Financial Mirror 01. 25. 2012

SEE PAGE 23

FinancialMirror

â‚Ź1.00 Issue No. 964 January 25 - 31, 2012

2 NEWS

FINANCIAL MIRROR, January 25 - 31, 2012

Can Europe stomach Greek default?

The euro zone is inching closer to breaking its long-held taboo against a Greek default, but can still escape financial market mayhem and a body blow to the euro.

It all comes down to whether the default is controlled or chaotic.

Officials have been talking to private bondholders for nearly seven months to get them to share the burden of a second international bailout of Greece with taxpayers, who have so far shouldered all the cost.

But there is still no result, and the threat of a forced default - something that politicians have long

l Depends

been adamant must never happen - drew closer on Monday, when euro zone finance ministers rejected what the banks had billed as their final offer.

Last year, the very prospect filled policymakers with dread but sentiment has changed a little.

Bond markets have thus far exhibited little sense of panic at the slow progress towards a deal, while the European Central Bank wiped out fears over a bank collapse by pumping massive amounts of cash to fund banks into the system in December, an offer it will repeat next month.

The other important shift has come from Paris and Berlin who late last year softened their insistence that private creditors should always take a hit in any future euro zone bailouts. They now say the Greek case is unique and will not be repeated.

Safe-haven German debt futures fell to a one-month low, while Italian bonds - used as a bellwether of sentiment towards the region’s lower-rated debt - have rallied, driving yields away from levels deemed unsustainable.

Rating agency Standard & Poor’s said on Tuesday it did not see any reason for a “domino effect” in the euro zone, if as expected it downgraded Greece’s ratings to “selective default” when it concludes its debt restructuring.

Not all types of default need to upset the market, and some would simply say Greece - which has more than 350 bln euros in debt, or 162% of its GDP - is already in default.

“If you ask me whether (the help of the banks) is already a restructuring, it’s hard to argue

on flavour against it,” said one market participant, asking not to be named.

“You had an unwind of several financial institutions in the United States, but only Lehman had a negative impact,” this person said, referring to the collapse of the U.S. bank in 2008, now seen as the nadir of the credit crisis.

Time is fast running out for Greece, which cannot repay a 14.5 bln euro bond falling due on March 20 without its second bailout. A deal with bondholders needs to come well before that, because the paperwork alone takes weeks.

panic on fears that up to $400 bln in CDS would be payable when it collapsed in 2008. But the amounts actually paid out were relatively small, and would be smaller still for Greece.

The maximum that could change hands from a Greek default is $3.34 bln, according to the Depository Trust & Clearing Corporation, a clearing and settlement company.

It is becoming ever more likely that Athens will force at least some creditors into the bond swap deal that it is negotiating with banks, by writing provisions known as collective action clauses (CACs) into contracts.

These would force the conditions of the bond swap on all other creditors, regardless of whether they sign up for the deal or not. Using such clauses to squeeze out bondholders would almost certainly trigger CDS pay-outs.

BENIGN IS PLAUSIBLE The scenario to be avoided is having no plan in place at all by that time, which would lead to a “hard default” that could see Greece expelled from the euro zone and set a dangerous precedent for other weak euro zone countries.

“The fallout of this is too horrible to contemplate. It would set a precedent that the authorities would struggle to contain,” said David Lloyd, head of institutional portfolio management at M&G Investments.

Letting Greece go would show politicians were no longer in control of the single currency, and financial markets would immediately start betting against other weak euro zone members such as Portugal and the far bigger Italy which, if it succumbed, would threaten the currency bloc’s very existence.

But other, more likely, default scenarios are more benign even if they are not entirely voluntary.

“A more plausible scenario is a messy default but with Greece remaining in the euro zone. And more plausible still is a deal enabling Greece to refinance,” said Lloyd.

A pay-out of credit default swaps (CDS) - instruments to insure against governments not paying back their debts - is another bone of contention for politicians, who have long been keen not to trigger these instruments.

Lehman Brothers triggered widespread market

DICTATE, NOT NEGOTIATE A third option - far better than a chaotic default but more coercive than a “voluntary” deal - would be a take-it-or-leave-it offer from the troika of international lenders advising Greece in its discussions with the banks.

The mood in Brussels is now leaning more towards such a deal that would dictate the terms on the private creditors rather than negotiate them, two euro zone sources said. But the latter was still the preferred option, they added.

“We are still in Plan A mode,” one of the euro zone sources said, requesting anonymity.

Banks agreed in October to cut their Greek debt holdings by 100 bln euros, or a 50% loss on the face value of the bonds. The actual accounting losses are around 70% — though most banks have sharply reduced their exposure.

Fears that a euro zone bank could collapse have receded in the past few weeks because of the ECB’s long-term liquidity tenders last year, making it less likely that a default would spark a market rout among bank stocks.

“The ECB has made plenty of money available, and the thought that banks may go under just because there’s not cash in the till have now subsided,” said one investment banker who advises other banks, speaking on the condition of anonymity.

Hedge funds prepare legal battle with Greece Hedge funds are combing through the small print of Greece’s planned rescue deal with private creditors, readying a wave of potential litigation to squeeze a better payout from the country.

Most bondholders face an uphill battle in wringing a payment from Athens through the courts, but shrewd funds picking up specific bond issues with investor-friendly smallprint have a much better chance of succeeding. This is so worrying those negotiating Greece’s private sector deal that many are trying to keep the final structure of a rescue package under wraps until it is done to prevent the funds from finding a legal edge, sources close to the talks say.

Challenging countries through the courts is a well-worn hedge fund strategy - some are still battling Argentina for payouts more than ten years after its record-breaking default.

The closer Greece edges to a disorderly default where it imposes losses, rather than a managed one in which it agrees a deal with a majority of bondholders, the more creditors are likely to go down the legal route.

Athens is racing to cut a deal to slash its debt pile by some 100 bln euros through a voluntary bond swap that would see private creditors swallow 50% losses.

If a deal is not in place by mid-March, when a 14.5 bln euro bond falls due, Greece may not get the funds it needs from the European Union and other lenders to avoid a managed default.

“If the path followed (in Greece) is a non-voluntary one, there will be excessive litigation,” said Rodrigo Olivares-Caminal, a banking and finance law specialist at Queen Mary, University of London, and an expert in sovereign debt.

Madrid-based Vega Asset Management threatened it would take legal action when it quit the committee leading private creditors in talks with Athens last year, unhappy about the size of potential losses, sources said at the time.

One lawyer specialising in debt restructuring said on Tuesday he had been contacted by funds looking at legal options relating to Greece, while

several funds also told Reuters they were weighing up strategies if they are forced to take losses.

BLOCKING TACTICS Funds forced into losses as part of the bond swap or default have several avenues to bring a case, including the European Court of Human Rights or the International Centre for Settlement of Investment Disputes, Olivares-Caminal said.

Hedge fund tactics range widely. Many will be keen for a deal to get done and will not sue, especially if they can profit from the difference between the level of losses imposed and the price they paid for the debt in the secondary market.

Others hope to be paid out in full if enough other private creditors — primarily banks and insurers — sign up to the bond swap.

If Greece can get the go-ahead from about two-thirds of private creditors, it plans to pass laws to coerce reticent bondholders, like the hedge funds, into taking losses, sources have told Reuters.

To counter this, some hedge funds are going for defensive strategies and buying up some of the 18.3 bln euros of Greek bonds that were drawn up under English or foreign law, industry and legal sources said. These would be immune from any changes to Greek law.

The English law bonds do contain so-called collective action clauses designed to force outliers into a deal — but they state Greece would have to get 75% of creditors to back a deal, most likely higher than the threshold Athens would impose in domestic law bonds in its bid to get a deal done.

They also contain precise clauses that could help hedge funds sue or eke out a settlement if they are forced into an unfavourable bond swap, because they are not being treated equally to other creditors like the European Central Bank.

The English law bonds include pari passu clauses, which mean creditors have to be treated on an equal footing and could give them leverage

over the ECB, which owns around 45 bln euros worth of Greek bonds bought in the secondary market.

So far the ECB has shown unwillingness to participate in the bailout, but if Greece can succeed in forcing funds to take losses, the holders of these English law bonds could argue the ECB’s immunity is unfair.

One big worry is that hedge funds could buy up enough of the English law bonds to block the clauses from being triggered for specific bond issues, although none of the sources contacted by Reuters had evidence of this happening yet.

That would make an overall agreement with private creditors very hard to reach, and give hedge funds ways of resisting further deals if Greece were to default.

RESTORING REPUTATION Suing bankrupt governments is still a risky game, however. Funds such as New York-based Elliott Management and its affiliates, which specialise in these types of tactics and have won court cases against Argentina, are still chasing the money they are owed.

That debt restructuring saga was also easier for hedge funds to play as the bulk of the bonds were under U.S. law, limiting Argentina’s influence over them.

One hope in the far tougher game that is the Greek negotiations is that Athens, keen to restore its reputation as a reliable debtor, might prefer to settle with reticent creditors than head into years of courtroom battling.

That would echo strategies employed by Ireland to deal with unhappy bondholders when it restructured the debt of its banks.

“The primary strategy is unlikely to be a court judgement after protracted litigation,” said Steven Friel, a litigation partner at Brown Rudnick.

“Bondholders are much more likely to work towards settlement, if necessary using the threat of litigation as leverage to negotiate a better deal.”

Merkel coalition deaf to pleas for euro “firewall” Angela Merkel’s conservative allies warned on Tuesday against committing additional German funds to euro zone bailout schemes, underscoring how difficult it would be for the chancellor to meet international demands to boost the bloc’s defences. IMF chief Christine Lagarde and Italian premier Mario Monti have both travelled to Berlin to urge Merkel to increase the 500 bln-euro European Stability Mechanism (ESM), which is due to become operational mid-year.

German government sources have told Reuters Merkel does not rule out an increase

if the euro zone crisis deteriorates over coming months. But only the threat of a disaster would persuade her coalition to back a bigger firewall for the currency bloc.

In particular, she faces stiff opposition from the Bavarian CSU, whose leaders have flirted with euroscepticism, and the liberal FDP, whose freefall in opinion polls has thrown them onto the defensive.

A senior official in the government put the odds of Germany agreeing to an increase in the ESM at 50-50, but said Merkel would risk a coalition crisis just a year ahead of elec-

tions if she ignored the misgivings of her allies. “The (opposition) Social Democrats would back it and she could probably get her Christian Democrats on board. But the FDP could well see it as a no go,” the official told Reuters, requesting anonymity.

Euro zone finance ministers have agreed to “reassess the adequacy” of their current rescue fund - European Financial Stability Facility (EFSF) - and its permanent successor, the ESM, in March.

Until that time, the question is “purely theoretical”, said Peter Altmaier, parliamen-

tary whip for Merkel’s conservatives in the Bundestag (lower house).

Altmaier and other senior coalition officials argue that Germany has already agreed to pay more capital into the ESM up-front rather than in annual installments - and that there is no real need to boost the fund at the moment.

Berlin officials point out that there is still money left in the 440 bln euro EFSF, which was used to bail out Ireland and Portugal and has earmarked funds for a second Greek rescue.

FINANCIAL MIRROR, January 25 - 31, 2012

CYPRUS

DEH/Quantum to build €1.5 bln East-West mega-cable l

Israel to export 2,000 MW to Europe

l

Cyprus a hub for EU-Asia electricity

A subsea cable some 540 nautical miles long (1000 km) will soon connect Israel and Cyprus to south-east and western Europe to satisfy the continent’s need for cheap and sufficient electricity.

The EuroAsia Interconnector, initiated by the DEH/PPC Quantum Energy SA joint venture, will cost about 1.5 bln euros to build and will have the capacity to transmit 2,000 megawatts of energy along its eastwest cable, selling Israel Energy Corporation’s excess electricity production to Cyprus or any other buyer further west.

The funding for the project is secured by DEH/Quantum Energy.

Nassos Ktorides, chairman of DEH/Quantum Energy, told an investors’ briefing on Monday that the project cost will be recouped in about four years, while it is expected to earn about 17.5 bln throughout the life of the cable.

Ktorides said that beyond the benefits from the investment and new job opportunities, the Cyprus national power grid will also have a secure supplier of external energy, if it ever needs it. He doesn’t see the project as a competitor to the EAC’s plans.

“Quite the contrary,” he told the Financial Mirror. “We may be able to supply the EAC if it ever has a shortfall, as happened after the explosion that destroyed the Vassiliko plant. Furthermore, if Cyprus ever has any excess, it, too, could export some of that electricity.”

Work on the EuroAsia Interconnector is expected to commence within 2012 if the governments of Israel, Cyprus and Greece approve it and should be completed within 36 months.

The cable will sink to as deep as 2,000 metres below surface and will connect Israel with Cyprus, Cyprus and Crete, and Crete with the Peloponese from where electricity supply can be distributed to Greece or further west.

Trade and Energy Minsiter Praxoulla Antoniadou visited Israel on Monday and attended a business forum where she spoke on the potential of cooperation between the two countries in the areas of tourism and energy.

l

Minister in Israel for talks

DEH/Quantum Energy was established in December 2011 and plans to build four hydroelectric power stations in Srpska with a design output capacity of 238MW. The greenfield project will cost some 500 mln euros and will need about three years to complete once the contractors have been chosen, a process that may last throughout 2012. Bank of Cyprus is a minority shareholder in the venture. Cyprus-based Quantum Corp. already operates five hydro and power stations in Srpska since 2000 with an installed capacity of 1422 MW and an annual growth rate of 4%. The company has a total book value of 1.2 bln euros.

AMBITIOUS The EuroAsia Interconnector will link Israel, Cyprus and Greece with the pan-European electricity grid. It is the first project to link energy between two continents. It will be the most ambitious project in the world to date, both in terms of cable length and depth.

Business leaders and politicians were quick to praise the project and its initiator, with the opposition Democratic Rally (Disy) saying that the project “of national importance, secures energy supply for all three countries and opens new prospects for export of energy. We support this important initiative and the government’s involvement.”

In her speech in Tel Aviv on “The prospects created in the Eastern Mediterranean by the discovery and exploitation of natural gas”, Praxoula Antoniadou said that despite a national action plan for the gradual increase of the contribution of renewables to the energy balance, aiming at reaching 13% by 2020, renewables given their high cost cannot comprise the full answer in the short term.

“A bridging solution with reference to a low carbon economy is required for the medium term, until long term targets about the contribution of renewables to the energy mix can be attained. And natural gas seems to that answer for the medium term.”

She referred to the recent discovery of natural gas within the exclusive economic zone of Cyprus and the government’s decision to proceed with the second round of licensing for exploration and production in all the other blocks.

“Discoveries of hydrocarbons in the area of the Eastern Mediterranean come at a time of increased demand for fossil fuels by the EU, as a follow up to the nuclear accident in Japan and to consequent changes in the energy mix in Europe. “Opportunities for investment are already arising both in activities that are directly related to the exploitation of hydrocarbons but also with reference to sectors and activities that are supportive or complementary,” she concluded.

TOURISM ARRIVALS

UK Russia Germany Greece Sweden Norway

Israel United Arab Emirates Total arrivals incl others

3

2010 Year

2011 Year

% change

% of total

996 040 223 854 139 183 127 661 109 742 63 342 37 871 11 827 2 172 993

1 020 705 334 079 157 886 138 717 112 209 64 018 31 905 11 428 2 392 313

2.5 49.2 13.4 8.7 2.2 1.1 -15.8 -3.4 10.1

42.7 14.0 6.6 5.8 4.7 2.7 1.3 0.5 100.0

Source: Statistical Service; Sapienta Economics calculations.

Tourism sees best growth in over a decade The tourism sector had its best year in over a decade in 2011 , with arrivals rising by 10.1% compared with the previous year, up from an increase of 3.2% in 2010.

The last time tourism arrivals rose in double digits was in 2000.

Driving the increase was arrivals from Russia, which rose by 110,225 or 49.2% to 334,079, after an already steal increase of 50.5% in 2010. This performl ance confirmed Russia as Cyprus’ second largest market after the UK, accounting for 14% of all tourists.

There was a recovery in arrivals from the UK, which rose by 2.5% to 1,020,705 in 2011, compared with a drop of 6.8% in 2010.

Overall the share of the UK market has been on a declining trend in recent years, accounting for 42.7% of tourists last year, down from more than 50% until 2008. There was also a strong performance from Germany, with arrivals up by 13.4% to 157,886.

Tourism benefited in 2011 from a diversion of tourists from the Middle East. It might also have benefited from a recent upgrade of the two airports, as well as a reported increase in capacity from other airlines after the state-owned EuroCypria was closed.

Arrivals up 10.1% in 2011

Fiona Mullen www.sapientaeconomics.com

Construction costs up 4.12% in 2011 Despite a downturn in the construction sector the cost of materials rose faster than inflation in 2011, rising by 4.12% over the year earlier according to the Statistical Service. However, in December, the price index reached 126.00 (base year 2005=100.00), recording a decrease of 0.29 % over the previous month.

The Statistical Service said that the increase in 2011 was mainly owing to an increase in the following.

Bitumen asphalt: 19.22%; steel pipes: 15.78%; bitumen asphalt: 15.23%; building iron: 14.22%; wires and cables: 14.14%; structural steel: 7.45%; Portland cements: 6.40%; ready-mix concrete: 4.88%.

The most significant declines were recorded in the following materials.

Sanitary ware of porcelain: 7.33%; pavement slabs, mosaics and bricks of concrete: 5.66%; wardrobes, cupboards and benches: 3.32%.

Building permits down 18% y/y in Nov The number of building permits continued to decline in November, falling by 18% compared with the year earlier to 601.

The total value of these permits reached EUR 145.1 mln and the total area 153.8 thousand square metres. These building permits provide for the construction of 572 dwellings, a drop of 40.8% compared with November 2010.

For the period January - November 2011 the number of building permits issued fell by 13.6% over the same period of the previous year to 6,946.

The total value of these permits decreased by 23.4% and the total area by 24.5%, according to the Statistical Service. ∆he number of dwellings authorised fell by 38.3%.

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

TO LET The former offices of the audit firm PROIOS AUDIT at Neoptolemos Str., No. 6, Nicosia Space: 350 sq.m.

Nearby large parking place

Please apply:

Nicos Proios Tel. 22 390 900

4

CYPRUS

FINANCIAL MIRROR, January 25 - 31, 2012

Secret versus Open Diplomacy DR. ANDRESTINOS N. PAPADOPOULOS, AMBASSADOR A.H. We often hear about “secret diplomacy” as opposed to “open diplomacy”. Both schools of thought have their followers and the dilemma is posed when one has to choose between secret and open diplomacy for the promotion of the state’s interests. The interests of the state are promoted through the setting of goals of foreign policy. These goals are determined by permanent data, like geography, history, civilization, national temperament, etc. and changing elements of an internal and external nature. In order to chart the big avenues of foreign policy, which the diplomatic service is called to implement, all these elements have to be taken into account.

As already mentioned, the handling of foreign affairs implies a choice which introduces the element of art, since it has to do with action and behaviour. It is within this framework that definitions, like “aggressive diplomacy” and “quiet diplomacy” are better understood, thus fully justifying the aphorism of Bismarck that “politics is a psychological art”.

It is a fact that foreign policy and diplomacy are not static, but subject to continuous developments, which allow for creation, fantasy, vision, innovation, etc. in the search of diplomatic initiatives. At the same time, one has the opportunity for soul searching and adjustment to new data, where necessary. Their successful conclusion has been characterised as “the art of possible” and constitutes the fundamental goal of any negotiation. The question arises as to how democratically and openly we reach the decisions, which will promote the interests of the state, and what kind of role plays the dialogue in the formulation of foreign policy.

The guiding light comes again from ancient Greece. In Athens of Pericles, the Parliament (Voule) of five hundred was discussing openly matters of internal and external policy before the citizens (Ecclesia tou

Demou). At their meetings, foreign ambassadors were also invited to attend and explain the position and policies of their respective countries. Closed meetings were not excluded. The one, however, who pointed out with authenticity the weaknesses of public discussion concerning matters of foreign policy was the historian Thucydides. His arguments were that main policy choices could be influenced be demagogues, that the respect of the city’s commitments was subject to the reaction of a public little or badly informed, whereas his strongest argument was that public discussion afforded the enemies of the city with the opportunity to know its decisions.

However, when the economic and strategic interests of the city were at stake, those in power, despite the control of the Ecclesia tou Demou, were taking without any hesitation, military action, ignoring alliances and procedures for the pacific settlement of disputes. Open diplomacy and democracy were then set aside, as it happens today.

However, the rapid growth of international organisations and international relations in the last century brought about changes leading to their democratisation, as well as to the creation of an environment, which has obliged diplomacy to adjust its methods and goals to the new conditions.

Let us mention some examples: Secret agreements and alliances of the past are not any more acceptable by modern societies. This trend started at the time of the League of Nations when President Wilson was favouring the “open covenants, openly arrived at” and found its concrete expression in the UN Charter. Its Article 102 provides that treaties and international agreements entered by the members of the UN should be registered with the UN Secretariat and published by it.

With the development of international organisations, multilateral diplomacy acquired more importance than the bilateral, which favours the stronger states. The concomitant effect was the expansion of a diplomacy exercised by international organisations. The difference between them is that multilateral diplomacy is exercised by states with-

Marfin Popular files capital plan Marfin Popular Bank said on Friday it had submitted a “capital enhancement” plan to regulators designed to raise its benchmark core Tier 1 capital to 9% by the end of June.

The island’s second biggest lender did not specify the steps it proposed to take, but the European Banking Authority had in December said Marfin Popular would require additional capital of 1.97 bln euros to reach a core Tier 1 ratio of 9%.

In a statement, group Chairman Michalis Sarris said the plan “combines focused management actions as well as capital-raising initiatives aspiring to shield and enhance (the) resilience of the group given the ongoing market developments.”

The group has appointed a team to engage in a “comprehensive risk-weighted asset mitigation and capital-enhancing actions across all geographical areas”, Sarris added.

J.P. Morgan and Houlihan Lokey were acting as financial advisers in relation to the plan,

the bank said.

Last Wednesday, the bank said its 2011 results would reflect higher impairments because of the deepening sovereign debt crisis in Greece, to which it remains heavily exposed.

Provisions for loan impairments mainly related to Greek operations were expected to be higher, and by extension, goodwill related to the Greek operations would be impaired, the bank said in a statement. It is widely expected to restructure its retail operations in Greece as well, where it has a network of about 300 branches.

For the first nine months of the year, the bank reported a loss of 282.2 mln euros.

The Group said that “ongoing improvement in revenue quality was reflected in stronger core banking revenues, which rose 12% y/y and 9% q/q to 260 mln euros. Third quarter operating revenues rose 2% y/y and remained flat q/q at 262.5 mln.”

Last month, the bank said it

in the framework of international conferences, whereas the second is exercised by international civil servants with a view to furthering with transparency the interests of the international community. From the four functions of traditional diplomacy (negotiation, representation, information, promotion of national interests) the one used more is that of negotiation. It goes without saying that in their conduct, international civil servants negotiating on behalf of international organisations should not be influenced by national considerations.

In the new environment, we also observe that the role of diplomats has been restrained. Heads of state and foreign ministers travel very often and settle serious matters through their visits to foreign capitals or telephone conversations. Thus, they by-pass their ambassadors and diplomatic agents and promote what is called direct diplomacy.

Moreover, within the framework of globalisation, new scientific methods and knowledge made modern diplomacy the tool of a multifaceted strategy, covering political, economic, military, religious and other matters. It is evident that this development renders modern diplomacy more open.

Finally, the relationship between diplomacy and the media has acquired a particular significance in our days. Press conferences to explain policies and appearances on the television for the same purpose gave a new dimension to this relationship. Facts and comments by the media can influence not only the public opinion, but decision-makers on diplomatic matters as well. The question which arises is to know who is influencing whom. The fact remains, however, that this relationship continues towards the transparency of diplomatic moves.

On the basis of the above, it is obvious that modern diplomacy is gradually moving from the shadowy paths of secret diplomacy to the democratisation of the institution, allowing for the participation of the citizens in the management of public affairs. It is in this way that open diplomacy makes a contribution of value to the cause of peace, which is the ultimate goal of diplomacy.

Ship management revenues up

is to sell its 70% stake in Estonian subsidiary Marfin Pank Eesti AS to Ukrainian firm Ukrselhosprom Pcf LLc for 6.6 mln euros. The deal is expected to be completed by the end of February.

The stock closed at 28.3 cents on Tuesday on the Cyprus Stock Exchange, down 2.4% from the previous day. In a year, the stock has shed some 77% of its value, leaving the market cap at 443 mln euros.

CORRECTION In our research feature last week, “Digging for oil since … 1938!”, we inadvertently published Noble Energy as being “Austin, Texas-based”, while in fact it is based in Houston, Texas.

Ship management revenues increased marginally from 431 mln euros to 432 mln or 4.9% of GDP, during the first half of 2011 despite the economic crisis.

According to the Ship Management Survey released by the Central Bank of Cyprus, the majority of revenues came from Germany (57%). There were also significant contributions from Switzerland (11%) and Latvia (7%). These figures merely represent the countries from where the payments were transferred to Cyprus.

Most companies in the sector generate revenues within the range of 1 - 10 mln euros, but there are a few very large companies with revenues exceeding 27 mln. As a result, the sector is relatively concentrated

with 24% of the companies generating 83% of total revenues.

Despite the economic crisis, the ship management sector continued its stable performance in 2011, since it depends more on foreign than domestic income. It is expected that revenues will increase further in the second half of 2011.

Ship management services are offered almost exclusively to ships with foreign flags. Most of the sector’s revenues come from the management of ships under foreign flags. Only 9% of the revenues corresponded to ships under the Cyprus flag. German ship owners are the main source of revenues with 65% in the first half of 2011.

8 hotels hired for EU Presidency The government has signed contracts with eight hotels (two in each town) which will host guests and visitors during the second half of the year, when Cyprus will exercise the presidency of the Council of the European Union.

The contracted hotels are the Hilton Cyprus and Hilton Park in Nicosia, Crowne Plaza and Grand Resort in Limassol, Palm Beach and Golden Bay in Larnaca and Aqua Mare and Aphrodite Hills in Paphos.

Speaking on behalf of the Planning Bureau, Emanuella Lambrianides, who signed the contracts, said that more than 25,000 visitors are expected in Cyprus on this occasion.

Industrial turnover down 4.3% in October The industrial turnover Index for October 2011 fell by 4.3% compared with October 2010 to 123.3 (base 2005=100).

For manufacturing sub-index fell by 7.6% in the same month.

In the period January-October 2011 the turnover fell by 0.9% compared with the same period of the previous year.

“Fly 2 The Cloud Ready” GEORGE MALEKOS Cloud computing is one of the hottest topics in the IT industry today and it offers new business opportunities and a technological revolution.

According to the Topology Research Institute, the cloud computing service market will be worth 23.4 bln dollars in 2010 and 67 bln by 2013.

Cyprus should find ways to promote such businesses and to invest in cloud since Middle East countries will soon look for the best European locations to host and run their software services.

Cyprus in the near future will be an end-user of these services or maybe, in the best case, an application developer making software for export.

What we should do is to become a major hardware/software cloud solution provider.

In order to be able to do that, we need to increase our broadband environment and bring government, businesses and academia together.

The concept of cloud is very simple and very complex at the same time; it is about making different computers around the world cooperate together via the Internet. Cloud is giving computing resources on demand.

This is an extremely good idea, but the challenge is to make numerous core technologies and devices “fly 2 the cloud ready”, a slogan which might some day become a sticker on new devices, such as “HD ready” for TV. At Powersoft we already invest in SAAS technology (Software As A Service) which is one of the major cloud service

models and our Powersoft365 Accounting

by Cyta is the first product of this family.

In the near future we will not be selling software but ‘renting’ this application over the cloud. (Infortunately I mentioned this five years ago in another article but in Cyprus we are still in the very early stage).

Many major desktop software vendors are already doing that. One of the most famous is Salesforce.com and soon Microsoft will advertise Office365 that will include Word, Excel, Powerpoint, etc. all in the cloud, no installation will be needed and no purchase of the license.

But what are the advantages and disadvantages for the consumer?

Disadvantages: I do not believe there are any, but if I had to mention any, then I would say that one is the security issue and another is speed.

But if you’re not working at NASA

and not more than 200 programmers are trying to retrieve your data day and night, then your data is safe in a big player IAAS vendor (infrastructure as a service). A good example is Cyta, Amazon Web Service, Microsoft Azure, etc.

Cyta’s Powersoft’s 365 Cloud, is by far a safer cyber place than your own PC or server.

Speed could be a problem since it depends on your device and server but also on Cyprus’ crawling Internet speed.

A major disadvantage could be a ‘data hungry software’ that was not born for the cloud and could cause high charges on hosting per megabyte. Good cloud software should use only what is needed, since the payment usually is based on what you use.

The benefits are many: a) The cost of investment in hard-

ware is minimum (all you need is your tablet PC (iPad, mobile smartphone, PC and access to Internet). b) The cost of the software is not going to be in the thousands and one annual maintenance agreement, but ‘x’ amount monthly. For example, Powersoft365 Accounting is 39euros plus VAT per month for three users. c) No Office Limit ... you have internet access you have Office. d) Not happy with your software?

The switch-over decision will be easier than ever.

Get ready to fly then and look for applications and devices with the sticker “FLY 2 CLOUD ready”.

George Malekos is Managing Director of software developer Powersoft Ltd.

FINANCIAL MIRROR, January 25 - 31, 2012

The Book to Market Ratio of Cyprus Banks MICHALIS MAKROMINAS The ratio of Book Value of Equity to Market Value of Equity (henceforth B/M ratio) has always presented a puzzle in contemporary finance. Book Value of Equity is typically defined as the difference between a company’s assets and liabilities. The Market Value of Equity equals the share price of a company multiplied by the number of shares outstanding. Even though Book Value and Market Value of equity are both quantitative expressions of the net worth of a company they rarely provide the same number.

When the Book Value of Equity is the same as the Market Value of Equity, the B/M ratio equals 1, sometimes called a “Normal” B/M ratio. For most stocks, the B/M ratio is actually less than 1. B/M ratios greater than 1 are also to be found, even though these ratios are rather transitory and they have been shown to diminish under unity after a certain amount of time. Normal B/M ratios nonetheless, are sparse for all classes of stocks, but one: banks.

The B/M ratio of banks is not only shown (on average) to approximate 1, it is expected to be so.

The reason behind this convergence lies in the composition of a bank’s balance sheet: most of its assets (loans) and most of its liabilities (deposits) are easier

Table 1: B/M Ratios of Cyprus Banks Bank of Cyprus Marfin Popular Bank Hellenic Bank

2011 6.25 10.00 5.56

to record using mark-to-market accounting, hence eradicating the disparity between book value and market value. The above argument is of course oversimplified and experts will point out that a bank’s balance sheet is vastly more complex and that nontradable loans are no easier to record than any other type of asset. If any, though, a more elaborate analysis of modern banks, should, in the presence of

intangibles and growth options, point out to B/M ratios less than 1.

So what does it mean for Cyprus banks to have B/M ratios greater than 1?

First, the financial reporting of the banks, which gives the book values, and the investor sentiment, as reflected in share prices, are in disagreement.

Second, the direction of disagreement suggests that investors believe that the banks are worth less than what their managers and accountants assert to.

Third, the degree of disagreement is substantial. At the end of 2011 the three banks were traded (on average) 7.27 times below book value compared to 1.38 in 2009. Fourth, one can look at the source of disagreement. Since the Book Value of Equity equals the difference between assets and liabilities and since liabilities consist mostly of deposits, the value of which is known, it must be that assets, comprising loans, are overstated. This points to the exposure of Cyprus banks to Greek bonds and/or to portfolios of loans linked to Greek households.

Interestingly enough, and irrespectively of the looming “haircut”, one can calculate how much of these loans need to be written off (all other factors constant) for the B/M ratios to return to normality.

Once the amounts that need to be written off are established, one can further estimate the amount and quality of “fresh” capital that is needed for banks as at 31 December to meet regulatory requirements. Final2010 2009 ly, one may even dare gauge a bona1.18 0.83 fide probability of 3.13 1.89 default, by assessing the availability of 2.00 1.41 needed funds and the likelihood that these funds are in fact given to banks.

Source: Bloomberg It is a fanciful, albeit disheartening exercise.

One thought may alleviate the gloominess: perhaps the market is also wrong and the share prices should have been higher. After all, the well functioning of a market is subject to such factors as liquidity, free float and the presence of rational investors.

CYPRUS

Barristers behaving badly PETROS MAVROS Work-based larceny seems to be the order of the day in Britain, and its not just the odd theft of stationery or an office laptop that’s concerning companies, its the increasing levels of expenses fraud, many of which put the UK politicians expenses scandal to shame.

The latest in what has become a veritable string of City scandals is the case of Christopher Grierson, the 60 year old partner of top London law firm Hogan Lovell. This once senior litigator succumbed to the moral malaise when he fiddled his expense claims to amass a total of 1,274,114 pounds.

Grierson obviously considered his annual salary of 830.000 pounds somewhat inadequate as, on a weekly basis over four years he fraudulently boosted his salary by an average 5,000 pounds through booking flights on his credit card then claiming the amount back from the firm even though the travel arrangements had been cancelled.

It’s interesting to note that Grierson acted for and on behalf of some of the wealthiest individuals in the world including the Sultan of Brunei’s brother, Prince Jefri.

From a Cyprus perspective, he represented the Monaco-based mathematician Dr Martin Coward in his separation from super-rich wife Elena Ambrosiadou, boss of the Limassol based hedge fund Ikos.

Last year, the Limassol court saw Vincent Pfister, one of Coward’s protégées also defending charges of ‘dirty dealings’ against Ikos.

This financial whizz kid was found guilty and later this year Coward himself will once again stand in a London court on charges concerning the theft of vital computer programmes from Ikos.

Grierson was sacked from his post with Hogan Lovell albeit he managed within only a few weeks to refund the stolen money. In February he will be in court again to face several counts of fraud; if found guilty he will not only lose his standing in the legal community, he could also lose his right to practise law and a prison sentence has been meted out for lesser levels of blatant fraud.

These examples show that it’s not just your average employee committing company fraud, its top level staff, and according to research carried out by Global Expense, managers are 30% more likely to fiddle their expenses than

lower levels of employees. This is mainly due to the fact that bosses don’t require others to sign off their expenses, so, in effect they can easily get away with it.

Grierson, a once highly respected litigator whose career is now in ruins, is said to be acting in a managerial position for a company in Monaco, a country which lives off its image as the epicentre of luxury, fast cars, and betting tables, a place where the super rich are protected and is a haven for scores of nouveaux riche Russians, including organised crime bosses.

The legal profession vigorously imposes rules and restraints on others while often disregarding these restraints for its own, and here in Cyprus we see more and more examples of ‘rogue’ individuals keen to exploit the powerless, confident in the knowledge that the Law Association will at worst give them a rap over the knuckles.

Its time the Cypriot legal profession stopped protecting these individuals and started to practice equity within their own profession, then we, the powerless, can relish the unique experience of seeing justice being meted out to lawyers, by lawyers. I hope I live that long.

Michalis Makrominas is Lecturer in Finance at Frederick University.

Neoclassical House in Byron Avenue To Let Situated in the heart of Nicosia, opposite the Ministries of Labour and Finance, this unique listed building is part of our Architectural Heritage.

It is well cared for and recently renovated as well-appointed offices with central heating and cooling. It consists of 20 rooms, a large atrium and gallery as well as basement storage space.

The covered area consists of 830 sq.m., including 120 sq.m. basement, 370 sq.m. ground floor and 340 sq.m. first floor. The building also has 140 sq.m. verandas. The large atrium and gallery can hold 150 people for receptions, concerts, etc.

The building is situated on 1640 sq.m. of land that includes 20 parking spaces and a garden.

We are willing to consider letting 50%, 75%, or 100% of the property.

For further information and viewing please call 99484239 or 99644691

5

6

COMMENT

EDITORIAL

If I was a CTO board member…

How awkward it must be for the chairman of the Cyprus Tourism Organisation to plead to parliament not to slash his organisation’s budget, at a time when our MPs ought to have raised the amount that the CTO spends to promote Cyprus, not cut it. The smaller the marketing budget, the fewer the visitors and less earnings for the hoteliers, the whole tourism and leisure industry, and of course, the government. Could it be that simple?

Mandarins in the Finance Ministry have already been slashing the CTO’s budget relentlessly for the past few years from 90-odd million euros a few years back, down to 71.3 mln, then to 67.2 mln and now to 62.5 mln for 2012. The intention here is to cut elsewhere in order to ensure the civil servants’ own salaries remain intact and “who cares about tourism?”.

Surely, our lawmakers could have had the foresight to demand that the CTO contains its operational budget within the general spirit of public austerity, while doubling its marketing budget in order to attract more tourists from Germany (that is enjoying an economic recovery), Israel, Scandinavia and Russia, by targeting outlying regions.

Several middle-class towns have mushroomed across Russia in recent years to accommodate the growing needs of newly-wealthy and successful entrepreneurs. This category of high net-worth individuals is increasingly searching out holiday and long-term destinations, with Cyprus theoretically at the top of their list.

Special-interest tourism is also a neglected and poorly promoted part of our tourist product, with the only good thing going for us being the Wine Routes and Nature Trails. Our favourable weather throughout the year and ease of connectivity around the island ought to have been our strongest selling point to boost sports, cultural and religious tourism, with our biggest failure to date being unable to capitalise on Pope Benedict’s historical visit to Cyprus.

Parliament wants to show it still has some say in executive matters by using the legislature to control the government, but it has also been weak in its inability to stand up to the government and send the CTO budget back to the administration in order to be revised upwards, probably the only public service that needs to.

Many people in the industry, frustrated by this schizophrenic situation, are probably thinking: “If I was a CTO board member, I would quit!”

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

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

© Copyright No part of the Financial Mirror newspaper, the Greeklanguage XÚ‹Ì· & AÁÔÚ¿, the daily Xpress-OIKONOMIKH electronic PDF edition or any of the contents of the website www.financialmirror.com, may be reproduced, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical photocopying, recording or otherwise) without prior permission of the publishers. Any person or company found in violation will be prosecuted and financial damages will be sought as this implies theft of the intellectual property rights of the publishers, their associates and contributing services or agencies.

FINANCIAL MIRROR, January 25 - 31, 2012

A look at euro trends PERSELLA IOANNIDES When the Greek debt crisis first erupted in April 2010 the EURUSD declined from 1.35 reaching 1.19 in June 2010. Various investment gurus expressed pessimistic views, even betting on the EUR to fall to parity with the USD as at its birth in May 1998. With the May 2010 bailout of 110 bln euros from the Eurozone countries and the IMF, the Euro debt crisis had initially quelled. Moreover, the US Fed launched QE2 in November 2010 to spur growth and maintain US economic recovery. These two main variables boosted the EURUSD to near all-time highs of 1.50, perceived by general consensus as an overpriced level.

In May 2011, the Euro debt crisis took its toll with the worsening situation in Greece rippling the much feared contagion effects to the rest of the peripheral countries of the Eurozone. The EURUSD had held up surprisingly well and closed the year at 1.29.

This may be attributable to a repatriation of the EUR via a sell-off of assets by European banks struggling to meet the new Core Tier 1 ratio requirement of 9% set by the European Banking Authority.

In our current unprecedented economic times, it is hard to attempt to predict the trend of the EUR. We can, nonetheless, analyse a few domineering fundamentals that have predicted its historic trend.

Primarily, it is in the interest of countries to have weaker currencies as it increases their trading competitiveness in times when the

developed world is struggling for growth.

Several central banks have applied currency interventions to this effect including Switzerland’s and Japan’s. Concurrently, the UK’s QE programmes have also pressured the GBPEUR. Both factors account for an influential play in trend.

Moreover, amongst increasing market and, effectively, currency volatility global central banks endeavor to divert respective reserves out of the USD, the world’s reserve currency, into other currencies such as the EUR and the Canadian and Australian dollars. Following the recent EUR weakness there may be a reluctance to increase respective stakes, although statistics illustrate that EUR to USD proportions have not altered greatly. It will probably prove prudent to further diversify as economic dynamics are constantly changing.

Alternatively, a shift of view on diversification or on the EUR will have a material impact as it currently forms 25% of global central bank reserves.

Additionally, the so-called carry trade, where traders borrow low-yielding currencies and long higher-yielding currencies or assets, also forms a major role. With the ECB’s predominant focus on inflation in its monetary policy operations, former president Trichet kept a persistent view of not easing interest rates in line with abovetarget inflation levels, irrespective of meager growth. Draghi, the ECB’s new president, performed two rate cuts last autumn to 1%, modestly higher than the US fed fund rate of 0.25%. Inclination to perform carry trades on the

EUR should now increase and put downward pressure on the currency. In this credit crisis, however, the ECB rate spread versus the Fed Fund or BOJ rate may still lure the borrowing of USD or JPY vs. the EUR. Furthermore, the previous trend of risk taking and the USD has shifted now with the USD weakening in line with risk and vice versa indicating borrowing in the USD (rather than the EUR) and investing in foreign assets and currencies.

Finally, the Greek debt crisis still lingers.

There remains an ongoing debate on the appropriate dealing of the hit of the Private Sector Involvement (PSI) bond holders that stands in the way of Greece securing the 130 bln euro bailout loan in March. With the aid of the ECB, peripheral government debt buying and the 3-year loan programme it made available to banks, investor confidence has somewhat resumed in the Eurozone with increasingly successful debt auctions of troubled Eurozone countries such as Italy and Spain locking in lower respective 10-year debt yields (6.12% and 5.4%, respectively).

We have seen that the convoluted Greek problem never ceases to negatively surprise us, however, and like the global central banks, we too should remain diversified in our currency holdings.

Persella Ioannides is a Director at Meritkapital Ltd, a CySEC licensed investment firm rendering brokerage (DMA), investment advice, asset management and custody services.

Asia in the Year of the Dragon HARUHIKO KURODA MANILA – This is the year of the “Black Water Dragon,” an astrological cycle that indicates change, but with a measure of calm, sensibility, and prudence. The people and governments of Asia certainly hope that this proves to be the case, but uncertainties – from within and without the region – are growing rapidly.

Developing Asia has performed relatively well over the past two years. It led the world out of the 2008-2009 “Great Recession,” recording 9% average economic growth in 2010 and solidifying that recovery by laying the basis for a more moderate – and, one hopes, sustainable –pace of economic expansion. In 2011, despite Europe’s debt struggles and an anemic recovery in the United States, developing Asia’s economies grew at a more restrained but still strong 7.5% average rate.

The biggest economic risk to the region is that Europe hits a financial tripwire and plummets into a deep recession, or that the US recovery stagnates during this election year. Volatility has come to define market behavior, and Asian markets are no exception. Investor sentiment seems driven by daily events rather than longer-term trends.

If the eurozone crisis leads to a sovereign default, contagion could spread to the rest of the world. In the short term, Asia and other emerging economies could be hit hard as finance dries up, choking off trade and investment flows that coursed through European banks – and hitting American banks that need to shore up capital to cover their European exposure. Any new crisis would thus hurt global trade and Asia’s economic growth.

Still, for the most part, developing Asia has little external financial vulnerability. Many countries continue to run current-account surpluses, and have low external debt and high foreign reserves.

Most of the region’s banking systems are sound, with a high capital base and low – for now, at least –

non-performing-loan ratios.

This gives Asia more room to maneuver in the event of a crisis, and policymakers would likely respond with available macroeconomic tools promptly and decisively, and collaborate regionally. But we must not forget that – as 2008 showed – Asia has not decoupled from the West.

That is why European leaders must speak and act responsibly, and work harder to resolve the crisis. Europe clearly has the political and financial potential to resolve its own difficulties, with the help of European and multilateral financial institutions.

But perhaps there is something that Europe can learn from Asia. In Asia’s response to the 1997-1998 Asian financial crisis, policymakers adopted measures designed to contract, consolidate, and restructure affected financial systems, particularly banking. It was not easy, but the external environment at the time was conducive to recovery. A decade later, Asia had sufficient savings and fiscal space to stimulate a rapid, solid recovery when the global economy sputtered. Europe, too, must embrace a costly and painful adjustment process as an opportunity to fix its system.

Asia can also help the process of global economic recovery.

Certainly, high-saving Asian economies can participate in exter-

nal financial-bailout packages. But the best thing that Asia can do is to sustain its own robust economic growth. By generating new growth opportunities, Asia can play an increasingly critical role in stimulating the global economy.

That means that developing Asia must escalate its efforts at rebalancing growth by reducing reliance on exports and increasing domestic spending, which would help to prop up import demand.

The major challenge is to keep domestic demand growing, despite the region’s strong links to the global economy. Doing so would benefit national economies, bolster regional development, and support global growth.

If Asia can overcome its shortterm difficulties, and global financial markets stabilize, the region faces bright prospects. Annual GDP growth this year will likely sustain last year’s momentum and remain above 7%. A recent Asian Development Bank study estimates that Asia could account for about 52% of the global economy by 2050. But that is not a preordained outcome.

In the medium term, Asia faces several challenges, a key one being rising inequality. Years of rapid economic growth have given rise to growing disparities.

In urban China, for example, the Gini coefficient, a 100-point index that measures income inequality, has risen from 25.6 in 1990 to 34.8 in 2005. This is unlike the

region’s past experience in the 1980’s and 1990’s, when high growth was accompanied by declining inequality.

As a result, domestic inequities now pose major risks to social stability and could hamper long-term growth prospects. That is why governments should seek to ensure that growth is inclusive, with benefits that are widely shared, including by women and the poor, and that these benefits reach isolated areas. Asia’s rapidly aging populations also require social protection, and strengthening access to healthcare and education could help the rebalancing process and contribute to global recovery.

Growing inequality is not just an Asian issue. Inequality in Asia rose after the financial crisis of 1997-1998, and Europe will not be immune to that pattern.

Europeans, too, should take steps to ensure that recovery from the current crisis is marked by inclusive growth.

As we enter the Year of the Dragon, Asia’s best contribution may be a calm, sensible, and prudent approach to mitigating any potential global crisis by continuing its steady economic and development transformation.

Haruhiko Kuroda is President of the Asian Development Bank. © Project Syndicate, 2012. www.project-syndicate.org

Prado museum takes steps to fight budget cuts Madrid’s Prado Museum has started opening seven days a week and will lengthen its highly visited special exhibitions to offset the pain of government cutbacks.

Despite enjoying record attendance, the home of masterpieces by Francisco Goya and Diego Velazquez is feeling the blow of a 6 mln euro subsidy cut as Spain tries to rein in its swollen deficit.

The Prado currently has a 42 mln euro annual budget, about half of which had come from public subsidies. That figure will now fall to 30% of the total budget until 2013, forcing the museum to make up for the shortfall.

“Museums are affected by the crisis without

being in crisis themselves,” Prado director Miguel Zugaza said, referring to the record 2.9 mln visitors the museum received in 2011, the bulk of which were foreigners.

On weekends tourists can be seen waiting in long lines outside the museum to see a collection which also includes Rembrandt, Rubens and El Greco as well as special exhibits such as “The Hermitage”, until March 25.

An exhibition organised in conjunction with the Louvre on the last years of 15th century Italian master Raphael is scheduled for June through September, followed by one on the young 17th century Flemish painter Anthony van Dyck.

FINANCIAL MIRROR, January 25 - 31, 2012

COMMENT 7

Repairing the Global Plumbing MOHAMED A. EL-ERIAN NEWPORT BEACH – More than three years after the global financial crisis, the world still has a nasty plumbing problem. Credit pipes remain clogged, and only central banks are working to clear them. But their ability to do so is waning, posing yet another set of risks for Western economies blocked by too little growth, too much unemployment, deepening inequality, and debt in all the wrong places. Fortunately, it is not too late to build broader pipes that compliment and replace the damaged infrastructure.

The current situation embodies two narratives that seem contradictory, but are not. One speaks to the reality that most large companies with access to capital markets have no problem securing new funding. In fact, they have been remarkably successful in lengthening their debt maturities, accumulating cash, and lowering their future interest payments. In sum, they now have “fortress” balance sheets.

The other narrative speaks to an opposing, but equally valid reality. Too many small companies and households still find it difficult to borrow at reasonable terms. This includes those reliant on bank credit, as well as many mortgage holders with very high legacy interest rates and balances that exceed their homes’ market value.

From every angle, the extremity of this state of affairs – in which those with access to credit do not need it, and those who do cannot get it – is highly problematic. If left unattended, it leads to a gradual, and then accelerated, renewed deleveraging of the econom-

ic system, with the highest first-round costs – a longer unemployment and growth crisis – borne disproportionately by those least able to suffer them. In the next round, as the system slowly implodes, even those with healthy balance sheets would be impacted, accelerating their disengagement from a deleveraging world economy.

All of this slows social mobility, tears alreadystretched safety nets, worsens inequality, and accentuates genuine concerns about the functioning and sustainability of today’s global economic system.

This is not just about socio-economic issues. There is also a political angle. With two competing, yet simultaneously valid narratives, ideological extremes harden.

The result is even greater dysfunction in both process and content, ruling out any sustained policy attempt to make things better.

The problem has become acute in Europe, whose crisis has been belatedly recognized as reflecting something more than turmoil in the eurozone’s weakest countries. It also reflects broad-based contamination, resulting, most recently, in France’s loss of its vaunted AAA sovereign credit rating.

In the process, the efficacy of pan-European rescue mechanisms is being undermined. And, as fragilities increase – and as a financial wedge is driven into the eurozone’s core (Germany and France) – growth and employment prospects dim.

Central banks have recognized all of this for some time, prompting them to take enormous reputational and operational risks to slow the process. They have implemented a host of “unconventional policies” that previously would have been deemed unthinkable, even outrageous – and that can be seen in the enormous

growth in their balance sheets.

In the last four years, the United States Federal Reserve’s balance sheet has more than tripled, from under $1 trillion to a mammoth $3 trillion. The growth relative to the size of the economy is even more stunning – from slightly more than 5% of GDP to 20%. The Bank of England’s balance sheet is also at 20% of GDP. And both seem to be itching to do even more.

The European Central Bank is often viewed as a laggard. No longer. Its balance sheet has now doubled, to a whopping 30% of GDP – and it, too, appears set to do even more. Mario Draghi, the ECB’s new president, recently said that he expects heavy take-up on the next three-year long-term refinancing operation, a powerful tool to pump cheap liquidity into the banks.

Unfortunately, the economic outcomes have come nowhere close to matching the intensity of these efforts. Effectively, the central banks have been unconventional bridges to nowhere, owing mainly to their imperfect tools and other government agencies’ inability or unwillingness to act. At some point – and we are nearing it – bridges to nowhere become a standalone risk: they can topple over.

Rather than just pumping liquidity into clogged pipes, countries can and should do more to build a more effective network of compensating conduits. In doing so, their main objective (indeed, the test for effectiveness) would be the extent to which new private-sector investment is “crowded in.”

It is high time to move on five fronts, simultaneously: Countries such as Spain and the US need to be more forceful in unblocking the housing sector by making overdue decisions on burden sharing, refinanc-

Will Emerging Markets Fall in 2012?

JEFFREY FRANKEL BERN – Emerging markets have performed amazingly well over the last seven years. In many cases, they have far outperformed the advanced industrialized countries in terms of economic growth, debt-to-GDP ratios, countercyclical fiscal policy, and assessments by ratings agencies and financial markets.

As 2012 begins, however, investors are wondering if emerging markets may be due for a correction, triggered by a new wave of “risk off” behavior. Will China experience a hard landing? Will a decline in commodity prices hit Latin America? Will the European Union’s sovereign-debt woes spread to neighbors such as Turkey?

Indeed, few believe that the rapid economic growth and high trade deficits that Turkey has experienced in recent years can be sustained. Likewise, high GDP growth rates in Brazil and Argentina over the same period could soon reverse, particularly if global commodity prices fall – not a remote prospect if the Chinese economy begins to falter or global real interest rates rise this year. China, in turn, could land hard as its real-estate bubble deflates and the country’s banks are forced to work off the bad loans.

This is not wild doom-and-gloom speculation. The World Bank has just downgraded economic forecasts for developing countries in its 2012 Global Economic Prospects, released this month. For example, Brazil’s annual GDP growth, which came to a halt in the third quarter of 2011, is forecast to reach 3.4% in 2012, less than half the 7.5% rate recorded in 2010.

Reflecting a sharp slowdown in the second half of the year in India, South Asia is slowing from a torrid six years, which included 9.1% growth

in 2010. Regional growth is projected to decelerate further, to 5.8%, in 2012.

Three possible lines of argument – empirical, literary, and causal, each admittedly tentative and tenuous – support the worry that emerging markets’ economic performance could suffer dramatically in 2012.

The empirical argument is simply historically based numerology: emerging-market crises seem to come in a 15-year cycle. The international debt crisis that erupted in mid1982 began in Mexico, and then spread to the rest of Latin America and beyond. The East Asian crisis came 15 years later, hitting Thailand in mid-1997, and spreading from there to the rest of the region and beyond. We are now another 15 years down the road. So is 2012 the year for another emerging-markets crisis?

The hypothesis of regular boom-bust cycles is supported by a long-standing scholarly literature, such as the writings of the American economist Carmen Reinhart. But I would appeal to an even older source: the Old Testament – in particular, the story of Joseph, who was called upon by the Pharaoh to interpret a dream about seven fat cows followed by seven skinny cows.

Joseph prophesied that there would come seven years of plenty, with abundant harvests from an overflowing Nile, followed by seven lean years, with famine resulting from drought.

His forecast turned out to be accurate.

Fortunately, the Pharaoh had empowered his technocratic official (Joseph) to save grain in the seven years of plenty, building up sufficient stockpiles to save the Egyptian people from starvation during the bad years. That is a valuable lesson for today’s government officials in industrialized and developing countries alike.

For emerging markets, the first seven-year

phase of plentiful capital flows occurred in 1975-1981, with the recycling of petrodollars in the form of loans to developing countries. The international debt crisis that began in Mexico in 1982 catalyzed the seven lean years, known in Latin America as the “lost decade.” The turnaround year, 1989, was marked by the first issue of Brady bonds (dollar-denominated bonds issued by Latin American countries), which helped the region to get past the crisis.

The second cycle of seven fat years was the period of record capital flows to emerging markets in 1990-1996. Following the East Asia crisis of 1997 came seven years of capital drought.

The third cycle of inflows occurred in 20042011, persisting even through the global financial crisis. If history repeats itself, it is now time for a third “sudden stop” of capital flows to emerging markets.

Are a couple of data points and a biblical parable enough to take the hypothesis of a 15year cycle seriously? Perhaps, if we have some sort of causal theory that could explain such periodicity to international capital flows.

Here is a possibility: 15 years is how long it takes for individual loan officers and hedgefund traders to be promoted out of their jobs.

Today’s young crop of asset pickers knows that there was a crisis in Turkey in 2001, but they did not experience it first hand. They think that perhaps this time is different.

If emerging markets crash in 2012, remember where you heard it first – in ancient Egypt.

Jeffrey Frankel is Professor of Capital Formation and Growth at Harvard University. © Project Syndicate, 2012. www.project-syndicate.org

ing, and conversion of idle and foreclosed housing stock.

Countries with excessive debt, such as Greece and Portugal, need to impose sizeable “haircuts” on creditors in order to have a reasonable chance to restore medium-term debt sustainability and growth.

In several Western countries, public-private partnerships should be formed to finance urgently needed infrastructure investment.

Regulators should stop bickering about the future configuration of key financial institutions, and instead set a clearer multi-year vision that is also consistent across borders.

Finally, governments should inform their electorates explicitly and comprehensively that a few contracts written during the inadvisable “great age” of leverage, debt, and credit entitlements cannot be met, and must be rewritten in a transparent way that strikes a balance between generations, labor and capital, and recipients and taxpayers.

Such policies would allow healthy balance sheets around the world, both public and private, to engage in a pro-growth and pro-jobs process. They require leadership, focus, and education. Absent that, plumbing problems will become more acute, and the repairs more complex and threatening to virtually everyone – including both the “one percenters” and those who worrisomely are struggling at the margins of society.

Mohamed A. El-Erian is CEO and co-CIO of PIMCO, and author of When Markets Collide. © Project Syndicate, 2012. www.project-syndicate.org

Execs ready to spend, despite global concerns Despite the uncertain global economic environment, 65% of executives surveyed by the Economist Intelligence Unit say they expect to launch major capital projects in the next 12 months.

The top opportunities to attract spending, according to 41% of executives surveyed, will involve diversifying products and services. Another 39% plan to invest in new information technology, and 36% would like to spend on new equipment and facilities. Around 30% of executives are also mulling expansion into new markets or making strategic acquisitions.

The EIU report, “Winners don’t play dead: Doing more with less in an uncertain future”, sponsored by AlixPartners LLP, a global advisory firm, explores how companies are reshaping their business to succeed in the challenging environment that has emerged from the great recession. Where companies are holding back from making major capital investments, it asks what is hindering them and what they are doing to help remove the constraints.

The report, which was based on a survey of 535 senior executives from around the world, highlights other factors that are likely to drive or inhibit business investment over the next year. These include: l Companies are looking beyond China to the next opportunities. For those businesses interested in emerging markets, China remains the priority, but many are considering smaller Asian countries, Latin America and the Middle East. l Continued economic distress could prompt further acquisitions. Many companies have taken advantage of the recession to make strategic acquisitions. Sustained economic misfortune may present more such opportunities. Depending on the business, vertical acquisitions may make as much sense as horizontal ones, respondents say. l Executives outside Europe are most eager to find the ‘next big thing’.

Business leaders in Asia-Pacific and North America say they want new products to boost the bottom line and burnish their company’s reputation for innovation. European executives are lagging in product development but make up for it in an eagerness to invest in equipment and facilities. l 63% of executives expect technology investments to drive innovation in the business. Survey respondents cite cloud computing and data analytics in the survey as having intrinsic value to growth. In turn, executives say using new channels, such as social media, can make a company more relevant to new generations of customers, investors and employees.

Global bank ratings likely to decline in 2012 Several trends are currently weakening the credit profiles of many rated banks globally, according to Moody’s Investors Service. These include deteriorating sovereign creditworthiness, particularly in the euro area; elevated economic uncertainty; and elevated funding spreads and reduced market access at a time when many banks face large debt maturities.

In advanced economies, these factors are expected to lead to many banks experiencing downward migration of their standalone credit assessments and their debt and deposit ratings in 2012, Moody’s said. In the short-term, these pressures will primarily affect the ratings of global capital markets intermediaries (the largest firms trading securities and derivatives) and, in Europe, other banks exposed to financial market disruption. Moody’s expects to place the ratings of a number of these banks under review for downgrade during first-quarter 2012, in

order to assess the effect of these trends on bank credit profiles.

Although the rating agency also noted positive factors — such as the accommodative stance of central banks in advanced countries and the strengthened regulation designed to make banks safer — the positive trends are overshadowed by the aforementioned negative credit factors.

“The expected decline of bank ratings reflects the acceleration of interrelated pressures on the banking sector since the second half of 2011,” said Moody’s Global Banking Managing Director Greg Bauer. “These pressures most immediately affect global capital markets intermediaries and European banks.”

In contrast, the credit profiles and ratings of banks operating in more stable environments, and of banks with strong, retail-oriented business and

funding profiles, will be less affected. However, despite some banks being less affected, Moody’s said that the highly interconnected financial markets and economies imply elevated uncertainty for all banks, even those banks that have shown resilience thus far.

Most European banks are vulnerable to the euro area debt crisis that reflects eroding investor confidence and a weakening regional economy. Concerns centre on the ability of many European banks to retain the confidence of investors and counterparties and to fully refinance substantial 2012 term debt maturities. To reflect these challenges in ratings, Moody’s said it will further emphasise the forwardlooking elements of its bank rating methodology, increasing the weight given to estimates of bank solvency under anticipated and stressed scenarios, and adjusting its views on the operating environment,

franchise value, risk positioning and financial fundamentals for vulnerable banks. As a consequence, the standalone credit assessments and ratings for many European banks will likely decline.

Global capital markets intermediaries face macroeconomic uncertainty, low growth and severe market volatility. These factors, combined with regulatory restrictions and intense revenue pressure add to existing credit challenges for these firms, such as interconnectedness, complexity and opacity of risk profiles. As a result, Moody’s said it expects to lower its standalone credit assessments of many global capital markets intermediaries, including the standalone credit assessments of broader-based banking groups with significant capital markets operations. The long-term — and in some cases potentially short-term — debt and deposit ratings of these institutions will likely also be affected.

FINANCIAL MIRROR January 25 - 31, 2012

8 COMMENT

weekly

magazine

weekly

Editor : Matthew Stowell

Barcelona Blind

By Matthew Stowell

Barcelona, Spain, is without a doubt one of the great cities of the world. I haven’t visited the cities of Asia or Australia, nor have I seen Istanbul, Beirut, Rio de Janeiro, or Buenos Aires, but I’ve seen or lived in all the other major cities of Europe and North and South America. Barcelona is now my favourite. I have wanted to see it since 1970, when I lived in Paris and for a week, I hitchhiked through France and down to San Sebastian and Madrid. The plan was to end up in Barcelona, but I ran out of funds and time. At several points since then, I was Barcelona bound, but something or someone always got in the way.

What’s so great about Barcelona? A major attraction is the work of Antoni Gaudi, the architect, who spent forty years of his hermit-like life on his masterpiece, the Sagrada Familia, a cathedral like no other on the planet. The exterior is certainly impressive with its many finely detailed sculptures on its face and its multiple towers inspired by the noble cypress trees and unusual rock formations near the monastery of Montserrat. But this cannot prepare you for the overwhelming experience that takes place when you step inside. The magnificent beauty and the sheer power of this man’s artistic genius send such a shock to your senses that you lose your ability to speak; indeed, you can hardly breathe and your eyes instantly well up with tears. You want to speak, or hear someone say something, but when you look at the other people around you, they are also crying and shaking their heads in awestruck admiration.

This cathedral alone would make Barcelona one of the greatest cities ever built, but there is also the Park Gruel, La Pedrera apartment building, the Casa Batllo and several other buildings designed by Gaudi. The Picasso Museum is in Barcelona, as well as the National Museum of Art, the Joan Miro Foundation, the wonderful Ramblas where you can walk in the pedestrianonly medians of the boulevards down to the pleasures of the harbour. And unlike Cyprus, with its lawless attitudes and non-enforcement of noise polluting, EU-illegal, monstrously loud exhaust systems on motorbikes and boy-racer cars, Barcelona is very quiet, though the volume of traffic—packed with nearly silent Vespas—is ten times that of Nicosia or Limassol. Barcelona is lavish with countless beautiful parks and plazas, long narrow streets packed with interesting boutiques, wine and tapas bars, cafés, chocolate houses and confectionaries.

The only thing missing, and the only thing that marred my much-anticipated visit, was the lack of a good guide to the best places to eat, drink wine and purchase local delicacies. No guide is

WEEKLY TASTE

By Matthew Stowell Michel Picard Merlot 2010 €7.50 at Oenoforos, Limassol

Tsiakkas Porfyros 2010 available on site and from various cavas and markets €5.30

This 100% Merlot in a handy screw-top bottle (a growing and welcome trend) is a light but excellent expression of this versatile and popular grape. It has a dark ruby colour and very clean taste with forthright fruit, lovely mouthfeel, and, though a bit tart, an all-round alluring presence. It is of moderate density and richness with a pleasant, slightly tannic, sustained finish. Good on its own or with lamb, veal dishes and chicken curry. A reliable French wine that is good value for money and one to keep on hand for any occasion. The wise consumer will buy it by the case.

Another easy-to-drink, Cypriot dry red wine in the 5 Euro range, but this one intriguingly blends Cabernet Sauvignon, Grenache and Mourvedre in a perfectly balanced mixture that doesn’t hide the distinctive tastes of any of its three imported grape varieties. A bright freshness is constantly present with a slight earthiness and minerality, and subtle undertones of red berries. Best served a bit chilled but not cold.

Drinks nicely as an aperitif and pairs well with grilled meat or fish, soyginger chicken dishes and any type of cheese.

High value for money.

required to find the landmark buildings such as those I’ve mentioned, but restaurants and wines are changing all the time, and I couldn’t find an English-language magazine to help me avoid being fleeced or at least sorely disappointed. The language of Barcelona is Catalan while the second language for some (but not all) is Spanish.

There is a fierce pride among the natives to speak only their own tongue, to sell only newspapers or magazines in Catalan or Spanish and avoid the use of English.

Before embarking, I had found one Barcelona guidebook at a Limassol bookshop, but although it was a 2011 edition, the information proved to be out of date or cheerfully uncritical, making every restaurant or wine bar sound perfectly wonderful. Much like the purportedly ‘timely’ magazine that is published in several major cities of the world (the Cyprus version is in Greek only), the guide simply refused to be critical of any establishment for fear of losing advertising revenue. Thus, it was no guide at all, and I was continually disappointed and, yes, even fleeced, in the food and wine department. On the final evening of my trip, I made a long trek to suppos-

edly the best tapas bar in the city, only to find after much hill climbing and wrong turnings that it was closed that night of the week (such information missing from my guidebook). By chance, I found another tapas bar and had the only glasses of good wine I was able to drink during my entire visit.

This experience has further inspired me to insist, in the pages of Cyprus Gourmet, on truly critical and up-to-date information about food, drink and accommodations in Cyprus. It is important that readers trust our judgement concerning where to eat, drink and sojourn away from the home. Yes, there is a certain degree of subjectivity involved in such judgements. I may have a fantastic experience in a particular restaurant, and the next week one of my colleagues will have an unpleasant meal at that venue. The same can be true in the tasting of wine. This is why we try to visit more than once and we encourage you, our readers, to send in your comments, criticisms and recommendations. Your input is necessary if we want to publish a useful, informative guide. Please email me at m.stowell@cyprusgourmet.com

News Our “Best of Cyprus” competition has closed. We’d like to thank the many readers who submitted their favourite restaurant and/ or chef, that will help us improve our Listings section in the Cyprus Gourmet Magazine. Next week we will publish the names of the winners (and their prizes), as well as the list of recommended restaurants that received favourable votes. We also received some negative comments which we will investigate and probably downgrade or remove establishments from our “Approved and Recommended” list.

Del Sol Restaurant in Limassol, reviewed twice in these pages, has closed. Its owner has fled to Russia, leaving many creditors and unpaid employees in the lurch. At press time, there is no information concerning the whereabouts or intentions of the restaurant’s excellent chef, Mr. Faddi El Omar. We wish him well.

Ani Armenian Restaurant in Limassol (reviewed in August) has also closed and has been replaced with a branch of the Mediterranean seafood restaurant chain.

In September of 2011 we wrote about a special event featuring wines and food of Chile

held at Vinocultura, in Nicosia. Both the wine and dishes were highly praised by three Cyprus Gourmet staff members, including this editor. Since that time we have received from readers several complaints about Vinocultura, and we feel obliged to let these be known and to apologize for steering anyone to have an unpleasant experience at this establishment.

Readers commented that they immediately encountered an arrogant attitude when visiting the wine bar, that it was often closed when it was meant to be open and that the food and service were not of a professional standard. Some readers, who had also attended the Chilean Night, expressed the opinion that the regular fare at Vinocultura was not nearly as good as the food specially prepared for that event. Recently, there were some changes in the kitchen, so we will visit again, and if things have not improved, this venue will be dropped from our listings of recommended restaurants.

Chef Malcolm Emmanueil has left Cayena Latin Fusion and will be starting at another Nicosia establishment. We hope to hear from him soon.

COMMENT 9

FINANCIAL MIRROR January 25 - 31, 2012

Hilton Cyprus gets € 7 mln facelift Renovation work at the Hilton Cyprus has been completed and the capital’s 5-star hotel is already welcoming guests to its upgraded guestrooms, lobby and meeting rooms. The facade of building, the main entrance, the reception and the fitness centre area, as well as the outdoor swimming-pool were also renovated.

The cost of refurbishment was undertaken by MIG Leisure Ltd of the Marfin Investment Group (MIG), the 75% majority shareholder of the hotel.

The upgraded Lobby Lounge was also a welcome sight for guests who, on the first few days after the renovation work had finished, enjoyed complimentary tea, coffee and cake.

Online wine websites get mixed reviews Just as Amazon revolutionized the way books are sold and Groupon has conditioned shoppers to expect daily deals on services and foods, a cluster of websites have upended the stodgy world of wine.

At least a half-dozen online websites in the United States, a few in Britain and Australia and one or two in France promote wines, sometimes for as much as 60 percent less than retail, using social media.

But are they really good deals?

“I suspect these may be OK and may be occasionally even a very good deal for the casual drinker,” said Bill Marsano, a former wine editor of United Airlines magazine Hemispheres.

“Fussy people, those who think highly of their wine knowledge, who prattle about terroir, will probably be disappointed. Although, a few will wake up to the fact that until they realized they like cheap wine, they were just snobs,” he said.

Slurp.co.uk is an online retailer which its chief executive Dr. Jeremy Howard said operates like Amazon from a central logistics hub in London.

Like some of its U.S. counterparts it holds so-called flash sales where wines are sold at deep discounts for very short periods, sometimes as short as 30 minutes. There is a sister site in Hong Kong and both promote flash sales via Twitter and Facebook but shun email.

A study by the French management school BEM found more than a dozen websites in France, Germany and Spain, but only a few used social media. Most lacked a Facebook page and only one had a Twitter account.

By contrast, the U.S. websites use Facebook, Twitter and emails to lure customers. They differentiate themselves by offering the sales for various lengths of time, free or low-cost shipping and even storage.

Online wine sales, garnered an estimated $4 bln in sales in 2011, according to BEM, which is forecasting that number to grow to $6.5 bln in 2012.

Wine.com, WTSO.com, Invino.com, Vitius.com as well as others, rely on Twitter, Facebook and emails to get the word out about their products.

“We’re not necessarily for certain, highly sophisticated customers ... We want to make wine approachable and simple for our customers,” said Elliot Arking, who along with his brother Joseph and son Jamie, run WTSO.com, which stands for Wine Til Sold Out. The daily offerings - one wine at a time - last until each wine is sold out.

Invino.com’s flash sales usually last several days unlike WTSO, which generally last no more than a few hours.

Vitius.com, started by two women who each hold the title of Master of Wine, have three deals a day on average and differ from the competition primarily by offering to store customers’ wines.

Wine.com “is like a warehouse store that people can visit. We’re just online,” Rich Bergsund said. “What Zappos did for shoes, we’re doing for wine.”

Conductor Pierre Vallet, who made his Metropolitan Opera debut last month, and lives in New York prefers to buy wine online.

“It’s the convenience factor and the chance to get a good deal,” he said.

10 WORLD

FINANCIAL MIRROR, January 25 - 31, 2012

Davos man weighs future of capitalism l

Heavy security to keep protesters away from 2,000 VIPs

The Occupy movement, which went global after protests against Wall Street last year, is camping in igloos to bring its argument with the super-rich “1 percent” to Davos.

It is a reminder to the leaders of finance and industry at the World Economic Forum of the resentment that is leading to questions about the future direction of capitalism.

“At meetings the rest of society is excluded from, this powerful ‘1 percent’ negotiates and decides about the fate of the other 99% of this world,” says David Roth, “Camp Igloo” organiser and head of the Swiss centre-left’s youth wing.

“The economic and financial concentration of power in a small, privileged minority leads to a dictatorship over the rest of us. The motto ‘one person, one vote’ is no longer valid, but ‘one dollar, one vote’. We want to change that.”

Roth’s group has set up camp in sub-zero temperatures and snow to “occupy” the WEF in a car park just outside the security cordon around the meeting that has become a byword for globalisation.

He is seeking dialogue with the WEF but few of the 2,000 visitors are likely to see the camp by the train station, many preferring to travel by private jet or helicopter from Zurich. A one-way trip costs 5,100 Swiss francs ($5,500) according to a WEF handout.

Police arrested two men suspected of scrawling “SMASH WEF” on the walls of the Swiss National Bank in Zurich last week. They also stopped an unauthorised anti-WEF demonstration in the capital Berne on Saturday.

In its Global Risk Report earlier this month, the WEF showed it is well aware of the Zeitgeist, warning that a backlash against rising inequality risks derailing the advance of globalisation and threatens growth worldwide.

Rising youth unemployment, a retirement crisis among pensioners dependent on debt-burdened states and a wealth gap have sown the “seeds of dystopia,” according to the report, based on a survey of 469 experts and industry leaders.

“The middle class is thinning out,” says Lee Howell, the WEF managing director behind the report. “It’s no longer simply cyclical, with everybody down and everybody getting to go back up. This time some people may not get up.”

Klaus Schwab, a former business school professor who launched the annual get-together in 1971, is calling for more humility from executives who he says “have still not learned the lessons from past mistakes”. “Dystopia, the opposite of utopia, could precipitate a downward spiral of the global economy, pulled by social disruption, protectionism, nationalism and populism,” he says.

A survey of 1,200 experts the WEF published on Monday showed fear of a major geopolitical disruption over the next year has risen significantly to 54% from 36% last quarter.

Ahead of this year’s Davos meeting, based on the theme “The Great Transformation: Shaping New Models”, everybody is adding their two cents to the debate on the state of the world.

British Prime Minister David Cameron, who speaks at Davos on Thursday, says years of uncontrolled “turbo capitalism” have broken the link between risk and reward, giving some executives generous pay deals despite lacklustre performance.

In a “Call to Action” ahead of Davos, 11 leaders of international organisations including International Monetary Fund head Christine Lagarde said economic growth, jobs and protectionism are the top three worries at the start of 2012.

l

Backlash against inequality risks growth worldwide - WEF

DAVOS MAN Davos 2012 sees some changing of the guard. It is welcoming leaders from the Arab Spring like Tunisian Prime Minister Hammadi Jebali, interim Libyan Prime Minister Abdel Rahim El Keib as well as Egyptian presidential candidates.

Imran Khan, the former cricketer Pakistani politician, will be bringing his campaign against corruption to the meeting.

The WEF will also be putting up in local schools about 70 young people it calls its “global shapers” who are supposed to develop leadership potential so they can “serve society”.

There are notable absences of Davos regulars like former IMF head Dominique Strauss-Kahn, Swiss central bank chief Philipp Hildebrand, Greece’s former prime minister George Papandreou and bank UBS chief Oswald Gruebel, all felled in recent months.

Rupert Murdoch, who had to pull out last year as his News Corp media empire became embroiled in a scandal over phone hacking, is not expected for a second year running.

growth back on track, put people to work and reduce the widening income gap.”

“EXTRAORDINARY GREED, INEQUALITY” “Is 20th-century capitalism failing 21st-century society?” asks the first debate at the meeting which starts on Wednesday.

Sharan Burrow, general secretary of the International Trade Union Confederation, is one of the speakers in that debate. “It is too simplistic to say we need a new system. The system is not working because of extraordinary greed, extraordinary inequality and attacks on workers’ rights that are leading to a crash in demand,” she told Reuters. “What business has to realize is that they will not survive if demand continues to collapse.”

The WEF’s Schwab says capitalism’s original distinction between the entrepreneur and the salaryman has been corrupted by excessive pay. He says top managers should not earn more than 20 times their lowest paid worker.

The gap between the top and bottom on pay is biggest in the United States, where average CEO remuneration is 142 times that of employees, according to Thomson Reuters ASSET4 data.

Former White House aide Larry Summers cites an opinion poll which showed that 40 percent of Americans no longer have a positive opinion of capitalism but says he believes the crisis of confidence in the system could be addressed with sufficient fiscal and monetary stimulus to kick-start growth.

JOB CREATION

But it is striking how many names remain the same despite the upheaval since the financial crisis of 2008.

Of 30 video messages from Davos co-chairs and partners posted by the WEF ahead of the meeting, all are from men, with only a few Asian or Middle Eastern faces among the ranks of middle-aged white males.

One is Arif Naqvi, chief executive of Abraaj Capital, a private equity manager that specialises in emerging markets.

“We have a crisis of leadership,” Naqvi said. “The Occupy Wall Street movement is going to gain momentum in different cities simply because of the inequality issue and we need to address it.”

In a December report, the Organisation for Economic Cooperation and Development (OECD) said the earnings gap between the rich and poor had reached its highest level in 30 years.

The wealthy’s share rose across the OECD in the three decades from 1980 to 2010, although much more so in the United States, followed by Australia, Canada, Britain and Ireland.

“Rising inequality is one of the major risks to our future prosperity and security,” said OECD Chief Economist Pier Carlo Padoan on Monday. “The main challenge facing governments today is implementing reforms that get

Many business leaders meeting in Davos believe their most important contribution to fixing the crisis is creating jobs. “There is a tremendous risk of social discohesion with the slow growth in the economy that is currently happening so job creation for companies is tremendously important,” said Unilever chief executive Paul Polman in a WEF video message.

The group that makes Knorr soups, Lipton tea and Dove soap hopes to create 500,000 jobs for smallhold farmers and plans to open 30 new factories in developing markets, Polman said.

Vineet Nayar, chief executive of India’s fourth largest software services firm HCL Technologies, will announce at Davos a plan to create 10,000 jobs in the United States and Europe, reversing the trend of outsourcing business to India.

Along with creating more jobs, the OECD also urges governments to consider raising taxes on the rich to reduce inequality, a move already endorsed by billionaires Warren Buffett and L’Oreal SA heiress Liliane Bettencourt. President Barack Obama has proposed a new minimum tax called the “Buffett Rule” for households on more than $1 mln annually.

Davos man will be discussing other ways to improve his image through philanthropy, looking for tips from regular attendee Bill Gates, who gave away his title as the world’s richest man by plowing billions into his charitable foundation.

Leftist and environmental campaigners will be making their annual award in Davos for the worst cases of corporate contempt for the environment and human rights. But interaction with the dissidents will be minimal. Asked whether anyone from the Occupy movement had been invited to address the meeting, Schwab said that the forum wanted to engage, but not with those who only criticise.

“We are looking for such people who can make an interesting contribution. The problem is sometimes if you look at ‘Occupy Davos’ or ‘Occupy Wall Street’ or whatever it is, it’s a movement but who are really the significant representatives?”

WB sees global slowdown ahead Developing countries should prepare for further downside risks, as Euro Area debt problems and weakening growth in several big emerging economies are dimming global growth prospects, the World Bank said in the newly-released Global Economic Prospects (GEP) 2012.

The World Bank has lowered its growth forecast for 2012 to 5.4% for developing countries and 1.4% for high-income countries (-0.3% for the Euro Area), down from its June estimates of 6.2 and 2.7% (1.8% for the Euro Area), respectively. Global growth is now projected at 2.5 and 3.1% for 2012 and 2013, respectively.

Slower growth is already visible in weakening global trade and commodity prices. Global exports of goods and services expanded an estimated 6.6% in 2011 (down from 12.4% in 2010), and are projected to rise by only 4.7% in 2012.

Meanwhile, global prices of energy, metals and minerals, and agricultural products are down 10, 25 and 19% respectively since peaks in early 2011. Declining commodity prices have contributed to an easing of headline inflation in most developing countries. Although internation-

l

Developing countries impacted

al food prices eased in recent months, down 14% from their peak in February 2011, food security for the poorest, including in the Horn of Africa, remains a central concern.

“Developing countries need to evaluate their vulnerabilities and prepare for further shocks, while there is still time,” said Justin Yifu Lin, the World Bank’s Chief Economist and Senior Vice President for Development Economics.

Developing countries have less fiscal and monetary space for remedial measures than they did in 2008/09. As a result, their ability to respond may be constrained if international finance dries up and global conditions deteriorate sharply.

To prepare for that possibility, Hans Timmer, Director of Development Prospects at the World Bank, said: “Developing countries should prefinance budget deficits, prioritize spending on social safety nets and infrastructure, and stress-

test domestic banks.”

While prospects in most low-and middleincome countries remain favourable, the ripple effects of the crisis in high-income countries are being felt worldwide. Already, developing country sovereign spreads have increased 45 basis points on average and gross capital flows to developing countries plunged to $170 bln in the second half of 2011, compared with $309 bln received during the same period in 2010.

“An escalation of the crisis would spare noone. Developed- and developing-country growth rates could fall by as much or more than in 2008/09,” said Andrew Burns, Manager of Global Macroeconomics and lead author of the report.

“The importance of contingency planning cannot be stressed enough.”

GDP growth in Europe and Central Asia increased marginally from 2010 outturns to 5.3% in 2011, despite the global financial tur-

moil since August 2011 and weakening external demand, especially from the Euro Area, the GEP report said. However, the expected slowdown in high-income Europe, still troublesome inflationary pressures in the region, and reduced capital flows due to the Euro Area crisis may slow regional growth to 3.2% in 2012, before firming to 4.0% by 2013. Close trade and financial ties to high-income Europe will make regional outturns particularly sensitive to developments in the Euro Area.

While the East Asia and Pacific region recovered quickly from the March 2011 Tohoku disaster in Japan, flooding in Thailand and the turmoil in Europe, have started to affect regional growth. After expanding by 9.7% in 2010, regional GDP grew an estimated 8.2% in 2011, but growth is projected to ease to 7.8% for both 2012 and 2013. In China, which accounts for about 80% of regional GDP, growth eased from 10.4% in 2010 to an estimated 9.1% in 2011 and is expected to dip to 8.4% in 2012 as authorities continue to dampen ‘overly-fast’ growth in particular segments of the economy.

AÚ. 848

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

∆∂∆∞ƒ∆∏, 25 IANOYAƒπ√À, 2012

H ¡ew Marathon «Îڤ̷Û» ÙËÓ TÚ¿Â˙· ∫‡ÚÔ˘ ∆Ô˘ ¶·‡ÏÔ˘ °ÂˆÚÁÈ¿‰Ë Την εµπιστευτική έκθεση που κατέχει η Τράπεζα Κύπρου για τα έργα και τισ ηµέρεσ του Συγκροτήµατοσ τησ New Marathon, φέρνει σήµερα στη δηµοσιÞτητα η Financial Mirror. Με βάση την έκθεση, η Τράπεζα Κύπρου απÞ τον Αύγουστο του 2010 βρισκÞταν σε ευάλωτη θέση, ωσ αποτέλεσµα των εγγυήσεων που είχαν δοθεί για λογαριασµÞ των εταιρειών New Marathon Aviation Ltd (NMA) και New Marathon Tours Public (NMTP) προσ την International Air Travel Association (IATA). Συγκεκριµένα η Τράπεζα Κύπρου υποχρεώθηκε να κάνει πληρωµέσ τησ τάξησ των 260,000 ευρώ απÞ το σύνολο των 460,000 ευρώ που ο Ùµιλοσ New Marathon Þφειλε στην ΙΑΤΑ. ΑυτÞ την ανάγκασε να προχωρήσει στο διορισµÞ του κ. Κρισ Ιακωβίδη ωσ παραλήπτη και διαχειριστή των δύο εταιρειών καθώσ θεωρούσε πωσ έµεινε εκτεθειµένη απÞ τουσ χειρισµούσ τησ διεύθυνσησ τησ New Marathon. Μετά το διορισµÞ του κ. Ιακωβίδη που επικυρώθηκε στισ 27 Αυγούστου του 2010, ο ίδιοσ επικοινώνησε άµεσα µε την Τράπεζα Πειραιώσ η οποία παραχωρούσε τραπεζικέσ διευκολύνσεισ και στισ δύο πιο πάνω εταιρείεσ. ΣτÞχοσ αυτήσ τησ κίνησησ ήταν να επιτευχθεί η παγοποίηση Þλων των λογαριασµών και των δύο εταιρειών , σε περίπτωση που υπήρχαν πιστωτικά υπÞλοιπα. ΤÞτε διαπιστώθηκε Þτι δεν υπήρχαν πιστωτικά υπÞλοιπα λÞγω του Þτι η NMA είχε σταµατήσει να δραστηριοποιείται, βάσει των λεγοµένων του ιδιοκτήτη τησ Αιµίλιου Θωµά. Αξίζει να αναφερθεί πωσ σύµφωνα µε παλαιÞτερα δηµοσιεύµατα η Τράπεζα Κύπρου φαίνεται να διεκδικεί το ποσÞ των 25 εκ. ευρώ απÞ την εταιρεία New Marathon Tours, σύµφωνα µε τισ τÞτε δηλώσεισ του διαχειριστή, κ. Κρισ Ιακωβίδη, ο οποίοσ έχει διοριστεί απÞ την υπÞ αναφορά Τράπεζα.

∂ÎÙfi˜ Ã∞∫ Εν τω µεταξύ το Νοέµβριο του 2010 το Συµβούλιο του Χρηµατιστηρίου Αξιών Κύπρου είχε αποφασίσει να διαγράψει τισ κινητέσ αξίεσ τησ εταιρείασ New Marathon Tours Public Co Ltd απÞ το Χρηµατιστήριο για το λÞγο Þτι είχαν εκλείψει οι προϋποθέσεισ οµαλήσ λειτουργίασ τησ χρηµατιστηριακήσ αγοράσ επί των τίτλων τησ εταιρείασ, εφÞσον η εταιρεία είχε παραβεί τισ υποχρεώσεισ τησ που προέκυψαν απÞ τισ Κανονιστικέσ ∆ιατάξεισ [(Κ∆Π 326/2009) (Þπωσ έχουν τροποποιηθεί)] του Χρηµατιστηρίου και επιπλέον λÞγω τησ µακροχρÞνιασ διαπραγµάτευσησ των τίτλων τησ εταιρείασ στην Αγορά Ειδικήσ Κατηγορίασ απÞ τισ 28 Ιουλίου 2003. ΕιδικÞτερα η εταιρεία, σύµφωνα µε το ΧΑΚ δεν είχε επαρκέσ κεφαλαίο κίνησησ, και δεν παρείχε Þλα τα αναγκαία προσ προστασία των επενδυτών εχέγγυα.

∏ ÂÙ·ÈÚ›· New Marathon Tours Ltd ‰Ú·ÛÙËÚÈÔÔÈ›ÙÔ ÛÙÔ ÙÔ˘ÚÈÛÙÈÎfi ÙÔ̤· ÚÔÛʤÚÔÓÙ·˜ ¤Ó· ¢ڇ Ê¿ÛÌ· ÙÔ˘ÚÈÛÙÈÎÒÓ ˘ËÚÂÛÈÒÓ. ™˘ÁÎÂÎÚÈ̤ӷ ̤ۈ Ù˘ New Marathon (C.Q) Ltd, Ë ÂÙ·ÈÚ›· ›¯Â ÂÂÎÙ·ı› Î·È ÛÙÔÓ ÙÔ̤· ÙˆÓ ÎÚÔ˘·˙È¤ÚˆÓ Ì ÙËÓ ÂÍ·ÁÔÚ¿ ÙÔ˘ ÎÚÔ˘·˙ÈÂÚfiÏÔÈÔ˘ Queen Eleni, ÙÔ ÔÔ›Ô ÌÂÙÔÓÔÌ¿ÛÙËΠ۠Queen Constantina Î·È ¿Ú¯ÈÛ ‰ÚÔÌÔÏfiÁÈ· ÙÔ Î·ÏÔη›ÚÈ ÙÔ˘ 2000. √ ∞ÈÌ›ÏÈÔ˜ £ˆÌ¿ Â›Ó·È ÂÎ ÙˆÓ È‰Ú˘ÙÒÓ Ù˘ ÂÙ·ÈÚ›·˜, Ô˘ ›¯Â Û˘ÛÙ·ı› ÛÙËÓ ∫‡ÚÔ ÛÙȘ 31 π·ÓÔ˘·Ú›Ô˘ 1989 ˆ˜ ÂÙ·ÈÚ›· ÂÚÈÔÚÈṲ̂Ó˘ ¢ı‡ÓË.

∞fi ȉȷÈÙ¤Ú· ¢È¢ı‡ÓÙÚÈ·!

∞ÁÒÁÈÌ· ‰ÈηÈÒÌ·Ù·

Σύµφωνα µε τα Þσα αναφέρει ο κ. Ιακωβίδησ προσ την Τράπεζα Κύπρου, λÞγω των οικονοµικών προβληµάτων που αντιµετώπιζαν οι δύο εταιρείεσ, ο κ. Θωµά κατÞπιν νοµικήσ συµβουλήσ απÞ το Γραφείο του Αλέκου Ευαγγέλου & Σία ∆ΕΠΕ, είχε συστήσει δύο νέεσ εταιρείεσ µε σχεδÞν τισ ίδιεσ ονοµασίεσ, New Marathon Aviation (CY) Ltd και New Marathon Tours (CY). Μάλιστα στην πρώτη εταιρεία ωσ ∆ιευθύντρια εµφανιζÞταν η κ. Ορθοδοξία Σάββα η οποία ήταν ιδιαίτερα του κ. Θωµά, ενώ στη δεύτερη εταιρεία ∆ιευθυντήσ ήταν ο κ. Νίκοσ Ζήνωνοσ που διετέλεσε λογιστήσ του Συγκροτήµατοσ.

Με βάση τισ αναφορέσ του κ. Ιακωβίδη, Þταν µία Τράπεζα απολαµβάνει εξασφαλίσεισ είτε πάγιεσ, είτε κυµαινÞµενεσ έχει το δικαίωµα να κινηθεί εναντίον οποιουδήποτε άλλου Τραπεζικού Ιδρύµατοσ το οποίο παρέχει πιστωτικέσ διευκολύνσεισ προσ µία εταιρεία χωρίσ τη συγκατάθεση τησ πρώτησ. Μάλιστα Þπωσ ανέφερε στην Τράπεζα Κύπρου µπορούσε να πάρει γνωµάτευση απÞ διακεκριµένουσ Άγγλουσ εµπειρογνώµονεσ επί του θέµατοσ παρά το Þτι τέτοιου είδουσ αγωγέσ δεν είναι συνήθησ πρακτική Τραπεζών στην Κύπρο.

¢ÈÂΉÈÎÔ‡Û ÂηÙÔÌ̇ÚÈ· Ô £ˆÌ¿

¡ÔÌÔÏÔÁ›· Â› ÙÔ˘ ı¤Ì·ÙÔ˜

Στην εµπιστευτική έκθεση αναφέρεται ακÞµη Þτι ο κ. Θωµά, διεκδικούσε ένα ποσÞ τησ τάξησ των 1,07 εκ. ευρώ απÞ τη New Marathon Tours τον Ιούνιο του 2010 ενώ µάλιστα είχε αποσύρει το ποσÞ των 129,700 ευρώ τη στιγµή που ήταν αφερέγγυοσ. Με βάση τα πορίσµατα του κ. Ιακωβίδη, οι δυο νέεσ εταιρείεσ που συστάθηκαν χρησιµοποιούσαν τραπεζικέσ διευκολύνσεισ µε την Τράπεζα Πειραιώσ η οποία µε τη σειρά τησ έδωσε τισ αναγκαίεσ εγγυήσεισ προσ τισ Ρουµάνικεσ Αερογραµµέσ (ΤΑROM) των οποίων η ΝΜΑ (CY) ήταν αντιπρÞσωποσ. «Είναι ξεκάθαρο Þτι έγινε µια ενορχηστρωµένη κατάσταση µε τη σύσταση των δύο νέων εταιρειών και αυτοί που έχουν επωφεληθεί είναι οι διευθυντέσ τησ και πιο συγκεκριµένα ο κ. Αιµίλιοσ Θωµά και οι συνεργάτεσ του. Πιστεύω ακράδαντα Þτι το χρηµατικÞ ποσÞ ή µέροσ αυτού που έχει αποσυρθεί απÞ τον κ. Θωµά τον Ιούνιο, πιθανÞτατα να κατακρατείται απÞ την Τράπεζα Πειραιώσ ωσ εγγύηση για τισ διευκολύνσεισ που παρέχεισ στισ δύο νεοσυσταθείσεσ εταιρείεσ», αναφέρει χαρακτηριστικά ο κ. Ιακωβίδησ.

Είναι προφανέσ Þτι µε τισ πιο πάνω ενέργειεσ είχε δροµολογηθεί απÞ καιρÞ σύσταση και δραστηριοποίηση εταιρειών οι οποίεσ χωρίσ κανένα οικονοµικÞ κÞστοσ κληρονÞµησαν τη φήµη και πελατεία τησ ΝΜΑ και ΝΜΠΥ καθώσ επίσησ και Þλου του γραφειακού τουσ εξοπλισµού χωρίσ να πληρώσουν οποιοδήποτε τίµηµα. Με βάση τον κανÞνα του δικαίου, τα εταιρικά δικαιώµατα µέλουσ τησ εταιρείασ είναι δικαιώµατα τα οποία κάθε µέλοσ έχει συµφωνήσει να υπαγάγει στη βούληση τησ πλειοψηφίασ, νοουµένου Þτι αυτή η βούληση εκφράζεται, σύµφωνα µε το ΝÞµο και το καταστατικÞ τησ. Ο κανÞνασ Þµωσ δεν εφαρµÞζεται εκεί Þπου η ισχυριζÞµενη αδικοπραξία ισοδυναµεί µε δÞλο και οι αδικοπραγούντεσ έχουν ήδη τον έλεγχο τησ εταιρείεσ. Σε τέτοια περίπτωση επιτρέπεται στην παραπονούµενη µειοψηφία των µετÞχων, να καταχωρήσουν αγωγή εκ µέρουσ των ιδίων και Þλων των άλλων. Σε αντίθετη περίπτωση το παράπονο τουσ δεν θα έφθανε ποτέ στο ∆ικαστήριο, αφού οι αδικοπραγούντεσ, έχοντασ τον έλεγχο, δεν θα επέτρεπαν στην εταιρεία να κινήσει την αγωγή. Σύµφωνα µε τισ αναφορέσ στην εµπιστευτική έκθεση προσ την Τράπεζα Κύπρου, ένα µέτοχοσ δυνατÞν να έχει δύο επιλογέσ αγωγήσ. Η πρώτη είναι η προ-

ÀÔ¯ÚˆÙÈ΋ Ë Î·Ù·‚ÔÏ‹ ÙˆÓ €350 Û‡ÓÙÔÌ· Σύµφωνα µε διασταυρωµένεσ πληροφορίεσ τησ Financial Mirror ο Έφοροσ Εταιρειών και Επίσηµοσ Παραλήπτησ ετοιµάζει τισ τελευταίεσ πινελιέσ σε νοµοσχέδιο το οποίο σε περίπτωση έγκρισησ του θα καθιστά υποχρεωτική την καταβολή ετήσιου τέλουσ 350 ευρώ για τισ εγγεγραµµένεσ εταιρείεσ στο Μητρώο που διατηρεί. Συγκεκριµένα µε βάση την πρÞταση που θα κατατεθεί σύντοµα ενώπιον τησ αρµÞδιασ υπουργού Εµπορίου Πραξούλασ Αντωνιάδου Þσεσ εταιρείεσ απÞ το σύνολο των 255 χιλιάδων που είναι εγγεγραµµένεσ σήµερα στην Κύπρο δεν πληρώσουν το τέλοσ αυτÞ για ενίσχυση των δηµÞσιων οικονοµικών θα πληρώνουν πρÞστιµο και παράλληλα θα διαγράφονται για δύο έτη απÞ το Μητρώο του ΕφÞρου Εταιρειών. ΑπÞ τον κανÞνα αυτÞ να σηµειωθεί θα εξαιρούνται µÞνο Þσεσ εταιρείεσ έχουν περιουσιακά στοιχεία στισ κατεχÞµενεσ περιοχέσ. Αξίζει να αναφέρουµε πωσ µέχρι σήµερα κατέβαλαν το συγκεκριµένο τέλοσ µÞλισ 88,000 χιλιάδεσ εταιρείεσ µε αποτέλεσµα η

κυβέρνηση να µην υλοποιήσει τον στÞχο που είχε να αντλήσει απÞ αυτή την έξτρα εταιρική φορολογία έσοδα τησ τάξησ των 70 εκ. ευρώ. Στον Έφορο Εταιρειών να σηµειωθεί βρίσκονται σε διάλογο µε τη νοµική υπηρεσία µε στÞχο να βρεθεί ο τρÞποσ που θα τιµωρούνται Þσεσ εταιρείεσ δεν υποβάλουν τισ ετήσιεσ οικονοµικέσ τουσ εκθέσεισ. Με βάση τα τελευταία διαθέσιµα στοιχεία πάντωσ, µÞλισ 1 στισ 4 εταιρείεσ υποβάλει την ετήσια έκθεση τησ κάτι που συνεπάγεται απώλειεσ αρκετών εκατοµµυρίων κάθε έτοσ για τα δηµÞσια ταµεία. Τέλοσ, το Τµήµα ΕφÞρου Εταιρειών διαβεβαιώνει το κοινÞ πωσ για ο χρÞνοσ που χρειάζεται για να εγγραφεί µια εταιρεία στην Κύπρο είναι µÞλισ τρεισ εργάσιµεσ µέρεσ νοουµένου Þτι έχει προσκοµίσει Þλα τα απαραίτητα έγγραφα. ¶·‡ÏÔ˜ °ÂˆÚÁÈ¿‰Ë˜

σωπική αγωγή εναντίον τησ εταιρείασ για παράβαση Þρων του ιδρυτικού τησ εγγράφου και η δεύτερη η οποία είναι γνωστή σαν παράγωγη αγωγή (derivative action), είναι διαθέσιµη στο µειοψηφούντα µέτοχο, ο οποίοσ στισ περιπτώσεισ Þπου οι αδικοπραγούντεσ ελέγχουν την εταιρεία µπορεί να καταχωρήσει αγωγή (εκ µέρουσ τησ εταιρείασ) για δÞλο. Στον Þρο δÞλοσ περιλαµβάνονται και περιπτώσεισ Þπου στÞχοσ των επιλήψιµων ενεργειών τησ πλειοψηφίασ είναι ή ο άµεσοσ ή έµµεσοσ τρÞποσ για οικειοποίηση, για ίδιον Þφελοσ, περιουσιακών στοιχείων ή πλεονεκτηµάτων τησ εταιρείασ εισ τα οποία δικαιούται το σύνολο των µετÞχων.

∆ÂÏÈο Û˘ÌÂÚ¿ÛÌ·Ù· Σύµφωνα µε τα τελικά συµπεράσµατα τησ εµπιστευτικήσ έκθεσησ, είναι φανερÞ Þτι ο κ. Αιµίλιοσ Θωµά µέσω σκιώδουσ διευθυντών και χρηµατοδÞτησησ που πιθανÞν να έγινε µε χρήµατα που ανήκουν στη NMPT ελέγχει τισ δραστηριÞτητεσ και των δύο, κατά παράβαση των συµφερÞντων Þλων των άλλων πιστωτών, συµπεριλαµβανοµένησ και τησ Τράπεζασ Κύπρου, η οποία είναι µεν εξασφαλισµένη, αλλά η εξασφάλισησ, λÞγω διασπάθισησ τησ περιουσίασ απÞ τουσ διευθυντέσ τησ, είναι χωρίσ αντίκρισµα. Η παραβίασησ των δικαιωµάτων Þπωσ αναφέρει ο κ. Ιακωβίδησ τÞσο των πιστωτών, Þσο και των µετÞχων τουσ, δίνει το δικαίωµα να κινηθούν εναντίον των διευθυντών και των δύο υπÞ διαχείριση εταιρειών για παράβαση καθήκοντοσ θεµατοφύλακα (breach of fiduciary duty). «Ο τερµατισµÞσ τησ συµφωνίασ µεταξύ τησ ΤΑROM µε την ΝΜΑ µπορεί να µην ήταν αποτέλεσµα συνοµωσίασ τησ πλειονÞτητασ των µετÞχων του αντιπροσώπου προσ Þφελοσ των δευτέρων κατά παράβαση των συµφερÞντων των µετÞχων και πιστωτών και των δύο υπÞ διαχείριση εταιρειών. ΑπÞ µία προκαταρκτική έρευνα που έχω κάνει, προκύπτει απÞ τη νοµολογία, εκεί Þπου δύο ή περισσÞτερα πρÞσωπα, χωρίσ νÞµιµη δικαιολογία (lawful justification), συνδυάζονται µε σκοπÞ, ηθεληµένα να προκαλέσουν ζηµιά προσ τρίτουσ και ωσ αποτέλεσµα Þντωσ προκύπτει πραγµατική ζηµιά, διαπράττεται το αστικÞ αδίκηµα τησ συνωµοσίασ», υπογραµµίζει ο κ. Ιακωβίδησ. Τέλοσ, ο κ. Ιακωβίδησ διευκρινίζει Þτι για τη διάπραξη του αστικού αδικήµατοσ, δεν απαιτείται κατ’ ανάγκη χρήση παράνοµου µέσου για σκοπούσ επίτευξησ του επιδιωκÞµενου σκοπού. «Αν Þµωσ η ζηµιά που έχει προκύψει, προκλήθηκε απÞ τη χρήση τέτοιων µέσων, τÞτε είναι άνευ σηµασίασ, αν ο επιδιωκÞµενοσ σκοπÞσ ήταν νÞµιµοσ. Είναι αρκετÞ το γεγονÞσ Þτι για επίτευξη του χρησιµοποιήθηκαν παράνοµα µέσα. Εκεί Þπου η ζηµιά που προκλήθηκε δεν έχει προκύψει µε τη χρήση παράνοµων µέσων, τÞτε η νοµιµÞτητα του κύριου και βασικού σκοπού που επιδιώκεται, είναι καθοριστικήσ σηµασίασ γιατί, σε µια τέτοια περίπτωση, ενέργειεσ οι οποίεσ κατά τα άλλα θα ήταν νÞµιµεσ, ενδεχοµένωσ να καθίστανται παράνοµεσ», καταλήγει.

2/12

EI¢∏™∂π™

∆∂∆∞ƒ∆∏, 25 π∞¡√À∞ƒπ√À, 2012

∞ÓÔ‰È΋ ·ÓÙ›‰Ú·ÛË ÚÔÛ‰ÔÎÈÒÓ ÛÙÔ Â˘ÚÒ ∆Ô˘ ¡›ÎÔ˘ ªÈ¯·ËÏ›‰Ë Έντονα ανοδικά κινήθηκε η ισοτιµία Ευρώ – ∆ολαρίου την εβδοµάδα που µασ πέρασε η οποία ενισχύθηκε σε νέο υψηλÞ τριών εβδοµάδων. Συγκεκριµένα η ισοτιµία απÞ τα 1.2670 τησ περασµένησ εβδοµάδοσ αναρριχήθηκε µέχρι και τα 1.3060 για να διορθώσει στην συνέχεια κοντά στα 1.3000 Þπου και κινείται τισ τελευταίεσ ηµέρεσ. Μια πολύ σηµαντική άνοδοσ για την ισοτιµία η οποία κατÞρθωσε εντÞσ µίασ εβδοµάδοσ να σηµειώσει κέρδη πέραν του 3% καλύπτοντασ βασικά Þλεσ τισ ζηµιέσ του µηνÞσ. Και Þλα αυτά σηµειώθηκαν χωρίσ κανένα βασικÞ µακροοικονοµικÞ δεδοµένο αλλά ήταν η επήρεια τησ έντονησ µεταβλητÞτητασ που βιώνουµε στισ ισοτιµίεσ εδώ και πολλούσ µήνεσ οπÞταν και ξέσπασε η ευρωπαϊκή κρίση χρέουσ. Το τεχνικÞ αυτÞ ανοδικÞ ξέσπασµα βοηθήθηκε και απÞ τισ αυξηµένεσ προσδοκίεσ που καλλιεργούνται απÞ την συνεδρία του eurogroup

Οι υπουργοί Οικονοµικών τησ προγράµµατα ρευστÞτητασ τησ ΕΚΤ αυτή την εβδοµάδα. Οι υπουργοί Ευρωζώνησ θα πρέπει να καταλήκαι οι µαζικέσ ενέσεισ ρευστÞτητασ Οικονοµικών τησ ευρωζώνησ συναξουν ωσ προσ τον τρÞπο λήψησ των έχουν δώσει το φιλί τησ ζωήσ στην ντώνται για πρώτη φορά για το νέο αποφάσεων στον ESM, µε πιθανÞτεΕυρώπη µε τα πρώτα θετικά αποτεέτοσ, µε στÞχο την επεξεργασία των ρο σενάριο την εγκατάλειψη τησ λέσµατα να είναι είδη εµφανή. εργαλείων που έχουν στη διάθεσή Είναι βέβαιο πολύ οξύµωρο µέχρι αρχήσ τησ οµοφωνίασ (ισχύει σήµετουσ για την αντιµετώπιση τησ κρίσενάριο επιστηµονικήσ και σησ χρέουσ. Στο επίκεντρο των φαντασίασ να πιστέψει κανείσ συνοµιλιών τουσ αναµένεται να πωσ η Ευρωζώνη των χιλίων προβρεθεί το ελληνικÞ χρέοσ, καθώσ ∆¯ÓÈÎfi ·ÓÔ‰ÈÎfi ͤÛ·ÛÌ· ÙÔ˘ ∂˘ÚÒ και τησ έντονησ ύφεεξελίσσονται οι διαπραγµατεύÂÓ fi„È Î·È ÙˆÓ ·˘ÍËÌ¤ÓˆÓ ÚÔÛ‰ÔÎÈÒÓ βληµάτων σησ και εξαθλίωσησ, κατÞρθωσε σεισ για το PSI+, αλλά και ο Ô˘ ‰ËÌÈÔ˘ÚÁÔ‡ÓÙ·È ˆ˜ ÔÈ ∂˘Úˆ·›ÔÈ να αναζωογονήσει τισ αγορέσ µε ΕυρωπαϊκÞσ ΜηχανισµÞσ ένα απλÞ πρÞγραµµα ρευστÞτηΣταθερÞτητασ (ΕΜΣ). ı· ·Ó·ÎÔÈÓÒÛÔ˘Ó Ó¤· ̤ÙÚ· τασ και δύο µειώσεισ επιτοκίων Τα χρονοδιαγράµµατα πλέον ηٷÔϤÌËÛ˘ Ù˘ ÎÚ›Û˘. και χωρίσ καν να τυπώσει χρήµα. είναι ασφυκτικά, καθώσ οι συνοΤο πρÞσφατο ράλι του Ευρω µιλίεσ για το PSI θα πρέπει να είναι καθαρά τεχνητÞ σε ένα ολοκληρωθούν εντÞσ των εποµέέντονο περιβάλλον µεταβλητÞτητασ, ρα). Στο τραπέζι θα βρεθεί και η πρÞνων ηµερών, ώστε στισ 30 χωρίσ να υποστηρίζουµε βέβαια Þτι Ιανουαρίου η Σύνοδοσ Κορυφήσ τησ ταση του Ιταλού πρωθυπουργού για δεν έχει κάποια ερείσµατα. ΕΕ να δώσει το «πράσινο φωσ». διπλασιασµÞ των πÞρων του ESM. Παραµένει Þµωσ ένα ράλι χωρίσ Πέραν των διαπραγµατεύσεων Θα πρέπει, επίσησ, να αποσαφηνίκανένα ίχνοσ αυτοτροφοδÞτησησ για το εθελοντικÞ «κούρεµα» στο σουν τουσ Þρουσ υπÞ τουσ οποίουσ απÞ την αγορά. Σε καµία περίπτωση ελληνικÞ χρέοσ, θα απασχολήσουν οι θα χορηγούνται τα δάνεια προσ τα δεν αποκαταστάθηκε η έλλειψη τησ κράτη που ζητούν στήριξη, υπÞ το λεπτοµέρειεσ για τη λειτουργία του ρευστÞτητασ που παρατηρείται. Αν ESM (θα τεθεί σε ισχύ τον Ιούλιο) πρίσµα των νέων απαιτήσεων για και τα κεφάλαια είναι σχετικά φθηκαθώσ και τα τεχνικά χαρακτηριστιισοσκελισµένουσ προϋπολογισµούσ. νÞτερα, θα πρέπει να περάσει πολύσ Σε µια άλλη εξέλιξη θετικά για το κά του ∆ηµοσιονοµικού Συµφώνου, καιρÞσ, χωρίσ στο µεταξύ να γίνει που έχει συµφωνηθεί να ισχύσει τον ευρώ λειτούργησαν και οι επισηµάνκάτι σηµαντικά αρνητικÞ ώστε να Ιανουάριο του 2013. σεισ µελών τησ ΕΚΤ πωσ τα επείγον

A‡ÍËÛË 10% ÛÙȘ ÙÔ˘ÚÈÛÙÈΤ˜ ·Ê›ÍÂȘ Αύξηση τησ τάξησ του 10,1% σε σχέση µε το 2010, σηµείωσαν το 2011 οι συνολικέσ αφίξεισ τουριστών, φτάνοντασ τα 2,39 εκ, σύµφωνα µε τα στοιχεία που έδωσε στη δηµοσιÞτητα η Στατιστική Υπηρεσία. Με βάση τα αποτελέσµατα τησ Ερευνασ Ταξιδιωτών, οι αφίξεισ τουριστών το ∆εκέµβριο 2011, ανήλθαν σε 65.339 σε σύγκριση µε 61.199 το ∆εκέµβριο 2010, σηµειώθηκε δηλαδή αύξηση 6,8%. Το ∆εκέµβριο σηµειώθηκε αύξηση 7,1% στισ αφίξεισ τουριστών απÞ το Ηνωµένο Βασίλειο (απÞ 19.661 το ∆εκέµβριο του 2010 σε 21.054 το ∆εκέµβριο του 2011) και 3,4% αύξηση απÞ την Ελλάδα (απÞ 9.850 σε 10.182 φέτοσ). Για την περίοδο Ιανουαρίου – ∆εκεµβρίου 2011 οι αφίξεισ τουριστών ανήλθαν σε 2.392.228 σε σύγκριση µε 2.172.998 την αντίστοιχη περίοδο του 2010, σηµειώνοντασ αύξηση 10,1%.

OÈ Ù‹ÛÂȘ Ù˘ Ryanair ÁÈ· ¶¿ÊÔ «ÏËÁ‹» ÁÈ· ∞Á. ¡¿· ∆εν βοηθά καθÞλου την ελεύθερη περιοχή Αµµοχώστου η πρÞσφατη συµφωνία που έχει υπογραφεί απÞ τη Ryanair και τη Hermes Airports για µεταφορά τουριστών προσ το αεροδρÞµιο τησ Πάφου, δηλώνει ο ∆ήµαρχοσ Αγίασ Νάπασ Αντώνησ ΤσÞκκοσ. Ο κ.ΤσÞκκοσ, συνεχάρη την Πάφο για την υπογραφή αυτήσ τησ συµφωνίασ και πρÞσθεσε πωσ «δεν ζηλεύουµε και δεν θέλουµε να ανατρέψουµε τη συγκεκριµένη συµφωνία. Εξάλλου Þταν και η Πάφοσ γεµίσει απÞ τουρίστεσ, τÞτε θα επωφεληθούµε και εµείσ». Ανέφερε ωστÞσο πωσ στη συµφωνία αυτή θα έπρεπε να εµπλέξουν και τισ άλλεσ περιοχέσ τησ Κύπρου, «τουλάχιστον την περιοχή τησ Λάρνακασ και τησ Αγίασ Νάπασ. Ελλείψει δηµοσίων συγκοινωνιών, κανένασ τουρίστασ που φτάνει στην Πάφο δεν θα πάρει ταξί για να πληρώσει περίπου 100 ευρώ, προκειµένου να επισκεφθεί τη Λάρνακα και την Αγία Νάπα και άλλα τÞσα για να επιστρέψει πίσω». ΑυτÞ που ζητά ολÞκληρη η ελεύθερη περιοχή Αµµοχώστου, συνέχισε, «είναι να συνοµολογηθεί παρÞµοια συµφωνία µε άλλη αεροπορική εταιρεία και για το αεροδρÞµιο Λάρνακασ.

καταφέρει η αγορά να εµπιστευθεί τουσ συντελεστέσ τησ. Την ίδια ώρα, ούτε τα θεµελιώδη δείχνουν σηµάδια ανάκαµψησ. Ίσα ίσα φαίνονται ακÞµη δυσοίωνα. Παρά την ελαφρώσ αρνητική εικÞνα των ευρωπαϊκών µάκρο, η οικονοµία δε δείχνει σηµάδια ανάκαµψησ. Οι οικονοµολÞγοι προειδοποιούν για ύφεση 1,2-1,5% στην ευρωζώνη το 2012, ενώ και τα εταιρικά αποτελέσµατα είναι µεικτά, σηµάδια πολύ αρνητικά για την διαχείριση τησ κρίσησ. Τα επίπεδα του 1.30 θεωρούνται πολύ κρίσιµα για την βραχυπρÞθεσµη πορεία τησ ισοτιµίασ. Το εβδοµαδιαίο σπάσιµο του 1.30 πιθανÞν να σηµατοδοτήσει προσωρινή ανατροπή τησ πτωτικήσ τάσησ και πιθανÞν η ισοτιµία να δοκιµάσει τα 1.32 µε 1.34. ΑπÞ την άλλη αν η ισοτιµία διατηρηθεί κάτω απÞ τα 1.30 η πτωτική τάση παραµένει µε τα επίπεδα του 1.25 να είναι απλώσ θέµα χρÞνου. Βέβαια µε την µεταβλητÞτητα που παρατηρείται καµία πρÞβλεψη δεν µπορεί να θεωρηθεί ασφαλή και ειδικά Þσο οι Αµερικάνοι δεν αποκλείουν ένα νέο γύρο ποσοτικήσ χαλάρωσησ.

¶¿ÏÈ ÛÙ· ¯·ÌËÏ¿ ÙÔ Ã∞∫ Σηµαντικέσ ζηµιέσ κατέγραψε χθεσ το Χρηµατιστήριο Αξιών Κύπρου µετά την άνοδο τησ ∆ευτέρασ. Ο ΓενικÞσ ∆είκτησ έκλεισε στισ 277,47 µονάδεσ σηµειώνοντασ πτώση σε ποσοστÞ 2,79%. Ο ∆είκτησ FTSE/CySE 20, έκλεισε στισ 98,81 µονάδεσ καταγράφοντασ απώλειεσ σε ποσοστÞ 2,54%. Ο ηµερήσιοσ Þγκοσ συναλλαγών διαµορφώθηκε στα 611.975ευρώ. Το µεγαλύτερο επενδυτικÞ ενδιαφέρον προσέλκυσαν οι τίτ-

λοι τησ Τράπεζασ Κύπρου µε 395.086 ευρώ (πτώση 3,94% τιµή κλεισίµατοσ 0,56 ευρώ). Ακολούθησαν οι µετοχέσ τησ Μαρφίν Λαϊκήσ Τράπεζασ µε 160.759 ευρώ (πτώση 2,41% τιµή κλεισίµατοσ 0,283 ευρώ), τησ Ελληνικήσ Τράπεζασ µε 18.329 ευρώ (πτώση 0,3% - τιµή κλεισίµατοσ 0,333 ευρώ), τησ LIBERTY LIFE INSURANCE PUBLIC COMPANY LTD µε 16.290 ευρώ (άνοδοσ 4,34% - τιµή κλεισίµατοσ 0,048 και τησ ∆ΗΜΗΤΡΑ ΕΠΕΝ∆ΥΤΙΚΗ ∆ΗΜΟΣΙΑ ΛΤ∆ µε

•·Ó·Ì·›ÓÂÈ Û ȉȈÙÈÎfi ·ÂÚÔÏ¿ÓÔ Ô Úfi‰ÚÔ˜; Η Κοινοβουλευτική Επιτροπή Οικονοµικών αποδέσµευσε απÞ το γενικÞ πάγωµα προσλήψεων και προαγωγών στη δηµÞσια υπηρεσία τισ τρεισ θέσεισ Γενικών ∆ιευθυντών των Υπουργείων Εσωτερικών, Συγκοινωνιών και ∆ικαιοσύνησ και συζητά την αποδέσµευση των κονδυλίων για την ενοικίαση χρÞνου πτήσεων µε ιδιωτικÞ αεροσκάφοσ για τα ταξίδια του Προέδρου τησ ∆ηµοκρατίασ στο εξωτερικÞ. Σε δηλώσεισ του ο ΠρÞεδροσ τησ Κοινοβουλευτικήσ Επιτροπήσ Οικονοµικών ΝικÞλασ ΠαπαδÞπουλοσ ανέφερε Þτι η Επιτροπή, αφού εξέτασε το αίτηµα για άρση τησ αναστολήσ στην πλήρωση των θέσεων των τριών Γενικών ∆ιευθυντών και κρίνοντασ αυτονÞητη τη δικαιολογία που υπεβλήθη µε το αίτηµα, Þτι δεν µπορεί να απουσιάζει ο ΓενικÞσ ∆ιευθυντήσ Υπουργείου απÞ τη θέση του και µάλιστα κατά την προετοιµασία τησ Κύπρου να προεδρεύσει του Ευρωπαϊκού Συµβουλίου, άναψε το πράσινο φωσ για την πλήρωση αυτών των κενών θέσεων. Ο κ. ΠαπαδÞπουλοσ, σε Þ,τι αφορά την αποδέσµευση των πιστώσεων ύψουσ 300.000 ευρώ για την ανανέωση τησ συµφωνίασ µε την εταιρεία Net jet για το ιδιωτικÞ αεροπλάνο του Προέδρου τησ ∆ηµοκρατίασ, είπε Þτι η Επιτροπή άκουσε τισ εκκλήσεισ του Υπουργείου Οικονοµικών και των εκπροσώπων τησ Προεδρίασ Þτι η χρήση του αεροσκάφουσ καθίσταται αναγκαία ενÞψει και τησ Κυπριακήσ Προεδρίασ και υπέβαλε σειρά ερωτηµάτων, κυρίωσ για το κÞστοσ τησ συµφωνίασ και ζήτησε πρÞσθετα στοιχεία.

6.397 ευρώ (άνοδοσ 0,94% - τιµή κλεισίµατοσ 0,213 ευρώ).

Ã∞: ¢È·ÎfiËΠÙÔ ·ÓÔ‰ÈÎfi ÛÂÚ› Στο Χρηµατιστήριο Αθηνών ο ΓενικÞσ ∆είκτησ έκλεισε χθεσ µια «ανάσα» απÞ το χαµηλÞ ηµέρασ, διακÞπτοντασ έτσι ένα σερί εννέα ανοδικών συνεδριάσεων. Αφορµή για τη διÞρθωση έδωσε ο προβληµατισµÞσ που εκφράζεται στην Ευρώπη για το ενδεχÞµενο να χρειαστεί η Πορτογαλία δεύτερο πακέτο

στήριξησ, αλλά και η εκκρεµÞτητα του PSI, για το οποίο οι διαπραγµατεύσεισ συνεχίζονται, Þπωσ και οι δηµÞσιεσ δηλώσεισ Ελλήνων και Ευρωπαίων αξιωµατούχων. Στο ταµπλÞ, ο ΓενικÞσ ∆είκτησ έκλεισε µε απώλειεσ 5,48% στισ 703,44 µονάδεσ, µε Þγκο 51,13 εκατ. τεµαχίων και τζίρο 60,99 εκατ. ευρώ. Για τον δείκτη των τραπεζών, που επίσησ έκλεισε πολύ κοντά στο χαµηλÞ ηµέρασ, οι απώλειεσ διαµορφώθηκαν σε 9,45% στισ 287,86 µονάδεσ.

8 ÍÂÓԉԯ›· ÁÈ· ÙȘ ·Ó¿ÁΘ Ù˘ ∫˘Úȷ΋˜ ¶ÚÔ‰ڛ·˜ Υπογράφηκαν χθεσ τα συµβÞλαια συνεργασίασ µεταξύ τησ ∆ηµοκρατίασ που εκπροσωπείται απÞ το Γραφείο Προγραµµατισµού και των ξενοδοχείων που επιλέγηκαν µέσα απÞ διαγωνισµούσ για τισ ανάγκεσ τησ Κυπριακήσ Προεδρίασ του Συµβουλίου τησ Ευρωπαϊκήσ Ένωσησ, το δεύτερο εξάµηνο του 2012. Κατά την διάρκεια τησ προεδρίασ αναµένεται να επισκεφθούν την Κύπρο γύρω στισ 25 χιλιάδεσ επισκέπτεσ. Συνολικά για το σκοπÞ αυτÞ επιλέγηκαν 8 ξενοδοχεία, δύο απÞ κάθε επαρχία. Συγκεκριµένα, στη Λευκωσία επιλέγηκαν τα ξενοδοχεία Hilton και Hilton Park, στη ΛεµεσÞ τα ξενοδοχεία Crowne Plaza και Grand Resort, στη Λάρνακα επιλέγηκαν τα ξενοδοχεία Palm Beach και Golden Bay και στην Πάφο τα ξενοδοχεία Aqua Mare και Aphrodite Hills. Μιλώντασ στην τελετή υπογραφήσ των συµβολαίων, ο ΠρÞεδροσ του ΚΟΤ Αλέκοσ Ορουντιώτησ ανέφερε Þτι «η συνεισφορά του ΚΟΤ θα συνεχιστεί και µετά την υπογραφή των συµβάσεων παρέχοντασ υποστήριξη στισ αρµÞδιεσ υπηρεσίεσ του κράτουσ στην παρακολούθηση και υλοποίηση των συµβολαίων που θα υπογραφτούν». Ο ΚΟΤ, πρÞσθεσε, «ευελπιστεί και επιδιώκει µέσω τησ Προεδρίασ να δοθεί περαιτέρω ώθηση τησ τουριστικήσ προβολήσ τησ Κύπρου».

ªÂ›ˆÛË 18% ÙˆÓ ·‰ÂÈÒÓ ÔÈÎÔ‰ÔÌ‹˜ Μείωση 18% κατέγραψε το Νοέµβριο του 2011 ο αριθµÞσ των αδειών οικοδοµήσ, σε σύγκριση µε το Νοέµβριο του 2010, ενώ µείωση 13,6% σηµείωσε ο αριθµÞσ των αδειών οικοδοµήσ κατά την περίοδο Ιανουαρίου – Νοεµβρίου 2011, έναντι τησ αντίστοιχησ περιÞδου του 2010, σύµφωνα µε τα στοιχεία που δηµοσιοποίησε η Στατιστική Υπηρεσία. Ο αριθµÞσ των αδειών οικοδοµήσ που εκδÞθηκαν απÞ τισ δηµοτικέσ αρχέσ και τισ επαρχιακέσ διοικήσεισ το Νοέµβριο του 2011 ανήλθε στισ 601, σε σύγκριση µε 733 το Νοέµβριο του 2010. Σύµφωνα µε τα στοιχεία, η συνολική αξία των αδειών το Νοέµβριο του 2011

έφθασε τα 145,1 εκατοµµύρια ευρώ, σε σύγκριση µε 233,5 εκ. ευρώ τον αντίστοιχο µήνα του 2010, ενώ το συνολικÞ εµβαδÞν ανήλθε στισ 153,8 χιλιάδεσ τετραγωνικά µέτρα, 216,5 χιλιάδεσ τ.µ. το Νοέµβριο του 2010. Με τισ άδειεσ του Νοεµβρίου του 2011 προβλέπεται να ανεγερθούν 572 οικιστικέσ µονάδεσ, έναντι 966 που προβλεπÞταν να ανεγερθούν το Νοέµβριο του 2010. Εξάλλου, κατά την περίοδο Ιανουαρίου – Νοεµβρίου 2011 εκδÞθηκαν 6.946 άδειεσ οικοδοµήσ, παρουσιάζοντασ µείωση 13,6% έναντι τησ αντίστοιχησ περιÞδου του 2010. Η συνολική αξία των αδειών αυτών µειώ-

θηκε την περίοδο Ιανουαρίου - Νοεµβρίου του 2011 κατά 23,4%, στα 1,87 δισεκατοµµύρια ευρώ, απÞ 2,44 δισ. ευρώ την αντίστοιχη περίοδο του 2010, ενώ το συνολικÞ εµβαδÞν µειώθηκε κατά 24,5%, στα 2,03 εκατοµµύρια τ.µ, απÞ 2,70 εκ. τ.µ την περίοδο Ιανουαρίου - Νοεµβρίου του 2010. Ο αριθµÞσ των οικιστικών µονάδων παρουσίασε µείωση τησ τάξησ του 38,3%, στισ 8.266, απÞ 13.396 την περίοδο Ιανουαρίου - Νοεµβρίου του 2010. Σύµφωνα µε τη Στατιστική Υπηρεσία, οι άδειεσ οικοδοµήσ συνιστούν σηµαντική ένδειξη για τη µελλοντική δραστηριÞτητα στον κατασκευαστικÞ τοµέα.

∂π¢∏™∂π™

∆∂∆∞ƒ∆∏, 25 π∞¡√À∞ƒπ√À, 2012

13

/3

∏ ÂÔ¯‹ ÙˆÓ √Ì¿‰ˆÓ ºÚÔ‡ÚËÛ˘; ∆Ô˘ ∞ÓÙÒÓË §Ô›˙Ô˘ F.R.I.C.S. & ™˘ÓÂÚÁ¿Ù˜ §Ù‰, ∂ÎÙÈÌËÙ¤˜ ∞ÎÈÓ‹ÙˆÓ & ¢È·¯ÂÈÚÈÛÙ¤˜ ŒÚÁˆÓ ∞Ó¿Ù˘Í˘ Ουδέποτε στην ιστορία αυτού του Γραφείου των 32 ετών, πέρασε απÞ την σκέψη µασ Þτι στην Κύπρο θα επαναλαµβανÞταν η ταινία του Charles Bronson (Vigilante) στην πράξη. Η ταινία αναφερÞταν σε ένα εξοργισµένο πολίτη που λÞγω ανεπαρκούσ προστασίασ απÞ την αστυνοµία, πήρε το νÞµο στα χέρια του. Η πρώτη κίνηση για δηµιουργία τοπικήσ οµάδασ περιφρούρησησ τησ ακίνητησ περιουσίασ ξεκίνησε απÞ το ∆άλι, τώρα επεκτείνεται στο Γέρι και γίνονται σκέψεισ για αλλού. Η οικονοµική κατάσταση έχει προκαλέσει την εξαθλίωση αρκετών συνανθρώπων µασ, κυρίωσ ξένων εργατών, νÞµιµων και µη, ενώ η ανάγκη εξασφάλισησ τησ δÞσησ ναρκωτικών, έχει και αυτή το ρÞλο τησ. Βέβαια συνηθίσαµε την συνήθη ληστεία στα ολονύκτια ψωµάδικα και περίπτερα µε αποκορύφωµα το περιστατικÞ τησ Γερµανίδασ που λήστεψε τράπεζα, λέγοντασ Þτι έχει πιστÞλι στην τσάντα τησ!! Η κατάσταση Þµωσ έχει και τισ επεκτάσεισ τησ σε ολίγον παράξενεσ κλοπέσ για αντικείµενα τα οποία δεν περνά κάποιου απÞ το µυαλÞ Þτι θα µπορούσαν να είναι το αντικείµενο κλεψιάσ. Στην ΛεµεσÞ στην περιοχή Κολούµπια Þλεσ οι αλουµινένιεσ πÞρτεσ των δωµατίων σκουπιδιών εξαφανίστηκαν σε µια νύκτα σε ένα συγκεκριµένο δρÞµο. Μεταλλικοί κάλαθοι αχρήστων αποτέλεσαν την επίµονη επίσκεψη λωποδυτών στην Πάφο, ενώ στο Παραλίµνι τα εγκαταλειµµένα εξοχικά σπίτια τÞσο των ντÞπιων Λευκωσιατών Þσο και ξένων, οι κλοπέσ είναι σχεδÞν καθηµερινÞ φαινÞµενο. Μηχανήµατα πισίνασ εξαφανίζονται, τηλεοράσεισ και dvd είναι πρÞσθετη συνήθησ λεία, ενώ σε ένα έργο υπÞ την διαχείριση µασ, ξεβίδωσαν την πÞρτα τησ ΑΗΚ (δωµατίου που περιλαµβάνει τα ρολÞγια) και σε άλλο αφαίρεσαν το σιδερένιο κάγκελο τησ κοινήσ εισÞδου του συγκροτήµατοσ για πώληση ωσ σιδερικÞ!! ∆εν θα µασ εκπλήξει σε µεταγενέστερο στάδιο η αφαίρεση αλουµινένιων πÞρτων και παραθύρων, ενώ, ακούστε και αυτÞ, έγινε προσπάθεια αφαίρεσησ στύλων φωτισµού ιδιωτικού δρÞµου, διÞτι ωσ αλουµινένιοι έχουν «µεγάλη» αξία. Επιχειρηµατίασ ανάπτυξησ, φίλοσ του Γραφείου, ο οποίοσ αγÞρασε ένα µεγάλο οικÞπεδο επί τησ Γρ. ∆ιγενή στην Λευκωσία και το οποίο περιείχε µια παλιά κατοικία, µασ πληροφÞρησε Þτι σε 10 ηµέρεσ αφαιρέθηκαν σχεδÞν τα πάντα απÞ την κατοικία, περιλαµβανοµένων και των παραστατών, ακÞµη και τα σύρµατα

“ºÂ‡ÁÂÈ” Ë BNP Paribas Η γαλλική τράπεζα BNP Paribas εγκατέλειψε και επίσηµα µετά απÞ 25 χρÞνια την Κύπρο. Ùπωσ ανακοίνωσε η Κεντρική Τράπεζα, η BNP Paribas (Cyprus) Ltd (“BNP”), τράπεζα εγκαθιδρυµένη στην Κυπριακή ∆ηµοκρατία, αποφάσισε να τερµατίσει τη λειτουργία τησ στην Κύπρο για στρατηγικούσ λÞγουσ. Ωσ εκ τούτου, και σύµφωνα µε τισ πρÞνοιεσ του περί Τραπεζικών Εργασιών ΝÞµου, η BNP παρέδωσε εκούσια στην Κεντρική Τράπεζα τησ Κύπρου την άδεια τραπεζικών εργασιών την οποία κατείχε, µε ισχύ απÞ 31 ∆εκεµβρίου, 2011.

MPB: ∞Ó·‰ÈÔÚÁ¿ÓˆÛË Î·È ÂÓ›Û¯˘ÛË ÎÂʷϷȷ΋˜ ‚¿Û˘ Προειδοποίηση κέρδουσ, ανασυγκρÞτηση στην Ελλάδα και διοικητική αναδιάρθρωση ανακοίνωσε η Marfin Popular Bank, επανεστιάζοντασ στην κυπριακή αγορά. Η Marfin ανακοίνωσε επίσησ Þτι “βάσει προκαταρκτικών ενδείξεων, το ύψοσ των συνολικών προβλέψεων για επισφαλείσ απαιτήσεισ για το οικονοµικÞ έτοσ 2011 θα είναι αυξηµένο έναντι των προβλέψεων του προηγούµενου έτουσ, κυρίωσ λÞγω του δανειακού χαρτοφυλακίου του Οµίλου στην Ελλάδα”. Η Τράπεζα απέστειλε στην Κεντρική Τράπεζα Κύπρου το πλάνο τησ για ενίσχυση των κεφαλαίων τησ κατά 2 δισ. ευρώ. Ùπωσ δηλώθηκε παλαιÞτερα, βρίσκεται σε επαφέσ µε ιδιώτεσ επενδυτέσ για συµµετοχή στο µετοχικÞ κεφάλαιο του Οµίλου. Η νέα διοίκηση του Οµίλου ευελπιστεί να καλύψει την έκδοση νέου κεφαλαίου µε ιδιωτικά κεφάλαια, χωρίσ στήριξη απÞ το κράτοσ. Η Marfin προγραµµατίζει επίσησ αναδιοργάνωση του δικτύου καταστηµάτων σε Þλεσ τισ γεωγραφικέσ περιοχέσ. Παράλληλα, βρίσκεται υπÞ εξέταση σχέδιο ανασυγκρÞτησησ των δραστηριοτήτων του Οµίλου στην Ελλάδα. Η Marfin Popular Bank θα ανακοινώσει τα προκαταρκτικά αποτελέσµατα για το 2011 πριν το τέλοσ Φεβρουαρίου 2012.

∞ıÏËÙÈο ¤ÚÁ· €46 ÂÎ. Σε τροχιά αναπτυξιακών έργων στον τοµέα του αθλητισµού θα βρεθεί τα επÞµενα χρÞνια ο ΚυπριακÞσ ΟργανισµÞσ Αθλητισµού. Σύµφωνα µε τον ΠρÞεδρο του ΚΟΑ, Πάµπο Στυλιανού, ο oργανισµÞσ τα επÞµενα χρÞνια προγραµµατίζει να δαπανήσει 46 εκ. ευρώ σε δέκα έργα αθλητικήσ υποδοµήσ. Συγκεκριµένα πλήρησ χρηµατοδÞτηση θα υπάρξει για την ανακαίνιση του κολυµβητήριου Λευκωσίασ, του κοινοτικού Κέντρου Λάρνακασ, του αθλητικού κέντρου στα Λειβάδια, το οποίο θα εξυπηρετεί τισ ανάγκεσ των αθλητών του ΓΣΕ, καθώσ και του κολυµβητήριου τησ ελεύθερησ περιοχήσ Αµµοχώστου. Με συγχρηµατοδÞτηση ωστÞσο θα υλοποιηθούν τα έργα για την έναρξη των εργασιών για το κοινÞ γήπεδο του ΑΡΗ και τησ ΑΕΛ στη ΛεµεσÞ, του γηπέδου του ΑπÞλλωνα καθώσ και άλλα έργα.

™Â Û‡ÛÙ·ÛË ÔÌ¿‰ˆÓ ÂÚÈÊÚÔ‡ÚËÛ˘ Ù˘ ·Î›ÓËÙ˘ ÂÚÈÔ˘Û›·˜ ÚÔ¯ÒÚËÛ·Ó ÛÙÔ ¢¿ÏÈ, ·ÎÔÏÔ‡ıËÛ ÙÔ °¤ÚÈ, ÂÓÒ ÔÏϤ˜ ¿ÏϘ ÂÚÈÔ¯¤˜ ÔÈ Ôԛ˜ ¤¯Ô˘Ó ÚËÌ·¯Ù› ·fi ÙȘ ÎÏÔ¤˜ ÙÔ ÛΤÊÙÔÓÙ·È ÁÈ· Ó· ÚÔÛٷهÛÔ˘Ó ÙȘ ÔÈ˘ ÙÔ˘˜

ηλεκτροδÞτησησ. Ασφαλώσ και δεν µεµφÞµεθα την αστυνοµική δύναµη, διÞτι υπÞ τισ επικρατούσεσ συνθήκεσ θα πρέπει η δύναµη να διπλασιαστεί σε αριθµÞ. Άρα τι αποµένει; ΕκτÞσ απÞ το πλέον επάναγκεσ τώρα τησ εγκατάστασησ συστήµατοσ συναγερµού, ήλθε µήπωσ ο καιρÞσ η κάθε γειτονιά να οργανωθεί σε οµάδεσ προστασίασ (vigilante groups) που µε συνεχή περιπολία να προσφέρει µια βοήθεια στην αστυνοµία; Εάν Þµωσ η κατάσταση αυτή εξελιχθεί µε αυτÞν τον τρÞπο τησ προστασίασ, οι κίνδυνοι είναι µεγάλοι απÞ θερµÞαιµουσ «προστάτεσ» και «λωποδύτεσ» απÞ την άλλη, µε τισ ανάλογεσ επιπτώσεισ. Εκεί που υπάρχει η οικονοµική ευχέρεια η εργοδÞτηση «οµάδων προστασίασ» µε νυκτερινή περιπολία είναι ίσωσ προτιµÞτερη. Σε ένα έργο µασ Þπου οι ένοικοι «έφθασαν στο αµήν», ζητήσαµε προσφορέσ και το κÞστοσ ανήλθε σε 30 ευρώ το µήνα ανά κατοικία µε 3 φορέσ την νύκτα περιπολία. Έχουµε Þµωσ τισ επιφυλάξεισ µασ βάσει των πιο πάνω και ίσωσ να χρειάζεται µια πιστοποίηση ποιÞτητασ/χαρακτήρα κλπ αυτών των οµάδων απÞ την αστυνοµία. Ùλο αυτÞ είναι µια θλιβερή εξέλιξη µε ιδιαίτερη έγνοια για

την ασφάλεια που έχουν οι ξένοι αγοραστέσ ακίνητησ ιδιοκτησίασ, διÞτι διαφηµίζουµε ωσ Κύπροσ Þτι έχουµε την πιο ψηλή ασφάλεια στην Ευρώπη, µε την εγκληµατικÞτητα να φθάνει στο 20% τησ Βρετανίασ και στο 14% τησ Ισπανίασ (στατιστικέσ Interpol). Το θέµα ασφάλειασ ιδιαίτερα για ξένουσ αγοραστέσ των εξοχικών που δεν διαµένουν στισ κατοικίεσ τουσ, παρά µÞνο ορισµένεσ ηµέρεσ τον χρÞνο, αλλά ιδιαίτερα έχοντασ υπÞψη την ηλικία τουσ (πέραν των 60 ετών κατά µέσο Þρο) το θέµα ασφαλώσ αποτελεί ιδιαίτερη έγνοια. Η ύπαρξη ασφαλιστικήσ κάλυψησ δεν είναι τÞσο το θέµα, Þσο η αναστάτωση που προκαλείται στην οικογένεια και ιδιαίτερα στην απώλεια προσωπικών αντικειµένων. Βιώνουµε αγαπητοί µασ αναγνώστεσ µια νέα εξέλιξη στην ασφάλεια τησ ακίνητησ µασ ιδιοκτησίασ. Ωσ τώρα οι κλοπέσ αναφέρονταν σε κενά κτίρια και σε καταστήµατα. Ùµωσ εάν συνεχισθεί η πτωτική τάση τησ οικονοµίασ και η αύξηση τησ ανεργίασ, ίσωσ οι ληστείεσ να γίνουν και πιο τολµηρέσ και οι τολµηροί ληστέσ να εισβάλλουν σε κατοικίεσ/ιδιοκτησίεσ ενώ οι ένοικοι βρίσκονται ακÞµη µέσα!! Για να µην νοµίσετε Þτι η φαντασία µασ έχει περάσει σε επιστηµονικÞ επίπεδο, προ 14 µηνών λάβαµε επιστολή απÞ κατασκευαστή θωρακισµένων θυρών απÞ την ΝÞτια Αφρική, που µασ ζήτησε να γίνουµε αντιπρÞσωποι του στην Κύπρο (η Ν. Αφρική έχει ένα απÞ τα πιο ψηλά επίπεδα εγκληµατικÞτητασ στον κÞσµο). Μασ εξήγησε Þτι υπάρχουν δύο ειδών θύρεσ. Η µια τύπου φυλακήσ (µπάρεσ) που τοποθετούνται µετά απÞ την εξώθυρα µε smart-railings (µπάρεσ που µε την µετακίνηση τουσ ενεργοποιούν το σύστηµα συναγερµού) και οι θωρακισµένεσ θύρεσ των υπνοδωµατίων που έχουν «µάτι» εισÞδου και κωδικÞ. Ασφαλώσ του απαντήσαµε Þτι Þχι µÞνο δεν µασ ενδιαφέρει, αλλά Þτι για τέτοιο προϊÞν δεν υπάρχει ζήτηση (τÞτε) στην Κύπρο. Τώρα Þµωσ κάνουµε δεύτερεσ σκέψεισ διÞτι εάν αυτή η κατάσταση συνεχιστεί (που την αναµένουµε), ίσωσ να είναι µια συµπληρωµατική επιχείρηση στον τοµέα των ακινήτων που τώρα παραπαίει!! Πολύ φοβούµεθα Þτι µε τα 80.000 κυνηγετικά Þπλα και άλλα τÞσα G3 στισ κατοικίεσ των εφέδρων, δεν θα µασ παραξενέψει και η εξέλιξη αιµατηρών επεισοδίων!! Στο διαφηµιστικÞ φυλλάδιο του επίδοξου µασ Νοτιοαφρικανού «συνέταιρου» αναφέρονται διάφορα στοιχεία κλοπών, περιλαµβανοµένου και που θα τοποθετήσει τα πυροβÞλα Þπλα ο ιδιοκτήτησ (η άδεια οπλοφορίασ είναι ρουτίνα µάλλον στην Ν. Αφρική)!! Ιστορίεσ µε φαντασία θα µασ πείτε και απαντούµε ναι, έχετε δίκαιο, αλλά ποιοσ περίµενε τέτοιεσ εξελίξεισ στην εγκληµατικÞτητα στην κατά τα άλλα ασφαλή Κύπρο προ διετίασ;

™ÙË ‰ËÌÔÛÈfiÙËÙ· ÔÈ ·ÌÔÈ‚¤˜ ‰È¢ı˘ÓÙÒÓ Mέχρι σήµερα αρκετέσ δηµÞσιεσ εταιρείεσ αποφεύγουν να περιλαµβάνουν στην κατάθεση των οικονοµικών τουσ αποτελεσµάτων προσ το ΧΑΚ την αναλυτική κατάσταση σε σχέση µε την ετήσια µισθοδοσία των µελών των διοικητικών συµβουλίων, σύµφωνα µε την πρÞεδρο τησ Επιτροπήσ Κεφαλαιαγοράσ, ∆ήµητρα Καλογήρου, παρά το γεγονÞσ Þτι σχετική οδηγία τέθηκε σε εφαρµογή απÞ τον Απρίλιο του 2011. ΣτÞχοσ τησ σχετικήσ οδη-

γίασ είναι η περισσÞτερη διαφάνεια στουσ µισθούσ των συµβούλων δηµοσίων εταιρειών, αλλά και τα περισσÞτερα στοιχεία για τισ αµοιβέσ των διευθυντών των εταιρειών. Το τελευταίο διάστηµα η Επιτροπή πιέζει τισ εταιρείεσ για τη δηµοσίευση περισσÞτερων στοιχείων για το µισθολÞγιÞ τουσ, βγάζοντασ απÞ την αφάνεια τισ αµοιβέσ των ιδιοκτητών, διευθυντών ή συµβούλων τουσ. «Η αναλυτική κατάσταση των οικονοµικών απολαβών

των διοικητικών ή εκτελεστικών συµβούλων αποτελεί στοιχειώδη υποχρέωση. Άλλωστε ο κάθε µέτοχοσ έχει το δικαίωµα να γνωρίζει τÞσο το λειτουργικÞ Þσο και του εργατικÞ κÞστοσ τησ εταιρείασ τησ οποίασ κατέχει, είτε µικρÞ, είτε µεγάλο ποσοστÞ µετοχικού κεφαλαίου», ανέφερε η κ. Καλογήρου. Σηµείωσε Þτι η οδηγία αυτή αποτελεί διεθνή πρακτική. «Είναι µία πρακτική που απορρέει µέσα απÞ τον κώδικα εταιρικήσ διακυβέρνησησ»,

σηµειώνει η πρÞεδροσ τησ ΕΚ. Η υποβολή οικονοµικήσ έκθεσησ προσ την εποπτική προσθέτει η κ. αρχή, Καλογήρου, επιβάλλει και το στοιχείο τησ πολιτικήσ των αµοιβών των διοικητικών συµβούλων και οποιαδήποτε επηρεαζÞµενη εταιρεία δεν τηρεί αυτή την οδηγία θα υπÞκειται σε κυρώσεισ. Εξήγησε Þτι η άτυπη περίοδοσ χάριτοσ µέχρι που οι εταιρείεσ κατάθεταν και αναλυτικά στοιχεία για τισ απολαβέσ των διοικητικών συµβούλων έχει λήξει.

™ÙËÓ ∫‡ÚÔ ÁÂÚÓ¿ÌÂ… ‰Ô˘Ï‡ÔÓÙ·˜ Ένα απÞ τα πιο ψηλά ποσοστά απασχÞλησησ συνταξιούχων στην Ευρωπαϊκή Ένωση έχει η Κύπροσ, σύµφωνα µε στοιχεία τησ Eurostat και τα οποία καταγράφονται στον διπλανÞ πίνακα. Παρά το Þτι το Þριο αφυπηρέτησησ στην Κύπρο είναι απÞ τα σχετικά χαµηλά στην Ευρώπη, αρκετοί συνεχίζουν να εργάζονται µέχρι τα γεράµατα. Κάποιοι µεταφέρουν την πείρα τουσ σε νέα πÞστα στο δηµÞσιο ή στον ιδιωτικÞ τοµέα, και άλλοι, συνεχίζουν να αυτοεργοδοτούνται στον ιδιωτικÞ τοµέα. Σε αρκετέσ περιπτώσεισ, το συνταξιοδοτικÞ σύστηµα ενδεχοµένωσ να ευνοεί την παραµονή στην εργασία, λÞγω σχετικά χαµηλών συνταξιοδοτικών ωφεληµάτων. Σύµφωνα µε τη Eurostat, το ποσοστÞ απασχÞλησησ των ατÞµων άνω των 65 στην Κύπρο είναι το τρίτο µεγαλύτερο στην ΕΕ. Φθάνει το 12,9% και είναι σχεδÞν τριπλάσιο απÞ αυτÞ τησ EE, που περιορί-

ζεται στο 4,7%. Σε σχέση µε το 2000, το ποσοστÞ Þσων εργάζονται µετά τα 65 αυξήθηκε κατά 2,6 ποσοστιαίεσ µονάδεσ. Το 2010 το µεγαλύτερο ποσοστÞ σε αυτήν την ηλικιακή οµάδα έχει η Πορτογαλία (16,5%) και το δεύτερο µεγαλύτερο η Ρουµανία (13%). Σε ηλικίεσ 20-64 το ποσοστÞ των εργαζοµένων στην Κύπρου βρίσκεται πιο κοντά στα ευρωπαϊκά επίπεδα. Στην Κύπρο το σχετικÞ ποσοστÞ φθάνει το 75,4% και στην ΕΕ το 68,6%. Πάντωσ, το µερίδιο των ατÞµων ηλικίασ 55 ετών στο συνολικÞ πληθυσµÞ αυξήθηκε απÞ το 1990 µέχρι το 2010 σε Þλα τα κράτη µέλη τησ ΕΕ. Τα ψηλÞτερα ποσοστά συναντώνται στη Φινλανδία (14,7%), στην Τσεχία (14,1%) και στη Μάλτα (14,1%) και τα χαµηλÞτερα στην Ιρλανδία (10,1%), στη Λιθουανία (10,7%) και στο Λουξεµβούργο (10,8%).

ΠοσοστÞ απασχÞλησησ ατÞµων 65+

4/14

∂π¢∏™∂π™

∆∂∆∞ƒ∆∏, 25 π∞¡√À∞ƒπ√À , 2012

∏ÏÂÎÙÚÈ΋ ‰È·Û‡Ó‰ÂÛË πÛÚ·‹Ï, ∫‡ÚÔ˘, ∂ÏÏ¿‰·˜ ∂ÓÂÚÁÂȷ΋ Á¤Ê˘Ú· ÌÂٷ͇ ∂˘ÚÒ˘ Î·È ∞Û›·˜ ÊÈÏÔ‰ÔÍ› Ó· ηٷÛÙ‹ÛÂÈ ÙËÓ ∫‡ÚÔ ÙÔ ¤ÚÁÔ “EuroAsia Interconnector”, Ô˘ ÛÙԯ‡ÂÈ ÛÙË ‰È·Û‡Ó‰ÂÛË Ù˘ ∫‡ÚÔ˘ Ì ÙÔ πÛÚ·‹Ï Î·È ÙËÓ ∂ÏÏ¿‰· ̤ۈ ˘Ôı·Ï¿ÛÛÈÔ˘ ËÏÂÎÙÚÈÎÔ‡ ηψ‰›Ô˘ Î·È Î·Ù’ Â¤ÎÙ·ÛË ÛÙË Û‡Ó‰ÂÛË ÙÔ˘ ÓËÛÈÔ‡ Ì ÙÔ ·ÓÂ˘Úˆ·˚Îfi ËÏÂÎÙÚÈÎfi ‰›ÎÙ˘Ô. Το έργο έχει προϋπολογισµÞ 1,5 δισ ευρώ και δυνατÞτητα µεταφοράσ ενέργειασ συνολικήσ ισχύοσ 2.000 MW, ενώ τα συµβαλλÞµενα µέρη είναι η ∆ΕΗ-Quantum Energy απÞ την Κύπρο, η ∆ΕΗ απÞ την Ελλάδα και θεσµικοί φορείσ απÞ το Ισραήλ. Ο ΠρÞεδροσ τησ ∆ΕΗ-Quantum Energy Νάσοσ Κτωρίδησ παρουσιάζοντασ το έργο, σε ξενοδοχείο στη Λευκωσία, ανέφερε Þτι µέσω τησ “EuroAsia καλωδιακήσ σύνδεσησ του Interconnector”, η Κύπροσ θα πάψει ενεργειακά να είναι νησί και θα ενωθεί µε την Ευρώπη και την Ασία, µέσω του πρώτου αυτού εγχειρήµατοσ ενεργειακήσ σύνδεσησ µεταξύ των δύο ηπείρων. ΠρÞσθεσε ακÞµη Þτι το έργο είναι «εθνικά βαρυσήµαντο», καθώσ αναβαθµίζει τον ρÞλο τησ Κύπρου στην περιοχή. Ο χρÞνοσ αποπεράτωσησ του έργου υπολογίζεται σε 36 µήνεσ απÞ την ηµέρα έναρξησ των

™Ù· €431 ÂÎ. Ù· ¤ÛÔ‰· ÏÔÈԉȷ¯Â›ÚÈÛ˘ Οριακή αύξηση κατά 1 εκ ευρώ σηµείωσαν το πρώτο 6µηνο του 2011 τα έσοδα απÞ πλοιοδιαχειρίστριεσ εταιρείεσ στην Κύπρο, φθάνοντασ στο 4,9% του ΑΕΠ. Σύµφωνα µε τα αποτελέσµατα τησ έρευνασ Πλοιοδιαχειριστριών Εταιρειών, η οποία δÞθηκε στη δηµοσιÞτητα απÞ την Κεντρική Τράπεζα, η πλειονÞτητα των εσÞδων (57%) προέρχεται απÞ τη Γερµανία, ενώ σηµαντικά έσοδα προέρχονται απÞ την Ελβετία (11%) και απÞ τη Λετονία (7%). Τα στοιχεία αυτά αντιπροσωπεύουν τισ χώρεσ απÞ τισ οποίεσ γίνονται οι µεταφορέσ των πληρωµών στην Κύπρο. Οι περισσÞτερεσ εταιρείεσ του τοµέα έχουν έσοδα µεταξύ ενÞσ και δέκα εκατοµµυρίων ευρώ, ωστÞσο υπάρχουν λίγεσ αλλά πολύ µεγάλεσ εταιρείεσ µε έσοδα που ξεπερνούν τα 27 εκ. σε ένα εξάµηνο. Συνολικά τα έσοδα πλοιοδιαχείρισησ απÞ πλοιοκτήτριεσ εταιρείεσ που δεν εδρεύουν στην Κύπρο, για το πρώτο εξάµηνο του 2011 ανέρχονταν στα 431 εκ. ευρώ που αντιστοιχεί στο 4,9% του ΑΕΠ τησ Κύπρου. Η αύξηση που σηµειώθηκε το εξάµηνο αυτÞ άγγιξε το 1 εκ. καθώσ τα έσοδα απÞ 431 εκ. αυξήθηκαν στα 432 εκ ευρώ.

™‡ÛÙ·ÛË Û˘Ó‰¤ÛÌÔ˘ ηٷÈÛÙ‡̷ÙÔ˜ Με την συλλογική προσπάθεια και πρωτοβουλία επαγγελµατιών που δραστηριοποιούνται στον τοµέα παροχήσ υπηρεσιών καταπιστεύµατοσ, διοίκηση και διαχείριση εταιρειών διεθνών δραστηριοτήτων, κατά την 03ην Νοεµβρίου 2011 επετεύχθη η σύσταση του CYPRUS FIDUCIARY ASSOCIATION (CFA). Οι κύριοι στÞχοι του Συνδέσµου είναι: - η ρύθµιση του τοµέα των επαγγελµατικών δραστηριοτήτων καταπιστευµατοδÞχων και επιχειρήσεων παροχήσ συµβουλευτικών υπηρεσιών στα πλαίσια διοίκησησ ιδιωτικών εταιρειών; - η ανάπτυξη και συντονισµÞσ των κοινών συµφερÞντων των µελών σε σχέση µε Þλουσ τουσ αρµÞδιουσ ρυθµιστικούσ φορείσ - η ανάπτυξη και συντονισµÞσ των κοινών συµφερÞντων των µελών σε σχέση µε άλλουσ βοηθητικούσ παροχείσ, µε σκοπÞ τη δηµιουργία ενÞσ συµφωνηµένου και ενιαίου πρωτÞκολλου σε σχέση µε τη συµµÞρφωση προσ τισ ρυθµιστικέσ αρχέσ; - η ενίσχυση τησ ανάπτυξησ τησ Κύπρου ωσ ∆ιεθνέσ ΕπιχειρηµατικÞ Κέντρο για την παροχή εταιρικών υπηρεσιών και υπηρεσιών καταπιστεύµατοσ. O Σύνδεσµοσ ανακοινώνει Þτι η διαδικασία εγγραφήσ µελών άρχισε. Πληροφορίεσ στο www.cfa.org.cy

εργασιών, οι οποίεσ θα γίνονται παράλληλα και στα τρία τµήµατα τησ σύνδεσησ µεταξύ ΙσραήλΚύπρου-Κρήτησ και ΚρήτησΚύπρου, Πελοποννήσου. Σύµφωνα µε τον κ. Κτωρίδη, κατά το 2012 αναµένεται να ολοκληρωθούν οι µελέτεσ του έργου και να παρουσιαστεί στισ κυβερνήσεισ Ελλάδασ, Κύπρου και Ισραήλ.

∞fi‰ÔÛË 17,5 ‰È˜ ¢ÚÒ Η αναµενÞµενη απÞδοση του έργου ανέρχεται σε 17,5 δισ ευρώ κατά τη διάρκεια ζωήσ του καλωδίου, ενώ ο υπολογισµÞσ των εισοδηµάτων είναι τρεισ φορέσ πιο συντηρητικÞσ σε σχέση µε άλλα αντίστοιχα παράδειγµα στη βÞρεια Ευρώπη. Η απÞσβεση του έργου, σύµφωνα µε τον ΠρÞεδρο τησ ∆ΕΗ-Quantum Energy θα γίνει σε 1500 µέρεσ απÞ την ηµέρα λειτουργίασ του, ενώ τη χρηµατοδÞτηση του έργου θα την αναλάβει η ∆ΕΗ-Quantum Energy. Το έργο αφορά την κατασκευή του µεγαλύτερου ηλεκτρικού καλωδίου που έχει κατασκευαστεί ποτέ. Το µήκοσ του καλωδίου µεταξύ

ŒÚÁÔ ‡„Ô˘˜ €1.5 ‰È˜ ·fi ¢∂∏-Quantum Κύπρου και Ισραήλ θα είναι 155 ναυτικά µίλια, µεταξύ Κύπρου και Κρήτησ 320 ναυτικά µίλια και µεταξύ Κρήτησ και Πελοποννήσου 65 ναυτικά µίλια. Το µέγιστο βάθοσ πÞντισησ του καλωδίου είναι τα 2.000 µέτρα, ενώ το καλώδιο, βάρουσ 60 κιλών ανά µέτρο, θα θαφτεί σε βάθοσ ενÞσ µέτρου κάτω απÞ τον πυθµένα τησ θάλασσασ. «Είναι το πλέον µεγαλεπήβολο έργο που έγινε µέχρι στιγµήσ στον κÞσµο, τÞσο σε Þ,τι αφορά το µήκοσ του καλωδίου, Þσο και το βάθοσ που αυτÞ θα ποντιστεί», είπε ο κ. Κτωρίδησ. ΑναφερÞµενοσ στα ενεργειακά δεδοµένα των χωρών τησ περιοχήσ, ο κ. Κτωρίδησ είπε Þτι η Κύπροσ στηρίζεται αποκλειστικά στην ηλεκτρική ενέργεια που παράγει η ίδια, απÞ φυσικού πÞρουσ που εισάγει. ΠρÞσθεσε Þτι η µέγιστη ισχύσ των 1200 MW καλύπτει οριακά τισ ανάγκεσ του νησιού, ενώ συµπλήρωσε Þτι η πιθανÞτητα εξαγωγήσ ηλεκτρικήσ ενέργειασ

είναι αποµακρυσµένη. Εξάλλου, αναφερÞµενοσ στην Ελλάδα, είπε Þτι η χώρα είναι ελλειµµατική σε ενέργεια κατά 1000 MW το χρÞνο και αναγκάζεται να εισάγει επιπρÞσθετη ηλεκτρική ενέργεια. Για το Ισραήλ, ο κ. Κτωρίδησ είπε Þτι µέχρι τώρα αναγκάζεται να εισάγει την πρώτη ύλη για τισ ενεργειακέσ του ανάγκεσ, συµπλήρωσε Þµωσ Þτι αναµένεται να αξιοποιήσει τα κοιτάσµατα φυσικού αερίου πολύ πιο σύντοµα απÞ την Κύπρο και ωσ εκ τούτου θα χρειαστεί αποτελεσµατικούσ και παραγωγικούσ τρÞπουσ εξαγωγήσ τησ πλεονάζουσασ ενέργειασ.

∂ÓÂÚÁÂȷ΋ ·ÛÊ¿ÏÂÈ· Ù˘ ∫‡ÚÔ˘ Παρών κατά την παρουσίαση ήταν επίσησ το µέλοσ του ∆Σ τησ ∆ΕΗ-Quantum Energy Γιώργοσ Κίλλασ, ο οποίοσ ανέφερε Þτι το έργο θα ενισχύσει την ενεργειακή ασφάλεια τησ Κύπρου. Απαντώντασ σε ερωτήσεισ µετά το πέρασ τησ παρουσίασησ, ο κ. Κτωρίδησ είπε Þτι η µεταφορά ενέργειασ µέσω του καλωδίου αναµένεται να ξεκινήσει απÞ το Ισραήλ, το οποίο επιδιώκει την εξαγωγή ενέργειασ που θα παράγει απÞ το φυσικÞ αέριο.

∂ÁÁ˘Ô‰ÔÙÈÎfi ™¯¤‰ÈÔ ¢·ÓÂÈÛÌÔ‡ ÛÙȘ ªÈÎÚ¤˜ ∂ȯÂÈÚ‹ÛÂȘ - E›Ó·È ·Ó¿ÎÂÈ·; ¢Ú ¶·Ó›ÎÎÔ˜ ¶Ô˘Ù˙ÈÔ˘Ú‹˜ Ùλοι συµφωνούν και εξάρουν το ρÞλο των µικρο- επιχειρήσεων στην κοινωνική και οικονοµική ανάπτυξη τησ Κύπρου. Σήµερα , κυρίωσ, οι πολύµικροί και µικροί επιχειρηµατίεσ, οι οποίοι δεινοπαθούν µέσα σε αυτή τη παρατεταµένη οικονοµική κρίση, φωνασκούν για την έλλειψη ρευστÞτητασ και προβληµατική πρÞσβαση στον τραπεζικÞ δανεισµÞ. Ναι, έχουν δίκαιο για τη δυσφορία, αλλά πολλάκισ έχουν και αυτοί τισ δικέσ τουσ αµαρτίεσ, για το Þτι η χρηµατοδÞτηση τουσ είναι Þντωσ προβληµατική και ελλιπήσ. Η χρηµατοδÞτηση των µικρών επιχειρήσεων είναι υψίστησ σηµασίασ για τη τÞνωση τησ οικονοµίασ µέσω τησ σύστασησ νέων και καινοτοµικών επιχειρήσεων αλλά και τησ επιβίωσησ και ανάπτυξησ των υφιστάµενων µονάδων. Περιληπτικά οι κύριοι πυλώνεσ για ενίσχυση τησ χρηµατοδÞτησησ τησ µικρÞ-επιχειρηµατικήσ οικονοµίασ µε βάση το βρετανικÞ µοντέλο, είναι οι εξήσ: Α. ΣτοχευÞµενη Παροχή δανεισµού: Η τυχÞν ενίσχυση τησ κεφαλαιουχικήσ βάσησ του τραπεζικού συστήµατοσ απÞ την κυβέρνηση (αντλώντασ κεφάλαια απÞ Ευρωπαϊκά Ταµεία) να γίνει µε κάποιουσ Þρουσ που να εξασφαλίζουν τη στοχευÞµενη παροχή δανεισµού προσ τισ µικρέσ επιχειρήσεισ, που δραστηριοποιούνται σε ζωτικούσ και παραγωγικούσ τοµείσ µε προοπτικέσ και δια-σύνδεση µε την τοπική και περιφερειακή ανάπτυξη, και Þχι σε καταναλωτικά δάνεια. Β. Φορολογική Μεταρρύθµιση: Η κυβέρνηση να προχωρήσει στην αναθεώρηση του φορολογικού καθεστώτοσ και κάποιων µέτρων που δεν είναι συµβατά µε τη βέλτιστη επιχειρηµατική δράση. Θα πρέπει να διορθωθούν στρεβλώσεισ, Þπωσ η φορολÞγηση κερδών µέσα στο πλαίσιο τησ λογιζÞµενησ πολιτικήσ µερίσµατοσ. Θα πρέπει να γίνει αποτρεπτική η άντληση κεφαλαίουσε µορφή βραχυπρÞθεσµου δανεισµού- απÞ τουσ ιδιοκτήτεσ-διευθυντέσ. Και τα δυο φαινÞµενα αποτελούν αιµορραγία στη κεφαλαιουχική βάση των εταιρειών και δυσχεραίνουν τη θέση τουσ απέναντι στισ τράπεζεσ και άλλουσ δανειστέσ. Εν σχέση µε το δυσανάλογο βάροσ που κανονισµοί και γραφειοκρατία φορτώνουν

στουσ µικρούσ επιχειρηµατίεσ, το κράτοσ εµπράκτωσ µπορεί να το αντισταθµίσει δίνοντασ περισσÞτερο χρÞνο για επιστροφή του ΦΠΑ. Γ. Κεφάλαια Ρίσκου: Το κράτοσ θα πρέπει να ετοιµάσει νοµικÞ πλαίσιο και φορολογικά κίνητρα που να προάγουν επενδύσεισ σε επιχειρηµατικέσ µονάδεσ (equity capital) ή σε Ταµεία –Επιχειρηµατικών κεφαλαίων –Venture Capital Trusts. ∆. Η σύσταση ενÞσ Εγγυοδοτικού Σχεδίου που να δίνει εξασφαλίσεισ για την οµαλή χρηµατοδÞτηση επιχειρήσεων. Περιληπτικά θα αναπτύξω τουσ κύριουσ στÞχουσ και µηχανισµούσ του Βρετανικού σχεδίου µε σκοπÞ την ενηµέρωση των ενδιαφερÞµενων που προσβλέπουν στην υλοποίηση του Κυπριακού Σχεδίου . Το Σχέδιο Εγγυοδοτήσεων για Μικρέσ Επιχειρήσεισ είναι µια συνεργασία κυβέρνησησ και τραπεζικού συστήµατοσ και παρέχει εγγυήσεισ για δάνεια προσ µικρέσ εταιρείεσ µε βιώσιµεσ επιχειρηµατικέσ προτάσεισ.

- Εγγυήσεισ - για το 75% του δανείου – παρέχονται σε επιχειρήσεισ που δεν µπορούν να λάβουν συµβατική χρηµατοδÞτηση, λÞγω τησ έλλειψησ εξασφαλίσεων .

- Το µέγεθοσ του δανείου µε βάση το παράδειγµα τησ Αγγλίασ, µπορεί αν είναι απÞ 5.000 µέχρι 250.000 στερλίνεσ για τισ επιχειρήσεισ που είναι καθιερωµένεσ και µέχρι 100.000 στερλίνεσ για Þλεσ τισ πιο νέεσ επιχειρήσεισ - Ο δανεισµÞσ είναι µεσοπρÞθεσµοσ, 2-10 ετών - Το σχέδιο επιτρέπει, τµηµατικέσ καταβολέσ και διακοπέσ στην αποπληρωµή (staged payments and capital repayment holidays ) - Η επιχείρηση πληρώνει στο Σχέδιο για αυτή τη πριµοδÞτηση, 2 % ετησίωσ για το οφειλÞµενο ποσÞ του δανείου. Τo Σχέδιο στοχεύει στο να βοηθήσει νέεσ και υφιστάµενεσ επιχειρηµατικέσ µονάδεσ διαφÞρων νοµικών µορφών, Þπωσ ελεύθεροι επαγγελµατίεσ, συνεταιρισµοί και εταιρείεσ περιορισµένησ ευθύνησ. Πολλέσ επιχειρηµατικέσ δραστηριÞτητεσ είναι επιλέξιµεσ, αλλά υπάρχουν αυστηρά κριτήρια που οδηγούν σε αποκλεισµούσ. Σχετικά µε το µέγεθοσ τησ αιτήτριασ µονάδασ υπάρχει το ανώτατο Þριο των 200 εργαζοµένων. Ùσο αφορά τον κύκλο εργασιών δεν πρέπει να υπερβαίνει το 3 εκ. στερλίνεσ ετησίωσ για Þλουσ του επιλέξιµουσ τοµείσ (5 εκ. στερλίνεσ ετησίωσ για παραγωγι-

κούσ τοµείσ). Είναι αξιοσηµείωτο Þτι τελευταία, το σχέδιο έχει µετονοµαστεί σε Enterprise Finance Guarantee και έχει αλλάξει κάπωσ τουσ στÞχουσ. Συγκεκριµένα, το νέο καθεστώσ παρέχει εγγυήσεισ σε τραπεζικά δάνεια , ύψουσ 1.000 µέχρι 1 εκ στερλίνεσ, 3 µηνών έωσ 10ετούσ διάρκειασ, σε επιχειρήσεισ µε κύκλο εργασιών µέχρι και 25 εκ. στερλίνεσ που επί του παρÞντοσ δεν έχουν εύκολη πρÞσβαση σε χρηµατοδοτικά µέσα. Το δάνειο θα πρέπει να χρησιµοποιηθεί για την ανάπτυξη τησ επιχείρησησ και βελτίωση τησ αποδοτικÞτητασ τησ.Το δάνειο δεν θα πρέπει να χρησιµοποιηθεί για την αναχρηµατοδÞτηση, ή για να υποστηρίξει µια αδελφική εταιρία ή για ανασυγκρÞτηση του ιδιοκτησιακού καθεστώτοσ κλπ. Οι επιχειρήσεισ υποβάλλουν αίτηση απευθείασ σε εγκεκριµένα πιστοληπτικά ιδρύµατα και τράπεζεσ. Τα δάνεια παρέχονται απÞ τουσ δανειστέσ που κάνουν Þλεσ τισ εµπορικέσ αποφάσεισ για δανεισµÞ. Η συµφωνία δανείου είναι σύµβαση µεταξύ του δανειστή και του οφειλέτη και αυτοί συµφωνούν µε τουσ Þρουσ του δανείου που καταγράφει τισ προϋποθέσεισ, το ύψοσ του επιτοκίου και τα συναφή έξοδα διαχείρισησ του δανεισµού. Κλείνοντασ θα πρέπει να επισηµάνω το κύριο µήνυµα αυτήσ τησ περίληψησ . Οι επιλέξιµεσ επιχειρήσεισ που θα προσβλέπουν σε ενίσχυση απÞ ένα ΕγγυοδοτικÞ Σχέδιο, θα πρέπει να έχουν διαχρονικά τα εντÞσ των οίκων τουσ σε τάξη: σωστέσ κεφαλαιουχικέσ δοµέσ και βέλτιστη χρηµατοοικονοµική διαχείριση . Ùποιοι και αν είναι οι στÞχοι και οι µηχανισµοί του Κυπριακού Εγγυοδοτικού Σχεδίου , οι πρωταγωνιστέσ - δανειστέσ θα πρέπει να πειστούν, Þτι οι επιχειρήσεισ που θα χρηµατοδοτήσουν είναι ανταγωνιστικέσ, βιώσιµεσ, µε ισοζυγισµένεσ κεφαλαιουχικέσ βάσεισ και µε καλέσ προοπτικέσ για ανάπτυξη . Τέλοσ, για να λειτουργήσει το ΕγγυοδοτικÞ Σχέδιο προσ Þφελοσ τησ Κυπριακήσ επιχειρηµατικÞτητασ, θα πρέπει να αντικρύσουµε τισ πολυδιάστατεσ πτυχέσ τησ χρηµατοδÞτησησ που µεταλλάσσονται σε κάθε στάδιο ανάπτυξησ των επιχειρήσεων. ∆Ô˘ ¢Ú· ¶·Ó›ÎÎÔ˘ ¶Ô˘Ù˙ÈÔ˘Ú‹ ∞Ó·ÏËÚˆÙ‹ ∫·ıËÁËÙ‹ ∂ȯÂÈÚËÌ·ÙÈÎfiÙËÙ·˜, CIIM Business School, ∂ȉÈÎÔ‡ ™˘ÓÂÚÁ¿ÙË ÛÙÔ Manchester Business School

∂π¢∏™∂π™

∆∂∆∞ƒ∆∏, 25 π∞¡√À∞ƒπ√À, 2012

Συµπλήρωσε Þµωσ Þτι και η Κύπροσ θα µπορέσει να χρησιµοποιήσει το καλώδιο για εξαγωγή ενέργειασ προσ την Ευρώπη, Þταν θα έχει τη δυνατÞτητα αυτή. Είπε ακÞµη Þτι µε βάσει τισ διεθνείσ τιµέσ, η Κύπροσ θα µπορεί να εισάγει φθηνÞτερη ενέργεια, αν και ανέφερε αργÞτερα Þτι η σύγκριση θα πρέπει να γίνει µε την µελλοντική τιµή τησ παραγÞµενησ απÞ το κυπριακÞ φυσικÞ αέριο ενέργειασ.

∫·Ó¤Ó·˜ ·ÓÙ·ÁˆÓÈÛÌfi˜ Ì ∞∏∫ Εξάλλου, ανέφερε Þτι για να πετύχει το

εγχείρηµα του “EuroAsia Interconnector”, θα πρέπει να τύχει τησ στήριξησ Þλων των φορέων, ενώ πρÞσθεσε Þτι δεν θα πρέπει να εκληφθεί Þτι λειτουργεί ανταγωνιστικά στην ΑΗΚ, άλλα Þτι συµπληρώνει τισ υφιστάµενεσ δοµέσ. Σε άλλη ερώτηση, ο κ. Κτωρίδησ ανέφερε Þτι το έργο δεν ανατρέπει τουσ σχεδιασµούσ για δηµιουργία τερµατικού υγροποίησησ φυσικού αερίου στην Κύπρο µε στÞχο την εξαγωγή του, καθώσ το καλώδιο στοχεύει στη µεταφορά τησ παραγÞµενησ ενέργειασ απÞ την πρώτη ύλη. Είπε επίσησ Þτι πιθανÞσ αγοραστήσ τησ ενέργειασ που θα µεταφέρεται απÞ το καλώδιο είναι Þλη η Ευρώπη, καθώσ η ενεργειακή ζήτηση είναι αυξηµένη.

«¶Ú¿ÛÈÓ· ¢¿ÓÂÈ·» ·fi ÙËÓ ∆Ú. ∫‡ÚÔ˘ Tισ βασικέσ περιβαλλοντικέσ δράσεισ τησ για το 2012, παρουσίασε σε δηµοσιογραφική διάσκεψη η Τράπεζα Κύπρου. Ο ΓενικÞσ ∆ιευθυντήσ Λιανικήσ Τραπεζικήσ Κύπρου, κ. Χάρησ Πουαγκαρέ, µεταξύ άλλων, έδωσε ιδιαίτερη έµφαση στην παρουσίαση των ‘Πράσινων ∆ανείων’, τριών σύγχρονων προγραµµάτων χρηµατοδÞτησησ που περιλαµβάνουν δάνειο για στεγαστικÞ, για αγορά οικολογικού αυτοκινήτου και για αγορά φωτοβολταϊκών συστηµάτων. Παράλληλα, ανακοίνωσε Þτι η Τράπεζα και φέτοσ θα συνδράµει ωσ αρωγÞσ στην πρÞληψη και κατάσβεση των πυρκαγιών, µε δωρεά αξίασ 100.000 ευρώ για την αγορά 5 επιπλέον πυροσβεστικών οχηµάτων, η παράδοση των οποίων θα γίνει αρχέσ Φεβρουαρίου. ΠρÞσθεσε επίσησ, Þτι το 2ο τρίµηνο του χρÞνου θα πραγµατοποιηθεί ο καθαρισµÞσ των ιστορικών κέντρων των πÞλεων Λάρνακασ και Πάφου, µια ενέργεια που άρχισε το 2011 µε τουσ ∆ήµουσ Λευκωσίασ και Λεµεσού. Επίσησ, τÞνισε Þτι η Ετήσια Έκθεση του Συγκροτήµατοσ τησ Τράπεζασ κυκλοφορεί απÞ πέρσι αποκλειστικά σε ηλεκτρονική µορφή, µια πρωτοβουλία που ενδεχοµένωσ να εφαρµοστεί και στο επερχÞµενο µέλλον, συντελώντασ στην εξοικονÞµηση χαρτιού και ενέργειασ. Τέλοσ, δεν παρέλειψε να αναφερθεί στη δηµιουργία ενÞσ microsite www.bankofcyprus.com.cy/environment που περιέχει αναλυτικά κάθε περιβαλλοντική ενέργεια τησ Τράπεζασ Κύπρου, µε στÞχο την καλύτερη ενηµέρωση του κοινού.

°È· ÛÙÂÁ·ÛÙÈÎfi, ·˘ÙÔΛÓËÙÔ Î·È ÊˆÙÔ‚ÔÏÙ·˚ο

ºˆÙÔ‚ÔÏÙ·˚Îfi ¿ÚÎÔ ÛÙËÓ ¶·ÓÂÈÛÙËÌÈÔ‡ÔÏË Με στÞχο την άµεση έναρξη των εργασιών για τη δηµιουργία φωτοβολταϊκού πάρκου δυναµικÞτητασ 10 MW στην Πανεπιστηµιούπολη, ο Πρύτανησ του Πανεπιστηµίου Κύπρου Καθηγητήσ Κωνσταντίνοσ Χριστοφίδησ συγκάλεσε ευρεία σύσκεψη στην οποία παρουσίασε τη δυναµική του πάρκου και σηµείωσε Þτι «η ετήσια εξοικονÞµηση ρύπων ανέρχεται σε 12.700 τÞνουσ διοξειδίου του άνθρακα, που αντιστοιχεί σε ετήσια εξοικονÞµηση ρύπων: κατανάλωσησ 29.000 βαρελιών αργού πετρελαίου, κατανάλωσησ ηλεκτρισµού σε 1.580 κατοικίεσ, λειτουργία 2.500 ιδιωτικών οχηµάτων, άνθρακα που απορροφούν 325.000 δενδρύλλια ηλικίασ δέκα ετών και άνθρακα που απορροφούν

2.700 στρέµµατα πευκοδάσουσ». Ο ΑντιπρÞεδροσ του Ιδρύµατοσ “Αθανάσιοσ Κτωρίδησ” Γιώργοσ Κίλλασ επαναβεβαίωσε Þτι το Ίδρυµα «πέρα τησ χρηµατοδÞτησησ του έργου θα στηρίξει το Þλο εγχείρηµα µε τεχνογνωσία και κάλεσε τουσ αρµÞδιουσ φορείσ να αγκαλιάσουν το έργο έτσι ώστε να υλοποιηθεί το συντοµÞτερο». Σηµειώνεται Þτι το Ίδρυµα αναλαµβάνει τη χρηµατοδÞτηση του πάρκου στο πλαίσιο τησ πρωτοβουλίασ Ενεργά για την Ενέργεια.

H χρηµατοδÞτηση αφορά το ποσÞ των 14.000.000 ευρώ το οποίο θα καταβάλει το Ίδρυµα για την εγκαθίδρυση του πάρκου και σηµαντικÞ µέροσ του οποίου θα δοθεί ωσ δωρεά.

15

/5

6/16

∆∂∆∞ƒ∆∏, 25 π∞¡√À∞ƒπ√À, 2012

¢π∂£¡∏

¢¡∆: “∫fi‚ÂÈ” ÙȘ ÂÎÙÈÌ‹ÛÂȘ ÁÈ· ÙÔÓ ·ÁÎfiÛÌÈÔ Ú˘ıÌfi ·Ó¿Ù˘Í˘ Στην υποβάθµιση των εκτιµήσεων του για το ρυθµÞ ανάπτυξησ τησ παγκÞσµιασ οικονοµίασ το 2012 και το 2013 προχώρησε το ∆ιεθνέσ ΝοµισµατικÞ Ταµείο επικαλούµενο την επιδείνωση τησ κρίσησ χρέουσ στην Ευρωζώνη. ΕιδικÞτερα, στο αναθεωρηµένο World Economic Outlook το ∆ΝΤ προβλέπει ρυθµÞ ανάπτυξησ σε παγκÞσµιο επίπεδο 3,3% το 2012 έναντι 4% που προέβλεπε προηγουµένωσ και 3,8% που καταγράφηκε το 2011. Για το 2013 το ∆ΝΤ προβλέπει ρυθµÞ ανάπτυξησ 3,9% έναντι 4,5% προηγουµένωσ. «Οι παγκÞσµιεσ προοπτικέσ για ανάπτυξη υποχώρησαν και οι κίνδυνοι αυξήθηκαν σηµαντικά κατά τη διάρκεια του τέταρτου τριµήνου του 2011 καθώσ η κρίση τησ Ευρωζώνησ εισήλθε σε “επικίνδυνη νέα φάση”, αναφέρει το ∆ΝΤ. Ειδικά για την Ευρωζώνη το ∆ΝΤ αναφέρει πωσ η άνοδοσ των αποδÞσεων στα κρατικά οµÞλογα και η αποµÞχλευση των τραπεζών θα την οδηγήσουν σε ήπια ύφεση το 2012. Συγκεκριµένα, το ∆ΝΤ προβλέπει για φέτοσ ύφεση 0,5% και για το 2013 ανάπτυξη 0,8%, ενώ

στισ προηγούµενεσ εκτιµήσεισ έκανε λÞγο για ανάπτυξη 2,1% και 1,5% αντίστοιχα. Για τισ ΗΠΑ το ∆ΝΤ διατήρησε την εκτίµησή του για το 2012 στο 1,8% αλλά για το 2013 τη µείωσε στο 2,2% απÞ 2,5%. Για την Ιαπωνία η εκτίµηση για το 2012 µειώθηκε στο 1,7% απÞ 2,3% και για το 2013 στο 1,6% απÞ 2%. Σε ανάλογη κίνηση προχώρησε και για τισ αναδυÞµενεσ οικονοµίεσ για τισ οποίεσ προβλέπει ανάπτυξη 5,4% το 2012 έναντι 6,1% προηγουµένωσ και 5,9% το 2013 έναντι 6,5%. Για την Κίνα το ταµείο προβλέπει επιβράδυνση τησ ανάπτυξησ απÞ το 9,2% το 2011 στο 8,2% το 2012 και επιτάχυνση το 2013 στο 8,8%. Οι προηγούµενεσ εκτιµήσεισ του ∆ΝΤ τοποθετούσαν το ρυθµÞ ανάπτυξησ φέτοσ στο 9% και το 2013 στο 9,5%.

∞Ó·¯·›ÙÈÛË Ù˘ ÎÚ›Û˘ ¯Ú¤Ô˘˜ Για τον κίνδυνο η Ευρωζώνη να διολισθήσει σε βαθιά ύφεση εάν δεν ληφθούν µέτρα για την

∂ȉÈο ÁÈ· ÙËÓ ∂˘Úˆ˙ÒÓË ÙÔ ¢¡∆ ·Ó·Ê¤ÚÂÈ ˆ˜ Ë ¿ÓÔ‰Ô˜ ÙˆÓ ·Ô‰fiÛÂˆÓ ÛÙ· ÎÚ·ÙÈο ÔÌfiÏÔÁ· Î·È Ë ·ÔÌfi¯Ï¢ÛË ÙˆÓ ÙÚ·Â˙ÒÓ ı· ÙËÓ Ô‰ËÁ‹ÛÔ˘Ó Û ‹È· ‡ÊÂÛË ÙÔ 2012. ανάσχεση τησ κρίσησ χρέουσ προειδοποίησε επίσησ το ∆ιεθνέσ ΝοµισµατικÞ Ταµείο στην αναθεωρηµένη έκθεση του για τισ προοπτικέσ τησ παγκÞσµιασ οικονοµίασ. “Ο πιο άµεσοσ κίνδυνοσ είναι να κλιµακω-

∏ ‡ÊÂÛË ÛÙËÓ ∂˘Úˆ˙ÒÓË ¤¯ÂÈ ÍÂÎÈÓ‹ÛÂÈ Πληθαίνουν τα στοιχεία που οδηγούν στο συµπέρασµα πωσ η οικονοµία τησ Ευρωζώνησ θα περιέλθει σε ύφεση στισ αρχέσ του έτουσ, παρά τη µικρή βελτίωση του κλίµατοσ κατανάλωσησ το ∆εκέµβριο, η οποία αποδίδεται στη µείωση του πληθωρισµού τον ίδιο µήνα. Σύµφωνα µε την ΚοµισιÞν, ο βασικÞσ δείκτησ καταναλωτικήσ εµπιστοσύνησ ενισχύθηκε το ∆εκέµβριο στισ -20,6 µονάδεσ απÞ -21,3 µονάδεσ το ∆εκέµβριο. Στη µηνιαία έκθεσή τησ, η Bundesbank προβλέπει µηδενικούσ ρυθµούσ ανάπτυξησ στη Γερµανία το α’ τρίµηνο του 2012, ύστερα απÞ µικρή συρρίκνωση, τησ τάξεωσ του 0,25% το αµέσωσ προηγούµενο τρίµηνο.

Η κεντρική τράπεζα τησ Γερµανίασ προβλέπει αύξηση του γερµανικού ΑΕΠ κατά 0,6% φέτοσ, ελαφρά λιγÞτερο απÞ το 0,7% που είναι η επίσηµη εκτίµηση του Βερολίνου. Στη Γαλλία, το επιχειρηµατικÞ κλίµα επιδεινώθηκε τον Ιανουάριο, καθώσ η αβεβαιÞτητα για την κατάσταση τησ Ευρωζώνησ και τησ παγκÞσµιασ οικονοµίασ, Þπωσ επίσησ και για τισ επερχÞµενεσ εκλογέσ στη χώρα, ενισχύει την άποψη πωσ η οικονοµία ξεκίνησε το έτοσ σε ύφεση. Η βουτιά του κλίµατοσ επιχειρηµατικήσ εµπιστοσύνησ στισ 91 µονάδεσ τον Ιανουάριο απÞ 94 µονάδεσ το ∆εκέµβριο -στο χαµηλÞτερο επίπεδο απÞ το

Φεβρουάριο του 2010- ήρθε να προστεθεί στα αρνητικά στοιχεία για τη Γαλλία, µÞλισ ένα τρίµηνο πριν απÞ τισ προεδρικέσ εκλογέσ. Στην Ισπανία η κεντρική τράπεζα αναγνωρίζει επισήµωσ πωσ η οικονοµία άρχισε να συρρικνώνεται το τελευταίο τρίµηνο του 2011 και δεν πρÞκειται να αναπτυχθεί πριν απÞ τισ αρχέσ του 2013, καθώσ τα αυστηρά µέτρα λιτÞτητασ που έχουν επιβληθεί χάριν του δηµοσιονοµικού στÞχου ανακÞπτουν την ανάπτυξη. Εκτιµά δε πωσ το ισπανικÞ ΑΕΠ θα συρρικνωθεί κατά 1,5% το 2012, µε κίνδυνο η λήψη περαιτέρω µέτρων λιτÞτητασ να διατηρήσει την ανεργία πάνω απÞ 23% την επÞµενη διετία.

PwC: ∏ ·ÁÎfiÛÌÈ· ·Ó¿Ù˘ÍË Î·È ÔÈ “·Î¿ı·ÚÙÔÈ” G20 “Η οµάδα των G20 τροφοδοτεί µια «ακάθαρτη» παγκÞσµια ανάκαµψη καθώσ ο ρυθµÞσ αύξησησ των εκποµπών διοξειδίου του άνθρακα είναι µεγαλύτεροσ απÞ το ρυθµÞ τησ οικονοµικήσ ανάπτυξησ” αναφέρει η PwC. Οι παγκÞσµιεσ εκποµπέσ διοξειδίου του άνθρακα στην οµάδα των G20 αυξάνονται πιο γρήγορα απÞ την οικονοµική ανάπτυξη, αντιστρέφοντασ έτσι µια αργή, αλλά σταδιακή µείωση τησ έντασησ των εκποµπών που παρατηρείται απÞ το 2000. Τα πορίσµατα µιασ νέασ ανάλυσησ του ∆είκτη Οικονοµίασ Χαµηλών Εκποµπών ∆ιοξειδίου του Άνθρακα τησ PwC καταδεικνύουν Þτι για πρώτη φορά µετά το 2000, δεν έχει σηµειωθεί καµία βελτίωση στη µείωση τησ έντασησ άνθρακα (η οποία αντικατοπτρίζει το µείγµα καυσίµων, την ενεργειακή αποδοτικÞτητα και την ισορροπία ανάµεσα στη βιοµηχανία και τισ υπηρεσίεσ) στην οµάδα των G20, παρά τη µετριοπαθή οικονοµική

ανάπτυξη παγκοσµίωσ. Τα αποτελέσµατα αµφισβητούν κατά πÞσο η παγκÞσµια απεξάρτηση απÞ τη χρήση άνθρακα είναι πλέον εφικτή ώστε να επέλθει αρκετά γρήγορα και να περιοριστεί η υπερθέρµανση του πλανήτη στουσ δύο βαθµούσ Κελσίου. ΕνÞψει και τησ κλιµατικήσ διάσκεψησ των Ηνωµένων Εθνών στο Ντέρµπαν, η έκθεση τονίζει επίσησ τισ δυσκολίεσ χρηµατοδÞτησησ µιασ χαµηλήσ σε άνθρακα οικονοµίασ που δεν έχουν ακÞµη επιλυθεί. Κατά τη διάρκεια τησ ύφεσησ, σε πολλέσ χώρεσ οι εκποµπέσ διοξειδίου του άνθρακα µειώθηκαν πιο γρήγορα απÞ το ΑΕΠ, ωσ αποτέλεσµα τησ µειωµένησ βιοµηχανικήσ παραγωγήσ. ΩστÞσο, η τάση αυτή αντιστράφηκε το 2010, Þταν η παγκÞσµια ανάπτυξη ΑΕΠ ανήλθε στο 5,1% ενώ η αύξηση των εκποµπών ήταν ψηλÞτερη του 5,8%. Για πρώτη φορά εδώ και πολλά χρÞνια σηµειώθηκε αύξηση και στην ένταση άνθρακα κατά 0,6%.

À„ËÏfi ÙÚÈÒÓ Â‚‰ÔÌ¿‰ˆÓ ÁÈ· ÙÔ Â˘ÚÒ ∫˘ÚÈ¿ÎÔ˜ √ÚÂÈÓfi˜ ¢È‡ı˘ÓÛË ¢È·¯ÂÈÚ›Ûˆ˜ ¢È·ıÂۛ̈Ó, Alpha Bank Cyprus Ltd Άνοδο παρουσιάζει την τελευταία εβδοµάδα το ευρωπαϊκÞ νÞµισµα έναντι του δολαρίου ΗΠΑ καθώσ το µεσηµέρι τησ Τρίτησ τυγχάνει διαπραγµάτευσησ περί τα 1,3000 σε σχέση µε 1,2750 που βρισκÞταν την περασµένη Τετάρτη. Η αισιοδοξία σχετικά µε τισ διαπραγµατεύσεισ τησ ελληνικήσ κυβέρνησησ µε τουσ ιδιώτεσ πιστωτέσ τησ επηρεάζει θετικά το επενδυτικÞ κλίµα. ΩστÞσο στη σύσκεψη τησ ∆ευτέρασ οι Υπουργοί Οικονοµικών τησ Ευρωζώνησ δεν κατέληξαν σε αποφάσεισ σχετικά µε το θέµα τησ συµµετοχήσ του ιδιωτικού τοµέα στο δεύτερο πρÞγραµµα χρηµατοδÞτησησ τησ Ελλάδοσ. Ο πρωθυπουργÞσ του Λουξεµβούργου δήλωσε Þτι τα νέα κρατικά οµÞλογα λήξεωσ

30 ετών θα πρέπει να έχουν κουπÞνι χαµηλÞτερο του 4%. Σύµφωνα µε στέλεχοσ του Υπουργείου Οικονοµικών τησ Ελλάδοσ θα πρέπει να έχει επιτευχθεί συµφωνία για το PSI έωσ τισ 13 Φεβρουαρίου. Η εξέλιξη των συζητήσεων τησ ελληνικήσ κυβέρνησησ µε τουσ ιδιώτεσ πιστωτέσ τησ αναµένεται να συνεχίσει να αποτελεί βασικÞ προσδιοριστικÞ παράγοντα του ευρώ. Σε µια άλλη εξέλιξη θετικÞ αντίκτυπο έχει στο επενδυτικÞ κλίµα η διαφαινÞµενη πρÞταση για αύξηση των διαθέσιµων χρηµατοδοτικών πÞρων του ∆ΝΤ. Το ∆ΝΤ διευκρίνισε Þτι θα προτείνει την αύξηση των χρηµατοδοτικών του πÞρων κατά $500 δισ, µε τα $200 δισ να προέρχονται απÞ Ευρωπαϊκά κράτη. Το θέµα αναµένεται να συζητηθεί στη Σύνοδο των κρατών του G20 το Φεβρουάριο. Θετικά επιδρούν στο ευρώ οι ρευστοποιήσεισ βραχυπρÞθεσµων τοπο-

θετήσεων short στην ισοτιµία ευρώ/δολάριο. Εντούτοισ την περαιτέρω άνοδο του ευρώ περιορίζει η αναζωπύρωση τησ ανησυχίασ Þτι η Πορτογαλία θα χρειασθεί δεύτερο πρÞγραµµα οικονοµικήσ στήριξησ. Στισ ΗΠΑ οι αιτήσεισ για επιδÞµατα ανεργίασ διαµορφώθηκαν την περασµένη εβδοµάδα στο χαµηλÞτερο επίπεδο απÞ τον Απρίλιο του 2008 (352.000), καταδεικνύοντασ Þτι διατηρείται η σταδιακή βελτίωση των συνθηκών στην αγορά εργασίασ. Ο δείκτησ µεταποίησησ Philadelphia Fed σηµείωσε τον Ιανουάριο µικρή βελτίωση (7,3) απÞ 6,8 τον ∆εκέµβριο, καταγράφοντασ ωστÞσο υψηλÞ 3 µηνών. Τέλοσ ο πληθωρισµÞσ υποχώρησε το ∆εκέµβριο (3%, Νοέµβριοσ: 3,4%) για 3ο συνεχÞµενο µήνα. Με ιδιαίτερο ενδιαφέρον αναµένονται την προσεχή Πέµπτη τα αποτελέσµατα τησ διήµερησ σύσκεψησ τησ Οµοσπονδιακήσ Κεντρικήσ Τράπεζασ.

θούν οι δυσµενείσ ανατροφοδοτούµενεσ σχέσεισ απÞ τισ πιέσεισ στη χρηµατοδÞτηση των κρατών και του τραπεζικού τοµέα στην Ευρωζώνη”, αναφέρει στην έκθεση του το ∆ΝΤ. Ένα τέτοιο σενάριο “θα οδηγούσε σε µια µεγαλύτερη και πιο παρατεταµένη διαδικασία αποµÞχλευσησ στισ τράπεζεσ καθώσ και σε σηµαντική συρρίκνωση τησ οικονοµικήσ δραστηριÞτητασ”. Το Ταµείο προειδοποιεί Þτι η αδράνεια θα µπορούσε να οδηγήσει την Ευρωζώνη σε βαθιά ύφεση µε το ΑΕΠ να συρρικνώνεται κατά 4% τα επÞµενο δύο χρÞνια και καλεί του ηγέτεσ τησ Ευρωζώνησ να αναλάβουν άµεσα και πειστικά µέτρα για την καταπολέµηση τησ κρίσησ. Σε αυτή την κατεύθυνση προτείνει την αύξηση τησ δύναµησ πυρÞσ των ευρωπαϊκών ταµείων διάσωσησ, την εφαρµογή πολιτικών για την τÞνωση τησ ανάπτυξησ αλλά και τη βαθύτερη ενοποίηση τησ νοµισµατικήσ ένωσησ. Αν η Ευρώπη υιοθετήσει άµεσα τισ συστάσεισ του ∆ΝΤ, το Ταµείο περιµένει η Ευρωζώνη να γνωρίσει ήπια ύφεση µε συρρίκνωση του ΑΕΠ κατά 0,5% αυτÞ το έτοσ.

McDonaldãs: AÓÔ›ÁÂÈ 1300 Ó¤· ηٷÛÙ‹Ì·Ù· Κέρδη και έσοδα που ξεπέρασαν τισ εκτιµήσεισ αναλυτών παρουσίασε το τέταρτο τρίµηνο η McDonald΄s. ΕιδικÞτερα, τα κέρδη τησ εταιρείασ αυξήθηκαν 11% στα 1,38 δισ. δολ., ή 1,33 δολ. ανά µετοχή, απÞ 1,24 δισ. δολ., ή 1,16 δολ. ανά µετοχή, ενώ τα έσοδα κατέγραψαν άνοδο στα 6,82 δισ. δολ. απÞ 6,21 δισ. δολ. Αναλυτέσ που συµµετείχαν σε δηµοσκÞπηση τησ FactSet Research ανέµεναν κέρδη 1,3 δολ. και έσοδα 6,81 δισ. δολ. Παράλληλα, η McDonald΄s ανακοίνωσε πωσ οι συγκρινÞµενεσ πωλήσεισ σε Þλο τον κÞσµο αυξήθηκαν 5,6% καθώσ και την πρÞθεσή τησ να επενδύσει 2,9 δισ. δολ. για το άνοιγµα 1.300 καταστηµάτων και την ανακαίνιση 2.400.

ŒÍÔ‰Ô˜ ∂ÏÏ¿‰·˜-¶ÔÚÙÔÁ·Ï›·˜ ·fi ÙÔ Â˘ÚÒ Το ευρώ φαίνεται να µην λειτουργεί για την Ελλάδα και την Πορτογαλία που πιθανÞν να οδηγηθούν εκτÞσ ευρωζώνησ, δήλωσε ο επικεφαλήσ οικονοµολÞγοσ τησ Saxo Bank, Steen Jakobsen. «Οι δύο χώρεσ θα βγουν απÞ το ευρώ αλλά θα παραµείνουν στην Ευρωπαϊκή Ένωση, καθώσ είναι πολύ δύσκολο να την εγκαταλείψουν για λÞγουσ ασφάλειασ και εξωτερικήσ πολιτικήσ», φέρεται να δήλωσε ο Jakobsen. Ο ίδιοσ σηµείωσε µάλιστα πωσ µερικέσ χώρεσ-µέλη τησ ευρωζώνησ θα ήταν προτιµÞτερο να ήταν εκτÞσ ευρώ αλλά µέλη τησ Ευρωπαϊκήσ Ένωσησ.

∂˘Úˆ˙ÒÓË: ∂¤ÛÙÚ„ ÛÙËÓ ·Ó¿Ù˘ÍË Σε ανάπτυξη επέστρεψε η δραστηριÞτητα του ιδιωτικού τοµέα τησ Ευρωζώνησ, ένα πρώιµο σηµάδι πωσ η ύφεση µπορεί να µην είναι τÞσο ισχυρή Þσο αναµενÞταν. Σύµφωνα µε τα στοιχεία τησ Markit Economics, ο σύνθετοσ δείκτησ PMI ενισχύθηκε στισ 50,4 µονάδεσ τον Ιανουάριο απÞ τισ 48,3 µονάδεσ το ∆εκέµβριο, καταγράφοντασ το υψηλÞτερο επίπεδο σε διάστηµα πέντε µηνών και ξεπερνώντασ οριακά το επίπεδο των 50 µονάδων που διαχωρίζει την ανάπτυξη απÞ τη συρρίκνωση. Η αύξηση προήλθε απÞ την αυξηµένη επιχειρηµατική δραστηριÞτητα τησ Γερµανίασ, καθώσ και στη Γαλλία. Εξαιρουµένων αυτών των δύο οικονοµιών, η Markit ανακοίνωσε πωσ η δραστηριÞτητα συνέχισε να συρρικνώνεται, ωστÞσο µε το χαµηλÞτερο ρυθµÞ των τελευταίων τεσσάρων µηνών.

AÓ·˙ˆ‡ÚˆÛË Ù˘ ÂȯÂÈÚËÌ·ÙÈÎfiÙËÙ·˜ ÙÔ 2011 Άνοδο τησ λεγÞµενησ «επιχειρηµατικÞτητασ αρχικών σταδίων» (νέοι και επίδοξοι επιχειρηµατίεσ) σε Þλο τον κÞσµο το 2011, µε το ρυθµÞ αύξησησ στισ ΗΠΑ να αγγίζει µάλιστα το 60%, καταγράφει η τελευταία έρευνα του ΠαγκÞσµιου Παρατηρητηρίου ΕπιχειρηµατικÞτητασ (GEM). ΠοσοστÞ άνω του 12% των Αµερικανών που συµµετείχαν στην έρευνα ανέφεραν Þτι άνοιξαν ή διεύθυναν µια νέα επιχείρηση το προηγούµενο έτοσ, έναντι ποσοστού λίγο κάτω απÞ 8% το 2010. Η έκθεση του GEM µαρτυρά αντιστροφή τησ πτωτικήσ τάσησ τησ έναρξησ επιχειρηµατικήσ δραστηριÞτητασ που ξεκίνησε το 2005 και συνεχίστηκε σε Þλη τη διάρκεια τησ πρÞσφατησ ύφεσησ, σχολιάζει η αναπληρώτρια καθηγήτρια επιχειρηµατικÞτητασ στο BabsonCollege και µια εκ των συντακτών τησ έκθεσησ, DonnaKelley. Οι διεθνείσ συνεργάτεσ του GEM πήραν συνεντεύξεισ σε περισσÞτερουσ απÞ 140.000 ενήλικεσ σε 54 οικονοµίεσ και κατέληξαν στο συµπέρασµα Þτι 400 εκατοµµύρια άτοµα παγκοσµίωσ έχουν απορροφηθεί απÞ τον κÞσµο τησ επιχειρηµατικÞτητασ.

∂§§∞¢∞ 17

∆∂∆∞ƒ∆∏, 25 π∞¡√À∞ƒπ√À, 2012

«¡·È» ÛÙË Û˘Á¯ÒÓ¢ÛË Alpha Bank Î·È Eurobank Aλλο ένα βήµα προσ τη συγχώνευση των τραπεζών Alpha Bank και Eurobank πραγµατοποιήθηκε. Εγκρίθηκε απÞ την Ολοµέλεια τησ Επιτροπήσ Ανταγωνισµού υπÞ Þρουσ η συγχώνευση Alpha Bank και Eurobank. Σύµφωνα µε σχετική ανακοίνωση τησ Επιτροπήσ: Ολοµέλεια τησ Επιτροπήσ Η Ανταγωνισµού, συνεδρίασε και µε την υπ’ αριθ. 534/VI/2012 οµÞφωνη απÞφασή τησ έκανε δεκτÞ, υπÞ Þρουσ, το αίτηµα συγχώνευσησ των εταιρειών «ALPHA ΤΡΑΠΕΖΑ ΑΝΩΝΥΜΟΣ ΕΤΑΙΡΙΑ» και «ΤΡΑΠΕΖΑ EFG EUROBANK ERGASIAS ΑΝΩΝΥΜΗ ΕΤΑΙΡΕΙΑ», σύµφωνα µε τισ διατάξεισ του άρθρου 8 του ν.3959/2011. Πιο συγκεκριµένα, η Επιτροπή µετά την ολοκλήρωσή τησ ενώπιον τησ ακροαµατικήσ διαδικασίασ, στην οποία τα µέρη παρουσίασαν τισ θέσεισ τουσ, έκρινε Þτι δεν δηµιουργούνται σοβαρέσ αµφιβολίεσ ωσ προσ τη δυνατÞτητά τησ να περιορίσει σηµαντικά τον ανταγωνισµÞ. ΩστÞσο θέτει Þρουσ για επιµέρουσ αγορέσ τισ οποίεσ αφορά η συγχώνευση και για τισ οποίεσ οι τράπεζεσ δεσµεύονται. Ùπωσ αναφέρεται στην ανακοίνωση τησ Επιτροπήσ:

Για τισ επιµέρουσ αγορέσ αποδοχήσ καρτών και πρακτορείασ επιχειρηµατικών απαιτήσεων (factoring), για τισ οποίεσ είχαν εκφρασθεί αµφιβολίεσ ωσ προσ το συµβατÞ τησ γνωστοποιηθείσασ συγκέντρωσησ µε τισ απαιτήσεισ λειτουργίασ του ανταγωνισµού, η Επιτροπή αποδέχθηκε τισ παρακάτω δεσµεύσεισ που πρÞτειναν τα µέρη και έκρινε Þτι µε αυτέσ διασφαλίζονται οι συνθήκεσ αποτελεσµατικού ανταγωνισµού. ΕιδικÞτερα: 1. Για την αγορά αποδοχήσ καρτών, τα µέρη δεν θα προβούν σε µη διακριτική πρÞσβαση/µεταχείριση στην Cardlink (στην οποία και οι δύο εταιερίεσ είναι

µέτοχοι) τρίτων εκκαθαριστριών τραπεζών, έτσι η πρÞσβαση στην υπηρεσία δικτύου, οι εκπτώσεισ για την εισφορά POS και η τιµολογιακή πολιτική θα γίνονται επί ίσοισ Þροισ για Þλουσ τουσ πελάτεσ, ανεξαρτήτωσ αν είναι ή Þχι µέτοχοι τησ Cardlink. Αναφορικά µε τισ υπηρεσίεσ επεξεργασίασ, τα µέρη θα εξακολουθήσουν να παρέχουν την ευχέρεια στα πιστωτικά ιδρύµατα που συµβάλλονται µε την ανωτέρω εταιρεία και θα επιλέγουν Þποιον πάροχο υπηρεσιών επεξεργασίασ επιθυµούν. ∆εσµεύτηκαν επίσησ, Þτι για διάστηµα δύο ετών απÞ την ολοκλήρωση τησ συγχώνευσησ θα ενηµερώνουν την Επιτροπή Ανταγωνισµού για τουσ προσφερÞµενουσ Þρουσ στουσ εκάστοτε πελάτεσ τησ Cardlink.

2. Για την αγορά πρακτορείασ επιχειρηµατικών δεσµεύσεων (factoring) τα µέρη θα αντικαταστήσουν τον 26ο Þρο τησ σύµβασησ πρακτορείασ τησ «ALPHA ΤΡΑΠΕΖΑ ΑΝΩΝΥΜΟΣ ΕΤΑΙΡΕΙΑ» κατά τρÞπο ώστε να αποσαφηνίζεται Þτι η δέσµευση του προµηθευτή περιορίζεται σε εκείνεσ και µÞνο τισ απαιτήσεισ που αποτελούν αντικείµενο τησ εκάστοτε σύµβασησ πρακτορείασ.

/7

«¶Ú¿ÛÈÓÔ Êˆ˜» ·fi ∂urogroup ÁÈ· PSI Οι υπουργοί Οικονοµικών τησ Ευρωζώνησ αποφάσισαν την εντατικοποίηση των διαπραγµατεύσεων µε τουσ ιδιώτεσ για την οριστικοποίηση των επιτοκίων των νέων ελληνικών οµολÞγων, κάνοντασ λÞγο για «ουσιαστική και εποικοδοµητική συζήτηση» για PSI και νέο δανειακÞ πρÞγραµµα. Ορίζοντασ είναι µια συµφωνία για το PSI έωσ τη Σύνοδο Κορυφήσ και η υποβολή οριστικήσ δηµÞσιασ πρÞτασησ απÞ την Ελλάδα στουσ πιστωτέσ µέχρι τισ 13 Φεβρουαρίου. Παράλληλα οι Ευρωπαίοι ενέτειναν τισ πιέσεισ για ανάληψη σαφών δεσµεύσεων απÞ τα κÞµµατα που συµµετέχουν στη σηµερινή κυβέρνηση Þτι θα εφαρµοστούν τα µέτρα του νέου µνηµονίου και απÞ τη µετεκλογική κυβέρνηση, υπενθυµίζοντασ, πωσ η υλοποίηση του PSI και τησ νέασ δανειακήσ σύµβασησ είναι αλληλένδετα. ΣτÞχοσ είναι το PSI να διασφαλίσει τη µείωση του δηµοσίου χρέουσ στο 120% του ΑΕΠ έωσ το 2020 υπÞ το βάροσ Þµωσ τησ επιδεινούµενησ ύφεσησ. Η Κριστίν Λαγκάρντ προέβη σε µια δήλωση - µήνυµα τονίζοντασ πωσ απÞ την οπτική γωνία του ∆ΝΤ το ζήτηµα είναι η βιωσιµÞτητα. Νωρίτερα η Α. Μέρκελ διεµήνυε πωσ η Ελλάδα δεν πρÞκειται να λάβει προσωρινÞ δάνειο - γέφυρα, εάν καθυστερήσουν οι διαπραγµατεύσεισ για το PSI. Υπενθυµίζεται πωσ στισ 20 Μαρτίου η Ελλάδα καλείται να πληρώσει οµολογιακέσ λήξεισ 14,5 δισ. ώστε να αποφύγει µια άτακτη χρεοκοπία. Σαφείσ ήταν οι πιέσεισ που άσκησε και ο Β. ΣÞιµπλε: Ùπωσ τÞνισε, το ελληνικÞ χρέοσ δεν θα πρέπει να υπερβεί κατά πολύ το 120% του ΑΕΠ έωσ το 2020.

¶ÚÔ‚fiÔ˘ÏÔ˜: ∏ ∂ÏÏ¿‰· Ú¤ÂÈ Ó· ÎÈÓËı› ÈÔ ÁÚ‹ÁÔÚ· Η Ελλάδα έχει προχωρήσει σε επίπονεσ προσαρµογέσ και έχει κάνει πρÞοδο στην επίλυση των προβληµάτων τησ, αλλά οι στÞχοι που προσπαθεί να πετύχει χρειάζονται περισσÞτερο χρÞνο απÞ Þ,τι αναµενÞταν. Τα παραπάνω αναφέρει σε άρθρο του στουσ Financial Times ο διοικητήσ τησ Τράπεζασ τησ Ελλάδασ, Γιώργοσ ΠροβÞπουλοσ. Ο ίδιοσ επισηµαίνει Þτι καθώσ η Ελλάδα διαπραγµατεύεται ένα νέο πρÞγραµµα, είναι σηµαντικÞ να αναρωτηθεί κανείσ γιατί το προηγούµενο βγήκε εκτÞσ τροχιάσ και τι µαθήµατα πήραµε.

Τονίζει πωσ η υλοποίηση των προγραµµάτων ήταν αργή και ανεπαρκήσ, µειώθηκε το κίνητρο επενδύσεων απÞ τισ επιχειρήσεισ, οι φορολογήσεισ περιÞρισαν την ιδιωτική κατανάλωση, ενώ η δηµοσιονοµική προσαρµογή προκάλεσε µεγαλύτερη συρρίκνωση τησ οικονοµίασ. Σύµφωνα µε τον Γ. ΠροβÞπουλο, η Ελλάδα πρέπει να κινηθεί γρήγορα για να υλοποιήσει τολµηρέσ διαρθρωτικέσ µεταρρυθµίσεισ, ιδιωτικοποιήσεισ και αποτελεσµατικά µέτρα κατά τησ φοροδιαφυγήσ. Συγκεκριµένα αναφέρει Þτι η ελληνική οικονοµία διαθέτει τεράστιο αναπτυξιακÞ

δυναµικÞ. Η Ελλάδα χρειάζεται να κινηθεί γρήγορα και να εφαρµÞσει τολµηρέσ µεταρρυθµίσεισ, εκτεταµένεσ ιδιωτικοποιήσεισ και αποτελεσµατικά µέτρα αντιµετώπισησ τησ φοροδιαφυγήσ. Ùπωσ τονίζει, η δηµοσιονοµική προσαρµογή θα πρέπει να αποτελείται κατά τα δύο τρίτα απÞ περικοπέσ δαπανών, ώστε η συµµετοχή του δηµοσίου στην οικονοµία να µειωθεί και να δώσει ώθηση σε έναν ανταγωνιστικÞ εξαγωγικÞ τοµέα. “Ùταν έρθει η ανάκαµψη και αυξηθούν τα φορολογικά έσοδα, πολλέσ απÞ τισ πρÞσφατεσ αυξήσεισ φÞρων θα µπορούν να αντιστραφούν”.

ŒÚ¯ÔÓÙ·È ÌÂÁ¿Ï˜ ·ÏÏ·Á¤˜ ÁÈ· ÙȘ ÙÚ¿Â˙˜ Χθεσ η Ελληνική Επιτροπή Ανταγωνισµού έδωσε το πράσινο φωσ να προχωρήσει η συγχώνευση των τραπεζών Alpha και Eurobank, επίσησ τα αποτελέσµατα τησ διαγνωστικήσ µελέτησ τησ BlackRock έχουν παραδοθεί στισ διοικήσεισ των τραπεζών, ενώ αναµένεται η τελική συµφωνία για το PSI, που θα καθορίσει τισ κεφαλαιακέσ ανάγκεσ, αλλά και τουσ συσχετισµούσ δυνάµεων, ανάλογα µε το χαρτοφυλάκιο οµολÞγων που έχει η κάθε τράπεζα. Συγκεκριµένα η Ολοµέλεια τησ Επιτροπήσ Ανταγωνισµού, µε την υπ’ αριθ. 534/VI/2012 οµÞφωνη απÞφασή τησ έκανε δεκτÞ, υπÞ Þρουσ, το αίτηµα συγχώνευσησ των δύο τραπεζών, καθώσ έκρινε Þτι δεν δηµιουργούνται σοβαρέσ αµφιβολίεσ σε θέµατα ανταγωνισµού.

Στο µεταξύ σΤετάρτη ξεκινούν οι συναντήσεισ τησ ΤτΕ, µε κάθε µία τράπεζα χωριστά -συνολικά 18 τράπεζεσ-, για τα αποτελέσµατα που προέκυψαν απÞ την διαγνωστική µελέτη τησ BlackRock, για την δηµιουργία πρÞσθετων προβλέψεων για την κάλυψη των επισφαλών δανείων. Η αναλυτική παρουσίαση των στοιχείων θα γίνει απÞ στελέχη τησ ελεγκτικήσ εταιρείασ. Ήδη οι αρµÞδιεσ υπηρεσίεσ έχουν προβεί σε πρώτη ενηµέρωση των διοικήσεων των τραπεζών, για τα αποτελέσµατα των ελέγχων. ΕιδικÞτερα, θα δώσουν αναλυτικέσ πληροφορίεσ για τα πρωτογενή ευρήµατα που αφορούν τα χαρτοφυλάκια των στεγαστικών, καταναλωτικών κι επιχειρηµατικών δανείων. Ùπωσ είναι γνωστÞ ο έλεγχοσ αφορούσε το σύνολο των δανειακών χαρτοφυλακίων των 18 τραπεζών, ύψουσ 255δισ ευρώ.

Moody’s: ∞˘ÍË̤ÓË Ë Èı·ÓfiÙËÙ· ¿Ù·ÎÙ˘ ¯ÚÂÔÎÔ›·˜ ÁÈ· ÙËÓ ∂ÏÏ¿‰· Στην υποβάθµιση πέντε καλυµµένων ελληνικών οµολογιών προχώρησε η Moody΄s Investors Service. Ùπωσ αναφέρει στην ανακοίνωσή του ο οίκοσ, η υποβάθµιση ολοκληρώνει τη διαδικασία αναθεώρησησ που ξεκίνησε στισ 11 Νοεµβρίου 2011 λÞγω τησ αυξηµένησ πιθανÞτητασ για αθέτηση πληρωµών και των επιπλοκών που θα έχει στα ελληνικά καλυµµένα οµÞλογα. Ο δείκτησ έγκαιρησ πληρωµήσ (Timely Payment Indicator) για τα οµÞλογα των Alpha Direct Issuance CB, EFG CB I, EFG CB II and NBG CB II παραµένει σε «απίθανο» και για το NBG CB I σε «πολύ απίθανο». ΕιδικÞτερα, ο οίκοσ υποβάθµισε: - Τα καλυµµένα οµÞλογα τησ Alpha Bank στο πλαίσιο του Direct

Issuance Covered Bond Programme (Alpha Direct Issuance CB) σε B1 απÞ Ba3.

- Τα καλυµµένα οµÞλογα τησ EFG Eurobank Ergasias στο πλαίσιο του Mortgage Covered Bond Programme (EFG CB I) B1 απÞ Ba3 - Τα καλυµµένα οµÞλογα τησ Eurobank EFG στο πλαίσιο του Mortgage Covered Bond Programme II (EFG CB II) σε B2 απÞ B1 - Τα καλυµµένα οµÞλογα τησ Εθνικήσ Τράπεζασ τησ Ελλάδοσ στο πλαίσιο του Global Covered Bond Programme (NBG CB I) σε B1 απÞ Ba3 - Τα καλυµµένα οµÞλογα τησ Εθνικήσ στο πλαίσιο του Covered Bond Programme II (NBG CB II) σε B1 απÞ Ba3.

Ùπωσ αναφέρει ο οίκοσ η κίνηση αυτή οφείλεται στην αυξηµένη πιθανÞτητα άτακτησ χρεοκοπίασ για την Ελλάδα και στισ επιπλοκέσ που θα έχει ένα τέτοιο ενδεχÞµενο στα καλυµµένα οµÞλογα. Σε περίπτωση άτακτησ χρεοκοπίασ η λειτουργία του τραπεζικού συστήµατοσ και του κράτουσ µπορεί να επιδεινωθεί σηµαντικά και η οικονοµία να γνωρίσει µεγαλύτερη ύφεση. Η άτακτη χρεοκοπία θα αυξήσει επίσησ την πιθανÞτητα εξÞδου τησ χώρασ απÞ την Ευρωζώνη η οποία θα συνοδευτεί µε επιστροφή σε ένα σηµαντικά υποτιµηµένο εθνικÞ νÞµισµα. Ùπωσ τονίζει ο οίκοσ, αν και αυτÞ το σενάριο δεν αποτελεί το κεντρικÞ για τον ίδιο, η πιθανÞτητα πραγµατοποίησησ του αυξάνεται.

Στα τέλη Φεβρουαρίου η Τράπεζα τησ Ελλάδοσ, αφού λάβει υπ’ Þψιν τρεισ παραµέτρουσ, θα ενηµερώσει τισ 18 τράπεζεσ που ελέγχθηκαν, για το ύψοσ των νέων προβλέψεων που θα πρέπει να δηµιουργήσει η κάθε τράπεζα χωριστά. Και συγκεκριµένα η ΤτΕ θα σταθµίσει για την τελική τησ εισήγηση: τισ προβλέψεισ που εισηγείται η µελέτη τησ BlackRock, τισ προβλέψεισ που έχει ήδη λάβει η κάθε τράπεζα για την κάλυψη των επισφαλών δανείων και ακÞµα την πορεία των αποτελεσµάτων που προσδοκούν οι τράπεζεσ σε ορίζοντα τριετίασ. Επίσησ οι τράπεζεσ θα πρέπει να καταθέσουν µέσα στο Φεβρουάριο τα σχέδια επανακεφαλαιοποίησησ τουσ, µε βάση τισ ανάγκεσ για νέα κεφάλαια, που θα προκύψουν και απÞ το PSI, εκτÞσ απÞ την BlackRock.

Dallara: O ¯ÚfiÓÔ˜ ÙÂÏÂÈÒÓÂÈ Να τιµήσουν Þλα τα εµπλεκÞµενα µέλη στισ συνοµιλίεσ για το ελληνικÞ PSI τη συµφωνία του Οκτωβρίου, κάλεσε σήµερα ο επικεφαλήσ του IIF στισ συνοµιλίεσ για το ελληνικÞ χρέοσ, Charles Dallara. Προειδοποίησε ακÞµη Þτι ο χρÞνοσ τελειώνει, χωρίσ να διευκρινίσει πÞσοσ έχει αποµείνει, ενώ διαµήνυσε πωσ αυτÞ που διακυβεύεται στισ συνοµιλίεσ µε την Ελλάδα, είναι η σταθερÞτητα τησ Ευρώπησ. Ùπωσ δήλωσε χαρακτηριστικά, το IIF κατέθεσε πρÞταση στην ελληνική πλευρά την προηγούµενη Παρασκευή. Η πρÞταση ήταν στη βάση τησ συµφωνίασ τησ 25ησ Οκτωβρίου. Ο Dallara πρÞσθεσε ακÞµη Þτι χρειάζεται να επιλυθεί το ελληνικÞ ζήτηµα µέσω συνεργασίασ, ενώ τÞνισε πωσ το ζήτηµα του κουπονιού των νέων οµολÞγων αποτελεί ακÞµη ζήτηµα. Εµφανίστηκε ακÞµη αισιÞδοξοσ Þτι θα υπάρξει µεγάλη συµµετοχή στην εθελοντική συµφωνία. Επίσησ, το νοµικÞ ζήτηµα είναι και αυτÞ ένα εµπÞδιο στισ συνοµιλίεσ, στισ οποίεσ συµµετέχουν πολλέσ πλευρέσ, «γεγονÞσ που προσθέτει τεράστια πολυπλοκÞτητα». ΤÞνισε δε Þτι οι δηµοσιονοµικέσ προσαρµογέσ στην Ελλάδα, είναι µεγαλύτερεσ απÞ κάθε άλλη φορά.

8/18

∆∂∆∞ƒ∆∏, 25 π∞¡√À∞ƒπ√À, 2012

∞°√ƒ∞

ç ∆π ¶∞π∑∂π... ™∆∏¡ ∞°√ƒ∞ ∆Ô µÚ·‚Â›Ô ∞ÚÈÛÙ›·˜ CITI ÛÙË Marfin Laiki Bank Ο διεθνήσ χρηµατοοικονοµικÞσ οργανισµÞσ CITI, µε έδρα τη Ζυρίχη ανακοίνωσε πρÞσφατα τα Βραβεία για τισ άριστεσ επιδÞσεισ τραπεζών κατά το 2010.

H Marfin Laiki Bank τιµήθηκε µε δύο βραβεία ηγεσίασ και αριστείασ στισ διεθνείσ ηλεκτρονικέσ πληρωµέσ και συγκεκριµένα, στουσ τοµείσ των Πληρωµών Treasury και των Εµπορικών Πληρωµών. Ùπωσ αναφέρεται στο σκεπτικÞ τησ βράβευσησ, η Marfin Laiki Bank περιλαµβάνεται στισ κορυφαίεσ τράπεζεσ τησ Ευρώπησ βάσει των επιδÞσεων τησ στον τοµέα τησ αυτÞµατησ διεκπεραίωσησ διεθνών τραπεζικών εντολών, γεγονÞσ που καταδεικνύει την αξιÞπιστη και ποιοτική εξυπηρέτηση των πελατών τησ.

∂Ή‹ÏˆÛË ÁÈ· ·È‰È¿ ÙÔ˘ ∞Á. ™˘Ú›‰ˆÓ· Η Cyprus Airports (F&B) Ltd για την περίοδο των Χριστουγέννων επέλεξε να προσαρµÞσει τισ προσφορέσ τησ στα καφεστιατÞρια των ∆ιεθνών Αεροδροµίων Λάρνακασ και Πάφου που παρέχονται στο κοινÞ, γνωστέσ ωσ “Travel Wise” σε “Charity Wise”, Þπου µέροσ των εισπράξεων δωρίθηκε στην Ειδική Σχολή Αγίου Σπυρίδωνα για παιδιά µε ειδικέσ ικανÞτητεσ. Το κοινÞ αγκάλιασε την προσπάθεια αυτή παρά τισ µεγάλεσ δυσκολίεσ που εξακολουθεί να προκαλεί η οικονοµική κρίση. Την Τρίτη 17 Ιανουαρίου 2012 διοργανώθηκε πάρτι για τα παιδιά στο καφεστιατÞριο «Diner Onair» στο ∆ιεθνέσ ΑεροδρÞµιο Λάρνακασ. Το πρÞγραµµα περιελάµβανε ταχυδακτυλουργική παράσταση, χορÞ, τραγούδι και φαγητÞ. Στο πλαίσιο τησ εκδήλωσησ, ο ΓενικÞσ ∆ιευθυντήσ τησ Cyprus Airports (F&B) Ltd κύριοσ Οδυσσέασ Γεωργίου, παρέδωσε επιταγή στην κυρία Αγγέλα Ζαχαρίου, µέλοσ του Συνδέσµου Γονέων τησ Ειδικήσ Σχολήσ Άγιοσ Σπυρίδωνασ, µαζί µε ένα συµβολικÞ ποσÞ που συγκέντρωσε το προσωπικÞ τησ εταιρείασ, µε δική του πρωτοβουλία.

το Eidfjord (Νορβηγία) – Þλα αυτά µÞνο µε 1299 ευρώ το άτοµο! Για αυτούσ που αναζητούν ήλιο και χαλάρωση, η ΜεσÞγειοσ παραµένει µια δηµοφιλήσ επιλογή κατά τουσ καλοκαιρινούσ µήνεσ, µε µια αποκλειστική αναχώρηση για τουσ πελάτεσ τησ Century Travel στισ 16 Αυγούστου που περιλαµβάνει ένα πεντάστερο ταξίδι δέκα νυκτών πάνω στο πλοίο ms Noordam µε διαµονή δύο νυκτών σε 4στερο ξενοδοχείο στη Ρώµη (Ιταλία) και κρουαζιέρα στο ΛιβÞρνο (Φλωρεντία/Πίζα), το ΜÞντε Κάρλο (ΜονακÞ), τη Βαρκελώνη (Ισπανία) µε διανυκτέρευση στο λιµάνι, την Πάλµα (ΜαγιÞρκα), το Λα Γουλέτ (Τυνησία), το Τράπανι (Σικελία) και τη Νάπολη (Ιταλία) – Þλα αυτά µε 1799 ευρώ το άτοµο! Για περισσÞτερεσ πληροφορίεσ στην ιστοσελίδα www.centurycyprus.com

Emirates: ¶ÚÔÒıËÛË ÙÔ˘ ÙÔ˘ÚÈÛÌÔ‡ Ì ª·˘Ú›ÎÈÔ Η Emirates και το Υπουργείο Τουρισµού του Μαυρικίου υπέγραψαν συµφωνία µε στÞχο την απÞ κοινού προώθηση του νησιού ωσ τουριστικού προορισµού. Η Emirates και ο Μαυρίκιοσ, θα προχωρήσουν στην ανάπτυξη µιασ σειράσ κοινών δραστηριοτήτων για την αύξηση τησ προβολήσ και τησ ενηµέρωσησ σε Þλουσ τουσ 100 και πλέον προορισµούσ στουσ οποίουσ πετά η αεροπορική εταιρεία. Η Emirates, είναι µία απÞ τισ ταχύτερα αναπτυσσÞµενεσ αεροπορικέσ εταιρείεσ στον κÞσµο και έχει λάβει πάνω απÞ 500 διεθνή βραβεία αριστείασ. Η Emirates εξυπηρετεί σήµερα 118 προορισµούσ σε 70 χώρεσ. Η Emirates πετάει δύο φορέσ την ηµέρα για Λάρνακα. Το πρωί, η πτήση EK 107 έρχεται απÞ το Ντουµπάι, ενώ το απÞγευµα η πτήση EK108 επιστρέφει απÞ τη Μάλτα καθ’ οδÞ για το Ντουµπάι.

Την Ηellas Energy και το σύστηµα ULTRA, εµπιστεύθηκε το ΙΚΕΑ Κύπρου, στα πλαίσια εξοικονÞµησησ ενέργειασ αλλά και φιλικÞτερησ προσέγγισησ προσ το περιβάλλον.Η εγκατάσταση του συστήµατοσ έγινε το Σεπτέµβριο του 2010 και µέχρι το Σεπτέµβριο του 2011 καταγράφηκε µείωση στην κατανάλωση ηλεκτρικήσ ενέργειασ τησ τάξησ του 13,5%. Σχολιάζοντασ το ποσοστÞ εξοικονÞµησησ ενέργειασ στο ΙΚΕΑ, ο πρÞεδροσ τησ εταιρείασ Ηellas Energy, ∆ηµήτρησ Μυτιληνέλησ ανέφερε: «Η αποδοτικÞτητα του συστήµατοσ Ultra, παρέχει πολλά πλεονεκτήµατα για κάθε επιχείρηση και τα αποτελέσµατα εξοικονÞµησησ ενέργειασ που καταγράφηκαν στο ΙΚΕΑ Κύπρου, αποτελούν µÞνο την αρχή τησ συνεργασίασ µε τον Ùµιλο, καθώσ αναµένουµε την επέκταση τησ συνεργασίασ µασ και σε άλλεσ εγκαταστάσεισ του οµίλου στην Ελλάδα.» ∆ήλωσε επίσησ πωσ σε αυτέσ τισ δύσκολεσ οικονοµικέσ συνθήκεσ η εξοικονÞµηση ενέργειασ είναι σηµαντική παράµετροσ, στην µείωση των λειτουργικών εξÞδων, κάθε εταιρείασ. Η εταιρεία Ηellas Energy έχει εγκαταστήσει επιτυχώσ περισσÞτερα απÞ 1.500 τέτοια συστήµατα εξοικονÞµησησ ενέργειασ σε Ελλάδα και Κύπρο.

¢ÈÂıÓ‹˜ ‚Ú¿‚¢ÛË ÁÈ· Ù· Ù˘ÚÔÎÔÌÈο ∫Ú›ÛÙ˘

Century Travel: ∫ÚÔ˘·˙ȤÚ˜ ·fi ∫‡ÚÔ Η Century Travel, η µοναδική εξειδικευµένη εταιρεία πολυτελών κρουαζιερών στην Κύπρο, κάνει έναρξη για το 2012 µε ασυναγώνιστα πακέτα 5αστερων κρουαζιερών, επτά και δέκα νυκτών, σε δύο απÞ τουσ πιο δηµοφιλείσ προορισµούσ για αυτÞ το καλοκαίρι – τα Νορβηγικά ΦιÞρδ και τη ΜεσÞγειο – στα πλοία τησ ηγετικήσ εταιρείασ πολυτελών κρουαζιέρων Holland America, µε µÞνο 1299 ευρώ το άτοµο! Η αποκλειστική αναχώρηση για τουσ πελάτεσ τησ Century Travel στισ 10 Αυγούστου περιλαµβάνει ένα πεντάστερο ταξίδι επτά νυκτών πάνω στο πλοίο ms Eurodam που κάνει σταθµούσ στο Άµστερνταµ (Ολλανδία), το Άλεσουντ (Νορβηγία), περιπλέει το Geirangerfjord, το Geiranger (Νορβηγία), και το Μπέργκεν (Νορβηγία), περιπλέει για µοναδική θέα στο Hardangerfjord, και

I∫∂∞: ∂ÍÔÈÎÔÓfiÌËÛË ÂÓ¤ÚÁÂÈ·˜ 13,5% Ì Hellas Energy

Με τρία ασηµένια µετάλλια βραβεύθηκαν τα τυροκοµικά Κρίστησ στον ΠαγκÞσµιο ∆ιαγωνισµÞ Τυριού που έλαβε χώρα στο Birmingham του Ηνωµένου Βασιλείου, τον Νοέµβριο 2011, στον οποίο συµµετείχαν πέραν των 2500 τυριών απÞ 30 χώρεσ. Η συµµετοχή του κυπριακού brand ήταν στην κατηγορία τυριών (cat5501) παραγωγήσ µε πέραν του ενÞσ τύπου γάλακτοσ και συγκεκριµένα τα προϊÞντα που βραβεύτηκαν ήταν το Κρίστησ Κεφαλοτύρι (απÞ 100% αιγοπρÞβειο γάλα), το Κρίστησ ΠαραδοσιακÞ Χαλούµι – Πισσουρκώτικο (απÞ 100% αιγοπρÞβειο γάλα) και το Κρίστησ ΟργανικÞ Χαλούµι (απÞ µείγµα οργανικών γαλάτων, αγελαδινού, κατσικίσιου και πρÞβειου).

Grand Marnier ·fi ÙËÓ ÂÙ·ÈÚ›· º. ºˆÙÈ¿‰Ë˜ Ένα λικέρ πορτοκαλιού το οποίο προπαρασκευάστηκε το 1880. Η µυστική συνταγή του περιέχει κονιάκ και απÞσταγµα φλουδών άγριων πικρών πορτοκαλιών. Η παλαίωση του σε δρύινα βαρέλια οφείλεται για την απαλή γεύση του. Το Grand Marnier είναι το No.1 premium λικέρ που εξάγει η Γαλλία εδώ και 25 χρÞνια και διανέµεται σε περισσÞτερεσ απÞ 150 χώρεσ. Στην Κυπριακή αγορά έχει αναλάβει τη διανοµή του η εταιρία Φώτοσ Φωτιάδησ ∆ιανοµείσ Λτδ. www.grandmarnier.com

¡¤Ô ÷ڷϷÌ›‰Ë˜ Active Ì ‰ËÌËÙÚȷο

∆· ı¤ÚÂÙÚ· ÛÙÔ ÓËÛ› ª·˘Ú›ÎÈÔ˜ Î˘Ì·›ÓÔÓÙ·È ·fi ÔÏ˘ÙÂÏ‹ ̤¯ÚÈ Â˘¯¿ÚÈÛÙ· ·ÓÂ›ÛËÌ·, Î·È ÚÔÛʤÚÔ˘Ó „˘¯·ÁˆÁ›· Î·È ‰Ú·ÛÙËÚÈfiÙËÙ˜ ÁÈ· fiÏË ÙËÓ ÔÈÎÔÁ¤ÓÂÈ·, Û˘ÌÂÚÈÏ·Ì‚¿ÓÔÓÙ·˜ ˙ˆÓÙ·Ó‹ ‰È·ÛΤ‰·ÛË Î¿ı ӇÎÙ·, ÙÔÈο Û˘ÁÎÚÔÙ‹Ì·Ù·, ıÂÌ·ÙÈο ÌÔ˘Ê¤ Î·È ·Ú·ÛÙ¿ÛÂȘ.

Αν κατά την διάρκεια τησ ηµέρασ νιώθετε πιεσµένοι, υπάρχει λύση αφού µε µία µÞνο κίνηση, µπορείτε να κάνετε µια ευχάριστη και κυρίωσ απολαυστική ανατροπή στην διάθεσή σασ… Το νέο λευκÞ επιδÞρπιο γιαουρτιού Χαραλαµπίδησ Active, παρέα µε δηµητριακά, µπορεί να αποτελέσει µια ιδιαίτερη γευστική εµπειρία στο γραφείο ή το σπίτι. Το σύντοµο υγιεινÞ σνακ υπÞσχεται ένα αναζωογονητικÞ διάλειµµα που θα σασ δώσει ενέργεια έτσι ώστε να σασ κρατήσει για το υπÞλοιπο τησ ηµέρασ… Την ήδη αγαπηµένη γκάµα των επιδορπίων γιαουρτιού Χαραλαµπίδησ Active µε προβιοτικά και φυτικέσ ίνεσ, συµπληρώνει ιδανικά το Χαραλαµπίδησ Active µε δηµητριακά που προσφέρονται σε ξεχωριστÞ µέροσ τησ συσκευασίασ επιτρέποντασ σασ να φτιάξετε ένα επιδÞρπιο στα µέτρα σασ. Με το νέο Χαραλαµπίδησ Active µε δηµητριακά σίγουρα η απÞλαυση είναι διπλή! ΑπÞλαυση που δουλεύει!

FINANCIAL MIRROR, January 25 - 31, 2012

ECO NEWS 19

Australia’s LNG boom fizzles as costs, competition bite ANALYSIS Just a few years after it started, Australia’s liquefied natural gas bonanza may be drawing to a close, throttled by swelling costs, tightening credit and mounting foreign competition to supply Asian buyers.

New Australian projects have been getting approved at a furious pace, with six kicked off in the past 18 months. About $180 bln worth of LNG export projects are now being built, putting the country on track to quadruple its LNG exports by the end of the decade.

With the recent approval of the $34 bln Ichthys project, Australia should also overtake Qatar as the world’s top exporter of LNG by around 2017, but the window of opportunity for the giant projects appears to be closing.

“There’s vastly more being offered into the pipeline now — from the United States, Russia, Canada — and so the whole supply perspective has changed and Australia now looks very vulnerable,” said Tony Regan, an analyst with Tri-Zen International in Singapore.

Japan’s Inpex Corp and France’s Total last week approved the 8.4 mln tonne-per-annum capacity Ichthys project in the Browse Basin offshore Western Australia.

But hotter overseas competition and higher costs are likely to discourage approval of new mega projects.

EXPANSIONS MORE LIKELY Instead, expansion in Australia is likely to take place at existing facilities, or brownfield projects.

The only other project expected to be given the green light this year is an expansion of Origin Energy and ConocoPhillips’ Australia Pacific LNG project.

“The one big greenfield opportunity that still remains is Browse. After that, in the main, you’re looking at brownfield expansion,” said Craig McMahon, a Wood Mackenzie analyst in Perth, referring to Woodside Petroleum’s Browse LNG project.

But prospects are dimming for Browse, which saw a final investment decision pushed back by a year to mid-2013 as costs escalate, some analysts say.

“Unless they can demonstrate that they can control costs, something like Browse looks particularly vulnerable,” Tri-Zen’s Regan said.

The costs of Australian LNG projects are notoriously high and Woodside’s A$14.9-bln Pluto LNG project, which is expected to come online in March, was delayed by one year and came in about $1 bln over-budget.

Australian LNG projects typically come in with costs between $6 and $8 per million British thermal units (mmBtu), while most non-Australian projects cost less than $6 per mmBtu. In addition, some analysts estimate that Australian LNG projects are typically delayed nine months to a year and come in around 15% over budget.

With cheaper projects available, particularly in the United States, and credit tightening globally, financiers are unlikely to have as much appetite for pricey Australian gas ventures, experts say.

In addition, Australian LNG developers face an extremely high-cost labour market as well as a recently approved carbon tax, which analysts say will initially have a minor impact on the bottom line, but will inevitably erode profit margins, particularly projects that have a high carbon dioxide content in the raw gas.

“When you consider the magnitude of the development costs associated with these projects, the carbon tax quickly becomes insignificant by comparison,” Wood Mackenzie’s McMahon said.

“Whilst it clearly does not help, I think it’s very unlikely that the carbon tax would ever break a project.”

The carbon tax starts with a fixed price of A$23 from July before full emissions trading from July 2015. LNG projects will get free carbon permits covering at least half their carbon liability.

Deutsche Bank, in a note to clients on Friday, estimated that the Ichthys project would still face average annual carbon costs of $70 mln for a $20/tonne carbon price and $105 mln for a $30 price.

COST BLOW-OUTS Riding the boom in gas export projects, the country’s oil and gas workers are the world’s highest paid, raking in more than $140,000 a year, or almost twice the world average of about $76,000 for the sector, according to an industry poll last year.

Ratings agency Fitch gave a negative outlook for Australia’s oil and gas industry this week, and highlighted concerns that LNG projects in particular would not be able to come online on time and on budget.

“Announcements of project cost blow-outs and schedule delays will only increase as more projects progress towards the back-end of their development period,” Sajal Kishore, a director in Fitch’s Energy & Utilities team, said.

“Funding can become more difficult with increasing project execution risks, which may result in a deferral or cancellation of some proposed projects,” Fitch said.

Inpex Corp’s Ichthys project, in particular, may have a challenge meeting its large debt requirement after an increase of 70% in Ichthys’ price tag to $34 bln from its original $20 bln cost, banking sources say.

Banks affected by Europe’s debt crisis in particu-

lar are less keen to fund huge projects, although in this case Japanese banks and Australian banks are expected to step up and support financing, the sources said.

LINING UP FOR U.S. SUPPLIES The sudden rise of the United States as a gas exporter rather than an importer is one of the main threats to the viability of new Australian projects.

The United States, once expected to become a significant gas importer, is now rapidly developing LNG export facilities to sell off some of the shale gas that has flooded the market in recent years.

U.S. gas prices are under $3 per mmBtu, a fraction of what Asian buyers pay, with spot LNG prices around $15.75 per mmBtu in the region.

Asian customers are eagerly eyeing U.S. projects and some have already made large commitments.

For instance, Cheniere Energy has filled nearly all its capacity for the first U.S. export plant, after deals signed with BG Group, Gas Natural Fenosa and GAIL India, and has already proposed a second plant.

“You can see from the size of the buys how dead keen those buyers are to get their hands on U.S. LNG. They are not dabbling, they want to grab it. It’s not good for the Australian projects,” said Noelle Leonard, a consultant for FACTS Global Energy in Perth.

But some experts said export plans could be derailed as some U.S. lawmakers questioned the wisdom of increasing exports at the risk of higher domestic prices.

“I think it will be a gradual increase in supply out of the U.S. rather than an absolute flood. It’s a pretty political issue there,” said Ben Wilson, an analyst with JP Morgan in Sydney.

“I just can’t see the magnitude of price discrepancy persisting indefinitely.”

Renault-Nissan Alliance electrifies the Alps Top business leaders and heads of state will gather in the Swiss Alps this week to debate global social and economic policy at the World Economic Forum in Davos. Thanks to the Renault-Nissan Alliance, they will discover cutting-edge technology that powers cars - and even household appliances.

For the second straight year, the Alliance is offering test drives for WEF delegates in a fleet of zero-emission vehicles, including the new Renault Fluence Z.E. and Nissan LEAF. Electric vehicles offer an immediate solution to reducing CO2

emissions - whether in an urban environment or in Davos, one of the highest-altitude towns in Europe.

EVs do not require oxygen and therefore perform consistently at any altitude.

Test drives begin at the Renault-Nissan Alliance Pavilion, a convenient downtown hub for WEF dele-

gates and the public. GE will provide charging stations for the cars, which will be powered by renewable energy from local hydropower stations from Davosbased EWD. Davos visitors can also experience one of the

BOCY launches new green loans The Bank of Cyprus launched a package of new retail products aimed at affordable environmentsaving policies. Harris Pouangare, Head of Retail Banking, said that the new ‘green’ loans are for housing, buying eco-friendly cars or the purchase of photovoltaic installations for home or other use.

newest innovations in sustainable mobility: Nissan’s unique LEAF-to-Home (L2H) technology reverses the Nissan LEAF’s usual energy flow, enabling the car’s 24kWh Lithium-ion battery to charge household appliances for up to two days.

At Davos, the system will power mobile phones and laptops in the Alliance pavilion - and even a hot chocolate machine outside! The Alliance will also donate USD $1 to the Brazil forestry program Mata no Peito (matanopeioto.org) for every compostable hot chocolate cup used.

The 100% electric Renault Fluence Z.E. went on sale in Europe in late 2011. In France prices start from 26,300 euros before the applicable 5,000-euro government incentive that is available for purchases through 2012.

He added that the bank will donate 100,000 euros for the purchase of five fire engines in February, while the cleaning of the historic town centres of Larnaca and Paphos will take place in the second half of the year, continuing from last’ year’s campaign in Limassol and Nicosia.

Cost of EU’s 30% carbon cut less than thought Raising the European Union’s 2020 emission reduction target to 30% would be considerably less costly than originally thought and the effort could be shared fairly among EU governments, according to a draft EU document.

The analysis by the European Commission could reignite the debate over whether the EU should boost its climate ambitions, after the economic downturn made emission cuts easier to achieve, but also reduced the ability of governments and companies to make the necessary investments.

The EU currently has a binding target to reduce emissions 20% from 1990 levels by 2020. The EU has been debating pushing the level to 30% but no formal proposal has been made.

The financial crisis has virtually guaranteed that the bloc will meet the 20% target, said the document seen by Reuters, and ensured that “the 30% reduction scenario has also become consider-

ably less costly.”

However, the additional cost of going to 30%, previously estimated by the Commission at 33 bln euros, would hit the bloc’s poorer member states in central and Eastern Europe proportionally harder than richer EU countries, the analysis showed. That creates a political obstacle, with opposition strongest in newer EU states such as Poland.

In response, the Commission analysis sets out ways in which the costs of going to 30% could be spread more evenly across the bloc.

One way would be to adjust the bloc’s Emissions Trading Scheme (ETS), under which member states are allocated carbon allowances, which they can sell on to their industries.

The analysis suggests reducing the number of carbon allowances rich countries can sell to their industries by 38%, equivalent to removing 341 mln allowances from the ETS in 2020, while leav-

ing unchanged the number for poorer countries.

“The analysis suggests that if only the higher income member states were to set aside allowances earmarked for auctioning, the lower income member states would see auctioning revenues rise by as much as 80% in 2020,” due to the expected rise in carbon allowance prices, the Commission said.

Benchmark EU carbon prices CFI2Zc1 are currently trading at near record lows of about 7 euros per tonne.

Moving to a reduction target of 30% would also require an extra 6.5% cut in emissions from sectors not included in the EU ETS, such as ground transport and buildings, the analysis showed.

Emissions last year were already down 17% on 1990, and expected increases in energy efficiency mean the EU is on course to achieve a 25% reduction by 2020, the Commission has said.

20 FOREX

FINANCIAL MIRROR, January 25 - 31, 2012

Gold steady near 6-week high, focus on Fed meeting Gold was steady on Tuesday as firm Tokyo futures and a pick up in demand in India helped it defy pressure from a euro that was weakened after European finance ministers rejected an offer by Greece’s private creditors to help restructure its debts.

Investors are closely watching the outcome of a two-day Federal Reserve meeting which ends on Wednesday for any signs that interest rates will stay lower for longer, as that could put some pressure on the U.S. dollar.

Spot Gold was unchanged at $1,676.19 an ounce, having risen to $1,681.16 on Monday, its strongest since December 12, on technical buying.

Gold hit a record around $1,920 an ounce last September.

Any signs of further easing initiatives in the United States could provide support for gold prices, said Natalie Robertson, an analyst at ANZ. “That’s something to look forward to. We have been seeing some buying from India, actually quite firm buying from India in the last few days because of the wedding season there.”

The most active gold contract on the Tokyo Commodity Exchange, December, rose as high as 4,167 yen a gram, its biggest gain since midDecember. The gains offered support to cash gold

despite slow trading during the Lunar New Year break.

Central bank gold purchases are expected to have hit another record in 2011, while demand for goldbacked exchange-traded products fell to less than half of that seen in 2010 last year, according to a report from the World Gold Council on Monday.

The euro retreated from a three-week peak against the dollar on Tuesday and looked vulnerable to extending its pullback after talks to reduce Greece’s debt burden suffered a setback.

While no policy change was expected from the policy meeting, the Fed will likely show that its policymakers expect to start hiking interest rates again only in the first half of 2014, more than five years after chopping them to near zero, a Reuters poll of leading Wall Street economists showed.

In other markets, the Nikkei hit its highest level in nearly three months on Tuesday on hopes that a Greek debt deal will still be reached, while U.S. crude futures extended gains on concerns over supply.

Holdings of the largest gold-backed exchangetraded-fund (ETF), New York’s SPDR Gold Trust slipped about 0.41% on Monday from Friday, while that of the largest silver-backed ETF, New York’s iShares Silver Trust remained unchanged in the same period.

Markets pare gains as Greek debt talks flounder The euro retreated from a three-week high on Tuesday and Asian shares gave up most of their early gains as crucial negotiations on Greek debt restructuring suffered another major setback, raising the spectre of default.

Euro zone finance ministers on Monday rejected an offer made by private bondholders to help restructure Greece’s debts, sending negotiators back to the drawing board.

The ministers also discussed efforts to enforce stricter budget rules for European Union states and steps to finalise the structure of a permanent euro zone bailout fund.

The fund is a key safety net to contain the euro zone debt crisis and Germany is playing a major role. Germany denied a report on Monday that it was ready to boost the combined firepower of the euro zone’s rescue funds to 750 billion euros.

“The outcome of PSI (Greek debt) discussions, good or bad, can hardly surprise market participants at this stage,” said analysts at Barclays Capital in a research note.

“However, stretched sentiment suggests that the risk asset rally (of recent weeks) may be losing steam and is temporarily vulnerable,” they said.

EURO LOSES STEAM The setback in the Greek debt talks pushed the euro off a threeweek peak around $1.3050 hit on Monday.

The single currency slipped to a session low below $1.2990 after a report raised fears that Portugal, another euro zone member as highly vulnerable as Greece, could potentially face default.

The euro last stood at $1.3009, well above a 17-month trough near $1.2624 plumbed on January 13, but sentiment may be further dented later in the day with the release of Markit’s flash Eurozone Composite Purchasing Managers’ Index (PMI), a measure of the euro zone company activity.

The reports are expected to reflect deteriorating growth. A Reuters poll last week showed most economists believed the euro zone would wallow in a mild recession until the second half of this year, assuming the region’s debt crisis does not flare out of control.

Risks posed by Europe’s debt woes prompted the Bank of Japan to cut its growth forecasts on Tuesday.

While the debt crisis festers, sentiment has improved with positive effects from the lifelines extended to the European financial system by the European Central Bank via its generous funding to

ease funding strains partly overshadowing worries over an individual country’s borrowing ability.

Ten-year Italian government bond yields fell 10 basis points at 6.17% on Monday, as European banks used ECB funding to buy more Spanish and Italian bonds.

The yield was sharply off this month’s high of 7.2%.

Receding concerns over Europe sapped safe-haven appetite for U.S. Treasuries, and the rise in Treasury yields pulled 10-year Japanese government cash bond yield up to above 1% on Tuesday, its highest since mid-December.

Reflecting stabilising market sentiment and receding fears of sharp market falls, the CBOE Volatility index VIX, which measures expected volatility in the S&P 500 over the next 30 days, was nearing a 2011 low of 14.30.

The VIX closed at 18.67 on Monday. Major 2011 lows around 14.30-15.25 have caused sizable rallies, so a move towards these support levels could open the way for a continuation of the risk rally.

Oil prices held steady after gaining on Monday as EU foreign ministers agreed to ban imports of Iranian oil from the start of July to pressure Iran over its nuclear ambitions, a move that renewed threats

by Teheran to block a vital oil export route.

FOREX COMMENTARY / TECHNICAL ANALYSIS By: Eurivex

The euro struggled to stay above the $1.300 level against the dollar in Asia on Tuesday after slithering from a three-week peak on news that euro zone finance ministers rejected an offer by private creditors to restructure Greek debt, keeping alive default fears.

The euro slipped as low as $1.2987 before steadying at $1.3005. On Monday, it had jumped more than 1 percent to a high of $1.3053 on the EBS trading platform as hopes of an eventual Greek deal drove a wave of short-covering.

The euro hit a session low after a report rekindled fears that Portugal, seen as the second most risky country in the euro zone, could be the next potential default candidate after Greece.

Further dousing optimism, Germany denied a report that it was ready to boost the combined firepower of the euro zone’s rescue funds to 750 billion euros.

But the euro’s biggest move of about 30 ticks came after euro zone finance ministers sent the Greek debt restructuring offer back to the drawing board.

Despite the pullback, the euro was still well off its 17-month EBS nadir of $1.2624 hit on Jan. 13, leading some to wonder if it might have bottomed for now.

Resistance is now seen around $1.3077/1.3100, the Jan. 3 EBS high and a 38.2 percent retracement of the November-January slump. But a break above the October EBS low of $1.3145 is still needed to turn the technical picture positive, traders said.

Against the yen, the euro hit a near four-week high of 100.49 on Monday before retreating to a low of 100.03 yen and steadying at 100.19 in Asia, still well off an 11-year EBS low of 97.04 marked on Jan 16.

The euro’s retreat helped the dollar index rise off a three-week low of 79.602 hit on Monday to stand at 79.849. Support lies at 79.52, around the Jan. 3 low and the 55-day moving average around 79.57. A rally over 80.50 is needed to signal that a bottom is in place.

Weekly Economic Calendar Date Country Detail Jan 18 EUR German Ifo Business Climate due 11.00am Jan 18 GBP MPC Minutes due 11.30am Jan 18 GBP Prelim GDP growth Q/Q due 11.30am Jan 18 GBP BBA Mortgage Approvals due 11.30am Jan 18 US Pending Home Sales due 5.00pm Jan 18 US FOMC statement - Fed Funds Rate decision due 9.15pm Jan 19 EUR Gfk German Consumer Climate due 9.00am Jan 19 All Day 2 of WEF Annual Meetings Jan 19 GBP CBI Realised sales due 1.00pm Jan 19 US Durable Goods Orders due 3.30pm Jan 19 US Core Durable Goods Orders due 3.30pm Jan 19 US Weekly Unemployment Claims due 3.30pm Jan 19 US New Home Sales due 5.00pm Jan 20 EUR M3 Money Supply Y/Y due 11.00am Jan 20 EUR Private Loans Y/Y due 11.00am Jan 20 CHF Swiss KOF Economic Barometer due 12.30pm Jan 20 US Advance GDP Growth Q/Q due 3.30pm Jan 20 US Advance GDP Price Index Q/Q due 3.30pm Jan 20 US Revised UoM Consumer Sentiment due 4.55pm Indicated times are Cyprus time

Forecast Previous 107.7 107.2 0-0-9 0-0-9 -0.10% 0.60% 35.3k 34.7k -0.30% 7.30% 0.25% 0.25% 5.6 5.6 1 9 2.10% 3.70% 1.00% 0.30% 371k 352k 322k 315k 2.30% 2.00% 2.10% 1.70% -0.06 0.01 3.10% 1.80% 2.00% 2.60% 74.2 74.0 Source: Eurivex

Against the yen, the greenback fetched 77.03, still tightly wedged in its prevailing trading range between 76.6 and 77.20. Reaction was muted to the Bank of Japan’s widely expected decision to hold policy steady at its regular meeting, as well as cut its economic forecasts.

Waning risk appetite also pressured commodity currencies, with the Australian dollar slipping 0.3 percent to $1.0494, off a 12-week peak of $1.0574 set overnight.

Asian investors also awaited the outcome of the Federal Reserve policy meeting that starts later on Tuesday.While no policy change is expected, the Fed will likely show that its policymakers do not expect to start hiking interest rates again until the first half of 2014, more than five years after chopping them to near zero, a Reuters poll of leading Wall Street economists showed.

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, January 25 - 31, 2012

Euro remains under pressure Vs Dollar

ALPHA BANK

Kyriacos Orinos Treasury Division, Alpha Bank Cyprus Ltd The European currency rose on Monday 23rd January reaching a near 3-week high of 1.3050 against the US dollar from around 1.2750 it traded on Wednesday 18th January. On Tuesday however the euro lost some gains trading around 1.3000.

The euro zone finance ministers rejected an offer by private creditors to restructure Greek debt, but hopes for a deal to avert a default remained.

More specifically, the finance ministers sent back the Greek debt swap offer, saying the coupon demanded by bondholders was too high. Private

creditors argue that a 4% coupon is the least they can accept if they are going to write down the nominal value of the debt they hold by a half.

The single currency though came under pressure after a report revived fears that Portugal, seen as the second most risky country in the euro zone, could be the next potential default candidate after Greece. Further pressure to the euro was added from the denial of a report by Germany saying that it was ready to boost the combined firepower of the euro zone’s rescue funds to 750 billion euros. Overall, Europe’s debt crisis is still not under control and economic data in the region continues to point to a recession. This should keep European Central Bank policy biased toward

21

World Currencies Per Us Dollar CURRENCY

CODE

RATE

EUROPEAN

additional easing, adding more pressure to the euro as it would make higher yielding currencies more attractive to investors.

Market focus this week will be on the Federal Reserve’s 2-day policy meeting starting on Tuesday. Although no policy change is expected, the Fed could take the historic step of announcing an explicit target for inflation as part of its new communication strategy.

Meanwhile, a slew of U.S. corporate earnings reports this week should provide a measure for the state of the world’s biggest economy. Strong results could maintain risk appetite and lift growth-linked currencies but weigh on the safehaven dollar.

The Financial Markets Interest Rates

ALPHA BANK

Belarussian Ruble British Pound * Bulgarian Lev Czech Koruna Danish Krone Estonian Kroon Euro * Georgian Coupon 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 GEK HUF LVL LTL MTL MDL NOK PLN RON RUB SEK CHF UAH

8330 1.5554 1.5015 19.427 5.7100 11.6971 1.3017 24647.000 230.45 0.5356 2.6505 3.4077 11.7825 5.8622 3.2862 3.3309 30.8625 6.7444 0.9267 8.0310

AUD CAD HKD INR JPY KRW NZD SGD

1.0501 1.0077 7.7608 49.9800 76.99 1127.15 0.8104 1.2664

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

0.3770 6.0380 11290 3.7771 0.7090 0.2782 1501 0.3849 3.6407 3.7499 7.9450 3.6729

AZM KZT TRL

4588 148.45 1345000

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

Base Rates

LIBOR rates

CCY USD GBP EUR JPY CHF

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

0.28 0.78 0.70 0.14 0.04

0.41 0.89 0.89 0.16 0.05

0.56 1.09 1.11 0.20 0.06

0.79 1.39 1.42 0.34 0.11

1.11 1.89 1.77 0.55 0.33

USD GBP EUR JPY CHF

0.55 1.25 1.15 0.34 0.07

0.68 1.31 1.24 0.36 0.15

0.91 1.43 1.43 0.40 0.29

1.18 1.58 1.64 0.46 0.46

1.67 1.94 2.02 0.64 0.80

2.13 2.39 2.39 0.98 1.15

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

Opening Rates

1 USD 1 EUR 1 GBP 1 CHF 1.3008 0.7688

100 JPY

1.5550 1.0781 1.2987 1.1954 0.8288 0.9984

0.6431 0.8365

0.6933 0.8352

0.9276 1.2066

1.4424

77.00

119.74

100.16

1.2047

ASIA

Weekly movement of USD

CCY\Date

27.12

03.01

10.01

17.01

24.01

CCY

Today

USD GBP JPY CHF

1.3038

1.2939

1.2751

1.2700

1.2972

0.8343

0.8323

0.8236

0.8265

0.8341

GBP EUR JPY CHF

1.5550 1.3008 77.00 0.9276

101.47

99.22

97.81

97.26

99.80

1.2186

1.2141

1.2062

1.2056

1.2016

Last Week %Change 1.5376 1.2726 76.67 0.9501

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

-1.13 -2.22 +0.43 -2.37

Azerbaijanian Manat Kazakhstan Tenge Turkish Lira

Note:

* USD per National Currency

83.01

WEALTH MANAGEMENT ZURICH LIMASSOL

MOSCOW SINGAPORE

LONDON

Japan it is a-changin’ … really!

Marcuard’s Market update

by GaveKal Research Forecasting dramatic change in Japan has not been a rewarding exercise for most of the past two decades. Nonetheless, we believe that several catalysts are now aligning that could cause a change fairly soon in the recent status quo of high yen, low bond yields, undervalued equity market valuations and low volatility. The key factors include: 1) Deterioration in the Japanese trade balance: Provisional estimates suggest that Japan’s merchandise trade balance moved into the red in 2011.

This marks Japan’s first annual deficit (excluding freight costs) since 1963. There is little reason to believe Japan’s trade balance will move sharply into the black again, at least as long as the yen is this strong against both high-end competitors like Germany and Korea, and lower-end competitors like China and Taiwan. Moreover, Korean labor productivity growth has outstripped Japan’s for decades: Korea’s productivity relative to Japan has doubled since 1987, although the gains have slowed since the global crisis. With productivity in Korea and China growing so fast, Japan looks set to lose more export market share.

2) Weaker income from abroad: In recent years, Japan’s deteriorating trade earnings were compensated by large foreign-investment income.

But with interest rates outside of Japan now nearly as low as in Japan, such income is unlikely to be stellar. Moreover, if, as anecdotal evidence suggests Japanese investors have spent the past year liquidating their holdings of European, Brazilian and other EM debt and repatriating their capital, then income coming in from abroad will most likely be weaker than people expect. This trend should in turn put downward pressure on the yen.

3) Debt pressures mount: Japan’s net debt-toGDP ratio is now more than 130%. Yet Japanese bond yields are among the world’s lowest largely because Japan has always had an ample pool of willing domestic investors, who now hold 94% of Japan’s sovereign debt. But we think cracks are beginning to appear in the hitherto impregnable Japanese debt fortress. First, average nominal GDP

growth has been negative since 2008, and this trend looks set to continue now that Japan’s population is in secular decline. Negative nominal GDP growth is what springs a debt trap, since it causes annual debt service cost to explode as a share of GDP, which in turn blows a hole in the government budget and increases the annual refinancing requirement. And just as this is happening, the natural domestic buyers are evaporating. Household savings growth is stagnating: their saving rate has plunged from 16% of disposable income in the early 1990s to 5% today, and was as low as 2% not too long ago. And pension funds which have traditionally been net JGB buyers will start to become net sellers as the population ages and their payouts inexorably rise. The inevitable consequence is that Japan will need to find outside buyers for its bonds - lots of them - and given the nation’s parlous fiscal position those outside buyers will demand much higher yields. True, the inevitable has been a long time coming in Japan but we do not believe it can be staved off forever.

There are two plausible responses to the deteriorating debt dynamics. One is to close the fiscal gap by dramatically raising taxation, which remains relatively low by OECD standards. The other - more interesting for risk assets - is to print yen like mad to inflate away the debt burden. We do not expect either option to come into play right away. But as this stark choice becomes increasingly clear, political and market uncertainty is likely to rise, and the immediate result would be a lot more volatility in Japanese asset prices than we have become accustomed to. www.marcuardheritage.com Disclaimer: This information may not be construed as advice and in particular not as investment, legal or tax advice. Depending on your particular circumstances you must obtain advice from your respective professional advisors. Investment involves risk. The value of investments may go down as well as up. Past performance is no guarantee for future performance. Investments in foreign currencies are subject to exchange rate fluctuations.

Marcuard Cyprus Ltd is regulated by the Cyprus Securities and Exchange Commission (CySec) under License no.

131/11.

Banks battle for business as firms ditch IPOs l

Frustrated owners explore other exits

Investment banks are scrambling to keep hard-won mandates as European companies abandon plans for initial public offerings in favour of a sale or spin off, opening up the field to rivals.

French media group Lagardere recently mandated Lazard to find a buyer for its 20% stake in pay-TV channel Canal+, and is in talks with U.S. investment fund Hellman & Friedman, according to La Tribune.

Yet its original IPO, postponed in March last year due to market volatility, was being run by BNP Paribas, J.P. Morgan, Nomura and Societe Generale.

“It is clearly a worry. Alternatives such as the private equity bid or the spin off are becoming more and more attractive to corporates than the IPO route,” said one equity capital markets (ECM) banker.

Europe has seen virtually nothing in the way of sizeable new listings since the middle of last year as deepening concern over the financial health of the euro zone sent investors running and forced most companies to put their market debut plans on ice.

So far bankers specialising in share sales have been busying themselves in lining up new IPO candidates and ensuring existing clients are ready when the markets thaw again.

But with markets still choppy and valuations depressed, other options are increasingly attractive for owners whose priority is to offload an asset rather than become a public company, as well as those who have more urgent financing needs.

l

More competition for less roles on M&A deals

Last week Dutch bancassurer ING scrapped plans to list its combined European and Asian insurance and investment operations, and several others who had postponed floats last year, including Austria’s Isolvoltaic, are now looking for buyers.

Russia’s Severstal has spun off its Nord Gold unit, having failed to float last year.

This means bankers are having to broaden their offerings if they want to ensure clients don’t look elsewhere for help.

“Banks need to constantly be thinking of all other alternatives because plan A is very often now not where we end up,” said Antony Isaacs, head of equity capital markets (ECM) in Europe at Macquarie.

While private-equity backed companies will tend to ask a bank to prepare for a sale and float simultaneously, those banks working for other IPO candidates find their role more at risk.

“When it is a private company, for example founder owned, then there is definitely a risk that your role is exposed because you were asleep at the wheel and somebody else brings an idea that you didn’t think about,” said Isaacs.

FIERCE COMPETITION The current squeeze on banks in Europe means that private equity groups in the region looking to buy former IPO candidates are having difficulty accessing debt financing.

However other candidates are emerging.

“We are seeing a fair number of

trade buyers coming in to look at assets and many of these are Asian,” said Isaacs.

“There is no question there are buyers sniffing around and I would agree with the predictions this year is likely to be a reasonably big year for M+A.” While investment banks can earn similar, if not larger, fees advising on a sale, competition to win the mandate is fiercer because merger and acquisition (M&A) deals involve only a fraction of the number of banks seen in an IPO syndicate. The same goes for spin-offs, which are also less labour intensive.

“Ultimately a lot of IPO banks are in the syndicate because of their lending relationships — that doesn’t necessarily get you a ticket on the M&A advisory,” said the ECM banker.

Small boutique advisory houses, which don’t have equity distribution businesses, also come in to play when a sale is on the cards, he added, increasing competition for deals.

ECM bankers will continue to be creative in their attempts to get IPO activity going. Some predict more firms will follow in the footsteps of oil producer RusPetro and tweak the process to reduce their market exposure.

But they are also resigned to the fact that, for now at least, a float may no longer be a company’s first choice.

“It is our job to try and get the IPO market to function again,” said a London-based banker. “But any owner of an asset that is looking for an exit in the near future would be careless not to be looking at other options at the moment.”

22 WORLD MARKETS COMMENTARY

US housing turnaround is good news for shares, the dollar SHAVASB BOHDJALIAN Rising home sales in the US and signs that the US housing market, which triggered the global recession, ended last year confirm that the world’s biggest economy is recovering and this can only be good news for shares and the dollar in general.

Bloomberg News reported, “Confidence Among U.S. Homebuilders Climbs to Highest Since 2007” adding that record-low borrowing costs, a growing population, and reduced prices may drive demand for homes this year…”

Building permits, which bottomed out three years ago are also recovering and adding to the positive mood that things are getting less bad in the US. The housing market is the catalyst for the US economy. As house prices were declining, confidence was declining hurting consumption and in turn adding to the wave of the jobless, causing more pain and gloom. Following the turnaround, the US economy will start to benefit and US assets and the dollar will be the first beneficiaries of the move.

Smart money is already positioning and buying shares and markets are bidding the value of the dollar higher since market professionals know well that several months later, the statistics will also confirm the turnaround in US housing. But it’s not only in the housing sector that the US is scoring a success.

The latest report on “Debt and Deleveraging” by the McKinsey Global Institute published in the Telegraph shows that total public and private debt in the US is declining and far lower and better than comparative figures in the UK, the EU and Japan.

The Telegraph reported that the total US debt dropped to 279% of GDP from 295%, which was at the peak of the boom, compared to 500% in the UK and Japan and certainly much better than 363% for Spain, 346% for France, 314% for Italy and 278% for Germany. The Mckinsey report also showed that the debt of US financial institutions, at just 40% is very low compared to 219% for UK, 120% for Japan and 87% for Germany.

US banks are also reported to have the highest capitalization ratios in sharp contrast to EU banks, which are just starting to reduce risk, cut down on loans, dispose of non-core assets and raise capital.

With the Federal Reserve having promised to keep interest rates “exceptionally low” for an extended period of time, professional money managers are snapping up share prices and also maintaining their bullish stance to US Treasuries. The fact that the US has will hold Presidential elections this year is also seen as a positive factor which normally supports US share prices.

US stocks are up 20% since their October lows and have started 2012 on a very strong footing, in one of the best performances in a decade. Corporate profits are rising, confidence is coming back and with the turnaround in US housing, there is a strong case for US consumption to climb higher, adding to the growth rate, which in turn should help reduce the unemployment rate.

The anticipation that the Fed will be the first among the major central banks to hike interest rates will in turn benefit the dollar, which is already the main beneficiary of the eurozone debt crisis considering that the currency market usually trades 6 months ahead of the actual event.

The eurozone debt crisis and the awful state of the economy in Britain and a slowdown in emerging markets is seen pushing money managers to divert funds to the US and in the process benefit the US dollar. www.eurivex.com Shavasb@eurivex.com (Shavasb Bohdjalian is a certified Investment Advisor and CEO of Eurivex Ltd., a Cyprus Investment Firm, regulated by CySEC, license #114/10 and approved by the Cyprus Stock Exchange to act as Nominated Advisor for listings on the Emerging Market. The views expressed above are personal and do not bind the company and are subject to change without notice. Investing in markets carries a high degree of risk and investors are strongly advised to consult a professional advisor before investing)

City of London Investment H1 profit up 7% City of London Investment Group posted a 7% rise in first-half profit, and said funds under management fell a sixth over the period to $4.8 bln amid adverse market conditions.

The company, which focuses on emerging markets funds, said pretax profit for the six months to end-November rose to 6.1 mln pounds ($9.5 mln).

Profit was boosted by a 400,000 pound gain from the sale of an investment in unquoted equity options, and the company said that gain could rise during its second half to 700,000 pounds.

The company held its interim dividend at 8 pence.

In December, the Group complained to American company Blackrock over the share price performance of one of Blackrock’s funds.

Its move was the latest example of a fund coming under attack from activist investors, and followed a spat in 2011 between Alliance Trust and Laxey Partners.

FINANCIAL MIRROR, January 25 - 31, 2012

Yield hunters emerge from hibernation ANALYSIS Blinking in the light and still very nervous, investors have taken tentative steps back into the world’s equity markets in 2012, but it won’t take much to scare them and they will be looking for encouragement from policy makers in the coming week.

Euro zone finance ministers met on Monday amid demands for faster action on fiscal integration, while the U.S. Federal Reserve’s key policy making committee, the FOMC, held its first meeting since promising to give a forecast on interest rates.

But neither event should upset what has been a very good start for riskier assets like equities and commodities in 2012 as investors start to leave safe-havens like the U.S. dollar and German government bonds and put their money to work.

Patrick Zweifel of Pictet Asset Management summed up the current mood as “a moderate risk on position”.

Zweifel said this was driven by a view on the business cycle as economic data in major markets like the U.S. and China surprise on the upside, the abundant liquidity provided by central banks, good valuations for many assets after last year’s sharp falls and a general improvement in sentiment.

The positive tone has shown up clearly in developed market equities but emerging markets have also seen a comeback after a disappointing 2011.

The S&P 500 index in the U.S. is current-

ly up about 4.5% for 2012 to date, its strongest start since 1987, according to analysts at Deutsche Bank, who noted positive Januaries have been rare since the onset of the current crisis.

If this month were to finish with the current gains it would be the 25th best January performance since 1928.

The gains are not confined to big U.S. companies. The Russell Global ex-US Large Cap Index is up 5.1% while its small cap equivalent has done better and is up 5.8%.

“Small cap stocks have traditionally led in the early stages of a recovery, and the global trend we see thus far in 2012 is encouraging,” said Russell Europe’s head of capital markets John Velis.

The MSCI world equity index, which measures the country indexes of 45 developed and emerging market nations, fell by 9.4% in 2011 as investors headed for safety amid the euro zone debt crisis, but is up around 4.7% for the year to date.

The coming week is set to be a crucial one, especially for Europe, with the reaction to the outcome of talks between the Greek government and private sector holders of its debt likely to be the near term driver of sentiment.

In addition to the Eurogroup finance ministers meeting and the subsequent Ecofin, the annual gathering of top policymakers in Davos, Switzerland, gets under way with an opening address by German Chancellor Angela Merkel.

Pictet’s Zweifel said investors are looking for more detail on the new European Stability

Mechanism, on the fiscal rules that European governments will have to meet and how they will be enforced, and on the shape of any future fiscal transfer system within Europe.

“We wont have all the answers next week but everything that goes into more clarity on fiscal integration will be watched,” Zweifel said.

In the U.S. the two-day FOMC meeting is not expected to announce any policy changes but may signal whether another round of quantitative easing is being considered.

Meanwhile, President Barack Obama gives his last State of the Union address before the next election and is expected to focus on job creation and growth.

The economic outlook will be illuminated by the IMF and the European Bank for Reconstruction and Development which both update their economic forecasts this week.

While on the data front, flash estimates of the Purchasing Manager’s Indexes are due for the euro zone and Germany, while the latest German Ifo business climate index and GfK consumer Sentiment index are released.

Generally, the data is expected to reflect improvements already seen in manufacturing indexes from the U.S. and China, encouraging the view that global economic slowdown will not be as severe as feared in the first quarter.

The fourth quarter earnings season also continues with European banks in focus after their U.S. counterparts reported mostly slightly weaker core revenues due to last year’s market volatility. Barclays and Deutsche Bank are expected to be among the stronger performers.

Improved prospects for IPOs after lacklustre end to 2011 The European market for company floats has suffered a difficult fourth quarter, rounding off a tough year for initial public offerings across the region.

In Q4 2011, 78 IPOs raised just 866 mln euros, an 81% decrease in offering values compared to Q3 2011 and 83% down year on year, PwC’s latest IPO Watch Europe report has found.

London dominated activity in a muted quarter, raising 800 mln euros, 92% of total European IPO value, with the London IPO of Polymetal raising 421 mln, or 49% of all value raised in Europe. Q4 2011 has seen companies undecided on IPO timing because of the troubled market conditions and whilst companies are still looking to raise money, volatility continues to destabilise an already fragile market and unsettle potential investors.

Despite a subdued second half of 2011, annual European IPOs raised 26.5 bln euros, in line with 2010. Volumes increased by 13% to 430 IPOs. London generated 14.6 bln, more than half of money raised, despite only hosting a quarter of the IPO deals across Europe. The top 15 deals raised 20 bln, 75% of total IPO value across Europe in 2011, with the IPOs of Glencore, Vallares and Justice in London and Bankia and Dia in Spain raising 14.6 bln in their own right.

“In 2011, the markets failed to ignite after the summer as people had hoped, due to the continuing economic uncertainty in Europe and espe-

Asda to invest over £500 mln in 2012 Asda, the British arm of U.S. retailer Wal-Mart Stores, said it would invest over 500 mln pounds this year, opening 25 new stores and three depots and creating up to 5,000 jobs.

Britain’s second-biggest supermarket group behind Tesco also said it would extend and refurbish 43 existing stores.

The 25 new stores will add over 600,000 square feet of net selling space, through superstores, small format supermarkets and Asda Living outlets.

The three new depots will add capacity to the firm’s logistics network so it can meet planned growth.

Asda currently trades from 528 UK stores and depots, employing over 180,000. The firm has not yet updated on Christmas trading.

Earlier this month Tesco sent shockwaves through the sector when it reported a disappointing Christmas performance and issued a profit warning.

cially in the Eurozone,” said Mark Hughes, capital markets partner, PwC. “Looking at the year as a whole, London continued to lead the European IPO landscape with international and natural resources IPOs making up for the weakness of the domestic IPO market.”

Hong Kong saw a 43% decline in money raised, despite having attracted the IPOs of a number of international luxury brand companies during the year, such as Prada. In the U.S., the return of a number of larger deals in the first half of 2011 saw IPO’s raise 25.6 bln in 2011, a 13.4% decrease on 2010, which was buoyed by the jumbo IPO of General Motors.

Looking forward, there will be a recovery for European exchanges in 2012 but it may take until the second half of the year before this recovery is seen, PwC predicts. There is also a substantial pipeline of companies ‘ready to go’ if a window of opportunity were to open with the right market conditions.

“Some of the largest international IPOs in London and other EU stock exchanges over the last few years have been done through Cyprus,” said Nicos Theodoulou, capital markets partner in PwC Cyprus.

He added: “With its beneficial taxation framework and increasing reputation for quality, Cyprus is well placed to capture a significant part of the IPO pipeline coming up for 2012, despite increasing competition from other European jurisdictions.”

Oxfam launches emerging market small business fund Aid agency Oxfam has launched a new fund aimed at helping smalland-medium sized enterprises (SMEs) in developing countries, in conjunction with asset management company Symbiotics.

Oxfam said it was aiming to raise $100 mln after three years for its Small Enterprise Impact Investment Fund, and hoped the fund would help create 100,000 jobs within five years.

Oxfam said that despite many African and Asian countries being viewed as fastgrowing markets, many small businesses in those regions were stifled by a lack of funding and limited access to credit. “The private sector has a critical role to play in lifting people out of poverty and has the potential to drive huge SME growth in developing countries at a scale that is simply not possible for traditional development finance institutions to achieve on their own,” Oxfam chief executive Barbara Stocking said.

FINANCIAL MIRROR, January 25 - 31, 2012

WORLD ª∞RKETS 23

24 WORLD MARKETS

FINANCIAL MIRROR, January 25 - 31, 2012

Canada’s star fades as economy faces tough 2012 l

To underperform U.S. in reversal of trend

ANALYSIS Canada’s moment in the sun as the fastestgrowing economy in the G7 club of rich countries is set to end this year, when it will likely underperform the United States for the first time in seven years and struggle with a mounting household debt problem.

A potential housing market downturn has emerged as the top threat to the economy from within, along with the grim realization that a bad ending to the European debt crisis could set back growth in Canada, the world’s 10th largest economy.

Even some perennially optimistic Canadians say the economy has lost its shine, pointing to late 2011 as the turning point.

In an opinion piece in the Financial Post newspaper this month, the usually upbeat economist Finn Poschmann explained how he had crossed over “growling and snarling, into the bearish camp.”

“People spend a lot of time making fun of me and offer rose- coloured glasses,” chuckled Poschmann, vice president of research at the C.D. Howe Institute, a think tank, in an interview with Reuters.

“It was over the course of the fall as the housing prices just continued to march upwards and debt was growing ... It’s not sustainable. It won’t be sustained.

Let’s take a breath here,” he said.

In the best case scenario, the housing situation will dampen growth as house prices grow faster than

l

Economy still solid compared to G7

people’s incomes and demand slows. In the worst case scenario, a crash could force many Canadians to default on their mortgages and really hurt the economy, although nobody expects a downturn as dramatic as the U.S. housing price collapse.

Canada had a remarkably swift recovery from the 2008-09 economic recession and leapt ahead of the U.S. in job growth, recovering the jobs lost in the recession by January 2011.

Prime Minister Stephen Harper and his finance minister, Jim Flaherty, often boasted of a track record that stood out in the industrialized world: solid growth, an unemployment rate well below that of the United States, a sound banking system that never needed bailouts and a relatively small fiscal deficit that it would eliminate within five years.

Canada is also one of the shrinking number of countries that still has an AAA debt rating. Foreign investors felt so confident in its safe-haven status that they bought a record amount of the country’s bonds and stocks in 2010. Inflows have remained heavy since then, boosting the Canadian dollar and driving down bond and mortgage rates.

But as Harper’s cabinet ministers fan out across the country this month to consult with business executives and others about the federal budget, they are likely to hear a different story of uncertainty and delayed decisions on hiring and investment.

Harper told his caucus this week that the priority for 2012 is preserving growth and creating jobs.

The Conservative government aims to balance the

Luxury store wars escalate on London’s top streets When rumours reached Bernard Arnault, the chief executive of luxury goods group LVMH, that an Irish state-run agency could seize control of developer David Daly’s three shops on London’s Bond Street, he quickly approached him about a deal.

Daly and adviser Savills soon set a 10-day deadline for talks, knowing that Arnault, France’s richest man, was anxious to avoid an auction via Ireland’s National Asset Management Agency (NAMA) that could result in a sale to rivals such as Chanel.

“LVMH was determined not to let what happened with the DKNY store happen again,” one source familiar with the deal said. The freehold on DKNY’s shop at 27 Old Bond Street was sold to Chanel in 2010. The sale derailed LVMH’s plans to replace its DKNY branded outlet with a Dior shop and left Arnault furious.

Arnault via his agent Harper Dennis Hobbs and Daly agreed a 300 mln pound deal within the 10-day window last month.

Arnault’s purchase shows how Bond Street, the UK’s most expensive shopping destination, is fast becoming a battlefield for deep-pocketed fashion dynasties that are increasingly willing to shell out hard cash to guarantee ownership of top sites and hedge against spiralling rents.

Retailers accounted for more than three-quarters of property deals on Bond Street in 2010, consultancy CBRE said, paying out more than 250 mln pounds.

CBRE Executive Director Phil Cann said the trend would accelerate.

Unlike mid-market retailers, luxury brands have bounced back strongly from the 2008 downturn on the back of strong demand from emerging markets such as China and Russia.

The acute space shortage on the half mile stretch combined with strong demand from global brands that see a Bond Street presence as essential to European expansion plans, may boost rents from 975 pounds per square foot to 1,500 pounds by 2013, consultancy Cushman & Wakefield said.

HIGH FASHION RIVALS Jonathan O’Regan, from Savills’ central London investment team, said the battle between luxury retailers and the families behind them, has been heating up since French luxury fashion house Hermes bought British rival Asprey’s New Bond Street home for 75 mln pounds in 2009.

“There will never be enough stores on Bond Street to satisfy retailer demand and therefore by owning them, the retailer protects their presence on the street in the future,” he told Reuters.

The race to own space is injected with added tension as growing numbers of retailers become landlords to their rivals.

Besides the Chanel-owned DKNY store, the Maramotti family behind luxury clothing retailer Max Mara bought stores occupied by fashion houses Etro and Bottega Veneta in 2010, while diamond magnate Laurence Graff has been a long-term landlord to Cartier’s New Bond Street store.

On neighbouring Oxford Street, the families behind more mainstream retailers Inditex and Hennes and Mauritz have bought the buildings that house their respective Zara and H&M clothing brands.

Brokers say that as well as ensuring the best sites, larger retailers are increasingly investing in central London real estate as a perceived safe haven from the global financial crisis.

More brands are expected to become property owners. Fashion retailer Mango, rival to Inditex’s Zara, has been looking to buy its stores and iconic buildings potentially to occupy in London.

Like Bond Street, prized Oxford Street addresses are notoriously hard to secure with premiums of up to 14 mln pounds being paid to persuade existing tenants to exit their leases.

l

Household debt, high housing prices

budget in the medium term.

But Canada’s job-creation machine has ground to a halt and for the first time in five year it no longer leads the U.S. in employment creation, although its jobless rate is still lower, said Doug Porter, deputy chief economist at BMO Capital Markets.

The Bank of Canada has held its key interest rate frozen at an ultra-low 1% for a record 16 months in a sign it too fears more turbulence ahead.

A Reuters poll released on Thursday showed analysts predict Canada will break with a six-year trend and grow 2.1% this year, below the U.S. forecast of 2.2%.

DOMINO EFFECTS More dramatic is the shift in business sentiment.

Net optimism among money managers at some of Canada’s largest companies fell sharply in the fourth quarter to four percentage points from 22 points in the previous quarter, according to a survey by Deloitte.

Some 28% of Canadian chief financial officers expect the economy to worsen in the next six months compared to just 12% of American CFOs who hold that view.

“The messaging we’re getting is consistent in terms of everyone is really worried about the economy and possible domino effects,” said Eddie Leschiutta, a lead partner at Deloitte Canada and regional leader of the survey.

Canadian executives remain more upbeat gener-

ally than their U.S. competitors because the economy has a stronger starting point. But their mood has soured more dramatically and their forecasts of earnings growth are far more conservative.

Europe’s problems, previously brushed off as having little direct impact on Canada, now loom large.

“The sense that we have is that it’s really in the third quarter and through the fourth quarter that Canada starts saying ‘wait a minute, this is big enough that it’s going to affect us as well,’ said Leschiutta.

Canada has little direct exposure to European debt but the impact on the global economy of a fullblown European banking crisis could squeeze its exports, hurt confidence and make borrowing harder.

Central bank chief Mark Carney on Wednesday said the European crisis was the biggest threat to Canada by far. He also predicted the household debt to income ratio would rise further from an already alarming 153% record reached last year.

But he assured business leaders that no matter how tough the times get, the banks are healthy and willing to lend.

And can Canada regain its status as the G7’s star performer?

“That ship has sailed,” said BMO’s Porter.

“That doesn’t take away from the fact that we’ve had a very good run over the last five or six years versus everyone else, and we’re still left in a much better position ... but the gap is starting to close.”

Goal for Alzheimer’s drug by 2025 too ambitious?

ANALYSIS The U.S. government has set a deadline of 2025 for finding an effective way to treat or prevent Alzheimer’s disease, an ambitious target considering there is no cure on the horizon and one that sets a firm deadline unlike previous campaigns against cancer or AIDS. A panel of Alzheimer’s experts this week has been fleshing out the first comprehensive plan by the U.S. Department of Health and Human Services (HHS) to fight Alzheimer’s disease, an effort mandated by the National Alzheimer’s Project Act signed into law by President Barack Obama last year.

The law called for the government to create a blueprint to beat Alzheimer’s but provided no new money for the effort.

More than 5 mln Americans suffer from Alzheimer’s, a brain disease that causes dementia and affects primarily elderly people. Some experts estimate the disease costs the United States more than $170 bln annually to treat.

Australia, France and South Korea already have comprehensive Alzheimer’s plans, and global experts have been urging the United States to take a leadership role.

“We want to demonstrate that as a country we are committed to addressing this issue,” Dr. Howard Koh, assistant secretary for health at HHS, told Reuters.

“We know the projected number of patients is expected to rise in the future. We know there are far too many patients who are suffering from this devastating condition and it is affecting them and their caregivers,” Koh said.

The U.S. plan is meant to galvanize efforts to fight the fatal disease that robs victims of their ability to think and drains the resources of family caregivers.

But some experts say the 2025 deadline is unrealistic.

“No one set a deadline for the ‘War on cancer’ or in the fight against HIV/AIDS. We make progress and we keep fighting. The same should be true for Alzheimer’s,” said Dr. Sam Gandy, an Alzheimer’s researcher at Mount Sinai School of Medicine. “In my mind, that provides the unfortunate sense that we will have ‘failed’ if we don’t have a cure by 2025.”

When U.S. President Richard Nixon declared war on cancer in 1971 and signed the National Cancer Act, the idea was to dedicate the same kinds of funds and resources to cancer as had been spent on splitting the atom.

In the 30-year fight against AIDS, it was only last November, with many effective treatments already in hand, that U.S. Secretary of State Hillary Clinton set a goal for an AIDS-free generation, something she said “would have been unimaginable just a few years ago.”

By contrast, the National Alzheimer’s Project Act provides no new money. And while a few drug companies have compounds in clinical trials, researchers say they are just starting to understand the disease, which develops silently for 15 to 20 years before any memory problems begin to show. “This means that if we had, today, already in hand, the funding, recruitment and the perfect drug, the trial would still take 15 to 20 years,” Gandy said.

Despite costly efforts, no drug has been found that can keep the disease from progressing. Some researchers fear drug companies will give up entirely. The latest blow came when Pfizer Inc said it would end its collaboration with Medivation Inc after the drug Dimebon failed to improve thinking ability in a late-stage trial. “Our best shot is not at a cure but at prevention, and prevention trials for Alzheimer’s will be larger, more time-consuming and more expensive than any prevention trials ever undertaken,” Gandy said in an e-mail.

UNDERSTANDING THE DISEASE The group Alzheimer’s Disease International estimates there are now 37 mln people with the disease worldwide. As the population ages, that number will increase to 66 mln by 2030, and to 115 mln by 2050, the group said. Koh said organising efforts around a single strategic plan will help speed treatment, expand patient support and improve care for patients.

Part of the problem is that scientists are just beginning to sort out which changes in the brain are linked with Alzheimer’s and which are related to other forms of dementia.

Last week, the National Institute on Aging (NIA), part of the U.S. government’s National Institutes of Health, published final recommendations in Alzheimer’s & Dementia: The Journal of the Alzheimer’s Association that should help pathologists do a better job of characterizing these differences.

The new NIA guidelines are the first since 1997, and they differentiate between memory changes diagnosed by doctors while a patient is still living and the brain changes that pathologists can see in an autopsy.

One of the hallmarks of Alzheimer’s is the presence of so-called plaques and tangles in the brain that are used to identify the disease.

Very often - about 30% of the time - brain autopsies reveal Alzheimer’s-related plaques and tangles in people who had no sign of dementia while they were living, said Dr. Creighton Phelps of the NIA’s division of neuroscience. “We are missing something,” Phelps said.

INVESTMENT NEEDED So far, U.S. investment in the search for Alzheimer’s treatments has fallen short of what the nation spends on other chronic diseases, such as cancer and heart disease.

William Thies, chief medical and scientific officer of the Alzheimer’s Association, said the National Institutes of Health’s budget for Alzheimer’s research is a little over $450 mln. “If you add in private sector money, that is close to $500 mln,” he said.

That compares to the roughly $6 bln spent by the NIH on cancer and more than $4 bln on heart disease annually, Thies said.

Koh said more public funding would be “tremendous,” but just the act of coordinating various Alzheimer’s efforts should focus research and stimulate funding from the private sector.

George Vradenburg, chairman of the advocacy group USAgainstAlzheimer’s and a member of the HHS Advisory Council on Alzheimer’s Research, had been pushing for a 2020 deadline for an Alzheimer’s cure, but he called the 2025 goal a “major step forward.”

FINANCIAL MIRROR, January 25 - 31, 2012

WORLD MARKETS

25

Greece clings to hope of debt deal despite setback

Russia in deal to deliver Syria fighter jets Russia has signed a deal to sell Syria nearly 40 fighter jet trainers for over half a billion dollars, a Russian newspaper reported on Monday, despite growing international criticism over its military trade with the violence-ridden country.

Syrian President Bashar al-Assad has used troops and tanks to try to crush a 10-month-old popular revolt and thousands of people have been killed.

The daily Kommersant cited a source close to Russia’s state arms export monopoly, Rosoboronexport, as saying that the sides had signed a contract after holding talks in December, and that Damascus was to pay $550 mln for 36 Yak-130 aircraft.

A Russian defence industry source indicated the planes had not been built, saying assembly could start after Syria makes a down payment, according to Kommersant.

“The creation of 36 new fighters for a foreign consumer is fully within the power of (manufacturing facilities),” the source was quoted as saying. “As soon as Syria sends Russia the down payment, the factory can get started on assembly.”

The advanced training jets could be used for air attacks on ground targets and to train pilots on the country’s more advanced fleet of Mi29 jet fighters, which it ordered from Russia in 2007.

Moscow is one of Assad’s few remaining allies, still serving top arms customer Syria while joining China in an October veto of a Westerncrafted U.N. Security Council resolution that threatened an arms embargo.

Syria makes up $700 mln of arms sales in 2010, some 7% of Russia’s total of $10 bln in arms deliveries abroad, according to the Russian defence think tank CAST. CAST director Ruslan Pukhov said he had previously been aware of the deal, but said the contract might be annulled by the Syrian side if Damascus suspected any international military action against his rule was in the works.

“It’s an expensive order and while these jet trainers may be good for specific missions ... it’s no substitute for a supersonic (fighter) jet,” he said.

Russia has made strong gestures to reaffirm support for Assad recently, including sending its Navy flagship to a Russian base on the Mediterranean coast of Syria near Tartus.

Earlier this month a ship full of ammunition from Russia was detained in Cyprus. The ship was released the next day and sailed on to Tartus.

The United States said it had raised concerns about the ship with Russia, but Moscow has said it needs no justification for its defence trade with Syria without an internationally binding arms embargo in place.

Russian group to take stake in Reading FC A Russian-led investment company have agreed to take a large stake in England’s second division soccer club Reading and plan to provide initial funding to strengthen the team during the current transfer window.

Thames Sports Investment (TSI), founded by Russian Anton Zingarevich, have reached an outline agreement with long-standing club owner John Madejski on the deal.

“TSI’s financial support aims to allow the club to retain its best players and acquire additional players as the management team see fit,” TSI said in a statement, adding that the deal was due to be finalised in March.

The Zingarevich family were linked in 2004 with a reported plan to bid for Premier League club Everton but nothing came of that. Anton’s father Boris Zingarevich is a timber tycoon.

Little is known about Anton Zingarevich, although media reports said he studied at university in Reading, a town west of London.

English soccer clubs have increasingly been targeted by foreign investors in recent years, with Russian, American and Gulf Arab money behind many of the biggest names in the game, such as Manchester United, Chelsea and Manchester City.

Reading played in the Premier League for two seasons from 20062008, and are currently just outside the promotion play-off positions.

Madejski, who made his money from the Auto Trader magazine, has been chairman of Reading for more than two decades and will remain in that role should the deal go through. He backed a move in 1998 to a modern, 25,000-seater stadium that is named after him.

Greece was clinging on Tuesday to hope of a last-minute bond swap deal to avoid a messy default after euro zone officials sent talks back to square one by rejecting a final offer from the country’s private bondholders.

Athens is desperate for a deal within days to ensure funds from a 130 bln euro rescue plan drawn up by European partners and the IMF arrive before 14.5 bln euros bond redemptions fall due in March.

After weeks of haggling with creditors in Athens, euro zone finance ministers in Brussels on Monday dealt a sharp setback to those hopes by rejecting creditors’ demand for a 4% coupon, or interest rate, on new, longer-dated bonds in exchange for existing debt.

Private sector creditors now have the upper hand in deciding whether Athens will be forced into a hard default that could sow chaos across the global financial system and push other weak euro zone members closer to a default.

Charles Dallara, the head of the Institute of International Finance negotiating on behalf of creditors, is due to speak in Zurich later on Tuesday after leaving Athens over the weekend.

Greece’s top official at the Brussels meeting remained stoic, saying the country had the euro zone’s support to complete the debt swap talks in the “coming days”.

“In reality, we are now entering the final stretch,” Finance Minister Evangelos Venizelos said in a statement.

“I believe everyone has now realised that Greece must be supported in its effort, which

is of vital importance not only for us but for the euro zone as a whole and the global economy.”

Asked if there was still hope of a deal, IMF chief Christine Lagarde said she remained positive.

“I’m determined to be positive,” she told Deutschlandradio Kultur. “Political leaders have the instruments and possible measures in order to manage this situation and bring the euro zone back on to a sustainable path.”

Conservative leader Antonis Samaras, head of one of three parties backing Greece’s technocrat prime minister, told Reuters he expected the talks to be wrapped up by March 5 at the latest and said the country must head to polls as soon as the EU/IMF bailout is finalized.

He set April 8 as the deadline for elections.

“PLAN A MODE” With weeks of talks yielding little progress and growing concern that Greece’s fast-deteriorating economic prospects mean it will need more aid from partners either way, European policymakers appeared to be more willing to consider the previously taboo option of an involuntary debt swap.

A “voluntary” swap where both sides agree to the terms of the deal is required to prevent insurance against a Greek debt default from being paid out.

“There has been a slight change in mood, but no change in the policy lines pursued,” a senior euro zone source told Reuters when asked about the mood among policy-

makers on Greece.

A second euro zone source confirmed the perception of a shift but cautioned: “We are still in Plan A mode”.

A source close to the talks said creditors would go towards an involuntary debt swap if there was no agreement by the end of the week — raising the risk of a messy default.

The bond swap is meant to cut 100 bln euros from Greece’s debt burden of over 350 bln, in a bid to ultimately slash its debt from around 160% of GDP to a more manageable 120% of GDP by 2020.

Sources close to the talks told Reuters on Monday that the impasse in Brussels largely centred on questions of whether the deal would return Greece’s debt mountain to levels that European governments believe are sustainable.

Greece and its private creditors had been converging on an agreement that would see private creditors accepting a real loss of 65 to 70%, sources close to the talks said after several rounds of talks last week.

At the time, Athens and its creditors were discussing new bonds would likely feature 30-year maturity and a progressive interest rate averaging out at 4%, sources said.

Greece is stumbling through its worst post-World War II economic crisis, with unemployment at record highs and frequest protests against austerity measures demanded by its international lenders as a condition for bailout loans.

The country is now in its fifth year of recession.

Tax dodger list published A famous singer and a retired basketball star were on a list of 4,000 top tax dodgers released by the Greek government as part of a name-and-shame policy to get evaders to pay up.

Tax evasion is endemic in Greece and its international lenders, the EU and the IMF, have insisted Athens improve tax collection if they are to continue bankrolling the debt-laden country.

The list released late on Sunday includes a host of convicted tax frauds and failed businessmen, a prominent singer, the husband of a former government minister as well as a retired basketball star who was recently released from a two-year jail term for illegally owning an arms cache.

Athens has been threatening to publish the list for months and had to change privacy laws to follow through on the threat. It had been kept in a safe in parliament, where lawmakers were allowed to read it without taking notes.

Greek authorities have stepped up the prosecution of tax sinners since Lucas Papademos, a technocrat banker, was named prime minister in November with a mandate to push through budget cuts and economic reforms demanded by the country’s lenders.

Police have already detained a string of businessmen for tax arrears and most of them will face trial over the coming months.

Lifting the veil of secrecy that has so far protected tax dodgers will convey a sense of justice to honest taxpayers squeezed by an unprecedented tax onslaught as part of EU/IMF-imposed austerity policies, analysts said.

“It will also protect honest people from doing business with unreliable partners,” said Dimitris Mardas, an economics professor at the University of Thessaloniki, which was rocked by revelations last week that a top local tax official was part of an extortion racket.

The 4,000 people featured in the list owed the government about 15 bln euros in total, but publishing it may be largely symbolic. Much of that money cannot be recovered, Mardas said. “Many just can’t pay — some are even owed money by the government itself,” he said.

Topping the list with arrears of 952 mln euros is a convicted tax fraud who is already serving a 504-year prison sentence for issuing fake receipts to companies that wanted to lower their tax bill.

Greece has about 60 bln euros in unpaid taxes, a figure equivalent to about a quarter of its economy, according to an EU report published in November.

Just 8 bln euros of that amount can be quickly recovered, the EU said, though even that is a sum big enough to cut the country’s budget deficit by half.

BoG to decide on banks’ capital by end-Feb Greece’s central bank will review a study by BlackRock Solutions on the loan books of Greek lenders and determine what additional capital they will need by the end of next month.

Greek banks are trying to cope with rising credit impairments and a shrinking deposit base as the austerity-hit country struggles through its fifth straight year of economic contraction.

Banks are expected to have to recapitalise after writedowns resulting from a planned bond swap which calls for a 50% nominal writedown on their Greek

government bond holdings and provisioning for non-performing loans.

“The study was handed to us last week. Its findings on the extra provisions for credit risk Greek banks will need to take will be assessed and announced by end-February,” a Bank of Greece official told Reuters.

The economy’s protracted slump, projected at about 6% last year, is taking a toll on loan portfolios as unemployment climbs to record highs — 18.2% in October.

“The Bank of Greece will

evaluate the study’s findings versus provisions already booked by banks and their business plans to conclude what extra capital is needed,” the official said.

Banks have been told by the central bank they will need to maintain a core Tier 1 capital adequacy ratio of 10% of riskweighted assets this year while there is talk this may be relaxed to 9%, in line with European Banking Authority (EBA) guidelines.

Lenders will have to submit their business plans for the 201113 period next month and their

capital raising plans by end-April to the central bank.

The Bank of Greece has hired consulting firm Bain & Co to help it assess the whole project — whether bank plans are realistic given the prevailing adverse macroeconomic conditions.

Banks will have until the end of August to implement their action plans to boost their capital.

Failure to comply with the capital requirements may force them to resort to the Hellenic Financial Stability Fund (HSFS), to help them recapitalise.

26

CSE NEWS

FINANCIAL MIRROR, January 25 - 31, 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 MARFIN 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. EM 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

Cap. ('000) Kεφαλ.

EUR

899 528 1 611 111 308 004 74 080 460 547 246 214 80 966

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

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

Value euro Aξία EUR

1.00 0.85 0.43 0.35 0.17 0.35 0.35

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

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 0.43 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 0.17 0.17

Profit/(Loss) Book Value 2009 Times EUR ('000) Tιµή προς Κέρδη µετά λογιστ. αξ. φορολ.

Book Value Price to Per Share euro Λογιστική αξία

503 736 455 944 102 565 20 002 16 119 12 064 9 473 1 119 904

3.23 2.34 1.50 0.74 0.50 0.56 1.86 1.53

0.17 0.12 0.22 0.37 0.07 0.09 0.06 0.16

2009 313 144 173 872 27 194 5 172 -13 575 -1 218 3 817 508 406

114 320 25 897 28 700 34 352 17 428 10 401 13 282 6 975 7 290 5 084 4 359 4 455 2 730 3 120 278 394

1.78 3.01 0.49 0.26 0.28 2.40 4.39 0.33 0.68 3.50 0.09 0.12 1.69 0.56 1.40

0.17 0.12 0.33 0.73 0.22 0.28 0.23 0.55 0.18 0.18 0.54 0.81 0.05 0.12 0.32

2009 18 904 5 974 6 660 3 524 4 070 2 450 4 736 -1 354 -392 1 535 -2 220 -399 -283 604 43 809

6 217 14 183 15 818 3 173 10 723 4 996 31 287 11 610 3 242 11 000 9 918 3 000 201 5 408 2 881 14 464 7 557 10 435 1 645 24 770 9 789 32 228 2 545 7 290 810 6 080 6 967 29 669 940 5 100 2 306 12 000 670 1 115 21 685 1 619 13 260 5 620 1 971 8 135 8 210 2 352 149 12 822 464 42 444 773 43 750 1 326 18 012 5 816 2 729 2 640 3 288 6 652 7 475 386 3 175 414 200 75 000 600 404

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 1.83 0.31 0.57 0.19 0.19 1.10 0.55 0.27 0.11 0.14 0.24 0.04 0.11 0.11 0.12 0.48 0.43 0.90 0.11 0.41 0.19 0.35 0.39 0.17 0.50 0.33 12.40 0.15 0.19 0.19 0.19 0.40 1.22 0.19 0.19 0.88 0.56 0.09 0.30 0.22 0.43 0.37 0.04 0.41 0.22 0.39 0.14 1.67 0.47 0.25 0.51 0.17 0.05 0.10 0.64 0.43 0.17 6.61 0.67 Disc/Prem

1 169 5 092 1 482 5 784 42 000 2 825 1 400

0.0388 0.2809 0.0206 0.3382 0.7552 0.0174 0.0643

-48.45 -67.96 45.63 -61.56 -72.19 -42.53 55.52

9M 2010

9M 2011

EUR ('000)

EUR ('000)

Kέρδη

Kέρδη

2010

2011

9M '10 247 801 82 700 12 007 2 181 7 742 -8 043 3 101

9M '11 -801 167 -291 493 -73 081 3 024 -4 830 -1 527 19

347 489

-1 169 055

9M '10 7 384 2 379 1 730

9M '11 3 780 -2 992 287

793

67

12 286

1 142

1H '10 758 -33 1 920 -454 -2 181

1H '11 840 -10 698 1 121 -373 -2 978

2 139 -162 185 -1 834 -5 098 521 -99 -2 445 -2 625 -1 512 -62 1 486 -214 -4 077 372 5 986 160 1 291

2 240 -134 417 1 969 -3 664 773 -189 -2 493 -2 739 -4 852 -6 805 -234 -3 125 -463 1 756 1 239 940

35 -6 494 -261 -72 659 -121 -752 -779 -508 -3 274 80 542 -2 975 -272 -7 715 -1 569 -3 761 -125 3 594

215 -2 943 -221 -111 -162 1 027 3 679 -940 -89 -6 279 323 274 -1 396 -173 -4 233 36 -761 -191 1 121

2009 1 437 1 425 3 757 -1 220 -5 277 -5 879 4 592 -744 286 -4 025 -4 914 2 167 1 509 -3 476 -2 536 881 -54 2 249 -526 -4 037 533 8 146 -6 2 628 -764 1 185 3 127 -295 44 1 716 -39 738 -3 161 -420 -3 689 529 1 033 3 555 -79 -7 861 390 1 930 -593 6 329 -4 951 -7 274 265 8 031 502 -8 681 587 924 127 1 605 1 428 -197 -2 352 77 -28 -13 -4 820 -14 179

-8 461 -196 4 584 147 -2 182 -187 81 815 -3 309 -2 630 -1 107 -345 -138 -55 -18 -1 030

-8 696 -426 4 281 -631 -2 464 -191 -347 234 1 093 -3 875 -787 -255 -151 -16 -22 1 991

-43 777

-40 934

2009 12 1 487 -1 119 9 089 -9 161 4 197 34

1H '10 -699 -3 697 -325 -10 070 -5 866 -4 966 6

1H '11 -59 -1 207 -314 -3 086 -826 -2 488 -12

Profit/(Loss)

2010 EUR ('000) Κέρδη µετά φορολ.

P/E ratio 2010

Dividend Per

Dividend Yield

Dividend Per

Results

Share 2010 Cents

% on 2010

Share 2011 Cents

2010 306 000 87 100 8 889 3 274 -10 243 -17 397 3 328 380 951

1.65 5.23 11.54 6.11 n/a n/a 2.85 4.06

2010 8 848 1 540 6 309 4 108 -47 1 846 25 987 -1 950 -703 2 574 -8 419 -1 453 456 71 39 167

4.00 16.82 4.55 8.36 n/a 5.63 0.51 n/a n/a 1.98 n/a n/a 5.99 43.95 2.96

2010 1 856 -3 960 4 363 -1 669 -1 339 -11 422 4 108 -2 203 248 -3 542 -6 512 1 211 -622 -3 641 -7 007 574 -157 1 211 -505 -6 432 568 11 523 1 157 2 183 -380 575 -5 602 -504 -980 1 048 614 -1 668 -840 -738 -3 358 -766 969 -2 048 -381 -1 729 -3 883 -594 5 981 -5 765 -13 915 309 8 557 11 -5 231 362 14 334 131 -9 983 1 168 -1 070 -181 -25 -43 -418 -60 038

2010 -760 -3 213 -2 552 -10 875 -15 581 -5 227 -6

3.35 n/a 3.63 n/a n/a n/a 7.62 n/a 13.07 n/a n/a n/a n/a n/a n/a 25.20 n/a 8.62 n/a n/a 17.23 2.80 2.20 3.34 n/a 10.57 n/a

Cents 9.00 10.00

% 16.07 35.34

2.00

7.41

Cents 1.80 1.50 1.30 2.24

% 5.81 4.17 7.93 11.91

3.00 7.00

4.41 7.07

4.00

6.45

1.00

12.82

Cents

%

0.89

% 5.56

9.00

11.25

1.00

4.76

0.50

10.00

3.00

0.94

4.00

10.53

7.00

33.33

1.70

3.40

3.00

1.85

2.00

22.22

Cents

%

2012 High Low EUR EUR Aνώτατο Kατώτατο

Price 31/12/2011 EUR Tιµή 31/12/2011

31/12/2011 Ποσ. Μετ.

31/12/2011

% Change

since

295.72 104.27 215.18

265.27 94.24 173.85

277.47 98.81 215.18

295.94 104.60 196.84

-6.24 -5.54 9.32

Cents

286.15 0.61 0.30 0.36 0.27 0.04 0.05 0.12

255.25 0.54 0.25 0.33 0.26 0.04 0.05 0.12

267.32 0.56 0.28 0.33 0.27 0.04 0.05 0.12

286.83 0.61 0.30 0.36 0.27 0.04 0.05 0.12

-6.80 -8.20 -4.71 -7.76 0.37 -5.41 -3.92 -3.31

Cents 5.80

676.80 0.33 0.40 0.17 0.19 0.06 0.69 1.10 0.18 0.12 0.65 0.05 0.10 0.09 0.07

655.98 0.30 0.36 0.15 0.17 0.06 0.58 0.98 0.18 0.11 0.62 0.05 0.10 0.08 0.06

676.80 0.31 0.36 0.16 0.19 0.06 0.68 0.99 0.18 0.12 0.62 0.05 0.10 0.08 0.07

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

3.08 -2.82 4.35 -1.80 5.03 -3.17 4.94 -1.00 0.00 10.00 -1.59 2.13 1.02 -6.02 8.33

Cents

736.29

730.31

735.16 0.17 0.11 0.16 0.02 0.10 0.05 0.80 0.16 0.21 0.25 0.07 0.06 0.02 0.05 0.01 0.09 0.31 0.05 0.32 0.18 3.20 0.35 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 0.03 0.01 0.21 0.01 0.10 0.08 0.50 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

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

-0.50 0.00 0.00 0.00 0.00 0.00 0.00 -3.61 0.00 0.00 -3.85 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -25.00 0.00 0.00 0.00 -9.09 0.00 -3.85 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

496.33

441.63

496.33 0.02 0.09 0.03 0.13 0.21 0.01 0.10

454.51 0.02 0.09 0.03 0.14 0.19 0.01 0.10

9.20 0.00 0.00 0.00 -7.14 10.53 0.00 0.00

n/a 4.87 3.76 -7.19 n/a n/a n/a n/a 13.68 n/a n/a n/a n/a n/a 2.14 n/a n/a 2.50 5.11 120.55 n/a 16.07 194.94 7.90 25.10 n/a n/a

Last Close EUR Kλείσιµο

3.40

n/a n/a n/a n/a 3.84 Cents

FINANCIAL MIRROR, January 25 - 31, 2012 CSE CODE OASIS

ΟΑΣΗΣ Kωδ.

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 M.S. BLAST SYSTEMS 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 TELIA AQUA MARINE USB BANK WOODLAND DESIGNS PLC SECTOR TOTAL / OΛIKO

AIAS ANS CFL CAIR DHH TLM DOME EFR EXF KAR KNO KYTH LAS LHG OCT ROL SAFS SEAS SUP TLA USB WOOD

ΑΙΕΠ ΑΒΝΕ ΣΙΦΛ ΚΑΕΡ ∆ΡΟΥ ΤΕΛΕ ΝΤΟ∆ ΕΦΡΕ ΕΞΦΑ ΚΑΕΠ ΚΝΕΠ ΚΥΘΡ ΛΕΕΠ ΛΙΠΡ ΤΑΝΚ ΡΟΛΑ ΣΑΦΣ ΣΕΑΣ ΣΑΠΦ ΤΕΛΙ ΤΡΑΓ ΓΟΥΤ

CSE NEWS

Number

Nominal

Market

Book Value

Shares ('000) Aριθµός µετοχών

Value euro Aξία EUR

Cap. ('000) Kεφαλ.

EUR

Per Share euro Λογιστική αξία

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

5 089 440 405 2 183 5 458 818 3 367 77 512

81 202 150 000 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 22 644 60 674 13 000

0.21 0.17 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 0.35 0.57 0.17

MARKET TOTAL / OΛIKO AΓOPAΣ

812 1 500 202 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 9 058 36 404 83 330 210 083

NAV 0.1778 0.0786 0.0381 1.0180 2.1607 0.6150 0.2731

0.1796 0.293 -0.61 -0.06 -0.11 -0.01 1.35 0.086 0.33 0.2495 0.11 0.45 0.06 -0.34 -0.27 0.29 0.000 -0.04 -0.1180 0.56 0.53 0.13

Profit/(Loss) Price to Book Value 2009 Times EUR ('000) Tιµή προς Κέρδη µετά λογιστ. αξ. φορολ.

Disc/Prem -49.38 -49.11 -47.51 -21.41 -7.44 -2.44 -8.46

-94.43 0.03 -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 0.71 1.14 50.55

2 286 297

8 392 -27 -39 172 832 -37 108 13 940

2009 -290 -2 794 -333 -3 287 -20 329 -42 529 -133 -1 148 38 72 838 -471 -8 130 -18 874 599 -176 -57 496 -568 649 382 537 -110 427 441 549

9M 2010

9M 2011

EUR ('000)

EUR ('000)

Kέρδη

Kέρδη

2010

2011

-11 689 -118 -113 122 -356 3 -75

-3 619 -72 -75 122 -2 -1 -43

-37 843

-11 682

-43

28

Profit/(Loss)

2010 EUR ('000) Κέρδη µετά φορολ.

P/E ratio 2010

Dividend Per

Dividend Yield

Dividend Per

Results

Share 2010 Cents

% on 2010

Share 2011 Cents

-12 850 -112 -195 389 -446 -7 -132 -51 567

2012 High Low EUR EUR Aνώτατο Kατώτατο

27

Last Close EUR Kλείσιµο

Price 31/12/2011 EUR Tιµή 31/12/2011

31/12/2011 Ποσ. Μετ.

31/12/2011

0.09 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

-10.00 0.00 0.00 0.00 0.00 0.00 0.00

0.01 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 0.40 0.60 6.41

0.01 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 0.40 0.60 6.41

0.00 0.00 -

% Change

since

0.00

2010 -112

-74 -25 382

-70 -29 288

-53 -1 480 -66

-79 -449 44

-160 -103 313 -1 198

-75 36 369 -706

-10 748 -3 -205 -27 072 -234 248 -989 642 -66 607

-19 576 64 -40 -12 257 -137 290 -3 801 -1 534 -67 181

-1 353 215 -22 918 -332 -1 938 221 -1 554 -180 932 999 -2 378 348 -6 004 93 -173 -44 412 -745 528 -6 534 -916 -86 213

211 548

-1 287 710

222 300

n/a n/a n/a n/a n/a -8.38 n/a n/a 5.52 n/a n/a n/a 58.24 n/a n/a n/a 17.15 n/a n/a

0.06

1.50

0.03

3.75

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, Gross 2010 p/e 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. TOTAL

CSE Code EXTE/EXTE ΚΩΑΜ/CBAM ΛΙΜΝΗ/LIMNI PHONE/PHONE ΙΤΤΛ/ITTL INLE ΟΡΚΑ/ORCA ΠΚΣΓ/PCSW ΓΚ/WG

No. of Shares (000) 1 690 1 950 300 000 1 575 100 000 8 057 1 200 35 052 3 400

Market Cap EUR (000) 11 830 36 855 300 000 5 513 75 000 21 834 14 280 42 062 3 400 510 774

Latest price EUR 7.00 18.90 1.00 3.50 0.75 2.71 11.9 1.20 1.00

Nominal Value EUR 0.30 0.01 0.10 0.30 0.50 1.00 0.01 0.25 0.10

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

10.28

WARRANTS EUROPROFIT (WAR. 2005/2012) ALKIS HADJ. FROU-FROU (WAR. 2015) AMATHUS NAVIGATION (WAR.07-2013) UNIGROWTH INVESTMENTS (WAR.10/12) TOTAL

EMERGING MARKET (N.E.A.) GreenTea SA - Unsecured/Unguaranteed

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

CSE Code GRTEA

Mkt Cap (000) 9 497 176 319 1 000

No. of Bonds 1040

Exercise Period

Exercise Price euro cents

Expiry Date

30 October - 2005 until 2012 20-30 Jun 2001-2015 1-15 May & 1-15 Nov 07-2013 1-15 Nov 2010 and 2012

8.67 173 20c or EUR 35c 29

30-10-2012 30-06-2005 15-11-2013 15/11/2012

Latest Close 0.01 0.02 0.01 0.01

Market Cap EUR (000) 104 000 000

Latest price EUR 100 000

Listing Date 8 Nov 2011

Type Bonds Corporate

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.

28

BACK PAGE

FINANCIAL MIRROR, January 25 - 31, 2012

Strong start for stocks, but what’s changed?

WALL ST WEEKAHEAD Stocks rising, bulls rampant are motifs you might pick if designing a coat of arms for Wall Street at the moment. But the motto should read: Caveat emptor. Yes, buyer beware.

The S&P 500, a broad measure of the market valuation of the biggest U.S. publicly traded companies , is up 20% from its October closing low. It keeps climbing on a mixed bag of fourth-quarter earnings, improving U.S. economic data, and easing credit conditions in Europe. It now stands at its highest level since early last August.

We have already seen what is probably the first upgrade of a target level for the index this year courtesy of Credit Suisse.

The CBOE Volatility Index , or VIX, a measure of what investors are paying to protect themselves against the risk of losses, is at its lowest level in seven months So it raises the question: Is this another Jackson Hole moment for risk assets?

At the Wyoming retreat in late August 2010, Federal Reserve Chairman Ben Bernanke sparked what was the second major leg of the stock market’s rally from bear market lows the year before.

Is this the start of the third?

FRIENDLIER FOOTING FOR STOCKS For Andrew Garthwaite, the Credit Suisse analyst behind the firm’s

more bullish stance, there are big changes afoot that are creating a more benign environment for stocks.

First, the European Central Bank’s long-term repo operations are succeeding in reducing stresses in the region’s banking sector. This week, three-month dollar Libor, the cost at which European banks can borrow dollars, marked its ninth straight day of declines.

have to ask ourselves the following questions: What has changed? Will equities rally further?,” Garthwaite said in a research note.

His answer to the second question was yes. Credit Suisse raised its year-end S&P 500 target to 1,400 from 1,340. Critically, however, the firm did not overweight equities, saying the risks of a more severe recession in Europe and a slowdown stateside were still there.

HEALTHY DOSE OF SKEPTICISM

Analysts say heavy cash infusions from the European Central Bank since late last year and signs of revived willingness to lend by U.S. investors in the new year show the banking system is flush with cash.

The U.S. economy is looking stronger than thought, with notable movement in the long-dormant housing market, where sales of previously owned homes just rose to an 11-month high.

In China, the engine of global growth whose manufacturing sector has been showing worrying signs of slowing, policymakers have demonstrated willingness to make conditions easier by lowering banks’ reserve requirements.

“As we approach our year-end target two weeks into January, we

For Nicholas Colas, chief market strategist at the ConvergEx Group in New York, the rally remains largely untested. More scary headlines from Europe or any signs that the global economy is deteriorating could spark a sharp reversal.

On Sunday, Greece’s private creditors were working closely with the Greek government on a debt-swap deal, according to their chief negotiator, Charles Dallara, the head of the International Institute of Finance. Dallara told Antenna TV in Greece that he is confident that a deal can be reached. Creditors faced losses of up to 70% of the loans they have given to Athens.

Most of the attention will now shift to a Monday meeting of eurozone finance ministers, and to how EU states and the IMF view the progress in the debt-swap talks.

“It’s a confidence-based rally with the overhang of several still meaningful events to come,” Colas said. “It is all well and good to say that the Greek default is well understood, but we haven’t gone through it.”

Outside the United States, there are mixed signals from the global economy, too.

China’s factory activity likely fell for a third successive month in January. The HSBC flash manufacturing purchasing managers index (PMI), the earliest indicator of China’s industrial activity, stood below 50.

The Baltic Exchange’s main sea freight index, which tracks rates to ship dry commodities and can be a useful gauge of economic activity, fell to its lowest level in three years on Friday on a growing surplus of vessels and a slump in cargo demand.

That is at odds with the work of RBC technical analyst Robert Sluymer. He sees growing outperformance of industrial metal copper to the safe-haven bet of gold as well as a rise in a basket of Asian currencies as a bullish sign for the economy.

The caution generated by the mismatches in the various data points is reflected by U.S. interest rates.

The yield on the U.S. 10-year Treasury note has hovered at 2% or just below for the last month despite a brief spike in mid-December .

That suggests bondholders are not eagerly embracing the improving economy thesis for the moment.

“There is still a lot of skepticism about recovery, about moving into risk assets, about a lot of things,” Colas said.

“If you really wanted to believe this about incrementally economic certainty and expansion ... I would have thought you’d expect to see the 10-year back over 2%.”

EARNINGS, DATA AND THE FED This is one of the two most hectic weeks of the earnings season.

Big names on the earnings roster include Texas Instruments and Halliburton Co. The blitz of earnings plus economic indicators and a Federal Reserve meeting will give Wall Street an important gauge of the economy’s health - and the outlook for interest rates.

On Tuesday, the Federal Reserve’s policymakers convene their first meeting of the year with a two-day session. The Federal Open Market Committee, the Fed’s rate-setting panel, will release its policy statement on Wednesday. No fireworks are expected, but a decision to release individual policymakers’ interest-rate forecasts could alter expectations for rates on the margins.

This week’s economic data will include December pending home sales data on Wednesday and a trio of reports on Thursday, when the latest weekly jobless claims, December durable goods orders and new home sales for December will be released. Friday will bring the government’s first look at fourth-quarter U.S. gross domestic product and the final January reading on consumer sentiment from Reuters and the University of Michigan.

But Wall Street is most likely to be preoccupied with earnings. The agenda calls for quarterly results from Apple, DuPont, Johnson & Johnson, McDonald’s and Yahoo!

Boeing, ConocoPhillips and United Technologies are set to report results on Wednesday. Thursday’s earnings line-up includes 3M Co , AT&T Inc and Starbucks. On Friday, Chevron Corp and Procter & Gamble will weigh in with results.

In terms of companies beating expectations, the fourth-quarter earnings season has not been as good as previous ones. Of the approximately 70 companies in the S&P 500 that have reported earnings so far, 60% have exceeded analysts’ estimates, according to Thomson Reuters data.

In comparison, in the third quarter at this early point in the reporting cycle, 68% had beaten Wall Street’s forecasts — well below the 78% in that category in the second quarter, Thomson Reuters data showed.

In the earnings season so far , there have been some high-profile misses on both revenue and earnings.

General Electric’s fourth-quarter revenue fell short of Wall Street’s expectations, with Europe’s weakening economy and weak appliance sales the main culprits.

On the other hand, banks’ earnings have served as a positive catalyst for the stock market so far. The sector has been one of the market’s leaders despite mixed earnings, a sign that investors’ worst fears did not materialize.