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FinancialMirror Issue No. 1085

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May 28 - June 3, 2014

Who is next?

JUNCKER – SCHULZ WANT TO BECOME NEXT COMMISSION CHIEF - PAGES 6-7

BIDEN’S VISIT TO CYPRUS An event of immense importance OPINION: By Andrestinos Papadopoulos PAGE 5

Μay 28 - June 3, 2014

2 | OPINION | financialmirror.com

FinancialMirror Driving down the middle lane Published every Wednesday by Financial Mirror Ltd.

EDITORIAL

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Just as motorists are often confused over which lane to choose on the highway, ending up driving down the middle (and causing unnecessary hardship to others), so, too, are Cypriot politicians, due mainly to a clear absence of national policy and strategy. Two significant events in the past week are proof of this measure of indecisiveness, or at least, the inability to stay on a single course, probably the Achilles’ heel of dealing with our national problem. The historic visit by US Vice President Jo Biden was generally well accepted, although with a measure of disappointment as nothing new was offered on the political front and Washington was probably testing the waters to see what Ankara’s reaction would be. Truly, despite the pointless “will he, won’t he” of the VP’s meeting with the Turkish Cypriot community leader, Turkey’s foreign policy architect Ahmet Davutoglu praised Biden’s visit and sounded reassuring that his government would continue to support all peace efforts, as if it has done so at all, so far. The fact that Cyprus’ status was “upgraded”, as commented by politicians and media alike, is a bit demeaning. There was never an issue of Washington not accepting the Republic of Cyprus for what it is, but the problem has always been with Turkey, on which the US is reluctant to impose. The game changer is not the reopening of Famagusta and the confidence building measures, as much as the discovery of oil and gas deposits in Cyprus and Israeli waters and what role, if any, Turkey would play in the export of these resources, if they are to head west and decrease Europe’s

reliance on Russian energy supplies. The second big event was the election for the new European Parliament and subsequently the next Commission President. Once again, we seem to have missed the big picture, which is the future of the EU and what role, if any, Cyprus could have to effect any change. Similarly with the US, the game changer in this case is, again, our newfound energy resources and how this could be supplied to energy hungry Europe, where economic growth is expected to recover over the next few years. The debates on television, public arguments and columns of wasted articles looked to blame the other side for whatever ills have hit us, with few talking about the future and barely a handful apologising for the mistakes of the past, simply to regain the public trust, if nothing else. It was clear that we have no national policy and strategy and now is the time to decide: where do we truly stand on Russia/Ukraine, the U.S. and the rest of Europe?

THE FINANCIAL MIRROR THIS WEEK 10 YEARS AGO

Lowering VAT on home buying

Developers are trying to find ways to help first-time home buyers who are faced with double VAT costs in an attempt to keep the construction sector alive as a major contributor to the economy and employment, according to the Financial Mirror of issue 569, May 19, 2004. Double VAT on homes: In an attempt to contain huge price pressures due to the higher cost of steel and cement, developers have found a new way to soften the blow of the 15% VAT slapped on new properties by breaking house sales contracts into two. Thus, buyers would pay zero VAT on the

20 YEARS AGO

Doing business with Russia

Doing business with the new market of Russia is lucrative, but difficult, according to a leading property expert, the Cyprus Financial Mirror reported in its issue 61, May 25, 1994. Business with Russians: The spectacular rise in interest and business activities with Russians and other east European countries has opened new possibilities for Cypriot businessmen and boosted tremendously the local property market, but doing business with them is very difficult, Anthony Loizou told a meeting organised by the Cyprus Offshore Enterprises Association. He added that the problems that arise are due to a lack of communication.

land and 15% only on the material cost of the construction of the home. Talat on passports: Turkish Cypriot authorities are reportedly close to lifting passport controls for Greek Cypriots crossing into the north, demanding instead only identity cards, mainly as a goodwill gesture by Mehmet Ali Talat’s Republican party (CTP), in order to encourage more bicommunal contacts among the two sides. EU-Swiss tax deal: Cypriots with deposits stashed in Switzerland and other European tax havens are likely to be affected by a long awaited deal between the EU and Switzerland on offshore tax fraud. Ambassadors from the 25 EU member states agreed on a compromise on the savings tax accord to win the backing of Luxembourg, with the EU promising the small state that its banks would always be treated the same way as Switzerland’s.

Tourist arrivals up: Aarrivals in April jumped 12.6% yearon-year to 191,251, but when considering that last year in April arrivals had declined 5.9%, the actual growth over the two years comes to only 6%. Total arrivals for January-April were up 9.1% from 2003 to 435,406, but for the two-year period, there is a real decline of 2.2%. MEPs reject appointment: Members of the European Parliament gave the thumbs-down to Constantinos Karmios as the Cypriot nominee for the Court of Auditors, forcing the government to rethink its nomination to the EU’s budgetary oversight body. New ministers: President Tassos Papadopoulos made three new ministerial appointments after a partial cabinet reshuffle. Labour Minister Makis Keravnos moved to Finance, replaced by Christos Taliadoros and Haris Thrasou is the new Minister of Communications and Works.

Among foreign buyers of holiday homes, western Europeans were buying on average CYP 50-70,000, Yugoslavs/Serbs at CYP 20-30,000 and Russians well above CYP 100,000. Aramex mail-order: The Amman-based ArabAmerican joint venture, is preparing to launch a mail order catalogue business in the region, including Cyprus, said its president and CEO Fadi Ghandour. Employing 20 people in Cyprus, Aramex claimed a 20% market share of the express courier business estimated at CYP 8-10,000 in shipments a month. Drachma critical: The Greek government’s attempts to offset pressure on the Drachma (GRD) by raising interest rates, was eagerly watched in Cyprus where at one point the CYP touched the barrier of 501 only to fall back to 489.64. The fact that the GRD was holding its ground against the USD and the DEM was greeted by a sigh of relief by the major Cypriot companies who are exposed to currency losses in their books if the GRD continues to trade lower

against the CYP. Universal Life steady: The island’s premier insurance company kept its leading position with a 26.4% market share and reported satisfactory results for 1993, raising dividend payouts to 22%. Salary cuts: The government has taken the tough decision to bring down the budget deficit from the current 4.5-5% of GDP to around 3% within the next three years, as stipulated by the Maastrict Treaty for EU members. Acting Finance Minister Stelios Kiliaris said that there would be new measures in order to keep civil servants’ salaries under control. Stock Market: The down correction continued as the market fell by 1.5% due to profit taking in all sectors. Bank of Cyprus was down 1.5% at 202.5c, for a 5.4% gain from the start of the year, while Laiki was at 224.5c (+5.2%) and Hellenic Bank at 265c (+8.8%). Market cap: CYP 605.7 mln (-10 mln).

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May 28 - June 3, 2014

financialmirror.com | CYPRUS | 3

MPs block fiscal council nominees House needs to app rove tax reforms

Members of the House Finance Committee seem to have severe reservations about the appointment of the 3-member Fiscal Council, an independent oversight body that will supervise fiscal planning and expenditure. If the Council members are not approved by June 5, parliament could jeopardise the fifth tranche of Troika aid, estimated at EUR 600 mln, by early July. Committee chairman Nicholas Papadopoulos (DIKO) said that the law does not mention approval by his committee or by parliament, but by consultation with the Ministry of Finance. “Some members have expressed concerns and we expect the Ministry of Finance, the executive and the Council of Ministers to take these views seriously into consideration,” Papadopoulos said. The issue was debated behind closed doors in the presence of Finance Ministry Undersecretary Christos Patsalides and other government officials. MP Prodhromos Prodhromou (DISY) defended the provision for consultation between the government and parliament, adding that “some comments have been heard, they will be conveyed to the Minister (of Finance) and the Council of Ministers and they will take a final decision, because it is the government’s responsibility.” Nicos Nicolaides (EDEK) said that the law stipulated consultation, which means that as regards the legislation and ethically the government should take the concerns into consideration as it has the final say and responsibility for the appointments. The three members of the Fiscal Council, appointed by the Cabinet on April 9, are Demetris Georghiades (economist and columnist in Politis), Marios Zachariades and Alkis Loizides. The Council is expected to get down to work immediately as the state budget for 2015 is expected to be drafted over the next few months. The Troika of international lenders had demanded the creation of such a body in order to oversee budget and fiscal compliance. The chairman will have a six-year term and the other two members, a five-year and four-year term each, to be decided by draw. Greens’ MP Yiorgos Perdikis said that he opposed all three appointments, as well as the creation of the Fiscal Council, for the way it was imposed on parliament and the government’s disregard of the House in this matter. Meanwhile, the House Finance Committee pledged that it plans to implement all prior actions required for the disbursement of the fifth bailout tranche, based on a document sent by the Finance Ministry. According to the document, by June 5, parliament must approve the establishment and operation of the Fiscal Council and pass a bill providing for the merger of the existing Inland Revenue Department and the VAT Service into one department.

Business climate gradually improving The business climate in Cyprus seems to be improving, with the monthly Business and Consumer Survey conducted by the University of Cyprus Economics Research Centre showing a 2.3 point improvement in May to 100.7, from the previous month. The Economic Sentiment Index has seen a steady increase since its worst reading of 77.7 points in May 2013 when the island’s economic crashed following the Eurogroup of Eurozone finance ministers’ meeting decision to impose a bailin on unsecured deposits to rescue the Bank of Cyprus and a 10 bln euro bailout for the bankrupt state with a runaway deficit. “The improvement is due to an improvement in the services sector and consumer sentiment, as well as marginal increase in the manufacturing sector,” the UCy survey said. “This is based on the positive rating of the economy and optimistic prospects for demand in the next quarter, while the sentiment among consumers improved due to a lesser pessimistic projections for the economic state of households in the past and in the next year.” The climate in the retail sector worsened due to negative projections of the current state of the economy and the anticipated conditions in the next quarter, while the construction sector also remains in negative territory, the survey said. It added that the business climate in the services sector seems to be improving faster than the other sectors based on the economic activities that will help spur a recovery, it concluded.

By June 19, the House is expected to vote on a bill that makes not paying withholding taxes a criminal offence and tax fraud is prosecuted as a criminal offence. It is also expected to enact the necessary legislation to establish self-assessment for all income taxpayers by changing from a pre-assessment verification of income tax returns to post-assessment audits selected on the basis of risk and pass a legislation aimed at strengthening powers by the tax authorities to ensure payment of outstanding tax obligations, including providing the executive power to seize assets or prohibit the alienation or use of assets, including property and bank accounts, by the taxpayer. Parliament should also, by the end of June, enhance the effectiveness of competition law enforcement by adopting the

necessary amendments to the legislation on mergers and antitrust. Finally, the government is expected, among others, to table in Parliament a bill to reform immovable property tax and another one introducing the Guaranteed Minimum Income.

May 28 - June 3, 2014

4 | CYPRUS | financialmirror.com

PRIO to release new report on ‘Cyprus Peace Dividend Revisited’ The PRIO Cyprus Centre will launch its new report, “The Cyprus Peace Dividend Revisited – A productivity and sectoral approach” during an event at the Chateau Status, Nicosia, at 6pm on Thursday, May 29. The report was compiled by economist-researchers Fiona Mullen, Alexander Apostolides and Mustafa Besim. UN Special Representative to the Secretary General, Lisa Buttenheim, and the Swedish ambassador, Klas Gierow, will make opening remarks. Pre-registration is obligatory via email to guido@prio.org. The Cyprus Peace Dividend Revisited is a new effort to quantify the value of a solution of the Cyprus problem: to the economy as a whole, to different sectors and to individuals. In so doing, it also updates the qualitative analysis and advances

Prof. Wyplosz to talk on “Politically Acceptable Debt Restructuring” The Cyprus Economic Society, Bank of Cyprus and the Faculty of Economics and Management of the University of Cyprus are organising the Annual Lecture in Economics on Thursday, May 29, at 7pm. The lecture will take place the Head Offices of Bank of Cyprus (Solon Triantafyllides Room), 51 Stasinou Street, at Ayia Paraskevi. The speaker will be Dr. Charles Wyplosz, Professor of International Economics and Director of the International Centre of Money and Banking Studies at the Graduate Institute in Geneva. Prof. Wyplosz, who has also been an advisor to the government of Cyprus, will speak on “Politically Acceptable Debt Restructuring In The Eurozone”. For attendance call 22 122626.

earlier efforts, by exploring new approaches and linking these to the existing economic literature on the topic. In the “Day After” series, published between 2008 and 2010, Fiona Mullen, Praxoula Antoniadou-Kyriacou and Oguz-Cilsal made the first substantive attempt to quantify the commercial opportunities of a Cyprus settlement. The award-winning three-part series included the recurring (permanent) benefits, the combined recurring and solution-related benefits, and the benefits that would accrue to Turkey and Greece. Much has happened to the economic environment since then, while subsequent natural gas finds offshore have also changed long-term prospects. Both parts of the island were significantly underperforming even before the recent economic crisis. In the period 2005-12, growth in total factor

productivity (TFP)-a measure of the long-term prospects for growth-was negative in the north and barely positive in the south. This has created risky imbalances such as high currentaccount deficits and rising debt. Moreover, low TFP growth points to a continued future of very weak overall economic growth and high unemployment. The dynamic impact of peace is considered in two ways: through a “top-down” approach known as Growth Accounting and through a bottom-up, sector-by-sector approach. In order to arrive at the “peace dividend”-the difference between economic activity with a solution and without a solution to the Cyprus issue-the authors take the geometric mean of these two effectively independent approaches. www.prio.org/cyprus

Asset sale begins with Kermia Hotel Ba nk of Cypru s lo wers EL A, rids o f lo ans in S erbia

The Bank of Cyprus (BOCY) is placing the Kermia Beach Bungalows Hotel in Ayia Napa under the hammer as part of its continuing asset sale plan to reduce Group debt levels and help the bank recover on lower costs and profitability. The hotel, built by its one-time flourishing property unit Kermia, is a beach-front resort built in 1982 and with 154 room-bungalows. It is situated on a vast estate of 61,000 sq.m. with an adjacent undeveloped plot of 32,000 sq.m. The banking group, that is trying to offload as many non-banking assets as possible, also has a nearby plot of 42,000 sq.m. which is also for sale. The hotel, which was refurbished two years ago, is one of many properties being sold off, including former offices and branch locations in Cyprus, Greece, the UK and the Balkans. The bank announced last week that it has lowered its dependence on the Emergency Liquidity Assistance (ELA) by EUR 100 mln in April to EUR 9.4 bln, according to data published by the Central Bank of Cyprus. This was the second highest reduction of ELA funding from European Central Bank’s pool of bailout money for banks, ever since the island’s biggest lender was forced to take over the defunct Popular Laiki Bank in March last year, burdened with an additional EUR 9 bln at the time. The bank’s new management that came in last October after a EUR 4 bln bail-in by unsecured depositors that changed the ownership structure, has been trying to lower costs and sell off assets in order to control the record rate of non-performing loans that has reached a worrying 50% of its loan portfolio. After several waves of voluntary redundancy programmes, slashing its branch network by half and lowering its exposure to risky investments, the Bank of Cyprus lowered some EUR 224 mln from its dependence on ELA funding last December. On the other hand, the dependence of the Cypriot banking system on open market operations (Eurosystem) in April was EUR 1.4 bln, the same level as in March. The dependence of Cypriot banks on ELA had peaked at EUR 11.4

bln in March last year when the Eurogroup of Eurozone finance ministers experimented with the bail-in programme as part of a EUR 10 bln bailout for the bankrupt Cyprus government from the Troika of international lenders – ECB, EU and IMF. The Bank of Cyprus has been reducing its overseas risk by selling banking and insurance operations from its former eastern European network, with the latest being the timely offloading of a subsidiary bank in Ukraine, just as the Crimea crisis blew up. On Thursday, the bank said it had sold its loan portfolio held by the Serbian real estate management company Robne Kuce Beograd to Piraeus Bank S.A. of Greece, the same bank that took over the Greek banking operations of all three Cypriot banks (BOCY, Popular Laiki and Hellenic) last summer in a controversial deal concocted by the central banks of Cyprus and Greece. In an announcement, BOCY said that the sale consideration for the Serbian loan deal “amounts to EUR 165 mln which has enhanced the bank’s liquidity position. The realised accounting gain from the transaction is EUR 27 mln and there is a positive impact of EUR 46 mln or 0.2 percentage points on the Group’s core tier 1 capital ratio due to the realised gain recorded and the reduction of risk weighted assets.”

Cyprus elects 6 MEPs

Styli anides gro omed for Comm issi oner

Cypriots elected six members of the European Parliament for the third time since it joined the European Union in 2004, with the traditional parties maintaining somewhat their seats, despite a record number of abstentions. In all, from the 607,000 registered voters, only 44% voted, mainly affected by apathy caused by the economic crisis and the austerity measures imposed by the European Council and leading EU member states. The ruling Democratic Party (DISY) affiliated with the European Popular Party, was the only grouping that improved its share of votes by 1.7 percentage points, and with 37.8% of the votes secured two seats from the first count. It re-elected Dr Eleni Theocharous who was the most popular among all candidates in Cyprus, with nearly two in three of her party voters giving her preference votes. Second past the post was former government spokesman Christos Stylianides, whjo is being groomed both by the ruling DISY party, as well as the presidential palace, as the island’s next Commissioner. The main opposition communist AKEL, aligned with the GUE-NGL, also elected two MEPs, but barely succeeded as

it’s popularity dropped by 8 percentage points to 27%, with voters punishing them for a failed five year administration that brought the economy to its knees and forced Cyprus to seek a bailout from the Troika of international lenders. The leftists re-elected Takis Hadjigeorgiou from the first count and former commerce and energy minister Neoclis Sylikiotis got it from the second distribution of votes. Popular MEP Antigone Papadopoulou did not make it into the European Parliament as her centre-right Democratic Party (DIKO) accounted for 10.8% and chose economist Christos Mavrides instead. On the other hand, the race for the sixth seat was hotly contest by the cooperation of the socialist EDEK party (S&D) and the Greens, with the centre-left voters securing 7.6% and electing party communications director Demetris Papadakis, barely ahead of the rejectionist Citizens Alliance headed by former foreign and trade minister Yiorgos Lillikas, that had set ambitious targets of being the third biggest party. Commentators suggested that with Cypriots re-electing the same six seats according to local party strength could also pave the way for the two biggest and rival parties DISY and AKEL to cooperate to conclude the Cyprus peace talks that

have taken a new momentum since February this year. In her first statements after the result were announced at midnight, MEP Eleni Theocharous pledged that she will always work to promote the interest of the people of Cyprus. She thanked the people for its support and expressed hope that she will be able to respond to the people`s expectations. “We have planned our policies and we will follow them,” she said, noting there is a very heavy workload ahead. Re-elected MEP Takis Hadjigeorgiou said that the two AKEL members will work hard to address the concerns of the people of Cyprus. He talked about the economic crisis, noting that the Left political group will work to give alternatives to those policies which cause misery in the countries of the south. DIKO’s Costas Mavrides referred to the “unprecedented economic crisis”, and the huge human pain it has caused, noting that “we will struggle with the rest of the MEPs of Cyprus to improve the situation.” Soon after the results were announced, President Nicos Anastasiades expressed concern about the phenomenon of the abstentions which “must preoccupy the leaders of the EU and the political forces.”

May 28 - June 3, 2014

financialmirror.com | CYPRUS | 5

BIDEN’S VISIT TO CYPRUS

An event of immense importance Fifteen months of hard work by the Foreign Ministry, on the instructions of President Anastasiades, within the framework of his proAmerican policy, had as a result the historic visit to the Republic of Cyprus of the VP of the United States, Joe Biden, the first after that of Lyndon Johnson, 52 years ago. In this respect, VP Biden thanked President Anastasiades for “his cooperation and for his efforts to build a genuine strategic partnership with the United States, a partnership that holds even greater promise in the future.” More important than this statement is the fact that the United States really meant it.

By Dr Andrestinos Papadopoulos Ambassador a.h. Apart the good climate which exists in the US-Cyprus relations, there is the US interest in the developments in the eastern Mediterranean. The instability which prevails in the region from Libya to Syria, the discovery of hydrocarbons and the events in Ukraine projected the role of Cyprus as a factor of stability in the eastern Mediterranean, in particular as a link in the triangle AthensNicosia-Tel-Aviv. Moreover, the United States, aiming at securing stability in the region, are interested to promote, within the framework of their wider energy policy, the cooperation between Cyprus, Lebanon, Israel and Egypt, due to the fact that the hydrocarbons of the region are not enough. As the US VP put it, “Cyprus can be a growing force for peace, prosperity and stability in the eastern Mediterranean that would benefit us all.” This upgraded role for Cyprus has an economic dimension as well, since it will attract investments and create new opportunities to reduce unemployment. The pinnacle of Biden’s visit was his statement upon arrival at Larnaca airport by

which he made clear that “the United States … recognise only one legitimate government of the Republic of Cyprus and my visit and meetings throughout the island will not change that. It is my personal position, it’s the position of the Unites States of America and it’s the position of the entire world, save one country.” The message was abundantly clear to both the Turkish Cypriots and Turkey. The reference to the legitimate government of the Republic of Cyprus echoes UN Security Council Resolution 541 of 18 November 1983, which considers the declaration of the pseudo state “as legally invalid” and calls upon all states “not to recognise any Cypriot state other than the Republic of Cyprus.” Within the framework of this position the Republic of Cyprus was upgraded, while the pseudo state was downgraded, since the meeting with the Turkish Cypriot leader took place at his residence without symbols of the pseudo state and without any protocol implying the existence of a state. The message to Turkey was that she should hold back from efforts to upgrade the pseudostate at every occasion. As a good diplomat, VP Biden, who knows the Cyprus problem in depth, met the Turkish Cypriot leader, knowing that only through dialogue with the two sides to a dispute can you achieve results. Avoiding name-calling in respect to Turkey, which is the only country to have recognised the pseudo state, was a purposeful move. Solution of the Cyprus problem without the consent of Turkey is impossible. It should be mentioned that Turkey’s stand had caused inconvenience to the US on many occasions in the past. That was the case with Iraq, Iran, Egypt, Israel, Armenia, etc. Knowing, also, that this moment the Cyprus problem is not high at the priorities of Turkey and if a solution is not found now she will lose the train, VP Biden showed the said diplomacy, since the next step would be to turn towards Ankara for a change in her stance. The meetings of VP Biden with the religious leaders, business people and members of the civic society were aimed at

giving authority to the rapprochement efforts and confirming the will of the United States to help find a solution and put an end to the Turkish occupation. Some expressed concern at the visit of the VP and the strengthening of our relations with the United States, for which Ambassador John Koenig has worked tirelessly. They should know that our relations with other countries are not harmed because of that. The proof is to be found in the forthcoming visits of Russia’s Deputy Foreign Minister Grigory Karasin, Spain’s PM Mariano Rajoy and France’s Francois Hollande. Concluding we retain the following:

- There was considerable progress in the strengthening and deepening the bilateral relations of the two countries. - The US VP had a first handexperience of Turkish intransigence, when the question of Famagusta CBMs was discussed. - In view of the provocative attitude of Turkey vis-à-vis Cyprus’ EEZ, the sovereign rights of Cyprus in its EEZ have been recognised. Moreover, the VP described Cyprus as a “key player” in the wider region. - The deepening of a personal relationship between President Anastasiades and VP Biden will have beneficial consequences for Cyprus, if we take into account that VP Biden might be the next US President, if he is proposed by his party and wins the elections. - There was understanding of the problems the Cyprus economy might encounter, in case of further new sanctions against Russia. Last but not least. As the limousine of the US VP was heading towards Larnaca airport at the end of the visit, those who mentally were looking at the two flags on the car waving in the breeze were conscious of the symbolism which was denoting that the strategic partnership between the two countries was inscribed with golden letters on history’s parchment.

May 28 - June 3, 2014

6 | COMMENT | financialmirror.com

Austrian socialist PM backs Juncker for Commission President The Austrian chancellor Werner Faymann, a Social Democrat, is backing the centre-right EPP candidate JeanClaude Juncker to be the next Commission President as EU leaders met in Brussels to discuss the aftermath of the EU elections. The European People’s Party won the European election, with 213 MEPs, against 190, for the Socialists and Democrats. Faymann was quoted by the Austrian press as saying that the result of the EU elections should be taken seriously and therefore Juncker should get the top job. He also reportedly said that the leading candidate of the Socialists and Democrats, Martin Schulz, could continue to play an

important role in Europe. This development is a reminder of when the Spanish Socialist Prime Minister José Luis Rodríguez Zapatero backed the centre-right candidate José Manuel Barroso for a second term in office. The move had paralysed EU centre-left leaders, who could not propose an alternative candidate. The leaders of the Party of European Socialists also met on Tuesday for a pre-summit meeting, just hours before the EU summit held as a dinner. In theory, centre-left leaders will unite behind their candidate, Martin Schulz. But according to rumours, Schulz, as well as the liberal leading candidate Guy Verhofstadt, cannot obtain the qualified majority among the EU leaders. Juncker cannot

obtain unanimity, because the UK Prime Minister David Cameron and the Hungarian Prime Minister Victor Orban have expressed reservations regarding his appointment. However, at least in theory, Juncker could obtain the qualified majority of at least 55% of the member states, representing at least 65% of the EU’s population. In the event Juncker is elected by EU leaders, stakes are high that Schulz would get the second most important post in the Commission, that of Vice President for Economic and Monetary Affairs. However, Juncker’s election is far from being decided. Unlikely to make any decision this week, EU leaders will most probably decide at the 26-27 June regular EU Council.

German analyst: Merkel “did not win the elections” The Social Democratic Party (SPD) played the German card during the European elections, riding on the nationality of its top candidate Martin Schulz, who is primarily responsible for the SPD’s spike in votes, according to Michael Kaeding. Kaeding is a Jean-Monnet-Professor for European integration and European politics at the University of Duisburg-Essen in Germany. He also lectures at the College of Europe in Bruges, Belgium. He spoke with EurActiv Germany’s Dario Sarmadi. It is the same as after every election: Almost all the parties call themselves the winners. But who has really won the election? First of all, I can tell you who did not win the election: the centre-right parties. Not only the Christian Social Union (CSU), which had to sustain significant losses due to its Eurosceptic election campaign. Even Merkel’s Christian Democratic Union (CDU) lost nearly 4 percentage points compared to the Bundestag elections last September. This also has to do with a Europe-wide trend. In many countries like Spain, France and Italy, the parties belonging to the European People’s Party (EPP) suffered significant losses. Germany was also affected by this. Is the opposing Social Democratic Party (SPD) rightfully celebrating? The Social Democrats clearly won. Not only have they significantly improved since the last European elections, but they have also gained 2% since the Bundestag election. There was definitely a Schulz effect there. So it was smart of the SPD to play the German card and advertise on their posters that a vote for the SPD is the only way to vote for a German Commission president? Whether that was smart for the European idea, is a different question. But Martin Schulz surely won over a few voters as a result. The same thing happened in Luxembourg: there, it was a Juncker effect. In Greece, it was the Tsipras effect – the top candidates were able to score points in their home countries. But only there. Does Juncker have the best chances because his political group will be the strongest in the next European Parliament? None of that is set in stone yet. The top candidate from the strongest political group will first have to get a majority behind him. At the same time we have to wait and see which political group will actually emerge as the biggest. Because now the composition of political groups will take place. The Socialists and Democrats (S&D) political group is stable. MEPs will hardly leave its ranks. But it is more complicated in the case of the EPP. There is a big question-mark next to Viktor Orban’s Fidesz Party or the Party Forza Italia of Silvio Berlusconi. In their case it depends on deals to be made, whether they will remain in the EPP political group or will migrate to the European Conservatives and Reformists (ECR). Simply because of their Eurosceptic profiles they fit much better there, together with the British Tories and the Polish Law and Justice. But let us come back to Germany. You did not mention one election winner – the Eurosceptic Alternative for Germany (AfD): from zero to 7% of the vote. That can be considered a victory, can it not?

competent enough to understand the EU’s complex issues, or they have an ideological aversion to the EU elite. Politicians must actively speak to these people and pick them up.

President Nicos Anastasiades, in Brussels for the informal dinner of the EU leaders to discuss the results of the European Parliament elections and the crisis in Ukraine, supports Jean Claude Juncker, the choice of the EPP for Commission President Definitely. After a long time, the liberal consensus with European politics in Germany was broken – a process which already started in other European countries in the ‘80s. It turned out that parties with a Eurosceptic tinge – or generally with European topics – can put on an election campaign and achieve significant success. But, one must remember: the AfD is still trailing behind the Greens and the Left Party. The European elections are still about national secondary elections, which this time clearly focused on European issues more than ever before. In this context, I was surprised to see that small, splinter parties were not able to squeeze more gain out the removal of the electoral threshold. They were not able to mobilise any new voters and were only able to get into the Parliament because of the altered legal situation. The ruling of the Constitutional Court definitely did not bring any added value to democracy. But in total, more people went to vote than in 2009. Can the EU be proud of its voter participation rate? Absolutely not. Voter participation increased in Germany. But among other things, that had to do with the local government elections in highly populated regions, which took place in parallel to the European elections. As a result, the 5% increase in voter participation was the minimum that could be expected in Germany. Together with France, where voter participation also increased, the EU-wide numbers levelled off – 57% did not vote. If we look at Slovakia, where 87% of the population did not even vote – that is a whole different story. That does not mean a trend reversal. Do you have a tip for the parties concerning their next European election campaigns? Whether in the European elections or the Bundestag elections – the parties always do one thing completely wrong: They ignore the non-voters. Instead, they put all their effort into mobilising their own electorate. Some things must change in this regard. After all, non-voters make up a large group. For the most part they are socially weak citizens with a low educational background. Either they do not feel

Is that why the newly elected European Parliament is so polarised along the rightand left-wings of the political spectrum? In many member states, there were dramatic earthquakes. At the same time I am surprised that right-wing forces were successful in the member states, which were not hit hardest by the economic and financial crisis. Meaning France, the United Kingdom, Austria, Sweden, Poland and Denmark. Instead, in crisis countries which underwent a bailout, the left-wing movements performed particularly strongly: in Greece, Portugal, Spain and Ireland. Left-wing forces in these states challenged the strongest parties, sometimes reaching as much as 30% of the vote.

What does that mean for the work of the European Parliament in the coming parliamentary term? Initially, it will hardly change anything because in contrast to national parliaments, the European Parliament makes decisions with large majorities. 70% of legislation is passed with the two largest political groups – the EPP and the S&D – in consensus with the liberals. As long as the biggest political groups can tolerate each (other), the European Parliament will continue to work smoothly. But things are getting rougher – not only in the Parliament, but potentially also in the Council of Ministers.It remains to be seen which states will undergo upheavals – where populist forces will move into the government, or at least support governments. Perhaps in the near future, these forces could provoke new elections, for example, in Greece. If the Council composition changes, then the negotiations with the Parliament will become more polarised and politicised. More than ever, Eurosceptic parties could then push forward issues like migration in the Council, as well as in the Parliament. Those are rather bleak prospects for the democratic establishment in Europe. Did the election actually have a beneficial effect? As a matter of fact, there were a few positive results: The anti-democratic and often violent Ataka from Bulgaria did not win any seats, and neither did the British National Party in the U.K. The Lega Nord in Italy and the Vlaams Belang in Belgium both suffered losses. And let us take a look at Austria: there, the Freedom Party of Austria (FPO) was able to gather a number of votes, but far-right forces as a whole are not doing any better. That also has to do with the positive outcome for Austria’s liberals and Green party. And further north, in the Netherlands, the pro-European D66 won; in Sweden, the environmental and women’s parties. And in the end, it will be more difficult than expected for Marine Le Pen to create a political group out of the European Alliance for Freedom (EAF). The National Party (SNS) in Slovakia did not make it into the European Parliament. As a result, the EAF lacks one party from a seventh country to form a political group. So it was not only an election of extremes, but also an election with several positive signs for Europe.

May 28 - June 3, 2014

financialmirror.com | COMMENT | 7

Commissioners elected MEPs, undecided on future All seven Commissioners who took part in the European Parlaiment elections on May 22-25 have won MEP seats, but four of them are undecided if they will take them or stay on as Commissioners, in order to maximise their chances for a better future outside the European Parliament. Vice-President Viviane Reding, the Luxembourg commissioner for Justice and Fundamental rights has successfully led the list of her EPP-affiliated Christian’s Social People’s Party. Vice-President Antonio Tajani, the Italian commissioner for Industry, was elected on the list of Berlusconi’s EPPaffiliated People of Freedom Party. Vice President Maros Sefcovic, the Slovak commissioner for Administration, was elected for the PES-affilated SMERSocial Democracy party. Vice-President Olli Rehn, the Finnish commissioner for economic and monetary affairs and the euro, has been elected by his liberal-affiliated Centre party. Polish Commissioner Janusz Lewandowski, responsible for the budget, was elected MEP from the list of the EPPaffiliated Civic Platform of Prime Minister Donald Tusk. Croatian commissioner Neven Mimica, responsible for consumer protection, was elected MEP from the PESaffiliated Social Democratic Party. Belgium’s Trade Commissioner Karel de Gucht was last on the list of the liberal Open-VLD party of Guy Verhofstadt, without the intention of being elected. But due to the

preferential system and to his popularity, he was promoted to number three, and was elected too. Among the seven, Sefcovic is the only one who is also officially the candidate of his country to be Commissioner again. This means that he would have to relinquish his MEP seat to the profit of the next unelected candidate on his list. Mimica is also expected to stay as Commissioner. He did not perform well in the election, as he obtained very few votes. But since he was first on the list, he won the seat. Mimica will be back in the Commission, counting on a fulltime mandate this time, as he joined the EU executive only after his country joined the EU on July 1, 2013.

Tajani is the only one who has already confirmed that he will take his MEP seat. According to his spokesperson Carlo Corazza, Tajani earned more than 100,000 personal votes in the Italian electoral college of Lazio, Toscana, Umbria and Marche (central Italy). But for the others, the future is less clear and they need to inform President Jose Manuel Barroso of their intentions to leave the EU executive before the end of June. As she has said in interviews, Reding would like to stay on in the Commission. But she also supports the ambition of her compatriot, party fellow and former Prime Minister of Luxembourg Jean-Claude Juncker, to become President of the European Commission. There can be only one Luxembourg national in the Commission. So it is widely assumed that Reding will make her plans known after Juncker’s political future is decided, probably in June. The most intriguing case may involve Rehn. The Finnish politician currently holds the second most important position in the Commission and has big ambitions for his future. Together with his Belgian liberal rival Guy Verhofstadt, Rehn was candidate to be the ALDE candidate for Commission President. But last January, Rehn ceded the race for Commission President to Verhofstadt, with the understanding that in return, he will receive support to run for one of the other senior EU posts in economic or foreign affairs and is unlikely to be satisfied with an MEP seat.

Challenges for the next European Commission In the autumn of 2014, a new team of commissioners will take charge of the EU executive. As Europe’s economic storm seems to calm down, the next Commission can set its sights on a number of long-term challenges and opportunities when drafting its programme. The European Union is still finding its way out of the economic crisis. But there is an acute awareness in Brussels, and in member state capitals, that EU institutions need structural changes. A new ‘big idea’ for Europe is required, in order to reinvigorate the EU. Over the past couple of years, the European Commission has ordered several large-scale studies to define the societal, economic and international challenges that Europe will face in the near future. The next five years also mean the end of Europe’s 2020 goals, which forces the EU executive to draft a new roadmap for growth. On the international scene, world leaders will reassess their response to climate change and discuss a new framework for development, post-2015. Is the EU Commission, in its current form, ready to face these internal and external challenges? In a series of interviews with Brussels’ top-level experts and opinion-makers conducted by the European news and policy site EurActive, one key observation sticks out: European political leaders must step out of their comfort zone and reassess the dogmas of their policymaking, in the search for new approaches to growth, global influence and the EU’s architecture. For the first time, the EU executive will be led by a president that is elected by the European Parliament, in a new process following the entering into force of the Lisbon Treaty. The rest of the members of the EU executive’s ‘College’ of Commissioners are selected by the member states individually, with many contenders currently in the running for the job. Over the summer, these commissioners will be assigned portfolios in what is expected to be a difficult negotiation process between the EU Commission president and the member states. The new commissioners are then grilled by the EU Parliament in a series of plenary sessions to check their knowledge and ambitions related to the portfolio assigned to them. The new European Commission is hoped to take office on November 1, even though this target date could shift due to the novel process of electing the EU executive’s president. RESHAPING THE COMMISSION As the European Union grew from a union of dozen countries to a bloc of 28 member states, the EU executive has

expanded with each accession round. The Treaty of Lisbon adopted the idea to make the College of Commissioners smaller in numbers, increasing its efficiency. The plan at the time of Lisbon was to downsize the EU executive to two-thirds of the number of member states. But EU leaders changed their mind at a European Council in May 2013, deciding that the next Commission will maintain 28 members: one for each member state, as before. “It has proven to be impossible to get the political agreement for countries to give up the principle [of one commissioner per country],” Fabian Zuleeg, chief executive of the European Policy Centre (EPC) wrote in his paper on the structure of the Commission. “Still,” says Thomas Fischer, director of the Bertelsmann Stiftung’s Brussels office, “the idea of having a number of fullfledged commissioners coordinating other, so-called ‘junior’ commissioners, remains.” One idea is to ‘cluster’ broader policy fields such as economy or climate. Such super-portfolios would be dealt with by a vicepresident of the EU Commission, overseeing a number of ‘junior’ commissioners with a more narrow focus. “Foreign affairs could serve as an example,” argues Steven Blockmans, senior research fellow at the Centre for European Policy Studies (CEPS). “The so-called RELEX-group gathers commissioners dealing with enlargement, neighbourhood policy and other related fields. The High Representative [for foreign affairs and security policy], Catherine Ashton, has the competence to preside this meeting, even if she did not take up on this.” One position in particular is deemed suitable by EU pundits for such ‘clustering’: what some have dubbed an ‘EU budget tsar’, who would coordinate commissioners for economic, budgetary and financial policies. Some have suggested that he or she could – like the High Representative for foreign affairs – chair the EU finance ministers’ meeting in the EU Council of EU ministers. “But,” Fischer argues, “sometimes I wonder whether there is anybody who can truly tackle the requirements of such a [double-hatted] role – even physically. The working agenda is extremely tough.” These ideas of reforming the executive have received support from MEPs and political groups but remains extremely sensitive for member states, which could see their national top job holder downgraded. Bringing much-needed changes to the structure of the next Commission will fall on the shoulders of the Commission president, to be elected in July. But extensive changes will most likely be deferred by EU heads of state and government. NEW GROWTH MODEL EU Commission forecast has shown that not one EU country will be amongst the top eight economies in the world by 2050, if the ongoing shift of economic power persists. It

illustrates the foremost challenge the next EU executive has on its plate. The economic crisis has ravaged Europe over the past five years and is yet to be overcome. The EU’s main economic, social and political mission is that “we need a Europe that delivers: citizens want a Europe that thrives,” said Aart De Geus, president of the Bertelsmann Foundation, in a speech at the annual Brussels Think Tank Dialogue (BTTD). Just last February, EU Commission vice-president Olli Rehn presented figures pointing at a slow economic recovery. The EU commissioner for economic and monetary affairs was quick to add: “This is not an invitation to be complacent. We need to stay on course of economic reform.” Existing instruments to get member states out of the economic crisis, like the European Semester, have shown increasing attention to growth policies, rather than an austerity-driven approach. The incumbent EU Commission has grafted much of its initiatives for growth onto the Europe 2020 Strategy, launched in 2010: a plan for “smart, sustainable and inclusive growth” to steer the continent out of the crisis. As the target date for these flagship objectives is 2020, it is up to the next Commission team to finish the job. But what is the state of play? The European Commission released a stock taking exercise of the process in March, which demonstrated the progress made on five objectives: - 75% of Europeans (20-64 years old) in employment; - 3% of GDP in research and development; - Cut greenhouse gas emissions by 20%, increase renewables to 20% of all energy; improve energy efficiency by 20%; - Bring school dropouts below 10% and increase the number of youngsters with tertiary education by 40%; and, - Ensure 20 mln fewer people in risk of poverty. In recent years, Brussels clung to the Europe 2020 strategy of growth-oriented policy. “But,” Fischer argues, “the deficiency of this debate is that it is a lip service to this ‘smart, sustainable and inclusive growth’. No one is really thinking about how to build a new growth model for Europe – one that is less focused on the GDP.” The comment corresponds to an emerging debate amongst top economists on revisiting growth models. Respected scholars, such as the German professor Joseph Vogl and Czech thinker Tomas Sedlacek have rallied against politicians’ urge to keep an economic bloc’s GDP rate in constant increase. Sedláãek explained his thoughts on growth: “We should be grateful when growth happens, but if it doesn’t, we should be able to survive. A crisis only comes because we think that we will explode as a civilisation when we don’t have growth.” On social policy, experts argue the EU Commission could face important challenges in the areas of migration, education, training and income inequality, while other issues on the agenda include international trade, development goals and climate.

Μay 28 - June 3, 2014

8 | COMMENT | financialmirror.com

FOOD HEROES

Ariadne of Vasa Before we re-located to England in 2011, our last meal out was at Ariadne’s at Vasa. And, on our recent visit this year, our last evening was spent at her taverna. After more than 20 years of running her own show, now admitting to “nearing 70 years old”, Ariadne is considering what she calls “retirement”. “I like to buy a little house in the centre of the village (Vasa),” she told me, “maybe one or two rooms for people to stay, and maybe four or five tables downstairs, where I can cook a little for my friends.” Can I make a booking now, Ariadne? When this plan comes to fruition, she said, she hoped her two sons would carry on her taverna on the “Old Road” to Vasa. The “Friends of Ariadne”, of course, would number many hundreds of people from a number of countries. Some would remember bitter winter evenings maybe 20 years ago round a roaring fire in the old school building in Vasa with hot dishes of the real Cyprus coming steaming from Ariadne’s kitchen – and summer ones, too, under the vines covering the yard outside, listening to the happy chatter of contented diners, sniffing the wafts of barbecue smoke and enjoying Ariadne’s mezze table. It was there one day in September 2006 that Mary and I joined Victor Papadopoulos with his special guests, the family Guigal, often quoted as “the best winemakers on the planet”, for a truly memorable lunch. This was just one of hundreds of lovely times at Ariadne’s – sometimes simply the two of us, others with friends, and one or two slightly riotous assemblies of what one might term “Affinity Groups” (such as supporters of our donkey sanctuary!) Cypriots and foreigners alike travelled from as far away as Larnaca and Nicosia to eat here – and still do. It was about the time of the Guigal lunch that Ariadne had moved to her newbuild taverna on the old road to Vasa, when I wrote a review, all of which would apply perfectly today. This is an extract: “I have remarked on this lady before – she is truly one of the best cooks of proper Cypriot food I have ever come across. Not quite able to take on all of her magnificent Mezze, we selected instead some Ariadne specials: rice-stuffed courgette flowers, meat stuffed vineleaves (no-one does them better), a village salad, fresh bread and a pot of yogurt that tasted more like sour cream, followed by pork kebabs and grilled chicken, accompanied by a house speciality, tiny jacket potatoes, slightly crushed and then deep fried and finished with red wine. By now replete, we were preparing our departure when the good lady brought along the dish she knows is my favourite: courgette flowers, stuffed with cheese, covered in a dreamy light batter and deep fried. How could we refuse? This is exquisite.” Three cheers for Ariadne, who is not just a true Cyprus Food Hero, but a local one as well, noted for her quiet and unassuming work helping the elderly and disadvantaged of her locality.

Patrick Skinner

Ariadne’s Restaurant, Vassa Old Road. Open every day. Booking recommended, telephone 2594 4064

ARIADNE’S SLIGHTLY CRUSHED NEW POTATOES Ingredients 4 – 6 baby potatoes for each person Oil for deep frying Red wine Salt and pepper, Sesame seeds

Method 1. Wash potatoes, removing any ‘eyes’ and dry. 2. Take a deep heavy pan and heat the cooking oil (enough to cover the amount of potatoes you are going to put in). 3. With a cleaver, or clean mallet, ‘bonk’ the potatoes until they split just a little. 4. Sprinkle with salt. 5. Put spuds into the hot oil and fry until cooked through. 6. Drain most of the oil, leaving a little on the bottom. 7. Pour in some red wine, just to cover the bottom. 8. Sprinkle sesame seeds over. 9. Put back on high heat and stir potatoes in the wine/oil, making sure it cover all the potatoes, until wine has evaporated. Serve hot.

PORK CHOPS PATROCLOS Cyprus pork is generally very tender, so it doesn’t need much cooking. As a rule, you cook such meat either for a little while or for a long time. So pork loin or chops just need 2-3 minutes each side if you’re grilling, but for stews you need more time for the meat to get through the ‘tough’ barrier and out the other side, at least 30 minutes. I “invented” this recipe for my first cook book some years ago, and it never fails to please. You will need a frying pan and an oven roasting pan with lid or foil cover. The size of our pork chops being what they are, you will probably have to brown them in batches and your oven pan will be a large one. Ingredients for six servings 6 pork chops 3 tbsp flour Salt and pepper mixed with the flour 2 tbsp olive oil, 1 large onion, peeled and chopped 2 large green salad onions, chopped 1 large clove of garlic, peeled and finely chopped 450 g ripe tomatoes, peeled, de-seeded (if you wish) and chopped 1 large green pepper, de-seeded and sliced 2 tbsp tomato purée 1 tbsp chopped tarragon or basil 1 good wine glassful of dry white wine Method 1. Heat oven to 180ºC. 2. Trim the chops and cover both sides with the seasoned flour. 3. Heat oil and brown chops on both sides in a non-stick frying pan. 4. Remove them from the frying pan and put into a medium sized roasting pan. Keep warm. 5. Add a little more oil to the frying pan and then stir fry the onion, salad onions and garlic for a couple of minutes, then add the pepper and stir fry for two minutes more. 6. Add the tomatoes, tomato purée and the herbs. 7. Simmer for five minutes stirring regularly. 8. Season well, and pour the wine in and stir. 9. Pour the tomato/wine mixture around the pork, cover the pan with foil and cook in the oven for around 40 minutes. Wine Accompaniment As my tribute this week is to Ariadne of Vasa, my wine to go with the pork chops is one from a nearby vineyard: Argyrides Maratheftiko. This quirky local grape has many faces, each one fashioned by a different winemaker and this is a stylish individualistic offering, a powerful red that is one of my favourites.

Next week, my Food Hero is Sam Kazzaz of Limanaki, Pissouri Bay, fame.

NEWS

Coffee Island rebranding image, adds 3 more in Cyprus

The Greek-owned franchisor Coffee Island is rebranding its corporate identity with a new logo and a gradual facelift of its 180or-so outlets in Cyprus, Greece and the Balkans. CEO Konstantinos Konstantinopoulos and architect Andreas Kourkoulas, who undertook the redesign of the shops, explained that the new logo represent “the plant, the seed, the journey, the drop, the flame and the cup, which takes us on a journey to the various stages of the coffee production and finally to Coffee Island.” In Cyprus, the first of the 27 stores with the new corporate identity and new architectural concept was launched in February, with three more new outlets expected to open soon. Referring to the chain’s expansion plans in Cyprus,

Konstantinopoulos said: “Our goal is not a numerical target, but a successful track record with satisfied partners and a presence all over Cyprus.” Coffee Island started in 1999 as a traditional coffee shop in the centre of Patras, selling a variety of freshly ground coffee. Since then, the company has expanded its network with 183 stores in Greece, Cyprus, Romania and Albania, with plans to expand further in the rest of Europe and the Middle East. Since 2006 the company has maintained its own manufacturing plant for processing coffee, investing in equipment and expertise mainly from Italy, in order to supply franchise stores with a wide variety of coffees. In 2012 the production units and warehouses doubled their capacity to ensure quality.

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

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AÚ. 967

∆∂∆∞ƒ∆∏, 28 ª∞´√À, 2014

¢ÂÓ Û˘ÌÊÒÓËÛ·Ó ÁÈ· Ù· Ì¤ÏË ÙÔ˘ ¢ËÌÔÛÈÔÓÔÌÈÎÔ‡ ™˘Ì‚Ô˘Ï›Ô˘ Οικονοµικών κατά το διορισµÞ των µελών του ∆ηµοσιονοµικού Συµβουλίου». Ερωτηθείσ σχετικά, ο κ. ΠαπαδÞπουλοσ απέφυγε να αναφέρει κατά πÞσον οι απÞψεισ είναι αρνητικέσ ή θετικέσ. «Οι απÞψεισ έχουν κοινοποιηθεί στον ΥπουργÞ Οικονοµικών για να τισ λάβει υπÞψη», είπε. Ο βουλευτήσ του ∆ΗΣΥ ΠρÞδροµοσ ΠρÞδροµοσ είπε Þτι προνοείται διαβούλευση µε τη Βουλή για το διορισµÞ των µελών του ∆ηµοσιονοµικού Συµβουλίου. «Έχουν ακουστεί κάποια σχÞλια, θα µεταφερθούν στον ΥπουργÞ και στο ΥπουργικÞ Συµβούλιο που έχει την ευθύνη και θα πάρουν την απÞφαση γιατί η τελική απÞφαση είναι απÞ την πλευρά τησ Κυβέρνησησ», κατέληξε. ΑπÞ την πλευρά του, ο βουλευτήσ του ΚΣ Ε∆ΕΚ Νίκοσ Νικολαΐδησ δήλωσε Þτι η νοµοθεσία µιλά για διαβούλευση µε την Επιτροπή Οικονοµικών. «∆ιαβούλευση σηµαίνει έκφραση άποψησ, η οποία νοµοθετικά πολιτικά και ηθικά πρέπει να ληφθεί υπÞψη απÞ τη Κυβέρνηση η οποία έχει τον τελικÞ λÞγο και την τελική ευθύνη στο διορισµÞ», είπε.

Επιφυλάξεισ και αντιρρήσεισ επί των προσώπων που απαρτίζουν το ∆ηµοσιονοµικÞ Συµβούλιο φαίνεται να διατηρεί η πλειοψηφία τησ Κοινοβουλευτικήσ Επιτροπήσ Οικονοµικών. Η Επιτροπή συζήτησε χθεσ το Þλο θέµα στην παρουσία του Γενικού ∆ιευθυντή του Υπουργείου Οικονοµικών, Χρίστου Πατσαλίδη και αξιωµατούχων του ΥΠΟΙΚ σε κεκλεισµένων των θυρών συνεδρία. Τα µέλη του Συµβουλίου, που διορίστηκαν απÞ το ΥπουργικÞ στη συνεδρία τησ 9ησ Απριλίου είναι ο ∆ηµήτρησ Γεωργιάδησ, ΠρÞεδροσ και µέλη οι Μάριοσ Ζαχαριάδησ και Άλκησ Λοϊζίδησ. Η θητεία του Προέδρου είναι εξαετήσ µε συνεχή απασχÞληση, ενώ τα δύο µέλη του Συµβουλίου διορίζονται στη βάση µερικήσ απασχÞλησησ για πέντε και τέσσερα χρÞνια, µε τη διάρκεια τησ θητείασ των δυο µελών να αποφασίζεται κατÞπιν κλήρωσησ µεταξύ τουσ.

¶ÚÔ¸fiıÂÛË ÁÈ· ÙËÓ ÂÎÙ·Ì›Â˘ÛË Σηµειώνεται Þτι η έγκριση του ∆ηµοσιονοµικού Συµβουλίου αποτελεί προϋπÞθεση για την εκταµίευση τησ πέµπτησ δÞσησ ύψουσ 600 εκ. ευρώ απÞ την ΤρÞικα, που αναµένεται να γίνει στισ αρχέσ Ιουλίου. Η σύσταση, αρµοδιÞτητεσ και το Þλο καθεστώσ λειτουργίασ του ∆ηµοσιονοµικού Συµβουλίου καθορίζονται στο νÞµο περί τησ ∆ηµοσιονοµικήσ Ευθύνησ και του ∆ηµοσιονοµικού Πλαισίου. Το ∆ηµοσιονοµικÞ Συµβούλιο έχει την ευθύνη να παρέχει εκ των προτέρων αξιολÞγηση των µακροοικονοµικών και δηµοσιονοµικών προβλέψεων τησ Κυβέρνησησ που ετοιµάζονται στα πλαίσια κατάρτισησ του προϋπολογισµού και του Στρατηγικού Πλαισίου ∆ηµοσιονοµικήσ Πολιτικήσ µε σκοπÞ την υιοθέτηση τουσ. Επίσησ, το Συµβούλιο έχει την ευθύνη να παρακολουθεί τη συµµÞρφωση µε τουσ αριθµητικούσ δηµοσιονοµικούσ κανÞνεσ Þπωσ καθορίζονται στο άρθρο 5 σχετικήσ ευρωπαϊκήσ οδηγίασ και την ενσωµάτωση του µεσοπρÞθεσµου δηµοσιονοµικού στÞχου στη διαδικασία κατάρτισησ του προϋπολογισµού. Επίσησ, παρέχει εκ των προτέρων και εκ των υστέρων δηµÞσια αξιολÞγηση τησ δηµοσιονοµικήσ πολιτικήσ, αλλά και εκτιµήσεισ οι οποίεσ δηµοσιο-

ποιούνται σε σχέση µε τουσ αριθµητικούσ δηµοσιονοµικούσ στÞχουσ. Το Συµβούλιο θα ξεκινήσει τισ εργασίεσ µε τον έλεγχο του καταρτισµού του κρατικού προϋπολογισµού για το 2015, που αρχίζει µέσα στουσ επÞµενουσ µήνεσ. Πάντωσ, σύµφωνα µε πληροφορίεσ, µέλη τησ Επιτροπήσ εξέφρασαν αντιρρήσεισ και επιφυλάξεισ για τα µέλη του Συµβουλίου, ενώ συζήτηση έγινε για τη ερµηνεία τησ διαβούλευσησ που προνοείται στο νÞµο. Σε δηλώσεισ του, ο ΠρÞεδροσ τησ Επιτροπήσ ΝικÞλασ ΠαπαδÞπουλοσ ανέφερε Þτι ο νÞµοσ δεν προνοεί την έγκριση των µελών του Συµβουλίου απÞ την Επιτροπή ή απÞ τη Βουλή, αλλά µια διαβούλευση. «Κάποια µέλη έχουν µεταφέρει κάποιεσ απÞψεισ στουσ εκπροσώπουσ του Υπουργείου Οικονοµικών και αναµένουµε ακριβώσ Þτι ο ΥπουργÞσ Οικονοµικών, η εκτελεστική εξουσία και το ΥπουργικÞ Συµβούλιο θα λάβουν πάρα πολύ σοβαρά υπÞψη τισ θέσεισ που έχουν εκφράσει τα µέλη τησ Επιτροπήσ

∂Ó·ÓÙ›ÔÓ Ô ¶ÂÚ‰›ÎË˜ Ανοικτά εναντίον και των τριών προσώπων τάχθηκε ο βουλευτήσ και ΓΓ του Κινήµατοσ ΟικολÞγων Περιβαλλοντιστών Γιώργοσ Περδίκησ, ο οποίοσ είπε Þτι το Κίνηµα δεν υποστήριξε ούτε το νÞµο που θεσπίζει το Συµβούλιο. «Είµαστε εναντίον και στουσ τρεισ διορισµούσ για λÞγουσ που αφορούν την προσέγγιση των συγκεκριµένων επιστηµÞνων που προτείνονται σε θέµατα που αφορούν την οικονοµία, έχουµε διαφορά προσέγγισησ, δεν τουσ υποστηρίζουµε», πρÞσθεσε. Είπε Þτι ο ΠρÞεδροσ τησ ∆ηµοκρατίασ και το ΥπουργικÞ Συµβούλιο στο πλαίσιο τησ διαβούλευσησ, οφείλουν αν δεν συµφωνούν ή δεν θέλουν να δώσουν την πρέπουσα σηµασία στισ αντιρρήσεισ τησ πλειοψηφίασ τησ Βουλήσ να αιτιολογήσουν το λÞγο γιατί ο οποιοσδήποτε απÞ αυτούσ που προτείνουν είναι τÞσο σηµαντικÞσ και αναντικατάστατοσ σε αυτÞ το Συµβούλιο».

∆· Ï¤ÂÈ ÌÂ Ù· ÎfiÌÌ·Ù· ∆ÚÔ¯¿‰ËÓ ·fi ÙËÓ µÔ˘Ï‹ ÁÈ· ÙËÓ ÂÎÙ·Ì›Â˘ÛË ÙË˜ 5Ë ‰fiÛË˜ Ô À¶√π∫ Κύκλο επαφών µε τα πολιτικά κÞµµατα ξεκινά ο ΥπουργÞσ Οικονοµικών Χάρησ Γεωργιάδησ, σύµφωνα το ΚυπριακÞ Πρακτορείο Ειδήσεων. Τισ συναντήσεισ µε τα πολιτικά κÞµµατα ζήτησε ο ίδιοσ ο ΥΠΟΙΚ, ύστερα απÞ οδηγίεσ του Προέδρου τησ ∆ηµοκρατίασ Νίκου Αναστασιάδη, για να συζητήσει, µεταξύ άλλων, και τη σταδιακή επάνοδο τησ Κύπρου στισ διεθνείσ αγορέσ. Σύµφωνα µε το ΚΥΠΕ, έχουν ήδη προγραµµατιστεί συναντήσεισ του ΥΠΟΙΚ µε κÞµµατα αύριο Πέµπτη και Παρασκευή, χωρίσ να αποκλείεται κάποια συνάντηση να µεταφερθεί σήµερα το απÞγευµα, καθώσ το Þλο πρÞγραµµα των επαφών βρίσκεται ακÞµη υπÞ επεξεργασία. Ο ΥΠΟΙΚ είχε εξαγγείλει µετά την ολοκλήρωση, στισ 17 Μαΐου, απÞ την ΤρÞικα τησ 4ησ αξιολÞγησησ τησ εφαρµογήσ του προγράµµατοσ προσαρµογήσ Þτι µε οδηγίεσ του Προέδρου τησ ∆ηµοκρατίασ θα έχει επαφή µε Þλα τα πολιτικά κÞµµατα για να ενηµερώσει “για τισ επÞµενεσ κινήσεισ που σχετίζονται, µεταξύ άλλων, και µε τη σταδιακή επάνοδο τησ Κύπρου στισ αγορέσ”. Ανέφερε επίσησ Þτι θα ενηµερώσει σχετικά και τη Βουλή και σηµείωσε Þτι “λÞγω του ευαίσθητου χαρακτήρα αυτών των πληροφοριών” έκρινε πωσ πρώτα θα πρέπει να ενηµερώσει τισ πολιτικέσ ηγεσίεσ “και στη συνέχεια να υπάρξει και η δηµÞσια πληροφÞρηση”.

Τισ προτεραιÞτητεσ και τον προγραµµατισµÞ σε σχέση µε τισ ενέργειεσ που πρέπει να γίνουν πριν την εκταµίευση τησ 5ησ δÞσησ, καθÞρισε χθεσ η Κοινοβουλευτική Επιτροπή Οικονοµικών στη βάση εγγράφου που απέστειλε το Υπουργείο Οικονοµικών. Ωσ εκ τούτου η Βουλή έχει πολύ δουλειά να κάνει µιασ και µέχρι τισ 5 Ιουνίου, πρέπει να εγκρίνει τη σύσταση και λειτουργία του ∆ηµοσιονοµικού Συµβουλίου, καθώσ και το νÞµο που προνοεί την ενοποίηση του Τµήµατοσ Εσωτερικών ΠροσÞδων και τησ Υπηρεσίασ ΦΠΑ και την απÞ κοινού µετονοµασία τουσ σε Τµήµα Φορολογίασ. Παράλληλα, η Βουλή µέχρι τισ 19 Ιουνίου θα πρέπει να ψηφίσει το νÞµο που τροποποιεί τουσ περί Βεβαιώσεωσ και Εισπράξεων ΦÞρων ΝÞµουσ. Το συγκεκριµένο νοµοσχέδιο αφορά την ποινικοποίηση τησ µη καταβολήσ παρακρατηθέντων φÞρων και την απÞδοση ποινικήσ ευθύνησ σε διευθυντέσ εταιρείασ για τη δÞλια υποβολή φορολογικών στοιχείων και τη µη καταβολή οφειλούµενων φÞρων. Το εν λÞγω νοµοσχέδιο υποβλήθηκε στισ 27 Μαρτίου. Στο ίδιο χρονοδιάγραµµα εµπίπτει και νοµοσχέδιο που αφορά την καθιέρωση αυτοφορολογίασ, αντικαθιστώντασ την επιβεβαίωση των υποβληθέντων φορολογικών δηλώσεων µε τον στοχευµένο έλεγχο των αυτοφορολογιών. Μέχρι τισ 19 Ιουνίου θα πρέπει να ψηφιστεί και νοµοσχέδιο που αφορά την ενδυνάµωση των εξουσιών των φορολογικών αρχών για τη διασφάλιση τησ καταβολήσ των ανεξÞφλητων φορολογικών υποχρεώσεων, µέσω τησ κατάσχεσησ κινητήσ ιδιοκτησίασ και τραπεζικών λογαριασµών. Για αυτÞ το θέµα αναµένεται να αποσυρθεί το νοµοσχέδιο και να υποβληθεί άλλο νοµοσχέδιο µε τίτλο «ΝÞµοσ που τροποποιεί τον περί Εισπράξεωσ ΦÞρων

ΝÞµο του 1962». Επίσησ, µέχρι τισ 19 Ιουνίου θα πρέπει να ψηφιστεί ο νÞµοσ που τροποποιεί τον περί φορολογίασ κεφαλαιουχικών κερδών νÞµο του 1980 µέχρι το 2010, που αφορά την απαγÞρευση τησ αποξένωσησ ακίνητησ περιουσίασ, καθώσ και ο περί µεταβιβάσεωσ και υποθηκεύσεωσ τροποποιητικÞσ νÞµοσ του 2014, που αφορά την απαγÞρευση τησ αποξένωσησ ακίνητησ περιουσίασ. Μέχρι το τέλοσ Ιουνίου πρέπει να ψηφιστούν ο νÞµοσ του 2010, που αφορά την σύσταση και λειτουργία του ενιαίου φορέα εξώδικησ επίλυσησ διαφορών χρηµατοοικονοµικήσ φύσησ, ο νÞµοσ περί εξυγίανσησ πιστωτικών και άλλων ιδρυµάτων, (διαφοροποίηση τησ σύνθεσησ τησ αρχήσ εξυγίανσησ), καθώσ και ο περί Ελέγχου των Συγκεντρώσεων των Επιχειρήσεων ΝÞµοσ, ο οποίοσ αφορά την ενίσχυση τησ αποτελεσµατικÞτητασ τησ επιβολήσ του νÞµου περί ανταγωνισµού µε τη θέσπιση των αναγκαίων τροποποιήσεων τησ νοµοθεσίασ σχετικά µε τισ συγχωνεύσεισ και την αντιµονοπωλιακή νοµοθεσία. Τέλοσ, µέχρι τα τέλη Ιουνίου του τρέχοντοσ έτουσ θα πρέπει να κατατεθούν στη Βουλή νοµοσχέδιο που να τροποποιεί τον «Περί Μεταβιβάσεωσ και Υποθηκεύσεωσ Ακινήτων ΝÞµο 9/65», νοµοσχέδιο που να τροποποιεί το «ΝÞµο που προνοεί περί Κρατικών Οργανισµών και Κρατικών Επιχειρήσεων (Ίδρυση και λειτουργία)», τον «Περί Φορολογίασ Ακινήτου Ιδιοκτησίασ ΤροποποιητικÞ ΝÞµο», που αφορά την υιοθέτηση του νέου φορολογικού πλαισίου φορολÞγησησ ακίνητησ ιδιοκτησίασ και «Περί Ελαχίστου Εγγυηµένου Εισοδήµατοσ και γενικÞτερα περί Κοινωνικών Παροχών ΝÞµο».

ΧΡΗΜΑ&ΑΓΟΡΑ

28 ΜΑΪΟΥ, 2014

2 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

¢¤Î· ˘Ô„‹ÊÈÔÈ ÁÈ· ÙÔ ¢™ ÙË˜ ∂ÏÏËÓÈÎ‹˜ ∆Ú¿Â˙·˜ Πραγµατοποιείται σήµερα το απÞγευµα στισ 5.30 η 40η Ετήσια Τακτική Γενική τησ Συνέλευση, τησ Ελληνικήσ Τράπεζασ, στην οποία θα εκλεγεί το νέο ∆ιοικητικÞ τησ Συµβούλιο. Χθεσ η τράπεζα ανακοίνωσε τουσ υποψήφιουσ για εκλογή στο ∆ιοικητικÞ τησ Συµβούλιο τησ Τράπεζασ. ΠρÞκειται για τουσ Γεωργιάδου Α. Ειρένα, ΓιαννÞπουλοσ Σ. Μαρίνοσ, ΚωµοδρÞµοσ Γ. Βάσοσ, Μάτσησ Α. Ιωάννησ, Παντελίδου Νεοφύτου Μαριάννα, Πολυκάρπου Α. Ευριπίδησ, Φεραίοσ ∆. Γεώργιοσ, Χαρίτου Γ. Ανδρέασ, Χατζησταυρήσ Α. ΧριστÞδουλοσ και Bonnano David Whalen. Φαβορί για την ανάληψη τησ προεδρίασ τησ τράπεζασ είναι η Ειρένα Γεωργιάδου η οποία αν τελικά εκλεγεί θα πρέπει να υποβάλει την παραίτησή τησ απÞ το τη θέση τησ

ΕπιτρÞπου Μεταρρύθµισησ. Η Γενική Συνέλευση θα πραγµατοποιηθεί στο Κτήριο ∆ιοίκησησ τησ Ελληνικήσ Τράπεζασ.

¶ÒÏËÛË ÙË˜ ı˘Á·ÙÚÈÎ‹˜ ÛÙË ƒˆÛ›· Εν τω µεταξύ σε προχωρηµένο στάδιο βρίσκονται οι διαπραγµατεύσεισ τησ Ελληνικήσ Τράπεζασ για πώληση του 100% του µετοχικού κεφαλαίου τησ θυγατρικήσ τησ τράπεζασ στη Ρωσία, Limited Liability Company Commercial Bank “Hellenic Bank”. Ùπωσ ανακοίνωσε η τράπεζα στο Χρηµατιστήριο Αξιών Κύπρου, η εν λÞγω συναλλαγή, εφÞσον πραγµατοποιηθεί θα είναι σε καθαρά εµπορική βάση και δεν αναµένεται να επη-

™ÙËÓ ∫‡ÚÔ ÁÈ· Â·Ê¤˜ Ë Qatar Islamic Bank Στην Κύπρο βρίσκεται αντιπροσωπεία τησ Qatar Islamic Bank, προκειµένου να έχει συναντήσεισ µε τον υπουργÞ Οικονοµικών, Χάρη Γεωργιάδη, τον υπουργÞ Ενέργειασ, Γιώργο Λακκοτρύπη και τον υπουργÞ Συγκοινωνιών, Μάριο ∆ηµητριάδη. Η Τράπεζα θα εξετάσει το ενδεχÞµενο συµµετοχήσ τησ σε επενδύσεισ, είτε αυτέσ αφορούν τισ ιδιωτικοποιήσεισ που δροµολογεί η κυβέρνηση ή την συµµετοχή τησ σε µεγάλα έργα, αλλά και στον κλάδο ενέργειασ. Η κάθοδοσ τησ αντιπροσωπείασ τησ Qatar Islamic Bank έρχεται σε µια περίοδο που έχουν πραγµατοποιηθεί αντίστοιχεσ επαφέσ µε αραβι-

κέσ χώρεσ, Þπωσ το Κουβέιτ και τα Αραβικά Εµιράτα. Η τράπεζα δηµιουργήθηκε το 1982 στο Κατάρ, µε σκοπÞ να παρέχει τραπεζικέσ υπηρεσίεσ βάσει των αρχών τησ Sharia (ισλαµικÞσ ηθικÞσ κώδικασ) και υπÞ την εποπτεία τησ Κεντρικήσ Τράπεζασ του Κατάρ. Λειτουργώντασ για σειρά ετών ωσ οργανισµÞσ παροχήσ υπηρεσιών λιανικήσ τραπεζικήσ, µετεξελίχθηκε σε ένα Þµιλο επιχειρηµατικών και επενδυτικών υπηρεσιών. Η διεθνήσ παρουσία τησ Qatar Islamic Bank (QIB) αντικατοπτρίζεται σε επενδυτικέσ εταιρείεσ σε Μέση Ανατολή, Ευρώπη και Ασία.

ρεάσει τισ προοπτικέσ ή τα αποτελέσµατα του Οµίλου και δεν σχετίζεται ή επηρεάζει τα συµφέροντα των «καθορισµένων προσώπων», σύµφωνα µε την έννοια που αποδίδεται στον προαναφερÞµενο Þρο στο άρθρο 137(3) των περί Αξιών και Χρηµατιστηρίου Αξιών Κύπρου ΝÞµων. Περαιτέρω η Ελληνική Τράπεζα σηµειώνει Þτι η συναλλαγή αυτή, εντάσσεται στα πλαίσια των συνεχών ενεργειών του Οµίλου για αποτελεσµατικÞτερη διαχείριση των διαθέσιµων πÞρων, κεφαλαιακού προγραµµατισµού, ενεργούσ διαχείρισησ των κινδύνων και των σταθµισµένων στοιχείων ενεργητικού του και στην επικέντρωση σε κύριεσ αγορέσ. Η συναλλαγή υπÞκειται σε έγκριση απÞ την Κεντρική Τράπεζα Κύπρου.

4 Ó¤Â˜ ·ÁˆÁ¤˜ ÂÓ·ÓÙ›ÔÓ ÙË˜ ∂∫∆ ÁÈ· ÙÔ «ÎÔ‡ÚÂÌ·» Καταθέτεσ σε κυπριακέσ τράπεζεσ κατέθεσαν άλλεσ τέσσερισ αγωγέσ εναντίον τησ Ευρωπαϊκήσ Κεντρικήσ Τράπεζασ και τησ Ευρωπαϊκήσ Επιτροπήσ για το περσινÞ κούρεµα των ανασφάλιστων καταθέσεων πέραν των 100.000 ευρώ. Οι καταθέτεσ ζητούν αποζηµιώσεισ για τισ αναγκαστικέσ απώλειεσ καταθέσεών τουσ στη Λαϊκή Τράπεζα και στην Τράπεζα Κύπρου. Ùπωσ αναφέρεται στισ αγωγέσ, η Ευρωπαϊκή Κεντρική Τράπεζα και η Ευρωπαϊκή Επιτροπή στέρησαν απÞ τουσ καταθέτεσ τα χρήµατά τουσ και υπερέβησαν µε σοβαρÞ τρÞπο τα Þρια τησ εξουσίασ τουσ, προκαλώντασ την πρÞωρη ψήφιση ενÞσ εργαλείου bail-in για την ανακεφαλαιοποίηση των τραπεζών. Οι τέσσερισ νέεσ αγωγέσ έρχονται να προστεθούν σε άλλεσ δώδεκα, παρÞµοιασ φύσεωσ, οι οποίεσ είχαν κατατεθεί πέρσι στο ∆ικαστήριο τησ Ευρωπαϊκήσ Ένωσησ.

¡¤Â˜ ÚÔÛ¿ıÂÈÂ˜ ÁÈ· ÚÔÒıËÛË ÙÔ˘ ıÂÛÌÔ‡ ÙÔ˘ ‰È·ÌÂÛÔÏ·‚ËÙ‹ ΤρÞπουσ προώθησησ του θεσµού τησ διαµεσολάβησησ στην επίλυση αστικών και εµπορικών διαφορών, συζήτησαν ο ΥπουργÞσ ∆ικαιοσύνησ και ∆ηµÞσιασ Τάξησ Ιωνάσ Νικολάου µε τουσ Προέδρουσ και αντιπροσωπείεσ απÞ το ΚΕΒΕ και το ΕΤΕΚ. Ùπωσ σηµείωσαν ο θεσµÞσ του διαµεσολαβητή θα βοηθήσει στην ταχύτερη επίλυση τέτοιων διαφορών, ενώ θα αποσυµφορήσει σε σηµαντικÞ βαθµÞ τα ∆ικαστήρια. Σε δηλώσεισ του µετά τη συνάντηση, ο κ. Νικολάου είπε Þτι είχαν την ευκαιρία να ανταλλάξουν κάποιεσ απÞψεισ τÞσο για την προώθηση τησ διαδικασίασ τησ διαµεσολάβησησ, η οποία, Þπωσ ανέφερε, κρίνεται απÞ Þλουσ Þτι µπορεί να βοηθήσει σηµαντικά στην επίλυση αστικών και εµπορικών διαφορών σε σύντοµο χρονικÞ διάστηµα και µε χαµηλÞ κÞστοσ. Ο κ. Νικολάου επεσήµανε Þτι απÞ το σύνολο των υποθέσεων που καταχωρούνται στα ∆ικαστήρια, µÞνο το 2-3% καταλή-

γουν στη διαδικασία τησ ακρÞασησ, δηλαδή γύρω στο 97-98% των υποθέσεων καταλήγουν σε µια συµφωνία µε τη διαµεσολάβηση του ∆ικαστή, και διερωτήθηκε γιατί αυτή τη διαδικασία να µην την προωθηθεί εξωδικαστικά. Ο κ. Νικολάου είπε πωσ σε άλλεσ χώρεσ δεν περιορίζουν τη διαµεσολάβηση µÞνο σε αυτού του είδουσ τισ διαφορέσ αλλά αποτελεί και µέροσ παρέµβασησ σε ποινικέσ υποθέσεισ, διευκρινίζοντασ ωστÞσο πωσ κάτι τέτοιο δεν συζητείται αυτή τη στιγµή στην Κύπρο. Ερωτηθείσ αν υπάρχει χρονοδιάγραµµα προώθησησ του θεσµού, ο κ. Νικολάου είπε πωσ ήδη άρχισε να εφαρµÞζεται για ένα µέροσ υποθέσεων, και η προσπάθεια τησ Κυβέρνησησ είναι να αναδειχθεί περαιτέρω. Ο κ. Νικολάου είπε πωσ συµφώνησαν να συναντηθούν εκ νέου µε τουσ αρµÞδιουσ φορείσ σε ενάµιση µήνα ώστε να

¢È·ÁÚ·Ê‹ 13.000 ÂÙ·ÈÚÂÈÒÓ

¶‹ÚÂ ÙÔ «√k» Ô °ÈÔ‡ÓÎÂÚ

Το Τµήµα ΕφÞρου Εταιρειών και Επίσηµου Παραλήπτη, ξεκίνησε στισ 21 Μαΐου την διαδικασία διαγραφήσ 13.000 εταιρειών απÞ το αρχείο του, σύµφωνα µε τον Έφορο Εταιρειών Σπύρο ΚÞκκινο. Ο κ. ΚÞκκινοσ εξήγησε Þτι οι συγκεκριµένεσ εταιρείεσ ζήτησαν οι ίδιεσ τη διαγραφή τουσ απÞ το αρχείο του Τµήµατοσ για δικούσ τουσ λÞγουσ. Εξήγησε, ωστÞσο, πωσ για να ολοκληρωθεί η διαγραφή µιασ εταιρείασ θα πρέπει, σύµφωνα µε το νÞµο, να παρέλθει χρονική περίοδοσ τριών µηνών απÞ την ηµεροµηνία δηµοσίευσησ στην επίσηµη εφηµερίδα τησ ∆ηµοκρατίασ των ονοµάτων των υπÞ διαγραφή εταιρειών. Ùσον αφορά την έναρξη διαδικασίασ διαγραφήσ εταιρειών που δεν έχουν ακÞµη καταβάλει το οφειλÞµενο ετήσιοσ τέλοσ των 350 ευρώ, ο κ. ΚÞκκινοσ είπε Þτι αυτή η διαδικασία δεν έχει ξεκινήσει ακÞµη, καθώσ το Τµήµα Υπηρεσιών Πληροφορικήσ (ΤΥΠ) εργάζεται στην ετοιµασία του ηλεκτρονικού προγράµµατοσ που θα επιστρέψει να προχωρήσει η Þλη διαδικασία. Επί του προκειµένου, ανέφερε επίσησ Þτι το Τµήµα µελετά διάφορα στοιχεία και παραµέτρουσ που θα καταχωρηθούν στο ηλεκτρονικÞ σύστηµα και τα οποία θα τυγχάνουν επεξεργασίασ απÞ το σύστηµα κατά τη διαδικασία διαγραφήσ εταιρειών που θα οφείλουν το τέλοσ των 350 ευρώ. Εξάλλου, εντÞσ των επÞµενων ηµερών, σύµφωνα µε τον κ. ΚÞκκινο, το τµήµα θα καλέσει τισ εταιρείεσ, οι οποίεσ παρέλειψαν να καταχωρήσουν τισ ετήσιεσ τουσ εκθέσεισ, συνοδευÞµενεσ απÞ οικονοµικέσ καταστάσεισ, «να το πράξουν το συντοµÞτερο για αποφυγή µέτρων που θα ληφθούν εναντίον τουσ».

Εντολή στο Ζαν-Κλοντ Γιούνκερ να προχωρήσει πρώτοσ σε διερευνητικέσ συζητήσεισ προκειµένου να πετύχει την απαραίτητη πλειοψηφία για να οριστεί πρÞεδροσ τησ ΚοµισιÞν, έδωσαν χθεσ πρÞεδροι των πολιτικών οµάδων τησ Ευρωβουλήσ. Ο κ. Γιούνκερ είναι ο υποψήφιοσ για την προεδρία τησ ΚοµισιÞν του Ευρωπαϊκού Λαϊκού ΚÞµµατοσ, το οποίο κατέλαβε την πρώτη θέση σε αριθµÞ εδρών στισ Ευρωεκλογέσ τησ Κυριακήσ. Σε ανακοίνωση τησ ∆ιάσκεψησ των Προέδρων υπενθυµίζεται Þτι σύµφωνα µε τη Συνθήκη το ΕυρωπαϊκÞ Κοινοβούλιο και το ΕυρωπαϊκÞ Συµβούλιο αποφασίζουν απÞ κοινού τον πρÞεδρο τησ Επιτροπήσ µετά απÞ δια-

ανασκοπήσουν τησ Þλησ προσπάθειασ και να καθορίσουν τα επÞµενα βήµατα. Ανέφερε Þτι το Υπουργείο είναι σε επικοινωνία και µε τον Παγκύπριο ∆ικηγορικÞ Σύλλογο που είναι το άλλο µέροσ αυτήσ τησ υπÞθεσησ. ΑπÞ την πλευρά του ο ΠρÞεδροσ του ΚΕΒΕ Φειδίασ Πηλείδησ είπε Þτι γίνεται µια προσπάθεια να υπάρξει ένα ενιαίο µητρώο για Þλουσ τουσ εγκεκριµένουσ διαµεσολαβητέσ που να τηρείται απÞ το Υπουργείο ∆ικαιοσύνησ, και το οποίο θα καλύπτει τα µέλη Þλων των σωµάτων που εµπλέκονται, ΚΕΒΕ, ΕΤΕΚ και ∆ικηγορικÞ Σύλλογο. Ερωτηθείσ πÞσο µεγάλο είναι το πρÞβληµα που αντιµετωπίζει ο επιχειρηµατικÞσ κÞσµοσ, ο κ. Πηλείδησ ανέφερε Þτι το πρÞβληµα είναι τεράστιο Þσον αφορά το χρÞνο που χρειάζεται για την απονοµή δικαιοσύνησ σε αστικέσ και εµπορικέσ υποθέσεισ, καθώσ χρειάζονται µερικά χρÞνια.

βουλεύσεισ.Τονίζεται επίσησ Þτι µετά απÞ διαβουλεύσεισ που έγιναν σήµερα στο πλαίσιο τησ ∆ιάσκεψησ των Προέδρων αποφασίστηκε Þτι ο υποψήφιοσ τησ µεγαλύτερησ πολιτικήσ οµάδασ, Ζαν-Κλοντ Γιούνκερ θα είναι ο πρώτοσ που θα επιχειρήσει να πετύχει την απαραίτητη πλειοψηφία για την εκλογή του. Η απÞφαση τησ ∆ιάσκεψησ των Προέδρων δεν ήταν οµÞφωνη, ωστÞσο συγκέντρωσε την πλειοψηφία που απαιτείται, δεδοµένου Þτι υποστηρίχθηκε απÞ πολιτικέσ οµάδεσ που διαθέτουν 645 έδρεσ στην απερχÞµενη ολοµέλεια τησ Ευρωβουλήσ επί συνÞλου 766 και 561 έδρεσ στην επÞµενη ολοµέλεια που θα αναλάβει την 1η Ιουλίου επί συνÞλου 751 εδρών.

∂∫∆: ™Â ‰ËÌfiÛÈ· ‰È·‚Ô‡ÏÂ˘ÛË ÙÔ Û¯¤‰ÈÔ ÁÈ· ÂÔÙÈÎ¿ Ù¤ÏË Σε δηµÞσια διαβούλευση έθεσε η Ευρωπαϊκή Κεντρική Τράπεζα (ΕΚΤ), το σχέδιο κανονισµού σχετικά µε τα εποπτικά τέλη που θα επιβάλει απÞ το 2015 στισ τράπεζεσ που θα εποπτεύει. Σύµφωνα µε τον κανονισµÞ τησ ΕΕ που διέπει τον Ενιαίο ΕποπτικÞ ΜηχανισµÞ, η ΕΚΤ θα επιβάλλει ετήσιο εποπτικÞ τέλοσ στισ άµεσα και τισ έµµεσα εποπτευÞµενεσ τράπεζεσ, προκειµένου να ανακτά τισ εποπτικέσ δαπάνεσ τισ οποίεσ πραγµατοποιεί. Οι δαπάνεσ αυτέσ υπολογίζονται σε περίπου 260 εκατ. ευρώ για το 2015. ΜολονÞτι το ακριβέσ ποσÞ που θα πληρώσει κάθε τράπεζα θα επιβεβαιωθεί εντÞσ του επÞµενου έτουσ, σύµφωνα µε προκαταρκτική ανάλυση το ετήσιο τέλοσ το 2015 για µια άµεσα εποπτευÞµενη τράπεζα θα διαµορφωθεί πιθανÞν µεταξύ

150.000 ευρώ και 15 εκατ. ευρώ και η πλειονÞτητα των τραπεζών αυτήσ τησ κατηγορίασ θα καταβάλει ποσÞ µεταξύ 0,7 εκατ. ευρώ και 2 εκατ. ευρώ. Το 75% περίπου των µικρÞτερων, έµµεσα εποπτευÞµενων τραπεζών, ενδέχεται να καταβάλουν ποσÞ µεταξύ 2.000 και 7.000 ευρώ ετησίωσ, ενώ οι µεγαλύτερεσ τράπεζεσ τησ κατηγορίασ αυτήσ ενδέχεται να καταβάλουν τέλοσ ύψουσ 200.000 ευρώ περίπου. Η ΕΚΤ θα αναλάβει καθήκοντα εποπτείασ των τραπεζών τησ ζώνησ του ευρώ τον Νοέµβριο του 2014 στο πλαίσιο του Ενιαίου Εποπτικού Μηχανισµού (ΕΕΜ). Ο ΕΕΜ θα εποπτεύει άµεσα έωσ 130 ιδρύµατα και θα συνεργάζεται µε τισ εθνικέσ αρµÞδιεσ αρχέσ για την επίβλεψη των µικρÞτερων τραπεζών. Η διαδικασία διαβούλευσησ ξεκινά σήµερα και θα διαρκέσει επτά εβδοµάδεσ, έωσ τισ 11 Ιουλίου 2014.

ΧΡΗΜΑ&ΑΓΟΡΑ

28 ΜΑΪΟΥ, 2014

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 3

ª‹ˆ˜ ·ÂÚÔ‚·ÙÔ‡ÌÂ; ∫·˙›ÓÔ ∞ÓÙÒÓË˜ §Ô˚˙Ô˘ ∞ÓÙÒÓË˜ §Ô›˙Ô˘ F.R.I.C.S. & ™˘ÓÂÚÁ¿ÙÂ˜ §Ù‰, ∂ÎÙÈÌËÙ¤˜ ∞ÎÈÓ‹ÙˆÓ & ¢È·¯ÂÈÚÈÛÙ¤˜ ŒÚÁˆÓ ∞Ó¿Ù˘ÍË˜

Στην τελευταία συνέντευξη του κ. Μητσοτάκη (στο ΡΙΚ) και αναφερÞµενοσ στην Κύπρο, δήλωσε Þτι παρά τισ καλέσ τουσ προθέσεισ ορισµένοι πολιτικοί «αεροβατούν» στην Κύπρο, στοχεύοντασ Þχι στο τι είναι εφικτÞ, αλλά στο τι θα πρέπει να περιέχει κατά την άποψη τουσ µια λύση του Κυπριακού. Σχετίζουµε το πιο πάνω θέµα µε την προσέλκυση επενδυτών για το καζίνο. ∆εν θεωρούµε τον κ. Λακκοτρύπη στην πιο πάνω κατηγορία των πολιτικών, αλλά η ανακοίνωση στο τι ζητά το Κράτοσ απÞ τουσ τυχÞν ενδιαφερÞµενουσ επενδυτέσ για το καζίνο, µασ υπενθύµισε στο τι είναι εφικτÞ µε το τι ζητούµε. Είναι ασφαλώσ δεδοµένο Þτι Þσο περισσÞτερουσ Þρουσ θέτουµε, τÞσο λιγÞτερο θα είναι και το ενδιαφέρον των επενδυτών. - Τοποθεσία – Πολύ ορθά το Κράτοσ αποδέχεται Þτι θα είναι ο επενδυτήσ που θα επιλέξει την τοποθεσία του καζίνου. - Προκαταβολή – Ζητούµε Þπωσ ο επιτυχών προσφοροδÞτησ θα µασ καταβάλει ωσ προκαταβολή 50 εκ. ευρώ – είναι αυτÞ λογικÞ; – ίσωσ οι ξένοι µασ σύµβουλοι θα µασ καθοδηγήσουν. Ελπίζουµε Þτι έχουµε αντιληφθεί ορθά Þτι τα 50 εκ. ευρώ θα τα πληρώσει εκείνοσ ο επιτυχών προσφοροδÞτησ και Þχι ο κάθε ένασ που ενδιαφέρεται και υποβάλλει µια αίτηση (θεωρούµε Þτι στον τύπο αποδÞθηκε λανθασµένα). - ∆ιάρκεια – Η διάρκεια τησ άδειασ καθορίστηκε απÞ το Κράτοσ 15 χρÞνια. Είναι αυτά αρκετά Þταν ίσωσ να χρειαστεί 2-3 χρÞνια η ανέγερση του έργου και 1-2 χρÞνια οι άδειεσ; Είναι πολύ µεγάλη η επένδυση και αµφιβάλλουµε εάν 15 χρÞνια είναι αρκετά Þταν µάλιστα µετά απÞ τα 15 χρÞνια, το Κράτοσ θα έχει την δύναµη να εκδώσει και νέεσ άδειεσ καζίνο. ∆ηλαδή απÞ τα 15 χρÞνια αφαιρεµένου του χρÞνου αίτησησ και άδειασ

και προσθέτοντασ µια περίοδο 2-3 ετών για την ανέγερση και για αποκτήσει το καζίνο αυτÞ κάποια εµπορική εύνοια/προβολή, τι θα του αποµείνει, έστω µÞνο 9-10 χρÞνια; Είναι αρκετÞσ ο χρÞνοσ αυτÞσ; - ΥπÞ-Καζίνο – Πολύ ορθά ελέχθη αρχικά Þτι το κυρίωσ καζίνο να έχει την ευχέρεια να εγκαθιστά ή να παραχωρεί άδειεσ σε άλλεσ περιοχέσ για πιο µικρά καζίνο τύπου τυχερών παιγνιδιών µÞνο. Θα φαντάζεστε τι πιέσεισ θα δεχθεί ο επενδυτήσ αυτÞσ, είτε απευθείασ αλλά πιο πιεστικά απÞ τουσ πολιτικούσ µασ, για να ικανοποιήσουν τον κάθε ένα ∆ήµο/περιοχή που αντλούν ψήφουσ κλπ. Η ανακοίνωση στον τύπο Þµωσ αναφέρει Þτι είναι το Κράτοσ που θα παραχωρεί τισ άδειεσ και Þχι ο κύριοσ επενδυτήσ. ∆ηλαδή εµείσ οι ίδιοι ωσ πολιτεία θα αυξήσουµε τον ανταγωνισµÞ του κύριου επενδυτή. ∆εν είναι αυτÞ παράλογο, µειώνοντασ έτσι την ελκυστικÞτητα του καζίνο Resort – ενώ, ασ το παραδεχθούµε, αυτά τα πιο µικρά καζίνο των τυχερών παιγνιδιών, θα εξελιχθούν και αυτά (έστω παράνοµα) ανάλογα προκαλώντασ µια πρÞσθετη ζηµιά στο Resort; Εκείνο που µασ κάνει ιδιαίτερη εντύπωση είναι ο µεν κύριοσ επενδυτήσ θα επενδύσει εκατοµµύρια, πλέον το ρίσκο του, και αντί οι άδειεσ αυτών των υπο-καζίνο να δίδονται µαζί µε το Κράτοσ (τουλάχιστον) τÞσο Þσο αφορά τοποθεσία, Þσο και µέγεθοσ, ο κύριοσ επενδυτήσ θα είναι στο έρµαιο τησ Επιτροπήσ Τυχερών Παιγνιδιών (ίδε πολιτικέσ παρεµβάσεισ κλπ), µε αποτέλεσµα να βλάπτεται η ασφάλεια τησ επένδυσησ του κύριου επενδυτή. Εδώ αγαπητοί µασ αναγνώστεσ δεν µπορούµε να ελέγξουµε τα σηµερινά παράνοµα «µπούκικα», πωσ θα ελέγξουµε τα «υπÞ καζίνο» που µε µαθηµατική ακρίβεια θα είναι παντού. Βέβαια δεν είµαστε γνώστεσ του είδουσ αυτήσ τησ επένδυσησ και πÞσο κέρδοσ αναµένεται απÞ τον επενδυτή, αλλά το Disneyland στο Παρίσι χρειάστηκε 4 χρÞνια για να αποκτήσει ικανοποιητική πελατεία και κινδύνευσε µάλιστα µε το κλείσιµο του κατά την αρχική περίοδο. - Ηλικία – Καθορίστηκε Þτι η ελάχιστη ηλικία των παικτών/επισκεπτών του καζίνο να είναι 21 χρονών. ΛογικÞ, αλλά θα προσθέταµε Þτι για τουσ µÞνιµουσ κατοίκουσ τησ

µÚ·‚Â›Ô Î·Ï‡ÙÂÚÔ˘ ÊÔÚÔÏÔÁÈÎÔ‡ Ô›ÎÔ˘ ÛÙËÓ ∫‡ÚÔ ÁÈ· ÙËÓ Deloitte Tο βραβείο του καλύτερου Φορολογικού Οίκου στην Κύπρο (The Best Tax Firm of the Year) για το 2014, εξασφάλισε η Deloitte. Η νέα διάκριση τησ Deloitte ανακοινώθηκε στα 10α ετήσια βραβεία του International Tax Review (ITR). Η νέα βράβευση ενέχει ιδιαίτερη σηµασία δεδοµένου Þτι γίνεται για δεύτερη συνεχÞµενη χρονιά, αφού και πέρσι η Deloitte αναδείχθηκε ωσ ο καλύτεροσ ΦορολογικÞσ Οίκοσ στην Κύπρο. “Η ανώτατη αυτή διεθνήσ διάκριση δηµιουργεί για Þλουσ εµάσ στη Deloitte ισχυρή δέσµευση ποιÞτητασ και µασ ενθαρρύνει να θέσουµε ακÞµα υψηλÞτερουσ στÞχουσ”, δήλωσε ο κ. Πιερήσ Μάρκου, Επικεφαλήσ των Φορολογικών Υπηρεσιών τησ Deloitte Κύπρου µετά απÞ τη τελετή βράβευσησ. Στον ίδιο θεσµÞ του International Tax Review, οι Οίκοι-µέλη τησ Deloitte κέρδισαν συνολικά 15 βραβεία. Η παροχή φορολογικών υπηρεσιών αποτελεί µια απÞ τισ κυριÞτερεσ υπηρεσίεσ που παρέχει η Deloitte τÞσο στην Κύπρο Þσο και στο εξωτερικÞ, µε ιδιαίτερη έµφαση στη φορολογία εταιρειών, φορολογία φυσικών προσώπων, θέµατα ΦΠΑ και θέµατα διεθνούσ φορολογικού σχεδιασµού τÞσο για διεθνείσ οργανισµούσ Þσο και για Κυπριακέσ επιχειρήσεισ µε δραστηριÞτητεσ στο εξωτερικÞ.

Κύπρου, θα πρέπει ο ενοικιαστήσ να εξασφαλίσει και πιστοποιητικÞ απÞ τον ΦÞρο Εισοδήµατοσ για τισ φορολογικέσ του υποχρεώσεισ Þτι είναι πλήρωσ καλυµµένεσ. - ΕγκληµατικÞ ΠαρελθÞν - ΤαυτÞχρονα και µε το πιο πάνω θα πρέπει ο µÞνιµοσ κάτοικοσ Κύπρου/επισκέπτησ του καζίνο να µην έχει εγκληµατικÞ παρελθÞν. Προσ τούτο θα πρέπει να προσκοµίζει και σχετικÞ πιστοποιητικÞ απÞ την αστυνοµία. Αυτά ωσ κατ’ αρχή παρατηρήσεισ µασ επί του θέµατοσ βάσει τησ πληροφÞρησησ του τύπου. ΑπÞ τα πιο πάνω και βάσει τησ µελέτησ που έγινε απÞ ξένουσ οίκουσ, αναµένεται να προσελκυσθούν στην Κύπρο πρÞσθετοι 400.000 τουρίστεσ. Γίνεται αντιληπτÞ Þτι ο αριθµÞσ αυτÞσ είναι πολύ µεγάλοσ (τώρα το σύνολο των τουριστών είναι πάνω-κάτω 2.0 εκ. ευρώ και η τοποθεσία του καζίνο θα έχει ευεργετικέσ επιπτώσεισ στην αγορά ακινήτων τησ άµεσησ περιοχήσ. ΑυτÞ ίσωσ να προσφέρει ακÞµη και δυνατÞτητεσ συνεργασίασ µε developers/ιδιοκτήτεσ ακινήτων, µαζί µε

το καζίνο Resort, είτε ωσ κοινοπραξία για ανάπτυξη κατοικιών και/είτε ωσ κάποιου άλλου είδουσ µορφήσ σύνδεσησ, κάνοντασ την επένδυση πιο ελκυστική και άρα περισσÞτερο εισÞδηµα στο Κράτοσ – βλέπε γήπεδα γκολφ και µαρίνεσ. Χωρίσ να προδικάζουµε την απÞφαση του επενδυτή και χωρίσ να είµαστε ειδικοί επί του θέµατοσ, ίσωσ η περιοχή ΚÞρνου∆ελίκηπου-Λευκάρων να είναι µια εναλλακτική τοποθεσία, τÞσο λÞγω του Þτι βρίσκεται σε ένα θαυµάσιο φυσικÞ περιβάλλον στο κέντρο τησ Κύπρου, υπάρχουν µεγάλεσ εκτάσεισ και χαλίτικα (άρα πρÞσθετο ενοίκιο για την γη και την επένδυση και πρÞσθετη αύξηση τησ αξίασ των υπÞλοιπων χαλίτικων του Κράτουσ προσ Þφελοσ του Κράτουσ). Εµείσ προσεγγίζουµε την τοποθεσία ωσ καθαρά ειδικοί σε ακίνητα και ασφαλώσ ο επενδυτήσ θα έχει και τα δικά του δεδοµένα. Πιστεύουµε Þτι το θέµα χρήζει διευκρίνησησ και πιο σε βάθοσ σκέψη, χωρίσ Þµωσ τα χρονοδιαγράµµατα που τέθηκαν να επεκταθούν.

Œ¯Ô˘ÌÂ ÙÈ˜ Î·Ï‡ÙÂÚÂ˜ ı¿Ï·ÛÛÂ˜ Το 2013 η Κύπροσ ήταν η µÞνη χώρα τησ ΕΕ, που πληρούσε σε ποσοστÞ 100% τα αυστηρÞτερα κριτήρια ποιÞτητασ των θαλάσσιων υδάτων σε Þλεσ τισ περιοχέσ κολύµβησησ, σύµφωνα µε την ετήσια έκθεση που έδωσε στη δηµοσιÞτητα η Ευρωπαϊκή Επιτροπή. Η ετήσια έκθεση του Ευρωπαϊκού Οργανισµού Περιβάλλοντοσ (ΕΟΠ) επιτηρεί την ποιÞτητα των υδάτων σε 22. 000 περιοχέσ κολύµβησησ σε Þλη την ΕΕ, την Ελβετία και, για πρώτη φορά, την Αλβανία. Στην Κύπρο έγινε έλεγχοσ τησ ποιÞτητασ σε 112 περιοχέσ, απÞ τον οποίο προέκυψε Þτι το 100% των δειγµάτων θαλάσσιων υδάτων πληρούσαν Þχι µÞνο τισ ελάχιστεσ απαιτήσεισ, αλλά και στο αυστηρÞτερο επίπεδο, το λεγÞµενο «εξαιρετικήσ ποιÞτητασ». Στη δεύτερη θέση ήταν η Μάλτα µε το 100% να πληροί τισ ελά-

χιστεσ απαιτήσεισ ποιÞτητασ και το 98,9% τισ αυστηρέσ. Στην Ελλάδα έγινε δειγµατοληπτικÞσ έλεγχοσ σε 2.161 περιοχέσ, απÞ τισ οποίεσ 2.145 ή το 99,2% πληρούσαν τισ ελάχιστεσ απαιτήσεισ. Οι αντίστοιχοι µέσοι Þροι στην ΕΕ ήταν 94,7% και 82,6%. Το ποσοστÞ των περιοχών που πληρούσαν τισ ελάχιστεσ απαιτήσεισ το 2013 ήταν περίπου το ίδιο µε εκείνο του 2012. ΩστÞσο, το ποσοστÞ των περιοχών «εξαιρετικήσ ποιÞτητασ» αυξήθηκε απÞ 79% το 2012 σε 82,6 % το 2013. Τα κράτη µέλη τησ Ευρωπαϊκήσ Ένωσησ µε τη µεγαλύτερη αναλογία των περιοχών «ανεπαρκούσ ποιÞτητασ» ήταν η Εσθονία (6%), η Ολλανδία (5%), το Βέλγιο (4%), η Γαλλία (3%), η Ισπανία (3%) και η Ιρλανδία (3%).

«•Â·ÁÒÓÔ˘Ó» ÔÈ ÚÔ·ÁˆÁ¤˜ ÛÙÔ ¢ËÌfiÛÈÔ Θετικά φαίνεται να αντικρίζει η Κοινοβουλευτική Επιτροπή Οικονοµικών το νοµοσχέδιο για άρση του παγώµατοσ των προαγωγών στην κρατική µηχανή και στον ευρύτερο δηµÞσιο τοµέα. Η Επιτροπή συζήτησε εκτάκτωσ χθεσ το νοµοσχέδιο, το οποίο προνοεί την άρση του παγώµατοσ των προαγωγών, έτσι ώστε να λειτουργεί πιο εύρυθµα η κρατική µηχανή, µέσω 2.500 περίπου προαγωγών (περιλαµβανοµένων και των εκπαιδευτικών), εξασφαλίζοντασ ταυτÞχρονα εξοικονÞµηση 7 εκ. ευρώ, αφού για τισ προαγωγέσ δεν θα δίνονται µισθολογικέσ αυξήσεισ. Έντονεσ διαφωνίεσ διατυπώνει η ΠΑΣΥ∆Υ, η οποία θεωρεί το νοµοσχέδιο ωσ «τερατούργηµα», ιδιαίτερα σε σχέση µε τη διεκδίκηση των θέσεων απÞ ιδιώτεσ. Σε δηλώσεισ µετά το πέρασ τησ συνεδρίασ, ο

ΠρÞεδροσ τησ Επιτροπήσ, ΝικÞλασ ΠαπαδÞπουλοσ, είπε Þτι το νοµοσχέδιο δηµιουργεί µεν κάποιεσ παραδοξÞτητεσ, προσθέτοντασ Þτι οι κοινοβουλευτικέσ οµάδεσ θα πρέπει να λάβουν σοβαρά υπÞψη τουσ το σηµαντικÞ ποσÞ που θα εξοικονοµηθεί. Ùπωσ εξήγησε, οι παραδοξÞτητεσ αφορούν ζητήµατα Þπωσ το τι θα γίνει σε περίπτωση που για θέση προαχθεί δηµÞσιοσ υπάλληλοσ, ή ιδιώτησ, ο οποίοσ ενδεχοµένωσ να διοριστεί µε µεγαλύτερο µισθÞ απÞ τον µισθÞ του υφιστάµενου δηµοσίου υπαλλήλου, ο οποίοσ θα προαχθεί στη θέση αυτή. ΑπÞ την πλευρά του, ο Βουλευτήσ του ∆ΗΣΥ ΠρÞδροµοσ ΠροδρÞµου, ανέφερε Þτι το κÞµµα του είναι έτοιµο να στηρίξει το νοµοσχέδιο, παρ` Þλεσ τισ παραδοξÞτητεσ.

ΧΡΗΜΑ&ΑΓΟΡΑ

28 ΜΑΪΟΥ, 2014

4 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

ŒÈ·Û·Ó ‰Ô˘ÏÂÈ¿ ÁÈ· Ù· ªË ∂Í˘ËÚÂÙÔ‡ÌÂÓ· ‰¿ÓÂÈ· ÛÙÔÓ ™˘ÓÂÚÁ·ÙÈÛÌfi Έπιασε δουλειά η ∆ιεύθυνση ∆ιαχείρισησ Μη Εξυπηρετούµενων Χορηγήσεων, τησ Συνεργατικήσ Κεντρικήσ Τράπεζασ. Η Τιεύθυνση Τιαχείρισησ θα χειρίζεται εκ µέρουσ των Συνεργατικών Πιστωτικών Ιδρυµάτων µη εξυπηρετούµενεσ χορηγήσεισ πελατών του Συνεργατικού Πιστωτικού Τοµέα οι οποίεσ θα καθορίζονται µε βάση συγκεκριµένα κριτήρια, Þπωσ το ύψοσ του οφειλÞµενου ποσού, τισ ηµέρεσ σε καθυστέρηση αποπληρωµήσ και το ύψοσ τησ υπέρβασησ ορίου πίστωσησ. ΣτÞχοσ είναι, µεταξύ άλλων, “η αποτελεσµατική διαχείριση των µη εξυπηρετούµενων χορηγήσεων και η στήριξη των πελατών του Συνεργατισµού οι οποίοι αντιµετωπίζουν δυσκολίεσ αποπληρωµήσ των χορηγήσεων τουσ, µε στοχευµένεσ και βιώσιµεσ λύσεισ αναδιάρθρωσησ”. ∆ιευκρινίζεται Þτι η διαχείριση των µη εξυπηρετούµενων χορηγήσεων απÞ τη Τιεύθυνση Τιαχείρισησ δεν διαφοροποιεί τη σχέση των πελατών µε τα Συνεργατικά Πιστωτικά Ιδρύµατα µε τα οποία συνεργάζονται για την παροχή οποιωνδήποτε άλλων τραπεζικών υπηρεσιών. Οι εργασίεσ τησ Τιεύθυνσησ Τιαχείρισησ θα διεξάγονται απÞ τα ακÞλουθα Γραφεία: - Κεντρική Μονάδα Τιαχείρισησ Καθυστερήσεων & Αναδιαρθρώσεων: - ΕπαρχιακÞ Γραφείο Λευκωσίασ Γωνία Θεµιστοκλή Τέρβη & Φλωρίνησ 10-12, 2οσ & 3οσ Þροφοσ, 1065 Λευκωσία Τ.Θ. 24537, 1389 Λευκωσία Τ: 22743400 - ΕπαρχιακÞ Γραφείο Λεµεσού Κολωνακίου 44, 1οσ Þροφοσ 4103, Άγιοσ Αθανάσιοσ Τ.Θ. 50461, 3605 ΛεµεσÞσ, Τ: 25554900 - ΕπαρχιακÞ Γραφείο Λάρνακασ, Γωνία Αποστολίδου & Αγίασ Ελένησ 12, 6021 Λάρνακα, Τ.Θ. 40195, 6301 Λάρνακα, Τ: 24201900 - ΕπαρχιακÞ Γραφείο Αµµοχώστου, Πετράκη Γιάλλουρου 1, 1οσ Þροφοσ, 5325 Λιοπέτρι, Τ.Θ. 32045, 5325 Λιοπέτρι, Τ: 23300430

XÚËÌ·ÙÔ‰fiÙËÛË ÌÈÎÚÔÌÂÛ·›ˆÓ ÂÈ¯ÂÈÚ‹ÛÂˆÓ ÌÂ 34 ÂÎ. Â˘ÚÒ

- ΕπαρχιακÞ Γραφείο Πάφου, Λεωφ. Κορυτσάσ 1, 8010 Πάφοσ, Τ.Θ. 60017, 8100 Πάφοσ, Τ: 26805159 Μονάδα Ανάκτησησ Χρεών: - ΕπαρχιακÞ Γραφείο Λευκωσίασ Γωνία Θεµιστοκλή Τέρβη& Φλωρίνησ 10-12, 1065 Λευκωσία, Τ.Θ. 24537, 1389 Λευκωσία, Τ: 22743462 - ΕπαρχιακÞ Γραφείο Λεµεσού Πατριαρχείου Ιεροσολύµων 16, 4192 Ύψωνασ, Τ.Θ. 50461, 3605 ΛεµεσÞσ, Τ: 25554952 - ΕπαρχιακÞ Γραφείο Λάρνακασ, Γωνία Αποστολίδου & Αγίασ Ελένησ 12, 1οσ Þροφοσ, 6021 Λάρνακα, Τ.Θ. 40195, 6301 Λάρνακα, Τ: 24201900 - ΕπαρχιακÞ Γραφείο Αµµοχώστου Πετράκη Γιάλλουρου 1, 5325 Λιοπέτρι, 1οσ Þροφοσ,Τ: 23300430 - ΕπαρχιακÞ Γραφείο Πάφου Λεωφ. Κορυτσάσ 1, 8010 Πάφοσ, Τ.Θ. 60017, 8100 Πάφοσ, Τ: 26805147

Εν τω µεταξύ σχέδιο χρηµατοδÞτησησ µικροµεσαίων επιχειρήσεων µε δάνεια ύψουσ 34 εκ. ευρώ εξήγγειλε η Συνεργατική Κεντρική Τράπεζα. Το σχέδιο υλοποιείται µε ίδια κεφάλαια αλλά και µε χρηµατοδÞτηση απÞ την Ευρωπαϊκή Τράπεζα Επενδύσεων (ΕΤΕπ) ύψουσ 25 εκ. ευρώ, ενώ θα ακολουθήσει και δεύτερη φάση του σχεδίου µε άλλα 34 εκ. ευρώ. Η χρηµατοδÞτηση αφορά δάνεια µεταξύ 30.000 - 500.000 ευρώ µε διάρκεια δανείου µέχρι 12 χρÞνια συµπεριλαµβανοµένησ περιÞδου χάριτοσ δύο ετών, νοουµένου Þτι υπάρχει ίδια συνεισφορά απÞ την επιχείρηση κατά 20%. Το επιτÞκιο θα είναι σταθερÞ 5,25%, ενώ για δάνεια που εµπίπτουν στο σχέδιο «Jobs for Youth», το επιτÞκιο µειώνεται στο 4,75%. ∆ικαιούχοι του σχεδίου, είναι οι µικροµεσαίεσ επιχειρήσεισ µε προσωπικÞ µέχρι 250 άτοµα, µεσαίου µεγέθουσ επιχειρήσεισ µε προσωπικÞ απÞ 250 άτοµα µέχρι και 3.000 άτοµα. Τα δάνεια θα αφορούν αγορά, ανανέωση/αντικατάσταση, ανακαίνιση, ή επέκταση στοιχείων πάγιου ενεργητικού, µε την αγορά γησ να επιτρέπεται µÞνο να είναι απαραίτητη και επενδύσεισ σε άυλα στοιχεία ενεργητικού (έξοδα για έρευνα και ανάπτυξη). ∆εν θα δίνονται δάνεια για δραστηριÞτητεσ, Þπωσ την παραγωγή Þπλων και πυροµαχικών, τυχερά παιγνίδια, καπνικά προϊÞντα, αγορά και ανάπτυξη γησ. Σύµφωνα µε τον Σπύρο Λίγγησ, Προϊστάµενο τησ Υπηρεσίασ Χορηγήσεων οι δανειοδοτήσεισ θα ξεκινήσουν στισ αρχέσ Ιουνίου, ενώ η χρηµατοδÞτηση απÞ την ΕΤΕπ για τη δεύτερη φάση θα γίνει εφÞσον η διάθεση του πρώτου µέρουσ φτάσει στο 75%.

™˘ÓÂÚÁ·Û›· ∫‡ÚÔ˘-™ÏÔ‚·Î›·˜ ÛÙËÓ ˘ÁÂ›· Νέουσ ορίζοντεσ στη συνεργασία Κύπρου-Σλοβακίασ ανοίγει η συµφωνία στον τοµέα τησ υγείασ και τησ ιατρικήσ επιστήµησ, που υπέγραψαν οι δύο χώρεσ. Η συµφωνία υπογράφηκε αρχέσ τησ εβδοµάδασ κατά τη διάρκεια τελετήσ στο Υπουργείο Εξωτερικών απÞ τον ΥπουργÞ Υγείασ Φίλιππο Πατσαλή και τον Αναπληρωτή ΠρωθυπουργÞ και ΥπουργÞ Εξωτερικών τησ Σλοβακίασ Miroslav Laj΄΅k, στην παρουσία και του Υπουργού Εξωτερικών Ιωάννη Κασουλίδη. Ùπωσ δήλωσε αµέσωσ µετά ο κ. Πατσαλήσ, ο σκοπÞσ τησ συµφωνίασ είναι η σύσταση ενÞσ πλαισίου για συνεργασία σε θέµατα που αφορούν στην υγεία, αλλά και η ανταλλαγή πληροφοριών µεταξύ των δύο χωρών στουσ τοµείσ αρµοδιÞτητασ των δύο Υπουργείων. ΠρÞσθεσε Þτι η συµφωνία προνοεί για την παροχή ιατρικήσ φροντίδασ, την κατάρτιση υγειονοµικού προσωπικού, την προώθηση τησ υγείασ και την πρÞληψη ασθενειών, τον

υγειονοµικÞ έλεγχο τροφίµων, αγαθών και περιβαλλοντικών παραγÞντων, τον επιδηµιολογικÞ έλεγχο µεταδιδÞµενων και παρασιτικών ασθενειών, την νοµοθεσία και τουσ κανονισµούσ που αφορούν στην υγεία, την πολιτική για τα φάρµακα, την ιατρική επιστήµη, τη µεταρρύθµιση τησ φροντίδασ υγείασ.ΕιδικÞτερα, είπε Þτι η συνεργασία διαλαµβάνει ανταλλαγή πληροφοριών εµπειρογνωµÞνων, επικοινωνία µεταξύ οργανισµών υγείασ και ινστιτούτων, υλοποίηση κοινών έργων, συµµετοχή σε διεθνή φορά για την υγεία που διοργανώνονται απÞ τισ δύο χώρεσ. «Η συµφωνία αυτή ανοίγει νέουσ ορίζοντεσ συνεργασίασ µεταξύ των δυο χωρών στον τοµέα τησ υγείασ» είπε ο ΥπουργÞσ Υγείασ και εξέφρασε την ελπίδα Þτι η συνεργασία θα συνεχιστεί και θα διανθιστεί. Εξάλλου, ο κ. Κασουλίδησ ανέφερε Þτι η συµφωνία αποδεικνύει την πολύπλευρη συνεργασία των δύο χωρών σε αρκετούσ τοµείσ.

¶ÚÔÛÊ˘Á‹ ∆Ô˘ÚÎÔÎ˘Ú›ˆÓ ÛÙÔ ∂˘Úˆ·˚Îfi ¢ÈÎ·ÛÙ‹ÚÈÔ ÁÈ· ÙÈ˜ ∂˘ÚˆÂÎÏÔÁ¤˜ Σε δικαστήριο τησ Κυπριακήσ ∆ηµοκρατίασ και στο ΕυρωπαϊκÞ ∆ικαστήριο Ανθρωπίνων ∆ικαιωµάτων, θα προσφύγει η συντεχνία των Τουρκοκυπρίων δασκάλων, για την παρεµπÞδιση, Þπωσ υποστηρίζει, τησ άσκησησ του εκλογικού δικαιώµατοσ πολλών Τουρκοκυπρίων στισ ελεύθερεσ περιοχέσ, κατά τισ ευρωεκλογέσ. Η συντεχνία κάλεσε τουσ Τουρκοκύπριουσ που δεν µπÞρεσαν να ασκήσουν το εκλογικÞ τουσ δικαίωµα να αποταθούν σ’ αυτήν για να µπορέσουν να βρουν το δίκιο τουσ. Ο Γκιουβέν Βάρογλου δήλωσε Þτι οι Τουρκοκύπριοι δέχονται κτυπήµατα τÞσο στον βορρά Þσο και στον νÞτο, κατά την έκφρασή τουσ. Ο πρÞεδροσ και ο γενικÞσ γραµµατέασ τησ συντεχνίασ, Γκιουβέν Βάρογλου και Σενέρ Ελτζίλ, υποστήριξαν σε συνέντευξη Τύπου Þτι, µε το αιτιολογικÞ Þτι δεν ήταν σαφήσ η διεύθυνση κατοικίασ τουσ, δεν επετράπη σε πολλούσ Τουρκοκύπριουσ να ψηφίσουν. ΩστÞσο, ανέφερε Þτι οι Τουρκοκύπριοι, για να πάρουν ταυτÞτητα τησ Κυπριακήσ ∆ηµοκρατίασ, έδιδαν φωτοτυπία τησ ταυτÞτητασ του ψευδοκράτουσ, στην οποία φαίνεται η διεύθυνση κατοικίασ, γι’ αυτÞ ο ισχυρισµÞσ Þτι δεν δήλωσαν τη διεύθυνσή τουσ στισ κατεχÞµενεσ περιοχέσ είναι ψευδήσ. Ο Σενέρ Ελτζίλ υποστήριξε Þτι Þσα έγιναν, υπενθύµισαν για ακÞµα µια φορά τισ πραγµατικÞτητεσ στο νησί, δηλαδή Þτι οι ενωτικοί και οι διχοτοµικοί, κατά την έκφρασή του, βρίσκονται στην εξουσία. ΠρÞσθεσε Þτι εναντίον Þσων σφετερίζονται ή δεν σέβονται τα δικαιώµατα των Τουρκοκυπρίων και Þσων εµποδίζουν τα κοινοτικά ή ατοµικά δικαιώµατα θα ανοίξουν δικαστικέσ υποθέσεισ. ΑπÞ τισ 59.000 Τουρκοκυπρίων που ήταν εγγεγραµµένοι σε ειδικά εκλογικά κέντρα στισ ελεύθερεσ περιοχέσ ψήφισε το 3,15%, αλλά δεν είναι γνωστÞ σε πÞσουσ άλλουσ που είχαν ταυτÞτητα τησ Κυπριακήσ ∆ηµοκρατίασ δεν επετράπη να ψηφίσουν λÞγω ελλιπών στοιχείων για τη διαµονή τουσ.

¢˘Ó·ÌÈÎ¿ ÛÙËÓ ∫˘ÚÈ·Î‹ ·ÁÔÚ¿ Ë ·Ó·ÓÂˆÌ¤ÓË Blue Air Σε µια µεταβατική περίοδο, βρίσκεται η αεροπορική εταιρεία Blue Air, την οποία αντιπροσωπεύει στην κυπριακή αγορά η Orthodoxou Aviation Ltd. Σύµφωνα µε τον Τudor Constandinescu -εκ των ιδιοκτητών τησ Blue Air-, η εταιρεία έχει προχωρήσει σε σηµαντικέσ αλλαγέσ µε στÞχο να ενισχύσει την εικÞνα τησ εταιρείασ, αλλά και την εµπειρία των επιβατών στισ πτήσεισ τησ. Με νέα εµφάνιση στα αεροσκάφη µασ και µε το σύνθηµα «ποιÞτητα και προσιτέσ τιµέσ» ωσ νέα διευθυντική οµάδα επιχειρούµε να προσδώσουµε µια νέα δυναµική στην εταιρεία µασ στην Κυπριακή αγορά και Þχι µÞνο, ανέφερε ο κ. Constandinescu. Ο κ. Constandinescu µιλούσε σε εκδήλωση αφιερωµένη στουσ συνεργάτεσ τησ εταιρείασ στην Κύπρο και στην οποία παρευρέθηκαν ο ΥπουργÞσ Συγκοινωνιών και Έργων Μάριοσ ∆ηµητριάδησ και ο ΥπουργÞσ Γεωργίασ, Φυσικών ΠÞρων και Περιβάλλοντοσ Νίκοσ Κουγιάλησ. ΑπÞ την πλευρά του ο ∆ιευθύνων Σύµβουλοσ τησ Οrthodoxou Aviation, Αντώνησ ΟρθοδÞξου ανέφερε: «Το 2013 ήταν µια πολύ σηµαντική χρονιά για την Blue Air. Η αλλαγή τησ ιδιοκτησίασ επέφερε ένα νέο αέρα στην εταιρεία, η οποία µεταφράστηκε σε αρκετέσ αλλαγέσ και καινοτοµίεσ σε σχέση µε τισ υπηρεσίεσ και την εικÞνα τησ εταιρείασ. ΕπιπρÞσθετα η αλλαγή τησ εξωτερικήσ και εσωτερικήσ εµφάνισησ των αεροσκαφών τησ εταιρείασ, αλλά και η εισαγωγή καινοτÞµων υπηρεσιών εν

πτήση, Þπωσ την υπηρεσία SMS confirmation. Μετά την αγορά του εισιτηρίου λαµβάνετε SMS µε Þλεσ τισ πληροφορίεσ του εισιτηρίου και η υπηρεσία κοστίζει το µηδαµινÞ ποσÞ των 0.5 σεντ. Ùλεσ αυτέσ οι αλλαγέσ προσθέτουν ποιÞτητα στο προϊÞν τησ εταιρείασ”. H Blue Air είναι η πρώτη αεροπορική εταιρεία χαµηλού κÞστουσ στη Ρουµανία και λειτουργεί στην Κύπρο απÞ το 2008, εκτελώντασ εβδοµαδιαίεσ πτήσεισ απÞ το αεροδρÞµιο Λάρνακασ προσ Βουκουρέστι (Οτοπένι). ΑποκλειστικÞσ αντιπρÞσωποσ τησ εταιρείασ στην Κύπρο είναι η Orthodoxou Aviation Ltd. Για περισσÞτερεσ πληροφορίεσ σχετικά µε την Blue Air, µπορείτε να επισκεφθείτε την ιστοσελίδα www.blueairweb.com ή να καλέσετε στο 22 755 300.

ΧΡΗΜΑ&ΑΓΟΡΑ

28 ΜΑΪΟΥ, 2014

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 5

™˘ÌÊˆÓ›· ∞ÔÊ˘Á‹˜ ¢ÈÏ‹˜ ºÔÚÔÏÔÁ›·˜ ∫‡ÚÔ˘ – πÓ‰›·˜

∞ÓÔ›ÁÔ˘Ó Í·Ó¿ ÔÈ ‰›·˘ÏÔÈ ÂÈÎÔÈÓˆÓ›·˜ Το θέµα που προέκυψε µε την συµφωνία Αποφυγήσ ∆ιπλήσ Φορολογίασ µε την Ινδία επιδιώκει να ξεκαθαρίσει η κυπριακή Κυβέρνηση, σε συνεργασία µε τη νέα Κυβέρνηση τησ Ινδίασ, η οποία ορκίστηκε την ∆ευτέρα. Πηγή του Υπουργείου Εξωτερικών ανέφερε στο ινδικÞ πρακτορείο ειδήσεων PTI Þτι µια ενδεχÞµενη επίσκεψη του Προέδρου Αναστασιάδη στο Νέο ∆ελχί, θα συνέβαλε τÞσο στην επίλυση του θέµατοσ Þσο και στην περαιτέρω ενίσχυση των διµερών σχέσεων στουσ τοµείσ του εµπορίου και του τουρισµού. Σύµφωνα µε το PTI, η Κύπροσ επιδιώκει την ενίσχυση των τουριστικών τησ δραστηριοτήτων στην Ινδία, ενώ θέλει να καταστήσει το νησί ένα προορισµÞ για την ινδική κινηµατογραφική βιοµηχανία. Η Κύπροσ, αναφέρεται, η έβδοµη µεγαλύτερη πηγή άµεσων ξένων επενδύσεων στη Ινδία, έχει εναποθέσεισ τισ ελπίδεσ τησ στη νέα Κυβέρνηση τησ Ινδίασ µε επικεφαλήσ τον Narendra Modi, προκειµένου να λύσει τα φορολογικά θέµατα που έχουν δηµιουργήσει “τεράστια εµπÞδια” για τισ επενδυτικέσ δραστηριÞτητεσ µεταξύ των δύο πλευρών. Η ινδική ενηµερωτική πύλη, επικαλείται εκπρÞσωπο του κυπριακού Υπουργείου Εξωτερικών, ο οποίοσ δήλωσε Þτι µια επίσκεψη του Προέδρου Αναστασιάδη στην Ινδία θα βοηθούσε στη δηµιουργία ενÞσ νέου κλίµατοσ. Τονίζοντασ Þτι η Κύπροσ και η Ινδία έχουν παραδοσιακά στενούσ δεσµούσ, ο αξιωµατούχοσ του ΥΠΕΞ ανέφερε Þτι η Κυπριακή ∆ηµοκρατία ανυποµονεί να συνεργαστεί µε τη νέα κυβέρνηση στο Νέο ∆ελχί, έτσι ώστε οι διµερείσ σχέσεισ να ενισχυθούν περαιτέρω. «Οι τοµείσ του εµπορίου και των επενδύσεων παραµένουν πρωταρχικήσ σηµασίασ, ενώ την ίδια στιγµή προσπαθούµε να ενισχύσουµε τον τουρισµÞ και προσ τισ δύο κατευθύνσεισ», δήλωσε ο εκπρÞσωποσ του κυπριακού ΥΠΕΞ στο ΙνδικÞ Πρακτορείο Ειδήσεων. «Επιπλέον, η Κύπροσ αποτελεί ένα “φυσικÞ στούντιο” και προσπαθεί να καθιερωθεί ωσ προορισµÞσ για γυρίσµατα ινδι-

κών κινηµατογραφικών παραγωγών, κάτι που θα ενισχύσει τον τουρισµÞ και τισ πολιτιστικέσ σχέσεισ», ανέφερε. Ùπωσ σηµειώνεται πολλέσ ινδικέσ ταινίεσ έχουν γυριστεί στην Κύπρο, η οποία είναι γνωστή για τισ γραφικέσ τισ παραλίεσ και την φυσική τησ οµορφιά. Σύµφωνα µε πρÞσφατα στοιχεία, οι άµεσεσ ξένεσ επενδύσεισ τησ Κύπρου στην Ινδία έφθασαν στα $557 εκ., για την περίοδο 2013-14 και $490 εκ., για το 2012-13. ΩστÞσο, στα τέλη του περασµένου έτουσ, η ινδική κυβέρνηση έθεσε τισ επενδύσεισ που προέρχονται απÞ την Κύπρο στο φορολογικÞ µικροσκÞπιο, κίνηση η οποία θεωρείται απÞ την Κύπρο Þτι δηµιουργεί τεράστια εµπÞδια στισ επενδυτικέσ δραστηριÞτητεσ µεταξύ των δύο χωρών. Τον Νοέµβριο του 2013 το ινδικÞ Υπουργείο Οικονοµικών σε µια µονοµερή ενέργεια, είχε ανακοινώσει την ταξινÞµηση τησ Κύπρου ωσ κοι- ™Ù· $557 ÂÎ. ÔÈ ¿ÌÂÛÂ˜ Í¤ÓÂ˜ ÂÂÓ‰‡ÛÂÈ˜ ÙË˜ ∫‡ÚÔ˘ νοποιηθείσα περιοχή δικαιοδοσίασ, αφού θεωρήθηκε πωσ δεν παρείχε τισ πληροφορίεσ που τισ ÛÙËÓ πÓ‰›· ÙËÓ ÂÚ›Ô‰Ô 2013-14 ζητήθηκαν απÞ τισ ινδικέσ φορολογικέσ αρχέσ στο πλαίσιο τησ συµφωνίασ Αποφυγήσ ∆ιπλήσ για ένα νέο γύρο διαπραγµατεύσεων πάνω στη συµφωνία Φορολογίασ. αποφυγήσ διπλήσ φορολογίασ, µε σκοπÞ να οριστικοποιηθεί Η Κύπροσ, Þπωσ αναφέρεται, βρίσκεται σε συνοµιλίεσ µε ένα αναθεωρηµένο κείµενο το οποίο θα είναι σε συνάρτηση την Ινδία και επιδιώκει να ξεκαθαρίσει το θέµα σε στενή µε τα διεθνή πρÞτυπα και αµοιβαία επωφελήσ. συνεργασία µε την νέα ινδική Κυβέρνηση. «Ελπίζουµε πωσ Þταν αναλάβει η νέα Κυβέρνηση, θα “∆εν υπάρχει απολύτωσ κανένασ λÞγοσ να διατηρηθεί η καθοριστεί ηµεροµηνία για τον νέο κύκλο διαβουλεύσεων», κοινοποίηση για την Κύπρο, η οποία έχει δηµιουργήσει τερά- ανέφερε ο ΕκπρÞσωποσ του ΥΠΕΞ. στια εµπÞδια και η αβεβαιÞτητα σε σχέση µε τισ επενδύσεισ Σηµείωσε επίσησ Þτι ο απαραίτητοσ διάλογοσ µεταξύ των και επιχειρηµατικέσ συναλλαγέσ µεταξύ των δύο χωρών, και αναµφισβήτητα έχει ρίξει µια σκιά πάνω στισ ιστορικά άριστεσ αντίστοιχων αρχών έχει αποκατασταθεί και οι ινδικέσ αρχέσ διµερείσ σχέσεισ,” ανέφερε ο εκπρÞσωποσ του κυπριακού έχουν ήδη µεταφέρει διευκρινίσεισ σχετικά µε εκκρεµούσεσ αιτήσεισ τουσ προσ τισ κυπριακέσ αρχέσ, και οι κυπριακέσ ΥΠΕΞ. Η ∆ηµοκρατία απηύθυνε πρÞσκληση στην ινδική πλευρά αρχέσ απάντησαν σε αυτέσ τισ εκκρεµείσ αιτήσεισ.

ΧΡΗΜΑ&ΑΓΟΡΑ

28 ΜΑΪΟΥ, 2014

6 | ∆ΙΕΘΝΗ | financialmirror.com

Ã·ÛÙÔ‡ÎÈ ÛÂ ª¤ÚÎÂÏ, ™fiÈÌÏÂ ÔÈ ∂˘ÚˆÂÎÏÔÁ¤˜ ¡›ÎÔ˜ ªÈ¯·ËÏ›‰Ë˜ Foreign Exchange Analyst Email: michailidisn@aol.com Για πολιτικÞ σεισµÞ που µαστίζει το ευρωπαϊκÞ οικοδÞµηµα κάνει λÞγο ο ΕυρωπαϊκÞσ Τύποσ σχολιάζοντασ τα αποτελέσµατα των χθεσινών Ευρωεκλογών. Ùπωσ είναι αναµενÞµενο, το µεγαλύτερο ενδιαφέρον εστιάζει στην θριαµβευτική επικράτηση τησ Marine Le Pen και του ακροδεξιού Εθνικού Μετώπου στη Γαλλία αλλά και ευρύτερα η άνοδοσ των ευρωφοβικών κοµµάτων. Η Γαλλία, η µεγαλύτερη σύµµαχοσ τησ Μέρκελ και ένθερµοσ υποστηρικτήσ τησ υιοθέτησησ τησ σκληρήσ λιτÞτητασ Þταν άρχισε η κρίση χρέουσ τησ Ευρωζώνησ, Þχι µÞνο αποδοκίµασε αυτή την πολιτική αλλά πήγε και ένα βήµα παραπέρα ψηφίζοντασ µέχρι και αυτή την έξοδο τησ Γαλλίασ απÞ την Ευρωζώνη. Πέραν τησ Γαλλίασ βέβαια το πολιτικÞ «τσουνάµι» κτύπησε και άλλεσ Ευρωπαϊκέσ χώρεσ οι οποίεσ είδη εµφανίζουν τα πρώτα σπέρµατα πολιτικήσ αστάθειασ. ΕιδικÞτερα, το εκλογικÞ αποτέλεσµα τησ Κυριακήσ αναµένεται να σηµατοδοτήσει πολιτικέσ εξελίξεισ σε µία σειρά κρατών, Þπωσ η Μ. Βρετανία, η Γαλλία, η Ισπανία, το Βέλγιο, η Σλοβενία, η Ιρλανδία, η Ελλάδα και η Βουλγαρία. Πέραν τησ Marine Le Pen που δήλωσε πωσ ο ΠρÞεδροσ οφείλει να διαλύσει την παρούσα Βουλή και να προσφύγει σε νέεσ εκλογέσ, στην Ιρλανδία για την οποία το δίδυµο Μέρκελ-ΣÞιµπλε πανηγύριζε πωσ έχει βγει απÞ τα µνηµÞνια ο αρχηγÞσ του Εργατικού ΚÞµµατοσ τησ Ιρλανδίασ και µέλοσ του κυβερνητικού σχήµατοσ, Eamon

Gilmore, οδεύει είδη προσ παραίτηση µετά την εκλογική συντριβή που υπέστει. Στην Ελλάδα που πέρασε τα πάνδεινα απÞ την άθλια λιτÞτητα των Μέρκελ-ΣÞιµπλε ο κυβερνητικÞσ συνασπισµÞσ απώλεσε το 30% τησ εκλογικήσ του δύναµησ µε την αξιωµατική αντιπολίτευση να ζητά πρÞωρη προσφυγή στισ κάλπεσ. ΠαρÞµοιεσ καταστάσεισ βιώνουν και η Σλοβενία, Ισπανία, Ηνωµένο Βασίλειο, Βέλγιο, Ολλανδία, ∆ανία, Βουλγαρία. Η Ευρώπη των λαών, η Ευρώπη τησ κοινωνικήσ αλληλεγγύησ, τησ ισÞτητασ και τησ αλληλοεκτίµησησ, κατάντησε µια Ευρώπη τησ πλήρησ απαξίωσησ απÞ τον ίδιο τησ το λαÞ. Και Þλα αυτά βέβαια έχουν λÞγο και αιτία. Και η αιτία δεν είναι άλλη απÞ την σκληρή, απάνθρωπη, εγκληµατική, µονοδιάστατη λιτÞτητα που έχει επιβάλει στουσ λαούσ τησ Ευρώπησ το δίδυµο ΜέρκελΣÞιµπλε. ΛιτÞτητα βέβαια που έγινε αποδεκτή µε κάτω τα χέρια και απÞ τουσ ηγέτεσ των κρατών µελών και αυτÞσ είναι και ο λÞγοσ που οι λαοί τουσ τιµωρούν. Ειδικά η Γάλλοσ πρÞεδροσ Ολάντ, ο οποίοσ ανέλαβε την προεδρία µε σύνθηµα τον τερµατισµÞ τησ λιτÞτητασ και εδώ και δύο χρÞνια που έχει εκλεγεί αποτελεί έναν ηγέτη φάντασµα, µια «γλάστρα» σε Þλεσ τισ µεγάλεσ αποφάσεισ του Eurogroup. Και αυτÞ ίσωσ είναι και το µεγαλύτερο πρÞβληµα τησ Ευρώπησ αυτή την στιγµή. Η πασιφανέσ έλλειψη ικανών ηγετών. Το απÞλυτο χάοσ επικρατεί σε Þλη την Ευρώπη Þσο αφορά τουσ ικανούσ ηγέτεσ. ΑυτÞσ είναι και ο βασικÞτεροσ λÞγοσ που το δίδυµο ΜέρκελΣÞιµπλε κάνει στην κυριολεξία Þτι θέλει στην Ευρωζώνη. ΑπÞ την στιγµή που δεν βρίσκουν καµία απολύτωσ αντίσταση απÞ τισ «γλάστρεσ» των άλλων κρατών έχουν πλέον απο-

θρασυνθεί τελείωσ εφαρµÞζοντασ εδώ και 5 χρÞνια µια µονοδιάστατη λιτÞτητα για την οποία ακÞµα και σήµερα περηφανεύονται. ΑυτÞ αποδείχτηκε ακÞµα µια φορά στην συνέντευξή ΣÞιµπλε το περασµένο Σάββατο ο οποίοσ αµφισβήτησε την άποψη Þτι η πολιτική λιτÞτητασ προκάλεσε τη µακρά περίοδο οικονοµικήσ ύφεσησ απÞ την οποία η ευρωζώνη παλεύει εδώ και µια 5ετία να ξεφύγει. «Είναι λάθοσ, η µακρά ύφεση είναι συνέπεια τησ οικονοµικήσ κρίσησ, η προέλευση τησ οποίασ δεν βρίσκεται στην ευρωζώνη», σηµείωσε ο υπουργÞσ, υπενθυµίζοντασ Þτι η κατάρρευση τησ Lehman Brothers, η χρεοκοπία τησ οποίασ αποτέλεσε την έναρξη τησ παγκÞσµιασ οικονοµικήσ κρίσησ, ήταν αµερικανική τράπεζα. Ο απÞλυτοσ ενδοτισµÞσ και η απÞλυτη ασέβεια στουσ λαούσ που υποφέρουν, απÞ τον κυνικÞ ΣÞιµπλε ο οποίοσ δεν θέλει να αντιληφθεί πλέον ούτε τα αυτονÞητα. Ùτι Þµωσ και να πει ο ΣÞιµπλε και Þσο και να προσπαθεί να τετραγωνίσει τον κύκλο το

ωστικÞ κύµα που δηµιουργεί το κÞµµα τησ Le Pen στην Γαλλία ξεπερνά σαφώσ τα εθνικά σύνορα. ΠρÞκειται για µία πραγµατική απειλή για την Γερµανική Ευρώπη που ονειρεύονται Μέρκελ-ΣÞιµπλε. Την Ευρώπη τησ λιτÞτητασ, την Ευρώπη τησ απÞλυτησ ανισορροπίασ µεταξύ βορρά και νÞτου, την Ευρώπη του πανάκριβου Ευρώ που εξυπηρετεί τουσ Γερµανούσ και ειδικά τισ τοξικέσ τουσ τράπεζεσ και κυρίωσ την Ευρώπη τησ απÞλυτησ έλλειψησ δηµοκρατίασ Þπου ακÞµα και οι ηγέτεσ των κρατών αποφασίζονται Þχι απÞ τον λαÞ αλλά απÞ τα Eurogroup Þπωσ αποκαλύφθηκε πρÞσφατα. Τώρα είναι η ώρα Þλοι οι Ευρωπαίοι ηγέτεσ µε αφορµή την εκλογική πανωλεθρία και την κατακÞρυφη άνοδο του ευρωσκεπτικισµού να απαιτήσουν απÞ την Γερµανία αλλαγή τησ πολιτικήσ και στροφή προσ την ανάπτυξη, την κοινωνική αλληλεγγύη, τον αλληλοσεβασµÞ και εν τέλει την σταδιακή σµίκρυνση τησ ψαλίδασ µεταξύ βορά και νÞτου.

∆¤ÛÛÂÚ· ÂÎ·ÙÔÌÌ‡ÚÈ· ÂÚÈÛÛfiÙÂÚÔÈ ¿ÓÂÚÁÔÈ ÙÔ 2013 ª¤¯ÚÈ ÙÔ 2019 Ë ·ÓÂÚÁ›· ı· ÊÙ¿ÛÂÈ Ù· 213 ÂÎ·ÙÔÌÌ‡ÚÈ· Περίπου τέσσερα εκατοµµύρια άνθρωποι έχουν προστεθεί στισ τάξεισ των ανέργων σε Þλο τον κÞσµο το 2013 , µε το συνολικÞ αριθµÞ να ανέρχεται σήµερα σε 199,8 εκατοµµύρια, σύµφωνα µε την ετήσια έκθεση για την εργασία που δηµοσιεύθηκε απÞ τη ∆ιεθνή Οργάνωση Εργασίασ ( ILO ) , έναν οργανισµÞσ του ΟΗΕ που εδρεύει στη Γενεύη. Το ποσοστÞ ανεργίασ το 2013 ήταν “ σε µεγάλο βαθµÞ αµετάβλητο στο 6 % “ του εργατικού δυναµικού, αναφέρει η έκθεση , η οποία επισηµαίνει, ωστÞσο, Þτι 90 % νέων θέσεων εργασίασ θα δηµιουργηθούν µεσοπρÞθεσµα σε Þλο τον κÞσµο στισ αναπτυσσÞµενεσ χώρεσ. Η αύξηση τησ ανεργίασ το 2013 εξηγείται απÞ το γεγονÞσ Þτι οι χώρεσ δεν δηµιούργησαν αρκετέσ θέσεισ εργασίασ για να απορροφήσουν Þλουσ τουσ νεοεισερχÞµενουσ στην αγορά εργασίασ. Η έκθεση τονίζει επίσησ Þτι ο πλανήτησ έχει τώρα 30,6 εκατοµµύρια περισσÞτερουσ ανέργουσ απÞ Þτι πριν απÞ την οικονοµική κρίση του 2008. Για το 2014 , η έκθεση αναµένεται αύξηση των άνεργων στον κÞσµο κατά 3,3 εκατοµµύρια. “Μέχρι το 2019 , η ανεργία θα φτάσει τα 213 εκατοµµύρια”

προβλέπει ο διεθνήσ οργανισµÞσ , προσθέτοντασ Þτι “ο αριθµÞσ των ανέργων αναµένεται να παραµείνει σε γενικέσ γραµµέσ στο σηµερινÞ επίπεδο του 6 % µέχρι το 2017”. Η ΒÞρεια Αφρική και η Μέση Ανατολή είναι οι περιοχέσ που έχουν το υψηλÞτερο ποσοστÞ ανεργίασ το 2014 , µε αντίστοιχα ποσοστά 12,3 % και 11,1 %. Η µεγαλύτερη αύξηση τησ ανεργίασ το 2014 θα καλύπτει την κεντρική και νÞτιο - νοτιοανατολική Ευρώπη και τισ χώρεσ του πρώην σοβιετικού µπλοκ, Þπου η ανεργία φτάνει το 8,3% το 2014 . Επίσησ η έκθεση επισηµαίνει το θέµα τησ µετανάστευσησ λÞγω τησ ανεργίασ τονίζοντασ Þτι 231,5 εκατοµµύρια άνθρωποι ζούσαν το 2013 σε άλλη χώρα απÞ αυτή που γεννήθηκαν. Ο συνολικÞσ αριθµÞσ των µεταναστών αυξήθηκε κατά 57 εκατοµµύρια απÞ το 2000 και το 19 % τησ αύξησησ αυτήσ

σηµειώθηκε κατά τα τελευταία τρία χρÞνια .Οι ανεπτυγµένεσ οικονοµίεσ και η ΕΕ προσέλκυσαν το 51% των µεταναστών. Στην ετήσια έκθεση , οι εµπειρογνώµονεσ τησ ∆ΟΕ σηµειώνουν , επίσησ, Þτι η µεσαία τάξη έχει αυξηθεί τα τελευταία χρÞνια, στισ αναπτυσσÞµενεσ χώρεσ , µέσω τησ δηµιουργίασ ποιοτικών θέσεων εργασίασ . Η µεσαία τάξη είναι πλέον το 44,5% του εργατικού δυναµικού στισ αναπτυσσÞµενεσ χώρεσ , ενώ πριν απÞ δυο δεκαετίεσ ήταν το 20% . Μεταξύ του 1980 και του 2011 , το κατά κεφαλήν εισÞδηµα αυξήθηκε κατά µέσο Þρο 3,3 % ετησίωσ στισ αναπτυσσÞµενεσ χώρεσ , έναντι 1,8 % στισ βιοµηχανικέσ χώρεσ . ΩστÞσο, το 85 % του εργατικού δυναµικού στισ αναπτυσσÞµενεσ χώρεσ θα εξακολουθεί να ζει το 2018 κάτω απÞ αυτÞ που θεωρείται το Þριο τησ φτώχειασ στισ Ηνωµένεσ Πολιτείεσ .

∞ÒÏÂÈÂ˜ ÙÔ˘ Â˘ÚÒ ¤Ó·ÓÙÈ ÙÔ˘ ‰ÔÏ·Ú›Ô˘ ÃÚ›ÛÙÈ·Ó ™Ù˘ÏÈ·ÓÔ‡ ∆ιεύθυνση ∆ιαχειρίσεως ∆ιαθεσίµων, Alpha Bank Cyprus Ltd Το ευρώ τύγχανε χθεσ διαπραγµάτευσησ έναντι του δολαρίου ΗΠΑ στα $1,3650 απÞ $1,3700 την περασµένη Τετάρτη. Οι απώλειεσ του ευρώ έναντι του δολαρίου ΗΠΑ αποδίδονται στην εκτίµηση Þτι η Ευρωπαϊκή Κεντρική Τράπεζα (ΕΚΤ) θα προβεί στη σύσκεψή τησ στισ 5 Ιουνίου σε µείωση των επιτοκίων και σε χαλάρωση τησ νοµισµατικήσ τησ πολιτικήσ. ΠρÞσθετοι λÞγοι είναι η χαµηλή αύξηση του ΑΕΠ τησ Ευρωζώνησ το 1ο τρίµηνο του 2014 και η ενίσχυση των ευρωσκεπτικιστικών κοµµάτων στισ εκλογέσ για το ΕυρωπαϊκÞ Κοινοβούλιο.

Ο ΠρÞεδροσ τησ Ευρωπαϊκήσ Κεντρικήσ Τραπέζησ ανέφερε Þτι η ΕΚΤ επιθυµεί να αποφευχθεί η διατήρηση του πληθωρισµού σε χαµηλÞ επίπεδο για παρατεταµένη χρονική περίοδο. Ο Ευρωπαίοσ ΚεντρικÞσ Τραπεζίτησ θεωρεί Þτι το επίπεδο τησ ισοτιµίασ του ευρώ έχει συµβάλει στη διαµÞρφωση του πληθωρισµού σε χαµηλÞ επίπεδο και εκτιµά Þτι θα πρέπει να αποτραπεί η τροφοδÞτηση προσδοκιών για επιπλέον υποχώρηση του πληθωρισµού µελλοντικά και για µείωση τησ παροχήσ πιστώσεων. Οι δηλώσεισ του Προέδρου τησ ΕΚΤ συµβαδίζουν µε την εκτίµηση Þτι στη σύσκεψη τησ 5ησ Ιουνίου πιθανÞν θα αποφασισθεί µείωση του επιτοκίου αναφοράσ ή/και πρÞσθετα µέτρα επεκτατικήσ νοµισµατικήσ πολιτικήσ. Η στερλίνα καταγράφει απώλειεσ έναντι του δολαρίου ΗΠΑ (GBP/USD: 1,6870) αλλά έναντι του ευρώ διαπραγµατεύεται στο υψηλÞτερο επίπεδο απÞ το ∆εκέµβριο του 2012 (EUR/GBP:0,8080), καθώσ η αγορά εκτιµά Þτι η ΕΚΤ

θα προβεί σε χαλάρωση τησ νοµισµατικήσ τησ πολιτικήσ εν αντιθέσει µε την Τράπεζα τησ Αγγλίασ η οποία προετοιµάζεται για αύξηση του βασικού τησ επιτοκίου. Συγκεκριµένα ο Υποδιοικητήσ τησ Τράπεζασ τησ Αγγλίασ (Bean) εκτίµησε Þτι το βασικÞ επιτÞκιο θα αυξηθεί σταδιακά και θα ανέλθει στο 3% σε ορίζοντα τριών έωσ πέντε ετών. Στην Κύπρο, η ΤρÞικα ολοκλήρωσε την 4η επιθεώρηση του Οικονοµικού Προγράµµατοσ Προσαρµογήσ 2013-2016. Οι δηµοσιονοµικοί στÞχοι του 1ου τριµήνου επιτεύχθηκαν, κυρίωσ λÞγω τησ αύξησησ των εσÞδων σε επίπεδα καλύτερα απÞ Þτι αναµενÞταν. Στον χρηµατοπιστωτικÞ τοµέα συνεχίστηκε η άρση των περιορισµών στην κίνηση κεφαλαίων. Σηµειώνεται Þτι απÞ τον Μάρτιο 2013 η Κύπροσ έχει λάβει ποσÞ 5,1 δισ ευρώ απÞ το συνολικÞ πακέτο των 10 δισ ευρώ που προορίζεται για την χώρα και λήγει το 1ο τρίµηνο του 2016.

ΧΡΗΜΑ&ΑΓΟΡΑ

28 ΜΑΪΟΥ, 2014

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™Àƒπ∑∞, ¡∂∞ ¢∏ª√∫ƒ∞∆π∞, ÃƒÀ™∏ ∞À°∏

¢‡Ô ÓÈÎËÙ¤˜ Î·È ¤Ó·˜ ÛÙËÓ ‰Â‡ÙÂÚË ı¤ÛË

Νίκη ΣΥΡΙΖΑ µε τελική διαφορά 3,87 µονάδεσ κατέγραψε το αποτέλεσµα των φετινών Ευρωεκλογών στην Ελλάδα. Το κÞµµα τησ αντιπολίτευσησ συγκέντρωσε 26,58% και η Νέα ∆ηµοκρατία 22,71%. Στουσ κερδισµένουσ των εκλογών είναι και η Χρυσή Αυγή, η οποία αναδείχθηκε τρίτο κÞµµα. ΑπÞ πλευράσ ΣΥΡΙΖΑ υποδέχθηκαν το αποτέλεσµα µε ικανοποίηση, αλλά και χωρίσ µεγάλεσ θριαµβολογίεσ, καθώσ, ναι µεν σηµειώνουν µια ιστορική νίκη, αφού για πρώτη φορά ένα κÞµµα τησ Αριστεράσ καταλαµβάνει την πρώτη θέση σε εκλογέσ, αλλά το αποτέλεσµα µπορεί να ερµηνευθεί µÞνο ωσ µια καθαρή νίκη και Þχι ωσ έναυσµα για ανατροπή. Παρ’ Þλα αυτά ο Αλέξησ Τσίπρασ και το επιτελείο του αναµένεται να ασκήσουν ακÞµη µεγαλύτερη πίεση για να «επισπευσθεί» η διαδικασία προκήρυξησ εθνικών εκλογών. Ήδη ο Αλέξησ Τσίπρασ επισκέφθηκε τον ΠρÞεδρο τησ ∆ηµοκρατίασ και του έθεσε το θέµα τησ διεξαγωγήσ προωρων εκλογών αλλά και το ζήτηµα νοµιµÞτητασ τησ παρούσασ κυβέρνησησ.

∫·Ì›· ÚfiıÂÛË ÁÈ· ÚfiˆÚÂ˜ ÂÎÏÔÁ¤˜ ΑπÞ την πλευρά τησ η κυβέρνηση µέσω του κυβερνητικού τησ εκπροσώπου, Σίµου Κεδίκογλου, τÞνισε πωσ δεν έχει «Καµία απολύτωσ πρÞθεση» να προχωρήσει σε πρÞωρεσ εκλογέσ. Ο κ. Κεδίκογλου, σηµείωσε πωσ δεν βλέπει κάποιο επερχÞµενο νοµοσχέδιο που θα µπορούσε να προκαλέσει «εµπλοκή» στην κυβερνητική πλειοψηφία. «∆εν νοµίζω να υπάρξει κάποιο εµπÞδιο που δεν µπορούµε να ξεπεράσουµε», προσέθεσε. ΚατηγÞρησε τον κ. Τσίπρα πωσ διέπραξε

«συνταγµατική εκτροπή» µε την απÞφασή του να χρησιµοποιήσει τον Þρο «δυσαρµονία» προκειµένου να ζητήσει πρÞωρεσ κάλπεσ, τονίζοντασ Þτι η σχετική συνταγµατική διάταξη έχει αποσυρθεί «εδώ και 28 χρÞνια». Παράλληλα, κατηγÞρησε τον ΣΥΡΙΖΑ Þτι αρνείται να συµµετάσχει έστω και ωσ παρατηρητήσ στη διαδικασία διαπραγµάτευσησ για το χρέοσ. «Είναι προφανέσ πωσ δεν ξέρουν πολλά για το πώσ γίνονται διαπραγµατεύσεισ σε ευρωπαϊκÞ επίπεδο. Πιστεύουν πωσ η διαπραγµάτευση γίνεται σε ένα σκοτεινÞ δωµάτιο Þπου µπορείσ να χτυπήσεισ το χέρι στο τραπέζι και να το παίξεισ τσαµπουκάσ», σχολίασε.

«¶‹ÚÂ ÙÔ Ì‹Ó˘Ì·» Ë ¡¤· ¢ËÌÔÎÚ·Ù›· Στον αντίποδα, Þπωσ φάνηκε ξεκάθαρα και απÞ τα λÞγια του πρωθυπουργού, η Συγγρού αναγνωρίζει πωσ οι πολίτεσ έστειλαν, µέσω τησ κάλπησ, ένα σηµαντικÞ µήνυµα στην κυβέρνηση, ωστÞσο, έδειξαν και πωσ επιθυµούν την σταθερÞτητα και Þχι την προσφυγή σε νέεσ κάλπεσ. ΑπÞ την Νέα ∆ηµοκρατία, χρησιµοποιούν προσεκτικά την λέξη «ήττα» και αναφέρουν Þτι το σύνθηµα του ΣΥΡΙΖΑ για «ανατροπή» απέτυχε τÞσο στισ Ευρωεκλογέσ, Þσο, κυρίωσ στισ αυτοδιοικητικέσ και περιφερειακέσ εκλογέσ. Στα θετικά για τη Συγγρού και το Μέγαρο Μαξίµου είναι σίγουρα τα ποσοστά που καταγράφει η Ελιά κάτι που δίνει νέα «ώθηση» σταθερÞτητασ στον κυβερνητικÞ συνασπισµÞ έπειτα και απÞ τα διλήµµατα που είχε θέσει ο Ευάγγελοσ Βενιζέλοσ πριν απÞ τισ κάλπεσ. Οι κάλπεσ τησ Κυριακήσ µπορεί να έδωσαν σαφέστατο προβάδισµα στο κÞµµα τησ αξιωµατικήσ αντιπολίτευσησ, ωστÞσο, η Ν∆

κέρδισε την πλειοψηφία των περιφερειών, ενώ το γενικÞτερο συµπέρασµα είναι Þτι τα ποσοστά τησ δεν υποχώρησαν θεαµατικά. Στο µήνυµα των εκλογών έκπληξη προκαλεί το ποσοστÞ τησ «Ελιάσ», η οποία λειτουργεί ωσ στήριγµα στην πολιτική σταθερÞτητα, καθώσ το άθροισµα των δύο κυβερνητικών κοµµάτων είναι µεγαλύτερο απÞ το ποσοστÞ τησ αξιωµατικήσ αντιπολίτευσησ. Εκλογικοί αναλυτέσ εκτιµούν Þτι οι ψηφοφÞροι έδωσαν ψήφο υπέρ τησ πολιτικήσ σταθερÞτητασ αλλά ταυτÞχρονα έστειλαν ηχηρÞ µήνυµα στην κυβέρνηση ζητώντασ αλλαγή στην ασκούµενη πολιτική.

∞Ófi‰Ô˘ Û˘Ó¤¯ÂÈ·… ÁÈ· ÙËÓ ÃÚ˘Û‹ ∞˘Á‹ Στουσ κερδισµένουσ των εκλογών είναι και η Χρυσή Αυγή, η οποία σε µια ακÞµη εκλογική αναµέτρηση αυξάνει τη δύναµη τησ, παρÞτι δεν κατÞρθωσε να κερδίσει διψήφιο ποσοστÞ, Þπωσ ανέµενε. Η παρουσία τησ Χρυσήσ Αυγήσ στην Ευρωβουλή αναµένεται να απασχολήσει αρκετά στο µέλλον, απÞ τη στιγµή που η ακροδεξιά σάρωσε σε αρκετέσ χώρεσ τησ ΕΕ και το µπλοκ των ακροδεξιών και ευρωσκεπτικιστικών κοµµάτων θα είναι ιδιαίτερα δυνατÞ. Λίγη ώρα µετά την ανακοίνωση των αποτελεσµάτων, ο Ηλίασ Κασιδιάρησ προέβη σε προκλητικέσ δηλώσεισ υποστηρίζοντασ Þτι «είναι λαϊκή βούληση να σταµατήσουν οι παράνοµεσ διώξεισ και να αφεθούν ελεύθεροι ο αρχηγÞσ τησ ΧΑ και οι προφυλακισµένοι βουλευτέσ τησ». Είναι η τρίτη κατά σειρά εκλογική αναµέτρηση που η Χρυσή Αυγή καταγράφει άνοδο των ποσοστών τησ. Στισ ευρωεκλογέσ του 2009 είχε πάρει ποσοστÞ 0,46% και µέσα σε πέντε µÞλισ χρÞνια σηµείωσε άνοδο 9 ποσοστιαίων µονάδων. Κι Þπωσ Þλα δείχνουν θα

N›ÎË ÙË˜ ∞ÚÈÛÙÂÚ¿˜ Î·È ÙˆÓ ÓÂÔÓ·˙› Με µεγάλο ενδιαφέρον και εκτενείσ αναλύσεισ παρακολούθησαν τα διεθνή ΜΜΕ τισ εκλογέσ στην Ελλάδα, εστιάζοντασ το ενδιαφέρον τουσ στην εκλογική νίκη του ΣΥΡΙΖΑ και την άνοδο τησ Χρυσήσ Αυγήσ. Το Reuters υπογράµµισε Þτι «είναι η πρώτη φορά που κερδίζει ένα αριστερÞ κÞµµα στη σύγχρονη ιστορία τησ Ελλάδασ, παρÞτι ο ΣΥΡΙΖΑ δεν κατάφερε να σηµειώσει µια διαφορά 5 µονάδων που θα έθετε σε κίνδυνο την κυβέρνηση, η οποία διαθέτει ισχνή πλειοψηφία δύο εδρών» και αποδίδει το αποτέλεσµα στο Þτι «οι ψηφοφÞροι τιµώρησαν τον Σαµαρά για τισ σκληρέσ µειώσεισ σε µισθούσ και συντάξεισ που επέβαλε η τρÞικα». Oσον αφορά τη Χρυσή Αυγή, το πρακτορείο αναφέρει Þτι οι ψηφοφÞροι αγνÞησαν τισ κατηγορίεσ εισ βάροσ των µελών τησ και ψήφισαν το κÞµµα που βασίστηκε στη λαϊκή οργή. Το Bloomberg τονίζει Þτι οι ψηφοφÞροι στην Ελλάδα, «το πρώτο θύµα τησ κρίσησ, παρέδωσαν την πρώτη θέση στον ΣΥΡΙΖΑ, στο κÞµµα που είναι αντίθετο στισ επιλογέσ τησ διάσωσησ».

Στισ «σκληρέσ κοινωνικέσ συνθήκεσ» αποδίδει την άνοδο του ΣΥΡΙΖΑ η «Wall Street Journal», η οποία σηµειώνει Þτι «η κρίση έχει οδηγήσει στην εµφάνιση µιασ πλειάδασ µικρÞτερων κοµµάτων, που κυµαίνονται απÞ το ακροδεξιÞ κÞµµα τησ Χρυσήσ Αυγήσ µέχρι το τριών µηνών κεντροαριστερÞ Ποτάµι». Ο «Guardian» χαρακτηρίζει «σηµείο καµπήσ» τισ εκλογέσ και «ιστορική νίκη για την Αριστερά», ενώ σε Þ,τι αφορά τη Χρυσή Αυγή, την αποκαλεί το «πιο µοχθηρÞ ακροδεξιÞ κÞµµα τησ Ευρώπησ, µε το ένα τρίτο τησ ηγεσίασ του να βρίσκονται στη φυλακή». Με επιφυλακτικÞτητα αντιµετώπισε µεγάλη µερίδα των γερµανικών ΜΜΕ τα εκλογικά αποτελέσµατα στην Ελλάδα, τα οποία παρακολούθησαν µε ενδιαφέρον. «Η καλή είδηση είναι Þτι η κυβέρνηση φαίνεται να παραµένει σταθερή», επεσήµανε ο ανταποκριτήσ του ARD, ενώ ωσ κακή είδηση µετέφερε το γεγονÞσ Þτι στο Ευρωκοινοβούλιο θα εκπροσωπηθεί η Χρυσή Αυγή, ένα «ανοιχτά φασιστικÞ, εθνικιστικÞ, αντισηµιτικÞ κÞµµα».

εκλέξει τρεισ ευρωβουλευτέσ, που ακÞµη και οι ακροδεξιοί τησ Ευρώπησ (Þπωσ η Μαρίν Λεπέν) αποκηρύσσουν. «Το Ποτάµι» µπορεί να µην κατέγραψε τα θεαµατικά ποσοστά τα οποία έπαιρνε στισ δηµοσκοπήσεισ, ωστÞσο, φαίνεται να σταθεροποιείται ωσ νέα πολιτική δύναµη στην χώρα. Στο ΚοµµουνιστικÞ ΚÞµµα Ελλάδασ εµφανίζονται ικανοποιηµένοι, καθώσ το ποσοστÞ του κÞµµατοσ κυµάνθηκε κοντά στο 6%, ωστÞσο, σίγουρα περίµεναν λίγο πιο υψηλά νούµερα. Στουσ χαµένουσ είναι πρωτίστωσ η ∆ΗΜΑΡ που καταβυθίζεται και δεν εκλέγει ευρωβουλευτή, ενώ πτωτικά κινήθηκαν και οι Ανεξάρτητοι Έλληνεσ που βρίσκονται κάτω απÞ 4%.

ŒÏÏËÓÂ˜ ∂˘Úˆ‚Ô˘ÏÂ˘Ù¤˜ ΑπÞ τον ΣΥΡΙΖΑ εκλέγονται Ευρωβουλευτέσ ο Μανώλησ Γλέζοσ, η Σοφία Σακοράφα, ο ∆ηµήτρησ Παπαδηµούλησ, η Κωνσταντίνα Κούνεβα, ο Γιώργιοσ Κατρούγκαλοσ και ο Κωνσταντίνοσ ΧρυσÞγονοσ. ΑπÞ τη Νέα ∆ηµοκρατία εκλέγονται η Ελίζα ΒÞζεµπεργκ, η Μαρία Σπυράκη, ο Μανώλησ Κεφαλογιάννησ, ο Γιώργοσ Κύρτσοσ και ο Θοδωρήσ Ζαγοράκησ. ΑπÞ τη Χρυσή Αυγή εκλέγονται ο Λευτέρησ ΣυναδινÞσ, ο Λάµπροσ Φουντούλησ και ο Γιώργοσ Επιτήδειοσ. ΑπÞ την Ελιά η Εύα Καϊλή και ο Παντελήσ Καψήσ. ΑπÞ το Ποτάµι εκλέγονται ο Γιώργοσ Γραµµατικάκησ και ο Μιλτιάδησ Κύρκοσ. ΑπÞ το ΚΚΕ ο Κωνσταντίνοσ Παπαδάκησ και Σωτήρησ ΖαριανÞπουλοσ. Τέλοσ απÞ τουσ Ανεξάρτητουσ Έλληνεσ εκλέγεται ο Γιώργοσ Ρωµανιάσ.

∆Ô ÛÎ¤ÊÙÂÙ·È ÁÈ· ·Ó·Û¯ËÌ·ÙÈÛÌfi Ô ™·Ì·Ú¿˜ ΕντÞσ του Ιουνίου αναµένεται ο ανασχηµατισµÞσ του κυβερνητικού σχήµατοσ στην Ελλάδα. Το θέµα θα συζητήσουν εκτενώσ αύριο, ο πρωθυπουργÞσ Αντώνησ Σαµαράσ και ο αντιπρÞεδροσ τησ κυβέρνησησ Ευάγγελοσ Βενιζέλοσ, µετά την επιστροφή τουσ απÞ τισ Βρυξέλλεσ. Τα δεδοµένα έωσ τώρα τοποθετούν τον ανασχηµατισµÞ είτε πριν την έλευση τησ τρÞικασ το πρώτο δεκαήµερο του Ιουνίου, ώστε οι Þποιεσ συζητήσεισ να διεξαχθούν µε τουσ νέουσ υπουργούσ, είτε να καθυστερήσει λίγεσ ηµέρεσ λÞγω τησ ελληνικήσ προεδρίασ στην Ευρώπη, η οποία ολοκληρώνεται στα τέλη Ιουνίου και έωσ τÞτε πρέπει πολλοί απÞ τουσ σηµερινούσ υπουργούσ να µετέχουν σε συνÞδουσ µε Ευρωπαίουσ οµολÞγουσ τουσ Θέµα είναι και η παραµονή ή µη του Γιάννη Στουρνάρα στο πÞστο του. ΩστÞσο δεν θα πρέπει να θεωρείται βέβαιη η αλλαγή πÞστου του κ. Στουρνάρα. Η παραµονή του στο ΥΠΟΙΚ εν Þψει και των διαπραγµατεύσεων το φθινÞπωρο για την αποµείωση του ελληνικού χρέουσ είναι πάγια επιθυµία των δανειστών τησ χώρασ, εκφρασµένη µάλιστα και δηµÞσια απÞ τον ΓερµανÞ οµÞλογÞ του ΒÞλφγκαν ΣÞιµπλε.

ΧΡΗΜΑ&ΑΓΟΡΑ

28 ΜΑΪΟΥ, 2014

8 | ΑΓΟΡΑ | financialmirror.com ∂¤ÛÙÚÂ„Â ·Ó·ÓÂˆÌ¤ÓÔ ÙÔ Pergola Grill & Bar ÛÙÔ Hilton

7 Ó¤· ÂÛÙÈ·ÙfiÚÈ· ÛÙË ª·Ú›Ó· §ÂÌÂÛÔ‡ Το άνοιγµα 7 νέων εστιατορίων στη Μαρίνα Λεµεσού, ετοιµάζει πολύ σύντοµα η PHC Franchised Restaurants Public Ltd. ΠρÞκεται για τα γνωστά εστιατÞρια Wagamama, το πολυβραβευµένο Caffè Nero, γνωστÞ για τον ποιοτικÞ του καφέ µε βάση το Espresso και την ατµÞσφαιρα που προσφέρει, το νέο all-day καφεστιατÞριο Mediterraneo µε πρωτÞτυπο σκηνικÞ και µενού που υπογράφει ο διάσηµοσ σεφ ∆ηµήτρησ Σκαρµούτσοσ, το Derlicious, φηµισµένο για τα ζουµερά Σουβλάκια και τον αυθεντικÞ ΕλληνικÞ Γύρο, το νέο Marina Cool Bar στο κέντρο τησ Μαρίνασ µε δροσιστικέσ απολαύσεισ Yogen Fruz, ολÞφρεσκουσ χυµούσ και smoothies, καθώσ και τα πολυαγαπηµένα Pizza Hut και KFC. Οι εργασίεσ στο χώρο τησ Μαρίνασ Λεµεσού για την ολοκλήρωση των 7 νέων εστιατορίων, προχωρούν εντατικά, αφού τα συνεργεία εργάζονται πυρετωδώσ, για την παράδοση των χώρων.

Eπιστρέφει δυναµικά µε πλήρωσ ανανεωµένο µενού, το θερινÞ εστιατÞριο του ξενοδοχείου Hilton Cyprus, Pergola Grill & Bar! Το Pergola Grill & Bar µασ χάρισε µοναδικέσ στιγµέσ γευσιγνωσίασ τα προηγούµενα 2 χρÞνια, και έρχεται ξανά να οµορφύνει τισ µέρεσ µασ αλλά και τα βράδια µασ, στην Λευκωσία. Κατά την διάρκεια τησ µέρασ µπορείτε να απολαύστε δροσερά κοκτέιλ και δελεαστικά σνακ δίπλα στη µαγευτική πισίνα. Το απÞγευµα συνοδέψτε τον καφέ σασ µε ένα ‘γλυκÞ πειρασµÞ’ Þπωσ παρφέ άσπρησ σοκολάτασ, πανακÞτα µε ινδοκάρυδο ή και λαχταριστά παγωτά.Τα βράδια το Pergola µεταµορφώνεται σε ένα υπέροχο και ροµαντικÞ εστιατÞριο προσφέροντασ διάφορεσ επιλογέσ µε ιδιαίτερη έµφαση στα είδη σχάρασ. Για πληροφορίεσ και κρατήσεισ ξενοδοχείο Χίλτον Κύπρου τηλ: 22 377777

70 ¯ÚfiÓÈ· ˙ˆ‹˜ ÁÈ· ÙÔÓ ŸÌÈÏÔ π·Îˆ‚›‰Ë Ο Ùµιλοσ Ιακωβίδη συµπληρώνει φέτοσ 70 χρÞνια ζωήσ και σήµερα κατέχει ηγετική θέση στουσ τοµείσ Yγείασ που δραστηριοποιείται, σε Κύπρο και Ελλάδα. Σήµερα, ο Ùµιλοσ Ιακωβίδη είναι ένασ σύγχρονοσ οργανισµÞσ που αποτελείται απÞ 7 εταιρείεσ. Η καθεµιά απÞ αυτέσ είναι εξειδικευµένη σε συγκεκριµένο κλάδο τησ Yγείασ απασχολώντασ περισσÞτερα απÞ 350 άτοµα σε Κύπρο και Ελλάδα και συγκεγκριµένα στισ Μ.Σ. Ιακωβίδησ & Σια Λτδ, Genesis Pharma (Cyprus) Ltd, Lifepharma (Z.A.M.) Ltd, Vetagrica Ltd και Agrolan Limited στην Κύπρο και στισ Μ.Σ. Ιακωβίδησ Ελλάσ Α.Ε. και Genesis Pharma A.E. στην Ελλάδα. Οι δραστηριÞτητεσ του Οµίλου περιλαµβάνουν ένα ευρύ φάσµα προϊÞντων στον κλάδο τησ Υγείασ Þπωσ φαρµακευτικά προϊÞντα, προϊÞντα βιοτεχνολογίασ, µη συνταγογραφούµενα φάρµακα, οδοντιατρικά προϊÞντα, προϊÞντα υγείασ ευρείασ κατανάλωσησ, βρεφικέσ τροφέσ, κτηνιατρικά προϊÞντα, προϊÞντα φυτοπροστασίασ και ιατρικά υλικά υψηλήσ τεχνολογίασ απÞ κορυφαίουσ στο είδοσ τουσ διεθνείσ οίκουσ.

«ÀÁÂ›· Î·È ¶ÚfiÏË„Ë» ÛÙ· Ú·Ù‹ÚÈ· ÙË˜ Esso H κινητή Μονάδα «Υγεία και ΠρÞληψη» τησ ExxonMobil/Esso συνεχίζει και για το 2014 το πρÞγραµµα επισκέψεων τησ στα πρατήρια Esso σε Þλη την Κύπρο. Το Σάββατο 10 Μαΐου η κινητή µονάδα βρέθηκε στο καινούριο πρατήριο Esso στην Μονή, Þπου προσέφερε ∆ΩΡΕΑΝ µετρήσεισ Πίεσησ, Σακχάρου και ΧοληστερÞλησ στο κοινÞ. ΣτÞχοσ του προγράµµατοσ «Υγεία και ΠρÞληψη» παραµένει η ευαισθητοποίηση του κοινού σε θέµατα υγείασ και πρÞληψησ γι’ αυτÞ η ExxonMobil/Esso συνεχίζει και φέτοσ τισ επισκέψεισ τησ Κινητήσ τησ Μονάδασ σε επιλεγµένα πρατήρια Εsso τα πρωινά του Σαββάτου µεταξύ 8.30-12.30. Το πρÞγραµµα τελεί υπÞ την αιγίδα του Υπουργείου Υγείασ και στηρίζεται επιστηµονικά απÞ το Τµήµα Επιστηµών Υγείασ του Ευρωπαϊκού Πανεπιστηµίου Κύπρου.

∂ÓÙ˘ˆÛ›·ÛÂ ÙÔ BMW Motorrad Season Start Μεγάλη επιτυχία σηµείωσε η διήµερη εκδήλωση “BMW Motorrad SEASON START 2014” που οργάνωσε η Χαράλαµποσ Πηλακούτασ ΛΤ∆ για τουσ φανατικούσ τησ µηχανοκίνησησ, το Σαββατοκύριακο 10 – 11 Μάιου στα showrooms τησ BMW στα Λατσιά! H εκδήλωση έγινε µε αφορµή το λανσάρισµα των νέων µοντέλων τησ BMW R1200GS Αdventure , F800GS Adventure , S1000R και το εκπληκτικÞ νέο Roadster NineΤ. Πολλοί ήταν οι φίλοι που είχαν τη χαρά να γνωρίσουν απÞ κοντά και να πάρουν πληροφορίεσ για τα καινούργια µοντέλα. Κάτι πρωτοποριακÞ για τα δεδοµένα τησ Κυπριακήσ αγοράσ ήταν και το γεγονÞσ Þτι στην εκδήλωση ήταν επίσησ ευπρÞσδεχτοι ιδιοκτήτεσ µηχανών, πάνω απÞ 500cc, οποιασδήποτε µάρκασ, οι οποίοι θα ήθελαν να εκθέσουν προσ πώληση τη µηχανή τουσ.

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N¤· Ê˘ÛÈÎ¿ Î·È ÊÈÏÈÎ¿ ÚÔ˚fiÓÙ· ∞roxol Η Εύρηκα παρουσιάζει το Αroxol Εarth Choice Liquid Refill 60 Nύχτεσ και το Αroxol Μυγοπαγίδεσ (Rolls & Sticker traps). Το νέο Αroxol Liquid Refill περιέχει φυσικέσ πυρεθρίνεσ, ένα µείγµα ελαίων που προέρχονται απÞ ένα είδοσ χρυσάνθεµου τησ Κένυασ, το οποίο καταπολεµά άµεσα και απωθεί ιπτάµενα έντοµα. Οι φυσικέσ πυρεθρίνεσ είναι πιο φιλικέσ τÞσο για τον άνθρωπο, Þσο και για το περιβάλλον. Το Αroxol Εarth Choice Liquid Refill 60 Νύχτεσ είναι µοναδικÞ στην κυπριακή αγορά! Οι µυγοπαγίδεσ Αroxol (Sticker Traps) για παράθυρα είναι έγχρωµεσ αυτοκÞλλητεσ πλαστικέσ ταινίεσ επικαλυµµένεσ µε φυσική κÞλλα οι οποίεσ τοποθετούνται απευθείασ στο παράθυρο. Τα χρώµατα και οι αντιθέσεισ τουσ, προσελκύουν τισ µύγεσ στη κολλώδη επιφάνεια τησ παγίδασ Þπου παγιδεύονται.

∂‚‰ÔÌ¿‰· ¶·ÁˆÙÔ‡ ÛÙÔ Four Seasons Το καλοκαίρι πλησιάζει, οι θερµοκρασίεσ ανεβαίνουν και η πιο δροσερή γευστική απÞλαυση, το παγωτÞ, έρχεται να δελεάσει τουσ λάτρεισ του. Η Εβδοµάδα Παγωτού που διοργανώνει και φέτοσ το Colors Café του ξενοδοχείου Four Seasons απÞ τισ 23 Μαΐου µέχρι και την 1η Ιουνίου 2014, υπÞσχεται να χαρίσει ιδιαίτερεσ στιγµέσ απÞλαυσησ. Ο Pastry Chef ∆ηµήτρησ Χατζηγιάννησ και η οµάδα του, ετοιµάζουν ειδικά για την Εβδοµάδα Παγωτού, πρωτÞτυπεσ παγωτοδηµιουργίεσ σε αρµονικούσ γευστικούσ συνδυασµούσ απÞ φρούτα του δάσουσ και κÞκκινα φρούτα, µε έµφαση πάντα στην ποιÞτητα και τη φαντασία. Το εµπλουτισµένο µενού τησ Εβδοµάδασ Παγωτού του Colors Café του ξενοδοχείου Four Seasons, συµπληρώνουν εκπληκτικοί συνδυασµοί ηµίγλυκιασ σοκολάτασ µε µαύρο µπισκÞτο, πικρήσ σοκολάτασ µε Popping almond και µαστίχα αµυγδάλου µε χρυσÞµηλο.

May 28 - June 3, 2014

financialmirror.com | PROPERTY| 17

Gro sv enor cuts expo sure to super-prime London homes

The Grosvenor Group that still owns much of London’s upmarket Mayfair and Belgravia districts has sold millions of pounds of prime properties, seeing recent rampant price rises as unsustainable and preferring to invest in rental homes in cheaper districts. The Group, controlled by the Duke of Westminster and one of Britain’s richest men, said it had cut its exposure to superprime London homes last year, making sales that helped its Britain and Ireland unit treble profit. Demand from foreign investors in search of a safe haven has pushed London’s luxury home prices up by 68% since 2009, compared with a rise of 49% in greater London as a whole, according to property consultancy Knight Frank, leading many analysts to express concern that a bubble might be forming. Grosvenor said it sold off GBP 240 mln worth of central London homes, including a row of mid-19th century terraces in Belgravia for GBP 115 mln. The company intends to reinvest in rental homes in more affordable neighbourhoods and already spent GBP 70 mln on a site in the Bermondsey district last year, where it intends to let homes. The firm is controlled by the Grosvenor family, headed by Gerald Grosvenor, who was No. 8 in Britain’s Sunday Times Rich List last year with his GBP 7.8 bln fortune. Grosvenor’s London estate, which it has owned for more than 300 years, comprises 300 acres of Mayfair and Belgravia with more than 1,500 homes, shops and offices as well as investments in China, Europe and North America, and a fund management arm. Last year’s value of its property assets was GBP 5.8 bln, unchanged from 2012.

Paphos is first choice for overseas buyers Despite a continued decline in property purchases in Cyprus, first quarter data for 2014 suggest that Paphos is the only region which presented the highest figure of 41% in property purchase contracts by foreign buyers, according to the department of land registry. Limassol followed with 25%, third was Larnaca 17%, and lastly Nicosia 9% and Famagusta 8%. The attractive regions and natural beauties, combined with the quality of life continue to attract foreign buyers and investors, said Sakis HadjiAlexandrou, the Marketing Manager for Leptos Group. “It seems that Paphos is once again, taking the lead as the prime destination in the property market and the best

choice to have a permanent residency for buyers from overseas. Furthermore, Paphos is moving steadily towards their preparation to welcome the thousands of tourist, visitors and investors expected in town, as it has been selected as the European Capital for Culture for 2017. “Surely the times are difficult but our efforts will be resilient and we will pursuit all the opportunities within the new markets as well as the existing ones,” HadjiAlexandrou said. He added that along with the rest of the group’s management, he and his team are travelling extensively in order to promote the island and especially Paphos as the destination center for investments.

Brussels housing and office rent prices stable managed to post some recent rises. In the years to come, inner city retail rents will resume a pattern of stronger increases, if only because Brussels’ strict planning restrictions will keep a lid on supply.

ANALYSIS Now that all 28 EU member states have elected 751 new members to the European Parliament, we take a look at the real estate market for Brussels. Brussels is Belgium’s largest centre for trade and services, the country’s financial heart and several international and most of the European institutions have their seat here. This institutional configuration makes the size of the public sector in proportion to the region’s total economy quite large. The service sector accounts for the largest share of Brussels’ regional output, and will continue to rise in importance during the years to come, to the disadvantage to the industrial sector. The Feri Real Estate Market Rating, that includes data for more than 150 cities in Europe, in the United States and Asia, rates Brussels as a business location “B+”, which is downgraded to the 3rd quarter 2012. It translates into “Above average potential, below average risk”. With this rating result the city ranks 20th in the comparison of European metropolises. OFFICE Regarding office real estate Feri rates Brussels “B”, which is unchanged compared to the 3rd quarter 2012. The city ranks 5th among office locations of European metropolis cities. Feri awards the office top locations “B” and the side locations “C”. Brussels is one of Europe’s larger office markets with around 13 mln square meters of space. The Leopold district, where the EU Commission and the European Parliament are seated, is an absolutely prime location. Other prime locations are City Center and Avenue Louise. The greatest demand in Brussels comes from the public sector, followed by the financial sector and business services. Average and top rents have risen again since the middle of 2009. Since 2011 rents have been stagnating. This development is expected to continue over the next two years. A sustained trend of noteworthy rent increases

will not become well established until the vacancy rate declines again and approaches or goes below the long-term average. This presumably will occur at the end of the forecast period. The current project pipeline indicates that more office space will enter the market in the next two years. Over the forecast period, we estimate the annual rate of rent increases at 1%. When the last investment cycle reached its peak in the middle of 2007, initial yields in the prime segment of Brussels’ office space market fell clearly below the justifiable long-term average. The correction that followed led to an increase of about 100 basis points by the middle of 2009. The anticipated rate of rent increases and foreseeable risks are again being priced more realistically. Since 2012 yields have been rising slightly again – due to revised expectations in terms rent increases and the ongoing euro zone crisis as well. During the current year, rental yields are expected to increase. Stabilisation might be possible in 2014. The level of initial yields in Brussels’ office market is currently 40 basis points from Feri’s assessment of fair value. The current price level thus offers opportunities to enter the

market, especially since rents have stabilised. However, the supply of high-quality core properties is now increasingly limited in Brussels. Nonetheless, as rents increase in line with consolidation of the recovery, objects of good and average quality are going to find a market again. At present, rental yields are significantly above their long-term fair value. RETAIL In the comparison of European metropolises regarding retail, Brussels placed 8th with a rating result of “A”, which is unchanged compared to the 3rd quarter 2012. Since Belgium imposes stern restrictions on the planning and construction of shopping malls, shopping centres are a comparatively unimportant factor in retail competition. In Brussels, inner city shops, rather than stores in secondary locations, dominate the region’s retail activity. In recent years, a pattern of recurring major economic downturns restrained consumption and impeded total retail turnover. Reflecting this weakened situation, the rent performance for retail space, especially for space in the best locations, has been virtually stagnant. However, rents for retail space in secondary locations have

RESIDENTIAL When it comes to residential real estate, Brussels placed 8th among European metropolises with a rating result of “B+”, unchanged from the 3rd quarter 2012. Rental housing demand from employees of the European Union and other institutions have become notable since the end of the last decade. Nevertheless, the market has not exhibited any remarkable tightness in supply. Thus, drastic leaps in the rent level didn’t occur, although rents for both existing and new apartments have posted continuous increases for a considerable number of years. In the upcoming years, the positive rent performance for both existing and new apartments will continue. In the wake of the European Union’s eastward expansion, demand from employees affiliated with EU institutions provided further impetus for the market. On the residential property market, prices have shown a strong tendency to increase over the last years. The segment of detached singlefamily houses displayed the most robust price increases, while condominium prices have performed weaker. In contrast to other European cities, Brussels’ price level for residential property is still moderate. In the years to come, one can expect the market for purchase of residential property to register further price increases. However, the current economic downturn will delay this development. Eventually, prices will rise in all segments of the market, although prices for condominiums will not begin to accelerate until the medium term. Feri Real Estate Market Rating is operated by Feri EuroRating Services AG, a leading European rating agency, specialising in the analysis and valuation of investment markets and investment products.

May 28 - June 3, 2014

18 | WORLD MARKETS | financialmirror.com

The irony of anti-Europe factions in European Parliament By Oren Laurent President, Banc De Binary

Never before has the European Parliament comprised of so many eurosceptics. As 28 EU nations went to the polls last week, the uncertainty and paradox created by the election became apparent, with loses in seats for the mainstream parties reflected by loses in the financial markets. Where does this leave Europe and what are the implications of the vote? On Friday, the Euro dropped against several of its major peers and closed at a three month low against the US dollar, at just $1.3616, a sad indicator of market sentiment in the middle of voting for the European Parliament. The decline was also the result of data indicating poor manufacturing activity across the Eurozone and low business confidence in Germany, released on Thursday and Friday respectively. These add further weight to the suggestion that the European Central Bank may boost stimulus as early as next month, and also help to explain why European voters are disillusioned. The world’s second largest democratic process, with 400 mln eligible voters, gave Europeans the chance to express their frustrations at the sluggish pace of economic recovery. In the results announced on Sunday night, it was clear, as predicted, that a sizable number of the 43% turnout voted for the parties

that spoke most strongly of change. Ironically, these tend to be the hard-liner parties, on the fringe of mainstream politics and opposed to current European political and economic infrastructures. Italy’s Northern League spent fortunes ahead of the election covering the country with yellow banners that read “Basta Euro” “enough of the Euro”. In France, Marine Le Pen, argued outside of the National Front headquarters, that the EU “can’t be improved. We need to let it crumble and build after it a Europe of free and sovereign nations.” The far-right UK Independence Party also puts euroscepticism and a fierce antiimmigration stance at the heart of its ideology. Its leader, Nigel Farage, boasted that the party’s successes last week will now force current Prime Minister, David Cameron, to become more anti-Europe to retain his right wing voters in the UK’s general elections next year. These protest parties may be more powerful than previously, but are still in the minority. Despite the fact that they all focus on national issues and share no common policies except their desire to disband the Union, they will have to club together in the Parliament in Strasbourg if they want to make their cries against integration and free trade heard. They could certainly destabilise the union and stall its activities. In particular jeopardy is the ongoing attempt to create a trans-Atlantic free trade agreement between the EU and the US which was designed to spur economic growth. The results of the vote question the public’s perception of the euro and austerity measures. The united voices of the nationalist parties could threaten current European policies

and efforts to restore growth, and could potentially worsen proEuropean sentiment. Time will reveal the true effects of the votes and the degree of power that the parties exert. Paradoxically, the protest parties will lose credibility if their bark is worse than their bite and they don’t improve the lives of voters, but at the same time, but if economic growth continues, however slowly, perhaps by the next election, they will have lost their very appeal.

www.bancdebinary.com

Aussie suffers losses on weaker growth, low inflation Markets Report by Forextime Ltd By Jameel Ahmad, Chief Market Analyst at FXTM

One of the main talking points from the previous trading week was the Aussie aggressively concluding its bullish 5-month uptrend, consequently depreciating towards its lowest valuation in nearly two months. Last week saw the release of the latest RBA minutes, and they alerted the bears. It was announced that the RBA will maintain interest rates at a record low 2.5% for the foreseeable future. However, this is not what necessarily caused AUDUSD weakness. The RBA also disclosed that Australia is set to welcome a period of weaker economic growth, coupled with low inflation, seriously questioning the mid-term prospects for the Australian economy. Previously, the Aussie had welcomed bullish momentum throughout 2014 but following the RBA’s dovish projections for the economy, it now appears that the bears are set to take control. In other news, the EURUSD is now at its lowest valuation since February, after further alarming economic data provided added validity to the suspicions that the ECB will look to implement further monetary easing during the June meeting. The latest Purchasing Managers Index (PMI) survey dipped to 53.9, down from 54.0 in April. The revelation that France drifted back towards contraction was sufficient to encourage EURUSD losses. Further selling was felt on Friday, after German Business Confidence declined more than economists’ forecast, encouraging further suspicions that growth in the EU’s largest economy will slow this coming quarter. The EURUSD has now fallen by 300 pips over the previous few weeks, and with a high quantity of economic data released throughout the EU in the next few days, any further slip ups will award the bears with more momentum. Already, 90% of

economists are predicting further ECB easing next month. Elsewhere, the bulls regained control of the GBPUSD after BoE Governor Mark Carney inspired traders to sell the GBPUSD the week prior. This week saw the return of UK economic performances continuing to outperform expectations with UK Retail Sales expanding annually by 6.9% in April, their strongest annual increase in a decade. The Office for National Statistics confirmed that Retail Sales accelerated by 1.3% between March and April, beating analyst expectations for a 0.5% increase. Additionally, UK CPI (inflation) improved from a four-year low 1.6% in March, to 1.8% in April. The BoE’s inflation target is 2%, and optimists are now hoping for inflation rates to reach that benchmark figure next month. Despite Carney’s stubborn stance towards an interest rate increase during last week’s BoE Inflation Report, with economic performances continuing to outweigh expectations, the bulls are unlikely to give up hope any time soon. In fact, over the weekend it emerged from outgoing BOE Deputy Governor, Charlie Bean, that UK interest rates will reach 3% by 2017. Moving on to the Japanese currency, and the JPY continued its recent revival over the previous week. Much anticipation was built up surrounding BoJ Governor Kuroda’s live press conference on May 21. Kuroda delivered a hawkish address, where he expressed his optimism regarding improved Japanese economic data, and stated that Japan is on course to meet the BoJ’s 2% inflation target within the next year. This news quietened the bears, who were hoping for the BoJ to announce a fresh round of monetary easing. The optimism regarding Kuroda’s hawkish address suggests that any potential further easing will be delayed (if at all) for at least the next quarter. Therefore, further JPY strengthening is likely over the coming months. In regards to the United States, economic releases were low in volume last week.

However, the metric data which was released continued to express that economic momentum was gaining speed for the world’s largest economy. For starters, US New Home Sales climbed 6.4%, their largest increase in six months. Additionally, US Markit Manufacturing PMI’s surpassed the 55.5 expectation, scoring a 56.2. Bearing in mind that not only is the United States the world’s largest manufacturer, but manufacturing is also a critical employment sector for the U.S., this could bode well for next month’s Non-Farm Payroll release. Interestingly, it also appears that we are entering the beginning phases of the Federal Reserve transitioning from a dovish tone regarding the US economy, to a more Hawkish outlook. For example, last week’s FOMC minutes indicated that the Federal Reserve have initiated discussions on raising short-term interest rates, even though they did caution during the same release that no interest rate hike was pending. Additionally, during a recent public speaking event, Fed Chairwoman, Janet Yellen expressed that the Fed considers the US economy to be expanding, with growth set to accelerate over the latter period of 2014. Although the Fed explicitly stated that no interest rate increase was on the agenda, the public acknowledgement that the US economy is expanding, coupled with a

hawkish outlook towards the end of 2014, is substantial progress. In previous months, we became very accustomed to a far more dovish tone. WHAT TO WATCH THIS WEEK: The upcoming week is crucial for the Euro-Zone, with an aggressive quantity of economic data released throughout the EU. We are now just under two weeks away from the highly anticipated ECB Rate Decision, and I am expecting each piece of economic data to be placed under close scrutiny. This week, Germany Retail Sales are released followed by the latest German Unemployment Rate. Previously, it was assumed that the Deutsche Bundesbank stood against any further ECB stimulus, but with recent German data raising a few alarm bells, it is now understood that they have softened their stance. Other noticeable economic releases from the European Union include; Italian CPI, EU Consumer Confidence and the Business Climate Indicator for May. ForexTime Ltd (FXTM) is registered as a Cyprus Investment Firm and licensed by the Cyprus Securities and Exchange Commission (CySEC). For information, disclaimer and risk warning visit: http://www.forextime.com/

May 28 - June 3, 2014

financialmirror.com | MARKETS | 19

Why Thailand is the odd man out Marcuard’s Market update by GaveKal Dragonomics In the mid-1990s Thailand’s over-built and excessively geared economy provided a clear early warning signal for the troubles about to engulf the rest of emerging Asia. But having now suffered two military coups in eight years Thailand is less a bellwether than a regional outlier that seems to have given up serious development in favour of a struggle to subdivide existing wealth and power. The good news from Asia is that ascendant political tribes in most other economies are focused on growing the pie rather than endless battles over redistribution. The depressing sound of leather jack boots clomping around government offices in Bangkok last week follows Thailand’s gradual slide into a middle income trap. Its demographic dividend is all but spent and productivity improvements have not picked up to ensure real income growth. Bad politics over the last decade has ensured weak government and poor capital spending trends. Unlike past coups which have famously been good buying opportunities for Thai equities, already rich valuations mean we do not expect a re-run (bonds may hold value given that further interest rate cuts are likely). The contrast with recent developments in India, Indonesia, Philippines and even stodgy old Malaysia is clear. All of the above are lively democracies where the main political discussion is increasingly focused on the pursuit of growth and

higher living standards. Narendra Modi’s landslide win in India’s election was secured on an agenda to secure more factory jobs, roads and power stations and less on nebulous promises for social justice. Modi’s agenda also departed from the main narrative of past elections which focused on economic rights and the correction of market failures, and hence a tendency to ever rising subsidies and state intervention. Across the region, we see a similar recognition that the development model needs an upgrade. Indonesia will elect a new president in July and we would expect the progressive Jakarta governor Joko “Jokowi” Widodo to prevail. Given the country’s complex electoral college system the risk remains that the more isolationist Prabowo Subianto succeeds Susilo Bambang Yudhoyono, heralding a return to economic nationalism and possible cronyism. We don’t think this will happen because rational economic policies are already proving their worth—Indonesia has endured a painful terms-of-trade reversal over the last two years and last year faced capital outflows after the US Federal Reserve said it would dial back its quantitative easing programme. Indonesia responded promptly with interest rate hikes which helped stabilise markets, and growth is getting back on track. The Philippines is seeing a similar virtuous circle of stable governance, improved capital spending and balanced growth. An economy which had become hugely dependent on overseas remittances has seen manufacturing pick up, with growth in factory output averaging 7.5% in the last three years, compared to about 3% in the preceding five years. Like Indonesia, the

issue is whether these gains can be consolidated without a return to crony capitalism and a capture of the national growth dividend by which ever tribe happens to secure political power. One reason to be optimistic is that the sad demise of Thailand’s development story over the last decade has offered a signal warning to both electors and elites in the rest of the region. Openness and democracy has served emerging Asia well, but the lesson of Thailand is that government policy must remain focused on development or face a decline into recrimination and political chaos.

The end is in sight for Zero US rates Marcuard’s Market update by GaveKal Dragonomics US inflation is rebounding. Both goods and services prices increased in April, pushing the CPI up to 2% YoY after nearly a year below the Federal Reserve’s target. Pressure is coming from housing rents and, lately, from the rebound in commodities. Businesses are also raising prices as wage growth squeezes margins, and better off consumers prove willing to pay more. This could be viewed as just the rebound in real activity and inflation that the Fed has strived for. On its own, it would be good news for corporate earnings and equity markets. But the flip-side is that it casts doubt over the future of the Fed’s zero interest rate policy. For the last year, markets have had it easy. Price rises have been well below the Fed’s 2% target and inflation expectations soft. As the Fed began to taper its asset purchases, weak inflation meant that it could afford to keep its policy pedal pressed firmly to the floor, with interest rates at zero. Those times have passed. With inflation back on target, the Fed is busy discussing its exit strategy, as the minutes of April’s meeting show. New York Fed president William Dudley recently made it clear that the Fed is inclined to begin raising short rates without starting to shrink its balance sheet. That the bond market may not have to digest

a sell-off in the Fed’s assets should be welcome news, but the markets are focused more on Dudley’s juxtaposition of the word “rate” with the word “hikes”. The fear is that rate rises could trigger a bear market in equities or even an economic recession. Eventually, tightening will indeed cause a bear market and a recession. It always does. Easy policy ushers in a boom, tighter policy causes a bust. That’s how the system works. The important questions are about timing: 1) When will the Fed start to hike interest rates? And, 2) How long will it be before higher rates start to restrict growth? To answer the first question: some at the Fed are sounding rather hawkish. Emboldened perhaps by the recent rise in inflation measures, St. Louis Fed president James Bullard said last week that short rates could rise as early as the first quarter of 2015 (the consensus is for later in the year). The basis for his view is a belief that the labour market is tightening faster than most realise; an argument we endorse. Philadelphia Fed president Charles Plosser has made similarly hawkish comments. But the view that really matters is Fed Chair Janet Yellen’s. As far as we know, she still thinks the first rate hikes are likely in the second half of next year. And while some may think the labour market is mending fast, note that Yellen has done away with a simple unemployment rate threshold in favour of a half dozen measures. That means she can

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.

www.marcuardheritage.com

The Financial Markets Interest Rates Base Rates

LIBOR rates

CCY USD GBP EUR JPY CHF

0-0,25% 0.50% 0.25% 0-0,1% 0-0,25%

Swap Rates

CCY/Period

1mth

2mth

3mth

6mth

1yr

CCY/Period

USD GBP EUR JPY CHF

0.15 0.49 0.24 0.10 -0.01

0.19 0.51 0.26 0.12 0.01

0.23 0.53 0.29 0.14 0.01

0.32 0.64 0.37 0.18 0.06

0.54 0.94 0.53 0.33 0.18

USD GBP EUR JPY CHF

2yr

3yr

4yr

5yr

7yr

10yr

0.51 1.13 0.36 0.18 0.03

0.90 1.51 0.46 0.20 0.08

1.29 1.81 0.61 0.26 0.19

1.63 2.03 0.79 0.32 0.32

2.15 2.37 1.16 0.48 0.66

2.63 2.73 1.62 0.76 1.08

Exchange Rates Major Cross Rates

CCY1\CCY2 USD EUR GBP CHF JPY

Opening Rates

1 USD 1 EUR 1 GBP 1 CHF 1.3655 0.7323

100 JPY

1.6870

1.1181

0.9817

1.2354

0.8188

0.7190

0.6628

0.5819

0.5928

0.8094

0.8944

1.2213

1.5089

101.86

139.09

171.84

0.8781 113.89

Weekly movement of USD

CCY\Date

29.04

06.05

13.05

20.05

27.05

CCY

Today

USD GBP JPY CHF

1.3809

1.3828

1.3705

1.3656

1.3601

0.8212

0.8186

0.8118

0.8121

0.8068

141.23

140.80

139.90

138.37

138.41

1.2122

1.2106

1.2139

1.2159

1.2143

GBP EUR JPY CHF

1.6870 1.3655 101.86 0.8944

Last Week %Change 1.6812 1.3710 101.52 0.8922

-0.34 +0.40 +0.33 +0.25

probably find at least one indicator to justify any rate she wants. In her defence, the growth outlook remains uncertain. So, Yellen is unlikely to raise short rates quickly unless inflation expectations come un-anchored. The bond market shows no sign of that yet.

May 28 - June 3, 2014

20 | WORLD MARKETS | financialmirror.com

Why Jeffrey Sachs matters By Bill Gates Bono calls economist Jeffrey Sachs “the squeaky wheel that roars.” To me, Sachs is the Bono of economics – a guy with impressive intelligence, passion, and powers of persuasion who is devoting his gifts to speaking up for the poorest people on the planet. So I was not surprised that a journalist would find Sachs to be a compelling central character for a book – and a good way to draw readers into the potentially dry subject of international development. In The Idealist, Vanity Fair writer Nina Munk draws a nuanced portrait of Sachs and his Millennium Villages Project (MVP) – a $120 mln demonstration project intended to show the world that it’s possible to lift African villages out of poverty through a massive infusion of targeted assistance. It would have been easy, and perhaps more marketable, for Munk to draw a caricature, overly accentuating Sachs’s negative qualities at the expense of his great gifts. But she doesn’t. Munk spent six years researching for the book, getting to know Sachs well and living for extended periods in two of the 15 Millennium Villages. She clearly appreciates the importance and difficulty of what Sachs and his team are attempting to do. Unlike most books about international development, Munk’s book is very readable and not long (260 pages). I’ve told everyone at our foundation that I think it is worth taking the time to read it. It’s a valuable – and, at times, heartbreaking – cautionary tale. While some of the Millennium Villages succeeded in helping families improve their health and incomes, the two villages that Munk spent the most time studying – Dertu, Kenya and Ruhiira, Uganda – did not come close to realizing Sachs’s vision. When Sachs first started planning the project, he came to the foundation for support. We were already a big supporter of his efforts at Columbia University’s Earth Institute and felt it was invaluable to have him focused on the needs of poor countries. His pitch was intriguing. He was picking a handful of villages to be the focus of intense interventions in health, education, and agriculture – all at once. His hypothesis was that these interventions would be so synergistic that they would start a virtuous upward cycle and lift the villages out of poverty for good. He felt that if you focus just on fertilizer without also addressing health, or if you just go in and provide vaccinations without doing anything to help improve education, progress won’t be sustained without an endless supply of aid. My colleagues and I had a number of concerns about

Sachs’s approach. We questioned his assumptions about how quickly the gains would materialize, what would happen when the MVP funding was phased out, how much governments would contribute to offset the high per-person costs, and how feasible it was to measure progress (given the likelihood that people from the surrounding area would stream into their villages once the MVP aid started flowing). So we decided not to invest in the MVP directly, although we were happy to keep supporting his other work. Now that the project has not gone as planned, I’m not about to throw stones. We have many projects of our own that have come up short. It’s hard to deliver effective solutions, even when you plan for every potential contingency and unintended consequence. There is a natural tendency in almost any kind of investment – business, philanthropic, or otherwise – to double down in the face of difficulty and missteps. I’ve done it, and I think that most other people have, too. So what went wrong? For one thing, the villages that Sachs picked experienced all kinds of problems – from drought to political unrest. For another, the MVP took an idealistic “Field of Dreams” approach. MVP leaders encouraged farmers to switch to a series of new crops that were in demand in richer countries, and experts on the ground did a good job of helping farmers to produce good crop yields by using fertilizer, irrigation, and better seeds. But the MVP didn’t simultaneously invest in developing markets for these crops. According to Munk, “Pineapple couldn’t be exported after all, because the cost of transport was far too high. There was no market for ginger, apparently. And, despite some early interest from buyers in Japan, no one wanted banana flour.” The farmers grew the crops, but the buyers didn’t come. Of course, Sachs knows that it’s critical to understand market dynamics; he’s one of the world’s smartest economists. But in the villages Munk profiled, Sachs seems to be wearing blinders. Warren Buffett likes to say, “The rearview mirror is always clearer than the windshield.” Through that rearview mirror, we can see that the project never had an economic model that could sustain successes once the MVP dollars ran out. All of the interventions involved – health, agriculture, infrastructure, education, and business seed money – make sense if carried out carefully, over time. But I am surprised by how little Sachs dug into country budgets, and that he didn’t work to convince governments to commit to additional taxation to fund more of these interventions domestically. Through the rearview mirror, we can also see that many of Sachs’s ideas have proved to be exactly right. Munk details his

2007 fight with international aid donors who were refusing to distribute insecticide-treated bed nets for free because they favored a market-based approach whereby people would pay a small amount for each net. To put it mildly, Sachs didn’t make any friends in the process of advancing his case for free bed nets. Through increasingly ruthless tirades, he wound up alienating potential allies who want to defeat malaria just as badly as he does. But history will show that Sachs was absolutely right. We have since seen that the free model has allowed for much broader distribution of bed nets – and much greater reductions in malaria – than market models.

In the end, I hope poverty fighters will not let the MVP experience stop them from investing and taking risks. In the world of venture capital, a success rate of 30% is considered a great track record. In the world of international development, critics hold up every misstep as proof that aid is like throwing money down a rat hole. When you’re trying to do something as hard as fighting poverty and disease, you will never achieve anything meaningful if you’re afraid to make mistakes. I greatly admire Sachs for putting his ideas and reputation on the line. After all, he could have a good life doing nothing more than teaching two classes a semester and pumping out armchair advice in academic journals. But that’s not his style. He rolls up his sleeves. He puts his theories into action. He drives himself as hard as anyone I know. I suspect that Sachs, like all relentless thinkers and doers, will learn from his missteps and come back with stronger ideas and approaches. Sachs will always be a squeaky wheel that roars – and the world will be a better place for it. Bill Gates is Co-Chair of the Bill Melinda Gates Foundation. © Project Syndicate, 2014, www.project-syndicate.org

China’s education revolution Over the last 35 years, China’s strong and sustained output growth – averaging more than 9.5% annually – has driven the miraculous transformation of a rural, command economy into a global economic superpower. In fact, according to the World Bank’s most recent calculation of the purchasing power of aggregate income, China is about to overtake the United States as the world’s largest economy. But, in terms of the quality and sustainability of its growth model, China still has a long way to go. Despite its remarkable rise, China’s per capita income, at $10,057 (adjusted for purchasing power) in 2011, ranks 99th in the world – roughly one-fifth of US per capita income of $49,782. And reaching high-income status is no easy feat. Indeed, many countries have tried and failed, leaving them in a so-called middle-income trap, in which per capita income levels stagnate before crossing the high-income threshold. Strong human capital is critical to enable China to escape this fate. But China’s labor force currently lacks the skills needed to support high-tech, high-value industries. Changing this will require comprehensive education reform that expands and improves opportunities for children, while strengthening skills training for adults. To be sure, over the last four decades, the quality of China’s labor force has improved substantially, which is reflected in impressive gains in educational attainment. Gross enrollment rates at the primary level have surpassed 100% since the 1990’s, while secondary and tertiary enrollment rates reached 87% and 24%, respectively, in 2012. In 2010, more than 70% of Chinese citizens aged 15-64 had received secondary education, compared to about 20% in 1970. Furthermore, Chinese students perform well in internationally comparable tests. Fifteen-year-olds in Shanghai outperformed students from 65 countries, including 34 OECD countries, in mathematics, science, and reading, according to

the Programme for International Student Assessment in 2009 and 2012. China has also benefited from rapid employment growth, with more than seven million workers having entered the workforce each year since 1990. This, together with the massive reallocation of workers from rural to urban areas, has supported the labor-intensive manufacturing industries that have fueled China’s economic rise. But China’s demographic advantage is diminishing quickly, owing to low fertility rates and population aging. According to the United Nations, by 2030, China’s working-age population (15–59 years old) will have decreased by 67 mln from its 2010 level. Moreover, higher education in China leaves much to be desired, with employer surveys revealing that graduates of upper secondary schools and universities usually lack the required technical knowledge and soft skills. For example, in 2013, more than one-third of the Chinese firms surveyed said that they struggled to recruit skilled workers, with 61% attributing this to a shortage of general employable skills. How, then, can China expect to achieve the export diversification and technological upgrading that it needs to move up the global value chain? Clearly, China needs to reform its higher-education institutions, including technical and vocational training programmes. At the same time, it must expand opportunities for anyone with talent to acquire high-quality secondary and tertiary education, thereby reducing substantial disparities in the accessibility and quality of higher education across regions and social groups. And the children of migrant workers in urban areas must be granted full access to the education system. Such efforts to reduce educational disparities would help to address income inequality – a significant threat to China’s future economic growth.

By Lee Jong-Wha All of this will require increased public investment in education. As it stands, China’s public investment in education, as a share of GDP, is below international standards across all levels, but especially in senior secondary and tertiary education. China’s education challenge also extends to quality. Inadequate education is a major driver of rising unemployment among China’s senior secondary and tertiary graduates, not to mention their declining wage premium. This can be remedied through better financing, more effective recruitment and compensation policies, and more decentralised decisionmaking in school administrations. Finally, though some evidence suggests that there is an over-supply of university graduates in China, ongoing demographic and sectoral shifts mean that China will encounter a supply deficit of 24 mln highly skilled graduates of universities or higher-level vocational schools by 2020. To fill this gap, China must upgrade its fragmented and ineffective technical- and vocational-training programmes. To ensure that its labor force can meet the demands of a rapidly changing economic and technological environment, China must build a more inclusive, higher quality education system. Without it, China may not be the world’s number one economy for long. Lee Jong-Wha, Professor of Economics and Director of the Asiatic Research Institute at Korea University, was a senior adviser for international economic affairs to former President Lee Myung-bak of South Korea. © Project Syndicate, 2014, www.project-syndicate.org

May 28 - June 3, 2014

financialmirror.com | WORLD MARKETS | 21

Why Bill Gates gets it wrong By Jeffrey D. Sachs In his review of Nina Munk’s error-filled and out-of-date book, Bill Gates oddly abandons the rigorous approach to measurement and evaluation that defines his foundation’s invaluable work. He simply accepts Munk’s assertion that the Millennium Villages Project – an ongoing development project across more than 20 African countries – has failed. In fact, it is flourishing.

This credulousness is puzzling. Munk’s book covers only a sliver of the first half of a ten-year project, and only two of 12 villages. And she never “lived for extended periods in the Millennium Villages.” Munk spent an average of around six days per year – around 36 days over six years – actually visiting the villages, and usually at a stretch of 2-3 days. Moreover, she came to the story as a reporter for the magazine Vanity Fair, with no training or experience in public health, agronomy, economics, or African development. Worse, Munk’s observations frequently seem to have been, at the very least, greatly exaggerated for narrative effect. Does Bill Gates really believe that I advocated specific crops

without worrying about whether there was a market for them, or that I failed to consider national taxation in my ongoing advice to government leaders? Moreover, the agricultural strategies and choices in the MVP have been led by African agronomists, some of the very best in Africa – often working hand in hand with Bill’s own agricultural staff in the Alliance for a Green Revolution in Africa (AGRA). Bill will be happy to know that the MVP will be properly and professionally evaluated next year – on time at its conclusion (and at the end of the Millennium Development Goals in 2015). The assessment will be based on the very considerable data that have been collected over the past decade, and on extensive new survey data that will be collected in 2015. Moreover, the evaluation will include comparisons with areas surrounding the Millennium Villages. In fact, I hope that the Bill & Melinda Gates Foundation will help to carry out the detailed, independently supervised survey work needed for a full evaluation of this complex project. Let me provide some more good news, based on the detailed data on community health delivery, morbidity (disease), and mortality that the MVP collects each month. Mortality rates are down sharply in the Millennium Villages. In fact, the current evidence, to be examined in greater detail next year, suggests that the bold goal of reducing under-five mortality rates to below 30 deaths per 1,000 births has been achieved or is within reach by 2015, and at a remarkably low cost to the health system. Recently, one of the Gates Foundation’s senior staff members visited the Millennium Village site in northern Nigeria. Afterwards, he confirmed to me personally that he and his team were deeply impressed by what they saw of the Millennium Village health system in operation. So let me take this opportunity to reiterate a challenge that I have posed to Bill. He can pick any district in rural Africa, and our team will work with the local communities using the Millennium Village health approach to reduce the under-five mortality rate to below 30/1,000 – a rate characteristic of many middle-income countries – at an annual health-sector cost of just $60 per person. And we will

do it in five years or less. That success, I believe, would help Bill and others to recognize the remarkable value of investing in low-cost rural health systems that follow the design principles of the Millennium Village Project. Finally, given concerns, shared by Bill, about the MVP’s sustainability and scalability, it is no small matter that host governments are strong advocates of the approach. These governments’ leaders have seen the Millennium Villages day in and day out over almost a decade. They are putting their own money and policies behind expanded implementation of the MVP’s guiding concepts. For example, Nigeria has used the MVP concepts for national-scale delivery of health and education services in all 774 of the country’s Local Government Areas. Governments across the region have taken over $100 mln in financing from the Islamic Development Bank to scale up the MVP concepts themselves. Around a dozen countries are now starting or have approached the Millennium Village Project to help them start their own Millennium Villages. And the Pan African Youth Leadership Network, Africa’s own young people, recently visited the Millennium Village in Senegal, and requested the support of the MVP to expand the Millennium Village Project’s techniques and strategies in their home countries and regions. This spread of the Millennium Village approach throughout Africa shows that African political and community leaders consider the MVP’s methods, strategies, and systems to be highly useful in combating poverty in rural Africa. Nina Munk’s book is out of date and misses the mark. I invite Bill Gates to visit one or more Millennium Village sites on an upcoming trip to Africa to see first hand why the approach is of such practical interest across the continent. Jeffrey D. Sachs is Professor of Sustainable Development, Professor of Health Policy and Management, and Director of the Earth Institute at Columbia University. He is also Special Adviser to the United Nations Secretary-General on the Millennium Development Goals. © Project Syndicate, 2014, www.project-syndicate.org

Markets’ Federal Reserve love story By Mohamed A. El-Erian Αuthor of When Markets Collide

The morning drive to my 11-year old daughter’s school is always fun, and often a source of insight. That was certainly the case last week when she pointed out something about Frozen, the hugely popular Disney film, that had totally escaped me. “It’s unusual,” she said, “to see a Disney movie in which they end up telling us not to marry someone we’ve just met.” Quite early on in the movie, Princess Anna meets Prince Hans at her sister Princess Elsa’s coronation ball. They immediately connect on many levels and, yes, “fall in love.” He quickly proposes, and she accepts, but Elsa refuses to give her blessing. It then takes Anna most of the movie to figure out that Hans is evil – set on getting rid of both her and her older sister in order to take over the kingdom. Luckily for her, there is a wonderful commoner – Kristoff – whom she has gotten to know during the course of her adventures. Unlike Hans, he is genuine and dependable; they end up together. After many decades of Disney movies, we have been conditioned to expect princesses to fall in love quickly with their charming princes and “live happily ever after.” And when there are challenges or obstacles (mostly in the more recent movies), these are quickly overcome (and with humor). Similarly, for many years market participants have been richly rewarded for falling in love – quickly and decisively – with the new policy measures adopted by America’s Federal Reserve. Indeed, the romance has overwhelmingly followed the Disney script. Yes, there may have been some bumps along the way, but they have been overcome quickly. And the romance has resulted in both parties living happily: the Fed feels better positioned to pursue its dual mandate of high employment and stable inflation, while investors feel that they have the

opportunity for sizeable financial rewards. This relationship has been so comfortable that market participants have adopted the mantra “Never fight the Fed” – and for good reason. The Fed is the world’s most powerful central bank. It owns the printing press that produces the world’s main reserve currency. It enjoys a significant amount of political independence. And it has not been shy about using its considerable operational autonomy. Market participants also know that the Fed needs them to leverage its policy influence and deliver on its mandate, which, in recent years, has rightly been broadened in practice to incorporate the goal of financial stability. To this end, the Fed has become much more “transparent” with markets in the last few years, sharing more readily the minutes and transcripts of its policy discussions. The Chair of the Federal Reserve Board has even taken to holding periodic press conferences that are closely watched on trading floors around the world. Since the 2008 global financial crisis, the romance has become particularly intense, especially as the Fed has been compelled to use a range of unconventional measures to overcome the capital-market disruptions that almost tipped the world economy into a deep depression. In doing so, the Fed has become more involved in how markets function, the valuation of assets, and fluctuations in their prices. And the markets have come to depend much more on the Fed, expecting more frequent attention and support from it (and throwing a short tantrum when they feel disappointed, as was the case a year ago). Initially, central bankers were keen to cultivate this romance as a means of meeting their broader policy objectives of growth, employment, stable inflation, and financial stability. More recently, however, some have become less comfortable, warning that the codependence is encouraging excessive risktaking and, in some cases, bubbly valuations. Some worry that it may even undermine the Fed’s political independence. And, only two weeks ago, an outgoing Fed governor, Jeremy Stein, declared that the Fed is in the middle of a policy transition that renders its guidance to markets “more qualitative,” “less deterministic” and, therefore, less precise.

Like Princess Anna in Frozen, it will take time for markets to recognize that their relationship with the Fed is changing (and should change); and, similar to the movie, some sort of shock may be involved in socializing the new understanding. Having said that, the outcome will certainly not be as dramatic as in the movie – if only because, unlike Hans, the Fed is not out to take over the markets. So the romance will survive, but it is unlikely to be as intense, and it is unlikely to be unconditional. The hope is that, by that time, a more vibrant real economy will perform the role that Kristoff played in the movie. The best and most sustainable love story for markets is one based on a healthy and dynamic real economy that creates jobs and opportunities for many more people. Unfortunately, on that count, it is too soon to predict whether we will live happily ever after. Mohamed A. El-Erian is Chief Economic Adviser at Allianz and a member of its International Executive Committee. He is Chairman of President Barack Obama’s Global Development Council and the author, most recently, of When Markets Collide. © Project Syndicate, 2014, www.project-syndicate.org

May 28 - June 3, 2014

22 | WORLD MARKETS | financialmirror.com Mo rgan Stanley, Go ldman Sachs mo ving away from commo dities

Big banks that once made big bucks in physical commodities markets are now looking to pull out of those markets as new rules regarding capital requirements for those physical holdings take effect. The Federal Reserve has been reviewing its policy and is considering imposing a surcharge on bank-owned commodities and warehouses in an effort to get the banks to reduce their investments in the risky and volatile commodities trading business. The comment period on new rules just ended and a decision is expected later this year. Morgan Stanley has already sold its global oil-trading business to Russia’s OAO Rosneft and now is seeking a buyer for its stake in TransMontaigne Partners L.P., a pipeline and terminal company with operations in Texas and the southeast U.S., as well as along the Mississippi and Ohio rivers. The bank owns the general partner of TransMontaigne Partners and 20% of the common units of the master limited partnership. Goldman Sachs Group is reportedly seeking to sell its commodities warehousing subsidiary, Metro International Trade Services, which is based in Detroit and has been sued for manipulating the price of aluminum and, last week, was sued for manipulation in the zinc markets along with the London Metals Exchange, JPMorgan Chase & Co. and London-traded Glencore. During the long bull market in commodities, both Morgan Stanley and Goldman Sachs profited handsomely from their commodities trading and warehousing businesses. The current bear market has made it less lucrative, and the expected capital requirements from new Federal Reserve rules have made commodities one of those businesses that the big banks can live without.

Apple takes on Samsung… again Apple Inc. has filed a motion to ban smartphones made by Samsung Electronics that Apple claims infringe on its patents. Some might rightly think that a jury already awarded Apple a judgment of $120 mln in that case early in May, so there’s nothing new. In fact, Apple had thanked the jury for its decision, saying, “We are grateful to the jury and the court for their service.” The company may have been grateful, but it isn’t satisfied. Apple on Friday not only filed a motion to ban sales of several Samsung phones, the Cupertino company also filed a request for a retrial in the case that resulted in the $120 mln award. Apple was seeking $2.2 bln, and the $120 mln probably doesn’t even cover its legal fees. Apple tried in 2012 to get a federal court judge to ban sales of Samsung smartphones after winning a decision in a similar case, but the judge denied the request saying that Apple did not make a compelling argument that sales of the phones would irreparably harm its business. Why Apple is trying the same argument again (on the same judge) is anybody’s guess. What makes Apple’s actions look especially silly is that the smartphones and tablets in question are all older models. The most recent is the Galaxy SIII and the Galaxy Tab 2 10.1. Samsung has been selling the

Galaxy S5 smartphone and Galaxy Tab 3 for some months now and the effect a ban on sales will have on older phones is certainly negligible. Apple’s request for a retrial is based on adding Samsung’s Galaxy S4 and S5 to the list of infringing devices. If the judge allows the newer devices to be included, the impact on Samsung’s business could be far more serious. One might even say devastating.

The happiest countries in the world People living in Switzerland are the most satisfied with their lives for the second consecutive year, according to the Better Life Index. The study, published annually by the Organisation for Economic Co-operation and Development (OECD), reported that United States failed to crack the top 10 for the fourth consecutive year, while neighbors Mexico and Canada did. The Better Life Index rates the 34 OECD member nations, as well as Brazil and the Russian Federation, on 11 variables that contribute to a high quality of life, including income, education, housing, health, and life satisfaction. 24/7 Wall St. reviewed the 11 countries with the highest life satisfaction score. One of the most important factors contributing to higher life evaluations is the presence of healthy job market. Of the 11 nations with the highest levels of life satisfaction, nine were among the top ten nations by employment rate, measured as the percentage of the working-age population that is employed. By contrast, nations with low life satisfaction scores typically had high unemployment rates. In Greece, the nation with the lowest life satisfaction score, 27.3% of the workforce was unemployed in 2013, the highest rate in the OECD. Similarly, low-scoring Poland, Hungary and Portugal all had high unemployment rates. According to Romina Boarini, head of monitoring well-being and progress, at the OECD, jobs provide financial security, but they also impact a person’s mental well-being. “When people lose jobs they don’t just lose a salary, they really lose out on their ability to be connected to society.” Good health also contributes to life satisfaction. In eight of the 11 countries, a higher-than-average proportion of residents described their health as at least “good.” In Canada, 88% of respondents rated their health as “good” or better, well above the OECD-wide 69%. Life expectancies were also quite high in many of these nations. In Switzerland, the top-rated nation for life satisfaction, the average life expectancy was 82.8 years, the highest of any country reviewed by the OECD. Boarini noted that low life satisfaction can also negatively effect health, telling 24/7 Wall St. that “There’s also a lot of evidence that when people are not very satisfied with their lives it has a negative impact on their health.” Another factor that may contribute to residents’ life satisfaction scores in many of these nations is government spending, which includes transfer payments to citizens and purchases of goods and services. The governments of eight of the 11 top nations with the highest life satisfaction scores outspent the U.S., as a percentage of GDP, in 2013. Similarly, most spent more than the OECD average of 41.7% of GDP. In the U.S., life satisfaction continued to drop, from 14th in last year’s report to 17th in this year’s report. This is despite the fact the U.S. led all nations in both disposable income and household net wealth per capita. One reason, Boarini highlighted, was that inequality remained pervasive in the United States. “We do know the more unequally the income is distributed the lower the life satisfaction.” In fact, according to

OECD statistics, the U.S. has a higher Gini coefficient - which measures the degree of income inequality in a country after accounting for taxes and transfer payments - than all but a few member nations. 1. SWITZERLAND Life satisfaction score: 7.8 Self-reported good health: 81% (7th highest) Employees working long hours: 7.3% (17th highest) Disposable income: $30,745 (5th highest) Life expectancy: 82.8 years (the highest) For the second consecutive year, Switzerland ranked higher than any other country in the life satisfaction score. Few countries rated higher than the small Alpine nation in measures of wealth. Per capita, Swiss residents had $30,745 in household disposable income and net financial wealth exceeding $100,000 per capita. Jobs were also relatively abundant, with 79% of the working-age population employed, the second highest percentage of any country reviewed by the OECD. Residents were also more likely to feel secure in their jobs than people in any other nation considered. In addition to being wealthy and secure in their employment, residents were extraordinarily healthy. The life expectancy for Swiss residents was 82.8 years, the highest of any country measured by the OECD. Additionally, 81% of residents felt they were in good health, well-above the 69% of people across the OECD. These are the rest of the happiest countries in the world. 2. NORWAY Life satisfaction score: 7.7 Self-reported good health: 73% (15th highest) Employees working long hours: 3.1% (6th lowest) Disposable income: $32,093 (3rd highest) Life expectancy: 81.4 years (10th highest) 3. CANADA Life satisfaction score: 7.6 (tied for 3rd) Self-reported good health: 88% (3rd highest) Employees working long hours: 4.0% (11th lowest) Disposable income: $30,212 (7th highest) Life expectancy: 81.0 years (17th highest) 4. DENMARK Life satisfaction score: 7.6 (tied for 3rd) Self-reported good health: 71% (17th highest) Employees working long hours: 2.1% (4th lowest) Disposable income: $25,172 (15th highest) Life expectancy: 79.9 years (12th lowest) 5. AUSTRIA Life satisfaction score: 7.5 (tied for 5th) Self-reported good health: 69% (tied-17th lowest) Employees working long hours: 8.6% (15th highest) Disposable income: $29,256 (9th highest) Life expectancy: 81.1 years (13th highest) 6. ICELAND Life satisfaction score: 7.5 (tied for 5th) Self-reported good health: 78% (9th highest) Employees working long hours: 13.7% (8th highest)

Switzerland tops OECD Better Life Index Disposable income: $22,415 (17th lowest) Life expectancy: 82.4 years (4th highest) 7. AUSTRALIA Life satisfaction score: 7.4 (tied for 7th) Self-reported good health: 85% (4th highest) Employees working long hours: 14.2% (7th highest) Disposable income: $31,197 (4th highest) Life expectancy: 82.0 years (7th highest) 8. FINLAND Life satisfaction score: 7.4 (tied for 7th) Self-reported good health: 69% (tied-17th lowest) Employees working long hours: 3.7% (9th lowest) Disposable income: $26,904 (12th highest) Life expectancy: 80.6 years (15th lowest) 9. MEXICO Life satisfaction score: 7.4 (tied for 7th) Self-reported good health: 66% (14th lowest) Employees working long hours: 28.8% (2nd highest) Disposable income: $12,850 (2nd lowest) Life expectancy: 74.4 years (3rd lowest) 10. NETHERLANDS Life satisfaction score: 7.4 (tied for 7th) Self-reported good health: 76% (11th highest) Employees working long hours: 0.6% (2nd lowest) Disposable income: $25,697 (14th highest) Life expectancy: 81.3 years (11th highest) 11. SWEDEN Life satisfaction score: 7.4 (tied for 7th) Self-reported good health: 80% (8th highest) Employees working long hours: 1.1% (3rd lowest) Disposable income: $27,546 (11th highest) Life expectancy: 81.9 years (8th highest) Report by Alexander E.M. Hess, Thomas C. Frohlich and Vince Calio, 24/7 Wall St.

May 28 - June 3, 2014

financialmirror.com | GREECE | 23

Significant post-election challenges await coalition rating agencies expect a GDP rebound of up to 0.6% in 2014. In contrast, the OECD projects 2014 will be another recessionary year, although at a modest -0.3%. The 0.6% GDP growth this year assumes a deceleration in the decline of private and public consumption to -1.8% each, while gross fixed capital formation is estimated to rebound by 5.3% in 2014 after falling by 12.8% in 2013. Following the release of Q1 GDP data, it has been calculated that for the official target of 0.6% growth to be achieved GDP needs to grow by 1.1% in each of the next three quarters. This would require a stronger tourism season in Q2 and Q3, as well as exports returning to growth. Tourism is expected to record another record year in 2014 after tourist arrivals and travel receipts soared 18.7 and 16.4% respectively in 2013. Initial forecasts see a rise of arrivals and revenues by 3.4 and 6.6% in 2014.

The European Parliament elections on Sunday handed SYRIZA a historic victory but the overall results are unlikely to force snap polls at this moment, according to an analysis by MacroPolis.gr. As the dust begins to settle after the vote, attention has returned to the economic challenges ahead, which remain a demanding task for the New Democracy and PASOK coalition. The short- to medium-term priorities for the government involve implementing the bailout programme, securing debt relief, covering the lack of liquidity, restoring growth and tackling unemployment. THE BAILOUT PROGRAMME The completion of the drawn-out troika review in mid-April paved the way for the disbursement of first sub-tranche of 6.3 bln in late April. The remaining two subtranches of 1 bln each are due to be disbursed in June and July subject to the implementation of prior actions. The budget execution so far shows a primary surplus of 1.05 bln to April despite a widening of the revenue shortfall to 622 mln. Revenue collection remains key for the achievement of the primary surplus target of at least 2.75 bln (1.5% of GDP) in 2014. The medium-term fiscal strategy passed through parliament earlier this month calls for a primary surplus of 4.19 bln euros (2.3% of GDP) in 2014, 0.8 percentage points higher than Economic Adjustment Programme (EAP) target. The next troika visit is scheduled in July and one of the thorny issues is that of further reform to the pension system. The merging of all supplementary pension funds of the public sector into the private sector’s main pension fund is a prior action for the July disbursement. On top of fiscal consolidation, the implementation of structural reforms in several areas will be in the troika’s focus.

2012, will be considered in the context of the next review,” which is due in September. The government has reportedly assessed a plan incorporating a conversion of the Greek Loan Facility (GLF) variable rate (currently at Euribor plus 50 basis points) to 1% constant for the next 50 years. This could result in total savings of 25 bln (14% of GDP) over the 50-year period. The government’s plan also incorporates the deferral of interest payments on GLF loans for 10 or 20 years, similarly to those previously applied to EFSF loans. In any case, developments on this crucial front are closely linked to wider developments in the euro area in the post-EU elections period. The upcoming release of the IMF’s fifth review of the Greek programme in June is expected to provide more insight into the Fund’s stance on debt sustainability and could put further pressure on eurozone partners to adopt a concrete solution.

Similarly, loans to sole proprietors posted net additions of just 100 mln over the past 15 months. The household sector is showing persistent net deductions since April 2010 without any sign of potential turnaround in the near future. The fact that non-performing loans have risen to about a third of total loans is among the key reasons banks are still in a deleveraging mode. Also, lending criteria have been made much stricter for corporates and households remain reluctant to take out loans. The recent successful recapitalisation of Greek banks eliminated previous capital concerns and could create opportunities for credit expansion should the economy start to rebound and the huge stock of NPLs is gradually reduced or resolved. Despite payment of state arrears to the private sector of 5.4 bln in 2013, 1.9 bln of new arrears were created in 2013. The total figure is currently at 5.2 bln and is seen as a drain on market liquidity.

SECURING DEBT RELIEF Despite initial expectations, the Finance Minister Yannis Stournaras did not present any debt relief plan at the Eurogroup on May 5. The announcement following that meeting indicated that: “The relative merits of possible debt sustainability measures, as stated by the Eurogroup on 27 November

LACK OF LIQUIDITY Credit to the private sector has been limited over the past few years. Credit expansion turned negative in January 2011 and has been hovering at around 4% over the past two years. In the corporate sector, there have been only three monthly readings with net loan additions since January 2012.

RESTORING GROWTH GDP contracted 1.1% in the first quarter (Q1) of 2014, the slowest rate of decline since Q1 2010. Greece has experienced negative growth since Q3 of 2008. The cumulative nosedive stands at 25.6% over the past six years. The official sector, the Bank of Greece and

UNEMPLOYMENT SKY HIGH Despite a reduction of 1.2 percentage points (pp) since it peaked at 27.7% in September 2013, unemployment remains among the most crucial political and social issues in Greece. The latest reading for February stands at 26.5%. The number of unemployed is at 1.3 mln, which is three times higher than in February 2009. Youth unemployment remains persistently above the 55% park. It is followed by the 24-34 age bracket, where the jobless rate is in excess of 34%. The official sector projects unemployment will ease by at least 1 pp this year and a further 2 pp in 2015. In contrast, the OECD projects a slower reduction of 0.7 pp cumulatively in 2014-15. Prime Minister Antonis Samaras recently announced a very ambitious plan for creating a total of 770,000 jobs by 2020. Three quarters of those jobs are projected to be created in the following sectors: tourism, agriculture and fishery, and packaging. So far, all the measures that have been adopted to provide more flexibility to the labor market have proved largely fruitless. In addition, the sharp reduction of households’ disposable income, couples with the implementation of strict austerity measures, has further eroded social cohesion.

Syriza wins EU poll, calls for early general election By Sarantis Michalopoulos EurActiv Greece For the first time in the political history of Greece, a leftist party won the first position in the EU elections, beating the ruling centre-right New Democracy, and putting into question its political legitimacy. Opposition leader and European Commission presidency candidate Alexis Tsipras said that the current government has no political legitimacy to continue, and called for early general elections, a scenario fully ruled out by the Greek Prime Minister, Antonis Samaras. “With this vote Greek people sent a message to the government but simultaneously rejected the main opposition... I know what has to change and we will move on as quickly as possible”, noted Antonis Samaras. “We passed the biggest test our country has ever been through in times of crisis, we are getting out of it and our economy is ready to recover […] we prevented the nightmare of going backwards”, he continued. The leftist Syriza got 26.6% of the vote, followed by New Democracy with 22.1%, granting 6 and 5 seats, respectively,

in the new EU Parliament. “Today it’s a historical day for our people who clearly and decisively condemned Samaras’ government and the Memorandum. For the first time, the left got the first position with significant difference”, Tsipras said. “European peoples are celebrating the defeat of Memoranda and austerity-driven policy”, he continued. “Today’s results ruin the legitimacy of the government [...] and Samaras pretends not to understand it. With what moral and political legitimacy will he negotiate the debt of the country and impose new tough measures and a new Memorandum?”, he wondered. Neo-Nazi Golden Dawn ensured the third position getting 9.4% of the vote (3 seats) while center-left Elia, a coalition of socialist movements led by the ruling Pan-Hellenic Socialist Movement (Pasok), reached 8.1% (2 seats). In the 2009 EU elections, Pasok won 36.7% of the vote. The newly established Potami party, which has not revealed which European political family it will be affiliated with, comes in fifth, with 6.6% (2 seats). Meanwhile, the Communist Party received 6.06% (2 seats) of the vote, and the Eurosceptic right-wing party Independent Greeks, 3.43% (1 seat). The former junior coalition partner, Democratic Left, only received 1.21% of the vote, and will not be represented in the next European Parliament.

Another important characteristic of the EU elections in Greece was the increased participation of voters. The turnout late last night reached 58.22%, representing a slight increase, compared to the 2009 EU elections, when the rate was 52.54%. PM Antonis Samaras, commenting on the results of the EU election in the country, ruled out the scenario of holding early elections.

May 28 - June 3, 2014

24 | BACK PAGE | financialmirror.com

Stocks keep taking things slow and steady WALL ST WEEK AHEAD Whatever investors are worried about right now, those concerns are not showing up in Wall Street’s fear gauge. That scares some. On the other hand, it more than likely means that stocks will keep taking things slow and steady. The CBOE Volatility Index, or VIX, closed on Friday at 11.36, its lowest level since March 2013. That means investors see less risk ahead, particularly with the S&P 500 ending at a record high again on Friday. With the typically slow summer months just ahead and little on the horizon to shake the market from its current course, investors could be looking at even lower VIX levels, some analysts said. “It’s not that there’s no likelihood of a correction. It’s that people don’t perceive anything to derail the train at this point,” said Andrew Wilkinson, chief market analyst at Interactive Brokers LLC in Greenwich, Connecticut. “So I think people are beginning to wonder: Are we heading back to single-digit volatility?”

The S&P 500’s record high and the drop in the VIX are not the only signs that fear is not a factor on Wall Street. Volume is down as well. S&P 500 E-mini futures volume was below the 1.52 mln daily average of the past year on every day last week except Tuesday. The market’s gain has come despite concerns about a slowdown in China and weakness in small-cap names. Typically small-cap stocks lead the market’s advance when the U.S. economy is improving. However, the recent selloff in small-cap stocks, which drove the Russell 2000 index briefly into correction territory in midMay, seems to have slowed. The Russell gained 2.1% last week, its biggest weekly bounce in more than a month. The index is less than 7% below its record close of 1,208.65 in early March. At the same time, the Dow Jones Transportation Average hit

record territory late Friday, nearly breaking above the 8,000 level. “One of the reasons the VIX is so low, we haven’t really done anything this year. We haven’t moved an awful lot,” said J.J. Kinahan, chief derivatives officer of TD Ameritrade in Chicago. For the year, the S&P 500 has gained just 2.8%. To be sure, some analysts say the lack of volatility suggests a complacency that could encourage excessive risk-taking. New York Federal Reserve Bank President William Dudley and Dallas Fed President Richard Fisher have both expressed such concerns in recent days. “The lower the VIX, the more overbought the market gets, leaving it vulnerable to some kind of setback,” said Donald Selkin, chief market strategist at National Securities in New York. But the lack of volatility is also showing up in the foreignexchange and commodities markets, according to Bespoke Investment Group analysts. They noted lower implied volatility in options in the foreign-exchange market as well as recent stability in the PowerShares Deutsche Bank Agriculture Index exchange-traded fund.

An exceptionally good disguise Marcuard’s Market update by GaveKal Dragonomics When Winston Churchill was facing defeat in the 1945 general election, his wife attempted to cheer him up by remarking that the Labour party’s victory might turn out to be “a blessing in disguise”. “Well then,” the great man retorted, “it’s a bloody good disguise”. To be fair, politicians tend to live in a black and white world. Losses mean bad news, and victories are good. The same cannot be said of investors, for whom good news may well be good, but then so might bad news. Take the US as an example. In 2013, good news was feted by markets because it meant the recovery was under way, while bad news was cheered as a sign that the central bank would do more to support the economy. One year on, Europe is in a similar ‘sweet spot’: good news can be embraced as a sign that Europe is on the mend, while bad news means that the European Central Bank will stop sitting on its hands. With that in mind, how might the bad news of Sunday’s European election results affect the markets? The election results were especially horrible for Francois Hollande, whose Socialist Party polled a record low of 14.3% share of the vote. Just as bad, his political allies from the Green Party and the Far Left did so poorly that in total the left’s share of the French vote came to less than a third. Behind this rout was an uncomfortable reality: more young people are voting for the National Front (30% of 18-35 year olds), as are more manufacturing workers (42%). This is a seismic shift. The National Front no longer just splits the (elderly) right wing vote. Increasingly it is taking votes from the left as well. With only 12 or 13 French socialists now heading to the European Parliament, it is doubtful how much power French technocrats will be able to hold on to in Brussels. Think of Martin Schultz: the German social-democrat had hoped to become president of the European Commission, but the complete collapse of the French socialists means that this dream has now slipped away. Instead, he will manage a socialist group in the European parliament in which the French contingent will be only the fifth largest (after Germany,

Italy-Matteo Renzi’s PD did very well-the UK, and Spain). That is hardly a position from which the French socialists will be able to jockey either for jobs, or to promote policy. The other big lesson from last night is that while the old Western Europeans of the UK, France, Denmark, Austria, Greece and to some extent Italy voted for anti-EU parties, the same cannot be said of Germany, Holland and Eastern Europe, where the center-right typically had a good night. This means that the president of the European Commission will most likely be a conservative. However, with the right unable to command enough votes in the parliament to elect the president of the European commission outright, JeanClaude Juncker will have to cut a deal with the socialists to be sure of the job. In turn this means that the extremists on both wings will be in a good position to claim: “See, they are all the same. Whether you vote left or right, you get the same policies. All they are interested in is jobs for themselves and their friends”. As a result, extreme parties are likely to do even better next time round. In the near term, however, the president of the European Commission will be elected largely with German, Polish and other Eastern European votes, which means Sunday’s election marks a clear shift to the East in the EU’s political centre; another reason why last night was a particularly bad night for Hollande. If political power in the EU continues to slip away from Paris and towards Berlin, can we still assume that bad European economic data and terrible election results will automatically lead to a more proactive ECB? There are two recent historical parallels we can draw to help answer the question: In the US, when Washington went into gridlock and Congress shut down the government, the Federal Reserve stepped up to the plate and became even more aggressive, so fuelling the 2013 bull market. In Japan, each time the prime minister was perceived as weak, the Bank of Japan would go back to sitting on its hands. Only when the Japanese PM was perceived to be a forceful character with a clear popular mandate (like Junichiro Koizumi or Shinzo Abe), would the BoJ expand its balance sheet. Hence the important question confronting investors: will the move towards extremist parties across old Europe

encourage the ECB to become more like the Fed and be more growth-driven? Or will the shift in power towards the East, combined with the increasingly fractious nature of the power base, mean that the ECB will go back

to its BoJ-like ways of sitting on its hands? The answer could come as soon as next week’s ECB meeting, where anything short of aggressive liquidity injections will surely disappoint the markets.

FinancialMirror Jobs Issue No. 1085, May 28 - June 3, 2014 (ONLINE EDITION ONLY)

financialmirror.com | JOBS | 25

Issue No. 1085, May 28 - June 3, 2014 (ONLINE EDITION ONLY)

financialmirror.com | JOBS | 26