at a quote screen might have thought the trouble had ended there. In reality, the problems were about to worsen.

After initially heading to a high of $45, the stock soon began to plunge towards its issue price at $38. Lead underwriter Morgan Stanley stepped in to defend the stock while some others - unsure whether their orders had been processed or not - backed away from trading or decided to sell.

If confidence is undermined at the open, people “pull back because their orders are essentially going into a black hole,” said former Nasdaq Vice Chairman David Weild.

Clients were telling their brokers they had not received confirmation of orders - which normally come through in seconds.

“Multiple market makers called Nasdaq and asked them to halt the stock and said, ‘You have a problem and it’s getting worse,’ and their response was, ‘The stock is trading normally’,” said an executive at one market-maker.

It is unclear who would have the authority to halt the stock. Nasdaq would not comment on whether it considered such a move.

For market-makers, the chaos was particularly problematic because they didn’t know what they and their clients owned, and at what price.

“Should I be selling stock, should I be buying? And what’s my price point?” said another official at a market-making firm. “You just don’t know, so you were in effect flying blind until 2 o’clock.”

ANEMIC The Nasdaq call had been a one-sided affair with the market makers apparently placed on mute by Nasdaq throughout. In a sign of how desperate the market makers were getting, they even attempted to ask questions which were probably never heard, said Turner, who called the information flow “anemic at best.”

Nasdaq was telling call participants with questions to call the transaction services line. Some calls were not answered, and those who had their calls answered encountered delays of 45 minutes to an hour, the market-makers said.

Nasdaq posted few status updates. Shortly before noon the exchange said in an email it was investigating the delivery of trade execution messages. An hour later, it said it was still working on those issues.

Investors weren’t sure if their orders had been filled, prompting some to cancel. That led to losses for market makers who have also, in many cases, compensated their clients for losses on delayed trades.

Finally, at 1:47 p.m. Nasdaq said it would electronically process all orders that were supposed to have been done at the opening price at 11:30 a.m.

That meant that more than 12 mln Facebook shares traded between 1:49 p.m. and 1:51 p.m., one of the busiest periods for the stock that day, according to Thomson Reuters data.

But market participants say these trades, according to time-andsales data, did not appear to be executed at the opening price of $42.05.

Instead they were recorded at the then prevailing lower price.

“Those trades that came across at 1:50 should have had an indicator on them called a late sale - in other words, these are not trades that just happened, these happened two hours ago,” said Joe Saluzzi, co-head of trading at Themis Trading in Chatham, New Jersey.

The barrage of orders added to selling pressure as it created the perception that a lot of investors were still trying to get out of the stock.

The stock wobbled around $40 a share for another hour when more sellers came in, dropping the price to near the $38 issue price - where it spent several agonizing minutes as lead underwriter Morgan Stanley defended that level. Facebook’s shares closed that day at $38.23, but have since slumped and ended on Friday at $31.91.

The problems from Facebook’s debut prompted Nasdaq to say that it was changing its IPO procedures, and would use the software it currently runs for its regular opening and closing numbers for future IPOs, rather than the software in place during Facebook’s market launch.

That may not be enough for traders who feel burned.

Or, as one market-maker put it: “Why didn’t you just halt the stock?”

Facebook fallout: Silicon Valley won’t snub Morgan Stanley Silicon Valley isn’t quite ready to dump Morgan Stanley over the Facebook IPO fiasco.

It could be said that playing a role in botching the world’s biggest tech initial public offering would be enough to kick its lead banker out of the club, or at least to the curb, but a tarnished image hasn’t necessarily dented Morgan Stanley’s position as a go-to underwriter for Silicon Valley, according to bankers, venture capitalists and startups.

The reasons run from the unusual size of the Facebook deal - a $16 bln offering - to blaming the Nasdaq, to the strong relationships Morgan Stanley’s lead tech banker Michael Grimes and his team have crafted over the years with deep-pocketed venture capitalist firms and executives in the San Francisco Bay Area.

A week after the Facebook fallout, Morgan Stanley is - according to Silicon Valley sources - counting on these strengths to trump investor anger and lawsuits related to the move by its analyst to cut his forecasts for Facebook’s revenue and earnings just days ahead of the IPO and then only tell the firm’s major clients rather than publish those revisions widely.

“It’s still going to be the rare occasion when somebody who has the chance to have them, leaves them out,” said Scott Sandell, a venture capitalist at NEA, speaking about Morgan Stanley and its main rival in the Valley, Goldman Sachs.

Morgan Stanley was the No. 1 bookrunner for U.S. technology IPOs last year, advising on 16 of the 37 new issues, according to data from Thomson Reuters. So far this year, it has held

on to that top spot.

There are at least half a dozen high-profile technology companies with pending IPOs that have already selected Morgan Stanley as a lead bookrunner, including Palo Alto Networks and ServiceNow. And those are not expected to be derailed, or delayed.

“I still think very highly of Morgan Stanley,” said Jef Graham, a serial entrepreneur who is currently chief executive of RGB Networks, an online video-advertising company that could go public next year.

He has worked with the bank on several merger and acquisition deals.

One reason: tech issuers know the big mutual funds and other institutional investors who will buy the largest chunks of their shares respect Morgan Stanley, in part because the bank is very selective about the issuers it represents.

“Goldman and Morgan Stanley on your (prospectus) cover recently - it’s been a stamp of approval,” said Tige Savage, a venture capitalist at Revolution LLC.

BLAME GAME Leading tech investors said that while Morgan Stanley is being thrown under the bus for some of the unprecedented events surrounding Facebook’s IPO, there is plenty of blame to go around.

“Morgan Stanley’s services are a commodity and it is hard to blame them specifically because there are many people involved in the decision,” said one of the investors.

The bank also pointed the finger at Nasdaq for not getting trade execution data from the exchange in a timely way on the initial day

of trading.

And the final line of defense for Morgan Stanley that’s now doing the rounds of the Valley: the Facebook IPO was a one-off - a giant offering in social media, a relatively untested sector that any bank could have mishandled.

“It’s a problem with the IPO system, not Morgan Stanley specifically. If it was another bank they would have had similar problems,” said a hedge fund manager who attended the Facebook IPO roadshow and closely followed other Morgan Stanley-run tech IPOs such as Zynga late last year.

“There may be some short-term decisions that go to other banks.

But it’s not like any other bank would have been less incompetent on the Facebook IPO,” he added.

And amid a flurry of headlines this week about subpoenas and lawsuits against the firm, tech start-ups are keenly aware Morgan Stanley did succeed with Facebook by an important metric: making sure a company got the maximum amount of cash.

If things go wrong, entrepreneurs know the bank has the resources to step in and buy shares to support the stock, as Morgan Stanley did on Facebook’s first day of trading and the only day it closed above its IPO price. Though the effort to keep the stock above $38 a share proved fleeting, the move will likely be a positive for future clients.

“You never know if the market is going to be hot or cold the day you price, and you need the bank to be there to support you,” said Glenn Solomon, a partner at GGV Capital.

26

CSE NEWS

FINANCIAL MIRROR, May 30 - June 5, 2012 CSE CODE OASIS

ΟΑΣΗΣ

Kωδ.

Index performance CSE General Index FTSE/CySE 20 FTSE/XA & XAK Banking MAIN MARKET MAIN MARKET INDEX BANK OF CYPRUS BOCY ΤΡΚΥ CYPRUS POPULAR BANK CPB ΛΑΙΚ HELLENIC BANK HB ΕΛΗΤ LOGICOM LOG ΛΟΤΖ LOUIS LTD LUI ΛΟΥΗ A. TSOKKOS HOTELS TSH ΤΣΟΚ ORPHANIDES ORF ΟΡΦΑ SECTOR TOTAL / OΛIKO PARALLEL MARKET PARALLEL MARKET INDEX WOOLWORTH (CYPRUS) PROP FWW ΓΟΥΛ VASSILIKO CEMENT VCW ΤΣΙΒ ERMES DEPARTMENT STORES ERME ΕΡΜΕ A&P (ANDREOU&PARASKEV.) APE ΑΝΠΑ MARFIN CLR PUBLIC CO LI ΛΕΠΕ A. ZORBAS & SONS ZRP ΖΟΡΠ K. ATHIENITIS CONTR. - DEV. ACD ΑΘΗΕ G.A.P VASSILOPOULOS GAP ΒΑΣΙ KANIKA HOTELS KAN ΚΑΝΙ MITSIDES MIT ΜΙΤΣ LIBERTY LIFE INSURANCE LIB ΛΙΠΕ PHIL. ANDREOU PHIL ΦΙΛΑ LORDOS HOTELS HOLDINGS LHH ΛΟΞΕ LORDOS UNITED PLASTIC LPL ΛΟΡ∆ SECTOR TOTAL / OΛIKO ALTERNATIVE MARKET ALTERNATIVE INDEX A. PANAYIDES CONTRACTING APC ΑΠΑΝ AD SHOPPING GALLERIES AD ΑΘΩΣ ALKIS HADJ. (FROU-FROU) FBI ΦΡΟΥ A.L. PROCHOICE FIN. SERV. PROP ΠΡΟΠ AMATHUS PUBLIC LTD ANC ΑΜΑΘ ASTARTI DEVELOPMENT AST ΑΣΤΑ ATLANTIC INSURANCE ATL ΑΤΑΣ AVACOM PUBLIC CO. LTD. ACS ΑΒΑΚ BLUE ISLAND FISH FARMING BLUE ΜΠΛΕ CCC HOLDINGS & INV. CCCH ΣΙΧΟ CCC TOURIST ENT. CCCT ΣΙΤΟ CHARILAOS APOSTOLIDES CHAP ΧΑΡΙ CHRIS JOANNOU LTD CJ ΙΟΑΝ CLARIDGE INVESTMENTS CLA ΚΛΑΡ CLR INVESTMENT FUND CLL ΣΛΕΠ CONSTANTINOU BROS. CBH ΚΩΝΣ CPI ENTER. DEVELOPMENT CPIH ΚΕΑΕ C.T.O. PUBLIC CO CTO ΣΤΟ CYPRINT LTD. CYP ΣΑΙΠ CYPRUS CEMENT CCC ΚΕΤΣ CYPRUS FOREST IND. CFI ∆ΒΚ∆ CYPRUS TRADING CORP. CTC ΣΤΣ∆ CYVENTURE CAPITAL EXE ΒΕΝΤ DIMCO PLC DES ΝΤΙΜ DISPLAY ART LTD DISP ΝΤΙΑ ELLINAS FINANCE ELF ΕΛΛΗ ELMA HOLDINGS ELMA ΕΛΕΠ EMPIRE CAPITAL INV. EMP ΕΜ EUROPROFIT CAPITAL ERP ΓΙΟΥ EXELIXIS INVESTMENT EXIN ΕΞΕΠ FILOKTIMATIKI PES ΦΙΛΟ K & G COMPLEX KG ΚΚΟΜ KARA KARAOLIS GROUP KARKOTIS MANUFACTURING KARK ΚΑΡΚ KEO LTD KEO ΚΕΟ KOSMOS INSURANCE COS ΚΟΣΑ KRONOS PRESS DIST. KRO ΚΡΟΝ JUPITER PORTFOLIO INV. ARI ΤΖΕΠ L.P. TRANSBETON TRB ΤΡΑΝ LEPTOS CALYPSO HOTELS LCH ΛΕΠΤ MALLOUPAS & PAPACOSTAS MPT ΜΑΠΑ MINERVA INSURANCE MINE ΜΙΝΕ MODESTOU SOUND & VISION MSV ΜΟ∆Ε NEMESIS CONSTRUCTIONS NEM ΝΕΜΕ O.C. OPTIONS CHOICE OPT ΟΚΑΣ PANDORA INVESTMENTS PND ΠΑΝ∆ PIPIS FARM PIPF ΠΙΠΗ PETROLINA HOLDINGS PHL ΛΙΝΑ PIERIDES HOLDINGS PGE ΠΙΕΡ PRIMETEL PLC PTL ΠΤΕΛ PROODOS AGROS AGRO ΑΓΡΟ RENOS HADJIOANNOU FARMS FRH ΡΕΝΟ ROYAL HIGHGATE LTD ROY ΡΟΧΑ SALAMIS TOURS SAL ΣΑΛΑ SFS GROUP PUBLIC CO. SFS ΕΣΕΦ STADEMOS HOTELS SHL ΣΤΑ∆ STARIO INVESTMENTS STAR ΣΤΕΠ TOP KINISIS TRAVEL TOP ΤΟΚΙ TOXOTIS INVESTMENTS COV ΤΟΕΠ UNIFAST FIN. & INV. UFI ΦΑΣΤ VISION INTL PEOPLE GROUP VIP ΒΙΖΝ SECTOR TOTAL / OΛIKO APPROVED INVESTMENTS / EΠEN∆YTIKOI OPΓAN. INVESTMENT INDEX ACTIBOND GROWTH FUND ACT ΑΚΕΠ APOLLO INVESTMENT FUND APOL ΑΠΕΠ FINIKAS AMMOCHOSTOU CONF ΚΟΕΠ CYTRUSTEES INV. PUBLIC CO CYTR ΣΑΕΠ DEMETRA INV. PUBLIC CO. DEM ∆ΗΕΠ DODONI PORTFOLIO DOD ∆ΩΕΠ HARVEST CAPITAL HCM ΧΑΕΠ

Number

Nominal

Market

Shares ('000) Aριθµός µετοχών

Value euro Aξία EUR

Cap. ('000) Kεφαλ.

EUR

Book Value Price to Per Share euro Λογιστική αξία

Profit/(Loss)

Book Value 2010 Times EUR ('000) Tιµή προς Κέρδη µετά λογιστ. αξ. φορολ.

3M 2011 EUR ('000) Kέρδη 2011

3M 2012 EUR ('000) Kέρδη 2012

Profit/(Loss)

2011 EUR ('000) Κέρδη µετά φορολ.

2010

3M '11

3M '12

2011

306 000 87 100 8 889 3 274 -10 243 -17 397 3 328 380 951

74 000 71 017

295 000 54 819

2 194

2 400

346 147 557

-1 504 350 715

-1 371 000 -3 650 380 -100 658 3 585 -82 674 -6 894 -8 648 -5 216 669

2010

3M '11

3M '12

1 795 141 1 611 111 308 004 74 080 460 547 246 214 80 966

1.00 0.10 0.43 0.35 0.17 0.35 0.35

515 205 140 167 55 749 20 002 11 053 13 296 7 044 762 515

1.54 0.38 1.40 0.78 0.30 0.54 1.72 0.95

0.19 0.23 0.13 0.35 0.08 0.10 0.05 0.16

114 252 71 936 175 000 182 725 285 713 15 296 13 416 38 750 60 250 8 200 90 804 45 000 35 000 48 006

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

114 320 37 766 25 900 33 987 15 429 11 625 7 781 5 425 8 134 5 125 3 541 4 230 3 150 2 880 279 293

1.78 3.04 0.49 0.26 0.27 2.40 4.39 0.33 0.68 3.50 0.09 0.12 1.69 0.56 1.40

0.17 0.17 0.30 0.72 0.20 0.32 0.13 0.43 0.20 0.18 0.44 0.77 0.05 0.11 0.30

8 848 1 310 6 309 4 108 -47 1 846 25 987 -1 903 -703 2 574 -8 419 -1 453 456 71 38 984

6 217 11 604 14 829 3 173 8 578 4 996 29 332 9 433 2 779 11 880 8 502 3 000 201 5 408 2 881 11 250 7 314 6 261 1 234 19 266 5 751 36 832 2 096 7 290 810 5 280 6 967 39 239 627 4 760 2 066 11 000 447 956 18 587 2 158 12 036 4 371 1 971 7 118 8 210 2 352 149 15 875 464 42 444 773 60 375 1 547 18 012 5 816 2 729 1 980 3 288 5 322 6 825 386 3 175 414 200 75 000 593 834

0.90 0.06 0.51 0.04 0.52 0.26 0.73 0.29 0.77 2.25 0.51 0.25 0.46 0.44 0.09 0.75 0.65 0.12 0.36 1.66 7.84 1.81 0.49 0.23 0.35 0.76 0.06 0.05 0.20 0.79 2.47 0.62 0.07 0.12 3.71 0.48 0.74 0.3920 0.41 0.94 0.62 0.14 0.02 0.57 0.22 0.24 0.36 1.29 0.42 0.04 3.43 0.04 0.16 0.52 1.89 2.34 0.05 0.41 0.05 0.12 0.15 0.77 NAV

0.19 1.50 0.29 0.57 0.15 0.19 1.03 0.44 0.23 0.12 0.12 0.24 0.04 0.11 0.11 0.09 0.46 0.26 0.68 0.08 0.24 0.22 0.29 0.39 0.17 0.43 0.33 16.40 0.10 0.18 0.17 0.18 0.27 1.04 0.16 0.25 0.80 0.56 0.07 0.30 0.22 0.43 0.45 0.04 0.41 0.22 0.53 0.17 1.67 0.47 0.25 0.38 0.17 0.04 0.09 0.64 0.43 0.17 6.61 0.70 Disc/Prem

1 767 -3 960 4 363 -5 724 -1 339 -11 422 4 108 -2 203 257 -3 542 -6 512 1 542 -622 -3 641 -7 007 440 -157 1 211 -1 031 -6 432 568 13 270 1 157 2 183 -380 575 -5 602 -504 -980 1 048 614 -1 668 -844 -738 -3 358 -760 969 -2 094 -501 -3 469 -1 746 -4 952 -594 5 981 -9 573 -9 238 313 8 617 11 -5 231 362 14 344 131 -9 983 1 165 -1 062 -181 -25 -43 -330 -66 438

0

0

-551 -212 -15 562 1 608 5 130 -2 198 -110 -3 948 -804 100 -1 392 -438 -6 299 1 345 -3 185 -281 2 076 -2 192 -16 880 -1 314 10 753 -868 -6 352 73 151 546 964 -19 100 1 577 -1 737 -689 11 -37 2 753 -108 231

2010

3M '11

3M '12

2011

1 169 6 224 988 4 449 40 000 2 825 1 260

0.0434 0.2826 0.0157 0.3314 0.7474 0.0174 0.0634

-53.92 -61.08 27.39 -69.82 -73.24 -42.53 41.96

2010 36 572 128 936 98 861 158 660 107 226 99 925 39 109 72 562 15 438 44 000 141 692 50 000 10 070 108 163 288 141 160 714 24 379 208 700 5 140 137 611 3 059 92 079 14 973 80 999 13 506 16 000 348 333 47 853 31 344 34 000 4 805 100 000 22 343 7 967 30 978 17 985 20 400 62 446 8 571 101 683 43 211 78 415 14 900 61 056 46 355 424 435 9 660 87 500 22 100 300 194 3 590 272 915 33 000 36 529 66 520 32 500 38 581 12 212 20 700 9 988 75 000

58 430 56 582 49 385 44 494 200 000 282 483 14 000

0.35 0.17 0.26 0.09 0.35 0.35 0.35 0.34 0.17 0.43 0.43 0.35 0.35 0.35 0.15 0.35 0.17 0.87 0.43 0.43 1.73 0.85 0.43 0.09 0.35 0.62 0.09 0.87 0.09 0.29 0.87 0.17 0.34 0.35 0.43 0.31 0.43 0.20 0.35 0.35 0.35 0.17 0.14 0.17 0.17 0.17 0.35 0.35 0.34 0.17 1.73 0.03 0.17 0.43 1.00 0.69 0.17 0.34 0.03 0.05 $ 0.10

0.17 0.34 0.10 0.30 0.87 0.02 0.17

-760 -3 213 -2 533 -10 875 -15 581 -5 227 -6

P/E ratio 2011

-1 077

-796

578

11

-499

-785

3M '11

3M '12

2011 373 -12 265 2 334 -2 594 -2 121 -6 400 2 306 -2 754 570 2 416 -3 519 -7 900 -375 -3 942 -7 654 -4 006 -65 -3 921 -513 -4 630 -4 127 5 693 1 104 1 604 -526 -257

-737 -4 301 -1 465 -10 771 -14 687 -6 357 -255

Dividend Per

Dividend Yield

Share

Share 2011 Cents

%

Results Cents

n/a n/a n/a 5.58 n/a n/a n/a 0.15

2011 6 674 -1 174 245 4 122 -1 734 989 2 133 -1 600 -77 -947 -2 667 -1 333 759 -1 302 4 088

Earnings Per

5.12 n/a 105.71 8.25 n/a 11.75 3.65 n/a n/a n/a n/a n/a 4.15 n/a 11.90

2012 High Low EUR EUR Aνώτατο Kατώτατο

Last Close EUR Kλείσιµο

Price 31/12/2011 EUR Tιµή 31/12/2011

31/12/2011 Ποσ. Μετ.

31/12/2011

% Change

since

385.85 134.85 365.45

140.83 52.93 144.66

141.68 52.97 152.89

295.94 104.60 196.84

-52.13 -49.36 -22.33

377.70 0.76 0.39 0.36 0.34 0.04 0.05 0.12

129.98 0.28 0.09 0.18 0.26 0.02 0.05 0.08

131.02 0.29 0.09 0.18 0.27 0.02 0.05 0.09

286.83 0.61 0.30 0.36 0.27 0.04 0.05 0.12

-54.32 -52.95 -70.71 -49.86 0.37 -35.14 5.88 -28.10

Cents -76.37 -226.58 -32.68 4.84 -17.95 -2.80 -10.68

Cents

%

2.50

9.26

Cents 5.84 -1.63 0.14 2.26 -0.61 6.47 15.90 -4.13 -0.13 -11.55 -2.94 -2.96 2.17 -2.71

Cents 5.80

% 19.40

704.24 0.34 0.57 0.17 0.20 0.07 0.80 1.10 0.18 0.14 0.65 0.05 0.10 0.12 0.07

647.60 0.30 0.35 0.15 0.16 0.05 0.46 0.58 0.14 0.10 0.62 0.03 0.09 0.08 0.06

659.03 0.30 0.53 0.15 0.19 0.05 0.76 0.58 0.14 0.14 0.63 0.04 0.09 0.09 0.06

656.6 0.32 0.35 0.167 0.18 0.06 0.65 1.00 0.18 0.11 0.63 0.05 0.10 0.08 0.06

0.37 -6.27 52.17 -11.38 3.91 -14.29 17.28 -42.00 -22.22 22.73 -0.79 -17.02 -4.08 8.43 0.00

Cents 1.02 -9.51 2.36 -1.63 -1.98 -6.40 5.90 -3.80 3.69 5.49 -2.48 -15.80 -3.72 -3.64 -2.66 -2.49 -0.27 -1.88 -9.98 -3.36 -134.91 6.18 7.37 1.98 -3.89 -1.61 -1.15 -0.68 -45.77 33.47 5.13 -9.84 -1.38 -12.74 -4.47 0.49 -2.23 -5.11 -6.19 3.11 -4.06 -1.89 3.40 -4.73 -3.98 -13.60 12.29 -3.93 -2.12 2.03 0.06 1.65 2.64 -28.71 4.85 -4.50 -5.64 0.05 -0.37 3.67

Cents

%

740.44

687.06

0.91

6.07

7.00

9.33

1.20

6.67

8.50

12.32

2.00

9.52

687.06 0.17 0.09 0.15 0.02 0.08 0.05 0.75 0.13 0.18 0.27 0.06 0.06 0.02 0.05 0.01 0.07 0.30 0.03 0.24 0.14 1.88 0.40 0.14 0.09 0.06 0.33 0.02 0.82 0.02 0.14 0.43 0.11 0.02 0.12 0.60 0.12 0.59 0.07 0.23 0.07 0.19 0.03 0.01 0.26 0.01 0.10 0.08 0.69 0.07 0.06 1.62 0.01 0.06 0.09 0.08 0.21 0.01 0.26 0.02 0.02 1.00

738.87 0.17 0.11 0.16 0.02 0.10 0.05 0.83 0.16 0.21 0.26 0.07 0.06 0.02 0.05 0.01 0.09 0.31 0.05 0.32 0.18 3.20 0.32 0.17 0.09 0.06 0.38 0.02 0.62 0.03 0.15 0.48 0.12 0.03 0.14 0.70 0.09 0.65 0.09 0.23 0.08 0.19 0.04 0.01 0.21 0.01 0.11 0.08 0.52 0.06 0.06 1.62 0.01 0.08 0.09 0.10 0.23 0.01 0.26 0.02 0.02 1.00

-7.01 0.00 -18.18 -6.25 0.00 -20.00 0.00 -9.64 -18.75 -14.29 3.85 -14.29 0.00 0.00 0.00 0.00 -22.22 -3.23 -40.00 -25.00 -22.22 -41.25 25.00 -17.65 0.00 0.00 -13.16 0.00 32.26 -33.33 -6.67 -10.42 -8.33 -33.33 -14.29 -14.29 33.33 -9.23 -22.22 0.00 -12.50 0.00 -25.00 0.00 23.81 0.00 -9.09 0.00 32.69 16.67 0.00 0.00 0.00 -25.00 0.00 -20.00 -8.70 0.00 0.00 0.00 0.00 0.00

Cents -1.26 -7.60 -2.97 -24.21 -7.34 -2.25 -1.82

Cents

%

529.63

441.63

467.75 0.02 0.11 0.02 0.10 0.20 0.01 0.09

454.51 0.02 0.09 0.03 0.14 0.19 0.01 0.10

2.91 0.00 22.22 -33.33 -28.57 5.26 0.00 -10.00

FINANCIAL MIRROR, May 30 - June 5, 2012 CSE CODE OASIS

ΟΑΣΗΣ

Kωδ.

CSE NEWS

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.

2010 EUR ('000) Κέρδη µετά φορολ.

56 545 11 000 20 247 2 729 2 729 1 364 13 468

0.51 0.51 0.09 0.85 0.85 0.85 0.17

3 393 440 405 2 183 5 458 818 3 367 72 979

NAV 0.1819 0.0673 0.0344 1.0430 2.1427 0.6125 0.2719

Disc/Prem -67.01 -40.56 -41.86 -23.30 -6.66 -2.04 -8.05

3M 2011 EUR ('000) Kέρδη 2011

3M 2012 EUR ('000) Kέρδη 2012

2011 EUR ('000) Κέρδη µετά φορολ.

0

-9 493 -165 -150 331 -136 -36 -303 -48 525

Profit/(Loss)

P/E ratio 2011

27

Last Close EUR Kλείσιµο

Price 31/12/2011 EUR Tιµή 31/12/2011

31/12/2011 Ποσ. Μετ.

31/12/2011

-16.79 -1.50 -0.74 12.13 -4.98 -2.64 -2.25

0.06 0.04 0.02 0.80 2.00 0.60 0.25

0.10 0.04 0.02 0.80 2.00 0.60 0.25

-40.00 0.00 0.00 0.00 0.00 0.00 0.00

-0.03 -36.72 -4.85 -5.79 -3.18 -2.80 0.31 -3.88 -9.00 0.40 1.44 -4.30 -6.18 -10.88 -0.61 -0.46 -2.62 -0.05 -10.30 -31.25

0.01 0.04 0.06 0.01 0.05 0.65 0.02 0.07 0.27 0.01 0.13 0.14 0.01 0.02 0.10 0.01 0.01 0.01 0.60 6.41

0.01 0.04 0.06 0.01 0.05 0.65 0.02 0.07 0.27 0.01 0.13 0.14 0.01 0.02 0.10 0.01 0.01 0.01 0.60 6.41

0.00 -

Earnings Per

Dividend Per

Dividend Yield

Share

Share 2011 Cents

%

Results Cents

2012 High Low EUR EUR Aνώτατο Kατώτατο

% Change

since

Index performance

APPROVED INVESTMENTS / EΠEN∆YTIKOI OPΓAN. INTERFUND INVESTMENTS INF ΙΝΕΠ ISCHIS INVESTMENT ISXI ΙΣΕΠ REGALLIA HOLD. & INV. REG ΡΕΕΠ TRIENA INV. INCOME TINC ΤΕΕΠ TRIENA INV. CAPITAL TCAP ΤΚΕΠ TRIENA INTERNATIONAL TINT Τ∆ΕΠ UNIGROWTH INVESTMENTS UNI ΓΙΕΠ SECTOR TOTAL / OΛIKO SHIPPING COMPANIES SECTOR

SPECIAL CATEGORY / AIANTAS INVESTMENTS CEILFLOOR CYPRUS AIRWAYS D.H. CYPROTELS D&M TELEMARKETING DOME INVESTMENTS EFREMICO HOLDINGS G&K EXCLUSIVE FASHIONS KARYES INVESTMENTS KNOSSOS INV. K. KYTHREOTIS HOLDINGS LASER INVESTMENT GROUP LIBRA GROUP OCEAN TANKERS ROLANDOS ENTERPRISES SAFS HOLDINGS SEA STAR CAPITAL SUPHIRE HOLDINGS USB BANK WOODLAND DESIGNS PLC SECTOR TOTAL / OΛIKO

-12 850 -112 -195 389 -446 -7 -127 -51 543

0

2010 AIAS CFL CAIR DHH TLM DOME EFR EXF KAR KNO KYTH LAS LHG OCT ROL SAFS SEAS SUP USB WOOD

ΑΙΕΠ ΣΙΦΛ ΚΑΕΡ ∆ΡΟΥ ΤΕΛΕ ΝΤΟ∆ ΕΦΡΕ ΕΞΦΑ ΚΑΕΠ ΚΝΕΠ ΚΥΘΡ ΛΕΕΠ ΛΙΠΡ ΤΑΝΚ ΡΟΛΑ ΣΑΦΣ ΣΕΑΣ ΣΑΠΦ ΤΡΑΓ ΓΟΥΤ

81 202 5 055 391 155 157 138 7 700 25 000 11 385 6 698 2 000 21 827 42 450 61 739 189 377 296 665 54 166 70 220 629 785 124 009 60 674 13 000

0.21 0.03 0.086 0.17 0.12 0.43 0.43 0.68 0.43 0.17 0.17 0.06 0.01 $0.20 0.17 0.17 0.04 0.09 0.57 0.17

MARKET TOTAL / OΛIKO AΓOPAΣ

812 202 23 469 1 571 385 16 250 228 469 540 218 5 519 8 643 1 894 5 933 5 417 702 6 298 1 240 36 404 83 330 199 525

0.1767 -0.61 -0.06 -0.11 -0.01 1.35 0.086 0.33 0.2491 0.11 0.45 0.06 -0.34 -0.27 0.29 0.000 -0.04 -0.1180 0.53 0.13

-94.34 -0.07 -1.05 -0.09 -5.00 0.48 0.23 0.21 1.08 0.09 0.29 2.47 -0.03 -0.07 0.35 33.33 -0.26 -0.08 1.14 50.55

1 908 146

0.00

2011

-214 -1 353 232 -31 800 -335 -1 938 221 -3 507 -180 774 999 -2 378 -7 100 -50 257 93 -173 -50 598 -764 -6 534 -916 -155 728

`

0

0

-27 -1 856 -18 954 -9 100 -245 -701 35 -260 -180 87 612 -2 656 -11 700 -32 272 -328 -320 -16 501 -60 -6 248 -4 062 -104 736

146 226

147 058

349 930

-5 474 073

0.06

0.03

source: Eurivex Ltd. NAV: Net Asset Value

PAT:Profit After Tax

Bold: Final results

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

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

EMERGING MARKET (N.E.A.) FOCUS FINANCIAL SERVICES CONSTANTINOU BROS PROPERTIES CYPRUS LIMNI RESORTS & GOLF PHONE MARKETING S.A. 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 TOTAL

CSE Code EXTE/EXTE ΚΩΑΜ/CBAM ΛΙΜΝΗ/LIMNI PHONE/PHONE ΙΤΤΛ/ITTL INLE ΟΡΚΑ/ORCA ΠΚΣΓ/PCSW ΓΚ/WG EXMI/ΕΗΜΙ

No. of Shares (000) 1690.00 1950.00 300000.00 1575.00 100000.00 8057.00 1200.00 35052.00 3400.00 297.00

Market Cap EUR (000) 11830.00 36855.00 300000.00 5512.50 75000.00 21834.47 14280.00 42062.40 3400.00 1401.84 512176.21

Latest price EUR 7.00 18.90 1.00 3.50 0.75 2.71 11.90 1.20 1.00 4.72

Nominal Value EUR 0.30 0.01 0.10 0.30 0.50 1.00 0.01 0.25 0.10 1.00

Listing Date 29/3/10 29/3/10 29/3/10 29/3/10 06/8/10 21/7/11 10/9/10 10/10/11 2/11/11 10/04/12

WARRANTS EUROPROFIT (WAR. 2005/2012) ALKIS HADJ. FROU-FROU (WAR. 2015) AMATHUS NAVIGATION (WAR.07-2013) UNIGROWTH INVESTMENTS (WAR.10/12) TOTAL

Ignores weighted number of shares in circulation Forecasted profits are liable to change without notice and responsibility No. of warrants (000) 893 24831 17606 2218

EMERGING MARKET (N.E.A.) FOCUS FINANCIAL SERVICES CONSTANTINOU BROS PROPERTIES CYPRUS LIMNI RESORTS & GOLF PHONE MARKETING S.A. 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 TOTAL

Mkt Cap (000) 9 497 176 319 1 000 CSE Code

EXTE/EXTE ΚΩΑΜ/CBAM ΛΙΜΝΗ/LIMNI PHONE/PHONE ΙΤΤΛ/ITTL INLE ΟΡΚΑ/ORCA ΠΚΣΓ/PCSW ΓΚ/WG EXMI/ΕΗΜΙ

Exercise Period

Exercise Price euro cents

Expiry Date

41212 20-30 Jun 2001-2015 1-15 May & 1-15 Nov 07-13 1-15 Nov 2010 and 2012

8.67 173 20c or EUR 35c 29

30-10-2012 30-06-15 15-11-2013 15/11/2012

No. of Shares (000) 1690.00 1950.00 300000.00 1575.00 100000.00 8057.00 1200.00 35052.00 3400.00 297.00

Market Cap EUR (000) 11830.00 36855.00 300000.00 5512.50 75000.00 21834.47 14280.00 42062.40 3400.00 1277.10 512051.47

Latest price EUR 7.00 18.90 1.00 3.50 0.75 2.71 11.90 1.20 1.00 4.30

Nominal Value EUR 0.30 0.01 0.10 0.30 0.50 1.00 0.01 0.25 0.10 1.00

DISCLAIMER: The information, comments, analyses and financial data published in this newspaper were obtained from sources believed to be reliable, but their accuracy or completeness cannot be guaranteed and may change without notice.

Any of the information or opinions published herein should not be construed as an offer or solicitation to buy or sell investments. No liability is accepted whatsoever for any direct or consequential loss arising from the use of this publication.

Latest Close 0.01 0.02 0.01 0.01

Listing Date 29/3/10 29/3/10 29/3/10 29/3/10 06/8/10 21/7/11 10/9/10 10/10/11 2/11/11 10/04/12

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FINANCIAL MIRROR, May 30 - June 5, 2012