Financial Mirror 2014 01 15 by Financial Mirror

FinancialMirror “Too Big to Jail” Who is really to blame?

Which policies reduce income inequality?

By Rakis Christoforou - PAGE 6

By Laura D. Tyson - PAGE 21

Issue No. 1065 €1.00 January 15 - 21, 2014

Ryanair wins Athens Athens bet bet Budget airline squeezing out Cyprus Airways, Aegean welcomes PAGE 3 challenge

January 15 - 21, 2014

2 | OPINION | financialmirror.com

FinancialMirror Is Akel proud of its Academy of Stupidity? Published every Wednesday by Financial Mirror Ltd. www.financialmirror.com

EDITORIAL

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A heated argument on Sigma’s breakfast show suggests that post-administration Akel is once again in total disarray, with the Larnaca MP Giorgos Georgiou uttering the most stupid words one would expect from a deputy. The debate was whether Justice Minister Ionas Nicolaou, formerly a staunch critic of harsh policing methods and corruption within the national security force, should resign as the most high-ranking politician responsible for the tragic goings on at the Central Prison, especially after the fifth successive suicide of a convict late on Monday night. If anyone should stay, it is Nicolaou, who rightly has long demanded for heads to roll. In his usual cynical tone, MP Georgiou said on Sigma TV that “you cannot talk of the former president [Akel’s Christofias] taking responsibility for the deaths of 11 people at the Mari blast and not of the justice minister for the deaths of five convicts.” How low can one stoop to defend, at any cost, the “unblemished” Christofias administration, that fortunately lasted only one term, otherwise it would have caused further catastrophy to the nation and our economy. DISY’s Soteris Sampson should be commended for his composed “your comment is not worthy of any response,” while TV host Petroulla Argyrou was quick to side with the House Legal Affairs committee chairman. Ironically, the latest event occurred when a team from the MMAD rapid response unit was sent to the prisons to ensure things did not get out of hand as foreign hunger strikers have also caused some riots

recently. The fact is that the prison service is probably the most corrupt public institution in Cyprus for a number of reasons, ranging from the incompetence of politicians to properly regulate the system and the wardens, to the petty (and sometimes larger) bribes some of the officials receive. It has always caused a headache to past and present administrations, but this will never change unless we have a major culture change. Politicians, civil servants and policemen alike should realise that serving at the prisons is a correctional duty to help reintegrate bornagain convicts back to society or keep them lock up forever, if they are deemed a danger to society. As regards Akel, last week’s statements by Skevi Koukouma that the handful of Iranians on a hunger strike outside the Ministry of Interior must get some passport or travel document to move on to other European states, was unfortunate in that it disregards laws and procedures, yet says nothing about speeding up the application process at the Migration Dept., where corruption or plain red-tape is the rule of the day. And finally, Akel’s “whistleblower” Irene Charalambidou, who quite often has good leads, should learn to follow-through many of her allegations, or else give up on blowing the lid on public scandals and revelations that sometimes stop short of being investigated by the proper authorities. Just as when former government spokesman Stephanos Stephanou was often likened to Saddam’s ‘Comical Ali’, for believing everything he was told to say, perhaps Akel deputies ought to learn a thing or true about bowing out gracefully from an argument they know they can’t win or even to occasionally admit to the wrongs of some of their colleagues. Unless if they are convinced that they are all perfect and the rest of the world is involved in a full-scale conspiracy against them.

THE FINANCIAL MIRROR THIS WEEK 10 YEARS AGO

Higher deficit, joining the euro

Economists are worried that the economy will see a 3.5% growth rate, below the 4% target set by the government, while officials from the IMF have warned Cyprus to reduce the budget deficit, according to the Financial Mirror, issue 550, January 15, 2004. Outlook for 2004: In our annual survey of nine economists, they warn that the fiscal deficit will remain

20 YEARS AGO

Business with Russia, pr oduc tivity s till low

Opportunities seem to be appearing for business with Russia, as economists start investigating prospects in Cyprus, while the Chamber KEVE said that the output prospects for Cypriot firms was not satisfactory, according to The Cyprus Financial Mirror, issue 42, January 12, 1994. Business in Russia: Anatoli Gromyko, son of the former

stubbornly above 4% and beyond the 3.7% estimate by the government, while public debt is expected to hover at 63.6% of GDP, close to the official target of 62.6%. A calm international environment should also help the tourism sector to recover after it was hurt by the fallout from the war in Iraq. Join euro: IMF Executive Director and board member Jeroen Kremers said that Cyprus should adopt the euro as soon as possible, which is why it is important to reduce the budget deficit from its current high levels. EU aid: The European Union has pledged 100 mln euros in aid through structural funds and for mine clearing aid. Trade deficit: The trade deficit in the first nine months of

2003 fell 8.4% to CYP 1.34 bln as imports fell more. Airport talks: The government hopes the negotiations with the preferred bidder for the airports contract, Alterra Enterprises, will be completed within three months. CAIR losses: Cyprus Airways said that its massive losses at its Greek subsidiary, HellasJet, were expected to reach CYP 10 mln, impacting the group’s results as well, with operating losses estimated at nearly CYP 23 mln. Stock Market: The Bank of Cyprus said that the level of total provisions for bad and doubtful debts in 2003 would be higher than the provisions for 2002, with losses after tax estimated at CYP 21.4 mln. Bank of Cyprus was trading at the year-high of 139c (ASE: EUR 2.45), Cyprus Popular at 114c and Hellenic Bank at 58c. Market cap: CYP 2.41 bln (-50 mln).

Soviet foreign minsiter, said that although some difficulties exist in doing business with Russia, there are a lot of opportunities in tourism, offshore business, real estate, telecoms, transit trade, raw materials and banking. Productivity: KEVE president Phanos Epiphaniou issued a damning 62-page report that shows that the rate of capacity utilisation at Cypriot firms is below 70% and more than half cannot export, due to the drop of labour quality. COLA up 5.3%: The dreaded cost of living allowance, the wage indexation system that raises workers’ wages regardless of productivity, had increased by 5.31% to 159.49% of basic salaries, and will remain so for the next six

months of 1994. Flights from Russia: Russia’s second largest airline, Transaero, has inaugurated flights to Cyprus and is hoping to get permission to fly around 50,000 Russian tourists a year to the island. The announcement followed Cyprus Airways and Aeroflot that said they would increase their scheduled flights to and from Moscow to daily as of February. Stock Market: On the back of fairly weak volumes of CYP 300,000 for the week, the market lost 0.5%, revising the previous week’s gains of 0.9%. Bank of Cyprus traded at 191.5c, Cyprus Popular at 214.5c and Hellenic Bank at 243.5c. Market cap: CYP 505.6 mln (+0.6 mln from weekearlier).

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January 15 - 21, 2014

financialmirror.com | CYPRUS | 3

Ryanair wins Athens bet

Bu dget a irline squee zing out C yprus Airways, Aegean welco mes ch alle nge

Budget airline Ryanair is squeezing into the highly lucrative Athens route by launching a new daily flight in April from Paphos (PFO) to Eleftherios Venizelos (ATH) for just 12 euros each way. This is expected to cause an additional headache to Cyprus Airways that will see its market share erode further, but will hopefully result in lower fares to the Greek capital. The Dublin-based carrier had so far only operated from Paphos to Patras, a route it plans to maintain for this summer, but the new Athens flight will be monitored throughout summer after which Ryanair will decide whether to increase the frequency to the Greek capital. The Irish low cost company carried about 500,000 passengers to and from Paphos last year, with the most popular destinations both inbound and outbound being Manchester, London Stansted and Stockholm, spokesperson Maria Macken told the Financial Mirror. “The new special fare of 12 euros on www.ryanair.com is for bookings to next Wednesday, January 22 and for flights from April 1 to May 31, excluding the Easter holidays,” Macken said, adding that with an average load factor of 83% on its 189-seat aircraft, the PFO-ATH route could generate about 42,000 passenger seats this year. The flight departs from Athens at 12.10 and returns from Paphos at 14.10. The new route marks Ryanair’s breakthrough to use Eleftherios Venizelos as a new base, also introducing flights from Stansted to the Greek capital for just GBP 24.99 each way. The airline will continue to operate the Paphos-Stansted direct flight six times a week, as well as flights to Thessaloniki (11 weekly), Hania (5 weekly), Patra (3 weekly), Manchester (2 weekly), Brussels Charleroi (2 weekly) and Krakow (2 weekly), and the weekly schedules to Kaunas and Stockholm. Ryanair also announced customer service upgrades with allocated seating, a small, second carry-on bag, an easier website booking platform and quiet flights before 8am and after 9pm. The company said that its second base in Athens is part of a 200 mln euro investment in Greece, while it will also be investing some 50 mln euros in Thessaloniki. Aegean Airlines, that used to operate a Paphos to Athens route which was terminated, but will introduce a Paphos-Kiev flight via Athens in summer, welcomed the challenge from

CIPA, developers join forces to attract FDI The Cyprus Investment Promotion Agency and the association of large-scale development projects have agreed to coordinate their efforts in a bid to attract foreign direct investments. The two bodies discussed ways to promote local large-scale development projects abroad, ahead of visits to be organised by the government and CIPA. They stressed the need to remedy distortions in the economy, combat red tape in the public sector, modernise legislation and practices and restore the economy’s competitiveness. Last week, Interior minister Socrates Hasikos said that in 2013 alone, the property sector attracted some 500 mln euros in investments, primarily because of the incentives by non-EU nationals to secure long term residency permits for purchase of 300,000 euros or even full citizenship if they invested 3-5 mln euros in local businesses, bonds and research.

FM worried over solidarity fund delays Finance Minister Harris Georgiades said that the government and parliament need to work together for the legislation governing the creation of a solidarity fund to be better regulated. The fund is expected to be financed from future oil and gas exploration licensing and royalties earnings. The Minister and Attorney General Costas Clerides told the House Finance Committee on Monday that the government and parliament should decide together where to allocate funds from the state budget in the case of unemployment schemes and that the minister alone should not be given ‘blank checque’ to manage the solidarity fund. He said it would be better for a committee to be established that will supervise the fund and manage the profits. The Attorney General also expressed his concerns over the regulation of the fund, adding that there are various constitutional obstacles that need to be overcome.

Ryanair boss Michael O’Leary is expected to cause more controversy with the new daily Paphos flights to Athens’ preferred Eleftherios Venizelos airport

Ryanair. “Today’s announcement for the establishment of new bases in Athens and Thessaloniki confirms that this is an openly competitive market within the European aviation industry, something that we have always contended,” Aegean said in an announcement. “This is, after all, the reason that the merger of the two Greek airlines, Aegean and Olympic Air, was necessary in order to create the economies of scale which allow us to compete on an equal basis with other airlines and in other markets.” Aegean announced a 30% discount on all its international routes for booking until next week and flights to the end of June.

Meanwhile, in its struggle to remain competitive, Cyprus Airways announced last week that it was selling one of its two slots at London’s Heathrow to Qatar Airways for $20 mln (15 mln euros) and was considering alternative destinations from Larnaca to Stansted, Gatwick and Luton. The Cypriot national carrier’s chairman Tony Antoniou said that the cabinet is expected to appoint the negotiating team that will handle the talks with strategic investors who have shown interest now that Cyprus Airways is looking to reduce its costs and become more competitive. He also announced that the island’s two major tour operators, Top Kinisis and Xenos Travel, had concluded a deal to operate 64 charter flights to Greece and other European holiday destinations this summer using Cyprus Airways. Transport Minister Tasos Mitsopoulos said last week that there were six, seven or possibly more strategic investors interested in Cyprus Airways. He added that these are mostly joint ventures, investors and airline companies from the Middle east, Russia and China.

January 15 - 21, 2014

4 | CYPRUS | financialmirror.com

Famagusta Ecocity project ready to take off Close to 100 participants will take part in the five-day Famagusta Ecocity Project Design Studio launching on Thursday to draft a range of design proposals for turning the ghost town of Varosha and the wider Famagusta area into a model reunited ecocity, fit for the 21st century. The design studio, led by distinguished MIT professor and ecocity specialist Jan Wampler, will work with 16 architecture graduate students from the University of South Florida, 11 Greek Cypriot and Turkish Cypriot students, as well as dozens of stakeholders and experts from both communities. “Our aim is not to come up with a single plan but to promote a dialogue between stakeholders, experts, designers and interested members of the public on the range of possibilities that this unique and deeply loved city offers not only Cyprus, but the entire region,” said project founder and filmmaker, Vasia Markides, who will be recording the studio for an upcoming documentary with money raised from a successful crowd-funded Kickstarter campaign. In keeping with the bi-communal spirit of the project, the studio will take place on both sides of the UN-monitored buffer zone. On Thursday, the students and team members will kick off the project with a tour of the Venetian walled city of Famagusta and a meeting with the Turkish Cypriot mayor of Famagusta, Oktay Kayalp, who will give his perspectives on the challenges and opportunities of revitalizing Famagusta. Later on the same day, the group moves south of the buffer zone to the Famagusta Municipality Cultural Centre in Dherynia, for the launch of the specialist panels in an opening ceremony at 1:30pm addressed by the Greek Cypriot mayor of Famagusta, Alexis Galanos and Nobel Laureate Professor of Economics Christopher Pissarides. Welcome speeches will also be given by the chairman of the Famagusta Chamber of Commerce & Industry George Michaelides and former KTTO president, Hasan K. Ince, by the Austrian ambassador Karl Mueller who has been a keen supporter of the project, by Prof Jan Wampler and the Famagusta Ecocity Project’s initial visionaries, mother-anddaughter pair Dr. Emily Markides and Vasia Markides. From Thursday to Saturday, the design studio will be located at the Famagusta Municipality Cultural Centre in Dherynia and all events will be open to the public. These events will be structured around nine bi-communal presentations and panel discussions on Famagusta Revival: Business Stakeholders; Economics for Sustainable Job Creation; History, Culture and Community; Peacebuilding and Conflict Resolution; Coastal and Environmental Engineering; Renewable Energy and Sustainable Agriculture; Civil Engineering; Urban Planning for Sustainable Cities; and, Architecture.

Each panel will consist of Greek Cypriots and Turkish Cypriots – mostly Famagustans - with expertise in their specific field. A small number of specialists from abroad will also participate in some panels. “We found that nine subject-specific discussion panels open to the public was the best way to ensure as wide a stakeholder and expert participation as possible”, said Cyprus-based project director George Lordos. On Sunday morning the design teams will work within the walled city at the MASDER building, and next Monday at 2p.m. they will return to the walled city where the studentled design teams will make their presentations at a public discussion inside the beautiful building of St. Peter & Paul (Bugday Cami), which was recently restored. All events will be in English. “We are grateful to the Bicommunal Famagusta Initiative, Famagusta Walled City Association (MASDER) and two mayors of Famagusta; Kayalp and Galanos for generously making available to us these iconic buildings with large, comfortable work spaces for our Design Studio. We look forward to continuing the dialogue with the Cypriot experts, stakeholders and students as our University of South Florida student teams continue to work on their ideas for the rest of

The single sovereignty Much has been said, during the last three months about the question of the single sovereignty of the future federal state of Cyprus. It proved to be the main obstacle which did not allow the two parties to agree on a joint communiqué, clearly defining the framework within which a solution to the Cyprus problem will be sought. Hence, the delay in starting the intercommunal talks. The delay is due to the stance of the Turkish Cypriot side which claims that the sovereignty should belong to the

two component states. The reason is quite obvious. They want to have a separate sovereignty so as to be able to withdraw from the federal state with this sovereignty, at any time. The notion of sovereignty was introduced in the political science by the French Jean Bodin in his famous work ‘De la Republique’ (1577) and ever since developed a lot. He defined the sovereignty as the “summa potestas,” ie. “the absolute and permanent power within a state.” Many definitions followed, particularly within the framework of the German Empire, until the Treaty of Westphalia (1648), when it was recognised to the Prince the right to declare war and conclude peace. The French Revolution overthrew the absolute power of the Prince and established that the sovereignty belongs to the nation. This is also reflected in the Constitution of the U.S.A. which states: “We, the people of the United States…” In the Federal States, the internal sovereignty, according to many writers, is limited to the “jurisdiction” or the “competence” of the federal province. This, for example, is the case with the Canadian Constitution. In view of the above, what the Turkish Cypriots demand is not a full sovereign state of Cyprus. This position undermines not only the international personality of the Cypriot state, but also its independence.

this semester”, said Professor Wampler. The Famagusta Ecocity Project Design Studio is a rare example of Greek Cypriots and Turkish Cypriots working together towards a shared vision. “People fall in love with a place which forms an endless bond nothing and no one can ever replace. Famagustians will gather together after 40 years with a shared love for their city,” said Ceren Bogac, who grew up in a house overlooking the Varosha ghost city. With only enough money from private donations and the German Friedrich Ebert Stiftung to fund part of the costs of hosting the studio and making the film, the Famagusta Ecocity Project has been a labour of love for the core team members, Vasia Markides, Ceren Bogac, George Lordos, Armando Garma-Fernandez, Emily Markides and Fiona Mullen. “This is a tremendous opportunity to discuss ways to ensure not only our peaceful coexistence as united Famagustians, but also to consider the vastly changing global ecological landscape around us and our future role within it,” said Emily Markides. For information visit www.ecocityproject.com

By Dr Andrestinos Papadopoulos Ambassador a.h. As defined by my professor, Paul Guggenheim, in his work ‘Traite de Droit International Public’ (Tome I, p. 174) in the politicolegal sense “the independence is identical to the state sovereignty.” The state is either sovereign or non-sovereign and its sovereignty is indivisible. This position was defended by Jean-Jacques Rousseau in his ‘Contrat Social’ (1762) and by the famous professor Oppenheim who defines the sovereignty in the strict and narrowest sense of the term as “implying independence all round, within and without the borders of the country,” (Oppenheim’s International Law, Vol. I, p. 119). As always, the right is with our side. However, the right of the strong, upon which the other side is based, explains the lack of political will to solve the Cyprus problem. Consequently, the President of the Republic rightly insists to have clearly defined in the joint communiqué the principles on the basis of which a solution to the Cyprus problem will be found. Even if we exhaust all our good will, we should not allow the creation of a new “jurisprudence” about sovereignty, which will be based on the unacceptable position of the Turkish Cypriots, instead of the international law.

January 15 - 21, 2014

financialmirror.com | CYPRUS | 5

Commission to call for EU-wide ratings network By Mary Keogh MD - GLOBAL REGULATORY AFFAIRS, DBRS

On the heels of their November 21 technical advice to the EU Commission regarding the feasibility of a network of small- and medium-sized (SME) credit rating agencies (CRAs), ESMA, the EU’s financial regulator published their long awaited CRA market share report on December 16. An upcoming EU Commission report is likely to suggest the need for a network of small- and medium-sized CRAs. CRAIII requires ESMA to publish an annual market share report on all EU registered CRAs each year by December 31. This report lists the 22 groups of registered CRAs, of which 19 have less than a 10% market share based on annual turnover/revenue. The report essentially confirms that based on 2012 revenue alone, the EU ratings market is dominated by Moody’s and S&P, which combined have more than 70% market share, followed by Fitch at almost 18%. The report also provides the broad types of credit ratings issued by registered CRAs in 2013 based on information from

CEREP, the public ratings repository. This inaugural market share report is important context for Article 8d in CRAIII, which requires issuers or related third parties that intend to appoint at least two CRAs for the credit rating of the same issuance or entity to consider appointing a CRA with less than 10% of market share that is capable of rating the relevant issuance or entity. Based on the stringent EU regulatory requirements and registration process, there are 19 qualified CRAs. CRAIII is the first regulation internationally to directly focus on CRA competition. Unfortunately, after almost six months since adoption, the 10% market share measure is not working at all. The measure has not been effectively communicated nor monitored between regulators at any level including the local national securities commissions or to issuers or investors. There has been some traction regarding use of smaller CRAs for structured finance deals - CRAIII also requires two ratings on every deal. However, it is the traditional corporate bond ratings market that needs focus. Revising the 10% market share measure from comply or explain to a mandatory requirement would help; so too, would a requirement for two

corporate ratings per issuer and/or revisiting the rotation of CRAs. The EU Commission must report to Parliament on the state of CRA competition in 2016. The May 2014 Parliamentary elections offer the possibility for that focus. ESMA’s technical advice confirms that SME CRAs are mainly active in issuing corporate ratings and none cover the whole range of the five rating classes considered (nonfinancial corporates, financials, insurance, structured finance and sovereign and public finance). Only Fitch Ratings, Moody’s Investors Service and Standard & Poor’s issue ratings for all five possible rating classes. As regards to geographical coverage, six of the 19 SME CRAs have coverage that goes beyond one EU member state for corporate ratings. The EU Commission is shortly due to issue a strategic report on the feasibility of an SME CRA network. No doubt it will say the EU market needs one. Rather, the question is what and how. At a minimum, there is compelling evidence and need for direct action and more regulatory support regarding the10% market share measure and for corporate ratings. mkeogh@dbrs.com

MAP S.Platis launches solution for EMIR reporting MAP S.Platis, a leading financial services trainer and consultant, has launched MAP-ERS, a new service for timely reporting that incorporates the demands of the European Market Infrastructure Regulation (EMIR). The new regulation was introduced as an obligation for all EU counterparties to derivative transactions to begin reporting daily to licensed Trade Repositories by February 12 (i.e. in less than a month). “This is a task which appears to be particularly burdensome and costly for most forex as well as binary options brokers,” said Dr. Stelios Platis, Managing Director of MAP S.Platis. He explained that MAP-ERS is an economical reporting aggregator service covering all asset classes which enables EU financial services firms to deal with this recent and complicated EU reporting requirement, efficiently and economically. “Along these lines, MAP-ERS, has been designed and developed with special attention to brokers and market-makers who deal in rolling spot (non-deliverable) forex, CFDs, binary options as well as other exchange-traded and OTC derivatives. Platis added that “along our commitment to support the sector, MAP-ERS has been developed to provide Europe’s financial industry with its most efficient and economical independent solution for EMIR reporting, and in this respect we have put in place a number of specific discounts and packages to ensure this.” For information visit www.mapsplatis.com/map-ers

UCy wins €1.2 mln ERC grant for research on Dark Matter A University of Cyprus project on the effects of Dark Matter and Dark Energy on gravitational theory has won a 1.2 mln euro grant from the European Research Council (ERC) as part of ‘consolidator grants’ worth 575 mln disbursed to 312 scientists. Grants are worth up to 2.75 mln each, with an average of 1.84 mln per grant. This new funding will enable already independent excellent researchers to consolidate their own research teams and to develop their most innovative ideas across the European Research Area, the ERC said in an announcement. The sole Cypriot project, headed by Dr. Constantinos Skordis on “Theories and Models of the Dark Sector: Dark Matter, Dark Energy and Gravity (TheMoDS)” tests the assumptions of the governing theory of gravity, Einstein’s General Relativity: asking whether it holds all the answers. Dr Skordis and his team are exploring the effects of the Dark Sector and gravity on the evolution of the cosmos. The Dark Sector is made up of Dark Matter and Dark Energy. This ERCfunded research aims to test current paradigms further, and in the process to revise our knowledge of the Dark Sector. Specifically, the TheMoDS project will work towards a more

accurate assessment of Dark Matter and Dark Energy and attempt nothing less than a testing of gravitational theories against cosmological evidence. They will draw chiefly on cosmic microwave radiation data from ESA’s Planck Surveyor and the Atacama Cosmology Telescope (established in the desert in Northern Chile). Data from the Planck Surveyor, as well as other available observations of the solar system, will allow them to test theoretical models and in doing so reach a more accurate understanding of the workings of Gravity and the role of the Dark Sector in cosmology. “These researchers are doing ground-breaking work that will advance our knowledge and make a difference to society. The ERC is supporting them at a key moment where funding is often hard to come by: when they need to move forward in their career and develop their own research and teams,” said European Commissioner for Research, Innovation and Science Máire Geoghegan-Quinn. The newly appointed President of the ERC, Professor JeanPierre Bourguignon added: “Judging by the ever increasing demand for ERC grants, especially from early- and mid-career researchers, it is clear that funding of this kind is much needed.

It’s pivotal for Europe to create conditions for its new generation of researchers to thrive while following their scientific curiosity.” With over 3600 proposals submitted, the demand for these grants rose by 46% this year, compared to the corresponding group of applicants in 2012. The ERC Consolidator Grant scheme targets researchers with seven to twelve years’ experience after their PhD, a period of the scientific career covered until 2012 under the Starting Grant scheme. The share of women amongst the successful candidates in this call (24%) increased in comparison with the equivalent group of mid-career researchers in 2012 (22.5%). The average age of the selected researchers is 39. The overall success rate is 8.5%. In this call, grants were awarded to researchers of 33 different nationalities, hosted in institutions located in 21 different countries in Europe, with nine of them hosting five grantees or more. The UK (62 grants), Germany (43) and France (42) are in the lead. Researchers are also hosted in the Netherlands, Switzerland, Spain, Italy, Israel, Belgium, Sweden, Austria, Denmark, Finland, Portugal, Greece, Hungary, Ireland, Turkey, Cyprus, the Czech Republic and Norway.

Commissioner to present Horizon 2020 The EU will allocate 80 bln euros for research and innovation in the period 2014-2020, through the “Horizon 2020” programme which will officially be presented next Thursday, in the presence of European Commissioner for Research, Innovation and Science Máire Geoghegan-Quinn. Events for “Horizon 2020” are being organised in Cyprus by the Directorate General for European

Programmes, Coordination and Development and the Research Promotion Institute, formerly the Planning Bureau. During an event on Thursday, in the old part of Nicosia, organisers will inform the public about the programme’s targets, themes and procedures to receive funding, with the DG’s head Christos Iacovou saying that the aim is to attract as many small and medium-

sized enterprises to participate. He said that SMEs should take up about 20% of the funding for Cyprus, that had so far been dominated by universities and academic researchers. The programme, which constitutes the EU’s instrument for financing research and innovation activities, places emphasis on innovation, Europe’s social challenges and simplified access to European funding.

January 15 - 21, 2014

6 | CYPRUS | financialmirror.com

Cyprus, Greece and Malta to cooperate on maritime issues Cyprus, Greece and Malta will enhance their cooperation to promote common interests both within and outside the EU, especially in the areas of merchant shipping, Communications and Works Minister Tasos Mitsopoulos sadi on Monday after a joint meeting in Nicosia with his two counterparts, Miltiadis Varvitsiotis and Joseph Mizzi. Mitsopoulos said that the maritime sector is a crucial sector for all three countries, as it is an element of development and creates jobs, adding that it is important to

secure the competitiveness of our fleet and registry. Mitsopoulos expressed the hope that Greece, which chairs the rotating presidency of the European Council, will exercise its influence to achieve common interests and promote them better at a European level. “Our aim is to expand our cooperation with the participation of other countries which have large fleets and registries,” he said. Varvitsiotis said the EU maritime policy is one of the main priorities of the Greek presidency.

“We believe,” he said, “that it is important to maintain the competitive advantage of Europe’s maritime sector and not to adopt regulations that make the EU market noncompetitive.” Varvitsiotis said that the number of people working in the EU maritime sector can expand from 5.5 mln to 7 mln by 2020, if the proper policies are adopted. Imposing taxes in the maritime sector, he added, will only result in the Union losing its competitive advantage.

First trestles at VTT Vassiliko jetty The first of 42 trestles that will make up the 1.2km long jetty at Vassiliko was installed last week to enhance the under-construction oil storage terminal of VTTV. “We are very proud to have successfully completed another phase in the construction of the oil storage terminal. The jetty is unique in the Mediterranean and will be used for loading and unloading ship-tankers with oil products as well as for oil products’ transhipment between shiptankers, which currently takes place in the open sea

with all the risk that this entails. This terminal will be making Cyprus an oil products’ trading hub,” said George Papanastasiou, Managing Director of VTT Vasiliko Ltd. The terminal will serve more than 500 ships per year, which is approximately the number of ships currently being handled at the Port of Limassol. The construction works for the jetty as well as for the first phase of the terminal will be completed in July when the jetty and terminal will be put into operation.

Company House to be digitised by March Sh ou ld we believe it this time ?

President Nicos Anastasiades has been duped by high-ranking civil servants into believing that the office of the Registrar of Companies and Official Receiver will at last be able to operate electronically by next March. However, the matter has been dragging on for more than a decade and some services have yet to be modernised, while the concept of a one-stopshop seems to have been erased. “By March all services will be electronic, and this applies to the companies section, bankruptcies and liquidations

section, and even the intellectual and industrial property section,” the president said. He also said that suggestions by a team of experts of the UK Public Administration and the World Bank on public service reform were ready. These should help overcome significant delays created by the Department’s workload and reduced staff. He also added that staff shortage currently observed in the department will be met by using programmers from the Labour Ministry.

“Too Big to Jail?” By Rakis Christoforou DIRECTOR, RC BUSINESS VALUATION & FORENSIC ACCOUNTING LTD.

As the Cyprus economy is yet to improve, there are thousands of Cypriots leading lives of quiet desperation: without jobs, without resources, without hope. Who is to blame? Was it simply a result of negligence, of the kind of inordinate risktaking commonly called as a “bubble,” or was it the result, at least in part, of fraudulent practices, of financial scandals involving sound risks the fundamental weaknesses of which were intentionally obscured? If it was the former—if the financial crisis is due, at worst, to a lack of caution—then the criminal law has no role to play in the aftermath. If the financial crisis was in no part the handiwork of intentionally fraudulent practices by high-level executives, then to prosecute such executives criminally would be “scapegoating” of the most shallow and despicable kind. But if, by contrast, the financial crisis is in part the product of intentional fraud, financial crime and scandals, the failure to prosecute those responsible must be judged as another failure of the justice system. It would not be striking to anyone in our country, to see once again not a single highlevel executive or official to be successfully prosecuted in connection with the recent financial crisis since we have experienced financial disasters and scandals in the recent past and no one was ever convicted. One

possibility, already mentioned, is that no fraud was committed. This possibility should not be discounted. Every case is different, and I, for one, have no opinion about whether criminal fraud was or was not committed in any given instance. But the stated opinion of some government officials, politicians from most political parties, as well as others is not that no fraud/financial crime was committed. Quite the contrary. It is apparent that the financial institutions and the Central Bank had a part in creating the conditions that encouraged the approval of high risk loans in the real estate market and the increase of the capital base of financial institutions from funds from unsuspected investors. Banks were providing loans to companies and individuals with low incomes who might have previously been regarded as too risky to warrant a loan. As new evidence comes to light with respect to numerous scandals, the signs of misconduct were almost everywhere to be seen. Without giving specific examples, as most cases are now under investigation, the point is that, in the aftermath of the financial crisis, the prevailing view of many people is that the crisis is in material respect the product of scandals and probably fraud involving high ranking officials of: companies, financial institutions, government, political parties, etc. But it seems that the general consensus is that we don’t go after the big companies, at least not criminally, because they are too big to jail and our fragile economy and system might collapse if this happens; and we don’t go after the known individuals, because that would involve the kind of years-long investigations

that as a country we do not have the experience or the resources to pursue. But at the same time a poor citizen can easily be convicted for a minor wrongdoing. To a judge, who takes an oath to apply the law equally to rich and to poor, this excuse— labelled the “too big to jail” excuse—should be disturbing, frankly, in what it says about the apparent disregard for equality under the law. In conclusion, I want to stress again that I do not claim that the financial crisis that is causing so many of us so much pain and despondency was the product, in whole or in part, of fraudulent misconduct and/or financial crimes. But if it is—as various officials and other people assert that it is— then the failure of the government to bring to justice those responsible for such colossal financial crimes bespeaks weaknesses in our judicial system that needs to be addressed. The future deterrent value of successfully prosecuting individuals far outweighs the prophylactic benefits of imposing internal compliance measures that are often little more than window-dressing. It is about time

that our justice system seeks support from the right professional financial investigators in order to proceed with an in depth examination of each one of the alleged recent financial crimes/scandals and bring to justice those who are proved to be responsible. (Rakis Christoforou is the founder of RC Business Valuation & Forensic Accounting Ltd, specialising in the areas of business valuation for the determination of a business worth, and financial forensics involving financial investigations, litigation support on complicated financial issues and damage calculations. The company is also involved in assisting businesses in their debt restructuring and negotiation with banking institutions. For information contact rakis@spidernet.com.cy or visit www.businessvaluations.info)

January 15 - 21, 2014

financialmirror.com | CYPRUS | 7

A Tale of Two Couriers Every so often, Risk Watch shifts its usual focus from the giddy heights of government and corporate boardrooms and the big risk issues to address risks as they are experienced by ordinary workaday people, especially where such matters are effectively controlled by big corporate interests. When it comes to considering the stakeholder beneficiaries of corporate good governance and risk management, regrettably individual customers are sometimes marginalised or even unrecognised by large companies. Some of the worst offenders are some of the biggest braggarts about their supposed exemplary ‘customer focussed’ ethos.

THE RISK WATCH COLUMN

By Dr Alan Waring A recent personal experience has prompted me to provide Risk Watch readers with my own account of the contrasting behaviours of two seemingly matched organisations, DHL and Aramex, both of which provide international courier services. Of course, such an account is not a scientific study of customer satisfaction which draws on data from large numbers of customers and so it cannot be safely concluded from this alone that one company is good and the other bad. I can only report what I have personally experienced.

Ten Good Years Having lived in Cyprus since 2004, my business activities have involved communications with companies in a number of countries in Europe, Middle East and Far East. I needed to both send and receive significant quantities of documents on a regular basis. In 2004, on the basis of reputation and the convenient location of their office, I opened an account with DHL a German-based company. For ten years, I was sending and receiving several consignments per month via DHL. In all, I sent some 400 consignments and received a similar number. Throughout this period, the service I received was exemplary. A non-express consignment from Larnaca to London took 3-4 days from acceptance to delivery, exactly as promised, as did similar consignments to Hong Kong and Singapore. There were no delays or delivery failures. Not surprisingly, with this level of efficiency and reliability, I felt very confident about DHL and still do. Nevertheless, as in any area of service provision, from time to time a customer may wish to try out the competition. In my case, there was no burning reason to do so but a few months ago I received a consignment via a courier called Aramex, whom I did not know. On enquiry at Aramex in Cyprus, I was advised that they sent consignments daily on direct flights to the UK at a price that was less than DHL. I was aware that DHL sent theirs via Athens, then Bergamo in Italy, onto Leipzig in Germany and then to UK. Fatefully, I decided to try out Aramex.

The Aramex Experience On handover of a small A5 envelope containing some documents, I was advised at the Aramex office in Larnaca that the delivery to a business address in Manchester in the UK would take 3-4 days (including a weekend). Over the next three days, I used their on-line tracking system to follow the consignment’s progress via Dubai (funny, they told me the flights used for UK were direct!) to the Aramex UK operations hub at Colnbrook, not far from Heathrow. Mysteriously, the consignment then went into London and back out again to Colnbrook, where the on-line tracker showed it to be ‘in transit’. On telephoning the Colnbrook facility, I was told that it would be sent to Manchester the following day (i.e. day 4). However, the next day – and the day after – showed the consignment still at Colnbrook, so I went into the Larnaca office to enquire. Colnbrook advised them that it would definitely be delivered to the Manchester address the next day (day 6). It wasn’t. Incidentally, the distance from Colnbrook to Manchester is barely 200 miles. Now getting rather concerned, I e-mailed the Cyprus Country Manager of Aramex in Nicosia for action. After not receiving a prompt answer, I telephoned his assistant and was given a different name and an email address which bounced back. In a further phone call, I was told that they would send me a correct e-mail address and failing that they would phone me. Neither the e-mail nor the phone call came and now their own phone number was not answering. Not to be thwarted, I managed to get a fax through and a fax copy to their Larnaca office but again no response. The next day (day 7), I decided to up the ante and send my complaint and demand for action to the personal company e-mail address of the Chief Executive Officer of Aramex in Dubai, Mr Hussein Hachem. That connection failed so I sent a fax. As I pointed out to him, it is doubly unacceptable for a consignment to take (at that time) 7 days from Larnaca to Manchester in UK and then for his staff to abandon the customer and provide no satisfactory explanation, or how they intend to resolve the problem or indeed provide any meaningful or helpful feedback. I also faxed copies of my Hachem missive to the Cyprus Country Manager and the Larnaca operations office. I also tried t he Colnbrook facility but neither of their published fax numbers would function. An attempt to register the complaint on their on-line Customer Care facility failed because it would not recognise my Larnaca post code as a valid post code in Cyprus! I doubt if any of the Aramex crew are remotely aware that their e-mail addresses, fax numbers and on-line complaint forms do not work – unless, of course, they were deliberately set up like this to deter customers from registering complaints! Day 11 did see an apologetic phone call from a rather

flustered lady at the Nicosia office which revealed that Aramex in the UK had lost track of the consignment. To cap that, on day 12 the Aramex website tracker then rejected my air waybill number as invalid. As we go to press on day 18, I have been offered a refund but no further information has been forthcoming, much less a delivery of the consignment. To all intents and purposes, I have been abandoned and the whole transaction and consignment have been air brushed out of the Aramex consciousness. It is as if I never existed, never handed over the consignment and have never raised a complaint to the Aramex management including the CEO no less. As I am now regarded as a ‘non-person’ complaining about non-delivery of a ‘non-existent consignment’, I doubt that the consignment will ever be found or returned to me. Fortunately, important as they were, the contents of the consignment were of no intrinsic value and could be replicated and resent via another more reliable carrier but nevertheless I had lost a lot of valuable time.

Lessons Learned The tale of my personal bad experience is almost a textbook case of ‘how not to treat a customer’ and it suggests that Aramex has some really big issues to address in the areas of customer relations. In addition, for a CEO to simply ignore a direct appeal for help, raised necessarily because his operational managers at various locations have failed to fulfil the contract or to remedy the failure when brought to their attention, raises serious questions about his stewardship, the company’s values, attitudes and ethics, and the quality of corporate governance. In behaving as abysmally as they did, were his operational staff diligently carrying out his policy to the letter? Or, were internal controls and supervision simply lacking? Or, perhaps it was both! Moreover, corporate image and reputation are risk areas that no CEO should take lightly. Having learned my own lesson the hard way, I shall not be using Aramex again and will return chastened and wiser to the relative comfort of DHL. Hopefully, others have had a better experience than I had. If transactions and consignment deliveries work smoothly 99% of the time, then why indeed should a customer be unduly concerned? Perhaps the test of a company’s true quality and standing is how well it responds to a customer in that 1% of instances which go wrong. Dr Alan Waring is an international risk management consultant with extensive experience in Europe, Asia and the Middle East with industrial, commercial and governmental clients. His latest book Corporate Risk and Governance is at www.gowerpublishing.com/isbn/9781409448365. Contact waringa@cytanet.com.cy. ©2014 Alan Waring

Baker Tilly celebrates 10 years in Romania Baker Tilly in Romania (Baker Tilly Klitou) celebrated its tenth anniversary with a special ceremony last month held at the Athenee Palace Hilton in Bucharest. Clients, associates and collaborators, together with the Baker Tilly team, were present during the numerous events organised throughout the day. Geoff Barnes, CEO and President of Baker Tilly International, was one of the main speakers of the event. Adam Grainger, the EMEA Director of Baker Tilly International was also present on behalf of the Global Office. Marios Klitou, CEO of Baker Tilly Klitou and Mamas Koutsoyiannis, Managing Director of Baker Tilly in Romania and Moldova talked about the history of the firm and guided the audience through the most important milestones of the past decade. Nicolaos Giannisis, CEO of PrimeCapital which is one of the firm’s first collaborators in Romania, shared his experiences with Baker Tilly. Almost 200 people attended the events including high ranking public officials, such as Kaliopi Avraam

(Ambassador of Cyprus in Romania), Grigorios Vassiloconstandakis (Ambassador of Greece), Nasty Valdoiu, the President of the Union of Bilateral Chambers of Commerce in Romania and many others. Marios Klitou thanked all clients and associates for their loyal support and pointed out that “the path to the tenth anniversary was not plain and simple at all. But it was full of interesting challenges. The tenth anniversary is only one step on our long and winding road, and I’m sure that Baker Tilly shall step forward further with our determination in achieving higher goals. Now, we are ranked seventh in Romania in terms of combined fees and number of employees with service offerings in five different business units”. Klitou said the firm’s plans include to expand across other major towns in Romania. As regards Baker Tilly’s social responsibility, Klitou said that “we are very proud that our close collaboration with Hope and Hopes in Romania is continuing, as we are giving

the chance to a better life to institutionalised children in Romania. We have also been one of the founding members of the Bilateral Chamber of Commerce and Industry Romania – Cyprus in our efforts to strengthen the commercial relations between Romania and Cyprus”.

January 15 - 21, 2014

8 | COMMENT | financialmirror.com

Education is a security issue In November, I spoke at the United Nations Security Council for the first time in 13 years. It struck me how different the mood is now. In September 2000, the world seemed very different. We were trying to articulate the new security order in the decade after the fall of the Berlin Wall. Of course there were challenges. But the atmosphere was light, positive even, as we discussed eradicating poverty in the developing world.

By Tony Blair This time, the mood was dark. And the first days of 2014 have made it darker still. Scroll down any day’s news summary and you find stories of terrorism and violence perpetrated in the cause of a false view of religion. Some of it is committed by nonstate actors, and some of it by state actors; but all of it is committed in the context of division and conflict defined by differences of religious faith. This is the new struggle of the twentyfirst century. We will not win it unless we fight its root causes as well as its ghastly consequences. Today, in an arc that stretches from the Far East through the Middle East to the streets of cities in Europe and the United States, we face a scourge that has taken innocent lives, scarred communities, and destabilised countries. It is a threat that is constantly evolving, growing, and mutating to counter our fight against it. The extremists propagating this violence have networks of outreach to young people and know the power of education, whether formal or informal. Extremists are filling young minds with the belief that anyone who disagrees is an enemy – and not just their enemy, but God’s enemy. The security debate has understandably

often focused on the consequences. After an attack, states consider immediate security measures. Terrorists are hunted down. Then we get back to our daily lives, until the next time it happens. But lasting change depends on dealing with the root causes of extremism. Of course politics plays its part. And the extremists are good at jumping on the back of political grievances. But the soil in which they plant the seeds of hate is fertilised with ignorance. That is why we need to start thinking of education as a security issue. The extremists justify killing in the name of God. This is an obscene perversion of proper religious faith. And it is a menace, both for the harm that it does directly and for the damaging division and sectarianism that it nurtures indirectly. Every killing is a human tragedy. But it also causes a chain reaction of bitterness and hatred. There is real fear in the communities plagued by such extremism, fear that paralyses normal life and pushes people away from each other. Globalisation is intensifying and multiplying this extremism. Not limited by borders, it can spring up anywhere. We are more connected than at any point in human history, and more and more people come into contact with those who are different from them. So the need to respect a neighbor who is not like you is much greater; but the scope to identify him or her as an enemy is also greater. And this is not only about Islamic extremism. There are extremist acts perpetrated against Muslims because of their religion, and today there are fanatical Christians, Jews, Hindus, and Buddhists who disfigure the true nature of their faith. That is why education in the twenty-first century is a security issue for all of us. The challenge is to show young people who are vulnerable to appeals from terrorists that there is a better path to having their voice heard, a more meaningful way to engage with the world. The good news is that we know how to do this. I use my Faith Foundation only as one example. Our schools program promotes

cross-cultural dialogue among students aged 12-17 around the world. Reaching students in more than 20 countries, our program connects students via a secure Web site, where they interact from their classrooms under the guidance of trained teachers. Through facilitated videoconferences, students discuss global issues from a variety of faith and belief perspectives. They gain the dialogue skills required to prevent conflict by breaking down religious and cultural stereotypes. For schools in the poorest areas, we use special arrangements, because they cannot access the Internet themselves. To be sure, we are only a drop in the ocean. But we now have experience in more than a thousand schools; over 50,000 students have been taught, and we are working in countries as diverse as Pakistan, India, the US, Jordan, Egypt, Canada, Italy, the Philippines, and Indonesia. I have been privileged to witness these students becoming at ease with the cultures, faiths, and beliefs that inspire so many people around the world. There are many other fantastic examples

of this type of work. But they lack the resources, weight, and recognition that they need. We need to mobilise to defeat extremism. And we need to act globally. All governments must take seriously their responsibility to educate young people to accept and respect people of different faiths and cultures. There is no issue that is more pressing. There is a real danger that religious conflict replaces the ideologically based struggles of the last century in an equally devastating form. It is up to all of us to show people that we have a better idea than the extremists have – to learn from each other and live with each other. And this needs to be a core part of young people’s education. Tony Blair, former Prime Minister of the U.K., is Special Envoy for the Middle East Quartet. © Project Syndicate, 2014. www.project-syndicate.org

Modern Etiquette: Business cocktail etiquette By Pamela Eyring In the world of business, networking is everything. Among the most valuable venues for networking are after-hours business cocktail parties and receptions. These events provide opportunities for meeting new people and establishing relationships. The key is knowing how to work the event. That’s right. Work. Just because an event takes place after hours doesn’t mean you’re off the clock. In fact, the time you spend at an event may be the most valuable time you put in that day and in your career. Former General Electric CEO Jack Welch used to hold cocktail parties specifically to vet junior executives. He looked for budding professionals who knew how to make the most of the moment versus those who only had eyes for the open bar and buffet. Here are my tips for making the right impression at an afterhours event no matter who’s watching: 1. Before the Event: Prepare for Success - Because what you’re wearing is key to your first impression wear appropriate business attire. - Take your cue from the venue and tone of the event regarding how formal to dress. - Even if the invitation states “business casual” avoid going too casual. You never want to be the worst dressed individual at an event.

- Bring plenty of business cards with you and keep them in an accessible business card holder. - Always eat before you go. You were invited not because you’re hungry but because you have something to contribute. Plus, eating in advance will keep you from drinking on an empty stomach. 2. At the Event: Make the Right Impression - Do your best to arrive on time. - When you enter, step to the side and assess the space, looking for the location of the bar, food, and people. - Once you decide where to go, move there with purpose. - If you go to the bar, take and keep your drink in your left hand so your right hand is free (and dry) to shake when meeting others.

- If you head to the buffet, choose foods that are eaten with a fork or toothpick so your hands remain clean. - If you choose to mingle, avoid approaching individuals engaged in serious conversations. Look for groups where people are open in their body language and appear friendly. - Don’t barge into conversations. Instead, move near the group, make eye contact, smile, and ask, “May I join you?” - Shake hands with each individual looking them in the eye and clearly stating your name as well as theirs - “Joe, it’s great to meet you.” - Repeat with each person. - When making small talk, ask about the other individual-where they’re from or if they came into town for the event. Simple questions help you learn about the person and provide topics for discussion. - When sharing business cards, present yours so it can be read by the person receiving it. - When accepting a card, read it thoroughly, noting the individual’s title, company, and location, which may offer points for discussion and connection. Making the most of an event doesn’t have to be difficult. Just remain mindful that it’s a professional event and do your best to make a positive impression that indicates doing business with you is a pleasure. Pamela Eyring is the owner and president of The Protocol School of Washington (PSOW), which provides professional business etiquette and international protocol training. Founded in 1988, PSOW is the only school of its kind in the U.S. to become accredited. www.psow.edu

EB¢OMA¢IAIA OIKONOMIKH ¶√§π∆π∫∏ EºHMEPI¢A AÚ. 948

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∆∂∆∞ƒ∆∏, 15 π∞¡√À∞ƒπ√À, 2014

∏ Ryanair ·Ó¿‚ÂÈ ÊˆÙÈ¤˜ ÛÙ· ‰ÚÔÌÔÏfiÁÈ· ÚÔ˜ ∞ı‹Ó· ™¿˙ÂÈ ÙÔ «ÌÔÓÔÒÏÈÔ» ÙˆÓ ∫.∞ Î·È Aegean-Olympic ¶ÚÔÛÊ¤ÚÂÈ ÂÈÛÈÙ‹ÚÈ· ÁÈ· ÚÔÔÚÈÛÌÔ‡˜ ÂÛˆÙÂÚÈÎÔ‡ ·fi 12 Â˘ÚÒ ÌÂ ‰ÚÔÌÔÏfiÁÈ· ÚÔ˜ ¶¿ÊÔ, £ÂÛÛ·ÏÔÓ›ÎË, ƒfi‰Ô, Ã·ÓÈ¿, ¶¿ÊÔ, §ÔÓ‰›ÓÔ, ªÈÏ¿ÓÔ, ¶›˙· Î·È µ·ÚÛÔ‚›·, ¢ËÌÈÔ˘ÚÁÂ› ‰‡Ô ‚¿ÛÂÈ˜ ÛÂ ∞ı‹Ó· Î·È £ÂÛÛ·ÏÔÓ›ÎË ÌÂ ¿Óˆ ·fi 2.800 Ó¤Â˜ ı¤ÛÂÈ˜ ÂÚÁ·Û›·˜, ÂÓÒ ˘ÔÏÔÁ›˙ÂÙ·È Ó· ÌÂÙ·Ê¤ÚÂÈ 3 ÂÎ·ÙÔÌÌ‡ÚÈ· ÂÈ‚¿ÙÂ˜. Ολική ανατροπή στην ελληνική και κυπριακή αγορά των αεροµεταφορών προκαλούν οι χθεσινέσ ανακοινώσεισ την µεγαλύτερησ αεροπορικήσ εταιρίασ τησ Ευρώπησ, τησ εταιρείασ που σήµερα διακινεί 80 εκατοµµύρια επιβάτεσ ετησίωσ, µε την δηµιουργία δύο βάσεων στην Αθήνα και την Θεσσαλονίκη και την δραστηριοποίηση τησ στα δροµολÞγια εσωτερικού τησ Ελλάδασ. H κίνηση αυτή δεν αφήνει Þµωσ ανεπηρέαστη και την κυπριακή αγορά µιασ και η εταιρεία ανακοίνωσε το δροµολÞγιο Πάφοσ – Αθήνα µε τιµέσ που ξεκινούν απÞ 12 ευρώ η µονή διαδροµή για κρατήσεισ απÞ σήµερα µέχρι την Τετάρτη 22 Ιανουαρίου και ταξίδια απÞ 1η Απριλίου µέχρι 31 Μαϊου. Αξίζει να αναφερθεί Þτι τον περασµένο Απρίλιο η εταιρεία Ryanair είχε ανάψει «φωτιέσ» στην αεροπορική αγορά τησ Ελλάδοσ καθώσ η Ιρλανδική εταιρία χαµηλού κÞστουσ κατηγορούσε το µεν «Ελευθέριοσ Βενιζέλοσ» Þτι χάνει επιβατική κίνηση, λÞγω των υψηλών τελών, την δε Aegean Þτι αποτελεί µονοπώλιο για την χώρα και επιβάλλει υψηλέσ τιµέσ. To Ελευθέριοσ Βενιζέλοσ είχε απαντήσει τÞτε Þτι η Ryanair, προσδοκά σε ειδική µεταχείριση, ενώ η απάντηση τησ Aegean ήταν Þτι η εταιρεία παραπλανεί το επιβατικÞ κοινÞ. Ουσιαστικά απÞ Þτι φαίνεται το Ελευθέριοσ Βενιζέλοσ υποχώρησε, και µε την ένταξη του δροµολογίου Πάφοσ – Αθήνα σπάζει το «µονοπώλιο» προσ Αθήνα απÞ το αεροδρÞµιο Λάρνακασ, στο οποίο πετούσαν οι Κυπριακέσ Αερογραµµέσ και η Aegean (µετά την συγχώνευση τησ µε την Olympic Αir). ΠρÞσφατα η Aegean-Olympic, είχε ανακοινώσει την κατηγορία εισιτηρίων GoLight και Flex απαντώντασ στην ανάγκη για ακÞµη χαµηλÞτερουσ ναύλουσ για τουσ επιβάτεσ τησ οικονοµικήσ θέσησ. Τα εισιτήρια GoLight δίνουν στουσ επιβάτεσ που ταξιδεύουν µÞνο µε µία χειραποσκευή έωσ 8 κιλά να βρουν εισιτήρια απÞ 24 ευρώ για πτήσεισ εσωτερικού (απλή µετάβαση, µε Þλουσ τουσ φÞρουσ προσ Αθήνα).

¶¿ÊÔ˜ – ∞ı‹Ó· ÌÂ €12 Ë ÌÔÓ‹ ‰È·‰ÚÔÌ‹ Οι θέσεισ για το νέο δροµολÞγιο µεταξύ Πάφου και Αθήνασ θα διατεθούν προσ πώληση σήµερα στην ιστοσελίδα ryanair.com. Η πώληση του ναύλου τησ Ryanair απÞ 12 ευρώ περιλαµβάνει Þλουσ τουσ φÞρουσ και επιβαρύνσεισ, και οι επιβάτεσ που ταξιδεύουν µÞνο µε χειραποσκευή χωρίσ να τουσ παρέχεται δικαίωµα προτεραιÞτητασ κατά την επιβίβαση, µπορούν να κάνουν κράτηση, online check-in και να πετάξουν µε το ναύλο των 12 ευρώ που διαφηµίζεται. Tα δροµολÞγια τησ εταιρείασ για το καλοκαίρι του 2014 απÞ την Πάφο έχουν ωσ εξήσ: Αθήνα, Βρυξέλλεσ, Χανιά, Κάουνασ, Κρακοβία, Λονδίνο-Στάνστεντ, Μάντσεστερ, Πάτρα, ΣτοκχÞλµη και Θεσσαλονίκη.

«∞ÔÁÂÈÒÓÔÓÙ·È» ∞ı‹Ó· Î·È £ÂÛÛ·ÏÔÓ›ÎË Η επιθετική αυτή κίνηση τησ εταιρίασ χαµηλού κÞστουσ έχει ωσ στÞχο την κυριαρχία τησ στην αναπτυσσÞµενη ελληνική αγορά αεροµεταφορών, αλλά και στην εκµετάλλευση του συγκριτικού τησ πλεονεκτήµατοσ, να προσφέρει στουσ καταναλωτέσ εισιτήρια πολύ φθηνÞτερα απÞ τουσ ανταγωνιστέσ τησ. Οι χθεσινέσ ανακοινώσεισ του εµπορικού διευθυντή τησ εταιρίασ κ. David O’Brien αφορούν την δηµιουργία µιασ νέασ βάσησ στην Αθήνα Þπου θα σταθµεύουν µÞνιµα δύο αεροσκάφη τησ Ryanair που θα πραγµατοποιούν 154 πτήσεισ προσ έξι

προορισµούσ σε καθηµερινή βάση προσ Χανιά, Λονδίνο, Μιλάνο, Πάφο, ΡÞδο και Θεσσαλονίκη. Σύµφωνα µε τον κ. O’Brien στÞχοσ τησ εταιρείασ είναι να µεταφέρει σε ετήσια βάση πάνω απÞ 1,2 εκατ. επιβάτεσ ενώ δεν παρέλειψε να αναφέρει Þτι η νέα βάση στην Αθήνα θα προσφέρει στον κλάδο των αεροµεταφορών και τουρισµού πάνω απÞ 1.200 νέεσ θέσεισ εργασίασ. Παράλληλα η Ryanair εξήγγειλε και την δηµιουργία νέασ βάσησ στην Θεσσαλονίκη Þπου θα σταθµεύει µÞνιµα ένα ακÞµη αεροσκάφοσ. ΑπÞ την Θεσσαλονίκη θα εξυπηρετούνται συνολικά 16 προορισµοί εσωτερικού και εξωτερικού µε 212 πτήσεισ σε εβδοµαδιαία βάση. ΣκοπÞσ τησ εταιρείασ είναι να µεταφέρονται απÞ και προσ το αεροδρÞµιο Μακεδονία πάνω απÞ 1,6 εκατ. επιβάτεσ σε ετήσια βάση ενώ στην πÞλη αναµένεται να δηµιουργηθούν πάνω απÞ 1.600 νέεσ θέσεισ εργασίασ. Ο εµπορικÞσ διευθυντήσ τησ Ryanair δεν παρέλειψε να επιτεθεί στον Þµιλο Aegen-Olympic λέγοντασ Þτι µε την κίνηση τησ αυτή η Ryanair προσφέρει µια εναλλακτική στουσ Έλληνεσ και ξένουσ ταξιδιώτεσ απέναντι στισ υψηλέσ τιµέσ των εισιτηρίων που προσφέρουν οι δύο ελληνικέσ εταιρίεσ. Στελέχη απÞ τον χώρο του τουρισµού εκτιµούν Þτι η κίνηση αυτή τησ Ryanair θα “απογειώσει” την Αθήνα και την Θεσσαλονίκη ωσ προορισµούσ city-breaks κάτι που θα έχει ιδιαίτερα θετικέσ επιπτώσεισ τÞσο στισ πληρÞτητεσ των ξενοδοχείων, Þσο και στην εµπορική κίνηση των δύο πÞλεων.

∆Ô ¤Ó· ÚÂÎfiÚ ÌÂÙ¿ ÙÔ ¿ÏÏÔ ΡεκÞρ επιβατών για την εταιρεία χαµηλού κÞστουσ Ryanair, η οποία το 2012 µετέφερε 79,6 εκατοµµύρια επιβάτεσ. Η αεροπορική εταιρεία χαµηλού κÞστουσ κατάφερε να πετάξει σχεδÞν 5 εκατ. επιβάτεσ τον ∆εκέµβριο του 2013, καταγράφοντασ αύξηση 2% σε σχέση µε την προηγούµενη χρονιά. Ο συνολικÞσ αριθµÞσ των επιβατών του 2012 άγγιξε τα 80 εκ., αυξηµένοσ κατά 4% σε σχέση µε το 2011. Η Ryanair είναι πλέον η 2η µεγαλύτερη αεροπορική εταιρεία στην Ευρώπη Þσον αφορά τον αριθµÞ των επιβατών, πίσω απÞ την γερµανική Lufthansa, που µετέφερε απÞ τον Ιανουάριο µέχρι το Νοέµβριο του 2012, 95,9 εκατ. Το ίδιο διάστηµα οι εταιρείεσ Air France-KLM µετέφεραν 71,46 εκατ. επιβάτεσ, η easyJet 54,41 εκατ. και η International Airlines Group 50,56 εκατ.

∫˘ÚÈ·Ú¯›· ÙÔ˘ «·ÁÂÓÔ‡˜» Michael O’Leary √È ÂÙ·ÈÚÂ›Â˜ ¯·ÌËÏÔ‡ ÎfiÛÙÔ˘˜ ¿ÏÏ·Í·Ó ÔÏÔÎÏËÚˆÙÈÎ¿ ÙÔÓ ÙÔÌ¤· ÙˆÓ ·ÂÚÔÌÂÙ·ÊÔÚÒÓ. ∆Ô Î‡ÚÈÔ «Ì˘ÛÙÈÎfi fiÏÔ» ÙˆÓ ÂÙ·ÈÚÈÒÓ ·˘ÙÒÓ Â›Ó·È Ë ÂÈÙ˘¯›· ÙÔ˘˜ Ó· ÌÔÚÔ‡Ó Ó· ÌÂÈÒÛÔ˘Ó ÛÙÔ Ì¤ÁÈÛÙÔ ‰˘Ó·Ùfi ÙÔ ÎfiÛÙÔ˜ ÏÂÈÙÔ˘ÚÁ›·˜ ÙÔ˘˜. ¶ÚˆÙ·ıÏËÙ‹˜ ·Ó¿ÌÂÛ· ÛÂ ·˘ÙÔ‡ ÙÔ˘ Â›‰Ô˘˜ ÙÈ˜ ÂÙ·ÈÚ›Â˜ ¤¯ÂÈ ·Ó·ÎËÚ˘¯ıÂ› ·ÓËÁ˘ÚÈÎ¿ Ë ÈÚÏ·Ó‰ÈÎ‹ Ryanair È‰ÈÔÎÙËÛ›·˜ ÙÔ˘, Î·Ù¿ ÁÂÓÈÎ‹ ÔÌÔÏÔÁ›· «·ÁÂÓÔ‡˜», Michael O’Leary. √ ÂÓ ÏfiÁˆ Î‡ÚÈÔ˜ Â›Ó·È ·˘Ùfi˜ Ô˘ ÚfiÛÊ·Ù· ÚÔÎ¿ÏÂÛÂ Ô˘Î ÔÏ›ÁÂ˜ ·ÚÓËÙÈÎ¤˜ Û˘˙ËÙ‹ÛÂÈ˜, ·Ó·ÎÔÈÓÒÓÔÓÙ·˜ ÛÔ‚·ÚfiÙ·Ù· ˆ˜ ÚÔÙ›ıÂÙ·È Ó· ·Ú¯›ÛÂÈ Ó· ¯ÚÂÒÓÂÈ ·ÎfiÌË Î·È ÙË ¯Ú‹ÛË ÙË˜ ÙÔ˘·Ï¤Ù·˜. ∫·È fiˆ˜ Ê¤ÚÂÙ·È Ó· ‰‹ÏˆÛÂ ÛÂ ÚfiÛÊ·ÙË Û˘Ó¤ÓÙÂ˘Í‹ ÙÔ˘, ‰ÂÓ ¤¯ÂÈ ÌÂÙ·ÓÈÒÛÂÈ Î·ıfiÏÔ˘ ÁÈ· ·˘Ù‹Ó ÙÔ˘ ÙËÓ ·fiÊ·ÛË. «∞Ó ÂÚÈÌ¤ÓÂÙÂ Ó· Û·˜ ¯·˚‰¤„Ô˘ÌÂ, ÙfiÙÂ Ë Ryanair ‰ÂÓ Â›Ó·È ÁÈ· Û·˜» ·Ó·Ê¤ÚÂÈ. ¶·Ú’ fiÏË ÙËÓ ·Á¤ÓÂÈ¿ ÙÔ˘, Ô ÎÔ˜ O ‘Leary Â›Ó·È ›Ûˆ˜ Ô ÌÔÓ·‰ÈÎfi˜ ÂÈÎÂÊ·Ï‹˜ ·ÂÚÔÔÚÈÎ‹˜ ÂÙ·ÈÚ›·˜ Ô˘ ÛÙÈ˜ Ì¤ÚÂ˜ Ì·˜ ÌÔÚÂ› Ó· ˘ÂÚËÊ·ÓÂ‡ÂÙ·È ÙfiÛÔ ÁÈ· Ù· Î¤Ú‰Ë ÙË˜ ÂÙ·ÈÚ›·˜ ÙÔ˘ fiÛÔ Î·È ÙËÓ ·ÏÌ·ÙÒ‰Ë ·‡ÍËÛË ÙˆÓ ÂÈ‚·ÙÒÓ Ô˘ ÙËÓ ÚÔÙÈÌÔ‡Ó. ∂›Ó·È ÂÓ‰ÂÈÎÙÈÎfi ˆ˜ ÙÔ 2012 Ë Ryanair ÌÂÙ¤ÊÂÚÂ 80 ÂÎ. ÂÈ‚¿ÙÂ˜, ÙËÓ ›‰È· ÂÔ¯‹ Ô˘ ÔÈ ÂÚÈÛÛfiÙÂÚÂ˜ ·ÂÚÔÔÚÈÎ¤˜ ÂÙ·ÈÚ›Â˜ ÂÈ‚ÈÒÓÔ˘Ó ÌÂ ¯›ÏÈ· ˙fiÚÈ·. ∞Ó Î·È Î·Ù¿ Î·ÈÚÔ‡˜ Î·ÙËÁÔÚÔ‡Ó ÙËÓ ÂÙ·ÈÚÂ›· ÁÈ· ÙÈ˜ ˘ËÚÂÛ›Â˜ Ô˘ ÚÔÛÊ¤ÚÂÈ, Ô O’Leary ·Ú·Ì¤ÓÂÈ ·Û˘ÁÎ›ÓËÙÔ˜. ∂›Ó·È ¿ÏÏˆÛÙÂ ·˘Ùfi˜ Ô˘ Î¿ÔÙÂ ‰‹ÏˆÛÂ ‰ËÌÔÛ›ˆ˜: «£¤ÏÂÙÂ ÂÈÛÙÚÔÊ‹ ¯ÚËÌ¿ÙˆÓ ÁÈ· ·Î‡ÚˆÛË ÂÈÛÈÙËÚ›Ô˘ ÂÂÈ‰‹ ¤ı·ÓÂ Í·ÊÓÈÎ¿ Ë ÁÈ·ÁÈ¿ Û·˜; ∞ÔÎÏÂ›ÂÙ·È. ¡· Ê‡ÁÂÙÂ. ¢ÂÓ ˘¿Ú¯ÂÈ ÂÈÛÙÚÔÊ‹ ¯ÚËÌ¿ÙˆÓ.

ΧΡΗΜΑ&ΑΓΟΡΑ

15 ΙΑΝΟΥΑΡΙΟΥ, 2014

2 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

∏ ÙÚfiÈÎ· Ì·˜ ¤‚·ÏÂ ÙÔ ÈÛÙfiÏÈ ÛÙÔÓ ÎÚfiÙ·ÊÔ Τον χαρακτηριστικÞ τίτλο «Η τρÞικα έβαλε το πιστÞλι στον κρÞταφο τησ Κύπρου» είχε χθεσινÞ δηµοσίευµα τησ έγκριτησ αυστριακήσ εφηµερίδασ «Ντι Πρέσε» και, Þπωσ σηµειώνει, αναφέρεται «στον έλεγχο των ελεγκτών τησ διαβÞητησ τρÞικασ των διεθνών πιστωτών -απÞ την ΕΕ, την ΕΚΤ και το ∆ΝΤ- στην οποία πάλι ασκείται µαζική κριτική, αυτή τη φορά Þχι απÞ τισ ενδιαφερÞµενεσ χώρεσ τησ κρίσησ, αλλά απÞ την πλευρά του Ευρωπαϊκού Κοινοβουλίου». Οι ελεγκτέσ (σ.σ τησ τρÞικασ) έβαλαν ένα «πιστÞλι στον κρÞταφο» τησ Πορτογαλίασ και τησ Κύπρου για να εφαρµÞσουν τα µέτρα λιτÞτητασ που τουσ ζητούνταν, σηµειώνει το δηµοσίευµα, επικαλούµενο δηλώσεισ στο “EUobserver” του µέλουσ τησ τετραµελούσ κοινοβουλευτικήσ επιτροπήσ (του Ευρωκοινοβουλίου) που εξετάζει το έργο τησ τρÞικασ, Γιούργκεν Κλούτε, ο οποίοσ προσθέτει πωσ αντιθέτωσ «οι κύριοι τησ τρÞικασ έδειξαν ελάχιστη συµπάθεια για κοινωνικά µέτρα». Ο ίδιοσ είχε επισκεφθεί την περασµένη εβδοµάδα µαζί µε τον επικεφαλήσ τησ αποστολήσ, Ùτµαρ Κάρασ και άλλουσ δύο ευρωβουλευτέσ, την Κύπρο και την Πορτογαλία και στο τέλοσ τησ εβδοµάδασ η αποστολή θα βρεθεί στην Ιρλανδία, ενώ µε µεγαλύτερο ενδιαφέρον αναµένεται η επί-

σκεψή τησ στην Ελλάδα στο τέλοσ του µήνα. Ùπωσ υποστηρίζει ο κ. Κλούτε, ασκεί κριτική στο γεγονÞσ Þτι οι κυβερνήσεισ σε ΛισαβÞνα και Λευκωσία δεν είχαν καθÞλου περιθώρια κατά τισ διαπραγµατεύσεισ για τα πακέτα βοήθειασ και µπορεί µεν να ήταν απαραίτητεσ οι µεταρρυθµίσεισ που ζητήθηκαν απÞ την τρÞικα, ωστÞσο κατά την εκτίµηση τησ κατάστασησ θα έπρεπε να έχουν ληφθεί υπÞψη, τÞσο οι κοινωνικοί εταίροι, Þσο και τα εθνικά

Κοινοβούλια. Αλλά, Þπωσ γράφει η εφηµερίδα, και ο κ. Κάρασ µετά την επιστροφή του απÞ τη Λευκωσία άσκησε κριτική στην έλλειψη δηµοκρατικήσ νοµιµοποίησησ τησ τρÞικασ, επισηµαίνοντασ πωσ αυτÞ το Þργανο αποτελεί µÞνο µία “λύση ανάγκησ” για να αποφευχθεί ζηµία για την ΕΕ. Για αυτÞν τον λÞγο, κατά την άποψή του, η τρÞικα θα πρέπει να είναι ένα εργαλείο σε µία «υγιή δηµοκρατική βάση» µε εµπλοκή του Ευρωκοινοβουλίου και προσ τούτο είναι αναγκαία µία αλλαγή τησ Ευρωπαϊκήσ Συνθήκησ. Σύµφωνα µε τη “Ντι Πρέσε” το ΕυρωπαϊκÞ Κοινοβούλιο θα παραλάβει την έκθεση τησ αποστολήσ για τον έλεγχο του έργου τησ τρÞικασ, έωσ τον Μάιο, και στη βάση τησ θα βγάλει τα συµπεράσµατά του. Ùπωσ γράφει η εφηµερίδα, µε την έναρξη τησ εβδοµάδασ συνεδριάσεων τησ Ολοµέλειασ, έφθασαν στο Στρασβούργο ο επίτροποσ Οικονοµικών και Νοµισµατικών Υποθέσεων, Ùλι Ρεν, ο πρώην ∆ιοικητήσ τησ ΕΚΤ, ΖανΚλοντ Τρισέ, και ο επικεφαλήσ του ΕΜΣ, Κλάουσ Ρέγκλινγκ, για να απαντήσουν σε ερωτήσεισ ευρωβουλευτών σε αυτÞ το θέµα, ενώ ο κ. Κάρασ θα παρουσιάσει το προσχέδιο τησ έκθεσήσ του αύριο Πέµπτη 16 Ιανουαρίου.

«¶ÚÔÛÁÂ›ˆÛË» ÙË˜ airberlin ÛÙÔ ·ÂÚÔ‰ÚfiÌÈÔ §¿ÚÓ·Î·˜ Η γερµανική αεροπορική εταιρεία airberlin αυξάνει κατά 11% τισ πτήσεισ τησ κυρίωσ προσ τα ελληνικά νησιά προκειµένου να ανταποκριθεί στην αύξηση του τουριστικού ρεύµατοσ και σε σχέση µε πέρυσι θα φτάσει συνολικά τισ 172 πτήσεισ την εβδοµάδα.. Παράλληλα, εγκαινιάζει νέο προορισµÞ, την Λάρνακα. «Νέοσ προορισµÞσ φέτοσ είναι η Λάρνακα και η Μάλτα, ενώ αυξήσαµε φυσικά τον αριθµÞ πτήσεων προσ την Ελλάδα και τισ Καναρίουσ νήσουσ», ανέφερε ο Ντέτλεφ Άλτµαν, αντιπρÞεδροσ του τµήµατοσ πωλήσεων τησ εταιρείασ. Προσ το αεροδρÞµιο του Ηρακλείου Κρήτησ η airberlin θα προσθέσει 7 επιπλέον πτήσεισ την εβδοµάδα, ενώ στην Κω και τη Σαντορίνη θα προσγειώνονται 3 επιπλέον αεροπλάνα τησ

γερµανικήσ εταιρείασ την εβδοµάδα. Έτσι, συνολικά οι Γερµανοί θα έχουν τη δυνατÞτητα να επιλέξουν ανάµεσα σε 7 πτήσεισ την εβδοµάδα για τη Σαντορίνη και 21 για την Κω. Μία επιπλέον πτήση εβδοµαδιαία προγραµµατίζεται για τα Χανιά, την Καλαµάτα, τη Λέσβο, τη Μύκονο, τη ΡÞδο, τη Σάµο και τη Ζάκυνθο. Η airberlin επεκτείνει τισ πτήσεισ και σε άλλουσ προορισµούσ, Þπωσ το νησί ΛανζαρÞτε, αλλά και σε πιο µακρινούσ και εξωτερικούσ προορισµούσ στισ ΗΠΑ και την Ασία, ενώ θα προσφέρει για ταξιδιώτεσ που πετούν

¶Ï‹ÚË˜ Î·Ù¿ÚÚÂ˘ÛË ÙË˜ ·ÁÔÚ¿˜ ·ÎÈÓ‹ÙˆÓ Στο χαµηλÞτερο επίπεδο απÞ τÞτε που υπάρχουν διαθέσιµα στοιχεία έχει επιστρέψει η δραστηριÞτητα στον τοµέα ακινήτων, χωρίσ να υπάρχει στον ορίζοντα προοπτική άµεσησ ανάκαµψησ. Η µειωµένη ρευστÞτητα στην αγορά, η προσπάθεια αποµÞχλευσησ των ισολογισµών των νοικοκυριών και των επιχειρήσεων αλλά και η αβεβαιÞτητα για το µέλλον, αποθαρρύνουν νέεσ αγορέσ ακινήτων σπρώχνοντασ τισ τιµέσ χαµηλÞτερα. Με βάση τα τελευταία διαθέσιµα στοιχεία, το 2013 η δραστηριÞτητα στον κλάδο ήταν µÞλισ στο 30% τησ δραστηριÞτητασ του 2000.

Μετά το στεγαστικÞ µπουµ των τελευταίων ετών, οι τράπεζεσ δίνουν πλέον τα στεγαστικά δάνεια µε το σταγονÞµετρο και οι επιχειρηµατίεσ ανάπτυξησ στρέφουν τισ ελπίδεσ τουσ σε ξένουσ αγοραστέσ. Τα τελευταία στοιχεία δείχνουν πωσ τα στεγαστικά δάνεια παρουσίασαν ετήσια µείωση 5,3% τον εντέκατο µήνα του 2013, τη µεγαλύτερη απÞ τÞτε που υπάρχουν διαθέσιµα στοιχεία. Σύµφωνα µε τα τελευταία στοιχεία τησ Κεντρικήσ Τράπεζασ, ο δείκτησ τιµών κατοικιών παρουσίασε το τρίτο τρίµηνο του 2013 ετήσια µείωση 7,2%. Παρά τη µείωση οι τιµέσ εξακολουθούν να βρίσκονται σε πιο ψηλά επίπεδα απÞ Þτι ήταν το 2006.

¶ÚÔÒıËÛË ÙÔ˘ ÊˆÙÔıÂÚ·Â˘ÙÈÎÔ‡ ÙÔ˘ÚÈÛÌÔ‡ Τη δυνατÞτητα ανάπτυξησ του ιατρικού τουρισµού στα πλαίσια τησ εφαρµογήσ τησ Ευρωπαϊκήσ Οδηγίασ για τη ∆ιασυνοριακή Περίθαλψη των Ευρωπαίων Πολιτών, συζήτησε µεταξύ άλλων η Επιτροπή Εµπορίου τησ Βουλήσ. Συγκεκριµένα θα προωθηθεί ο φωτοθεραπευτικÞσ τουρισµÞσ µε την ηλιοφάνεια που έχει η Κύπροσ, για ασθενείσ που την χρειάζονται αλλά και ο αέρασ, το οξυγÞνο σε ορισµένεσ περιοχέσ τησ Κύπρου, Þπωσ είναι η Κυπερούντα. Ο ΠρÞεδροσ τησ Επιτροπήσ Εµπορίου Λευτέρησ ΧριστοφÞρου είπε πωσ η Επιτροπή στήριξε και πολλέσ φορέσ απαίτησε να υπάρξει προώθηση των εναλλακτικών µορφών

τουρισµού – είτε θρησκευτικÞσ, είτε πολιτιστικÞσ, είτε αθλητικÞσ, είτε ιατρικÞσ - που είναι µορφέσ τουρισµού που µπορούν να αναπτυχθούν στην πατρίδα µασ εξαιτίασ και των καιρικών συνθηκών, αλλά και των διαφÞρων συγκριτικών πλεονεκτηµάτων που έχουµε απÞ άλλεσ χώρεσ Þχι µÞνο τησ περιοχήσ αλλά και σε ολÞκληρη την Ευρώπη. Ο ιατρικÞσ τουρισµÞσ είναι ακριβώσ, σηµείωσε, ένασ σηµαντικÞσ τοµέασ που µπορεί η Κύπροσ να αναδειχθεί και να φέρει τεράστια θετικά αποτελέσµατα. Ιδιαίτερα, ανέφερε, µε την ψήφιση τησ νοµοθεσίασ για την ∆ιασυνοριακή Περίθαλψη ευνοείται η Κύπροσ να αναπτύξει ποικιλοτρÞπωσ και παντοιοτρÞπωσ τον ιατρικÞ τουρισµÞ.

¢ÂÓ ˘¿Ú¯ÂÈ ÚfiÙ·ÛË ÁÈ· ÌÂÙ·ÊÔÚ¿ ÓÂÚÔ‡ ·fi ÙÔ §›‚·ÓÔ Η Κυβέρνηση δεν εξετάζει οποιαδήποτε συγκεκριµένη πρÞταση για µεταφορά νερού απÞ το Λίβανο, ανέφερε χθεσ ο ΥπουργÞσ Γεωργίασ Νίκοσ Κουγιάλησ, σχολιάζοντασ σχετικά δηµοσιεύµατα, σηµειώνοντασ ωστÞσο πωσ υπάρχει πρÞβληµα ανοµβρίασ και το υδατικÞ πρÞβληµα τησ Κύπρου δεν έχει επιλυθεί σε Þ,τι αφορά τουλάχιστον το κοµµάτι τησ άρδευσησ. Ο κ. Κουγιάλησ, είπε Þτι στην συνάντηση που είχε πρÞσφατα µε τον ΥπουργÞ Ενέργειασ και Υδάτων του Λιβάνου, δεν τέθηκε οποιαδήποτε συγκεκριµένη πρÞταση για µεταφορά νερού στην Κύπρο και ξεκαθάρισε Þτι “αυτÞ το κράτοσ δεν πρÞκειται να εµπλακεί σε οποιαδήποτε κατασκευαστικά έργα για µεταφορά νερού, ούτε µε πλοία απÞ το Λίβανο, ούτε απÞ

τον Άρη, ούτε απÞ το φεγγάρι”. “Αν ο Λίβανοσ θέλει να µασ κάνει πρÞταση και να µασ πει πÞσα στοιχίζει για να µεταφέρει νερÞ στην Κύπρο θα την εξετάσουµε, αλλά δεν υπάρχει κάποια πρÞταση”, συµπλήρωσε.

απÞ το αεροδρÞµιο τησ Βιέννησ τη δυνατÞτητα να πετάξουν στη Μαδρίτη, τη Μάλτα και τη Λάρνακα. Η airberlin καταλαµβάνει µια απÞ τισ κορυφαίεσ θέσεισ ανάµεσα στουσ ευρωπαϊκούσ αεροµεταφορείσ και εξυπηρετεί συνολικά 147 προορισµούσ. Το 2013 διακίνησε περισσÞτερουσ απÞ 31,5 εκατοµµύρια επιβάτεσ και µε στρατηγικέσ τησ συνεργασίεσ, Þπωσ µε την Etihad Airways, διαθέτει ένα παγκÞσµιο δίκτυο παρουσίασ. Ο µέσοσ Þροσ ζωήσ του στÞλου τησ είναι τα πέντε χρÞνια και ανήκει στουσ νεÞτερουσ και πιο οικολογικούσ στην Ευρώπη.

¶‹ÚÂ ·Ó·‚ÔÏ‹ Ë ¤ÎıÂÛË ÁÈ· ÙÚ¿Â˙Â˜ Θα υπάρξει καθυστέρηση σε Þτι αφορά την ετοιµασία τησ έκθεσησ και του πορίσµατοσ τησ κοινοβουλευτικήσ επιτροπήσ θεσµών για τα αίτια που οδήγησαν στην κατάρρευση τησ κυπριακήσ οικονοµίασ και του τραπεζικού συστήµατοσ τησ Κύπρου. Αν και αρχικά τέθηκε χρονοδιάγραµµα ώστε η έκθεση να είναι έτοιµη τον Ιανουάριο, εξαιτίασ του µεγάλου Þγκου στοιχείων και δεδοµένων που κατέχει η επιτροπή, η οποία εργάζεται χωρίσ τη συνδροµή εµπειρογνωµÞνων, το τελικÞ πÞρισµα τησ επιτροπήσ θα είναι έτοιµο αργÞτερα. Τα µέλη τησ επιτροπήσ δεν ήταν σε θέση να αναφέρουν πÞτε χρονικά θα είναι έτοιµη η έκθεση. Ùπωσ αποφάσισαν τα µέλη τησ κοινοβουλευτικήσ επιτροπήσ θεσµών την ερχÞµενη Τρίτη θα κληθούν στην επιτροπή ο ΓενικÞσ Εισαγγελέασ Κώστασ Κληρίδησ και ο ΒοηθÞσ ΓενικÞσ Εισαγγελέασ Ρίκκοσ Ερωτοκρίτου για να ερωτηθούν κατά πÞσο υπάρχουν κάποια ζητήµατα τα οποία δεν πρέπει να περιληφθούν στην έκθεση για να µην επηρεαστεί το έργο των ανακριτών.

∏ ÙÔ˘ÚÎÈÎ‹ Ï›Ú·“‚˘ı›ÛÙËÎÂ” ¤Ó·ÓÙÈ ÙÔ˘ Â˘ÚÒ Η τουρκική λίρα βυθίστηκε χθεσ σε νέο χαµηλÞ ρεκÞρ έναντι του ευρώ, φτάνοντασ το ψυχολογικά σηµαντικÞ επίπεδο των τριών λιρών ανά ευρώ καθώσ η χώρα παραµένει εν µέσω µιασ βαθιάσ πολιτικήσ κρίσησ. Το ευρώ άγγιξε τισ 3,0013 τουρκικέσ λίρεσ κλείνοντασ αργÞτερα στισ 2,9883. Το τουρκικÞ νÞµισµα έναντι του δολαρίου ήταν στα 2,1832. Το χρηµατιστήριο τησ Κωνσταντινούπολησ σηµείωσε επίσησ ζηµιέσ κατά 0,02% κλείνοντασ στισ 68.072,50 µονάδεσ. Έχει σηµειώσει απώλειεσ άνω του 15% απÞ τα µέσα του προηγούµενου χρÞνου, Þταν η χώρα ταρακουνήθηκε απÞ τισ αντικυβερνητικέσ διαδηλώσεισ τον Ιούνιο. Η ανανέωση τησ πίεσησ στισ χρηµαταγορέσ απÞ την εµφάνιση τησ πολιτικήσ κρίσησ τον προηγούµενο µήνα αντικατοπτρίζει επίσησ την συνεχιζÞµενη ανησυχία των επενδυτών για την εξωτερική οικονοµική θέση τησ Τουρκίασ.

ΧΡΗΜΑ&ΑΓΟΡΑ

15 ΙΑΝΟΥΑΡΙΟΥ, 2014

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∫·Ù¿ıÂÛË ˆÏËÙËÚ›Ô˘ ÂÁÁÚ¿ÊÔ˘ – ªÔÓfiÏÂ˘ÚÔ Ì¤ÙÚÔ ∞ÓÙÒÓË˜ §Ô˚˙Ô˘ ∞ÓÙÒÓË˜ §Ô›˙Ô˘ F.R.I.C.S. & ™˘ÓÂÚÁ¿ÙÂ˜ §Ù‰, ∂ÎÙÈÌËÙ¤˜ ∞ÎÈÓ‹ÙˆÓ & ¢È·¯ÂÈÚÈÛÙ¤˜ ŒÚÁˆÓ ∞Ó¿Ù˘ÍË˜

Η κατάθεση ενÞσ πωλητηρίου εγγράφου προσφέρει κάποια προστασία στον αγοραστή ακίνητησ ιδιοκτησίασ, είτε και εάν το ακίνητο έχει τίτλο ή Þχι. Το µέτρο αυτÞ αναγκάζει µέσω διατάγµατοσ δικαστηρίου τον πωλητή Þπωσ µεταβιβάσει το πωληθέν κτήµα στον αγοραστή, νοουµένου ασφαλώσ Þτι ο αγοραστήσ ακολούθησε την ορθή διαδικασία και Þτι ο ίδιοσ είναι συνεπήσ στισ πρÞνοιεσ του συµβολαίου πώλησησ. ΠαρÞµοια Þµωσ πρÞνοια δεν υπάρχει και για την προστασία του πωλητή. Ενώ δηλαδή ο αγοραστήσ τυγχάνει τησ προστασίασ του νÞµου εξαναγκάζοντασ τον πωλητή να προβεί στην µεταβίβαση, δεν υπάρχει και η αντίστοιχη νοµοθεσία που να εξαναγκάζει τον αγοραστή, εάν ο πωλητήσ είναι συνεπήσ στισ υποχρεώσεισ του, να προσέλθει ο αγοραστήσ για την µεταβίβαση. Σε αυτούσ τουσ δύσκολουσ οικονοµικούσ καιρούσ το θέµα αυτÞ έχει αναχθεί σε µεγάλο πρÞβληµα, διÞτι αρκετοί αγοραστέσ είτε λÞγω «ιδιοτροπίασ» είτε/και λÞγω έλλειψησ χρηµάτων, δεν επιθυµούν την µεταβίβαση, µια και που κατά µέσο Þρο για ένα σύνηθεσ διαµέρισµα τα µεταβιβαστικά ίσωσ να ανέρχονται σε ορισµένεσ χιλιάδεσ ευρώ (+/- 10.000 ευρώ κατά µέσο Þρο). Σε δικέσ µασ εµπειρίεσ σασ παραθέτουµε απτά παραδείγµατα µη προσέλευσησ των αγοραστών για µεταβίβαση. Πάφοσ – 31 διαµερίσµατα – ΜÞνο 21 προσήλθαν για µεταβιβάσεισ µετά απÞ 2 χρÞνια που εκδÞθηκαν οι τίτλοι. ΛεµεσÞσ – 85 διαµερίσµατα – ΜÞνο 29 προσήλθαν για µεταβίβαση παρ’ Þλησ τησ 8µηνησ έκδοσησ τίτλων. Πρωταράσ – ΑπÞ 18 κατοικίεσ µÞνο 3 προσήλθαν για µεταβίβαση παρ’ Þλου του χρÞνου έκδοσησ τίτλων. Ωσ εκ τούτου παρατηρούµε Þτι (και βάσει άλλων παραδειγµάτων) στο µέγιστο ποσοστÞ αγοραστών έστω 30% επι-

θυµούν να προχωρήσουν σε µεταβιβάσεισ. Αυτή η κατάσταση είναι απαράδεκτη και καλούµε την Νοµική Υπηρεσία/Κράτοσ/ Βουλή Þπωσ επιληφθεί του θέµατοσ και τούτο διÞτι: - Βάσει αρκετών πωλητηρίων εγγράφων ποσÞ απÞ την τιµή πώλησησ πληρώνεται στην µεταβίβαση. Ωσ εκ τούτου ο πωλητήσ στερείται εσÞδων. - ΕφÞσον οι µεταβιβάσεισ δεν γίνονται και ωσ εκ τούτου το ακίνητο παραµένει στο Þνοµα του πωλητή, ο πωλητήσ είναι εκείνοσ ο οποίοσ φέρει την ευθύνη για την πληρωµή του φÞρου ακίνητησ ιδιοκτησίασ και ίσωσ µε το µέγιστο ποσοστÞ του 1.9%. Η δε αδυναµία του πωλητή να πληρώσει το ποσοστÞ αυτÞ, ο ΦÞροσ Εισοδήµατοσ θέτει ΜΕΜΟ (εµπÞδιο) στην Þλη περιουσία του πωλητή χωρίσ αυτÞσ να οφείλει τίποτα!! - Ο πωλητήσ σε περίπτωση που ο µη τιτλούχοσ αγοραστήσ δεν πληρώνει κοινÞχρηστα, ίσωσ να βρεθεί και εδώ ο πωλητήσ να είναι αναγκασµένοσ να πληρώσει και αυτέσ τισ οφειλέσ του αγοραστή. - Η «εξαφάνιση» (Þχι µεµονωµένο, αυτÞ συµβαίνει ιδιαίτερα για ξένουσ αγοραστέσ) µε το συµβÞλαιο του αγοραστή κατατεθειµένο, εµποδίζει τον πωλητή Þπωσ ακυρώσει το πωλητήριο έγγραφο και επαναπωλήσει το κτήµα για εξÞφληση των οφειλών του αγοραστή (Þταν ο πωλητήσ προσέφερε την εταιρική εγγύηση για την σύναψη του δανείου του αγοραστή). Έτσι και εδώ ο πωλητήσ οφείλει την εγγύηση αλλά δεν µπορεί να κατέχει την µονάδα για να την επαναπωλήσει για εξÞφληση. Χρειάζεται αγαπητοί µασ αναγνώστεσ µακροχρÞνιοσ δικαστικÞσ αγώνασ για να αποσυρθεί το συµβÞλαιο µέσω διατάγµατοσ του ∆ικαστηρίου έστω µια περίοδο 2-3 χρÞνων και µε κÞστοσ γύρω στισ 3.000 ευρώ. - Έστω και εάν γίνει κατορθωτή η ακύρωση του συµβολαίου µέσω δικαστηρίου, εάν ο αγοραστήσ ενοικιάζει την µονάδα και είναι είτε µακροχρÞνιοσ ενοικιαστήσ, είτε θέσµιοσ, τÞτε πωσ θα το πωλήσει ο πωλητήσ; - Ωσάν Þλα αυτά να µην είναι αρκετά υπάρχει και το στερεÞτυπο εγγυητήριο έγγραφο (Bank Guarantee) στο οποίο αναφέρεται Þτι εάν ο πωλητήσ δεν έχει π.χ. προβεί στην µεταβίβαση (προσοχή Þχι έκδοση τίτλων) ο αγοραστήσ µπορεί να ζητήσει την πληρωµή τησ εγγύησησ απÞ τον χρηµατοδοτικÞ

οργανισµÞ. Άρα στην περίπτωση αυτή και εκτÞσ του πιο πάνω, ο πωλητήσ βαρύνεται µε την καταβολή και τησ εγγύησησ γιατί ο αγοραστήσ δεν προσέρχεται για µεταβίβαση (έστω και εάν οι τίτλοι υπάρχουν) κατακρατεί ο αγοραστήσ την µονάδα του την οποία και ίσωσ να ενοικιάζει και ο πωλητήσ µένει ξεκρέµαστοσ. Σε απτή υπÞθεση, πελάτησ µασ στην Λάρνακα, ο αγοραστήσ αγÞρασε το 3 υπνοδωµατίων διαµέρισµα προσ 50.000 ευρώ προ 8 ετών, εκδÞθηκαν οι τίτλοι αλλά δεν προσέρχεται για µεταβίβαση. Επειδή Þµωσ το λανθασµένο λεκτικÞ τησ εγγυητικήσ αναφέρεται σε µεταβίβαση και Þχι έκδοση τίτλων, εισέπραξε ο πωλητήσ την εγγυητική (τιµή πώλησησ + τÞκοι) το διαµέρισµα ενοικιάζεται εδώ και 8 χρÞνια προσ 500 ευρώ/µήνα και βρισκÞµαστε εδώ και 3 χρÞνια στα δικαστήρια χωρίσ ορίζοντα επίτευξησ ακρÞασησ. Σε αυτή την περίπτωση, ο αγοραστήσ εισέπραξε στο σύνολο (60.000 ευρώ το ποσÞ αγοράσ πλέον τÞκοι + 48.000 ευρώ ενοίκια) = 108.000 ευρώ αφού πλήρωσε τισ 50.000 ευρώ δηλαδή «καθαρÞ» κέρδοσ γύρω στισ 58.000 ευρώ πλέον τησ αύξησησ τησ αξίασ του διαµερίσµατοσ (προ τησ κρίσησ άξιζε 130.000 ευρώ – δηλαδή κέρδοσ 128.000 ευρώ Þχι και άσχηµα για µια επένδυση των 50.000 ευρώ). ΤαυτÞχρονα ο πωλητήσ συνεχίζει και πληρώνει τον φÞρο ακίνητησ ιδιοκτησίασ, ∆ηµοτικούσ και άλλουσ φÞρουσ που βαρύνουν τον εγγεγραµµένο ιδιοκτήτη – ενώ η αδυναµία του να συνεχίζει να πληρώνει ίσωσ τον κατατάξουν στην κατηγορία των recoveries (µη εξυπηρετούµενα δάνεια) µε πρÞσθετεσ επιβαρύνσεισ στισ υπÞλοιπεσ του επιχειρήσεισ. Το Þλο θέµα είναι παράλογο και άδικο και ένα συµβÞλαιο κατοχυρώνει δια νοµοθεσίασ µÞνο τον ένα απÞ τα δύο συµβαλλÞµενα µέρη, αφήνοντασ τον άλλο τελείωσ ακάλυπτο. Κατά την άποψη µασ χρειάζεται άµεση νοµοθετική ρύθµιση που να κατοχυρώνει και τον πωλητή, ενώ και πάλι µε νοµοθετική ρύθµιση να διορθωθούν τα ήδη εκδοθέντα Bank Guarantees που έχουν το λανθασµένο λεκτικÞ αφήνοντασ τουσ πωλητέσ ξεκρέµαστουσ. Είναι τησ µÞδασ να κατηγορούνται οι developers (και ασφαλώσ για πολλά θέµατα φέρουν και τισ ανάλογεσ ευθύνεσ) και να αναφέρονται ανεξάρτητα συνθηκών σε «καηµένουσ» αγοραστέσ, αλλά είναι αυτÞ δίκαιο στισ περιπτώσεισ αυτέσ;

«√ ·ÛıÂÓ‹˜ ˙ÂÈ» ··ÓÙ¿ Ô ¢‹ÌÔ˜ §Â˘ÎˆÛ›·˜ ∂› ÙÔ˘ ¿ÚıÚÔ˘ ÙÔ˘ ∞ÓÙÒÓË §Ô˚˙Ô˘ «∏ ÂÁ¯Â›ÚËÛË ÌÂÙ¿ ÙÔÓ ı¿Ó·ÙÔ – §Â˘ÎˆÛ›·», Ô˘ ‰ËÌÔÛÈÂ‡ıËÎÂ ÙËÓ ÂÚ·ÛÌ¤ÓË Â‚‰ÔÌ¿‰· ÛÙËÓ Financial Mirror ÙÔÔıÂÙÂ›Ù·È Ô ¢‹ÌÔ˜ §Â˘ÎˆÛ›·˜. Συγκεκριµένα η Αγνή Πετρίδου, ∆ηµοτική ΜηχανικÞσ του ∆ήµου Λευκωσίασ σε απαντητική τησ επιστολή αναφέρει: «∆ιαβάσαµε µε προσοχή το άρθρο του κ. Αντώνη Λοΐζου µε τίτλο «Η εγχείρηση µετά τον θάνατο – Λευκωσία» στο οποίο γίνονται µερικέσ διαπιστώσεισ και ο αρθρογράφοσ προβαίνει σε εισηγήσεισ για την αναζωογÞνηση του κέντρου τησ Λευκωσίασ, ιδιαίτερα τησ περιοχήσ τησ ΛεωφÞρου Μακαρίου. ΠαρÞλο που το κέντρο αντιµετωπίζει αυτή τη στιγµή σοβαρά προβλήµατα εντούτοισ δεν θεωρούµε Þτι η λύση είναι να κάνουµε µηδενιστικέσ προβλέψεισ και συγκρίσεισ που στο τέλοσ καταλήγουν ακÞµη και να δυσφηµίζουν µια περιοχή αντί να τη στηρίζουν. Η δηµοσίευση του άρθρου αυτού, δίνει τη δυνατÞτητα να αναφερθώ συγκεκριµένα σε µια σειρά θεµάτων που έχουµε προβεί µε στÞχο να δώσουµε τισ Þσο το δυνατÞ καλύτερεσ λύσεισ.

¢ÂÓ ÊÙ·›ÂÈ ÌfiÓÔ Ë ÎÚ›ÛË ÁÈ· ÙÔÓ Ì·Ú·ÛÌfi ÙË˜ ª·Î·Ú›Ô˘ Εδώ και καιρÞ έχουµε τοποθετηθεί Þτι ο µαρασµÞσ τησ ΛεωφÞρου Μακαρίου δεν έχει επέλθει µÞνο απÞ την οικονοµική κρίση. Ο ουσιαστικÞσ λÞγοσ του µαρασµού τησ Μακαρίου είναι κυρίωσ η ελλιπήσ πολεοδοµική στρατηγική των τελευταίων χρÞνων. ∆ιαπιστώσαµε για ακÞµη µια φορά Þτι οι πρÞνοιεσ του εγκριµένου Τοπικού Σχεδίου Λευκωσίασ 2012 για την αειφÞρο ανάπτυξη τησ πÞλησ έµειναν µÞνο στα χαρτιά. Η ανάπτυξη του αστικού συγκροτήµατοσ µε τουσ σηµερινούσ σχεδιασµούσ δεν προωθεί τον διακηρυγµένο στÞχο για οργανωµένη και συµπαγή ανάπτυξη αλλά αντίθετα ενθαρρύνει τη διασπορά. Ο πολεοδοµικÞσ σχεδιασµÞσ αντί να συγκεντρώνει πρώτα την ανάπτυξη τησ Λευκωσίασ στην ήδη δοµηµένη περιοχή τησ πÞλησ την σπρώχνει συνεχώσ προσ τα έξω για να ικανοποιήσει άλλα συµφέροντα. Την ίδια ώρα που δηµιουργούνται Ειδικέσ Περιοχέσ και Ζώνεσ Ειδικών Χρήσεων στην περιφέρεια και δίνονται πλουσιοπάροχα πακέτα ευέλικτων συντελεστών και απεριÞριστων χρήσεων, δεν παραχωρούνται κίνητρα στο κέντρο τησ πÞλησ ικανά να ανταγωνιστούν επί ίσοισ Þροισ την ανάπτυξη.

Κατασκευάστηκαν δεκάδεσ τοπικοί εµπορικοί πυρήνεσ και κέντρα και άξονεσ δραστηριÞτητασ που χρειάζονται εκατοµµύρια κατοίκων να διατηρήσουν ζωντανή την επιχειρηµατική τουσ δραστηριÞτητα. Απουσιάζει ένα στρατηγικÞ σχέδιο νήσου το οποίο να καθορίζει το ρÞλο τησ κάθε πÞλησ και τισ πραγµατικέσ τησ ανάγκεσ σε υποδοµέσ, κίνητρα και χρηµατοδÞτηση ανάλογα µε τη στρατηγική ανάπτυξησ τησ. Αντ’ αυτού Þλα µοιράζονται λεσ και έχουν την ίδια ανάγκη ή αφήνονται οι τοπικέσ αρχέσ να ανταγωνίζονται µεταξύ τουσ διεκδικώντασ ίδιεσ ευκαιρίεσ ενώ θα έπρεπε να ήταν ξεκάθαρο ποια ακριβώσ έργα και προγράµµατα χρειάζεται η κάθε µία.

™Â ‰È·‰ÈÎ·Û›· ¤ÁÎÚÈÛË˜ Û¯¤‰ÈÔ ·Ó¿Ù˘ÍË˜ Ο ∆ήµοσ Λευκωσίασ για να ανατρέψει την υφιστάµενη κατάσταση και να δηµιουργήσει προϋποθέσεισ αναζωογονήσεισ του Κέντρου τησ πÞλησ προχώρησε στην ετοιµασία Σχεδίου Περιοχήσ του Κέντρου τησ πÞλησ. Μετά απÞ πανευρωπαϊκÞ διαγωνισµÞ η µελέτη ανατέθηκε σε ένα απÞ τουσ πλέον έµπειρουσ συµβουλευτικούσ οίκουσ, την Εταιρεία SKM Colin Buchanan. Η διεπιστηµονική οµάδα που διÞρισε ο οργανισµÞσ αυτÞσ ετοίµασε ένα ολοκληρωµένο Σχέδιο Ανάπτυξησ µε Þλα τα συνθετικά του στοιχεία το οποίο βρίσκεται σε διαδικασία έγκρισησ για να τεθεί σε ισχύ. Θεωρούµε Þτι οι πρÞνοιεσ του είναι απαύγασµα των προβληµάτων που παρουσιάζει η περιοχή και στÞχο έχουν να ανατρέψουν την εικÞνα του κέντρου µε την εφαρµογή του. Θεωρούµε επιτακτική την ανάγκη για την εφαρµογή του Ολοκληρωµένου Σχεδίου ΚινητικÞτητασ, που περιλαµβάνει τη βελτίωση του κυκλοφοριακού συστήµατοσ και µεταξύ άλλων τη βελτίωση των µέσων µαζικήσ µεταφοράσ.

∆¤ÏÔ˜ ºÂ‚ÚÔ˘·Ú›Ô˘ ÔÈ ÚÔÛÊÔÚ¤˜ ÁÈ· ÌÈÎÚ¿ ÏÂˆÊÔÚÂ›· Είναι γι’ αυτÞ που προωθήσαµε την προδηµοσίευση για τη λειτουργία µικρών λεωφορείων στο κέντρο τησ πÞλησ. ∆ιαδικασία που ξεκίνησε πριν απÞ ένα χρÞνο σε ευρωπαϊκÞ επίπεδο, ενώ η περίοδοσ αυτή ολοκληρώνεται εντÞσ ολίγων ηµερών και εντÞσ του Φεβρουαρίου ο ∆ήµοσ θα προχωρήσει στο τελικÞ στάδιο προσφορών για την υπηρεσία διακίνησησ των µικρών λεωφορείων. Οι διαδροµέσ, ο τρÞποσ λειτουργίασ και η διαχείριση έχουν καθοριστεί απÞ οµάδα κυκλοφοριολÞγων του εξωτε-

ρικού µε εµπειρία στα δηµÞσια µέσα διακίνησησ. ΣτÞχοσ τησ πρÞτασησ για την ανανέωση και ενίσχυση του στÞλου των µικρών λεωφορείων είναι να εξυπηρετούν το ιστορικÞ κέντρο και να συνδέουν το αστικÞ κέντρο, σε συνδυασµÞ µε την επέκταση των διαδροµών και του ωραρίου εξυπηρέτησησ καθώσ και µε µεγαλύτερη συχνÞτητα των διαδροµών. Υπολογίζεται Þτι για την προτεινÞµενη δηµÞσια συγκοινωνία θα απαιτηθούν 10 -15 µικρά λεωφορεία µε χαρακτηριστικά παρÞµοια µε αυτά που εξυπηρετούν σήµερα αρκετά ιστορικά κέντρα στην Ευρώπη. Το κονδύλι για το πρÞγραµµα αυτÞ είναι εγκεκριµένο. Παράλληλα έχει κατακυρωθεί σε ξένο οίκο απÞ το Υπουργείο συγκοινωνιών η εκπÞνηση τεχνοοικονοµικήσ µελέτησ για τη δηµιουργία συστήµατοσ τραµ στη Λευκωσία. Τη χρηµατοδÞτηση τησ µελέτησ θα καλύψει εξολοκλήρου ο ∆ήµοσ Λευκωσίασ. Στο πλαίσιο του Σχεδίου Περιοχήσ υπάρχει ένασ ενιαίοσ σχεδιασµÞσ πολεοδοµικών προτάσεων και κυκλοφοριακού και µε βάση αυτÞ ορίσθηκαν τα βασικά έργα προτεραιÞτητασ για την αναµÞρφωση του κέντρου, ένα απÞ τα οποία είναι το εµπορικÞ τρίγωνο των λεωφÞρων Μακαρίου, Στασικράτουσ ΕυαγÞρου και των ενδιάµεσων δρÞµων. Εδώ ο στÞχοσ είναι να αναζωογονηθεί η επιχειρηµατική δραστηριÞτητα και ένασ απÞ τουσ πολλούσ τρÞπουσ που στοχεύουµε είναι η ριζική αναβάθµιση του σχεδιασµού τησ εµπορικήσ ζώνησ µε σύγχρονο αστικÞ εξοπλισµÞ και η διάθεση διευκολύνσεων για πεζούσ. Εποµένωσ στοχεύουµε σε µέσα δηµÞσιασ διακίνησησ µε δηµιουργία συστήµατοσ µονÞδροµων και λεωφορειÞδροµουσ που θα προετοιµάσουν το χώρο για το τραµ. Πιστεύουµε Þτι κινούµαστε πάνω στην ορθή βάση και µελετούµε Þλεσ τισ πιθανέσ παραµέτρουσ για επίλυση των προβληµάτων που αντιµετωπίζει η µοιρασµένη πρωτεύουσα. Η πÞλη θέλει πολλή δουλειά, ενθουσιασµÞ και κυρίωσ πολιτική βούληση του κράτουσ να στηρίξει το κέντρο τησ πρωτεύουσασ».

ΧΡΗΜΑ&ΑΓΟΡΑ

15 ΙΑΝΟΥΑΡΙΟΥ, 2014

4 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

ºÔÚÔÏfiÁËÛË ÙË˜ Ó·˘ÙÈÏ›·˜ ÂÈ‰ÈÒÎÔ˘Ó ÔÈ µÚ˘Í¤ÏÏÂ˜ ∞ÓÙÈÙ›ıÂÓÙ·È ∫‡ÚÔ˜, ∂ÏÏ¿‰· Î·È ª¿ÏÙ· Κύπροσ, Ελλάδα και Μάλτα θα εντείνουν τη συνεργασία τουσ για προώθηση των κοινών συµφερÞντων τουσ εντÞσ και εκτÞσ ΕΕ, δήλωσε ο ΥπουργÞσ Συγκοινωνιών και Έργων Τάσοσ ΜητσÞπουλοσ. Το πρÞβληµα Þµωσ που πρέπει να αντιµετωπιστεί, είναι η προσπάθεια εκ µέρουσ των Βρυξελλών για φορολÞγηση τησ ναυτιλίασ. Ο ΥπουργÞσ µιλούσε µετά απÞ συνάντηση του ιδίου, του Υπουργού Ναυτιλίασ και Αιγαίου τησ Ελλάδασ Μιλτιάδη Βαρβιτσιώτη, του Υπουργού Μεταφορών και Υποδοµών τησ Μάλτασ, Josephon Mizzi και του υφυπουργÞ για ΑνταγωνιστικÞτητα και Οικονοµική Ανάπτυξη τησ Μάλτασ Εντουάρτ Ζαµίτ µε τον ΠρÞεδρο τησ ∆ηµοκρατίασ Νίκο Αναστασιάδη. Ο κ. ΜητσÞπουλοσ τÞνισε Þτι η ναυτιλία είναι ένασ πολύ ισχυρÞσ κλάδοσ και για τισ τρεισ χώρεσ, είναι στοιχείο ανάπτυξησ και δηµιουργίασ θέσεων εργασίασ, προσθέτοντασ Þτι είναι επίσησ ζωτικήσ σηµασίασ «πώσ θα διαφυλάξουµε την ανταγωνιστικÞτητα των στÞλων µασ και των νηολογίων µασ». Η τρίτη συνάντηση των τριών χωρών θα πραγµατοποιηθεί στη Μάλτα.

Σε ερώτηση αν αναµένεται η υπογραφή κάποιασ συµφωνίασ, ο κ. ΜητσÞπουλοσ είπε Þτι στο παρÞν στάδιο δεν έχουν συζητήσει το ενδεχÞµενο η συνεργασία να προσλάβει άλλο χαρακτήρα. «Νοµίζω Þτι είναι πολύ σηµαντικÞ, χώρεσ που έχουν κοινά συµφέροντα και κοινέσ επιδιώξεισ, να συντονίζονται προκειµένου να ακούγεται η φωνή τουσ ισχυρή µέσα στον χώρο τησ ΕΕ αλλά και στα διεθνή φÞρα», σηµείωσε. Σε ερώτηση εάν υπάρχει προσπάθεια εκ µέρουσ των Βρυξελλών για φορολÞγηση τησ ναυτιλίασ, ο Έλληνασ ΥπουργÞσ κ. Βαρβιτσιώτησ είπε Þτι αυτÞ είναι ένα απÞ τα βασικά θέµατα και αυτÞ θέλουµε να µεταφέρουµε στισ Βρυξέλλεσ, Þτι αν βάλουµε µεγάλουσ και µη ανταγωνιστικούσ φÞρουσ στη ναυτιλία, δεν θα χάσει κάποιο κράτοσ αλλά θα χάσει συνολικά η Ένωση αυτÞ το ανταγωνιστικÞ πλεονέκτηµα. «Σήµερα τα φορτία τησ παγκÞσµιασ ναυτιλίασ, το κέντρο των φορτίων είναι η Ανατολή, και παραδοσιακά η ναυτιλία ακολουθούσε τα φορτία τησ. Εµείσ δεν θέλουµε να χάσουµε απÞ την Ένωση, απÞ την Ευρώπη συνολικά την έδρα Þλων αυτών των ναυτιλιακών εταιρειών που προσθέτουν πλούτο, κύροσ και δύναµη στην ΕΕ», είπε.

Ερωτηθείσ ποιεσ είναι οι γραφειοκρατικέσ διαδικασίεσ στισ οποίεσ αναφέρθηκε ενωρίτερα, ο κ. Βαρβιτσιώτησ είπε Þτι «είναι η λογική των Βρυξελλών που θέλει να υπερ-ρυθµίσει τα πάντα και αντιµετωπίζει τη ναυτιλία ωσ ένα κοµµάτι του ευρωπαϊκού ανταγωνισµού, ενώ η ευρωπαϊκή ναυτιλία είναι ανταγωνιστική µε τισ υπÞλοιπεσ ναυτιλίεσ του υπÞλοιπου κÞσµου. Και αυτή είναι µια διαφορά φιλοσοφίασ που πρέπει να αντιληφθούν στισ Βρυξέλλεσ».

80 ‰È˜ ÁÈ· ¤ÚÂ˘Ó· Î·È Î·ÈÓÔÙÔÌ›· ÙËÓ ÂÚ›Ô‰Ô 2014 - 2020 €8 Το ποσÞ των 80 δισεκατοµµυρίων ευρώ θα διατεθεί για την έρευνα και την καινοτοµία κατά την περίοδο 2014 2020, µέσω του προγράµµατοσ τησ Ευρωπαϊκήσ Ένωσησ “Ορίζοντασ 2020”, του οποίου η επίσηµη τελετή παρουσίασησ στην Κύπρο θα γίνει αύριο Πέµπτη. Στην παρουσίαση θα παραστεί και η Ευρωπαία Επίτροποσ Έρευνασ, Καινοτοµίασ και Επιστήµησ, M΅ire Geoghegan-Quinn. Οι εκδηλώσεισ για τον “Ορίζοντα 2020” συνδιοργανώνονται απÞ τη Γενική ∆ιεύθυνση Ευρωπαϊκών Προγραµµάτων, Συντονισµού και Ανάπτυξησ και το Ίδρυµα Προώθησησ Έρευνασ. Κατά τη διάρκεια τησ εκδήλωσησ θα δοθούν, µεταξύ άλλων, πληροφορίεσ για το Þραµα και τουσ στÞχουσ του Προγράµµατοσ και τισ θεµατικέσ ενÞτητεσ που καλύπτει, τισ διαδικασίεσ και τουσ κανÞνεσ συµµετοχήσ και χρηµατοδÞτησησ, τισ επιµέρουσ δράσεισ του Προγράµµατοσ που

ενδιαφέρουν ιδιαίτερα την κυπριακή ερευνητική κοινÞτητα, καθώσ και για τη διαθέσιµη στήριξη που προσφέρεται προσ τουσ κυπριακούσ φορείσ. Το ΠρÞγραµµα, που αποτελεί το µηχανισµÞ τησ ΕΕ για χρηµατοδÞτηση δραστηριοτήτων έρευνασ και καινοτοµίασ, αποδίδει έµφαση στην καινοτοµία, τισ κοινωνικέσ προκλήσεισ που αντιµετωπίζει η Ευρώπη (υγεία, καθαρή ενέργεια και µεταφορέσ, και άλλα) και την προσπάθεια για απλοποιηµένη πρÞσβαση στα ευρωπαϊκά χρηµατοδοτικά κεφάλαια Þλων των οργανισµών (επιχειρήσεων, ακαδηµαϊκών ιδρυµάτων) τησ ΕΕ αλλά και τρίτων χωρών. Στο πλαίσιο των αρµοδιοτήτων του για συντονισµÞ των δραστηριοτήτων συµµετοχήσ τησ Κύπρου στο πρÞγραµµα “Ορίζοντασ 2020”, το Ίδρυµα Προώθησησ Έρευνασ φιλοξενεί τα Εθνικά Σηµεία Επαφήσ (ΕΣΕ) για την Κύπρο, για παροχή δωρεάν υπηρεσιών στήριξησ στουσ ερευνητέσ για Þλεσ

τισ δραστηριÞτητεσ (ενηµέρωση των ερευνητών, επίλυση αποριών στο στάδιο ετοιµασίασ ερευνητικών προτάσεων, περιλαµβανοµένησ και τησ προεπισκÞπησησ προτάσεων και στήριξη στην εξεύρεση συνεργατών απÞ το εξωτερικÞ).

∫‡ÚÈÔ˜ ·Î·‰ËÌ·˚Îfi˜ ÛÙÔ ¢™ ÙÔ˘ ISES Ο ∆ρ. Αλέξανδροσ Χαραλαµπίδησ, επίκουροσ Καθηγητήσ του Τµήµατοσ Επιστήµησ και Τεχνολογίασ Περιβάλλοντοσ, έχει εκλεγεί στο ∆ιοικητικÞ Συµβούλιο του ΠαγκÞσµιου Οργανισµού Ηλιακήσ Ενέργειασ (ISES – www.ises.org) ωσ ο εκπρÞσωποσ του ‘Young ISES’ για την περίοδο 2014-15. Ο ISES είναι ένασ µη κερδοσκοπικÞσ και διαπιστευµένοσ απÞ τον ΟΗΕ οργανισµÞσ που ιδρύθηκε το 1954, και έχει µια µακρά ιστορία ωσ ένασ αξιÞπιστÞσ παγκÞσµιοσ συµβουλευτικÞσ οίκοσ σε θέµατα ανανεώσιµων πηγών ενέργειασ (ΑΠΕ). Ο ISES εργάζεται για να επιτευχθεί, µε αποτελεσµατικÞτητα και σύνεση, ο στÞχοσ του «100% ανανεώσιµη πηγή ενέργειασ για Þλουσ» µε το να παρέχει στην παγκÞσµια κοινÞτητα των

ΑΠΕ µια συλλογική και επιστηµονικά αξιÞπιστη φωνή και επίκαιρεσ πληροφορίεσ. Η ερευνητική δραστηριÞτητα του ∆ρα Αλέξανδρου Χαραλαµπίδη εστιάζεται στην πρÞβλεψη των τοπικών καιρικών συνθηκών, στην επίδραση τουσ στην ηλιακή ακτινοβολία, και κατ’ επέκταση, στην πρÞβλεψη τησ παραγωγήσ ηλεκτρισµού απÞ ηλιακά συστήµατα, Þπωσ τα φωτοβολταϊκά. Μέσω τησ εν λÞγω θέσησ, η οποία δίνεται για πρώτη φορά σε Κύπριο, θα εργαστεί για την προώθηση τησ επιχειρηµατικÞτητασ στην “ηλιακή ακαδηµαϊκή κοινÞτητα”, ούτωσ ώστε να υπάρχει καλύτερη διάχυση των ερευνητικών αποτελεσµάτων/προϊÞντων στην παγκÞσµια αγορά.

™ÙÔ 19% Ô º¶∞ Αυξήθηκε απÞ την αρχή τησ εβδοµάδασ ο κανονικÞσ συντελεστήσ του ΦÞρου Προστιθέµενησ Αξίασ (ΦΠΑ) απÞ 18% σε 19% και ο µειωµένοσ συντελεστήσ απÞ 8% σε 9%. Η αύξηση του ΦÞρου αποτελεί µνηµονιακή υποχρέωση τησ Κυπριακήσ ∆ηµοκρατίασ. ΑπÞ τον κανονικÞ συντελεστή, ο οποίοσ αυξάνεται απÞ 18% σε 19% επηρεάζονται τα πλείστα προϊÞντα και υπηρεσίεσ, Þπωσ είδη ένδυσησ και υπÞδησησ, καύσιµα, είδη καθαρισµού, ηλεκτρικÞ ρεύµα, ηλεκτρικέσ συσκευέσ, αυτοκίνητα και υπηρεσίεσ τηλεφωνίασ. Ùσον αφορά το µειωµένο συντελεστή, επηρεάζονται υπηρεσίεσ εστιατορίων, καφεστιατÞρια και καντίνεσ, υπηρεσίεσ τροφοδοσίασ (catering), καντίνεσ γηπέδων. ∆εν επηρεάζονται οι σχολικέσ καντίνεσ που εξακολουθούν να φορολογούνται µε 5%. Επηρεάζονται επίσησ οι υπηρεσίεσ ξενοδοχείων, οι υπηρεσίεσ αστικών και υπεραστικών και αγροτικών ταξί που επίσησ αυξάνονται απÞ 8 σε 9%, τα τουριστικά εκδροµικά και υπεραστικά λεωφορεία. ∆εν επηρεάζεται Þµωσ κανένα απÞ τα προϊÞντα που υπάγονται στο µειωµένο συντελεστή του 5%, που αφορά βασικά είδη, Þπωσ τα τρÞφιµα, τα φάρµακα, το νερÞ, τα γεωργικά λιπάσµατα, οι ζωοτροφέσ, τα βιβλία και τα περιοδικά. ∆εν επηρεάζονται επίσησ η κατοικία που φορολογείται µε 5% για δικαιούχα πρÞσωπα, δεδοµένου Þτι είναι κύριοσ και µÞνιµοσ χώροσ διαµονήσ. ∆εν επηρεάζονται επίσησ τα παιδικά καθίσµατα αυτοκινήτων, που επιβαρύνονται µε 5%.

™˘Ì‚Ô˘ÏÂ˘ÙÈÎ¤˜ ˘ËÚÂÛ›Â˜ ÚÔ˜ ÙÔ À¶√π∫ Το Υπουργείο Οικονοµικών ανακοίνωσε Þτι υπέγραψε συµφωνία µε τισ εταιρείεσ Lazard Frères SAS και PricewaterhouseCoopers Ltd (PWC) για παροχή συµβουλευτικών υπηρεσιών σε σχέση µε τον χρηµατοοικονοµικÞ τοµέα. Το Υπουργείο Οικονοµικών προχώρησε, στην αγορά συµβουλευτικών υπηρεσιών, για σκοπούσ παροχήσ εµπειρογνωµοσύνησ στην Κυβέρνηση, και υποβοήθηση για καλύτερο χειρισµÞ των προκλήσεων που αντιµετωπίζει ο χρηµατοοικονοµικÞσ τοµέασ, µέσω διαδικασίασ προσφορών. Η εκτέλεση του Þλου έργου θα διαρκέσει 6 µήνεσ, κατά τη διάρκεια των οποίων θα ετοιµαστεί σειρά εκθέσεων, ωσ προσ το χειρισµÞ των σηµερινών προκλήσεων στον συγκεκριµένο τοµέα.

∞EGEAN: ¶Ù‹ÛÂÈ˜ ·fi ¶¿ÊÔ ÚÔ˜ ∫›Â‚Ô Θετικά είναι τα µηνύµατα για τον τουρισµÞ τη νέα θερινή περίοδο, σύµφωνα µε το ∆ιευθυντή τησ εταιρείασ τουριστικήσ ανάπτυξησ και προβολήσ περιφέρειασ Πάφου Νάσο Χατζηγεωργίου. Ο κ. Χατζηγεωργίου, σε δηλώσεισ του ανέφερε πωσ είναι πολύ καλÞσ ο προγραµµατισµÞσ απÞ τη ρωσική αγορά, ενώ και νέοσ µεγάλοσ οργανωτήσ ταξιδιών αρχίζει προγράµµατα για την Κύπρο απÞ το Μάρτιο και οι υφιστάµενοι διοργανωτέσ έχουν αυξήσει τισ θέσεισ τουριστών. Το καλοκαίρι, είπε, η εταιρεία AEGEAN θα συνδέει το αεροδρÞµιο Πάφου µε το Κίεβο τησ Ουκρανίασ, µέσω Αθηνών. Επίσησ οι Βρετανικέσ Αερογραµµέσ εγκαινιάζουν το πτητικÞ τουσ πρÞγραµµα απÞ το αεροδρÞµιο Πάφου για το 2014 ένα µήνα νωρίτερα, ενώ θετικά κρίνεται και η παρουσία τησ αυστριακήσ εταιρείασ Fly - Niki στη Λάρνακα αφού θεωρείται Þτι και η Πάφοσ θα έχει το µερίδιο τησ. Θετικέσ ειδήσεισ, είπε ο κ. Χατζηγεωργίου, φθάνουν επίσησ για πτήσεισ απÞ το διοργανωτή TUI Nordic απÞ τη Φιλανδία ενώ υπάρχει ερωτηµατικÞ ακÞµη για κάποιεσ πτήσεισ απÞ τισ άλλεσ δυο χώρεσ τησ Σκανδιναβικήσ Χερσονήσου και κυρίωσ τη Νορβηγία καθώσ επίσησ και για το πρÞγραµµα τησ Ryan Air.

ΧΡΗΜΑ&ΑΓΟΡΑ

15 ΙΑΝΟΥΑΡΙΟΥ, 2014

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 5

«∞ÚÔÛÙ¿ÙÂ˘ÙÔ» ÙÔ 70% ÙˆÓ ∫˘Ú›ˆÓ ™Â Û¯¤ÛË ÌÂ Ù· ÈÛÙˆÙÈÎ¿ ÙÔ˘ ‰ÈÎ·ÈÒÌ·Ù· Το 70% των Κυπρίων δεν αισθάνεται προστατευµένο σε σχέση µε τα πιστωτικά του δικαιώµατα, σύµφωνα µε πρÞσφατη έρευνα σε σχέση µε τα «δικαιώµατα καταναλωτικήσ πίστησ», TNS Opinion, που διεξήχθη τον Απρίλιο του 2013. Η ίδια έρευνα κατέδειξε επίσησ Þτι το 35% των Κυπρίων καταναλωτών ενδέχεται να πάρει πίστωση στα επÞµενα δύο χρÞνια. Τα στοιχεία αυτά αναφέρθηκαν κατά την επίσκεψη τησ ΕπιτρÞπου τησ ΕΕ για την Πολιτική Καταναλωτών, Neven Mimica στην Κύπρο, Þπου συναντήθηκε µαζί µε την ΥπουργÞ Εργασίασ και Κοινωνικών Ασφαλίσεων, Ζέτα Αιµιλιανίδου, και παρουσίασαν την ενηµερωτική εκστρατεία για τα καταναλωτικά δάνεια, η οποία λαµβάνει χώρα στην Κύπρο απÞ τον ∆εκέµβριο του 2013. Το µήνυµα τησ εκστρατείασ είναι «Χρειάζεσαι πίστωση; Μην βάζεισ απλά την υπογραφή σου. Έχεισ δικαιώµατα». Ο κύριοσ σκοπÞσ τησ είναι η ενηµέρωση των νεαρών ενηλίκων, ηλικίασ µεταξύ 18 και 35 ετών, για τα πέντε βασικά δικαιώµατά τουσ σχετικά µε τισ συµβάσεισ πίστωσησ µεταξύ 250 ευρώ και 75,000 ευρώ: το δικαίωµα στην ξεκάθαρη διαφήµιση, το δικαίωµα στην τυποποιηµένη και συγκρίσιµη πληροφÞρηση πριν την υπογραφή µιασ σύµβασησ, το δικαίωµα στη σαφήνεια τησ πιστωτικήσ σύµβασησ, το δικαίωµα υπαναχώρησησ απÞ µια σύµβαση εντÞσ 14 ηµερών χωρίσ

ÃÚÂÈ¿˙ÂÛ·È ›ÛÙˆÛË; ªËÓ ‚¿˙ÂÈ˜ ·Ï¿ ÙËÓ ˘ÔÁÚ·Ê‹ ÛÔ˘. Œ¯ÂÈ˜ ‰ÈÎ·ÈÒÌ·Ù·. ªÈ· ÂÎÛÙÚ·ÙÂ›· ÙË˜ ∂∂ ÁÈ· Ù· ‰ÈÎ·ÈÒÌ·Ù· Î·Ù·Ó·ÏˆÙÈÎ‹˜ ›ÛÙË˜ ÛÙËÓ ∫‡ÚÔ

καµία εξήγηση και το δικαίωµα πρÞωρησ αποπληρωµήσ. Τα δικαιώµατα αυτά απορρέουν απÞ την Οδηγία για την Καταναλωτική Πίστη (Οδηγία 2008/48/ΕΚ), την οποία η Κύπροσ µετέφερε σωστά στην εθνική νοµοθεσία. Η εκστρατεία έχει µέχρι στιγµήσ προωθηθεί σε έντυπα και ηλεκτρονικά µέσα µαζικήσ ενηµέρωσησ και οι Κύπριοι καταναλωτέσ είχαν την ευκαιρία να λάβουν ενηµερωτικÞ υλικÞ σε εµπορικούσ δρÞµουσ και σε εµπορικά κέντρα στη Λευκωσία, τη ΛεµεσÞ και τη Λάρνακα. Η ΥπουργÞσ Ζέτα Αιµιλιανίδου είπε: «Η εκστρατεία τησ

Επιτροπήσ για την καταναλωτική πίστη που πραγµατοποιείται στην Κύπρο έχει την πλήρη υποστήριξή µου. Θα βοηθήσει τουσ καταναλωτέσ στην Κύπρο να ενηµερωθούν και να ασκούν τα δικαιώµατά τουσ Þταν παίρνουν δάνειο. Με αυτÞν τον τρÞπο θα είναι σε θέση να επιλέξουν το προϊÞν που ταιριάζει καλύτερα στισ ανάγκεσ τουσ.” Ο Επίτροποσ Neven Mimica είπε: “Είµαι ευτυχήσ που βλέπω την υποστήριξη που αυτή η σηµαντική εκστρατεία έχει κερδίσει στην Κύπρο. Με αυτή την εκστρατεία θέλουµε να ενθαρρύνουµε τουσ καταναλωτέσ να σκεφτούν, να ελέγξουν και να συγκρίνουν πριν υπογράψουν µια πιστωτική σύµβαση. Θέλουµε να τουσ υπενθυµίσουµε Þτι έχουν δικαιώµατα, τα οποία µπορούν και πρέπει να ασκούν.” Για περισσÞτερεσ πληροφορίεσ επισκεφθείτε την ιστοσελίδα: http://ec.europa.eu/katanalwtikhs-pisths

∫·Ù·ÁÁÂÏ›Â˜ ÁÈ· ·Ú·Ï·ÓËÙÈÎ¤˜ ·Ó·‰È·ÚıÚÒÛÂÈ˜ ‰·ÓÂ›ˆÓ Τράπεζεσ και Συνεργατικά Πιστωτικά Ιδρύµατα µεταχειρίζονται τισ αναδιαρθρώσεισ δανείων µε τρÞπο ανέντιµο για να εξασφαλίσουν δικαστικέσ αποφάσεισ, κατήγγειλε ο Σύνδεσµοσ Τραπεζών. Ο ΠρÞεδροσ του Συνδέσµου Κώστασ Μελάσ είπε Þτι κατήγγειλε ορισµένεσ συµπεριφορέσ τραπεζών και συνεργατικών πιστωτικών εταιρειών σε σχέση µε το πώσ µεταχειρίζονται του δανειολήπτεσ. Χαρακτηρίζοντασ τη συγκεκριµένη συµπεριφορά κακή, ανέντιµή και παραπλανητική, ο κ. Μελάσ ανέφερε Þτι «οι

Συνεργατικέσ Πιστωτικέσ Εταιρείεσ, δυστυχώσ µεταχειρίζονται τισ διαιτησίεσ µε συνοπτικέσ διαδικασίεσ» και πείθουν κÞσµο που είναι αθώοσ και καλοκάγαθοσ και εξακολουθεί να ακούει τί του λεν, κυρίωσ στο ΣυνεργατισµÞ. ΠρÞσθεσε Þτι ορισµένεσ τράπεζεσ παρασύρουν τουσ δανειολήπτεσ λέγοντάσ τουσ Þτι για να γίνει αναδιάρθρωση θα πρέπει να πάνε δικαστήριο, βρίσκοντασ διάφορεσ δικαιολογίεσ και αναφέροντασ στο δανειολήπτη Þτι δεν είναι ανάγκη να έρθει στο δικαστήριο και Þτι θα του δοθεί παράταση δύο χρÞνια.

«ΑυτÞ το πράγµα είναι απαράδεκτο και αυτÞ πρέπει να σταµατήσει. Εµπήκε ο κώδικασ συµπεριφοράσ σχετικά µε τισ αναδιαρθρώσεισ, αυτÞσ ο κώδικασ είναι υποχρεωτικÞσ και αυτÞσ ο κώδικασ πρέπει να εφαρµÞζεται απÞ τισ τράπεζεσ. Αν εφαρµοστεί ο κώδικασ Þλα θα κυλήσουν οµαλά», ανέφερε. Ο Σύνδεσµοσ έλαβε πάντωσ διαβεβαιώσεισ απÞ τον ∆ιοικητή τησ Κεντρικήσ Τράπεζασ, Þτι οι θέσεισ του θα ληφθούν υπÞψη και θα γίνουν προσπάθειεσ αντιµετώπισησ των Þποιων προβληµάτων κυρίωσ σε σχέση µε τισ αναδιαρθρώσεισ δανείων.

Cyta: AÒÏÂÈÂ˜ €20 ÂÎ. ÂÙËÛ›ˆ˜ ·fi ÙËÓ Ù·˘ÙÔÔ›ËÛË ÙˆÓ so-easy Tην έντονη διαφωνία τησ µε την προώθηση νοµοθεσίασ για ταυτοποίηση των προπληρωµένων καρτών κινητήσ τηλεφωνίασ, ένα θέµα που επανήλθε πρÞσφατα στην αρµÞδια κοινοβουλευτική Επιτροπή εξέφρασε η Cyta. Σύµφωνα µε την Cyta ενδεχÞµενη απÞφαση για επώνυµεσ κάρτεσ προπληρωµένησ κινητήσ τηλεφωνίασ, δεν αποτελεί δραστικÞ µέτρο για αντιµετώπιση εγκληµάτων και δη του οργανωµένου εγκλήµατοσ, Þπωσ επιχειρηµατολογούν Υπουργείο ∆ικαιοσύνησ και βουλευτέσ. Η άποψη του Οργανισµού ενισχύεται και µε πρÞσφατη έκθεση του ΠαγκÞσµιου Οργανισµού Κινητήσ Τηλεφωνίασ (GSMA), που διαπιστώνει πωσ η ταυτοποίηση των καρτών κινητήσ τηλεφωνίασ δεν επηρεάζει θετικά την αντιµετώπιση του εγκλήµατοσ. Σύµφωνα µε την έκθεση, αρκετέσ χώρεσ,

µεταξύ των οποίων η Αγγλία, η Τσεχία και η Ρουµανία, εξέτασαν την πιθανÞτητα καταγραφήσ των προπληρωµένων καρτών και την απέρριψαν ωσ µη αποτελεσµατική. Το ΜεξικÞ εφάρµοσε το µέτρο αυτÞ και τρία χρÞνια µετά το κατήργησε, αφού οι µελέτεσ αξιολÞγησησ του µέτρου έδειξαν Þτι δεν είχε κανένα θετικÞ αποτέλεσµα στην καταπολέµηση του εγκλήµατοσ. Στην ίδια κατεύθυνση κινείται και η θέση τησ Ευρωπαίασ ΕπιτρÞπου για Εσωτερικέσ Υποθέσεισ, Σεσίλια Μάλστροµ. «Προσ το παρÞν δεν υπάρχουν στοιχεία που να δεικνύουν Þτι θα υπάρξουν οφέλη Þσον αφορά τη διεξαγωγή ερευνών για εγκλήµατα ή την οµαλή λειτουργία τησ αγοράσ, ωσ εκ τούτου δεν υπάρχει ανάγκη για κοινή τοποθέτη-

ση απÞ την Ε.Ε.», δήλωσε η Ευρωπαία αξιωµατούχοσ. Σηµειώνεται, επίσησ, Þτι, το µέτρο αυτÞ εφαρµÞζεται µÞνο σε µικρÞ αριθµÞ χωρών, µελών τησ Ε.Ε. Μια άλλη σοβαρή πτυχή του θέµατοσ είναι οι σηµαντικέσ απώλειεσ που θα έχει ο ΟργανισµÞσ µε την πιθανή υιοθέτηση αυτού του µέτρου. Σύµφωνα µε εκτιµήσεισ των αρµÞδιων υπηρεσιών, οι απώλειεσ θα ανέρχονται σε 20 εκ. ευρώ ετησίωσ, ενώ σηµαντικÞ θα είναι και το κÞστοσ τησ ταυτοποίησησ των υφιστάµενων συνδροµητών. Η ταυτοποίηση των προπληρωµένων καρτών κινητήσ τηλεφωνίασ θα οδηγήσει στη µείωση τησ διείσδυσησ τησ κινητήσ τηλεφωνίασ, τη δυσανάλογη σχέση κÞστουσ και οφέλουσ και την ανάπτυξη «µαύρησ αγοράσ» για κλεµµένεσ ή παράνοµεσ κάρτεσ SIM.

ŸÏ· ËÏÂÎÙÚÔÓÈÎ¿ ÛÙÔÓ ŒÊÔÚÔ ∂Ù·ÈÚÂÈÒÓ Ì¤¯ÚÈ ÙÔ Ù¤ÏÔ˜ ÙÔ˘ 2014 Την εκτίµηση Þτι µέχρι το Μάρτιο Þλεσ οι υπηρεσίεσ του ΕφÞρου Εταιρειών θα λειτουργούν σε πλήρη ηλεκτρονική µορφή, εξέφρασε ο ΠρÞεδροσ τησ ∆ηµοκρατίασ Νίκοσ Αναστασιάδησ. Ο ΠρÞεδροσ Αναστασιάδησ επισκέφθηκε τα γραφεία του ΕφÞρου Εταιρειών, Þπου περιÞδευσε τα τµήµατα και είχε συνάντηση µε τον Έφορο Εταιρειών Σπύρο ΚÞκκινο, Þπου και εξέφρασε ικανοποίηση για τουσ ρυθµούσ µε τουσ οποίουσ κινείται η αποϋλοποίηση των εγγράφων και πρÞσθεσε Þτι “µέχρι το τέλοσ του 2014 θα είναι σε πλήρη ηλεκτρονική

µορφή τα πάντα που αφορούν τον Έφορο Εταιρειών, είτε τούτο αναφέρεται στισ εταιρείεσ, είτε τούτο αναφέρεται στισ πτωχεύσεισ και εκκαθαρίσεισ, είτε ακÞµη στην πνευµατική και βιοµηχανική ιδιοκτησία”. Για τισ ανάγκεσ στελέχωσησ, ο ΠρÞεδροσ Αναστασιάδησ είπε Þτι αυτέσ θα καλυφθούν µε τα προγράµµατα του Υπουργείου Εργασίασ “και Þχι µÞνον, έτσι ώστε να πετύχουµε τουσ τεθέντεσ στÞχουσ”. Εκφράζοντασ ικανοποίηση Þτι έχουν ολοκληρωθεί οι µελέτεσ των εµπειρογνωµÞνων απÞ το Ηνωµένο Βασίλειο

και την ΠαγκÞσµια Τράπεζα, ο ΠρÞεδροσ τησ ∆ηµοκρατίασ σηµείωσε πωσ ο ίδιοσ είναι βέβαιοσ τα Þσα αφορούν τα χρονοδιαγράµµατα θα τηρηθούν ωσ προβλέπονται έτσι ώστε να πετύχουµε τουσ στÞχουσ µασ. Ερωτηθείσ για τα µέτρα που εισηγούνται εµπειρογνώµονεσ, ο ΠρÞεδροσ Αναστασιάδησ είπε Þτι το τµήµα του ΕφÞρου εκσυγχρονίζεται και απλοποιείται και δηµιουργούνται οι προϋποθέσεισ έτσι ώστε να αποφεύγονται σηµαντικέσ καθυστερήσεισ, που λÞγω φÞρτου εργασίασ και µειωµένου προσωπικού παρατηρούντο.

™˘ÓÙ·ÁÌ·ÙÈÎ¿ ÚÔ‚Ï‹Ì·Ù· ÛÙËÓ ÿ‰Ú˘ÛË ∆·ÌÂ›Ô˘ ∞ÏÏËÏÂÁÁ‡Ë˜ Την ανάγκη συνεργασίασ Βουλήσ και Κυβέρνησησ για να ρυθµιστεί καλύτερα η πρωτοβουλία τησ νοµοθετικήσ εξουσίασ για ίδρυση Ταµείου Αλληλεγγύησ για την ΑπασχÞληση και την Κοινωνική Συνοχή σε σχέση τÞσο µε τισ νοµικέσ Þσο και µε τισ πρακτικέσ πτυχέσ, υπέδειξε ο ΥπουργÞσ Οικονοµικών Χάρησ Γεωργιάδησ ενώπιον των µελών τησ Κοινοβουλευτικήσ Επιτροπήσ Οικονοµικών. Η Επιτροπή συζήτησε στην παρουσία του Γενικού Εισαγγελέα Κώστα Κληρίδη την αναποµπή απÞ τον ΠρÞεδρο

τησ ∆ηµοκρατίασ ωσ αντισυνταγµατικού του σχετικού νÞµου που ψήφισε η νοµοθετική εξουσία στισ 19 ∆εκεµβρίου 2013. ΑπÞ την πλευρά του, ο ΓενικÞσ Εισαγγελέασ αναφέρθηκε στα συνταγµατικά προβλήµατα που εγείρονται µετά τη θέσπιση του νÞµου για την ίδρυση Ταµείου Αλληλεγγύησ, σηµειώνοντασ Þτι το βασικÞ πρÞβληµα είναι Þτι οι πρÞνοιεσ του νÞµου προσκρούουν στο άρθρο 165 του Συντάγµατοσ το οποίο ρητά προβλέπει πωσ κάθε έσοδο και χρηµατικÞ ποσÞ κάθε οιονδήποτε τρÞπο συλλεγÞµενο ή εισπραττÞµενο απÞ

την Κυπριακή ∆ηµοκρατία κατατίθεται στο Πάγιο Ταµείο τησ ∆ηµοκρατίασ. Ο ΓενικÞσ Εισαγγελέασ είπε Þτι ο λÞγοσ αναποµπήσ του νÞµου αφορά επίσησ το άρθρο 4 αυτού στο οποίο προβλέπεται Þτι τα έσοδα του Ταµείου προέρχονται απÞ την είσπραξη τησ εισφοράσ κατά τη διάρκεια του έτουσ 2014 καθώσ και απÞ οποιεσδήποτε εξοικονοµήσεισ και /ή περικοπέσ δηµοσίων δαπανών ήθελαν αποφασισθεί είτε απÞ την εκτελεστική εξουσία είτε απÞ τη Βουλή για το οικονοµικÞ έτοσ 2014.

ΧΡΗΜΑ&ΑΓΟΡΑ

15 ΙΑΝΟΥΑΡΙΟΥ, 2014

6 | ∆ΙΕΘΝΗ | financialmirror.com

¢›ÓÔ˘Ó Î·È ·›ÚÓÔ˘Ó ÔÈ ÂÎÙÈÌ‹ÛÂÈ˜ ÁÈ· ÙËÓ ÈÛÔÙÈÌ›· Â˘ÚÒ – ‰ÔÏ·Ú›Ô˘ ¡›ÎÔ˜ ªÈ¯·ËÏ›‰Ë˜ Foreign Exchange Analyst Email: michailidisn@aol.com ∆ίνουν και παίρνουν οι εκτιµήσεισ των διεθνών οίκων για την πορεία τησ ισοτιµίασ ευρώ – δολαρίου για την νέα χρονιά. ΧαρακτηριστικÞ για ακÞµα µια χρονιά είναι πωσ οι εκτιµήσεισ διίστανται επήρεια βεβαίωσ τησ έντονησ αβεβαιÞτητασ που επικρατεί στισ αγορέσ. Ùσοι επιλέγουν δολάριο βασίζονται στην συνεχÞµενη βελτίωση των µακροοικονοµικών στοιχείων των ΗΠΑ και την πρÞσφατη ανακοίνωση τησ Fed για µείωση του QE κατά 10 δισ τον µήνα, το γνωστÞ tapering (επιβράδυνση προγράµµατοσ ποσοτικήσ χαλάρωσησ). Η Deutsche Bank η οποία υπήρξε και εξακολουθεί να είναι ταύροσ του δολαρίου εκτιµά πωσ µπαίνουµε σε µια κρίσιµη νέα φάση για το δολάριο, Þπου θα εµβαθύνουν οι βάσεισ για την πολυετή ανοδική πορεία του αµερικάνικου νοµίσµατοσ. Το δολάριο έπαψε να είναι ένα risk-off νÞµισµα, οι µετοχέσ συσχετίστηκαν θετικά µε τισ αποδÞσεισ οµολÞγων και, ίσωσ το πιο σηµαντικÞ, η καµπύλη επιτοκίων των ΗΠΑ άρχισε να διορθώνει πολλέσ απÞ τισ ανωµαλίεσ που προκαλούνται απÞ την πολιτική τησ Fed. «Οι µακροπρÞθεσµεσ προοπτικέσ στην αγορά δείχνουν προσ την ενίσχυση του δολαρίου έναντι στα ευρωπαϊκά νοµίσµατα και ειδικά το ευρώ. Ήδη το ευρώ διαπραγµατεύεται σε υπερβολικά επίπεδα και εάν οι βραχυπρÞθεσµεσ αποδÞσεισ των ΗΠΑ προχωρήσουν σε περαιτέρω εξοµάλυνση και η ανάπτυξη ισχυροποιηθεί, τÞτε το ευρώ θα µπορούσε τελικά να αρχίσει να... κλαίει», Þπωσ σηµειώνει χαρακτηριστικά η Deutsche Bank ενώ βλέπει το ευρώ σε σχέση µε το δολάριο στο 1,10

στο τέλοσ του 2014. ΑπÞ την άλλη η Goldman sachs για ακÞµα µια χρονιά παραµένει long στο ευρώ προβλέποντασ να κινηθεί πάνω απÞ τα 1.40 σε ορίζοντα 3 µε 6 µηνών. Στισ εκτιµήσεισ τησ αναφέρει Þτι οι ΗΠΑ αντιµετωπίζουν έλλειµµα στο ισοζύγιο πληρωµών και σύµφωνα µε τουσ υπολογισµούσ τησ Goldman Sachs, το δολάριο είναι πιθανÞν να υποτιµηθεί 2%-5% σε ετήσια βάση και δεύτερον Þτι η δράση τησ Fed στηρίζει την άποψη των αναλυτών τησ Goldman Sachs, Þτι το δολάριο παραµένει υπÞ την πίεση τησ υποτίµησησ. ΑκÞµα και η ανακοίνωση τησ Fed να µειώσει το QE κατά 10 δισ για την Goldman δεν αλλάζει κάτι ουσιαστικÞ αφού «είναι σαν να οδηγούν µε ταχύτητα 85 χλ την ώρα και πάνε στα 75 χλ την ώρα, πÞσο πιο αργÞ είναι τελικά αυτÞ; Η Fed θα µπορούσε επίσησ να περιορίσει τισ προσδοκίεσ για αύξηση των επιτοκίων, δίνοντασ έµφαση στο Þτι «επιβράδυνση τησ ποσοτικήσ χαλάρωσησ δεν συνεπάγεται σύσφιξη τησ νοµισµατικήσ πολιτικήσ», επισηµάνει η Goldman στισ αναλύσεισ τησ. Οι πιο πάνω είναι µÞνο δύο απÞ τισ πολλέσ αναλύσεισ που δίνουν οι διάφοροι οίκοι τέτοιο καιρÞ στην δηµοσιÞτητα. Ùσεσ αναλύσεισ, εκτιµήσεισ, προβλέψεισ και να γίνουν Þµωσ το σίγουρο είναι ένα. Μάλλον δύο. Πρώτο η ισοτιµία ευρώ – δολαρίου εδώ και 6 χρÞνια, που ξέσπασε η χρηµατοπιστωτική κρίση στισ ΗΠΑ κινείται σε ένα εύροσ 20 σεντσ. Με σηµείο ισορροπίασ το 1.30 η ισοτιµία είτε κινείται ανοδικά προσ τα 1.40 είτε καθοδικά προσ τα 1.20 µε τισ αγορέσ να παρέµβουν κάθε φορά που η ισοτιµία κινδυνεύει να βγει εκτÞσ του εύροσ αυτού. Τα τελευταία 6 χρÞνια είδαµε πολλά που µασ αποδεικνύουν πωσ υπάρχει ένα είδοσ παρέµβασησ ή καλύτερα χειραγώγησησ στην ισοτιµία Þποτε κριθεί απαραίτητο. Είχαµε την παρέµβαση τησ Fed Þταν η ισοτιµία κτύπησε τα 1.18 ανακοινώνοντασ τον δεύτερο γύρω του QE ενώ απÞ την άλλη είχαµε την ανακοίνωση τησ ΕΚΤ για την πρÞθεση τησ να µειώσει περαιτέρω τα

επιτÞκια Þταν η ισοτιµία ξεπέρασε τα 1.40. Φαίνεται πωσ εν µέσω τησ χειρÞτερησ κρίσησ που πέρασε ποτέ η παγκÞσµια οικονοµία οι συναλλαγµατικέσ ανισορροπίεσ είναι το τελευταίο πράγµα που επιθυµούν οι αγορέσ. Και µε µια ισοτιµία κοντά στα 1.30 είναι Þλοι ευχαριστηµένοι. Βεβαίωσ αυτÞ ισχύει για τισ ΗΠΑ οι οποίεσ είναι και οι κατεξοχήν market makers στην ισοτιµία. Οι ΗΠΑ κρατώντασ το δολάριο φθηνÞ έχουν σαφέστατα διπλÞ Þφελοσ. Καταρχήν είναι πιο ανταγωνιστικοί σαν καθαρά εξαγωγική χώρα και δεύτερον δηµιουργώντασ πληθωρισµÞ επιτυγχάνουν την πραγµατική υποτίµηση του δηµÞσιου χρέουσ τουσ το οποίο είναι δυσβάστακτο. ΑπÞ την άλλη βεβαίωσ το ακριβÞ Ευρώ πληγώνει θανάσιµα την καταχρεωµένη και χρεοκοπηµένη Ευρωζώνη και ειδικά τον ΕυρωπαϊκÞ νÞτο. Τα Ευρωπαϊκά προϊÞντα γίνονται πιο ακριβά και το ΕυρωπαϊκÞ χρέοσ που είναι σε ανεξέλεγκτη πορεία πνίγεται ακÞµα περισσÞτερο µέσα σε ένα περιβάλλον αποπληθωρισµού και πιστωτικήσ ασφυξίασ. Και εδώ ερχÞµαστε στο δεύτερο δεδοµένο που είναι το υπερτιµηµένο και πανάκριβο ευρώ. Με την Ευρωζώνη να απέχει έτη φωτÞσ απÞ τισ ΗΠΑ σε ρυθµούσ ανάκαµψησ, ανάπτυξησ και µακροοικονοµικών δεδοµένων οποιαδήποτε τιµή τησ ισοτιµίασ πάνω απÞ τα 1.20 δεν µπορεί αν θεωρείται παρά «φούσκα». Οι ευρωπαίοι δεν έχουν άλλη επιλογή απÞ το να υποτιµήσουν το ευρώ σε ποσοστÞ τουλάχιστον 30% απÞ τισ σηµερινέσ τιµέσ. ΜÞνο έτσι η Ευρωζώνη θα πετύχει την πραγµατική ανάκαµψη και θα γίνει πραγµατικά ανταγωνιστική. Βεβαίωσ οι Γερµανοί απÞ την µια βλέποντασ φαντάσµατα πληθωρισµού και οι ΗΠΑ απÞ την άλλη βλέποντασ το δικÞ τουσ συµφέρον δεν δείχνουν καµία πρÞθεση να επιτρέψουν την υποτίµηση τησ ισοτιµίασ. Ùσο αυτέσ οι δύο υπερδυνάµεισ παραµένουν πιστέσ στισ θέσεισ τουσ το πιο πιθανÞν να βιώσουµε ακÞµα µια χρονιά Þπου η ισοτιµία θα κυµανθεί εντÞσ του 1.20 – 1.40.

™˘ÓÂ¯›˙ÂÙ·È ÙÔ «¿ÚÙÈ» ÌÂ ÙÔ bitcoin Ο «εξαίρετοσ» κÞσµοσ του bitcoin, διαδικτυακά πλασµένοσ. Αγοράζεισ, πουλάσ, εµβάζεισ, καταστρέφεισ και φυλάσ σε θησαυροφυλάκιο τα bitcoin, που αποκτάσ εικονικά, χάρη σε έναν ειδικÞ υπολογιστή - χρυσοθήρα. Μέχρι 10.000 δολάρια κοστίζει ο υπολογιστήσ, αλλά δεν προσφέρει καµιά υπηρεσία ενÞσ συνηθισµένου υπολογιστή, δεν έχει ούτε καν οθÞνη. Ένα µÞνο µπορεί να κάνει: το λεγÞµενο mining, δηλαδή να θηρεύσει, Þπωσ παλαιÞτερα οι χρυσοχÞοι, bitcoin στη διαδικτυακή αγορά. Οι υπολογιστέσ δηλαδή έχουν την ικανÞτητα να ψάχνουν καθηµερινά µέχρι 3.600 bitcoin, µε σηµερινή αξία σχεδÞν 2 εκ. ευρώ στην αγορά. Η αξία ενÞσ bitcoin πήρε εκρηκτικέσ διαστάσεισ τα περασµένα χρÞνια. Πριν απÞ ένα χρÞνο ένα bitcoin κÞστιζε περί τα 10 ευρώ, σήµερα γύρω στα 600 ευρώ. Με την άνοδο τησ τιµήσ του αυξήθηκε και η ζήτηση για ηλεκτρονικούσ υπολογιστέσ – χρυσοθήρεσ. Η σουηδική εταιρεία KnCMiner κάνει χρυσέσ δουλειέσ σύµφωνα µε τον υπεύθυνο Αλεξάντερ ΛÞουν. «Μέσα σε 3 µέρεσ πουλήσαµε Þλα τα κοµµάτια για 9.995 δολάρια το ένα, συν ΦΠΑ», λέει. Που σηµαίνει 24 εκατοµµύρια δολάρια σε λίγεσ µέρεσ για µια εταιρεία µε ζωή µÞνο 8 µηνών. Αλλά για να αντιληφθούµε τί ακριβώσ ψάχνουν οι υπολογιστέσ – χρυσοθήρεσ, πρέπει πρώτα να καταλάβουµε τί ακριβώσ είναι το bitcoin. Ο Ùλιβερ Φλασκέµφερ, είναι χρήστησ τησ bitcoin.de, µιασ εµπορικήσ πλατφÞρµασ για το διαδικτυακÞ νÞµισµα και µασ εξηγεί: «ΠρÞκειται τελικά για µια προ-

™ÂÙ¤Ì‚ÚÈÔ Î˘ÎÏÔÊÔÚÂ› ÙÔ Ó¤Ô ¯·ÚÙÔÓfiÌÈÛÌ· ÙˆÓ €1 10 Το νέο τραπεζογραµµάτιο των 10 ευρώ, το οποίο θα τεθεί σε κυκλοφορία στισ 23 Σεπτεµβρίου παρουσίασε επισήµωσ η Ευρωπαϊκή Κεντρική Τράπεζα (ΕΚΤ). Το νέο τραπεζογραµµάτιο των 10 ευρώ θα αναγνωρίζεται εύκολα καθώσ το σχέδιο του είναι παρÞµοιο µε το σχέδιο του αντίστοιχου τραπεζογραµµατίου τησ πρώτησ σειράσ. Για τον σχεδιασµÞ του, προστίθεται, «έχει αξιοποιηθεί η τεχνολογική πρÞοδοσ στον τοµέα τησ παραγωγήσ τραπεζογραµµατίων. Έτσι, το τραπεζογραµµάτιο είναι ακÞµη ασφαλέστερο έναντι τησ παραχάραξησ αλλά και πολύ πιο ανθεκτικÞ».

σπάθεια απÞκτησησ ενÞσ διαδικτυακού νοµίσµατοσ, που δεν χειραγωγείται απÞ τουσ ανθρώπουσ, αλλά βασίζεται σε έναν µαθηµατικÞ αλγÞριθµο που διαφυλάσσει αξίεσ και χρησιµοποιείται ωσ µέσο πληρωµών». ΑυτÞσ ο µαθηµατικÞσ αλγÞριθµοσ βρίσκεται στον αντίποδα του κÞσµου των τραπεζών και των υπουργών Οικονοµικών, οι οποίοι, Þταν υπάρχει ανάγκη κÞβουν χρήµα προκαλώντασ πληθωρισµÞ, είτε για να χρηµατοδοτήσουν έναν πÞλεµο ή για να σώσουν τράπεζεσ. Στο λογισµικÞ του bitcoin έχουν Þλα προβλεφθεί, κανείσ δεν µπορεί να τα επηρεάσει, ούτε µπορεί να αυξήσει τον Þγκο των bitcoin. Σήµερα κυκλοφορούν γύρω στα 12 εκ. σε δέκα χρÞνια θα είναι 20 εκ. Και επειδή πρÞκειται για µια ανακάλυψη στον αιώνα του ίντερνετ, τα εµβάσµατα µέσω του διαδικτύου είναι σαν ένα παιγνίδι για παιδιά. Σε µερικά λεπτά οι χρήστεσ µπορούν να στείλουν τα χρήµατά τουσ σε ένα εικονικÞ χρηµατιστήριο χωρίσ την παρέµβαση τράπεζασ και χωρίσ κανένα κÞστοσ. Και εδώ σηµαντικÞ ρÞλο διαδραµατίζουν οι ηλεκτρονικοί υπολογιστέσ, που εξασφαλίζουν Þτι τα περίπου 100.000 εµβάσµατα την ηµέρα γίνονται µε τον σωστÞ τρÞπο, Þπωσ διαβεβαιώνει ο Αλεξάντερ ΛÞουν απÞ την εταιρεία KnCMiner. «Κάθε bitcoin περιέχει έναν αναλυτικÞ κατάλογο Þλων των συναλλαγών απÞ την δηµιουργία του. Το κοµπιούτερ διασφαλίζει Þτι είναι πάντα ολοκληρωµένοσ, επικαιροποιηµένοσ και τον τοποθετεί σε µπλοκ µε άλλεσ συναλλαγέσ.

10.000 ‰ÔÏ¿ÚÈ· ÎÔÛÙ›˙ÂÈ Ô ˘ÔÏÔÁÈÛÙ‹˜, «¯Ú˘ÛÔı‹Ú·˜» Ô˘ ¤¯ÂÈ ÙËÓ ÈÎ·ÓfiÙËÙ· Ó· „¿¯ÓÂÈ Î·ıËÌÂÚÈÓ¿ Ì¤¯ÚÈ 3.600 bitcoin ÌÂ ÛËÌÂÚÈÓ‹ ·Í›· Û¯Â‰fiÓ 2 ÂÎ. Â˘ÚÒ Ùποιοσ βρει έναν µπλοκ συναλλαγών και το ακυρώνει, παίρνει ωσ ανταµοιβή 25 bitcoin. Στην αρχή ήταν 50, κάθε τέσσερα χρÞνια µειώνεται στο µισÞ». Για να αποκτήσει κάποιοσ τα πρώτα bitcoin, θα χρειαστεί µια διαδικτυακή διεύθυνση, Þπου µπορεί κανείσ να έχει το «πορτοφÞλι» του και να έχει πρÞσβαση σε αυτÞ Þποτε θέλει. Ένασ άλλοσ τρÞποσ είναι η αγορά απÞ υπηρεσίεσ αγοραπωλησιών που υπάρχουν. Και βέβαια µέσα απÞ τη διαδικασία mining, του ειδικού υπολογιστή, ο οποίοσ ανάλογα µε τισ δυνατÞτητέσ του, µπορεί να παράξει bitcoin. Τελευταία στο Λονδίνο δηµιουργήθηκε και θησαυροφυλάκιο για bitcoin.

¶ÂÚÈÔÚÈÛÌ¤ÓÔ Â‡ÚÔ˜ ‰È·Î‡Ì·ÓÛË˜ ÁÈ· Â˘ÚÒ - ‰ÔÏ¿ÚÈÔ ÃÚ›ÛÙÈ·Ó ™Ù˘ÏÈ·ÓÔ‡ ∆ιεύθυνση ∆ιαχειρίσεως ∆ιαθεσίµων, Alpha Bank Cyprus Ltd Σε περιορισµένο εύροσ διακύµανσησ διατηρείται η ισοτιµία ευρώ-δολαρίου την τρέχουσα εβδοµάδα. Xθεσ το ευρωπαϊκÞ νÞµισµα τύγχανε διαπραγµάτευσησ έναντι του δολαρίου στα 1.3670. Σε δηλώσεισ του ο επικεφαλήσ του Eurogroup δήλωσε Þτι οι τράπεζεσ στην Ευρωζώνη είναι ασφαλείσ. ΤÞνισε χαρακτηριστικά Þτι οι χρηµατοοικονοµικέσ υπηρεσίεσ στην Ευρώπη βρίσκονται σε φάση ανασύνταξησ, αναζητώντασ χρηµατοδÞτηση προκειµένου να εξυγιανθούν πλήρωσ µέχρι το τέλοσ του 2014. Σε µια άλλη εξέλιξη η Ευρωπαϊκή Κεντρική Τράπεζα (ΕΚΤ) στη

σύσκεψη που πραγµατοποίησε την περασµένη Πέµπτη διατήρησε αµετάβλητο το επιτÞκιο αναφοράσ στο 0,25% και το επιτÞκιο αποδοχήσ καταθέσεων στο 0%, Þπωσ αναµενÞταν Ο πληθωρισµÞσ τησ Ευρωζώνησ υποχώρησε το ∆εκέµβριο στο 0,8% απÞ 0,9% το Νοέµβριο, παραµένοντασ χαµηλÞτερα του στÞχου τησ ΕΚΤ (≤ 2%). Ο ΠρÞεδροσ τησ ΕΚΤ δήλωσε Þτι τα επιτÞκια θα διατηρηθούν στο τρέχον επίπεδο ή χαµηλÞτερα για παρατεταµένη χρονική περίοδο και Þτι η ΕΚΤ προτίθεται να συνεχίσει να εφαρµÞζει επεκτατική νοµισµατική πολιτική. Στισ ΗΠΑ οι νέεσ θέσεισ εργασίασ µη συµπεριλαµβανοµένου του αγροτικού τοµέα διαµορφώθηκαν το ∆εκέµβριο στο χαµηλÞτερο επίπεδο απÞ τον Ιανουάριο του 2011, ενώ εκτιµάται Þτι σηµαντική αρνητική επίδραση είχαν οι δυσµενείσ καιρικέσ συνθήκεσ ΩστÞσο, θετική εξέλιξη αποτελεί η υποχώρηση του ποσοστού ανεργίασ σε χαµηλÞ (6,7%) απÞ τον Οκτώβριο του 2008, προσεγγίζοντασ το στÞχο τησ Fed (6,5%), αναφορικά µε τη σηµατοδÞτηση τησ νοµισµατικήσ πολιτικήσ.

ΧΡΗΜΑ&ΑΓΟΡΑ

15 ΙΑΝΟΥΑΡΙΟΥ, 2014

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O Î·ÈÙ·ÏÈÛÌfi˜ ÌÔÚÂ› Ó· ·ÓÙÂÈÙÂıÂ› Î·È Ó· ‰·ÁÎÒÛÂÈ ∆È ı· Û˘Ì‚Â› ÛÙËÓ ∂ÏÏ¿‰· ·Ó Î˘‚ÂÚÓ‹ÛÂÈ Ô ™Àƒπ∑∞ Στην περίπτωση να αναλάβει ο ΣΥΡΙΖΑ τα ηνία τησ Ελλάδασ αναφέρεται άρθρο τησ βρετανικήσ εφηµερίδασ The Guardian µε τίτλο «Η Αριστερά τησ Ευρώπησ βλέπει πωσ ο καπιταλισµÞσ µπορεί να αντεπιτεθεί και να δαγκώσει», τονίζοντασ Þτι οι σοσιαλδηµοκράτεσ θεωρούσαν λανθασµένα πωσ οι µεταρρυθµίσεισ γίνονται για καλÞ. ΑυτÞ το µάθηµα έγινε απÞ τον ΣΥΡΙΖΑ». «Για το µεγαλύτερο διάστηµα του 20ού αιώνα η λέξη “µεταρρύθµιση” ήταν κοινά συνδεδεµένη µε την εξασφάλιση τησ κρατικήσ προστασίασ ενάντια στισ χαοτικέσ επιδράσεισ του ανταγωνισµού στην καπιταλιστική αγορά. Σήµερα, χρησιµοποιείται περισσÞτερο για να αναφέρει την αναίρεση αυτών των προστατευτικών µέτρων», αναφέρει ο αρθρογράφοσ Λίο Πάνιτσ. «ΑυτÞ δεν είναι ένα ζήτηµα οικειοποίησησ του Þρου απÞ τουσ ευρωπαίουσ και τουσ διεθνείσ δανειστέσ που τον χρησιµοποιούν σαν κώδικα για τισ απαιτήσεισ απÞ την Ελλάδα για περαιτέρω περικοπέσ στο δηµÞσιο τοµέα και τισ υπηρεσίεσ. Είναι επίσησ ο τρÞποσ που η λέξη έχει αρχίζει να χρησιµοποιείται ολοένα και περισσÞτερο απÞ τα κÞµµατα τησ κεντροαριστεράσ. Έτσι, ο νεοεκλεγείσ αρχηγÞσ του ιταλικού ∆ηµοκρατικού ΚÞµµατοσ, Ματέο Ρένζι έχει καλέσει την κυβέρνηση να προσηλωθεί περισσÞτερο στην εφαρµογή του πακέτου των οικονοµικών µεταρρυθµίσεων», προσθέτει. Στην Ελλάδα, επισηµαίνει ο αρθρογράφοσ, «ο ΣΥΡΙΖΑ είναι το αριστερÞ κÞµµα που είχε µεγάλη εκλογική επιτυχία κατά τη διάρκεια τησ ευρω-κρίσησ, απορρίπτοντασ τον τρÞπο που έχει επαναπροσδιοριστεί η µεταρρύθµιση. Ενα κεντρικÞ σηµείο του πολιτικού του προγράµµατοσ, εξάλλου,

είναι η κρατικοποίηση του τραπεζικού συστήµατοσ, µέσω τησ ριζικήσ αλλαγήσ τησ λειτουργίασ του... Πράγµατι, αυτÞ που κάνει τισ ευρωπαϊκέσ ελίτ να νιώθουν περισσÞτερο άβολα µε την Ελλάδα που έχει αναλάβει και την προεδρία τησ ΕΕ για το επÞµενο εξάµηνο, είναι µία νέα πολιτική κρίση που θα οδηγήσει σε γενικέσ εκλογέσ, µε τον ΣΥΡΙΖΑ να κερδίζει και τον Αλέξη Τσίπρα να γίνεται πρωθυπουργÞσ τησ χώρασ». «ΑυτÞ που προκαλεί το ενδιαφέρον για το πολιτικÞ πρÞγραµµα τησ ριζικήσ µεταρρύθµισησ που πέρασε ο ΣΥΡΙΖΑ στο συνέδριÞ του τον περασµένο Ιούλιο µε λίγα λÞγια σηµαίνει: η κατάσταση που βρισκÞµαστε σήµερα καλεί για

κάτι παραπάνω απÞ ένα ολοκληρωµένο πρÞγραµµα δηµιουργηµένο δηµοκρατικά και συλλεκτικά. Καλεί για τη δηµιουργία και την έκφραση Þσο το δυνατÞ ευρύτερου, αντάρτικου και καταλυτικού πολιτικού κινήµατοσ... ΜÞνο ένα τέτοιο κίνηµα µπορεί να οδηγήσει µία κυβέρνηση τησ Αριστεράσ και µÞνο ένα τέτοιο κίνηµα µπορεί να προστατεύσει την πορεία µίασ τέτοιασ κυβέρνησησ», σηµειώνει. Υπογραµµίζει, ακÞµη, Þτι «οι αρχηγοί των κοµµάτων δεν µπορούν παρά να γνωρίζουν Þτι αν δεν αλλάξουν οι συσχετισµοί των δυνάµεων σε άλλεσ χώρεσ για να δώσει έδαφοσ σε µία κυβέρνηση ΣΥΡΙΖΑ να εφαρµÞσει προοδευτικέσ µεταρρυθµίσεισ, ο ελληνικÞσ λαÞσ θα υποφέρει ακÞµη περισσÞτερο µε το να µένει τιµωρηµένοσ οικονοµικά και αποµονωµένοσ. ΑυτÞσ είναι χωρίσ αµφιβολία και ο λÞγοσ που, Þταν ο Αλέξησ Τσίπρασ ορίστηκε τον προηγούµενο για την αντικατάσταση του Ζοζέ Μανουέλ ΜπαρÞζο στην προεδρία τησ ΚοµισιÞν, µίλησε για µία «ιστορική ευκαιρία» για ένα αριστερÞ εναλλακτικÞ «ευρωπαϊκÞ µοντέλο» σε σχέση µε το παρÞν καπιταλιστικÞ». «ΑυτÞ γυρνά σε µία συζήτηση που είχε ανοίξει έναν αιώνα πριν για τη µεταρρύθµιση εναντίον τησ επανάστασησ, υπενθυµίζοντασ τι συνέβη Þταν η ελπίδα Þτι µία επανάσταση στην περιφέρεια τησ Ευρωπησ θα οδηγούσε σε επαναστάσεισ ενάντια στισ σκληρά καπιταλιστικέσ χώρεσ δεν ευωδÞθηκε», συνεχίζει. «Το ερώτηµα για τον 21ο αιώνα δεν είναι η µεταρρύθµιση εναντίον τησ επανάστασησ, αλλά τι είδουσ µεταρρυθµίσεισ θα γίνουν και τι είδουσ λαϊκά κινήµατα θα βρίσκονται απÞ πίσω τουσ και αν θα είναι αρκετά επαναστατικά ώστε να αντέξουν τισ πιέσεισ του καπιταλισµού», καταλήγει ο αρθρογράφοσ.

™Ô˘‚Ï·Ù˙›‰ÈÎ· Î·È ÊˆÙÔ‚ÔÏÙ·˚Î¿ «¿ÓıÈÛ·Ó» Ì¤Û· ÛÙËÓ ‡ÊÂÛË Στα καφενεία, τα µπαρ, τα ψητοπωλεία, τα σουβλατζίδικα αλλά και στα φωτοβολταϊκά συστήµατα, άνθησε... η επιχειρηµατικÞτητα στην Ελλάδα τησ οικονοµικήσ ύφεσησ. Τα στοιχεία του Γενικού Εµπορικού Μητρώου τησ Κεντρικήσ Ένωσησ Επιµελητηρίων Ελλάδασ που δηµοσίευσε η «Ηµερισία» και αφορούν στον αριθµÞ των εγγραφών και διαγραφών (ανοίγµατα - κλεισίµατα) των επιχειρήσεων είναι άκρωσ αποκαλυπτικά. ∆είχνουν την επιχειρηµατική ρηχÞτητα στη χώρα τα χρÞνια 2011 - 2013 καθώσ η πλειονÞτητα των εταιρειών που άνοιξαν ήταν στον τοµέα τησ εστίασησ, καθώσ και σε εκείνων τησ παραγωγήσ ρεύµατοσ απÞ φωτοβολταϊκά συστήµατα, λÞγω των υψηλών επιδοτήσεων που κυριαρχούσαν για Þσουσ είχαν πάρει άδειεσ. Συγκεκριµένα το 2011, σύµφωνα µε στοιχεία υπήρχαν 33.139 συστάσεισ νέων επιχειρήσεων και 20.442 κλεισίµατα. Οι πιο δηµοφιλείσ δραστηριÞτητεσ εγγραφήσ επιχειρήσεων ήταν η «παραγωγή ηλεκτρικήσ ενέργειασ απÞ φωτοβολταϊκά συστήµατα» µε την καταγραφή 2.497 εγγραφών, ακολουθούν µε 852 ανοίγµατα οι «υπηρεσίεσ που παρέχονται απÞ καφετέ-

£· «Û¿ÛÂÈ» fiÏ· Ù· ÚÂÎfiÚ Ô ÙÔ˘ÚÈÛÌfi˜ ÙÔ 2014 ΠρÞσω ολοταχώσ για νέο ρεκÞρ κινείται ο ελληνικÞσ τουρισµÞσ το 2014, υπÞ την προϋπÞθεση βέβαια να διατηρηθεί η πολιτική σταθερÞτητα στη χώρα. ΑπÞ τα στοιχεία προκύπτει πωσ το 2013 έκλεισε θετικά, ξεπερνώντασ τουσ στÞχουσ και τισ προσδοκίεσ των αρµοδίων, µε ρεκÞρ διεθνών αφίξεων στα 17,8 εκατ. και εσÞδων στα 12,5 δισ ευρώ, συµπεριλαµβανοµένησ και τησ κρουαζιέρασ. Για το νέο έτοσ, αναµένονται 18-18,5 εκατ. διεθνείσ αφίξεισ και τα 13 δισ ευρώ έσοδα. ΑπÞ την πλευρά τουσ οι αρµÞδιοι τονίζουν πωσ η πολιτική σταθερÞτητα στη χώρα, είναι στοιχείο απαραίτητο για να επιτευχθούν αυτά τα νούµερα. Σύµφωνα, πάντωσ, µε µελέτη τησ McKinsey για τον οδικÞ χάρτη ανάπτυξησ του ελληνικού τουρισµού µε ορίζοντα το 2021-2023, η χώρα θα επιτύχει 22 - 24 εκατ. αφίξεισ και 18 - 19 δισ. ευρώ άµεσα έσοδα, δηλαδή επιπλέον εννέα µονάδεσ στο σηµερινÞ τησ AEΠ, δηµιουργώντασ παράλληλα 300.000 θέσεισ εργασίασ. Σχετικά µε την πορεία του ελληνικού τουρισµού το 2014, ο πρÞεδροσ τησ Πανελλήνιασ Oµοσπονδίασ ΞενοδÞχων, Γιάννησ Pέτσοσ, ανέφερε Þτι «σύµφωνα µε τα πρώτα στοιχεία προκρατήσεων, το 2014 φαίνεται να παρουσιάζει έντονη τουριστική ζήτηση.

ρια», έπονται µε 707 οι «υπηρεσίεσ που παρέχονται απÞ καφέ µπαρ», ενώ καταγράφηκαν 631 νέεσ επιχειρήσεισ µε υπηρεσίεσ εµπορίου ηλεκτρικού ρεύµατοσ. Στα 609 ανήλθαν τα ψητοπωλεία, σουβλατζίδικα µε παροχή σερβιρίσµατοσ, 546 ήταν οι νέεσ εταιρείεσ µε λιανικÞ εµπÞριο ειδών παντοπωλείου και 491 τα καφενεία. ΑπÞ τα 20.442 «λουκέτα» τησ χρονιάσ του 2011 τα περισσÞτερα αφορούν καφετέριεσ (365), λιανικÞ εµπÞριο ειδών παντοπωλείου (365), περίπτερα (356), ψητοπωλεία, σουβλατζίδικα µε παροχή σερβιρίσµατοσ (352) κ.ο.κ. Το 2012 οι επιχειρήσεισ που άνοιξαν αλλά και έκλεισαν ήταν περισσÞτερεσ σε σχέση µε τισ αντίστοιχεσ τησ προηγούµενησ χρονιάσ. Έτσι οι νέεσ εγγραφέσ ανήλθαν σε 42.912 και οι διαγραφέσ σε 32.456. ΠρÞπερσι το σκηνικÞ επαναλήφθηκε. Άνοιξαν 1.083 επιχειρήσεισ παραγωγήσ ηλεκτρικήσ ενέργειασ απÞ φωτοβολταϊκά συστήµατα, 352 επιχειρήσεισ εµπορίασ ηλεκτρικού ρεύµατοσ, 350 καφετέριεσ, 304 καφέ µπαρ, 268 φαρµακεία, 235 επιχειρήσεισ χονδρικού εµπορίου φωτοβολταϊκών στοιχείων, 223 αναψυκτήρια κ.ο.κ. Για την ίδια χρονιά απÞ τισ διαγραφέσ οι περισσÞτερεσ

ήταν καφετέριεσ (674), παντοπωλεία (663), περίπτερα (662), ψητοπωλεία, σουβλατζίδικα µε παροχή σερβιρίσµατοσ (647), καφέ µπαρ (578) κ.ο.κ. Το 2013 οι συστάσεισ νέων επιχειρήσεων ήταν κατά κάτι λιγÞτερεσ απÞ το 2012, Þπωσ και τα «λουκέτα». Άνοιξαν 39.965 και έκλεισαν 28.712 επιχειρήσεισ. Οι δηµοφιλείσ δραστηριÞτητεσ ήταν οι καφετέριεσ (379), τα καφέ µπαρ (363), η παραγωγή ηλεκτρικήσ ενέργειασ απÞ φωτοβολταϊκά συστήµατα (316), τα αναψυκτήρια (267), οι επιχειρήσεισ µε γεύµατα και ποτά απÞ σνακ µπαρ (237). Τα «λουκέτα» έπεσαν «βροχή» σε καφετέριεσ (809), καφέ µπαρ (655), παντοπωλεία (632), εταιρείεσ παραγωγήσ ηλεκτρικήσ ενέργειασ απÞ φωτοβολταϊκά συστήµατα (588), ψητοπωλεία και σουβλατζίδικα µε παροχή σερβιρίσµατοσ (587), περίπτερα (522), εµπορικέσ επιχειρήσεισ λιανικήσ µε είδη ιµατισµού (486) κ.ο.κ. ΑπÞ τισ µορφέσ επιχειρήσεων το 2011, 2012 και το 2013 οι περισσÞτερεσ ήταν οι «ατοµικέσ», ακολούθησαν οι «ΟµÞρρυθµεσ Εταιρείεσ» και οι «Εταιρείεσ Περιορισµένησ Ευθύνησ».

ª¤Ûˆ Folli Follie Ù· Juicy Couture ÛÙËÓ ∫‡ÚÔ Η Folli Follie Group ανακοίνωσε την επίτευξη οριστικήσ συµφωνίασ µε τον Ùµιλο «Authentic Brands Group LLC (ABG)» για την ανάληψη του αποκλειστικού δικαιώµατοσ διανοµήσ πωλήσεων χονδρικήσ και λιανικήσ για τον οίκο Juicy Couture σε Þλη την Ηπειρωτική Ευρώπη, Ηνωµένο Βασίλειο, Ιρλανδία και Κύπρο. Η Folli Follie Group προ-

τίθεται να εξασφαλίσει τη συνέχεια τησ σηµαντικήσ παρουσίασ τησ Juicy Couture στην αγορά λιανικήσ στην Ευρώπη αρχήσ γενοµένησ απÞ το flagship store το οποίο βρίσκεται στην Regent Street στο Λονδίνο. Στα πλαίσια τησ εν λÞγω συµφωνίασ, επεξεργάζεται σχέδια για επέκταση τησ παρουσίασ τησ Juicy Couture στην αγορά στην Ευρώπη.

Colliers: ∞˘ÍËÌ¤ÓÔ ÂÓ‰È·Ê¤ÚÔÓ ÁÈ· Ù· ÂÏÏËÓÈÎ¿ ·Î›ÓËÙ· Χρονιά µεγαλύτερησ κινητικÞτητασ των επενδυτών ακινήτων αναµένει στην Ελλάδα ο οίκοσ Colliers, υπÞ την προϋπÞθεση Þτι θα συνεχιστεί η πολιτική και οικονοµική σταθερÞτητα. Tην ίδια ώρα η εµπιστοσύνη των επενδυτών και οι προσδοκίεσ τουσ για αύξηση τησ επενδυτικήσ τουσ δραστηριÞτητασ αναµένεται να βελτιωθεί το 2014, σύµφωνα µε τα αποτελέσµατα τησ “ΠαγκÞσµιασ Έρευνασ ∆ιάθεσησ Επενδυτών” τησ Colliers. Ùπωσ σηµειώνει, στην Ελλάδα, αυξηµένο ήταν το ενδιαφέρον των επενδυτών για ακίνητη περιουσία καθώσ και η προδιάθεση τουσ για ανάληψη ρίσκου λαµβάνοντασ υπÞψη τη επενδυτική τουσ δραστηριÞτητα κατά το 2013, µε το σύνολο των επενδύσεων να αναµένεται Þτι θα ξεπεράσει το 1 δισ ευρώ µέχρι το τέλοσ του έτουσ. Τα έργα των αποκρατικοποιήσεων κατείχαν πρώτη θέση στη δραστηριÞτητα που σηµειώθηκε, µε τουσ τοµείσ τησ

φιλοξενίασ και την αγορά γραφείων να ακολουθούν. «Επενδυτέσ απÞ τισ Ηνωµένεσ Πολιτείεσ, τη Μέση Ανατολή και τη ζώνη ΕΜΕΑ έδειξαν σηµαντικÞ επενδυτικÞ ενδιαφέρον στην Ελλάδα το 2013, ενώ και οι τοπικοί επενδυτέσ εστίασαν επίσησ περισσÞτερο στην εγχώρια αγορά.» σχολίασε η Ana Vukovic, ∆ιευθύνουσα Σύµβουλοσ τησ Colliers International Hellas. «Τα χαρακτηριστικά ακινήτων παρέµεινε το πιο σηµαντικÞ κριτήριο για τουσ επενδυτέσ, το οποίο σε συνδυασµÞ µε τισ προσαρµογέσ των τιµών οι οποίεσ προέκυψαν ωσ αποτέλεσµα τησ κρίσησ, έκαναν την χώρα πιο ελκυστική για επενδύσεισ.» Αν η Ελλάδα συνεχίσει να παρουσιάζει σηµάδια οικονοµικήσ και πολιτικήσ σταθερÞτητασ, το 2014 θα αποτελέσει χρονιά µεγαλύτερησ επενδυτικήσ δραστηριÞτητασ, παρÞµοια µε τα επίπεδα που σηµείωσε η Ιταλία και η Ισπανία το 2013.

ΧΡΗΜΑ&ΑΓΟΡΑ

15 ΙΑΝΟΥΑΡΙΟΥ, 2014

8 | ΑΓΟΡΑ | financialmirror.com

¶Ï‹ÚË˜ ÂÎÛ˘Á¯ÚÔÓÈÛÌfi˜ ÙÔ˘ Leptos Kamares Village

700,000 ÂÈÛÎ¤ÙÂ˜ ÛÙÔ Kings Avenue Mall Πάνω απÞ 700.000 επισκέπτεσ βρέθηκαν στο Kings Avenue Mall, στην Πάφο, κατά τισ πρώτεσ επτά εβδοµάδεσ λειτουργίασ του, απÞ τÞτε που άνοιξε το Νοέµβριο του 2013. “Η αναµονή για το εµπορικÞ κέντρο και το αγκάλιασµα απÞ το κοινÞ ήταν τÞσο ενθουσιώδησ που έχει ξεπεράσει τισ προσδοκίεσ µασ. Αυτή είναι µια νέα εποχή για την πÞλη µασ και είµαστε στην ευχάριστη θέση να έχουµε επισκέπτεσ απÞ Þλη την Κύπρο, οι οποίοι λÞγω του Kings Avenue Mall έρχονται στην Πάφο για να κάνουν τα ψώνια τουσ” δήλωσε η κ. Pauline Klimentos Gabriel, ∆ιευθύντρια Μάρκετινγκ του Kings Avenue Mall. Καθώσ η περίοδοσ των εκπτώσεων είναι πλέον σε πλήρη εξέλιξη, αναµένεται να συνεχίσει η ροή χιλιάδων επισκεπτών για να κάνουν τα ψώνια τουσ αλλά και για να απολαύσουν την µεγάλη επιλογή καφετεριών και εστιατορίων που διαθέτει. Οι ώρεσ καταστηµάτων, καθ’ Þλη τη διάρκεια του Ιανουαρίου, είναι ∆ευτέρα µε Παρασκευή 9πµ-8µ.µ. και την Κυριακή 11πµ 20:00. ΕστιατÞρια, καφετέριεσ και σηµεία ψυχαγωγίασ είναι ανοιχτά µέχρι τισ 11µµ καθηµερινά.

√¶∞¶: “¶·›˙ˆ ÌÂ Î·ÓfiÓÂ˜, Ô‰ËÁÒ ÌÂ Î·ÓfiÓÂ˜” Î·È ÙÔ 2014 To 2013 έκλεισε για Þλουσ Þσουσ αγαπούν τον αθλητισµÞ µε µια εκδήλωση που θα θυµούνται για καιρÞ! Η ΟΠΑΠ Κύπρου, σε συνεργασία µε την Κυπριακή Οµοσπονδία Καλαθοσφαίρισησ και τισ οµοσπονδίεσ πετοσφαίρισησ, χειροσφαίρισησ, αντισφαίρισησ και καράτε, αποχαιρέτισαν τη χρονιά που πέρασε και υποδέχθηκαν την νέα, µε τη φαντασµαγορική, αθλητική εκδήλωση ΟΠΑΠ All Star Day “Παίζω µε κανÞνεσ, οδηγώ µε κανÞνεσ”. Η ψυχαγωγική αυτή εκδήλωση πρÞσφερε σε Þλουσ Þσουσ έδωσαν το παρών τουσ, ένα ξεχωριστÞ αθλητικÞ υπερθέαµα. ΣτÞχοσ τησ εκδήλωσησ πάνω απ’ Þλα Þµωσ, ήταν να επικοινωνήσει το µήνυµα Þτι η εδραίωση τησ υπεύθυνησ οδικήσ συµπεριφοράσ και η ανάπτυξη τησ κυκλοφοριακήσ συνείδησησ είναι δύο χαρακτηριστικά που οφείλουµε Þλοι να προωθήσουµε έτσι ώστε τÞσο το 2014 Þσο και στο µέλλον τα τροχαία ατυχήµατα να µειωθούν σηµαντικά, µε φιλÞδοξο στÞχο τα θανατηφÞρα ατυχήµατα να εξαλειφθούν. Η εκδήλωση All Star Day “Παίζω µε κανÞνεσ, οδηγώ µε κανÞνεσ” διοργανώθηκε για τρίτη συνεχή χρονιά.

∏ ∆Ú¿Â˙· ¶ÂÈÚ·ÈÒ˜ ÎÔÓÙ¿ ÛÙÔ˘˜ ¿ÔÚÔ˘˜ Ì·ıËÙ¤˜ Το ΠροσωπικÞ τησ Τράπεζασ Πειραιώσ Κύπρου εισέφερε απÞ το 13ο µισθÞ του για στήριξη των άπορων µαθητών και η Τράπεζα διπλασίασε το συνολικÞ ποσÞ. Το προσωπικÞ τησ Τράπεζασ Πειραιώσ Κύπρου αποφάσισε να στηρίξει τουσ άπορουσ µαθητέσ τησ ∆ηµÞσιασ Εκπαίδευσησ τησ Κύπρου. Στα πλαίσια αυτά, το προσωπικÞ εισέφερε πάνω σε εθελοντική βάση απÞ τον 13ον µισθÞ του µε σκοπÞ να ενισχύσει τα συσσίτια για τουσ άπορουσ µαθητέσ που συνεχώσ αυξάνονται. Η Τράπεζα Πειραιώσ Κύπρου, στα πλαίσια τησ κοινωνικήσ τησ ευθύνησ, ωσ αρωγÞσ στην Þλη προσπάθεια διπλασίασε το ποσÞ που συγκέντρωσε το προσωπικÞ τησ. Η επιταγή µε το χρηµατικÞ ποσÞ των 10.800 ευρώ παραδÞθηκε στη Γενική ∆ιευθύντρια του Υπουργείου Παιδείασ και Πολιτισµού κυρία Ολυµπία Στυλιανού απÞ τον Επικεφαλήσ Υπηρεσίασ Ανθρώπινου ∆υναµικού κύριο Μιχαλάκη Ν. Χατζηγαβριήλ.

∆·Í›‰È· ÛÙÔÓ Ì·ÁÈÎfi ÎfiÛÌÔ ÙÔ˘ Red Label Μια έκπληξη περίµενε Þλουσ τουσ λάτρεισ του Johnnie Walker στισ νυχτερινέσ τουσ εξÞδουσ τισ ηµέρεσ των γιορτών των Χριστουγέννων. Σε επιλεγµένουσ χώρουσ σε Þλη την Κύπρο, οργανωθήκαν µια σειρά απÞ εκδηλώσεισ που έδιναν την ευκαιρία στουσ θαµώνεσ των µπαρ να εξερευνήσουν τισ υπέροχεσ γεύσεισ και τα έντονα αρώµατα του Johnnie Walker Red Label, µέσα απÞ ένα µοναδικÞ και διασκεδαστικÞ τρÞπο. H ιδέα αυτή, είναι εµπνευσµένη απÞ την καµπάνια του Johnnie Walker Red Label, «Where flavour is Κing», η οποία έχει στÞχο να επικοινωνήσει την έντονη και µεγαλειώδη γεύση του Johnnie Walker. Τα κορίτσια του Johnnie Walker Red Label και ο εξειδικευµένοσ barman, συναντούσαν τον κÞσµο σε επιλεγµένα µπαράκια στην Κύπρο και τουσ ταξίδευαν στον µαγικÞ κÞσµο του Red Label, του πρώτου σε πωλήσεισ ουίσκι στον κÞσµο, προκαλώντασ τουσ να δοκιµάσουν νέουσ ενδιαφέροντεσ τρÞπουσ σερβιρίσµατοσ αλλά και να µάθουν να φτιάχνουν διάφορα cocktails µε βάση το Johnnie Walker Red Label. To Johnnie Walker Red Label διανέµεται απÞ την εταιρεία Φώτοσ Φωτιάδησ ∆ιανοµείσ Λτδ.

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Το Leptos Kamares Village είναι ένα προνοµιακÞ συγκρÞτηµα εξοχικών επαύλεων το οποίο κατασκευάζει µε ιδιαίτερο µεράκι η Leptos Estates τα τελευταία 35 χρÞνια. Το αποτέλεσµα είναι πραγµατικά κάτι το ξεχωριστÞ καθÞτι δηµιουργήθηκε πλέον στην πανέµορφη ορεινή περιοχή τησ Τάλασ µια ακµάζουσα κοινÞτητα 1250 και πλέον εξοχικών κατοικιών, µια δηµιουργία σηµείο αναφοράσ, για την ευρύτερη περιοχή τησ Ανατολικήσ Μεσογείου. Η ύπαρξη και λειτουργία του Kamares Club απÞ την πρώτη στιγµή τησ λειτουργίασ του έργου, σαν ένασ πολυπολιτισµικÞσ χώροσ συγκέντρωσησ των ιδιοκτητών των επαύλεων που προέρχονται κατά την πλειονÞτητα τουσ απÞ την Κύπρο, Αγγλία, Ρωσία και την ΒÞρεια Ευρώπη, η πρÞσφατη «εµφύτευση» του ιατρικού κέντρου Iasis µε 24ωρη άµεση εξυπηρέτηση για Þλουσ τουσ ιδιοκτήτεσ του έργου είναι ενδεικτικά τησ δέσµευσησ του Οµίλου για τον εκσυγχρονισµÞ του Kamares Village.

¡¤Â˜ ‰ÂÏÂ·ÛÙÈÎ¤˜ ‰ËÌÈÔ˘ÚÁ›Â˜ ·fi ÙËÓ Lindt Η δηµιουργία εξαιρετικήσ σοκολάτασ είναι σαν ένα έργο τέχνησ που χρειάζεται επιδεξιÞτητα, αφοσίωση και πάθοσ - χαρακτηριστικά που οι δεξιοτέχνεσ τησ Lindt τελειοποιούν απÞ το 1845. Η Lindt Excellence Dark Intense Cherry, µαύρη σοκολάτα µε κοµµατάκια απÞ κεράσι και αµύγδαλο, και η Lindt Excellence Dark Intense Blackcurrant, µαύρη σοκολάτα µε κοµµατάκια απÞ φραγκοστάφυλο και αµύγδαλο είναι οι πιο πρÞσφατεσ δηµιουργίεσ τησ Lindt. Οι σοκολάτεσ Lindt εισάγονται και διανέµονται στην Κυπριακή αγορά απÞ την εταιρεία Άλκησ Χ. Χατζηκυριάκοσ (ΜπισκÞτα ΦΡΟΥ ΦΡΟΥ) ∆ηµÞσια Λτδ.

Hyper CityMart: ¡¤· ˘ÂÚ·ÁÔÚ¿ ÛÙÔÓ ÕÁÈÔ ¢ÔÌ¤ÙÈÔ Σε ένα κατάστηµα 700 τετραγωνικών µέτρων και µε άνετο χώρο στάθµευσησ, στεγάζεται η καινούργια υπεραγορά Hyper CityMart στον Άγιο ∆οµέτιο, που άνοιξε στα µέσα ∆εκεµβρίου και φιλοδοξεί, µε τισ τιµέσ και την εξυπηρέτησή τησ, να δώσει την πλέον ποιοτική επιλογή στο καταναλωτικÞ κοινÞ. Με πλούσια γκάµα εισαγÞµενων και κυπριακών προϊÞντων σε ιδιαίτερα ανταγωνιστικέσ τιµέσ, κρεοπωλείο υψηλών προδιαγραφών ποιÞτητασ και υγιεινήσ, delicatessen µε µεγάλη ποικιλία κυπριακών αλλαντικών και τυριών, αλλά και φρουταρία µε τα πιο φρέσκα φρούτα και λαχανικά, η υπεραγορά Hyper CityMart προσφέρει ποιÞτητα, άνεση και άριστη εξυπηρέτηση στην πελατεία τησ. Η καινούργια υπεραγορά Hyper CityMart ανήκει στουσ ιδιοκτήτεσ του ακινήτου στη λεωφÞρο Αγίου Παύλου, εκεί Þπου µέχρι πρÞτινοσ στεγαζÞταν υπεραγορά «Ορφανίδησ».

January 15 - 21, 2014

financialmirror.com | PROPERTY | 17

Dubai property show to see 300 exhibitors from 80 countries Middle Eas t bu ilt as sets to rise by 63% to $8.7 trln by 2022

The tenth International Property Show, which will coincide with the Annual Investment Meeting 2014 at the Dubai International Convention and Exhibition Centre, will attract 300 companies from 80 countries on April 8-10 The exhibition, the biggest since inception that is supported by the Dubai Land Department, has emerged as one of the leading regional real estate venues for developers, investors and regional and international companies working in this field. Sultan Butti Bin Mejren, Director General of the Dubai Land Department said that the property show provides an ideal platform that brings together developers, real estate brokers, private and institutional investors, major local and international real estate companies, providing a unique opportunity to clinch lucrative business and investment deals. He added that the growth rates of the real estate sector in the region were very promising. “We are witnessing an extraordinary period and the UAE is a fundamental pillar of this growth,” he said, adding that “the huge investments being made ??by local and regional companies in the development of infrastructure are among the greatest not

only in the MENA region but also globally.” Dawood Al Shezawi, CEO of Strategic Marketing & Exhibitions, organisers of the International Property Show, said: “We anticipate major regional and international participation in the International Property Show mainly because it is the first edition after Dubai won the bid for hosting Expo 2020. There is growing interest from realestate developers from all over the world in the local market, especially Dubai, which is witnessing dynamic growth in the construction and infrastructure sectors.” The previous edition unveiled 12 major regional projects by prominent developers. According to the organizers, this edition will see a higher number of new projects to be launched. The participating companies include 18% from the hotel and leisure sector, 17% from commercial and residential (15%), offices (15%), retailers (13%), urban development authorities (12%) and free zones (10%). Exhibitors are coming from all over Europe, Asia Pacific and North and SouthEast Africa. These will include developers involved in the development of residential communities and high-rise buildings, entertainment facilities, retail outlets, financial institutions, banks and investment companies, pension funds, asset

KIBC success story The Kanika International Business Centre, one of the most prestigious commercial properties in KLimassol, haas achieved near full occupancy in less than a year of operation within the Yermasoyia Tourist area. The building has advanced technology features with ample parking, landscaped gardens and purpose-designed outdoor function areas for corporate events. The gated project offers high security, concierge services and spacious interiors with a private conference room for each company occupying the Centre. In addition to the roof garden, a spa, jacuzzi and gym are available in the building. Already, long-established international businesses have chosen to re-locate to the Centre. www.kanika-ibc.com www.kanikadevelopments.com

Global property markets looking good in 2014 Booming housing markets in emerging Asia have pushed global residential property prices to a new peak, according to consultancy Knight Frank’s global house price index which rose 4.6% over the 12 months to the end of September, 4% higher than its previous peak in the second quarter of 2008. “The index’s strong performance has been assisted not just by headline grabbing price rises in Dubai, China and Hong Kong, but also in a number of emerging markets,” said Kate Everett-Allen, associate at the Londonbased property consultancy.

Dubai topped the index, as house prices there rose more than a quarter over the last 12 months, followed by China, Hong Kong and Taiwan. Struggling southern European economies filled the lower reaches of the index, with house prices falling steeply in Croatia, Spain and Greece. “There are still 17 countries where house prices fell in the year to September - all except three were located in Europe. Only Japan, South Korea and New Zealand interrupt Europe’s dominance at the foot of the table,” said Everett-Allen.

management companies, authorities, investment zones and engineers of construction and interior design. Meanwhile, the Global Built Asset Wealth Index, which quantifies the accumulated wealth of built assets of 30 countries and is conducted by EC Harris in conjunction with the Centre for Economic and Business

Research, has revealed that the Middle East real-estate market is expected to see a built asset increase of 63%, amounting to US$ 8.7 trln by 2022. According to this Index, the UAE’s built asset wealth stood at $122,809 per person, while in China it was $26,000, which is slightly more than one-fifth of the UAE.

January 15 - 21, 2014

18 | WORLD MARKETS | financialmirror.com

Thailand’s battle for survival By Oren Laurent President, Banc De Binary

Recent weeks of protests in Thailand are the culmination of a seven-year power struggle centred on the self-exiled former Prime Minister Thaksin Shinawatra. Thailand is no stranger to protests, but all the indicators suggest that the current demonstrations are different to those in the past, both politically and economically. On Monday, thousands of protesters blockaded main roads across the capital, Bangkok, the latest in a series of demonstrations now in their third month. Organised by Suthep Thaugsuban, leader of the main political opposition, the urban elite and their southern allies claim that the current democracy is flawed and that Prime Minister Yingluck Shinawatra is merely acting as a proxy for her exiled brother Thaksin. They are boycotting the election which Shinawatra has called for February 2 and are demanding a two-year period without elections in which an unelected “People’s Council” would be responsible for reforming Thailand’s political system. Meanwhile, government supporters retort that the opposition are refusing to accept majority rule and are attempting to overturn

the system because they would not win the election. Thaksin-allied parties have won the last four elections, thanks to the support of rural voters. The latest demonstrations, along with talk of a possible military coup, have led to fears about the stability of south-east Asia’s second largest economy. Protests could be costing the Thai economy $30 mln a day, according to the University of the Thai Chamber of Commerce last week. The benchmark SET Index has dropped more than 12% since the end of October when the trouble began, and on January 6 the baht currency reached its lowest level since 2010. The tourism industry, responsible for close to 10% of the country’s economy has been badly affected and local consumer confidence reached a two-year low in December, according to a survey released last Thursday. Thailand has experienced nine coups and more than 20 prime ministers since 1946. It has a history of mild political unrest over the last decades, but in the past its financial markets have quickly rebounded. In the last spate of violence in 2010, stocks rocketed 40% in the year and the economy enjoyed its best growth figures in 15 years. This time however, analysts are predicting deeper damage. What is different? In part, the status of the economy is to blame. It was already experiencing slowing growth and outflows of global capital, making it particularly vulnerable to political instability and weak fiscal leadership. Furthermore, the country is now in

the middle of its peak tourist season, unlike during the 2010 unrest, and its economy is now more reliant on tourism and infrastructure spending. It remains to be seen whether the opposition will be able to sustain its efforts or whether turnouts will dwindle. There is currently no end to the protests in sight, and only time will tell whether the sides reach a compromise, go ahead with or postpone the election, or make way for full reform. As each week passes, economists are cutting their expectations for growth. On December 26, the Finance Minister lowered its 2014 growth forecast from 5.1 to 4%. I would not be surprised if this drops to 3.5 or even 3% if the unrest continues.

Amid all the uncertainty, it is abundantly clear that the longer the current crisis drags on and the longer Thailand is without clear leadership, the longer there will be no party with the power or incentive to implement growth-boosting economic policies, and the harder it will be for the slowing economy to pick-up pace once again.

www.bancdebinary.com

Yen steadies in choppy trading The dollar was steady against the Japanese yen and rose 0.5% to 103.48 yen, regaining some ground after its 1.1% drop on Monday, when it fell to as low as 102.85 yen, its lowest level in about a month in choppy trading. The yen had surged on Monday as investors were forced to unwind stretched short positions in the Japanese currency in the wake of the poor U.S. jobs numbers last week and as U.S. stocks posted the biggest one-day fall in more than two months. A senior global markets analyst for Sumitomo Mitsui Banking Corporation in Singapore told Reuters there may be some risk in the near term of a further unwinding of yen bearish bets that had been put on recently.

“The market had gone too far toward the year-end, and at the start of the new year,” he said. The dollar will probably trade in a 102.00-104.50 yen range for this week, he added. Sterling edged up 0.6% to 169.64 yen,

participants”, adding that the dollar was likely to find buyers ahead of 101.50 yen. Underscoring some of the headwinds against the yen, data on Tuesday showed that Japan’s current account logged a record deficit in November as a bulging trade deficit

FOREX COMMENTARY & TECHNICAL ANALYSIS after having shed 1.7% on Monday. The euro inched up 0.3% to about 141.39 yen, recouping part of the 0.9% loss. Analysts at BNP Paribas wrote in a note to clients that “bearish JPY remains a high conviction view for many market

weighed on the country’s balance of payments. Traders, however, said the yen showed limited reaction to the data. The dollar edged up 0.1% against a basket of major currencies to 80.618. The dollar

index had fallen to as low as 80.469 on Monday, its lowest level since January 2. The dollar had retreated after Friday’s disappointingly soft payrolls report raised doubts about the health of the world’s biggest economy, driving investors to push out the timing of the first hike in the Fed funds rate into late 2015 from mid-2015. The euro held steady at $1.3664, treading water in the wake of its rally late last week that saw it pull away from a one-month low of $1.3548 set on Thursday. The Australian dollar, which has benefited from the U.S. dollar’s retreat after the weak jobs data, edged back from a onemonth high set on Monday. The Aussie dollar eased 0.2% to $0.9037, down from Monday’s high of $0.9087.

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

January 15 - 21, 2014

financialmirror.com | MARKETS | 19

China IPOs postponed as supervision tightens instead of issuing new ones. The six suspensions comprise around a fifth of all the companies that have filed to list in Shanghai and Shenzhen since the IPO gates were lowered earlier this month. This marks an inauspicious beginning to the resumption of IPOs in China, which regulators hoped would help nearly 750 companies, stuck in the queue since listings were frozen in late 2012, find sources of fresh funds outside of the already overburdened banking system. Ernst & Young has estimated these firms will raise around 200 bln yuan ($33.05 bln) on the Chinese bourses in 2014. Initial signs were promising, with the first two IPOs attracting massive investor interest during the subscription process. In wider terms the suspensions mark a setback for reformers in Beijing who have committed to giving markets a “decisive” role in the next phase of Chinese economic development. The aborted listings highlight the challenges the government faces in liberalising a market still dominated by companies unused to the requirements of transparent corporate governance. The CSRC said it will loosen its grip on the IPO process, changing its current approval-based system to a registrationbased system similar to the one used in the

Five firms announced on Monday that they had postponed their IPOs after China’s stock regulator said overnight it would strengthen supervision of new listings. The announcements follow a similar statement by drug maker Aosaikang on Friday which sources said was due to regulatory pressure, although the China Securities Regulatory Commission (CSRC) denied it. The five companies are NetPosa Technologies Ltd, Hebei Huijin Electromechanical Co Ltd, Nsfocus Information Technology Co Ltd, Beijing Forever Technology Co Ltd and Ciming Health Checkup Management Group Co Ltd. The CSRC said that any companies which set their IPO price to earnings (PE) ratios higher than the ratios of industrial peers in the secondary market must publish repeated risk warnings before they open subscriptions to retail investors, a move that will effectively reduce IPO prices and slow the progress of new issues. Aosaikang appeared to be a retroactive violator of this rule by putting its price-toearnings ratio at 67, versus 55 for its industry peers. Analysts said regulators were also likely bothered by the company’s plans to dedicate most of the IPO to letting major stakeholders sell off their existing shares,

United States. This would diminish opportunities for corruption, but it would also limit regulators’ ability to protect China’s army of retail stock investors from unethical company managers. In November, Xiao Gang, chairman of the CSRC, told a financial forum that liberalisation plans for the IPO market did not imply a free-for-all. “This does not mean that the CSRC will sit idly, which will lead to more junk stocks,”

he said. Chinese equity indexes have been some of the world’s worst performers in recent years, with many domestic investors souring on Chinese stocks in general given the market’s reputation for insider trading and price manipulation. The CSI300 Index has lost nearly 11% over the last four weeks since IPOs resumed, and it is down over 19% since markets peaked in February last year in response to the IPO freeze.

Amec to buy Foster Wheeler for $3 bln

WORLD CURRENCIES PER US DOLLAR CURRENCY

British oil and gas engineering firm Amec has agreed to buy Swissbased rival Foster Wheeler for 1.9 bln pounds ($3.13 bln), the first sizeable acquisition in the sector for three years. Amec said the deal would increase its position and help more than double revenues in growing markets such as Latin America and the Middle East. The firm, which provides services and equipment for the oil and gas, mining, nuclear and renewable energy sectors, said the acquisition would also add oil and gas transport and refining capabilities to its existing extraction facilities. The deal, expected to complete in the second half of this year, will end a drought of major transactions in a sector where targets’ high growth forecasts have fuelled shareholders’ expectations of big takeover premiums, making it difficult for firms to agree on price. Amec’s 680 mln pound approach for British peer Kentz was rejected by Kentz’s board last August, who said the bid undervalued the firm. The sector’s last sizeable deal was Wood Group’s takeover of PSN for just under $1 bln three years ago. Larger European contractors, which have amassed large cash reserves thanks to years of rapid growth, are hungry for such acquisitions which they believe would help them to expand into new regions such as Africa and newer sectors such as LNG and shale. Amec expects a 10% boost in earnings in the first 12 months after the acquisition, with returns on its investment to exceed the cost of capital in the second year. It said the deal would also create annual cost savings of at least $75 mln. “The combination of our two businesses, Amec and Foster Wheeler, would be financially and strategically attractive,” chief

executive Samir Brikho said. Foster Wheeler provides engineering services and power generator equipment to the LNG, oil and gas and petrochemical sectors. The deal values it at about ten times enterprise value to earnings, compared to a sector average of 8.1 times. CASH AND SHARES Media reports last year suggested that Foster Wheeler was the target of a bid war between Amec and oil services group Petrofac. Under the Amec offer terms, Foster Wheeler shareholders will get 0.9 Amec shares and $16 in cash, representing $32 for each Foster Wheeler share. The Swiss engineer’s shares closed at 28.74 pence on November 26, the day before the first media reports of Amec’s interest, and its share price has risen 9.7% since. Shares in Foster Wheeler, which are listed on the Nasdaq and have risen by 18% over the last three months, closed at $31.46 on Friday. Foster Wheeler will hold shares in Amec after the deal’s completion representing 23% of the enlarged company, and Amec will seek a U.S. listing in connection with the transaction, the companies said. Canaccord Genuity analyst Alex Brooks said he regarded the proposed deal as poor value for Amec shareholders due to the high value the transaction put on Foster Wheeler’s equity, but that strategically, the two companies were a very attractive combination. Amec said it had performed in line with expectations for 2013 but that less favourable exchange rates for 2014 compared with 2013 would reduce its core earnings by 10 mln pounds, year on year. It said it now does not expect to report adjusted earnings per share of more than 100p in 2014.

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9540 1.6385 1.4313 20.013 5.4618 11.4519 1.3662 1.746 218.55 0.51439 2.527 0.3142 13.07 6.1216 3.0389 3.3085 33.2374 6.5057 0.9006 8.2999

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0.3770 6.9601 24653.00 3.4867 0.7075 0.2823 1506.00 0.3850 3.6412 3.7503 10.8242 3.6729

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January 15 - 21, 2014

20 | WORLD MARKETS | financialmirror.com

New GM has old problem: stagnant market share ANALYSIS General Motors has much to celebrate at this year’s Detroit motor show, the first since 2009 that the company is not partly owned by the U.S. government. Last month, it named its first female CEO and automotive writers on Monday voted the Chevrolet Corvette Stingray and Silverado as car and truck of the year, respectively. Yet the “new” GM remains bedeviled by a decades-old problem: stagnant or sliding share of sales in its home market. The past two years have seen one of the biggest new-product blitzes in company history; GM has launched new products to replace 70% of its U.S sales volume since 2011. But GM’s U.S. market share remained stuck at 17.9% last year, the same level as 2012, and down from 19.6% in 2011, when it was only two years out of bankruptcy. While GM executives voice optimism that the company will soon post gains, they acknowledge that changing perceptions after decades of lackluster products will take time. “Market share increases are not instantaneous,” Mark Reuss, GM’s new chief of global product development, told reporters at the Detroit auto show. “We’ve got a lot of baggage. Don’t underestimate what people thought of us, or these brands, through these hardships and 30 years.” There are other issues too: rapid-fire executive turnover in the company’s marketing ranks, factory furloughs for retooling to produce new models and, on a more positive note, a newfound pricing discipline that puts profit ahead of market share by reducing costly buyer discounts and low-margin fleet sales. “Our third-quarter (profit) margins ran over 9%,” said Reuss. “That’s a big deal.” Indeed, the company’s profit has rebounded sharply after the disastrous 2009 bankruptcy. Still, some numbers are startling. Today GM’s entire U.S. market share is just over half what Chevrolet, its largest single

brand, enjoyed in the company’s heyday 50 years ago, when GM accounted for more than half of all U.S. car sales. Back then, GM’s market share was about twice as much as Ford’s. While GM remains America’s No. 1 car company, as measured by sales volume, its lead has shrunk to just a couple percentage points over Ford, which still ranks second, ahead of third-place Toyota. But Ford, unlike GM, has increased its share modestly in recent years. Ford, however, has less baggage than GM. Unlike GM, Ford did not go through bankruptcy and a government-funded bailout. And its marketing ranks have not had anywhere near the level of turnover as GM’s. The turmoil started with the August 2012 departure of global marketing boss Joel Ewanick, followed by the departures last year of Cadillac global marketing head Don Butler and Chevrolet marketing chief Chris Perry. GM last year hired Tim Mahoney from VW North America to become Chevrolet global chief marketing officer and former BMW executive Uwe Ellinghaus to be Cadillac global chief marketing officer. Last week, it promoted Paul Edwards to succeed Perry at Chevrolet. Chevrolet remains a huge concern. In the past two years, Chevy has seen its U.S. market share decline to 12.5% from 13.9%, despite launching such important redesigned models as the mid-size Malibu and full-size Impala sedans and the fullsize Silverado pickup. “Chevrolet is really struggling,” said Larry Dominique, a former Nissan executive who heads leasing specialist ALG. “Stingray being named Car of the Year is great for the Corvette brand, but it probably doesn’t help Chevy dealers sell more Malibus or Cruzes.”

Cadillac’s U.S. market share also is flat from 2011 to 2013, at 1.2%, even though the brand added two new sedans, the compact ATS and full-size XTS, and redesigned its volume model, the CTS. Dominique said buyers of Asian and European brands do not tend to cross-shop GM’s four U.S. brands: Chevrolet, Cadillac, Buick and GMC. And GM dealers tend to be clustered more in the Midwest, the traditional heartland of its audience, while the import brands dominate the coastal markets. “We want to grow GM and that means growing market share and profits, but it’s not at all costs,” said Reuss, who until his recent promotion had been president of GM North America since the 2009 bankruptcy and reorganisation.

FOCUS ON RETAIL GM still has among the highest average sales incentives in the industry, but it finished 2013 with the highest average transaction prices in its history, said Alan Batey, who has been interim global marketing boss since Ewanick’s departure and succeeds Reuss this week as president of North America. Batey said GM has been putting more emphasis on sales to retail customers while limiting sales to lower-margin fleet customers. “Our focus has really been on retail and that’s where we’ve got the growth,” Batey said. “I like to think of market share as an output, not an input. But I think with all the great things that are going on, the momentum we’ve got, there’s no reason why all four brands cannot achieve a gain, year-over-year increases.”

Which policies reduce income inequality? By Laura D. Tyson US President Barack Obama recently declared that growing income inequality and the inequality of opportunity that it creates are the defining challenges now facing America. These problems have risen to the top of the political agenda in the United States, but they are not uniquely American problems. Income inequality began to widen in the US in the late 1970’s, and the trend spread to Europe by the late 1980’s, affecting even countries with long egalitarian traditions by the start of the new century. On the eve of the Great Recession of 2008-2009, income inequality had reached all-time highs in the US and most developed countries. The recession and the painfully slow recovery have caused conditions everywhere to worsen, especially for children and young people entering the labor market. The fact that widening income inequality is a common feature of developed economies suggests common causes which are still not well understood. It is widely believed that America’s income distribution is the most unequal among developed economies; but reality is more complicated. Income can be measured in two ways: market income before taxes and transfer payments, and disposable income after taxes and transfer payments. Surprisingly, inequality of market income before taxes and transfer payments in the US is similar to that in many other developed countries, including those with egalitarian reputations like Sweden and Norway. Britain and even Germany have higher inequality of income before taxes and transfers than the US. Among developed countries, the US does have the most unequal distribution of disposable income after taxes and transfer payments. That is not because the US has the least progressive tax system; indeed, its tax system is considerably more progressive than those of most European countries, Canada, and Australia, all of which rely on regressive valueadded taxes as an important source of revenue. But, among developed countries, the US has the least

generous and progressive transfer system. The US spends a much smaller share of GDP on family-assistance programs – including cash transfers, tax breaks, and direct government services – than its developed-country counterparts, where reliance on regressive consumption taxes to fund progressive transfer programs has kept income inequality significantly lower. Over the last 30 years, US economic policy aggravated rather than ameliorated income inequality. Both taxes and transfers became less progressive as market-income inequality widened. Indeed, according to a recent study, the decline in tax and transfer progressivity accounts for about 30% of the growth in post-tax-and-transfer income inequality in the US during this period. The US needs a more progressive and redistributive tax and transfer system to combat rising inequality in market incomes. But this is unlikely, at least in the near term. Republicans are implacably opposed to increases in social-welfare programs and higher taxes on the wealthy to finance them. And there is bipartisan opposition to a value-added tax, with Democrats fearing its regressive consequences and Republicans dreading its revenue-generating effectiveness. To combat market-income inequality, the US also needs faster economic growth to boost the pace of job creation and reduce unemployment. The economy has been growing at less than half the rate that it did in previous recoveries, and the labor market has improved at an agonizingly slow pace. Indeed, the unemployment rate, at 7%, remains elevated, despite a record-low labor-force participation rate. About four million workers have dropped out of the labor force since the Great Recession began. Roughly eight million are working parttime, because they cannot find a full-time position. Prolonged labor-market slack means falling real wages for most workers, with the negative effect growing as one moves down the wage distribution. The result is greater marketincome inequality. From 2007 to 2012, US real hourly wages fell for 70% of the wage distribution, with larger losses for those holding lower-wage jobs. By contrast, real wages increased, albeit at a much slower pace than before the recession, for those in the top 30% of the wage distribution. In his inequality speech, Obama reiterated several proposals to accelerate growth: increasing exports, reforming the corporate tax code, and investing more in infrastructure, R&D,

and education. These proposals are both growth-enhancing and equity-enhancing. Yet Congressional approval is unlikely, and overall fiscal policy remains strongly contractionary, reducing growth by about 1.5 percentage points this year. Obama also called for an increase in the minimum wage to combat income inequality. Here, prospects for Congressional approval look more promising, owing to strong voter support, with surveys showing that large majorities of Democratic, independent, and Republican voters support an increase. Adjusted for inflation, today’s federal minimum wage of $7.25 per hour is 23% lower than it was in 1968. If it had kept up with inflation and with average productivity growth, it would be $25 per hour. At the current minimum wage, a worker employed full-time for a full year earns only $15,080 – 19% below the poverty line for a family of three. According to the OECD, the US has the second-highest relative poverty rate (the share of the population that earns less than half of the national median income) among developed countries. Recent research suggests that an increase in the minimum wage would have a powerful positive effect, with a 10% increase cutting the poverty rate by 2%. Indeed, about 30 mln workers would benefit from an increase in the minimum wage to $10.10 per hour, as proposed by Congressional Democrats. Of these, 88% would be at least 20 years old (with an average age of 35); 55% would be working full-time; 56% would be female, and more than 28% would be parents. Putting more income into their hands would not only reduce poverty; it would stimulate consumer spending at a time when inadequate demand continues to impede recovery and job creation. President Obama has made significant progress combating income inequality. Under his leadership, the federal income tax system has become more progressive, and Obamacare is the most progressive social-insurance program since Medicare and Medicaid began in 1965. But there is far more to do. Raising the minimum wage is the right next step. Laura Tyson, a former chair of the US President’s Council of Economic Advisers, is a professor at the Haas School of Business at the University of California, Berkeley. © Project Syndicate, 2013. www.project-syndicate.org

January 15 - 21, 2014

financialmirror.com | WORLD MARKETS | 21

Trafigura spent $2 bln in buybacks

O wners hip mov es to new generation of billionaire traders

ANALYSIS Commodity trading giant Trafigura is going through a once-in-a-generation ownership reshuffle, spending billions of dollars to buy out its earliest shareholders and allocating stock to a new generation of would-be billionaire traders. Swiss-based has so far spent $2 bln on share buybacks over the past three years, and the unlisted company says it could spend another $1.5 bln until 2017 if profits allow. The scale of the exercise, in a company where shareholders’ equity only just tipped $5 bln at the end of September, indicates a major rebalancing of ownership and confirms executives have no wish to follow rival Glencore into a public listing of its stock, which would be an alternative route for founder shareholders to cash out. “We undertake share buybacks for two reasons. First, to pay departing employee shareholders and, second, to rebalance shareholdings of current employees to avoid undesirable concentrations of ownership and to align shareholder return with contribution,” a Trafigura spokesman said. All but one of the original founders from 1993 have retired from executive positions. It is not clear how much each of the retired men used to control, but no shareholder holds more than 5% in Trafigura’s 2013 accounts, except for Claude Dauphin, a founder who remains chairman and chief executive and owns “less than 20%”.

“Dauphin is very much in control and remains a very strong revenue generator and deal maker,” a senior executive at a rival trading house said. The rest of the shares are held by 700 senior managers, past or present, which would include any of the other living founders - Eric de Turckheim, Graham Sharp, Daniel Posen and Mark Crandall - still owning shares. GOLDMAN SACHS MODEL Buybacks went up from $357 mln in 2011, or roughly 10% of shareholders’ equity at the time, to $787 mln in 2012, or over 20% of equity. Last year, the buybacks amounted to as much as $855 mln, or 17% of equity of about $5 bln. Together with planned buybacks of $1.515

bln until 2017, Trafigura will have changed more than two thirds of its ownership over six or seven years, assuming shareholdings are redeemed at balance sheet value. The company, whose board is filled with relatively young managers, doesn’t disclose how shares are redistributed after buybacks or on what valuation basis newcomers buy in. The younger generation in charge now includes chief operational officer Mike Wainwright, head of mining and market risk Jeremy Weir, head of non-ferrous commodities Simon Collins, head of oil trading Jose Larocca, head of derivative trading Duncan Letchford and chief financial officer Pierre Lorinet. A record $10 bln IPO by rival Glencore in 2011 produced a string of billionaires and created an expectation in the market that more

Foreign-aid follies The huge gap between the world’s richest and poorest countries remains one of the great moral dilemmas for the West. It also presents one of the greatest challenges for development economics. Do we really know how to help countries overcome poverty? In his eloquently written and deeply researched new book The Great Escape: Health, Wealth, and the Origins of Inequality, Princeton University’s Angus Deaton urges caution. For those interested in world poverty, it is unquestionably the most important book on development assistance to appear in a long time. Deaton suggests that far too often, Western aid serves to assuage donors’ guilt rather than improve recipients’ plight. This is particularly the case when naïve assistance serves to reinforce a dysfunctional status quo. Although Deaton supports select initiatives, particularly for delivering medical and technological knowledge, he questions whether the vast majority of aid passes the basic Hippocratic litmus test of “first do no harm.” For starters, assessing and implementing aid policy requires developing tools to gauge accurately where need is greatest. Economists have developed some useful indicators, but they are vastly less precise than politicians and the media seem to understand. Most experts agree, and Deaton concurs, that at least a billion people on the planet live in desperate circumstances resembling conditions that prevailed hundreds of years ago. Our failure to alleviate their plight is morally reprehensible. But where, exactly, are the greatest concentrations of poor people? Data are hard to come by and even harder to interpret. Attempts to convert national incomes into a common denominator are fraught with complications. To take one prominent example, there is a 25% margin of error on purchasing-power-parity comparisons between GDP in the United States and China. In other words, we cannot say whether Chinese output today equals 55% of US GDP or 92%. So much for precise forecasts of the date when China will overtake the US as the world’s largest economy; we

trading houses would follow suit. Glencore’s subsequent merger with Xstrata created a mining and trading giant with a capitalisation of $68 bln, nearly 14 times Trafigura’s book value, which could be multiplied several times for an IPO valuation. However, no major trading house has conducted an IPO since Glencore, preferring a private status that allows them to disclose as little as possible and avoid giving competitors an insight into their trading strategy. There is also an argument from fairness for maintaining a private company, in that an IPO can give an unearned bonus to those who have bought into a company below market value. “It is very much like the old Goldman Sachs model,” an industry source said of the buyback philosophy. Wall Street bank Goldman was a private partnership throughout most of last century until it went public in 1999. Goldman’s partners had opposed an IPO several times, with some senior leaders arguing that partners who were let in at book value should leave at book value, too, rather than be allowed to cash out at an IPO price that reflected the work of previous generations. Whatever its specific reasons, Trafigura’s hefty buybacks reinforce its inclination to remain a private company owned by its employees. “We believe this is the best ownership model for our core trading business,” Dauphin said in the company’s financial statements last month.

By Kenneth Rogoff won’t even know for sure when it happens! This problem is hardly unique to comparisons of China and the US; it applies with perhaps even greater force when comparing incomes of the poor in Mumbai with those of the poor in Freetown. Another major problem is measuring progress in a given country over time. How can one compare cost-of-living indices in different periods when new goods are constantly upending traditional consumption models? Consider the impact of cell phones in Africa, for example, or the Internet in India. Deaton goes on to offer a revealing critique of some of the most hyped and fashionable approaches to improving aid. For example, the “hydraulic model” of aid – the idea that if we simply pumped in more aid, better results would gush out – ignores the fact that funds are often fungible. Even if aid is narrowly targeted at say, food or health, a government can simply economize on expenditures that it might have made anyway and redirect them elsewhere – for example, to the military. Direct delivery of medical help is one of the best options, but it still can be a huge drain on already-scarce local resources – hospitals, doctors, and nurses. An influx of Western NGOs often bids talent away from nascent businesses that could help the country long after the NGOs reset their priorities and move on. Indeed, there is a striking parallel between the problems caused by aid inflows and the “natural resource curse” (or “Dutch disease” as it is termed in Western countries), whereby inflows into one economic sector – typically oil or minerals – drive up economy-wide prices (including the exchange rate), rendering other sectors uncompetitive. Moreover, a great deal of this aid is delivered in kind and for strategic reasons, often supporting ineffective and kleptocratic governments. Deaton observes that, in general, Western countries developed without receiving any aid. (Perhaps America’s post-World War II Marshall Plan in Europe is an exception, but that aid was intended more for reconstruction than for development.) China and India, too, have succeeded in

lifting hundreds of millions of people out of poverty with relatively little Western aid (particularly China). Deaton argues that aid providers must be extremely careful not to interfere with political and social forces that, over time, can generate organic – and therefore more lasting – internal change. Another intellectually fashionable approach is to conduct small randomized trials to examine, say, the effectiveness of school-attendance incentives or immunization campaigns. Deaton rightly argues that this approach, now enshrined in World Bank procedures, is of very little use for understanding how to help a country develop more broadly. The results are often specific to a particular country’s circumstances, and there is no reason to presume that they would scale up when fully confronted with a developing country’s governance problems. The fact that people in several African countries appear to be worse off now than in 1960 is far more related to despotism and internal conflict than it is to the effectiveness of aiddelivery programs. Despite these caveats, Deaton’s message is fundamentally positive. For most of mankind, now is a better time than ever before to be alive. The path to development remains for others to follow. Highly targeted Western aid and advice can help, but donors must take more care not to stand in the way of the beneficiaries of their assistance. Kenneth Rogoff, a former chief economist of the IMF, is Professor of Economics and Public Policy at Harvard University. © Project Syndicate, 2014. www.project-syndicate.org

January 15 - 21, 2014

22 | WORLD MARKETS | financialmirror.com

Regulator forces U.K. cement sell-offs Britain’s competition regulator is to force two of the country’s biggest cement producers to sell off production plants following a two-year investigation which found a lack of competition that had pushed up prices. The Competition Commission said it would require HeidelbergCement’s Hanson to sell off one of three plants to increase competition in ground granulated blast furnace slag (GGBS), a substitute for, and ingredient for cement. In October, the watchdog had told rival Lafarge Tarmac to sell one of its cement plants in Britain in a bid to introduce a fifth player to that market. The watchdog criticised current cement market conditions in the country, where Lafarge Tarmac, Cemex and Hanson rank as the three largest producers. The cement industry globally suffered from the economic downturn that followed the 2008 financial crisis which led to a slowdown in construction. “Despite falling demand and increasing costs

during the last few years, profitability among GB (British) producers has been sustained and their respective markets shares have changed little,” Professor Martin Cave, Deputy Chairman of the Competition Commission, said. “This is not what you would expect to see in a wellfunctioning market, under these circumstances.” The regulator said it believed a lack of competition in the industry has cost customers 30 mln pounds a year, prompting it to rule that greater choice was the only way to bring down prices. The watchdog aims to increase competition in both cement production and the supply chain for GGBS. The Commission will have to approve the buyer for the GGBS plant that Hanson decides to sell and it cannot be a British cement producer. Hanson said it was pleased the watchdog had not gone ahead with plans to force the company to sell off several sites

but was disappointed about the way the process was carried out and was mulling further action. “The Commission did not consult us properly on its findings in relation to GGBS and we found many errors in its analysis,” Ed Gretton, UK head of legal at Hanson, said. “We will now consider our position before making a decision with regard to the appeal we filed before Christmas.” In October, the regulator said Lafarge Tarmac would have to choose between divesting either its Cauldon or its Tunstead cement plants in central England. The buyer would have to be approved by the Commission and cannot be one of the country’s existing cement producers. Lafarge Tarmac Chief Executive Cyrille Ragoucy said he was disappointed with the regulator’s decision in its final report. “This is not reasonable or proportionate and we have not been given a fair opportunity to defend our position.”

Shell to sell North Seas gasfields, assets worth $15 bln Royal Dutch Shell plans to sell $15 bln worth of assets over the next two years including some North Sea fields, expanding on its existing guidance that divestments would accelerate this year. Shell, whose new chief executive Ben van Beurden took over two weeks ago, will sell some of its North Sea oil fields as well as parts of its refining portfolio and some early-stage projects, according to the Financial Times. The oil company, the world’s number-three among investor-controlled energy firms, declined to comment on the report. Shell and its peers in the industry are facing increasing investor pressure to hold down spending as costs rise and prospects for oil prices wane. The Anglo-Dutch company said in October that it would step up divestments “significantly” in 2014 and 2015 to keep cash flowing in, after forecasting that 2013 capital expenditure would peak at about $45 bln. Analysts and

bankers say that some of the company’s Nigerian oil blocks plus Shell’s 23.1% stake in Australian group Woodside Petroleum - worth over $6 bln at current prices - could be put on the block. “It wouldn’t surprise me if Shell were to sell some North Sea assets,” Santander analyst Jason Kenney said. “In the North Sea, something like 80% of its production comes from 20% of its asset base so there’s a long tail of smaller positions.” Since Van Beurden began working alongside outgoing boss Peter Voser at the beginning of the fourth quarter, the company has cancelled plans to build a gas-to-liquids (GTL) plant in the United States, raising investor hopes of a tighter spending regime. Kenney said he expected Shell under Van Beurden to focus on capital discipline, better returns and selling peripheral assets.

Free trade forever On December 7, representatives from the World Trade Organization’s 159 member countries reached agreement on the first multilateral trade deal in the WTO’s 19-year history. Although the Trade Facilitation Agreement – dubbed the “Bali package,” after the Indonesian island where the meeting took place – did not address the most pressing North-South trade issues, it remains an important economic and political milestone. The Bali package commits WTO members to moving toward lowering non-tariff trade barriers – for example, by establishing more transparent customs regulations and reducing trade-related paperwork. These changes might seem like bureaucratic minutiae, but the agreement’s impact – adding $1 trln to global output and creating 21 mln jobs worldwide – will be substantial. The agreement has been criticized for failing to meet the goals set out in the WTO’s 2001 Doha Development Agenda. But these objectives – including improvement of market access in agriculture, manufacturing, and services; clarification of international trade rules; and progress on addressing relevant environmental issues – were overly ambitious. Even the modest Bali package was touch and go, requiring an extra day of negotiations to reach agreement on contentious issues like Indian farm subsidies and the US embargo of Cuba. Nonetheless, it is clear that trade liberalization is gaining momentum. Consider the impressive scale and scope of other multilateral trade agreements – such as the Trans-Pacific Partnership, the Transatlantic Trade and Investment Partnership, and the Trade-in-Services Agreement – that are currently being negotiated. Current progress toward trade liberalization underscores how trade policy – especially that of the United States – has improved over the last hundred years. The early nineteenth century was characterized by high tariff rates in both the US and Europe. But, during the last few decades of the century, European tariff rates fell substantially, largely in response to the United Kingdom’s unilateral repeal of the Corn Laws, which had imposed

substantial tariffs on imported grain. The US, however, continued to charge much higher tariffs. Unlike in Europe, partisan politics shaped US trade policy before World War II, with the Republicans raising tariffs and the Democrats reducing them. One of the most notable hikes occurred in 1922, when the Republicancontrolled government passed the Fordney-McCumber Tariff, which raised the average import tariff rate by 64%. This triggered vehement protests – and strong retaliation – from America’s trading partners. From 1925 to 1929, 33 tariff revisions were made in 26 European countries, and 17 were made in Latin America. International conferences in Brussels in 1920, Portorose in 1921, and Genoa in 1922 – as well as the League of Nations’ World Economic Conference in Geneva in 1927 – endorsed a tariff truce, but to no avail. In 1930, US President Herbert Hoover and a Republican Congress, enacted the Smoot-Hawley Tariff Act, sending the tariff war into high gear. Though the Smoot-Hawley tariff increases were modest compared to those under Fordney-McCumber, their timing turned the act into a virtual synonym for bad trade policy. According to the League of Nations, Smoot-Hawley triggered “an outburst of tariff-making activities in other countries, at least partly by way of reprisals,” with substantial duty hikes made almost immediately by Canada, Cuba, France, Italy, Mexico, and Spain. Thus, though Smoot-Hawley was not a direct cause of the Great Depression, as many have claimed, it did contribute to a breakdown of international trade precisely when the world could least afford it. The two-thirds decline in aggregate imports from 1929 to 1933 was only partly a result of falling incomes, and hence import demand; retaliatory trade and exchange-rate policies also played a major role in bringing about the global trade collapse. Even when world trade finally began to revive after the depression ended, it remained fragmented, developing primarily within trading blocs and regions. It was only after

By Richard S. Grossman World War II – when the General Agreement on Tariffs and Trade (succeeded in 1995 by the WTO) began the process of multilateral trade liberalization – that Smoot-Hawley’s destructive legacy was finally overcome. Of course, protectionist pressures have occasionally arisen since then. For example, during the 1992 US presidential campaign, Ross Perot argued that ratifying the North American Free Trade Agreement would lead to a “giant sucking sound,” as US jobs migrated to Mexico and American workers’ wages fell. And many countries have introduced minor – and not so minor – impediments to trade since WWII. Nonetheless, the overall trend has been toward increased openness. In fact, the post-war era has been the longest sustained period of trade liberalization in history – a particularly impressive feat, given that the world has just suffered the worst economic downturn since the Great Depression. Indeed, policymakers nowadays seem genuinely disinclined to resort to tariff increases. There is no denying that Bali was not a complete success, and much of the WTO’s Doha agenda remains unfulfilled. But the fact that countries have continued to pursue trade liberalization, however gradually, at a time of weak economic growth, suggests that free trade is here to stay. Richard S. Grossman is a professor of economics at Wesleyan University and a visiting scholar at Harvard University’s Institute for Quantitative Social Science. His most recent book is WRONG: Nine Economic Policy Disasters and What We Can Learn from Them. © Project Syndicate, 2014. www.project-syndicate.org

January 15 - 21, 2014

financialmirror.com | GREECE | 23

2013 ends with budget surplus, as Greece inches toward key target The conservative-socialist coalition posted a primary budget surplus at the central government level in 2013 before debt servicing costs, moving closer to hitting a key surplus target that will open the way for debt relief from its international creditors. The troika of lenders track the general government surplus - which includes local government budgets and pension funds - rather than the central government surplus of 691 mln euros reported this week, but the data still indicates that Greece is on track to meet the broader target. “The budget execution confirms and reinforces our estimates for the year that ended,” Deputy Finance Minister Christos Staikouras told reporters. “After many years and enormous sacrifices by the Greek people, the country will achieve a primary surplus this year.” After nearly going bankrupt and almost crashing out of the euro zone in 2012, Greece has been buoyed by more positive economic news in recent months including a bumper season for tourism and progress in bringing its finances back on track. Inspectors from the EU and IMF are due to return to Athens this month to check on progress on meeting bailout

targets. But the two sides are at odds over the size of budget savings required to meet this year’s fiscal targets. Finance Minister Yannis Stournaras has acknowledged it will be difficult to conclude the review by the time euro zone finance ministers meet on January 27. “The latest review may have been delayed, but is delayed because it is difficult and because we will not consent to policies which could be carried out in a milder manner,” Stournaras told state TV on Monday. But he said a delay was not necessarily bad because it would allow Greece to include data from December in discussions with lenders. The government expects to reach a 2013 primary surplus of 812 mln euros, or 0.4% of GDP at the general government level. It aims to increase it to 1.6% of GDP this year. The central government budget figures are also on a cash basis, whereas those against which Greece’s performance is judged will be based on an accrual basis, which classifies revenues and expenses under a different methodology. The government projects a return to growth next year, with the economy expanding by 0.6% after a six-year recession that has shrunk national output by a quarter and left more than one in four people out of work.

Deflation eases, near record in December Consumer prices continued to fall for the tenth consecutive month in December but the deflation rate eased from a record set the previous month. Record unemployment, wage cuts and spare capacity in the economy continued to pull prices down, making the economy more competitive but threatening to hurt efforts to rein in debt. Consumer prices fell 1.7% on an annual basis in December after falling 2.9% in November, when it hit its highest level of deflation since monthly records began in 1960. “The slowdown in pace in December was due to special discounts offered in the previous month. The new reading is more in line with the overall trend which is expected to

continue for the next couple of quarters,” said Nikos Magginas, economist at the National Bank of Greece. Price falls are seen by the troika of international lenders as a way to make companies more competitive abroad and protect consumers whose incomes have been squeezed sharply. But a faster-than-expected fall in prices could hurt economic growth, increase Greece’s debt-to-GDP ratio and upset the macroeconomic projections underpinning its 240bln-euro bailout, the OECD has warned. Economists and the central bank expect high unemployment and weak demand to keep consumer prices falling over the medium term.

PPC/DEH promises to freeze prices Arthouros Zervos, CEO of the PPC/DEH power utility has said that there was no plan to raise tariffs in 2014, but expressed doubts whether the Troika of international lenders would agree to the continued subsidisation of residential tariffs for low consumption (up to 800 kWh per four months) and agricultural tariffs. The Deputy Energy Minister said that Greece had received an extension from the EU of crosssubisidisation policy by 2016, according to Kathimerini. “In our current estimates, we already assume that PPC’s management will opt to adjust tariffs gradually in order to avoid a negative effect on cash flow generation from overdue receivables amid an adverse environment,” explained Vassilis Roumantzis, analyst at the Investment Bank of Greece. “Nevertheless, we still expect the company to proceed to a modest average tariff increase of 1.6% in 2014 (3% for residential tariffs and 5% for agricultural tariffs). Also in our estimates we already include a 12% discount on natural gas prices effective from the beginning of the year, derived from current negotiations between the national gas company DEPA and Gazprom, implying that the downside on generation costs is rather limited. “If the this report is confirmed by PPC, we would probably have to revise downwards our 2014 estimates significantly,” Roumantzis added.

Banks recap according to plan News reports suggest that Eurobank’s capital increase will probably be delayed by at least a month, taking place in March or even April, given the delay in the publication of BlackRock’s second review on Greek banks and due to the delay in the new legislation for bank recaps. Kathimerini reported that troika executives in charge of the financial sector were expected back in Athens to discuss the issue of banks. The reasons for these delays are technical details associated with BlackRock’s second stress test and on the new recap framework. Kathimerini added that another reason for the delay was the political reason that the new framework will allow future capital increases to take place at prices lower than the HFSF bank recap fund’s own acquisition price. According to euro2day, Firfax, which was reportedly one of the strategic investors interested in Eurobank’s capital increase, is willing to inject EUR 1.5 bln and has been

informed about the delays. The new legal framework for bank recaps will probably be submitted to parliament next week with the vote taking place by January 20. Imerisia reported that the new legal framework will allow the HFSF to buy-back existing warrants. It will not be obliged to participate in future bank recaps (in contrast with the existing framework) with the new bill targeting the earlier privatisation of banks via the participation of private sector investors. Specifically, the public offers will not be mandatory while prices offered will be based on the weighted average price of warrants over the last six months. “The HFSF could pay in cash and/or with bank shares and/or offering a mixed payment (cash and shares). All in all, the aim of the public offers will be the acceleration of the reprivatisation of systemic banks,” explained Konstantinos Manolopoulos, analyst at the Investment Bank of Greece.

U ne m pl oyme n t s li gh tl y up i n Oc to be r

The unemployment rate (on a seasonally adjusted basis) settled at 27.8% in October 2013 compared to 26.1% in October 2012 and 27.7% in September 2013, according to ELSTAT. The number of employed decreased by 94,531 persons (2.6% y-o-y), while unemployed increased by 85,314 persons (+6.6% y-o-y). On the whole, the number of employed amounted to 3,597,779 persons, while the number of unemployed amounted to 1,387,520 persons. The areas concentrating the highest unemployment in October were Epirus-Western Macedonia with 29.7%, Macedonia-Thrace with 28.7% and Attica with 28.3%. Women’s unemployment rose to 32.1% (vs. 29.9% a year ago), while the respective figure for men was 24.7% (vs. 23.2% last year). Finally, the unemployment rate for people

between 15-24 years increased to 57.9% from 56.0% last year, while the unemployment rate for people between 25-34 years of age rose to 37.8% in October 2013 from 33.9% a year ago.

Foreign investors loyal to ASE Foreign investors on the Athens Stock Exchange (ASE) recorded inflows of EUR 176.9 mln, with foreign institutional investors recording inflows of EUR 145.2 in December, according to the Hellenic Exchanges Monthly Statistics Bulletin. On the other hand, Greek investors were net sellers of EUR 167 mln, but overall, in the whole of 2013, foreign investors were net buyers at EUR 2.33 bln, while domestic investors net sellers at EUR 2.18 bln. Average daily transactions shaped at EUR 113.8 mln in December, down from 145.6 mln in November, but significantly higher than EUR 53.7 mln in December 2012. Foreign investors accounted for 52.2% of total turnover, down from 68% in November and up from 31.9% in December a year ago. Moreover, participation of foreign investors in total market capitalisation at the end of December increased to 49.63% from 48.52% in November.

January 15 - 21, 2014

24 | BACK PAGE | financialmirror.com

For U.S. stocks, earnings take centre stage WALL ST WEEK AHEAD After the S&P 500’s impressive 30% return in 2013, Wall Street will get a better picture of reality this week as the pace picks up for companies reporting earnings. A number of big banks are due to report quarterly and fullyear results, including JPMorgan Chase and Wells Fargo on Tuesday, Bank of America on Wednesday, Goldman Sachs and Citigroup on Thursday, and Morgan Stanley on Friday. Their results will help determine whether earnings forecasts for 2014 need to come down and whether stock values have become overblown. “There isn’t much left to happen to this market, in terms of the view of an expanding economy. It is generally agreed by everyone that the economy is improving. What isn’t clear is whether earnings are improving at the same pace the market is. That’s the next big test for equities,” said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey. The Standard & Poor’s 500 Index rose 0.6% during January’s first full trading week and the Nasdaq Composite Index climbed 1%. The Dow Jones industrial average ended last week down 0.2%. Investors may get a better sense of how quickly the central bank will reduce its market-friendly bond purchases from a number of Federal Reserve officials due to speak this week. A much weaker-than-expected December payrolls report on Friday raised new questions about both the strength of the economy and the aggressiveness of Fed stimulus. Federal Reserve Bank of Atlanta President Dennis Lockhart is scheduled to speak at events on Monday and Wednesday, while Fed Chairman Ben Bernanke is set to speak on

Thursday. The Fed’s Beige Book is due on Wednesday. A batch of December data will come out this week, with retail sales on Tuesday, the U.S. Producer Price Index on Wednesday, the U.S. Consumer Price Index on Thursday and housing starts on Friday. Another number to note on Friday will be the preliminary January reading on U.S. consumer sentiment from the Thomson Reuters/University of Michigan Surveys of Consumers. HEALTHY EARNINGS OUTLOOK For the S&P 500 companies as a whole, fourth-quarter profit growth is expected to have increased 7.7% from a year ago, while revenue is expected to have risen just 0.4%. The benchmark S&P 500 rose 9.9% in the fourth quarter of last year, while it jumped 29.6% for 2013, its best year since 1997. Among other earnings to watch this week, General Electric is expected to report a spike in fourth-quarter profit on Friday with the help of the record $229 bln backlog of orders for jet engines, oil pumps and healthcare equipment. American Express Co’s fourth-quarter results on Thursday are expected to beat estimates, helped by increased card spending and lower default rates among customers. KEEPING RETAIL OPTIONS OPEN Retail stocks attracted increased options activity last week as major retailers came out with their disappointing holiday

sales figures. Investors will get more insight into consumers’ thinking this week as about 150 consumer-related companies are participating in the ICR XChange conference from Monday to Wednesday. The annual gathering comes after many large U.S. retailers slashed their earnings forecasts recently because of steep discounts they offered during the holidays to persuade reluctant consumers to buy. “I wouldn’t judge the health of the economy off of brickand-mortar retailers,” said Paul Zemsky, head of asset allocation at ING Investment Management in New York. “The economy was strengthening into the end of the fourth quarter,” and there was sufficient growth to keep earnings growing and people buying the market. Options volume on Five Below jumped more than six times the norm on Friday. Five Below’s stock fell 7.2% to close at $40.46 on Friday, a day after the teen-oriented retailer announced softer-than-expected holiday sales. The company sells jewelry, room decor and other items priced at $1 to $5 each. Five Below is expected to make a presentation on Monday at the ICR XChange conference. Out of the total 6,975 options contracts traded on Friday in Five Below, 2,565 were calls and 4,410 were puts with the most activity seen in January $45 calls. Goldman Sachs had recommended buying January $45 calls for a relief rally in the stock following the ICR update. Domino’s Pizza options volume also rose with a total of 861 contracts traded, compared with average daily volume of 520 contracts. The stock’s price has moved about 8.5% up or down during the past nine conferences, going in the positive direction during seven of the nine events, according to Goldman Sachs. The company’s presentation at the ICR XChange conference is set for Wednesday.

ThyssenKrupp tests shareholder patience on overhaul ANALYSIS Three years after taking the helm at ThyssenKrupp, Heinrich Hiesinger is running out of time to implement his ambitious plan to retool the 200-year-old German steelmaker as a high-tech engineering conglomerate. Setbacks in selling weak assets - as well as costly price-fixing scandals he inherited have made Hiesinger’s promises of sweeping transformation look optimistic. At an AGM on Friday, the former Siemens man will face tough questions from shareholders who, for a second year, have received no dividend. “Some thought that he was the guy who can restructure ThyssenKrupp and move it forward. But he hasn’t really achieved that yet,” said Joerg Schneider, a fund manager at Union Investment in Frankfurt. “He set the expectations too high.” Adding to pressure on Hiesinger are small but significant shifts in the group’s ownership since the last AGM. The family trust, which long shielded managers from predators, has seen its holding diluted below a blocking 25%. Meanwhile, activist Swedish fund Cevian has built up an 11% stake. Needing cash to expand higher-margin lines, such as elevators and highperformance car parts, Hiesinger has already sold assets accounting for a quarter of group sales. Yet delays and other problems have sparked speculation that he might yet pull out of steelmaking altogether, ending two centuries of Krupp tradition. Despite a 40% fall in the share price since the CEO took over, many investors say they are keeping faith in him, for now. “I do believe that Hiesinger can still turn things around,” said Schneider at Union

Investment. “But he needs to show shareholders and employees a clear path so they can finally see a light at the end of the tunnel.” OWNERSHIP CHANGES Public professions of confidence in Hiesinger’s strategy have also come from Cevian, whose founding partner Christer Gardell was dubbed “The Butcher” in Sweden for pushing aggressively for restructurings of underperforming firms. The investment group has quadrupled its stake in ThyssenKrupp since the middle of last year , giving it a significant voice at the AGM. There has also been change at the Krupp Foundation. The last family owner, jailed but later pardoned for his role in the Nazi war effort, left his fortune to the trust to fund philanthropy. His confidant Berthold Beitz oversaw the charity’s influence on the group for decades, before and after the 1999 merger with Thyssen. Last month, by not participating in a capital increase, the Foundation let its stake slip below the 25% that gave it a blocking minority at the company’s AGMs. The stake now stands at 23%, still a level that gives it great sway over decisions which require the support of 75% of votes cast. Once synonymous with the rise of Germany’s industrial and military might, producing munitions, tanks and big guns from its Ruhr valley base, today’s ThyssenKrupp is a diversified global conglomerate making products ranging from bulk steel to elevators, automotive parts, fertiliser plants and warships. ThyssenKrupp has now posted three straight years of losses and racked up debts.

Heinrich Hiesinger visits the iron and steel mill Siderurgica do Atlantico in Brazil Its most profitable units are elevators, buoyed by a construction boom in China, and industrial solutions, where the U.S. shale gas boom has driven demand for petrochemical plants. Hiesinger has sold off units with at least 10 bln euros of annual sales - a quarter of group turnover. BRAZIL HEADACHE But two of the biggest items on his to-do list have become major headaches - the sales of stainless steel business Inoxum and the loss-making company Steel Americas, comprising a steel mill in Brazil and a processing plant in Alabama. Almost a year after completing the sale of Inoxum to Outokumpu of Finland, ThyssenKrupp announced in November it would have to take back parts of that business - the Terni steel plant in Italy and the VDM alloy unit. And after repeatedly extending the

deadline for a deal on Steel Americas, Hiesinger was in the end able to sell just the Alabama unit, leaving the Brazilian mill a drag on finances. ThyssenKrupp is also trying to find buyers for other units such as Berco, a supplier of undercarriages for construction and mining equipment, and awaiting the outcome of a cartel investigation into firms selling steel to carmakers. The ill-fated investment in Brazil as well as a downturn in the global steel market has weighed heavily on ThyssenKrupp’s finances, causing its debt pile to swell. At end-September, it stood at about 5 bln euros, twice its equity, and it had to ask banks to waive some loan covenants. To ease the strain, ThyssenKrupp raised 882 mln euros by issuing new shares and will receive another 1.1 bln from the Alabama deal once regulators have signed off. In a positive development, the company posted positive free cash flow for the first time in six years in 2013.

FinancialMirror Jobs financialmirror.com | JOBS | 25

Issue No. 1065, January 15 - 21, 2014 (PDF EDITION ONLY)

Shacolas hires 23 trainees out of 2,800 The Shacolas Group, the island’s biggest retail and leisure collective of public and privately-held companies, has hired 23 management trainees out of 2,840 applicants, as part of the government’s incentives to employ young and out-of-work university graduates. The Group, which includes retailers and distributor CTC, Debenhams Stores, malls, the Limni Resort near Polis and a major stake in Hermes Airports, said that the trainees will undergo a 9-month training programme in order to acquaint

REACH, Renewed Efforts against Child Hunger and Undernutrition is a UN interagency partnership (FAO, UNICEF, WHO, WFP and IFAD) committed to building institutional capacity and facilitating a multisectoral process to help national governments plan, prioritize and manage more effectively nutrition actions among multiple stakeholders. REACH has a dual role of, a) facilitating and supporting the effectiveness of government and multi-sector/multistakeholder platform for nutrition and b) facilitating synergized effort of the UN system in nutrition, convened by the Resident Coordinators/Humanitarian Coordinators. The World Food Programme (WFP) is currently looking for qualified candidates for the following positions: 1. REACH Senior Programme Officer P5 - Closing date: 31 January 2014 http://i-recruitment.wfp.org/vacancies/130014753 2. REACH Programme Officer P4 - Closing date: 31 January 2014 http://i-recruitment.wfp.org/vacancies/130014754 3. REACH Country Facilitator Roster Closing date: 31 January 2014 http://i-recruitment.wfp.org/vacancies/130014755 Please see below attachments for more information on these positions. Female candidates are encouraged to apply. More information on other vacancies can be found on our career portal http://careers.un.org

themselves with the Group’s operations. After that, they will take on management positions throughout the Group. After an initial screening of the 2,840 applicants, to see which ones complied with the requirements, the University of Cyprus undertook to review the written exams of the shortlisted candidates, followed by personal interviews. The Ministry of Labour has launched several programmes aimed at hiring unemployed graduates or other out-of-work professionals keen to undergo

retraining to adapt to new sectors of employ. Some of the schemes include a fixed grant for six months, with the condition that the potential employer will keep them on after that, or subsidies for training and transport. The Cyprus unemployment rate remained at a record 17.3% of registered unemployed in November, unchanged from October and up from 17% in September. The year-earlier figure was 13.3% in November 2012.

Issue No. 1065, January 15 - 21, 2014 (PDF EDITION ONLY)

financialmirror.com | JOBS | 26

financialmirror.com | JOBS | 27

Issue No. 1065, January 15 - 21, 2014 (PDF EDITION ONLY)

JOB OPENINGS NOTIFICATION OF NEW JOB OPENINGS AT THE UNITED NATIONS SECRETARIAT: SENIOR NATURAL RESOURCES EXPERT (Energy and Climate), P5, 28156 Deadline: 12/02/2014, Economic Commission for Africa, ADDIS ABABA, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=28156&PostingSeq=1 SENIOR NATURAL RESOURCES EXPERT (Water), P5, 28184 Deadline: 12/02/2014, Economic Commission for Africa, ADDIS ABABA, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=28184&PostingSeq=1 ADMINISTRATIVE OFFICER, P3, 28766 Deadline: 28/01/2014, United Nations Assistance Mission for Iraq, BAGHDAD, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=28766&PostingSeq=1 PUBLIC INFORMATION OFFICER (CHIEF OF WEBCAST UNIT), P4, 29365, Deadline: 14/03/2014, Department of Public Information, NEW YORK, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=29365&PostingSeq=1

TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32186&PostingSeq=1 SENIOR MISSION PLANNING OFFICER, P5, 32207 Deadline: 29/01/2014, United Nations Mission in Liberia, MONROVIA, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32207&PostingSeq=1 SOCIAL AFFAIRS OFFICER, P4, 32252 Deadline: 15/03/2014, Economic Commission for Africa, ADDIS ABABA, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32252&PostingSeq=1 PROGRAMME OFFICER (HIV/AIDS Prevention and Care), P3, 32496 Deadline: 12/02/2014, United Nations Office on Drugs and Crime, VIENNA, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32496&PostingSeq=1 TRIAL ATTORNEY, P4, 32523 Deadline: 13/02/2014, International Criminal Tribunal for the former Yugoslavia, THE HAGUE, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32523&PostingSeq=1 HUMAN RIGHTS ADVISER, P5, 32579 Deadline: 28/01/2014, Office of the High Commissioner for Human Rights, DHAKA, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32579&PostingSeq=1

CHIEF OF SECTION, United Nations Publications Sales, P5, 29669 Deadline: 15/03/2014, Department of Public Information, NEW YORK, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=29669&PostingSeq=1

HUMAN RIGHTS ADVISER, P5, 32581 Deadline: 28/01/2014, Office of the High Commissioner for Human Rights, SANTO DOMINGO, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32581&PostingSeq=1

HUMAN RESOURCES OFFICER/ Chief of Unit, P4, 31806 Deadline: 14/03/2014, Department of Public Information, NEW YORK, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=31806&PostingSeq=1

HUMAN RIGHTS ADVISER, P5, 32584 Deadline: 28/01/2014, Office of the High Commissioner for Human Rights, KINGSTON, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32584&PostingSeq=1

POLITICAL AFFAIRS OFFICER, P3, 32083 Deadline: 29/01/2014, United Nations Mission in Liberia, BARCLAYVILLE, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32083&PostingSeq=1

HUMAN RIGHTS ADVISER, P5, 32586 Deadline: 28/01/2014, Office of the High Commissioner for Human Rights, DAR-ESSALAAM, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32586&PostingSeq=1

AIR OPERATIONS OFFICER, P3, 32146 Deadline: 28/01/2014, United Nations Mission in Liberia, MONROVIA, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32146&PostingSeq=1 ECONOMIC AFFAIRS OFFICER, P4, 32154 Deadline: 15/03/2014, United Nations Conference on Trade and Development, GENEVA, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32154&PostingSeq=1 INFORMATION SYSTEMS OFFICER (Web Developer), P3, 32163 Deadline: 14/03/2014, Department of Public Information, NEW YORK, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32163&PostingSeq=1 SENIOR PUBLIC INFORMATION OFFICER, P5, 32186 Deadline: 14/03/2014, Department of Public Information, NEW YORK, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE

HUMAN RIGHTS ADVISER, P5, 32587 Deadline: 28/01/2014, Office of the High Commissioner for Human Rights, N’DJAMENA, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32587&PostingSeq=1 HUMAN RIGHTS ADVISER, P5, 32588 Deadline: 28/01/2014, Office of the High Commissioner for Human Rights, ABUJA, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32588&PostingSeq=1 HUMAN RIGHTS ADVISER, P5, 32590 Deadline: 28/01/2014, Office of the High Commissioner for Human Rights, BANGKOK, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32590&PostingSeq=1 HUMAN RIGHTS ADVISER, P5, 32591 Deadline: 28/01/2014, Office of the High Commissioner for Human Rights, LILONGWE, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J

obOpeningId=32591&PostingSeq=1 HUMAN RIGHTS ADVISER, P5, 32592 Deadline: 25/01/2014, Office of the High Commissioner for Human Rights, FREETOWN, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32592&PostingSeq=1 HUMAN RIGHTS ADVISER, P4, 32593 Deadline: 28/01/2014, Office of the High Commissioner for Human Rights, LUSAKA, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32593&PostingSeq=1 HUMAN RIGHTS ADVISER, P4, 32596 Deadline: 28/01/2014, Office of the High Commissioner for Human Rights, PANAMA CITY, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32596&PostingSeq=1 LEGAL ADVISOR, P3, 32602 Deadline: 13/02/2014, International Residual Mechanism for Criminal Tribunals, THE HAGUE, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32602&PostingSeq=1 CIVIL AFFAIRS OFFICER, P4, 32625 Deadline: 26/01/2014, United Nations Integrated Peacebuilding Office in the Central African Republic, MULTIPLE D/S, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32625&PostingSeq=1 HUMANITARIAN AFFAIRS OFFICER, P3, 32626 Deadline: 14/03/2014, Office for the Coordination of Humanitarian Affairs, NEW YORK, https://inspira.un.org/psc/UNCAREERS/EMPLOY

EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32626&PostingSeq=1 CONTRACTS MANAGEMENT OFFICER, P4, 32633 Deadline: 28/01/2014, Field Missions, BAGHDAD, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32633&PostingSeq=1 INVESTIGATOR, P3, 32658 Deadline: 13/02/2014, International Criminal Tribunal for the former Yugoslavia, THE HAGUE, https://inspira.un.org/psc/UNCAREERS/EMPLOY EE/HRMS/c/UN_CUSTOMIZATIONS.UN_JOB_DE TAIL.GBL?Page=UN_JOB_DETAIL&Action=A&J obOpeningId=32658&PostingSeq=1

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