Financial Mirror 2014 04 16 ISSUU by Financial Mirror

FinancialMirror How the European Union lost its vision

Sentiment and sensibility in EM

By Dr. Jim Leontiades - PAGE 6

By Laura Tyson - BACK PAGE

Issue No. 1078

€1.00

∞pril 16 - 22, 2014

#iwillreturn #neo

SEE PAGE 4 µitcoin promoter breaks silence on fraud allegations - PAGE 3

Αpril 16 - 22, 2014

2 | OPINION | financialmirror.com

FinancialMirror What’s (not) cooking at Bank of Cyprus? Published every Wednesday by Financial Mirror Ltd. www.financialmirror.com

EDITORIAL

Tel. 22 678 666 Fax. 22 678 664 P.O. Box 16077, CY2085 Nicosia Publisher/Managing Editor Masis der Parthogh masis@financialmirror.com Greek Section Editor Angela Komodromou angelak@financialmirror.com Editorial submissions: info@financialmirror.com Advertising inquiries: marketing@financialmirror.com Subscriptions: http://www.financialmirror.com/signup/index.ht ml

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The power struggle at the Bank of Cyprus is not doing anyone any good and both the chairman and CEO ought to rethink their whims and get (back) down to work. Soon after John Hourican was head-hunted and subsequently appointed, the new chief executive took over from where his interim predecessor had left off – picking up the pieces of a largely fragmented bank that had been suffering from decades of managerial abuse. This abuse included doing favours to major corporates who have since reneged on their loan repayments and put the bank in the troubled spot it is today. Unfortunately, it is these majors and their politico friends who are putting pressure on chairman Christis Hassapis and other board members, as well as senior managers, to get Hourican to back down from aggressive recovery efforts, allegedly because they are the bank’s biggest customers and they deserve better treatment. But we live in a society where almost everything goes unpunished and those who have been unjustly accused will never have their day in court. The only form of by an outsider outsider, ie. the uninvolved, unrelated manager with no ties of any kind to anyone, hence no obligations. It is because of the refusal of the majors to pay their delayed debts that the bank is having trouble with recovery efforts, ultimately resulting in a fine line between fair liquidity and risky liquidity.

Whatever the ratio, the bank is strapped for cash and has no fresh money to lend to consumers and new borrowers in order to get the economy started again. Businesses, and in particular SMEs, are struggling and many have resorted to liquidation, making it worse for the bank that holds all this debt. Hourican and his team so far seem to have done well with the gradual sell-off of unwanted assets, first and foremost being the timely exit from the Ukraine bank, albeit at a lower price. Next, it will have to get rid of its stake in CMP Laiki Insurance, which, ironically, even the French 50:50 partner does not want. Perhaps it is time to revive talks with old investors who had shown an interest in Eurolife and General Insurance Co. to buy CMP Laiki. On the other hand, despite the forced-sale of the Greek banking operations, the life insurance division in Greece is a steady revenue earner, not worth selling, as the bank’s growth will undoubtedly come from overseas activities this year. This also suggests that the sale of Uniastrum in Russia should only come after very hard thought, as, if properly managed, that network too could prove a steady revenue earner for the bank. But these are taking too long and everyone is suffering, at least everyone outside the Bank of Cyprus (and government) who do not receive their pay cheques regularly at the end of the month. Perhaps it’s time for some rapid action to get the bank up and running again, otherwise it will remain in free-wheel for a long time, with no prospects of a quick recovery. If Hassapis and Hourican cannot find the courage to work together, then they should both go home.

THE FINANCIAL MIRROR THIS WEEK 10 YEARS AGO

‘No’ vote taking toll on economy

With just ten days before the referendum and two weeks before EU accession, the pessimism for a solution has been picking up, affecting business sentiment, stocks and the economy in general, according to the Financial Mirror, issue 563, April 14, 2004. Greeks dump BOC: Bank of Cyprus shares took a nosedive to EUR 2.52/CYP 1.48 as Greek investors, fearing a ‘No’ vote in the referendum on the Annan plan, decided to abandon the stock, going the opposite direction of the rally on the ASE on Sophocleous. The decoupling of the BOC stock from the rest of the Greek market confirms a recent

20 YEARS AGO

Laiki cards, GSM for Cyta

Technological innovation was gradual making its way in Cyprus, with Ericsson winning the Cyta deal to set a GSM network and Laiki issuing loyalty theme cards as a way to raise funds for good causes, according to The Cyprus Financial Mirror, issue 55, April 13, 1994. Ericsson-Cyta: LM Ericsson Telefon AB announced it had won an order to deliver a GSM mobile network to Cyta within 1994. Local agents SA Petrides said the network will have an initial capacity of 12,000 subscribers rising to 30,000 in four years. Ericsson was earlier contracted to

Financial Mirror analysis that Greek investors, who since January had pumped more than CYP 35 mln into the CSE through purchases of BOC shares, will now ne heading out, as it becomes clear that the Greek Cypriots will reject the plan. Kazamias quits: Communications Minister Kikis Kazamias quit over President Tassos Papadopoulos’ rejection of the UN reunification plan, with his cabinet post going to Commerce Minister Yiorgos Lillykas. In a televised address, Papadopoulos had called a week earlier to reject the UN blueprint, with Interior Minister Andreas Christou also expected to leave his cabinet post. Akel betrayal: Turkish Cypriot pro-solution leaders felt betrayed by Akel that asked for a delay in the referendum and more negotiations on the Annan plan. Describing the AKEL decision as “horrible’, pro-solution parliamentarian Ozdil Nami said that Akel had made “a historic mistake”. No meltdown: The 38% of Greek Cypriots in a recent

poll who said that they are worried about the consequences of a No vote follows statements by the Turkish Cypriots who have made it clear that they will not reopen negotiations if they vote Yes and the Greek Cypriots vote No. Yes makes economic sense: With the international donors meeting pledging $ 1 bln in case of a solution, the ‘Yes’ camp has argued that the economy will be the biggest benefactor of accepting the Annan plan, despite false forecasts from the Ministry of Finance. The benefits include foreign investors using EU-member Cyprus as a launch-pad to Turkey, accessing the energy hub of Europe, a boost from regional funds, donor money for infrastructure projects and domestic investments. Stock Market: The CSE was knocked further down as stock prices ended sharply lower before the Easter break and after President Papadopoulos urging the public to reject the Annan plan. Bank of Cyprus traded 2% lower at CYP 1.49, Popular Laiki at 1.23 and Hellenic Bank at 54c. Market cap: CYP 2.47 bln.

provide the NMT-900 network to Cyta. Popular cards: Popular Laiki has launched a series of three concept cards that are VISA-based credit or debit cards, but also contribute 0.5% of transactions to the holder’s charity of choice. There is a CYP 3 annual charge for each card – Carecard, Naturecard and Repatriatecard. TC searching for currency: A growing number of Turkish Cypriots are backing calls to dump the worthless Turkish lira which has continued its free-fall on the foreign exchange markets. Kiliaris under attack: The suggestions of Commerce and Industry Minister Stelios Kiliaris that projects such as marinas were best left to the private sector to develop due to lack of public funds, stirred up a storm of protests from the communist Akel party. Rologis plan for CA: Cyprus Airways chairman Vassilis Rologis presented his strategic plan for the restructuring

and rescue of the national carrier. Measures include shutting down the company and restarting it with new terms, as a rapid fleet expansion and excessive staff costs over the years had saddled the airline with CYP 200 mln in debt. Lower inflation: The rate of inflation is expected to drop to 4.8% compared to 4.9% in 1993, according to Ministry of Finance predictions. GDP is forecast to rise to CYP 3.55 bln from 3.27 bln and unemployment will edge up to 3% from 2.7%. Stock Market: Volumes for the week continued strong and rose to CYP 1 mln, 32% more than the previous week, with the main activity on Insurance stocks, with Paneuropean and Philiki up 11.5c and 26.5c to 171.5c and 1786c, respectively. Bank of Cyprus was unchanged at 196.5c, while Laiki Popular shares were down 2c at 234.5c and Hellenic Bank up at 273.5c. Market cap: CYP 586.4 mln.

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Αpril 16 - 22, 2013

financialmirror.com | CYPRUS | 3

#iwillreturn #neo Bitcoin promoter breaks silence on fraud allegations Danny Brewster, CEO of the defunct Cyprus-based bitcoin promoter Neo & Bee, has broken his silence, taking to the social networking site reddit to respond to allegations that he defrauded investors and skipped the country, racking up about 1 mln euros in debts. Posting on the forum as ‘cryptocyprus’, the British-born entrepreneur said the suggestion he has committed fraud is his “greatest concern” at the moment, according to a report on the bitcoin news site Coindesk. Earlier this month, news reports suggested that two customers paid Brewster 15,000 euros and 20,000 for bitcoins, which they claim they never received. Further allegations then started flying, claiming Brewster had left Cyprus and defrauded investors, leaving staff and developers unpaid, as well as other costs such as rent, office equipment and promotion, all adding up to about 1 mln euros. Brewster took to the Bitcoin Talk forum over the weekend to defend himself and admitted he was out of the country, but stressed that he was away on business. In other comments, he had said that he left the country after threats were made on his daughter’s life, while local police, that have an outstanding arrest warrant for Brewster, said he never filed a criminal complaint. In his reddit post, Brewster said that he sold bitcoins to a number of people prior to Neo & Bee opening to the public, with four of these people requesting that he hold their bitcoins until they provide him a wallet address to send them to. “Sorry to disappoint those that believe the tales that I simply took them…. The keys are still stored on paper. The total sales to these four people amounts to 75.29270138 BTC which were purchased for a combined total of EUR 35,213.57, so I have no idea where the values reported in the media have been derived from,” Brewster’s reddit post continued. It added: “I have not received one single request from the individuals who bought the bitcoins from me to send the coins to an address they provided. With one exception, a request was made but that was received from the individual that introduced one of the buyers to me, they requested for me to transfer the coins to his Bitstamp account.” “I didn’t send the coins to his address as he was not the person that I had the agreement with. One of these people went directly to the police following rumours that I had fled the country.” Brewster claims he has been trying to contact the Criminal Investigation Department of the police in Cyprus for days via both phone and email, but they have not

responded. Police sources told the Financial Mirror that they have not been contacted in the past few days. Brewster added that he did not return to Cyprus immediately following the issue of an arrest warrant, because: “1. I have a family funeral to attend. “2. The whole situation can be resolved without me doing so. “3. The manner in which the investigations are being carried out are concerning, the police haven’t made an attempt to contact me despite numerous personal requests for them to do so.” Brewster suggested that the four customers provide their wallet addresses to the police, who can then forward this information to him. He has instructed a lawyer in Cyprus to facilitate this process. He did not name the lawyer. Brewster’s reddit post, titled ‘The full picture from Danny Brewster’, continued by explaining a few facts about his personal circumstances. It claims he had enough bitcoins in the failed Tokyo-based bitcoin exchange Mt. Gox to pay back all of Neo & Bee’s creditors in full, but now that the exchange closed down, he did not have access to any of those funds. He also confirmed he bought a Bentley in December, which is still in Cyprus. He said he had planned to sell the car this summer, reinvesting the profit into Neo & Bee. Now he will sell the car and put the money towards satisfying the company’s creditors. “I am concentrating first and foremost on resolving the issues with Cypriot police including my planned return to Cyprus. Only then I will concentrate all of my time on resolving everything surrounding Neo and Bee,” his post concluded. ARREST WARRANT Cyprus police issued an arrest warrant last week for Brewster, founder and CEO of local bitcoin depositary institution Neo and payment service Bee (known collectively as Neo & Bee), following accusations of defrauding customers and racking up debts of about 1 mln euros. The CEO, who skipped the country two weeks ago, was named as a “person of interest” in an investigation of the troubled Cyprus-based bitcoin savings and payment network, while three formal fraud charges have been filed against Brewster, according to a report in the Cyprus Mail. Police is also expected to issue a European warrant for Brewster’s arrest. Problems for Neo & Bee first began when questions regarding the company’s solvency were first raised earlier this month, the

bitcoin news site Coindesk said. Neo & Bee first opened to a good deal of enthusiasm, with some commentators hailing the opening of the bank-like company as a step forward for popular acceptance of digital currencies. These problems worsened when tradeable shares for LMB Holdings, the UK-based company that owns Neo & Bee, plunged in value on the Havelock Investment exchange. Brewster, whose exact location is still unknown, has said in the past that he plans to sell his equity in the company. It remains unclear whether or not the arrest warrant will change the calculus of any sale of his stake. The Financial Mirror has learned that Brewster, who threw a smokescreen a few weeks ago by agreeing to pay some 35,000 euros in duties to import his Bentley, has racked up debts of nearly 1 mln euros arising from a major marketing campaign, employing nearly 20 staff and developers, renting shop space and buying office furniture. It is not known if Brewster has access to the nearly 3 mln euros worth of bitcoins that LMB maintains. The Cyprus Mail reported the story on the cover of its Saturday edition, with the headline “Where is Neo?” a word-play on the promotional campaign of “Who is Neo?” aimed at raising public interest in Cyprus about virtual currencies.

Αpril 16 - 22, 2014

4 | CYPRUS | financialmirror.com

Hellenic Bank sees recession until 2015 The Cyprus economy will remain in recession up to next year despite projections by the troika of international lenders that the economy will register a modest economic growth, according to the Hellenic Bank quarterly economic review. Hellenic Bank estimates that the Cypriot economy will contract by 5.4% in 2014 compared with a contraction of 4.8% of GDP projected by the Troika of the European Commission, the European Central Bank and the IMF. For 2015, Hellenic Bank

projects a 1.0% contraction as opposed to a modest growth of 0.9% of GDP projected by the Troika. Public debt is projected to will rise from 114% of GDP in 2013 to 126% in 2015, an estimate that is broadly in line with Troika projections. The Hellenic Bank notes that the reduced contraction in 2013 is mainly due to the positive growth rates registered in the field of tourism. The bank noted that the lack of

4 bids for DEFA interim gas supply State gas company DEFA said yesterday it has received four proposals to supply natural gas to the island. In January, DEFA invited proposals for an interim solution for power generation before Cypriot gas reserves come on line. DEFA did not release details of the bidders, saying it was bound by confidentiality agreements. Based on its initial invitation for proposals, it was seeking a supply line of seven to 10 years, starting in January 2016. The state-controlled company said at the time it wanted a comprehensive solution involving all commercial and infrastructure requirements including sourcing, transportation and processing. DEFA is by law the sole importer and distributor of natural gas in Cyprus. Once it clinches a deal for natural gas with a supplier, DEFA would then sell the fuel to the Electricity Authority of Cyprus. Any contract therefore requires back-to-back agreements – one between DEFA and the supplier, the other between DEFA and the EAC.

Trade deficit narrows t o €2 7 1 m l n a s i m p o r t s d o w n

The trade deficit narrowed to EUR 270.9 mln in January compared to EUR 290.2mln in the corresponding month of 2013, due mainly to a drop in imports, the Statistical Service Cystat reported. The EU statistical service put the trade deficit at 300 mln. Cystat said total imports/arrivals (covering total imports from third countries and arrivals from other Member States) in January amounted to EUR 381.7 mln as compared to EUR 410.1 mln in January 2013. Eurostat said imports fell 6% to 400 mln. Total exports/dispatches (covering total exports to third countries and dispatches to other Member States) in January were EUR 110.8 mln compared to EUR 120.0 mln in same month last year, with Eurostat putting the figure at 100 mln euros. Exports/dispatches of domestically produced goods, including stores and provisions, were EUR 61.4 mln whilst exports/dispatches of foreign goods, including stores and provisions, were EUR 49.4 mln in January.

PwC trainees win top places in ACCA exams

Sergey Shor and Philipp Malik, trainee accountants at PwC Cyprus, won top places in Cyprus during the examinations of the Association of Chartered Certified Accountants (ACCA) which took place in December. Both trainees joined PwC Cyprus in September 2011 and are working in the Nicosia offices. Evgenios Evgeniou, CEO of PwC Cyprus and Philippos Soseilos, Head of Human Capital, congratulated the trainees during a ceremony at the firm’s office in Nicosia. Sergey Shor, who is currently working in Assurance and Advisory Services, achieved first place in Cyprus and eighth place worldwide in the Corporate Reporting paper. Sergey is a graduate of Togliatti State University in Russia and has an undergraduate degree in economics, finance and management. Philipp Malik achieved first place in Cyprus in the Advanced Financial Management paper. Philipp has a specialist degree in international relations and a postgraduate degree in international business from St. Petersburg State University in Russia and he is now working in Global Compliance Services.

confidence in the banking sector, severely hit by the haircut imposed on deposits over 100,000 as part of the EUR 10 bln bailout, “continues to undermine its role in the economic growth.” Apart from the unprecedented haircut on banking deposits to recapalise the island’s two largest ailing banks, the bailout featured restrictions on capital movement which hampered economic activity. “The prolonged lack of confidence in the financial system exacerbates further the

current financial situation and leads the economy to a dead end,” the review notes. The bank also noted that loan restructuring is a “significant pillar to the implementation of the restructuring of the banking sector.” Debt restructuring is considered by Cyprus lenders as a significant element of the adjustment programme that would assist the banks to reduce their non-performing loans which reached EUR 26 bln by January this year.

280 Coop employees opt for voluntary retirement A total of 280 employees expressed interest to take up the voluntary retirement scheme (VRS) from the Cooperative banking system, as the deadline expired on Tuesday. The Coops which have been nationalised following a 1.5 bln euro capital injection by the state, launched the VRS as part of a restructuring plan which was a precondition set by the government and the troika of international lenders. The Cooperative Central Bank initially wanted to reduce its 3,000 workforce by 10% and to cut the wage bill by 14 mln euros a year. The employees taking the VRS plan will receive a one-off golden handshake of 104,000 euros. “We are well within the targets (set out in the plan),” said CCB President Nicholas Hadjiyiannis. He added that following the successful implementation of the VRS in combination with salary cuts and the reduction in other operational expenditure, the Coops will save up to 300 mln euros during 2014-2018 period.

Describing the cost rationalisation programme as optimistic, innovative and demanding, Hadjiyiannis said the programme stipulates that the expenditure in the cooperative sector should be reduced by 30%.

Lakkotrypis: No change in natgas plans Timetables regarding plans for the exploitation of hydrocarbon reserves are still in effect, Energy, Commerce, Industry and Tourism Minister Yiorgos Lakkotrypis said on the sidelines of the state visit to Abu Dhabi. Commenting on a Reuters agency report that Israel is rethinking its plans with regard to its hydrocarbon reserves, Lakkotrypis said that “the choices of the partnership that is operating in Israel’s Exclusive Economic Zone have always

been known.” Asked whether there has been any delay in the implementation of Cyprus plans, Lakkotrypis said that “we are within the timetables that we have set.” He added that the government is working for the conclusion of the agreement to set up the land-based LNG terminal and the commencement of further exploratory drilling by Noble Energy in the offshore Block 12 which will last 12 to 18 months.

4,200 people benefit from low BOCY rates The Bank of Cyprus has reduced by up to 1% the interest rate for loans taken out by around 4,200 low-income or unemployed persons, Group chairman Christis Hassapis told the Cyprus News Agency. Hassapis explained that the interest rate has been lowered

for around 3,000 housing loans and 1,200 student loans, while loans of around 1,500 unemployed persons have been restructured. He added that the bank would continue to view these groups with sensitivity.

BA boosts Cyprus flights British Airways announced that it plans to increase its flight schedule from Cyprus to London’s two main airports, Heathrow and Gatwick to a total of 17 flights per week. The airline said that following the resumption of the Paphos-Gatwick route on March 30, it also proceeded with an increase in flights from Larnaca to Gatwick from 3 to 5 times a week on board an Airbus A320 aircraft every Monday, Wednesday, Friday, Saturday and Sunday. Freddie Stier,

Commercial Director of British Airways Cyprus and Greece, said that “during peak season, British Airways confirms its commitment to Cyprus with a boost in the number of flights to the island and its offer of greater choice to both incoming and outgoing travellers.” “With 17 weekly flights to and from Cyprus over the summer period, travelers can now also fully benefit from multiple connections to other destinations across the BA network” she added.

Αpril 16 - 22, 2014

financialmirror.com | CYPRUS | 5

FDI crucial for recovery, Anastasiades tells Abu Dhabi President Nicos Anastasiades said that pursuing foreign direct investments (FDIs) is at the heart of his administration’s strategy for economic recovery, and to this end all steps are being taken to ensure that a more effective and business-friendly environment is facilitated to every extent possible. Speaking at a dinner with Abu Dhabi state officials and businessmen, the president said that the government is committed to further enhance Cyprus’ strategic advantages, as part of the wider effort to restructure and revitalise the economy and the banking system. Inviting entrepreneurs from the United Arab Emirates, he said that Cyprus remains a reliable partner to investors interested in expanding their operations to the island and using it as a base to gain preferential access to key markets, including Europe, Russia and Asia. The president added that his government is committed to further facilitate and enhance

cooperation between Cyprus and the UAE and the businesspeople, in every possible way. “We are here to deepen and broaden our cooperation, particularly in the economic field,” he said. Anastasiades said that Cyprus may be a small country but the current transition in the economy “offers a wealth of opportunities for growth and investment in energy, banking, shipping, tourism, stock exchange, large scale development projects, as well as education and health.” He noted that key sectors of the economy, including tourism, shipping and business services, “have proven to be significantly more resilient than originally expected.” The president also referred to the positive reviews by the Troika of international lenders (EC, ECB and IMF) and the positive assessments by the rating agencies, pointing out that “capital controls imposed following last year’s Eurogroup are gradually being lifted

UAE embassy “an important step” The decision by the United Arab Emirates (UAE) to open a diplomatic mission in Nicosia is an important step in strengthening further relations between Cyprus and the UAE, said government spokesman Nikos Christodoulides. He also noted that there is interest for investments in Cyprus, but hard work is required on Cyprus’ part so that there can be results. In his remarks to reporters on the sidelines of the official visit to the UAE, Christodoulides said that the visit “takes place in the framework of the series of visits by the President to the Gulf states.” At the end of January, he had a similar state visit to Qatar. “The president met with the Crown Prince. There was a discussion in a very good atmosphere, there is interest about Cyprus, and they know Cyprus. They will be

opening a Diplomatic Mission in Nicosia very shortly and this is a very important step in strengthening further our bilateral relations,” Christodoulides said. He added that “one of the main reasons that the President of the Republic, who is accompanied by Ministers, is here, is to attract investments to Cyprus” and that “it is important that there is interest.” “The visit establishes the first contact – he is accompanied by a number of businessmen – and there needs to be a follow-up, there needs to be seriousness on our part, so that there will be results. We must not jump ahead of developments, but there will be hard work done, so that we can have results,” the spokesman said. He said “the President, so far, had three meetings with investment funds – they are state funds and they invest in many countries of Europe.”

according to an agreed roadmap, leading soon to their full abolition.” Cyprus offers a competitive tax system and a low 12.5% corporate tax rate, an extensive network of double tax treaties, including with the United Arab Emirates. Referring to the privatisations plan, he said that the portfolio of enterprises which are being considered for privatisation have the relevant profile to render them potentially attractive to international investors, such as funds based in the UAE, pointing out that Cyprus could be the EU passport to banking, telecommunications and aviation. In his speech, the President said that the discovery of natural gas reserves within the Cyprus Exclusive Economic Zone creates remarkable prospects for investment and cooperation in the energy sector and auxiliary services, and has created a new impetus in encouraging opportunities for cooperation between Cypriot and foreign businesses. Accompanying Anastasiades is Finance Minister Haris Georgiades and Energy and Trade Minister Yiorgos Lakkotrypis, who signed a bilateral agreement for cooperation in the aviation sector and Memoranda of Understanding on energy, tourism, education and science. The MoUs and protocols were signed in the context of the president’s meeting with the Crown Prince of Abu Dhabi, Sheikh Mohamed

bin Zayed Al Nahyan. The MoU on Energy also provides for the exchange of technical expertise on issues of energy infrastructure and issues concerning the distribution of energy. The agreement on air travel services, which is a Revised Agreement of 1999 aligned with relevant EU provisions, provides for granting of rights within the framework of the “fifth freedom” for the Emirate Airlines for several destinations within Europe. The president held separate meetings with the Director General of the Arab Monetary Fund Abdulrahman Al Hamidy and Executive Director of the state investment fund Mubadala, Khaldoon Khalifa Al Mubarak. He also met with the Managing Director of the Abu Dhabi Investment Authority (AIDA) Sheikh Hamed bin Zayed Al Nahyan and Director General of the renewable sources company IRENA Adnan Amin.

Αpril 16 - 22, 2014

6 | CYPRUS | financialmirror.com

How the European Union lost its vision By Dr. Jim Leontiades Cyprus International Institute of Management Following the catastrophe of WWII, a group of European nations banded together to form an economic organisation founded on the hope that the integration of their means of production would end the possibility of future European wars. With time, this organisation once known as the Common Market expanded beyond trade and economics. The European Union, as it became, required a limited sacrifice of sovereignty – but only with the agreement and approval of all member countries. Member countries and their citizens were governed by an agreed set of rules and a judicial system. Violation of EU statutes are subject to a European Court which allows nations the right to present their case and defend themselves. The treaties establishing the EU abound in statements espousing and defending “democratic legitimacy”, “liberty”, “respect for human rights”, etc. A number of EU member countries, including Cyprus, might understandably have difficulty relating these noble sentiments to their own recent experiences. Matters have changed since the founding days of the EU, some would say drastically. HOW DID WE GET FROM THERE TO HERE? While the more traditional parts of the EU continue to occupy themselves mainly with regulations relating to the environment, food safety and trade, a new organisation has risen within the EU with a different set of values and objectives. Almost unnoticed at first, this organisation has demonstrated powers which greatly exceed the more traditional powers of the European Union. The Eurogroup was not formed after great deliberation nor is it constrained by specific rules or extensive EU legislation. Its legality within the EU occupies only a single paragraph which simply states: “the Ministers of the Member States whose currency is the Euro shall meet informally… to discuss questions related to the specific responsibilities they share with regard to the single currency” (protocol 14, the Treaty of Lisbon). This informal group makes and enforces decisions regarding members of the single currency that have far greater scope and consequences than any previously implemented within the EU. Unlike the European court, it does not require months or years to arrive at its decisions. Decisions on complex matters such as industry restructuring that would challenge a team of

investment bankers for months are reached in a matter of days, simultaneously with other decisions on taxation, unemployment, expropriation of funds and social upheaval involving millions. These decisions are often made by persons who have never visited the country whose future they decide. One of the main decision makers (the IMF) is not even a member of the EU. Decisions are put to a vote but then, as in the famous Mafia movie, the member state whose fate is the subject of these decisions is given a “proposition it can’t refuse”. The President of Cyprus famously described the threat by the Eurogroup to terminate financial support to the Laiki bank as a gun held to his head. THE SOURCE OF POWER What is the source of this power? There is no EU treaty or legislation which confers the power to reorganise entire industries or to send teams of inspectors (the “troika”) to enforce Eurogroup decisions on member governments. The source of this power is quite simply the “power of the purse”. Certain member states which have adopted the Euro currency have fallen into debt. Arguably, they should not have. In such cases, the Eurogroup assembles financial resources which it is then able to extend to member countries who are in effect borrowers in distress and treated as such. Understandably, sections of the population have begun to feel that this is not the European Union that they signed up for. The Eurogroup “medicine” would not be so difficult to swallow if there were signs that it has worked. After years of recession, those countries which like Cyprus have been subjected to Eurogroup austerity policies are still suffering record levels of unemployment not seen since the great depression of the 1930”s. GROWING DIVERSITY The common currency which was supposed to make member countries more similar (the principle of convergence) has done just the opposite. The differences between member

states regarding economic growth, unemployment and income levels are greater than ever. More significantly, the Eurozone is now divided into two groups of countries, borrowers and lenders, the relatively poor and comparatively rich. Not surprisingly, the feeling of partnership and the feeling of European togetherness which characterised the early European movement has evaporated, replaced by anti -austerity demonstrations and street riots. It is most unfortunate that this popular reaction has also resulted in rising opposition to the European Union whose promise and image have been overshadowed by the actions of the Eurogroup. Recent surveys show an alarming drop in popular support for the European Union. A survey in May of last year by the Pew Research Center, a non-partisan organisation, concludes that the favourable opinion of the EU held by 60% of respondents in 2012 dropped to 45% in 2013. France, once the leader in Europeanisation is now among the leaders in dissatisfaction. About 77% of the French believe that European integration has made things worse, according to the Pew Research Center Global Attitudes Project. Along with the drop in popular support for the European movement there has been a dramatic upsurge of popularity for extremist parties of both the left and right political extremes. These have gained ground in Greece, Italy, France, UK, Netherlands and even Germany. The one thing that unites these new parties is opposition to the Eurogroup. This political opposition will soon have an opportunity for new expression. Elections for the next European parliament which are due this May are set to usher in major change. At one time the EU parliament represented a political Siberia for politicians, a comfortable refuge with little voice. No more. The controversy raised within the countries subject to the Eurogroup “treatment” has motivated some quite senior politicians to run for parliament. We can only hope that the “power of the purse” which has replaced the original European vision will be seriously challenged.

EP lifts bailout burden from taxpayers’ shoulders Depositors better protected

Three measures to ensure that banks shoulder the risks of failure rather than relying on taxpayers to bail them out, were approved by the European Parliament on Tuesday. Two deal with restructuring and winding down troubled banks, and the third ensures that banks, not taxpayers, guarantee deposits under 100,000 euros in the event of a run on a bank. These measures complement the single bank supervision system, already in place, and take the EU far down the road towards banking union. Parliament won substantial concessions from finance ministers, especially on the rules establishing the bank single resolution mechanism and its related 55 bln euro bankfinanced fund, steered through Parliament by Elisa Ferreira (S&D, PT). These greatly reduce the scope for power-play politics that could otherwise block action against banks, and ensured that the fund can be established faster and used more fairly. In the bank recovery and resolution directive, work on which was led by Gunnar Hokmark (EPP, SE), MEPs made any potential use of public money subject to very strict processes. The updated deposit guarantee rules steered through parliament by Peter Simon (S&D, DE), will ensure that depositors get their money back much faster if a bank fails. It also requires banks to fill guarantee schemes with real cash, rather than mere commitments. During the economic crisis, many banks’ losses were

transferred onto the taxpayer, leaving the value of the banks themselves virtually intact. “Bail-in”, enshrined in the two laws on bank crisis resolution, by contrast means that bank owners (shareholders) and creditors (primarily bondholders) will be first in line to absorb losses the bank could incur, before outside sources of finance may be called upon. The two laws on bank resolution will also require banks to finance reserve funds to cover further losses after bail-in has

Basic bank accounts for all

Anyone legally residing in the EU now has the right to open a basic payment account, and no-one could be denied this right on grounds of nationality or place of residence, under a new law passed by the European Parliament. This law should also ensure that fees and rules for all payment accounts are transparent and comparable and make it easy to switch to another payment account that offers better terms. “This directive is all about empowering users of common standard payment services. Guaranteeing access to basic accounts to all consumers, including to migrants and mobile citizens, will stimulate economic modernization, facilitate free movement and help the most disadvantaged in our societies”, said lead MEP Jurgen Klute (GUE/NGL, DE).

been used. Countries in the banking union (all the Eurozone and possibly opt-ins) will share a bank-financed 55 bln single resolution fund, to be established gradually over eight years. Those outside banking union will be required to set up their own bank-financed fund amounting to 1% of covered deposits within ten years. MEPs have long argued that when a bank runs into trouble, decisions on how to proceed need to be taken on sound technical grounds. Some member states on the other hand wished to give finance ministries a key role in deciding how to handle specific cases falling under the single resolution mechanism. The final compromise limits their influence and political pressure significantly to allow more fairness, speedier action and lower costs to resolve bank problems. The update to the deposit guarantee scheme will oblige EU countries to set up their own bank-financed schemes to reimburse guaranteed deposits (up to 100,000 euros) when a struggling bank is not able to do so itself. MEPs also ensured that depositors will get their money faster. The total amount of their guaranteed deposit would be available within seven working days, and a subsistence amount (decided country by country) within five days. MEPs also inserted clauses which include “temporary large balances” in the guarantee. If a deposit account temporarily has more than 100,000 euros in it, e.g. due to the sale of a house, all or a part of this higher amount is protected for at least three months.

Αpril 16 - 22, 2013

financialmirror.com | CYPRUS | 7

West applies double-standards on Russia and Crimea In an interview with Dr. Andrestinos Papadopoulos a.h., the Russian ambassador in Nicosia Stanislav Osadchiy discussed what impact the recent events in Crimea could have on Cyprus How does the deterioration in Russia’s relations with the EU and the US affect developments in our part of the world? The Eastern Mediterranean and its surrounding areas are a very complex, rather explosive part of the world, as recent events have shown all too clearly. The Arab Spring revealed that this volatility has been reinforced by external forces. In Syria, Russia managed to avert a full-scale repeat of the bloody scenario which the US and its western allies implemented in Iraq and Libya. Such results were achieved amid generally cordial discussions between Russia and the US. Now, however, and through no fault of the Russians, these relations have worsened. Under such circumstances, it is more challenging to find solutions to regional problems. To my mind, this conclusion is relevant to all regional issues, including the Cyprus problem. It is only at first sight that the increase in tension and the West’s heightened interest in Cyprus because of its hydrocarbons in its exclusive economic zone appear to create opportunities for a settlement. In practice, global confrontation impedes a just solution to regional problems. Against the background of the Ukrainian crisis, references were made to Kosovo, Crimea and Cyprus. How can we distinguish between these cases and what conclusions can be drawn? Drawing any parallels is risky because there are no twin situations. Every single case, including the above-mentioned, has its own peculiarities that must be taken into account. However, the need for an equal approach in terms of international law is most important.

There is little similarity between Crimea in 2014 and northern Cyprus in 1974. The overwhelming majority in Crimea is Russian, whereas Greek Cypriots were the majority in the north of Cyprus 40 years ago and Turkish Cypriots were the minority. Crimea was part of Ukraine for the last 60 years but had belonged to Russia for centuries. Northern Cyprus has never been an independent state or a part of another state. The decision to reunite Crimea with Russia was taken by the overwhelming majority of its people in a legal referendum held in accordance with the Constitution of Crimea, whereas no referendum to proclaim the ‘Turkish Republic of Northern Cyprus’ (‘TRNC’) was ever held, and thus the opinion of Greek and Turkish Cypriots never taken into account. The “Russian intervention” in Crimea is a lie, while the ‘TRNC’ still relies on the occupation forces. Significantly, no referendum was held on the separation of Kosovo from Serbia (a part of which it had been for more than 1,200 years). The separation took place several years after the West bombed Yugoslavia, and then the West legitimised Kosovo’s separation. So why does the West interpret international law the way it likes? Why do Kosovo, Eritrea and Southern Sudan have the right to self-determination and the Crimea does not? There is only one answer to this question: the West applies double-standards. The close and friendly relations between Cyprus and Russia have strengthened over the years. Do you believe that recent developments in the Cyprus problem and the energy field as well as the haircut of Russian deposits in Cyprus banks might affect them negatively?

Russia’s position towards a Cyprus settlement has been consistent and principled. We support a solution that is in the best interests of the Cypriots themselves, and corresponds to the provisions of the UN Security Council resolutions as well as agreements within both communities. In terms of developing cooperation between our countries in the energy field, unfortunately, we cannot say that we are satisfied. Finally, nobody would believe me if I were to say that the haircut on bank deposits, initiated by the troika of international lenders, favoured the cooperation between Russia and Cyprus. Of course it complicated our relations. Cyprus authorities have indicated to us that the losses from the haircut will be minimised. Now it is important that these signals be supported with actions. Generally, though, the relations between the Russians and Cypriots are so close that, as far as I can see, no economic problems can undermine them. How might the draft legislation about ‘de-offshorisation’ now being discussed in Moscow affect Cyprus? Recently, and in response to western threats to impose sanctions on Russia, President Vladimir Putin called on Russian companies which work abroad to repatriate themselves. This appeal is logical. The business climate in Russia is more favourable than it was 15-20 years ago, and repatriation would not only help Russian companies stay beyond the range of sanctions, but also ensure they are not hit by actions such as haircuts on deposits. The implication of anti-Russian sanctions is that it will accelerate the repatriation of Russian businesses and Cyprus can hardly substitute those Russian companies which decided to leave the island, by developing businesses in other spheres, such as tourism and energy cooperation. So the rate of repatriation will largely depend on the West itself. As for Cyprus, it is clear that a rapid exodus of Russian companies may create severe economic difficulties.

Revisiting Marcuse’s One-Dimensional Man The vision of liberation in the philosophy of Herbert Marcuse

To celebrate the 50th anniversary of Herbert Marcuse’s most famous statement in social and political theory, One-Dimensional Man (1964), Dr. Stamatoula Panagakou of the University of Cyprus recently gave a talk on “The Vision of Liberation in the Philosophy of Herbert Marcuse.” The event took place at the University of Nicosia and was hosted in the Research Seminar Series that is organised by the Department of European Studies and International Relations and by the Cyprus Center for European and International Affairs. The seminar, which was co-ordinated by Dr. Craig Webster, provided a unique opportunity for revisiting and reassessing the work of the philosopher of Herbert Marcuse. In her talk, Dr. Panagakou addressed an array of issues which are related to Marcuse’s theory of liberation and to the building of a non-repressive society and culture. She identified four key points in Marcuse’s theory of liberation: (a) the link between transformation of consciousness and socio-political transformation; (b) the

role of libidinal rationality and of the aesthetic-erotic dimension in the new politics of the “Great Refusal”; (c) the quest for authenticity; (d) the emancipatory nature of fantasy and imagination. The participants contributed with great

enthusiasm to the discussion, and exchanged views about key topics in Marcuse’s philosophy such as: the role of human agency, the function of radical praxis for social transformation, the awakening of consciousness, the liberating potential of

technology, and the emancipatory nature of imagination and art. Herbert Marcuse (1898-1979) was one of the most prolific and important philosophers of the 20th century, and a prominent member of the Frankfurt School. His work has been translated into several languages and has been widely discussed both in the academic and in the public sphere. Marcuse was the philosopher who envisaged the end of utopia, asked for a radical transformation of the repressive culture of modern society, talked about the “Great Refusal” and reflected on the emancipatory potential of art, science and technology. Above all, he focused on the ability of individuals to become aware of their unfreedom and misery within the suffocating enclosure of contemporary socio-political and economic establishments, and to start the struggle for emancipation and a world-transforming revolution of consciousness. Marcuse’s authentic and radical philosophical project drew constructively on the theories of Hegel, Marx, Freud, and Heidegger.

Αpril 16 - 22, 2014

8 | COMMENT | financialmirror.com Patrick Skinner lived in Cyprus for 21 years. Shortly after arriving here he became the first full-time professional food and wine commentator in this country, producing more than 1250 articles about food, wine, hotels, restaurants and travel, many of them in this newspaper. Early in the 1990s he became a passionate proponent of the wines of Cyprus and for some time was their only public advocate. During his return for two weeks last month he

expressed delight that Cypriots “are now drinking their own wines, for patriotic reasons”. When Patrick offered firstly to write about his visit for the Financial Mirror and, more importantly to be the lead partner in the re-launch of the Cyprus Gourmet, in a form to meet the needs of the times, it met with my immediate agreement. Masis der Parthogh Publisher

A Happy Return During our 21-year sojourn in Cyprus, my wife and I came busily engaged in Cyprus life. After consultancy work in the Middle East had been thwarted by the first Gulf war in 1991, I turned to writing about the food, wine, places and people of Cyprus. About the same time, an unwanted donkey was given to us and inadvertently founded the Cyprus Donkey Sanctuary which my wife ran until 2007, in which there were invariably more than 120 residents. Through these twin activities we came to know the country and people of all walks of life well.

Patrick Skinner

NEWS

So, although Mary and I had been fully occupied during our residence in the village of Vouni, it was very much with the feelings of a tourist that we flew into Larnaca last month. In common with many others, we had gone on-line and bought a package of flights and two weeks B&B hotel accommodation. Our choice was a hotel we had known well over many years, Le Meridien, where we had booked in entirely “incognito”. By the time we had checked in, unpacked, freshened-up and taken our seats in La Nautile restaurant, it was 9.00 p.m. As we studied the four-course Table d’Hôte menu, the restaurant manager came over with a broad smile of recognition on his face. This was the first of dozens of similar, friendly encounters of the following two weeks: neighbours and friends from the village, wine-makers, caterers, people who worked with is at the donkey sanctuary and many others. It seemed we had slipped seamlessly from one home to another. Had things changed? Superficially, not much. But the sureness, confidence and ebullience of Cypriots seemed to have taken a hard knock. Among business people, attitudes ranged from very cautious optimism to downright pessimism for the future. I wanted answers to questions. - Had the economic crash caused a change in attitudes? Like working together, for

example? - Had the crisis had a catalytic factor in tourism? Like making Cyprus a brand backed by a marketing strategy? After talking to dozens of people I know and had worked with for many years, the answers to both questions was NO. For example, I didn’t hear one word in support of the CTO, whose “message” failed to reach me both before I came and whilst I was in the country, or for any other group or business association. Rugged individualism prevails in the hotel and catering business, as it does in the wine industry. Less charitable people might call it “bloody-mindedness”. Few people have awareness of or interest in what their competitors/colleagues are doing and many are openly dismissive of them. The tourism “experts” still write about the attractions old and new that make Cyprus a place for the world’s tourists when they ought to be examining what’s on offer elsewhere and planning accordingly. Cyprus is just as much the country of the plastic bag as ever it was – they blow about everywhere from city street, to motorway and mountain path. Walk outside many 5-star hotels and you will encounter dust and grime on the street, broken and uneven pavements and a feeling of mess. Well known – famous even – hotels, restaurants and public places look tired and shabby. In contrast, resorts and amenities in Cyprus’s nearest competitor look good, and they are less expensive by 40% or more. To a visitor from Britain, Cyprus is now expensive. A cup of coffee may be had in a lovely sea-side location, but at anything from four to seven Euros a time it’s not on. In the good days when the millions came for their time in the sun, making the people rich, the Cypriots were strongly individualistic and opinionated, certain of their worth and their place in the world. They are still individualistic, but they are now uncertain, about present conditions and of the future. They find the new realism unpleasant. Leadership is required, as is a strategy for each sector of the economy. Cyprus must become a brand that is skilfully marketed. Nevertheless I have positive feelings about the visit. It was good to be back among friends,

Recession Busters: “New Builds” by two Cypriot professionals with an entrepreneurial streak: the starkly modern architecturally stylish new winery of Sophocleous Vlassides just outside Vouni (above); and the mightily successful Chris Blue Beach restaurant at Curium Beach (below).

like… - Professionals: Rob Shipman, supremo chef at the Annabelle and Almyra Paphos, back for a second stint in Cyprus; former somellier now restaurants manager at Le Meridien, Miroslav Kalinic; the man I called The Old Vic, the doyen of wine importers, Victor Papadopoulos… and, of course, the marvellous mistress of Cyprus cooking, Ariadne at Vasa. - Some of the people who voluntarily gave their time to help at the donkey sanctuary my wife set up in Vouni village in1994, so creating greater awareness of and interest in animal welfare. - Just a few – time was limited – of the winemakers whose start-ups and careers I have followed and reported on since 1993.

- The patient, open-all-hours car hire gentleman at Erimi, the famous George of George’s Taxis. - Cyprus food – super! Cyprus wine progressing well! Having driven hundreds of kilometres in the two weeks, I have to praise the wonderful – and so often almost traffic-free – motorways and roads, surely a jewel in the crown for the tourism planner? More about all of this next week.

Kyperounda releases 2013 rosé

Cyprus sommeliers elect new board

Kyperounda Winery has just released the 2013 rosé which is a blend of two red varieties – the Grenache Rouge, which, according to a company announcement “gives a fruity and unique aroma, while the Shiraz offers an intense, bright colour, a richness in taste and aroma, with a long-lasting aftertaste.” “This is a fresh rosé that emerges best at 8-10°C. It is best served with fruit, pastry, as well as exotic Chinese or Polynesian dishes, or can be enjoyed on its own as an aperitif.” Kyperounda wines are are distributed by Photos Photiades Distributors Ltd., Tel. 22471111 or download the free app “PPD wines” for ipad and iphone.

The Cyprus Sommelier Association recently held its annual members’ meeting and elected a new board that has pledged to continue with awareness and education programmes in order to provide the best possible service to consumers and to promote the wine industry of Cyprus. The CSA’s new board is as follows: George Kassianos, president (Almyra Hotel, Paphos); Nicos Charalambous, vice president (Colosseum Restaurant, Virardi Enetrprises); Stalo Arapatzi, Hon. Secretary (head barman at Four Seasons); Heracles Christoforou, treasurer (Pandream Hotel Apts., Gyros tou Kosmou My Mall), Vasos Manoli, PR director (Risto La Piazza, Paphos), Markos Zambartas, events director (Zambartas Winery), Miroslav Kalinic, training director (Restaurant Manager, Le Meridien) and substitute member Alissa Gortsinskaya (sommelier, Paphos Amathus). The CSA, which is a member of the Association de la Sommellerie International – ASI, has 100 members all of whom are professionally involved in the wine business – from wine making and spirits distillation, restaurateurs, barmen and many other areas and frequently attend or host workshops or educational seminars at home and abroad. The association’s main sponsor is Photos Photiades Distributors (Kyperounda Winery, Moet & Chandon, Hennessy, Barton Guestier

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∂˘Úˆ·˚Î‹ ¤ÁÎÚÈÛË ‰‡Ô ÓÔÌÔÛ¯Â‰›ˆÓ ÁÈ· bail in ÙÚ·Â˙ÒÓ ∆ύο νοµοσχέδια που αφορούν τη θέσπιση ενιαίων κανÞνων και ενιαίασ διαδικασίασ για την εξυγίανση πιστωτικών ιδρυµάτων στην ΕΕ, και ένα για την εγγύηση των καταθέσεων, ενέκρινε το Ευρωκοινοβουλιο κάνοντασ ένα ακÞµη βήµα προσ την πολυπÞθητη δηµιουργία τησ Ενιαίασ Τραπεζικήσ Ένωσησ στην ΕΕ. Μέσω των νοµοσχεδίων διασφαλίζεται Þτι οι τράπεζεσ κυρίωσ θα επωµίζονται την ευθύνη τησ Þποιασ αποτυχίασ τουσ, σπάζοντασ τουσ δεσµούσ µεταξύ τραπεζικών προβληµάτων και δηµοσίου χρέουσ. ΕιδικÞτερα, µε 588 ψήφουσ υπέρ και 81 κατά, η Ολοµέλεια του Ευρωπαϊκού Κοινοβουλίου, ενέκρινε έκθεση, σχετικά µε την πρÞταση κανονισµού του Ευρωπαϊκού Κοινοβουλίου και του Ευρωπαϊκού Συµβουλίου, για τη θέσπιση ενιαίων κανÞνων και ενιαίασ διαδικασίασ για την εξυγίανση πιστωτικών ιδρυµάτων και ορισµένων επιχειρήσεων επενδύσεων, στο πλαίσιο ενÞσ Ενιαίου Μηχανισµού Εξυγίανσησ και ενÞσ Ενιαίου Ταµείου Εξυγίανσησ Τραπεζών, καθώσ και για την τροποποίηση του κανονισµού του Ευρωπαϊκού Κοινοβουλίου και του Συµβουλίου. Πριν απÞ την έναρξη τησ ψηφοφορίασ, µιλώντασ για λογαριασµÞ του Ευρωπαϊκού Συµβουλίου, ο αντιπρÞεδροσ και υπουργÞσ Εξωτερικών τησ ελληνικήσ κυβέρνησησ Ευάγγελοσ Βενιζέλοσ, διαβεβαίωσε το Σώµα

Þτι τα µέλη του Ευρωπαϊκού Συµβουλίου έχουν συµφωνήσει να επικυρώσουν τη σχετική συµφωνία µέχρι την 1η Ιανουαρίου του 2016. Κυρίαρχο στοιχείο τησ συµφωνίασ που εγκρίθηκε, αποτελεί το γεγονÞσ Þτι απÞ τη στιγµή που αυτή τεθεί σε ισχύ, Þπωσ επισήµανε και ο επίτροποσ Μισέλ Μπαρνιέ στη συζήτηση που προηγήθηκε, απÞ δω και πέρα, µέτοχοι και πιστωτέσ θα χρηµατοδοτούν τη διάσωση µιασ τράπεζασ και Þχι οι φορολογούµενοι. Στο µέλλον, επισήµανε ο κοινοτικÞσ επίτροποσ, κάθε τράπεζα θα πρέπει να µπορεί να αποδείξει Þτι µπορεί να διασωθεί χωρίσ να θέτει σε κίνδυνο την οικονοµία. Με την έγκριση τησ σχετικήσ συµφωνίασ απÞ το Ευρωκοινοβούλιο, προστίθεται ένα ακÞµη δοµικÞ στοιχείο στη δηµιουργία τησ Ενιαίασ Τραπεζικήσ Ένωσησ αφού, Þπωσ διευκρινίζεται, οι τράπεζεσ που κινδυνεύουν µε χρεοκοπία, θα µπορούν πλέον να ανατρέξουν άµεσα σε ένα ταµείο -55 δισεκατοµµυρίωνπου θα χρηµατοδοτείται απÞ τισ ίδιεσ τισ τράπεζεσ και Þχι απÞ τουσ φορολογούµενουσ, προκειµένου να διασωθούν. Με την έγκριση τησ συµφωνίασ Ευρωκοινοβουλίου- Ευρωπαϊκού Συµβουλίου, επιδιώκεται η µεταρρύθµιση τησ τραπεζικήσ νοµοθεσίασ, έτσι ώστε να σπάσουν οι δεσµοί µεταξύ τραπεζικών προβληµάτων και δηµοσίου χρέουσ.

Πιο συγκεκριµένα προβλέπονται τα εξήσ: - ∆ηµιουργείται αποτελεσµατικÞτερο σύστηµα εποπτείασ µεγάλων τραπεζών απÞ την Ευρωπαϊκή Κεντρική Τράπεζα, προκειµένου τα προβλήµατα να αντιµετωπίζονται νωρίτερα και να επιλύονται, πριν οι τράπεζεσ καταφύγουν, για τη διάσωσή τουσ, στα χρήµατα των φορολογουµένων. - ∆ηµιουργείται ΕυρωπαϊκÞ Ταµείο, το

οποίο θα χρηµατοδοτείται απÞ τισ Τράπεζεσ και θα αναλάβει το κÞστοσ τησ διάσωσησ των χρεοκοπηµένων τραπεζών, προστατεύοντασ έτσι τουσ φορολογούµενουσ. ∆ηµιουργείται ένα εθνικÞ σύστηµα εγγύησησ καταθέσεων, έτσι ώστε να µην είναι οι φορολογούµενοι εκείνοι που πρέπει να παρέχουν την εγγύηση ορθήσ λειτουργίασ των τραπεζών.

∆Ú·Â˙ÈÎÔ› ÏÔÁ·ÚÈ·ÛÌÔ› ÁÈ· fiÏÔ˘˜ ÛÙËÓ ∂.∂. ∂ÁÁ‡ËÛË ÁÈ· Î·Ù·ı¤ÛÂÈ˜ Ùλοι Þσοι διαµένουν νÞµιµα στην Ε.Ε. θα µπορούν να ανοίγουν τραπεζικÞ λογαριασµÞ, σύµφωνα µε οδηγία που ενέκρινε το Ευρωκοινοβούλιο, βάσει τησ σχετικήσ έκθεσησ του γερµανού ευρωβουλευτή τησ Οµάδασ τησ Ενωτικήσ Αριστεράσ, Γιούργκεν Κλούτε. Σε κάθε χώρα τησ Ε.Ε. θα πρέπει να υπάρχει τουλάχιστον ένασ ιστÞτοποσ που θα συγκρίνει τα επιτÞκια και τα τέλη που χρεώνουν οι διάφορεσ τράπεζεσ. Οι ευρωβουλευτέσ ενέκριναν την οδηγία µε 603 ψήφουσ υπέρ, 21 κατά και 51 αποχέσ. «Η οδηγία αυτή έχει ωσ στÞχο την ενίσχυση Þλων Þσων χρησιµοποιούν τυποποιηµένεσ υπηρεσίεσ πληρωµών. Η διασφάλιση τησ πρÞσβασησ Þλων των καταναλωτών, συµπεριλαµβανοµένων των µεταναστών και των πολιτών που ταξιδεύουν πολύ, σε βασικούσ λογαριασµούσ θα τονώσει τον οικονοµικÞ εκσυγχρονισµÞ, θα διευκολύνει την ελεύθερη κυκλοφορία και θα βοηθήσει Þσουσ βρίσκονται σε πιο µειονεκτική θέση στισ κοινωνίεσ µασ» υποστήριξε ο εισηγητήσ τησ σχετικήσ έκθεσησ. «Kανείσ δεν θα µπορεί να τουσ στερήσει το δικαίωµα αυτÞ για λÞγουσ εθνικÞτητασ ή τÞπου διαµονήσ τουσ. ΤÞσο οι Þροι για την απÞκτηση, Þσο και τα συναφή τέλη οφείλουν να προσδιορίζονται ρητά και να είναι εύκολα συγκρίσιµα. Οι πελάτεσ θα πρέπει να µπορούν να αλλάζουν εύκολα λογαριασµÞ, αν

βρουν άλλον µε καλύτερουσ Þρουσ», αναφέρει η έκθεση. Εκκρεµεί η επικύρωση τησ οδηγίασ απÞ τισ χώρεσ µέλη τησ Ε.Ε εντÞσ 24 µηνών. Στο ψήφισµα επισηµαίνεται Þτι η µεταφορά τησ συγκεκριµένησ οδηγίασ στο εθνικÞ δίκαιο θα πρέπει να εξασφαλίζει Þτι Þποιοσ ανοίγει λογαριασµÞ πληρωµών θα είναι σε θέση να κατανοεί τα διάφορα τέλη και επιτÞκια και να συγκρίνει τισ διαφορετικέσ προσφορέσ λογαριασµών. Οι συναφείσ πληροφορίεσ οφείλουν να είναι σαφείσ και τυποποιηµένεσ σε Þλη την Ε.Ε. Οι τράπεζεσ θα υποχρεώνονται, επίσησ, να ενηµερώνουν τουσ πελάτεσ τουσ Þτι προσφέρουν λογαριασµούσ µε τουσ οποίουσ θα µπορούν να χρησιµοποιούν τουσ λογαριασµούσ πληρωµών µε βασικά χαρακτηριστικά για να καταθέτουν και να βγάζουν µετρητά, αλλά και να πραγµατοποιούν πληρωµέσ εντÞσ τησ Ε.Ε, συµπεριλαµβανοµένων των ηλεκτρονικών συναλλαγών και αυτών µε κάρτα πληρωµήσ. Θα µπορούν, επίσησ, να εκτελούν απεριÞριστο αριθµÞ τέτοιων συναλλαγών, είτε χωρίσ κÞστοσ είτε καταβάλλοντασ εύλογα τέλη. Πάντωσ, τα κράτη - µέλη θα έχουν τη δυνατÞτητα να αποφασίσουν Þτι οι συγκεκριµένοι λογαριασµοί δεν θα περιλαµβάνουν διευκολύνσεισ υπερανάληψησ ή να περιορίσουν το ποσÞ των διευκολύνσεων υπερανάληψησ.

™ÙËÓ ∫‡ÚÔ Ô °ÈÔ‡ÁÎÂÚ Με την ευκαιρία συµπλήρωσησ δέκα χρÞνων απÞ την ένταξη τησ Κυπριακήσ ∆ηµοκρατίασ στην ΕΕ, το Ινστιτούτο Πολιτισµού διοργανώνει σειρά εκδηλώσεων την 3η του Μάη στην εντÞσ των τειχών Λευκωσία στισ οποίεσ θα παραστεί και ο υποψήφιοσ για την Προεδρία τησ Ευρωπαϊκήσ Επιτροπήσ, Ζαν Κλοντ Γιούγκερ. Ùπωσ ανακοίνωσε ο ΠρÞεδροσ του Ινστιτούτου Πολιτισµού ΠρÞδροµοσ ΠροδρÞµου το πρÞγραµµα θα περιλαµβάνει Þλεσ τισ µορφέσ τισ τέχνησ και του πολιτισµού, µε συµµετοχέσ απÞ διάφορεσ χώρεσ και περιοχέσ τησ ΕΕ. Θα συµµετέχουν πέραν των 250 καλλιτεχνών. Επιστέγασµα, η εκδήλωση στουσ κήπουσ του ∆ηµοτικού Μεγάρου Λευκωσίασ στην οποία θα παραστεί ο υποψήφιοσ για την Προεδρία τησ Ευρωπαϊκήσ Επιτροπήσ, Ζαν Κλοντ Γιούγκερ.

Ì¤¯ÚÈ €1 100.000 Νοµοσχέδιο µε το οποίο διασφαλίζεται Þτι οι καταθέτεσ θα λαµβάνουν τα χρήµατά τουσ πίσω πολύ πιο γρήγορα σε περίπτωση αδυναµίασ µιασ τράπεζασ να τουσ αποζηµιώσει η ίδια, υιοθέτησε η Ολοµέλεια του Ευρωπαϊκού Κοινοβουλίου. ΠρÞκειται για ένα σύστηµα εγγύησησ των καταθέσεων κάτω των 100.000 ευρώ, για Þλουσ τουσ Ευρωπαίουσ πολίτεσ Στο νοµοσχέδιο περιλαµβάνεται επίσησ, η υποχρέωση των τραπεζών να τροφοδοτούν τα συστήµατα εγγύησησ µε πραγµατικÞ χρήµα και Þχι απλώσ µε δεσµεύσεισ. Ουσιαστικά για πρώτη φορά θεσπίζονται κανÞνεσ σε επίπεδο ΕΕ Þσον αφορά τη χρηµατοδÞτηση των συστηµάτων εγγύησησ καταθέσεων. Σύµφωνα µε τουσ κανÞνεσ αυτούσ, τα κράτη µέλη πρέπει να εξασφαλίσουν Þτι τα πιστωτικά ιδρύµατα που συµµετέχουν στα συστήµατα εγγύησησ καταθέσεων θα δηµιουργήσουν εντÞσ δέκα ετών ένα ταµείο εγγύησησ καταθέσεων µε πÞρουσ που αντιστοιχούν κατ` ελάχιστο Þριο στο 0,8% των καλυπτÞµενων καταθέσεων του συστήµατοσ. Οι προθεσµίεσ εκταµίευσησ σε περίπτωση αφερεγγυÞτητασ περιορίζονται στισ επτά εργάσιµεσ ηµέρεσ αντί του ισχύοντοσ διαστήµατοσ των 20 εργάσιµων ηµερών. Παράλληλα θεσµοθετείται η προσωρινή προστασία υψηλών καταθέσεων: Τα κράτη µέλη πρέπει µελλοντικά να προστατεύουν προσωρινά υψηλέσ καταθέσεισ και πέρα απÞ το επίπεδο κάλυψησ των 100.000 ευρώ, οι οποίεσ π.χ. προκύπτουν απÞ πώληση ιδιωτικήσ ακίνητησ περιουσίασ, ασφαλιστικέσ πληρωµέσ, διαζύγια κ.λπ. Τα κράτη µέλη πρέπει να ορίζουν το χρονικÞ διάστηµα, το οποίο δεν µπορεί να είναι µικρÞτερο απÞ τρεισ και µεγαλύτερο απÞ δώδεκα µήνεσ, καθώσ και το συγκεκριµένο επίπεδο προστασίασ πέραν του επιπέδου κάλυψησ των 100.000 ευρώ λαµβάνοντασ υπÞψη τισ συνθήκεσ διαβίωσησ στα κράτη µέλη.

ΧΡΗΜΑ&ΑΓΟΡΑ

16 ΑΠΡΙΛΙΟΥ, 2014

2 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

∂ÓÂÚÁÂÈ·Îfi ÌÓËÌfiÓÈÔ Û˘Ó·ÓÙ›ÏË„Ë˜ ÁÈ· ∫‡ÚÔ Î·È ÕÌÔ˘ ¡Ù¿ÌÈ Μία διµερή συµφωνία και τρία ΜνηµÞνια Συναντίληψησ υπεγράφησαν στο πλαίσιο τησ επίσηµησ επίσκεψησ που πραγµατοποιεί ο ΠρÞεδροσ τησ ∆ηµοκρατίασ Νίκοσ Αναστασιάδησ στο Άµπου Ντάµπι. Η διµερήσ συµφωνία για συνεργασία στον τοµέα των αεροπορικών υπηρεσιών και τα ΜνηµÞνια Συναντίληψησ αφορούν τουσ τοµείσ τησ ενέργειασ, του τουρισµού και τησ εκπαίδευσησ και επιστήµησ. Η Συµφωνία και τα ΜνηµÞνια υπεγράφησαν το πλαίσιο τησ συνάντησησ του Προέδρου τησ ∆ηµοκρατίασ µε το διάδοχο του ΘρÞνου του Άµπου Ντάµπι, Πρίγκιπα Sheikh Mohamed bin Zayed Al Nahyan. ΤÞσο η Συµφωνία Þσο και τα ΜνηµÞνια Συναντίληψησ υπεγράφησαν, εκ µέρουσ τησ Κυπριακήσ ∆ηµοκρατίασ απÞ τον ΥπουργÞ Ενέργειασ, Εµπορίου, Βιοµηχανίασ και Τουρισµού Γιώργο Λακκοτρύπη. Το ΜνηµÞνιο Συναντίληψησ για τον τοµέα τησ ενέργειασ προνοεί, µεταξύ άλλων, την καθιέρωση γενικού πλαισίου συνεργασίασ στα θέµατα ενέργειασ και τη δηµιουργία ευνοϊκών συνθηκών για συνεργασία, αναφορικά µε την τεχνογνωσία σε σχέση µε τισ υπεράκτιεσ δραστηριοτήτων εκµετάλλευσησ υδρογονανθράκων. Προνοεί, επίσησ, την ανταλλαγή τεχνογνωσίασ σε θέµατα ενεργειακών υποδοµών και θεµάτων που αφορούν τη διανοµή ενέργειασ.

Ã·Û¿Ë˜: MÂ›ˆÛË Ì¤¯ÚÈ 1% ÛÙ· ÂÈÙfiÎÈ· ÁÈ· Â˘·ıÂ›˜ ÔÌ¿‰Â˜ Σε µείωση µέχρι 1% στο επιτÞκιο δανείων που διατηρούν στην Τράπεζα Κύπρου περίπου 4.200 ευπαθείσ οµάδεσ του πληθυσµού, έχει προχωρήσει η τράπεζα, Þπωσ δήλωσε ο ΠρÞεδροσ του Συγκροτήµατοσ Κρίστησ Χασάπησ. ΕιδικÞτερα, σε σχέση µε τη µείωση του επιτοκίου µέχρι 1%, ο ΠρÞεδροσ του Συγκροτήµατοσ είπε Þτι έχει µειωθεί το επιτÞκιο µέχρι 1% σε περίπου 3.000 στεγαστικά δάνεια και σε περίπου 1.200 φοιτητικά δάνεια ευπαθών οµάδων. Ανέφερε επίσησ Þτι έχουν αναδιαρθρωθεί δάνεια που διατηρούν στην τράπεζα πέρα των 1.500 ανέργων, οι οποίοι συγκαταλέγονται στισ ευπαθείσ οµάδεσ του πληθυσµού, εξηγώντασ Þτι αυτÞ έγινε στο πλαίσιο του σχεδίου που εξήγγειλε η τράπεζα για καταβολή δÞσησ 10 ευρώ το µήνα τον πρώτο χρÞνο. Ο κ. Χασάπησ είπε Þτι το σχέδιο δίνει τη δυνατÞτητα εφαρµογήσ του και για δεύτερο χρÞνο σε περίπτωση που ο δανειολήπτησ συνεχίσει να είναι άνεργοσ, ενώ σε περίπτωση που ο δανειολήπτησ βρει εργασία, Þπωσ σηµείωσε, έχει τη δυνατÞτητα να καταβάλλει µÞνο τουσ τÞκουσ κατά τον πρώτο χρÞνο εργασίασ του.

¶ÚÔ¯ˆÚÔ‡Ó Î·ÓÔÓÈÎ¿ ÔÈ Û¯Â‰È·ÛÌÔ› ÁÈ· Ê˘ÛÈÎfi ·¤ÚÈÔ Η Κύπροσ βρίσκεται εντÞσ των χρονοδιαγραµµάτων που έχει θέσει σε σχέση µε τουσ σχεδιασµούσ για το θέµα τησ αξιοποίησησ των κοιτασµάτων υδρογονανθράκων. ΑυτÞ ανέφερε χθεσ ο ΥπουργÞσ Ενέργειασ, Εµπορίου, Βιοµηχανίασ και Τουρισµού Γιώργοσ Λακκοτρύπησ, σε δηλώσεισ του στο περιθώριο τησ επίσηµησ επίσκεψησ του Προέδρου τησ ∆ηµοκρατίασ Νίκου Αναστασιάδη στο Άµπου Ντάµπι. Σχετικά µε το θέµα τησ ενδιάµεσησ λύσησ ο ΥπουργÞσ ανέφερε πωσ «Έχουν ληφθεί τέσσερισ προσφορέσ και πωσ “ακÞµη και στην προηγούµενη διαδικασία, για την οποία υπήρξαν 17 ενδιαφερÞµενοι, µÞνο τέσσερισ απÞ αυτούσ

είχαν ολοκληρωµένη λύση - δηλαδή φυσικÞ αέριο και υποδοµέσ - Þπωσ ζητήσαµε και για την υφιστάµενη διαδικασία. ∆εν θα έλεγα Þτι υπάρχει οποιοδήποτε πρÞβληµα ή οποιαδήποτε απογοήτευση. Στο τέλοσ τησ ηµέρασ δεν είναι θέµα ποσÞτητασ, αλλά θέµα ποιÞτητασ», υπογράµµισε. Ο κ. Λακκοτρύπησ κληθείσ να σχολιάσει δηµοσίευµα πρακτορείου ειδήσεων που φέρει το Ισραήλ να αλλάζει σχεδιασµούσ σε σχέση µε τα κοιτάσµατα υδρογονανθράκων του, ο κ. Λακκοτρύπησ είπε πωσ “οι επιλογέσ τησ κοινοπραξίασ που δραστηριοποιείται στην Αποκλειστική Οικονοµική Ζώνη (ΑΟΖ) του Ισραήλ ανέκαθεν ήταν γνωστέσ. Γι’ αυτÞ το θέµα ενηµέρωσα και την προηγούµενη βδοµάδα πλήρωσ,

Þλα τα κοινοβουλευτικά κÞµµατα. “Αυτέσ οι επιλογέσ (τησ κοινοπραξίασ του Ισραήλ) είναι τέσσερισ. Η πρώτη είναι το χερσαίο τερµατικÞ στην Κύπρο, η δεύτερη είναι η πλωτή µονάδα υγροποίησησ φυσικού αερίου, η τρίτη είναι ο αγωγÞσ προσ την Αίγυπτο και η τέταρτη είναι ο αγωγÞσ προσ την Τουρκία. Είναι γνωστέσ επιλογέσ επί των οποίων είχα τοποθετηθεί αρκετέσ φορέσ και στο παρελθÞν”, πρÞσθεσε. Σηµείωσε πωσ οι συζητήσεισ που γίνονται απÞ πλευράσ Κύπρου µε την κοινοπραξία που δραστηριοποιείται στο οικÞπεδο 12 συνεχίζονται, έχουν εντατικοποιηθεί και προσβλέπουν προσ τη συµφωνία έργου για το τερµατικÞ υγροποίησησ φυσικού αερίου.

280 ı¤ÏÔ˘Ó Ó· Ê‡ÁÔ˘Ó ·fi ÙÔÓ ™˘ÓÂÚÁ·ÙÈÛÌfi

™ÙÈ˜ 6 ª·˚Ô˘ Ë Û˘Ó¿ÓÙËÛË ∞Ó·ÛÙ·ÛÈ¿‰Ë – ª¤ÚÎÂÏ Ωσ ιδιαίτερα σηµαντική κρίνεται η επίσηµη επίσκεψη που θα πραγµατοποιήσει ο ΠρÞεδροσ τησ ∆ηµοκρατίασ Νίκοσ Αναστασιάδησ στη Γερµανία 6-8 του Μάη. Ο ΠρÞεδροσ Αναστασιάδησ θα γίνει επίσηµα δεκτÞσ την Τρίτη 6 του Μάη απÞ την Καγκελάριο Αγκελα Μέρκελ µε την οποία θα παρακαθίσει σε γεύµα εργασίασ µε τη συµµετοχή αντιπροσωπειών απÞ τισ δύο πλευρέσ. Θα ακολουθήσει κοινή διάσκεψη Τύπου. ΠρÞκειται για την πρώτη επίσηµη επίσκεψη του Προέδρου στη Γερµανία µετά την εκλογή του και µετά τα γεγονÞτα του Eurogroup. Σύµφωνα µε πληροφορίεσ αναµένεται να υπάρξει στήριξη απÞ τη Γερµανία στισ προσπάθειεσ τησ Κυπριακήσ ∆ηµοκρατίασ για ανάκαµψη τησ οικονοµίασ, αλλά και µια νέα ευκαιρία στισ δύο χώρεσ να ανοίξουν µια νέα σελίδα στισ σχέσεισ τουσ.

O ™fiÏˆÓ ∫·Û›ÓË˜ Û‡Ì‚Ô˘ÏÔ˜ ÙÔ˘ ™·Ì·Ú¿ Θέση στο πλευρÞ του Αντώνη Σαµαρά παίρνει ο ΣÞλων Κασίνησ, ο οποίοσ ορίστηκε σύµβουλοσ του έλληνα πρωθυπουργού, αρµÞδιοσ για θέµατα ενεργειακήσ πολιτικήσ. Ο κ. Κασίνησ έχει σπουδάσει χηµικÞσ µηχανικÞσ. Κατέχει πτυχίο Business Studies και δίπλωµα Marketing. Επίσησ, συνεισέφερε στισ διαπραγµατεύσεισ για τισ συµφωνίεσ οριοθέτησησ τησ ΑΟΖ τησ Κύπρου µε τισ γειτονικέσ χώρεσ. Μέσω των θέσεων που κατείχε στο υπουργείο Εµπορίου Βιοµηχανίασ και Τουρισµού τησ Κύπρου, εξειδικεύθηκε στην ανάπτυξη των δραστηριοτήτων έρευνασ υδρογονανθράκων στην ΑΟΖ τησ Κύπρου.

ΕντÞσ του στÞχου που τέθηκε σε σχέση µε τον αριθµÞ των εργαζοµένων που θα πρέπει να αποχωρήσει απÞ το ΣυνεργατισµÞ, µέσω του Σχεδίου εθελούσιασ αφυπηρέτησησ, για να επιτευχθούν οι απαραίτητεσ εξοικονοµήσεισ δαπανών, βρίσκεται το ενδιαφέρον που ήδη έχει εκδηλωθεί απÞ το προσωπικÞ, σύµφωνα µε πληροφορίεσ του Κυπριακού Πρακτορείου Ειδήσεων. Χθεσ ολοκληρώθηκε το χρονικÞ περιθώριο που δÞθηκε απÞ την ηγεσία του Συνεργατισµού για εκδήλωση ενδιαφέροντοσ συµµετοχήσ στο Σχέδιο και σύµφωνα µε τισ ίδιεσ πληροφορίεσ, γύρω στουσ 280 υπαλλήλουσ έχουν ήδη εκδηλώσει ενδιαφέρον για αποχώρηση απÞ το ΣυνεργατισµÞ, ΣτÞχοσ ήταν η αποχώρηση του 10% απÞ τισ 3.000 υπαλλήλουσ του Συνεργατισµού, µε κατώτατο αριθµÞ αποχώρησησ

τουσ 250 εργαζοµένουσ και ανώτατο τουσ 300. ΣτÞχευση του Σχεδίου ήταν το προσωπικÞ ηλικίασ 45 ετών και άνω, χωρίσ να αποκλείονται και εργαζÞµενοι που θα ενδιαφερθούν και βρίσκονται κάτω απÞ τη συγκεκριµένη ηλικία. Κατά την εξαγγελία του Σχεδίου εθελούσιασ αφυπηρέτησησ, η ηγεσία του Συνεργατισµού υπολÞγιζε να πετύχει εξοικονοµήσεισ ύψουσ περίπου 14 εκ. ευρώ αρχήσ γενοµένησ απÞ το 2015. Το προσωπικÞ που θα επιλέξει την αποχώρηση θα λάβει µέγιστο ποσÞ τισ 104.000 ευρώ. Ο ΠρÞεδροσ τησ Συνεργατικήσ Κεντρικήσ Τράπεζασ ΝικÞλασ Χατζηγιάννησ είπε Þτι “µε την επιτυχή ολοκλήρωση του σχεδίου εθελούσιασ αφυπηρέτησησ ξεκινά πλέον και η υλοποίηση του προγράµµατοσ για εξοικονοµήσεισ µέχρι 300 εκ. ευρώ την τρέχουσα πενταετία 2014 – 2018”.

¶ÚÒÙË Â›ÛËÌË ÁÈ· °ÈˆÚÎ¿Ù˙Ë Στην Φρανκφούρτη βρίσκεται απÞ χθεσ η ∆ιοικητήσ τησ Κεντρικήσ Τράπεζασ, Χρυστάλλα Γιωρκάτζη προκειµένου να συµµετάσχει στη συνεδρία του ∆ιοικητικού Συµβουλίου τησ Ευρωπαϊκήσ Κεντρικήσ Τράπεζασ, που θα πραγµατοποιηθεί σήµερα. ΠρÞκειται για την πρώτη συνεδρία του ∆Σ τησ ΕΚΤ στην οποία θα συµµετέχει η κ. Γιωρκάτζη, η οποία ανέλαβε επίσηµα τα καθήκοντά τησ στισ 11 Απριλίου. Η κ. Γιωρκάτζη επιστρέφει στην Κύπρο στισ 17 Απριλίου. Η συνεδρία λαµβάνει χώρα στον απÞηχο αυξηµένων προτροπών απÞ το ∆ιεθνέσ ΝοµισµατικÞ Ταµείο και άλλων οικονοµικών εµπειρογνωµÞνων Þπωσ η ΕΚΤ δράσει για να συγκρατήσει ένα ενδεχÞµενο φαύλο κύκλο αποπληθωρισµού στην Ευρωζώνη. Σηµειώνεται Þτι ο πληθωρισµÞσ παρουσίασε το Μάρτιο νέα υποχώρηση στο 0,5% απÞ 0,7% το Φεβρουάριο, πολύ χαµηλÞτερα απÞ τον στÞχο τησ ΕΚΤ για πληθωρισµÞ

γύρω στο 2%. H συνεδρία του ∆ιοικητικού Συµβουλίου τησ Ευρωπαϊκήσ Κεντρικήσ Τράπεζασ πραγµατοποιείται δύο φορέσ κάθε µήνα. Ένα απÞ τα βασικά θέµατα που θα δει κατά την εκεί παρουσία τησ είναι των stress test. Ο ΠρÞεδροσ τησ ΕΚΤ Μάριο Ντράγκι ανέφερε σε οµιλία του πωσ οι πρÞσφατεσ εξελίξεισ που αφορούν τον πληθωρισµÞ συνάδουν µε τισ προσδοκίεσ τησ ΕΚΤ για µια παρατεταµένη περίοδο χαµηλού πληθωρισµού, που θα ακολουθηθεί απÞ µια σταδιακή ανοδική πορεία στο ∆είκτη Τιµών Καταναλωτή το 2015, η οποία θα φτάσει κοντά στο 2% στο τέλοσ του 2016. ΠρÞσθεσε δε Þτι οι κίνδυνοι, είτε ανοδικοί, είτε καθοδικοί παραµένουν περιορισµένοι. Τη θέση του κ. Ντράγκι στήριξε και ο ΓερµανÞσ ΥπουργÞσ Οικονοµικών ΒÞλφγκανγκ ΣÞιµπλε, ο οποίοσ δήλωσε πωσ δεν διαβλέπει καθÞλου σηµάδια αποπληθωριστικών πιέσεων.

∞Ó·Ì¤ÓÔÓÙ·˜ ÙËÓ ¤ÎıÂÛË ÙË˜ ∂ÈÙÚÔ‹˜ £ÂÛÌÒÓ Στο τελικÞ στάδιο ολοκλήρωσησ τησ έκθεσησ και των συµπερασµάτων τησ αναφορικά µε τη λειτουργία των θεσµών του χρηµατοπιστωτικού συστήµατοσ και των Þσων οδήγησαν στην καταστροφή τησ κυπριακήσ οικονοµίασ, βρίσκεται η Κοινοβουλευτική Επιτροπή Θεσµών. Η Επιτροπή, σε συνεδρία τησ σήµερα Τετάρτη, θα ολοκληρώσει το τελικÞ κείµενο τησ έκθεσησ και των συµπερασµάτων και θα οδηγήσει τα κείµενα στην Ολοµέλεια τησ

Βουλήσ προσ συζήτηση την 6η Μαϊου. Σήµερα αναµένεται να διευκρινισθεί εάν θα δηµοσιοποιηθεί ολÞκληροσ ο κατάλογοσ µε τα φυσικά και νοµικά πρÞσωπα που έβγαλαν κεφαλαία κατά τον ουσιώδη χρÞνο πριν το κούρεµα των καταθέσεων ή θα δηµοσιοποιηθεί κατάλογοσ µε τα πολιτικά εκτεθειµένα πρÞσωπα. Ùπωσ αναφέρθηκε στην Επιτροπή κατατέθηκαν 6.000 ονÞµατα φυσικών και νοµικών προσώπων.

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16 ΑΠΡΙΛΙΟΥ, 2014

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∏ ÈÔ ‰‡ÛÎÔÏË ËÏÈÎ›· ∞ÓÙÒÓË˜ §Ô˚˙Ô˘ ∞ÓÙÒÓË˜ §Ô›˙Ô˘ F.R.I.C.S. & ™˘ÓÂÚÁ¿ÙÂ˜ §Ù‰, ∂ÎÙÈÌËÙ¤˜ ∞ÎÈÓ‹ÙˆÓ & ¢È·¯ÂÈÚÈÛÙ¤˜ ŒÚÁˆÓ ∞Ó¿Ù˘ÍË˜

Σε αυτούσ τουσ δύσκολουσ καιρούσ που βιώνουµε διερωτÞµαστε ποια ηλικία υποφέρει περισσÞτερο. Ασφαλώσ οι άνεργοι, είναι εκείνοι οι οποίοι έχουν ελάχιστεσ αποταµιεύσεισ και επιπλέον οι οικογένειεσ των πολυτέκνων. Το νέο οικονοµικÞ «θαύµα» τησ Κύπρου που άρχισε το έτοσ 1988 µε το χρηµατιστήριο, κατεύθυνε τουσ νέουσ να σπουδάσουν χρηµατιστηριακά. Μετά µε την ραγδαία αύξηση τησ αγοράσ των ακινήτων, ώθησε τουσ νέουσ σε σπουδέσ που σχετίζονταν µε τα ακίνητα και την ανάπτυξη, τεχνικούσ, εκτιµητέσ και άλλα. Με την προσέλκυση των υπεράκτιων εταιρειών και µε τα κέντρα εξυπηρέτησησ ξένων εταιρειών, οι νέοι µασ κατευθύνθηκαν στα λογιστικά επαγγέλµατα. Οι πρώτοι που υπέφεραν ήταν κατ’ επέκταση οι «χρηµατιστέσ», οι δεύτεροι «οι των ακινήτων», ενώ τώρα τα µαύρα σύννεφα υπάρχουν και για τον λογιστικÞ/ελεγκτικÞ τοµέα. Εάν δε τα νέα µέτρα που ανακοίνωσε η Ρωσία εφαρµοστούν (φορολÞγηση υπεράκτιων εταιρειών και άλλουσ περιορισµούσ “deoffshorization”), τÞτε και αυτÞσ ο τοµέασ θα έχει τεράστιο πρÞβληµα (Þπωσ ασφαλώσ και ο δικηγορικÞσ τοµέασ κατ’ επέκταση). Εκείνο το οποίο µασ κάνει εντύπωση, είναι Þτι σε µια απÞ τισ διαφηµίσεισ µασ για νέο προσωπικÞ (παρÞλο που άλλοι εγκαταλείπουν το επάγγελµα), υπήρξαν δεκάδεσ αιτήσεισ για µια θέση (Κύπριοι και άλλοι) µε «περιορισµένη» γνώση τησ Αγγλικήσ γλώσσασ. Τι µέγιστο λάθοσ ήταν επί εποχήσ του κ. Γ. Κληρίδη να υιοθετήσει ΕλληνÞφωνο πανεπιστήµιο, ενώ το πανεπιστήµιο αυτÞ θα έπρεπε να ήταν ένα ξενÞγλωσσο (και άρα ΑγγλÞφωνο) το οποίο και θα προσέλκυε ξένουσ φοιτητέσ και θα ήταν και ένα κέντρο συνάντησησ µεταξύ Τ/Κ και Ε/Κ. Αντί αυτού οι Τ/Κ έκαναν ακριβώσ το αντίθετο και έστω εάν κατ’ εµάσ δεν είναι διεθνώσ αναγνωρισµέ-

να τα Τ/Κ πανεπιστήµια, κατÞρθωσαν να έχουν τα πανεπιστήµια αυτά 100.000 φοιτητέσ, που τώρα πολλοί απÞφοιτοι τουσ βρίσκονται σε διάφορεσ χώρεσ σε διάφορεσ θέσεισ, ενώ το δικÞ µασ Πανεπιστήµιο, µε την ΕλληνÞφωνη του εκµάθηση είναι στάσιµο απÞ ξένουσ. Βγάλαµε λοιπÞν χιλιάδεσ νέουσ επιστήµονεσ διαφÞρων επιπέδων, µε πολύ περιορισµένη γνώση τησ Αγγλικήσ γλώσσασ Þπωσ και ορισµένα απÞ τα ιδιωτικά πανεπιστήµια που διδάσκουν στα Αγγλικά, αξίζει τον κÞπο κάποιοσ να διαπιστώσει Þτι οι απÞφοιτοι τουσ γνωρίζουν “pigeon English” µακριά απÞ την επιστηµονική γνώση τησ Αγγλικήσ. Αναφερθήκαµε και σε διάφορα µασ άρθρα για τα λάθη αυτά και µάλιστα ορισµένεσ εφηµερίδεσ δεν τα δηµοσίευσαν, πιθανώσ ερµηνεύοντασ τα ωσ µη πατριωτικά!! Έχουµε λοιπÞν την πρώτη κατηγορία των νέων χωρίσ γνώση τησ επαγγελµατικήσ Αγγλικήσ γλώσσασ που είναι τώρα εγκλωβισµένοι χωρίσ προοπτική για µια εργασία ίσωσ στο εξωτερικÞ, µε τισ «µεγάλεσ δουλειέσ» στην Κύπρο να προέρχονται κυρίωσ απÞ την Βρετανία µε τουσ ξένουσ οίκουσ στην Κύπρο να ζητούν ΑγγλÞφωνουσ και απÞ την άλλη να έχουµε χιλιάδεσ νέουσ άνεργουσ. Είναι ιδιαίτερα προσεκτÞ αυτÞ µε τουσ δικηγÞρουσ οι οποίοι εάν δεν γνωρίζουν Αγγλικά σε επιστηµονική βάση έχουν σοβαρÞ µειονέκτηµα. Επιµένει λοιπÞν το Κράτοσ για εργοδÞτηση ντÞπιων και ασφαλώσ πολύ ορθά, αλλά είναι αξιοπρÞσεκτο Þτι απÞ τισ 120 αιτήσεισ που είχαµε, µÞνοι οι 12 αιτητέσ είχαν άριστεσ επαγγελµατικέσ γνώσεισ τησ Αγγλικήσ.Τι σηµαίνει αυτÞ, Þτι εκείνοι που έχουν τισ γνώσεισ είναι εργοδοτούµενοι; ΕπανερχÞµαστε Þµωσ στο δικÞ µασ θέµα των ακινήτων και αναφερÞµενοι στουσ νέουσ, σασ πληροφορούµε και πάλι Þτι εάν δεν γνωρίζετε επαγγελµατικά Αγγλικά δεν έχετε δυστυχώσ ελπίδα. Το ίδιο αναφερÞµαστε στουσ άλλουσ ιδιαίτερα στουσ γονείσ, που έχουν την λανθασµένη εντύπωση να σπουδάζουν στην Ελλάδα διÞτι είναι πιο φθηνά και άρα συµφέρει. Λάθοσ σασ. Εάν λάβετε υπÞψη τισ καταλήψεισ και διακοπέσ των µαθηµάτων που αυξάνουν την περίοδο πτυχίου απÞ 3 χρÞνια στην Βρετανία στα 5 χρÞνια δεν είναι και τÞσο πιο φθηνά. Η δεύτερη δυστυχήσ ηλικία είναι εκείνων των 35-45 ετών.

Η ηλικία αυτή βρίσκεται στο στάδιο σπουδών των παιδιών τουσ, τα δάνεια για τα σπίτια τουσ κλπ που τώρα είτε είναι άνεργοι είτε µε µειωµένουσ µισθούσ (στον ιδιωτικÞ τοµέα 20%-30% και στον δηµÞσιο µέγιστο 20%).Υπάρχουν αξιÞλογα στελέχη αυτήσ τησ ηλικίασ, ιδιαίτερα εκείνα τα οποία προέρχονται απÞ τισ τράπεζεσ, νοουµένου Þτι είναι διατεθειµένοι να αποδεχθούν µισθούσ του ιδιωτικού τοµέα, αλλά είναι καλύτερη η ανεργία και η ψυχοφθÞρα «ανάπαυση» και η πίεση τησ προσβολήσ Þντασ άνεργοσ απÞ την ίδια την οικογένεια (ιδιαίτερα τα παιδιά) και την ευρύτερησ κοινωνίασ; Εάν λοιπÞν ενδιαφέρει ο τοµέασ των ακινήτων και έχετε Þχι τισ απαραίτητεσ γνώσεισ επί του θέµατοσ αλλά την θέληση, υπάρχουν αγαπητοί µασ αναγνώστεσ τοµείσ νέασ εργοδÞτησησ και να µην σασ κακοφαίνεται, ή να νοιώσετε µειονεκτικά Þτι ο µισθÞσ σασ θα είναι 20%-30% πιο κάτω απÞ Þτι είστε µαθηµένοι. Εδώ δεν πρÞκειται για εκµετάλλευση του εργοδÞτη, διÞτι και ο ίδιοσ προσπαθεί να επιβιώσει. Θεωρείστε τον εαυτÞ σασ τυχερÞ αγαπητοί µασ αναγνώστεσ αυτήσ τησ ηλικίασ ακÞµα και 50 ετών να εργοδοτηθείτε και να έχετε Þχι µια τÞσο «καλή» αµοιβή, αλλά τουλάχιστον να διατηρήσετε την ψυχική σασ ηρεµία. Η γνώση ξένησ γλώσσασ πέραν τησ Αγγλικήσ είναι ακÞµη ένα σοβαρÞ προσÞν. Γιατί δεν µπορούµε να εξασφαλίσουµε ΡωσÞφωνο προσωπικÞ στην Κύπρο και να είµαστε αναγκασµένοι να εισάγουµε απÞ την Ουκρανία, Ρωσία κλπ, Þπου και µασ κοστίζουν 2 φορέσ περισσÞτερα; Τι να πούµε;

ΧΡΗΜΑ&ΑΓΟΡΑ

16 AΠΡΙΛΙΟΥ, 2014

4 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

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ƒÂ˘ÛÙfiÙËÙ· Î·È ÁÚ·ÊÂÈÔÎÚ·Ù›· «ÛÎÔÙÒÓÔ˘Ó» ÙÈ˜ ÂÂÓ‰‡ÛÂÈ˜ Tο πρÞβληµα τησ ρευστÞτητασ αλλά και το µεγάλο χρονικÞ διάστηµα που απαιτείται για την εξασφάλιση αδειών για την δηµιουργία Φωτοβολταικών Πάρκων, φαίνεται να είναι τα κυριÞτερα προβλήµατα που αντιµετωπίζει ο τοµέασ Ανανεώσιµων Πηγών Ενέργειασ στην Κύπρο. Την ίδια ώρα αυτÞ λειτουργεί και ωσ αποτρεπτικÞ στοιχείο Þσον αφορά την προσέλκυση επενδύσεων και χρηµατοδÞτησησ τέτοιων έργων. Αξίζει να σηµειωθεί Þτι απÞ τον µειοδοτικÞ διαγωνισµÞ που εξήγγειλε η ΡΑΕΚ για την δηµιουργία φωτοβολταϊκών πάρκων, συνολικά 50 ΜW, µέχρι τώρα προχωρούν έργα που καλύπτουν µÞνο 26 ΜW. «Τα γρανάζια τησ γραφειοκρατίασ αποτελούν τροχοπέδη για την δηµιουργία, ενεργειακών έργων» ανέφερε στην Financial Mirror o ∆ηµήτρησ Μυτιληνέλησ,

διευθυντήσ τησ Hellas Energy που δραστηριοποιείται στην Κυπριακή αγορά στον τοµέα τησ ενέργειασ και φωτοβολταϊκών πάρκων. Ùπωσ τÞνισε ο κ. Μυτιληνέλησ, η γραφειοκρατία και η έλλειψη ρευστÞτητασ, δεν βοηθούν στην ανάπτυξη µεγάλων ενεργειακών έργων. Αντίθετα, ενδιαφέρον άρχισε να αποκτά η εγκατάσταση οικιακών φωτοβολταϊκών συστηµάτων λÞγω και του κυβερνητικού προγράµµατοσ Net Metering 3 KW. «Εµείσ σαν Hellas Energy, απÞ τον Σεπτέµβριο έχουµε διεκπεραιώσει πέραν των 190 οικιακών εγκαταστάσεων και αυτÞ δείχνει απÞ µÞνο του πωσ η αγορά χρειάζεται οικονοµικά κίνητρα, λÞγω τησ κατάστασησ τησ κυπριακήσ οικονοµίασ», ανέφερε ο κ. Μυτιληνέλησ. ΠρÞσφατα η Ηellas Energy, εξήγγειλε το

ενδιαφέρον τησ για αγορά υφιστάµενων αδειών για δηµιουργία φωτοβολταϊκών πάρκων. Ùπωσ µασ ανέφερε ο κ. Μυτιληνέλησ, υπάρχει στην αγορά επενδυτικÞ κενÞ και γι’ αυτÞ αρκετοί απÞ Þσουσ έχουν εξασφαλίσει άδειεσ για την δηµιουργία φωτοβολταϊκών πάρκων δεν µπορούν να προχωρήσουν στην υλοποίηση τουσ. «Η µη υλoποίηση των αδειών απÞ αυτούσ που τισ έχουν εξασφαλίσει, φαίνεται να οφείλεται στο γενικÞ αρνητικÞ κλίµα τησ αγοράσ, αλλά και την έλλειψη χρηµατοδÞτησησ απÞ τισ τράπεζεσ». Ùπωσ Þλα δείχνουν απÞ Þσουσ έχουν εξασφαλίσει άδειεσ µÞνο το 30-35% µπορούν να προχωρήσουν στην υλοποίηση τουσ, µιασ και αυτή πρέπει να γίνει µέσα σε 7 µήνεσ απÞ την µέρα εξασφάλισησ τησ άδειασ, σηµείωσε ο κ. Μυτιληνέλησ.

™˘ÓÂÚÁ·Û›· Hellas Energy - GIEK Συνεχίζοντασ ο κ. Μυτιληνέλησ ανέφερε πωσ η Hellas Energy, έχει προχωρήσει σε συµφωνία συνεργασίασ και χρηµατοδÞτησησ έργων µε την GIEK (Garanti-Instituttet for Eksportkreditt). ΠρÞκειται για την κρατική τράπεζα τησ Νορβηγίασ, µε το ταµείο πλούτου που διαχειρίζεται να έχει αποθεµατικÞ 920 δισ

∞fi 30 ª·˚Ô˘ ÙÔ Î·ÏÔÎ·ÈÚÈÓfi ÚfiÁÚ·ÌÌ· ÙÔ˘ Salamis Filoxenia ΑπÞ τισ 30 Μαΐου µέχρι και τισ 20 Οκτωβρίου 2014 θα διαρκέσουν τα φετινά δροµολÞγια του c/s Salamis Filoxenia. Το νέο εµπλουτισµένο πρÞγραµµα κρουαζιέρων περιλαµβάνει Σαββοτοκύριακα µε 2ήµερεσ και 3ήµερεσ κρουαζιέρεσ στoυσ Αγίουσ ΤÞπουσ, Λίβανο, Μύκονο, Άγιο ΝικÞλαο Κρήτησ, ΡÞδο, Κάλυµνο, Κω, Σύµη, ΚαστελÞριζο και µεγαλύτερησ διάρκειασ κρουαζιέρεσ 4ήµερεσ, 5ήµερεσ, 7ήµερεσ και 8-ήµερεσ µε επισκέψεισ στην Κέρκυρα, Ζάκυνθο, Πάτρα, Καλαµάτα, Χανιά (Σούδα), Μονεµβασιά, Ναύπλιο, Πειραιά, Πάρο, Μύκονο, Σαντορίνη, Σύρο (Τήνο), Άγιο ΝικÞλαο Κρήτησ, Σκίαθο, Θεσσαλονίκη, Καβάλα, Λήµνο, ΑιδηψÞ, ΒÞλο, Πάτµο, Μυτιλήνη, Ικαρία, Κάλυµνο, Κω, Χίο, Σάµο, ΡÞδο, Σύµη και ΚαστελÞριζο. Σηµειώνεται Þτι Þταν το c/s Salamis Filoxenia που θα προσεγγίζει την Σύρο, οι επιβάτεσ θα έχουν την δυνατÞτητα να αγοράσουν προαιρετική επίσκεψη στην Τήνο για προσκύνηµα, νοουµένου Þτι οι συνθήκεσ και τα δεδοµένα δεν διαφοροποιούνται απÞ τα προβλεπÞµενα κατά την ηµέρα έκδοσησ των δροµολογίων. Κατά την διάρκεια Þλων των κρουαζιέρων του c/s Salamis Filoxenia το Καλοκαίρι 2014 τα Παιδιά µέχρι 12 ετών ταξιδεύουν ∆ωρεάν, πληρώνοντασ µÞνο λιµενικούσ

φÞρουσ, Þταν µοιράζονται την καµπίνα µε δύο ενήλικεσ. Επίσησ θα επωφελούνται ∆ωρεάν ΠρÞγραµµα Εκµάθησησ Αγγλικών απÞ τα Φροντιστήρια AXON. Το c/s Salamis Filoxenia διαθέτει εννιά καταστρώµατα επιβατών, είναι 15,400 τÞνων, έχει µήκοσ 157 και πλάτοσ 22 µέτρα. Μπορεί να φιλοξενήσει µέχρι 800 επιβάτεσ σε άνετεσ καµπίνεσ διαφÞρων κατηγοριών και πολυτελείσ σουίτεσ, Þλεσ εξοπλισµένεσ µε προσωπικέσ ανέσεισ και τηλεοράσεισ LCD. Σηµειώνουµε Þτι Þλεσ οι καµπίνεσ είναι πάνω απÞ το επίπεδο τησ θάλασσασ. Οι κοινÞχρηστοι χώροι του πλοίου περιλαµβάνουν πέντε ευρύχωρα σαλÞνια και µπαρ, αµφιθεατρικÞ σινεµά που µπορεί να χρησιµοποιηθεί για οργάνωση σεµιναρίων και διαλέξεων, πισίνεσ για ενήλικεσ και παιδιά, µεγάλο καζίνο, ίντερνετ καφέ, µεγάλο κατάστηµα αφορολογήτων ειδών, κατάστηµα δώρων και επιλεγµένων ελληνικών προϊÞντων και γυµναστήριο. Για τουσ µικρούσ µασ φίλουσ υπάρχει παιδÞτοποσ µε εκπαιδευµένο προσωπικÞ που θα διοργανώνει διάφορεσ δραστηριÞτητεσ. Το πρÞγραµµα ψυχαγωγίασ έχει και φέτοσ αναβαθµιστεί και εµπλουτιστεί και η κάθε κρουαζιέρα θα είναι ξεχωριστή και µοναδική. Το κατάστρωµα του Sky Bar µε την Disco κάτω απÞ τα αστέρια τησ Μεσογείου θα αποτελέσει σηµείο αναφοράσ. Αξίζει να σηµειωθεί Þτι το κρουαζιερÞπλοιο Salamis Filoxenia είναι το µοναδικÞ µε κυπριακή σηµαία που έχει σαν βάση του την Κύπρο και έρχεται να αναβαθµίσει το προϊÞν τησ κρουαζιέρασ απÞ τα λιµάνια µασ µε πολλέσ επιλογέσ δροµολογίων στα Ελληνικά Νησιά αλλά κυρίωσ µε την γνωστή φιλοξενία τησ Salamis και τισ πολλών αστέρων υπηρεσίεσ εν πλω που θα χαρίσουν ένα ευχάριστο ταξίδι σε Þλουσ τουσ επιβάτεσ µασ. Για προκρατήσεισ που θα γίνουν µέχρι τισ 4 Μαΐου 2014 θα προσφέρονται ειδικέσ εκπτώσεισ στα ναύλα σε Þλεσ τισ κρουαζιέρεσ. Θα εξαιρείται απÞ τισ εκπτώσεισ η 8ήµερη κρουαζιέρα µε ηµεροµηνία αναχώρησησ 17/9/2014. Για περισσÞτερεσ πληροφορίεσ στο www.salamiscruiselines.com

δολάρια. Η GIEK σε συνεργασία µε την Hellas Energy µπορούν να χρηµατοδοτήσουν έργα άνω του 1 εκ. ευρώ στην Κύπρο και στην Μέση Ανατολή. ΠροϋπÞθεση, αποτελεί το ποσοστÞ συµµετοχήσ που φθάνει το 85% του έργου χωρίσ περιορισµÞ στο ποσÞ. Φθάνει ο επενδυτήσ να έχει το 15% σε µετρητά για να µπορέσει να εξασφαλίσει την χρηµατοδÞτηση. Ùσον αφορά την εξασφάλιση τησ χρηµατοδÞτησησ, ο ενδιαφερÞµενοσ θα έχει απάντηση απÞ τα συµβαλλÞµενα µέρη εντÞσ 15 ηµερών. Tην ίδια ώρα η Hellas Energy προσφέρει την ευκαιρία επένδυσησ µηδενικού ρίσκου σε Þσουσ διαθέτουν δική τουσ γη (οικÞπεδο, χωράφι), µε την κατασκευή φωτοβολταϊκού πάρκου 100kW µε τιµή απÞ 99,000 ευρώ (συν ΦΠΑ). Η εταιρεία παρέχει άµεση εγκατάσταση και µηχανολογικÞ εξοπλισµÞ των πλέον αξιÞπιστων εταιρειών, δηλαδή πάνελ τησ εταιρίασ Philadelphia Solar, και τα Γερµανικά ινβέρτερ Platinum, µε απÞδοση επένδυσησ έωσ 25% και ετήσια κέρδη έωσ 25.000 ευρώ. Η Hellas Energy δραστηριοποιείται στο χώρο των ανανεώσιµων πηγών ενέργειασ απÞ το 2007 µε εξειδίκευση στη κατασκευή φωτοβολταϊκών έργων παραγωγήσ ηλεκτρικήσ ενέργειασ. Έχει εγκαταστήσει 400 φωτοβολταϊκούσ σταθµούσ σε Ελλάδα και Κύπρο, δυναµικÞτητασ 16.7 MW. Για περισσÞτερεσ πληροφορίεσ στο 77 77 29 19.

¶∞™À•∂: ¶ÚÔÛÊÔÚ¤˜ ·fi 119 ÍÂÓÔ‰Ô¯Â›· Προσφορέσ απÞ 119 ξενοδοχεία και συγκροτήµατα οργανωµένων διαµερισµάτων περιλαµβάνει ο κατάλογοσ του ΠΑΣΥΞΕ για την περίοδο του Πάσχα και Þλο το καλοκαίρι. Συγκεκριµένα για τον Απρίλιο οι ειδικέσ προσφορέσ αρχίζουν απÞ 15.00 ευρώ το άτοµο σε διαµέρισµα 1 υπνοδωµατίου (για διαµονή 2 ατÞµων) και απÞ 20.00 ευρώ το άτοµο σε δίκλινο δωµάτιο ξενοδοχείου (για διαµονή 2 ατÞµων). Ο σχετικÞσ καλοκαιρινÞσ κατάλογοσ µε τισ ελκυστικέσ τιµέσ διατίθεται για τουσ ενδιαφερÞµενουσ προσ άµεση αξιοποίηση, ενÞψει και των διακοπών του Πάσχα, στισ ιστοσελίδεσ του ΠΑΣΥΞΕ (www.cyprushotelassociation.org) και του ΚΟΤ www.visitcyprus.biz & www.visitcyprus.com

N¤Ô˜ ÚfiÂ‰ÚÔ˜ ÙÔ˘ EQAR Ô Ú‡Ù·ÓË˜ ∞. √ÚÊ·Ó›‰Ë˜ Ενίσχυση του ηγετικού ρÞλου που ο Πρύτανησ του Ευρωπαϊκού Πανεπιστηµίου Κύπρου καθηγητήσ Ανδρέασ Γρ. Ορφανίδησ διαδραµατίζει στον ΕυρωπαϊκÞ Χώρο Τριτοβάθµιασ Εκπαίδευσησ, σηµατοδοτεί η εκλογή του ωσ νέου Προέδρου του EQAR (European Quality Assurance Register). Η Γενική Συνέλευση του EQAR, που έγινε στην Αθήνα στο πλαίσιο τησ Ελληνικήσ Προεδρίασ του Συµβουλίου τησ Ευρωπαϊκήσ Ένωσησ, εξέλεξε οµÞφωνα τον καθηγητή Ορφανίδη ωσ τον επÞµενο ΠρÞεδρο του. Το EQAR είναι το ανώτατο σώµα στο σύστηµα διασφάλισησ και πιστοποίησησ ποιÞτητασ στον ΕυρωπαϊκÞ Χώρο Τριτοβάθµιασ Εκπαίδευσησ, που αξιολογεί και αναγνωρίζει τα εξωτερικά σώµατα που αξιολογούν τα πανεπιστήµια και τα άλλα ιδρύµατα τριτοβάθµιασ εκπαίδευσησ. Στη Γενική Συνέλευση του EQAR εκπροσωπούνται οι κυβερνήσεισ των 47 ευρωπαϊκών κρατών και διάφοροι διεθνείσ οργανισµοί (Συµβούλιο τησ Ευρώπησ, EUA, EURASHE, ENQA, ESU, κ.ά.). O κ. Ορφανίδησ είναι επίσησ ΠρÞεδροσ του EURASHE, του ευρωπαϊκού οργανισµού των ιδρυµάτων τριτοβάθµιασ εκπαίδευσησ, που εκπροσωπεί πέραν των 1.400 πανεπιστηµίων, πολυτεχνείων και άλλων ιδρυµάτων τριτοβάθµιασ εκπαίδευσησ.

ΧΡΗΜΑ&ΑΓΟΡΑ

16 AΠΡΙΛΙΟΥ, 2014

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¶ƒ√°ƒ∞ªª∞ GREENLION

∏ Ó·ÓÔÙÂ¯ÓÔÏÔÁ›· ‰ÈÏ·ÛÈ¿˙ÂÈ ÙËÓ ˙ˆ‹ ÙˆÓ Ì·Ù·ÚÈÒÓ Ένα έξυπνο κινητÞ τηλέφωνο ή ένα laptop που διατηρείται φορτισµένο διπλάσιο χρÞνο, ένα ηλεκτρικÞ Þχηµα µε σταθερÞτερη απÞδοση και µεγαλύτερη διάρκεια ζωήσ. Ανάλογεσ ευκολίεσ ίσωσ δεν απέχουν χρονικά τÞσο Þσο νοµίζουµε. Χάρη σε µια καινούργια νανοτεχνολογία, το πρÞγραµµα GREENLION, το οποίο χρηµατοδοτείται απÞ την Ευρωπαϊκή Ένωση, έχει διπλασιάσει τη ζωή τησ µπαταρίασ των κινητών συσκευών και των ηλεκτρικών οχηµάτων, ακÞµα και αφÞτου οι µπαταρίεσ έχουν φορτιστεί και αποφορτιστεί περισσÞτερεσ απÞ 1.000 φορέσ. ΑυτÞ επιτεύχθηκε µε την αντικατάσταση του γραφίτη, που χρησιµοποιείται στισ µπαταρίεσ ιÞντων λιθίου και έχει χαµηλή δυνατÞτητα φÞρτισησ, µε µια βελτιωµένη εκδοχή γερµανίου µε υψηλÞτερεσ δυνατÞτητεσ. Η ερευνητική οµάδα διασφάλισε Þτι η τεχνολογία είναι κλιµακωτή, χαµηλού κÞστουσ και χαµηλήσ ενέργειασ, καθιστώντασ την πιο «πράσινη» και εµπορικά βιώσιµη. Συντονιστήσ του Προγράµµατοσ GREENLION είναι η Ισπανία και συµµετέχουν η Ιρλανδία, Ιταλία, Γερµανία, Ισπανία, Αυστρία, Ελβετία και Γαλλία. Για περισσÞτερεσ πληροφορίεσ επισκεφθείτε την ιστοσελίδα

http://www.greenlionproject.eu/project-overview. Να σηµειωθεί Þτι την 1η Ιανουαρίου η Ευρωπαϊκή Ένωση ξεκίνησε ένα νέο επταετέσ πρÞγραµµα για την επιχορήγηση προγραµµάτων Έρευνασ και Καινοτοµίασ µε την ονοµασία Ορίζοντασ 2020. Στα επÞµενα επτά χρÞνια περίπου 80 δισ ευρώ θα επενδυθούν σε προγράµµατα έρευνασ και καινοτοµίασ στηρίζοντασ την ανταγωνιστικÞτητα τησ ευρωπαϊκήσ οικονοµίασ και διευρύνοντασ τουσ ορίζοντεσ τησ ανθρώπινησ γνώσησ. Ο προϋπολογισµÞσ τησ Ευρωπαϊκήσ Ένωσησ για την έρευνα επικεντρώνεται κυρίωσ στη βελτίωση τησ καθηµερινÞτητασ σε τοµείσ Þπωσ η υγεία, το περιβάλλον, οι µεταφορέσ, τα τρÞφιµα και η ενέργεια. ΕπιπρÞσθετα, η ερευνητική συνεργασία µε τη φαρµακοβιοµηχανία, την αεροναυτική, την αυτοκινητοβιοµηχανία και τη βιοµηχανία ηλεκτρονικών ενθαρρύνει επενδύσεισ απÞ τον ιδιωτικÞ τοµέα για την ενίσχυση τησ µελλοντικήσ οικονοµικήσ ανάπτυξησ και τη δηµιουργία εξειδικευµένων θέσεων εργασίασ. Το πρÞγραµµα Horizon 2020 θα δώσει ακÞµη περισσÞτερη έµφαση στη µετατροπή καινοτÞµων ιδεών σε εµπορεύσιµα προϊÞντα, διαδικασίεσ και υπηρεσίεσ.

∆ÚÂÈ˜ ÂÈÏ¤ÔÓ Ù‹ÛÂÈ˜ ÚÔ˜ ∫‡ÚÔ ·fi ÙËÓ ∂mirates Τρεισ επιπλέον πτήσεισ, εντάσσει απÞ 1η Αυγούστου 2014 η Εmirates στο πτητικÞ τησ πρÞγραµµα προσ την Κύπρο. Αυτή η είδηση ακολουθεί την απαλλαγή τησ προ εισÞδου βίζασ τώρα επίσησ δωρεάν - που ισχύει για τουσ Κύπριουσ πολίτεσ που επισκέπτονται τα Ηνωµένα Αραβικά Εµιράτα απÞ τισ 22 Μαρτίου του 2014. Λειτουργώντασ µε ένα Airbus A330 - 200 η καθηµερινή υπηρεσία µεταξύ του Ντουµπάι, Λάρνακασ και µετά στη Μάλτα θα προσθέτει χωρητικÞτητα 563 θέσεων την εβδοµάδα και επιπλέον χωρητικÞτητα 51 τÞνων φορτίου ανά εβδοµάδα σε κάθε κατεύθυνση. Οι ταξιδιώτεσ απÞ την Κύπρο θα µπορούν να έχουν καθηµερινή πρÞσβαση στο Ντουµπάι και στη Μάλτα η οποία σήµερα λειτουργεί τέσσερισ φορέσ την εβδοµάδα.

Ο νέοσ Country Manager για την Κύπρο Mustafa al Jabri, δήλωσε: «Η απÞφαση τησ Emirates να εισαγάγει εκ νέου ένα καθηµερινÞ δροµολÞγιο στην Κύπρο είναι αποτέλεσµα αύξησησ τησ ζήτησησ των πελατών. Επιπλέον, η αεροπορική εται-

ρία θα προσφέρει καλύτερη συνδεσιµÞτητα για τουσ πελάτεσ µασ, Þταν ταξιδεύουν στο Ντουµπάι, και µετά προσ τα ανατολικά στο υπÞλοιπο του δικτύου µασ στην ινδική υποήπειρο, την Αφρική, την Άπω Ανατολή και την Αυστραλασία.» Προσθέτοντασ στην εκτεταµένη σειρά προϊÞντων τησ εταιρείασ, οι πελάτεσ που ταξιδεύουν σε Þλεσ τισ κατηγορίεσ δικαιούνται επιτρεπÞµενο βάροσ αποσκευών - 30 κιλά στην Economy Class, 40 στην Business Class και 50 στην First Class. Οι καθηµερινέσ πτήσεισ θα επιτρέψουν επίσησ στην Emirates SkyCargo, να εξυπηρετεί ακÞµα καλύτερα τουσ Κύπριουσ εισαγωγείσ και εξαγωγείσ, προσφέροντασ µια ηµερήσια χωρητικÞτητα φορτίου 17 τÞνων και πιο συχνέσ συνδέσεισ µε τισ προµηθευτικέσ αγορέσ τουσ.

BURGER KING

¢È¿ÛËÌ· ÌÂ ÙÔ Î·ÏËÌ¤Ú· Û·˜! Με το άνοιγµα του Burger King στο Kings Avenue Mall, οι φανσ, µικροί και µεγάλοι περίµεναν µε ανυποµονησία έξω απÞ το εστιατÞριο, δηµιουργώντασ σειρά για να δοκιµάσουν ξανά τισ µοναδικέσ αυθεντικέσ γεύσεισ των Burgers! «Έχουµε δοκιµάσει και στην Αγγλία αρκετέσ φορέσ και η γεύση είναι ακριβώσ η ίδια Þπωσ την ξέρουµε και µασ αρέσει!», ανέφερε Αγγλίδα η οποία επισκέφθηκε το εστιατÞριο µε την οικογένεια τησ. Στη συνέχεια, µετά απÞ σχεδÞν ένα µήνα λειτουργίασ του εστιατορίου, επισκέπτεσ που δοκίµαζαν για πρώτη φορά τα γεύµατα του Burger King, έµειναν κατενθουσιασµένοι. «Πρώτη φορά δοκιµάζουµε. Μασ άρεσε πολύ. Ήταν φρέσκα και νÞστιµα!» τÞνισε ενήλικασ ο οποίοσ επισκέφθηκε το Burger King για πρώτη φορά. Μεγάλη επιτυχία σηµειώνει το επώνυµο Whopper sandwich, το Steakhouse Burger καθώσ επίσησ και το λαχταριστÞ Big King sandwich, Þλα απÞ 100% βοδινÞ κρέασ. Επίσησ, µεγάλη επιτυχία συνεχίζουν να έχουν το Tendercrisp Chicken Sandwich και το Tendergrill Chicken Sandwich, αποδεικνύοντασ για ακÞµη µία φορά Þτι τα φρεσκοκοµµένα λαχανικά και η ποιοτική flame-grilled γεύση, είναι Taste is King (η γεύση είναι βασιλιάσ) που σηµάδεψε τα Burger King ΠαγκÞσµια. Την ανάπτυξη και λειτουργία των εστιατορίων Burger King στην Κύπρο έχει αναλάβει η Wow Burgers, µια νέα εταιρεία που ιδρύθηκε µε στÞχο να αναπτύξει το Burger King brand στην Κύπρο. Το Burger King Worldwide, Inc. (NYSE: BKW) ιδρύθηκε το 1954 και είναι η δεύτερη µεγαλύτερη αλυσίδα fast food hamBurger στον κÞσµο. Το Burger King που έχει καθιερωθεί ωσ

∆Ô ÁÈÁ¿ÓÙÈÔ Big King

∆Ô ÚÒÙÔ Burger King ÛÙËÓ ∫‡ÚÔ ÏÂÈÙÔ˘ÚÁÂ› ÛÙÔ Kings Avenue Mall ÛÙËÓ ¶¿ÊÔ το Home of the Whopper, λειτουργεί σε πάνω απÞ 13,000 σηµεία σερβίροντασ πάνω απÞ 11 εκ. επισκέπτεσ καθηµερινά σε 97 χώρεσ και περιοχέσ παγκÞσµια. Τα Burger King κατάφεραν να ξεχωρίσουν µε το µοναδικÞ Whopper, το επώνυµο burger του Burger King, το οποίο απÞ το 1957 είναι ένα απÞ τα δηµοφιλέστερα Burgers παγκοσµίωσ, το 100% Black Angus Beef Burger και το γιγάντιο Big King Burger. Μεγάλεσ νίκεσ καταγράφει πρÞσφατα το Burger King στον πÞλεµο των burgers µε νέεσ καινοτÞµεσ ιδέεσ Þπωσ τα νέα

French fries “Satisfries” µε µειωµένεσ θερµίδεσ και λιπαρά, το νέο BBQ Rib Sandwich, ένα ζουµερÞ µπιφτέκι µε σάλτσα µπάρµπεκιου, η Heinz Ketchup µε µειωµένο αλάτι και ζάχαρη και τα fresh-applefries, µήλο σε σχήµα French fries. Τέλοσ, τα εστιατÞρια Burger King έχουν εισάγει την υπηρεσία delivery σε παγκÞσµιο επίπεδο, φέρνοντασ το αγαπηµένο φαγητÞ σε ειδική συσκευασία που το διατηρεί ζεστÞ, δεν αλλοιώνεται η γεύση του και έτσι οι πελάτεσ µπορούν να απολαύσουν τα µοναδικά γεύµατα του Burger King στο δικÞ τουσ χώρο.

∆Ô ÂÒÓ˘ÌÔ Whopper

∆Ô Ï·¯Ù·ÚÈÛÙfi Steakhouse

ΧΡΗΜΑ&ΑΓΟΡΑ

16 ΑΠΡΙΛΙΟΥ, 2014

6 | ∆ΙΕΘΝΗ | financialmirror.com

ŒÍÔ‰Ô˜ ÛÙÈ˜ ·ÁÔÚ¤˜: ª‡ıÔÈ Î·È Ú·ÁÌ·ÙÈÎfiÙËÙÂ˜ ¡›ÎÔ˜ ªÈ¯·ËÏ›‰Ë˜ Foreign Exchange Analyst Email: michailidisn@aol.com Σε ρυθµούσ εξÞδου στισ αγορέσ ζει τισ τελευταίεσ µέρεσ η Ελλάδα, πράγµα που εν ολίγοισ έχει ανοίξει την «Þρεξη» και σε εµάσ εδώ στην Κύπρο Πάµε να δούµε Þµωσ µε καθαρά οικονοµικούσ Þρουσ τι έγινε στην Ελλάδα. Η Ελλάδα λοιπÞν µετά απÞ 4 χρÞνια σκληρήσ και απάνθρωπησ λιτÞτητασ Þπου και απώλεσε σχεδÞν το 50% του εθνικού τησ πλούτου και µε χρέοσ 320 δισ (175% του ΑΕΠ) αποφάσισε µε τισ ευλογίεσ των Μέρκελ, ΣÞιµπλε να βγει στισ αγορέσ για 2,5 δισ. Ùταν µια χώρα επανέρχεται στισ αγορέσ, 99 στισ 100 περιπτώσεισ βγαίνει µέσω πλειστηριασµού και κάτω απÞ νÞµουσ και κανονισµούσ που έχουν να κάνουν µε την χώρα που δανείζεται. Στην συγκεκριµένη Þµωσ περίπτωση, για ευνÞητουσ λÞγουσ φυσικά, η διαδικασία ήταν εντελώσ διαφορετική. Η Ελλάδα δεν βγήκε µέσω πλειστηριασµού αλλά µέσω private placement πράγµα που σηµαίνει πωσ εκ των προτέρων είναι διασφαλισµένη η επιτυχία τησ και η πλήρησ κάλυψη τησ. Άρα τα Þσα λέγονται περί πλήρησ κάλυψησ τησ έκδοσησ είναι άνευ ουσίασ αφού ήταν έτσι και αλλιώσ εγγυηµένη η έκδοση. Αλλά ακÞµα και εγγυηµένη να µην ήταν έχει γίνει µε τÞσο ευνοϊκούσ Þρουσ που είναι σαν να µιλάµε για έκδοση µηδαµινού ρίσκου για τον δανειστή που ακÞµα και ο µικρÞτεροσ και πιο άσχετοσ επενδυτήσ στον κÞσµο να είσαι θα έτρεχεσ να επωφεληθείσ µιασ τÞσο µεγάλησ ευκαιρίασ.

Το νέο, πενταετέσ, οµÞλογο που έκδωσε η Ελλάδα µε την εγγύηση ξένων τραπεζών υπάγεται στο αγγλικÞ δίκαιο Þτι δηλαδή ισχύει και για τα δάνεια τησ τρÞικασ. ΑυτÞ έτσι απλά σηµαίνει Þτι αφενÞσ δεν υπάρχει ποτέ περίπτωση να κουρευτεί το οµÞλογο αυτÞ και αφετέρου η δηµÞσια περιουσία θα είναι στη διάθεση των ξένων δικαστηρίων για την εξÞφλησή του. Ο δανειστήσ/επενδυτήσ πάντα ενδιαφέρεται για δύο µÞνο πράγµατα: το πωσ θα πάρει πίσω τα λεφτά του και για τον τÞκο. Στη συγκεκριµένη περίπτωση έχουµε και υψηλÞ τÞκο και εξασφάλιση νοµική µε τισ παραπάνω ρήτρεσ που ισχύουν µÞνο για την Ελλάδα και για καµία άλλη χώρα του πλανήτη. Άρα εδώ δεν δίνουν οι αγορέσ δώρο γιατί πήγε καλύτερα η Ελλάδα ωσ οικονοµία. Έτσι και αλλιώσ το χρέοσ τησ Ελλάδασ είναι στο 175% του ΑΕΠ και σίγουρα δεν είναι βιώσιµο και αυτÞ το γνωρίζουν Þλοι. Απλώσ εφÞσον αξιολογούν µÞνο το ψηλÞ επιτÞκιο και µε δεδοµένεσ τισ ρήτρεσ το ρίσκο είναι σχεδÞν ανύπαρκτο. Και το επιτÞκιο συγκρινÞµενο µε το µηδαµινÞ επιτÞκιο που πληρώνουν οι Γερµανία, ΗΠΑ, Ιαπωνία και Γαλλία είναι πολύ µεγάλο δέλεαρ στισ µέρεσ µασ. «Ανοίγουν οι αγορέσ για την Ελλάδα» µασ λένε οι Ευρωπαίοι. Ποιεσ αγορέσ ανοίγουν για την Ελλάδα; Ανοίγει απλώσ η δυνατÞτητα µε τεράστιεσ νοµικέσ ρήτρεσ και µε την εγγύηση κρατών Þπωσ η Γερµανία αλλά και ολÞκληρησ τησ ΕΕ να επιχειρήσει να δανειστεί µε το υψηλÞτερο επιτÞκιο τησ Ευρώπησ. Καµία σχέση λοιπÞν δεν έχει αυτή η «έξοδοσ» στισ αγορέσ, µε κανονική έξοδο, αφού µÞνο τέτοια δεν είναι. Εάν υπήρχε κανονική έξοδοσ στισ αγορέσ, θα έπρεπε: 1) αυτή να µπορεί να γίνει για οποιοδήποτε ποσÞ και για οποιαδήποτε χρονική διάρκεια (5, 10, 20 χρÞνια), 2) να υπήρχε µÞνο η εγγύηση του ελληνικού δηµοσίου και 3) οι διαφορέσ

γύρω απÞ το οµÞλογο που θα εκδιδÞταν να υπάγονταν στο ελληνικÞ δίκαιο και στα ελληνικά δικαστήρια. Είναι προφανέσ πωσ Þλο αυτÞ το show στήθηκε απÞ τουσ Γερµανούσ µε διπλÞ στÞχο. ΑφενÞσ να εκµεταλλευτούν την συγκυρία αυτή οι Γερµανοί σαν επιστέγαση τησ «εγκληµατικήσ» τουσ πολιτικήσ που γονάτισε Þλο τον ΕυρωπαϊκÞ νÞτο στην συνεχÞµενη ύφεση, φτώχεια και κατάθλιψη και αφετέρου να ευνοήσει προεκλογικά και τισ δύο πλευρέσ µÞλισ ένα µήνα πριν τισ ευρωεκλογέσ. Και Þλα αυτά γίνονται σε µια περίοδο που οι φωνέσ εναντίον τησ «Γερµανικήσ» αυτήσ σκληρήσ λιτÞτητασ Þλο και πληθύνουν και ειδικά απÞ το ∆ΝΤ και τουσ Αµερικάνουσ. Τώρα Þσο αφορά την περίπτωση τησ Κύπρου και τισ προϋποθέσεισ µασ για έξοδο στισ αγορέσ θα λέγαµε πωσ η Þλη αυτή συζήτηση είναι άσκοπη, άκαιρη και ίσωσ και επικίνδυνη. Η Κύπροσ προσ το παρÞν έχει άλλα πολύ σοβαρÞτερα προβλήµατα να λύσει απÞ το να ασχοληθεί αν θα βγει στισ αγορέσ το 2015 ή το 2016 και Þχι το 2017. Καταρχήν έχει ένα πτωχευµένο τραπεζικÞ τοµέα ο οποίοσ Þχι µÞνο είναι εκτÞσ διεθνών αγορών αλλά είναι και εκτÞσ ντÞπιων αγορών. Και ασ µην λησµονάµε πωσ η Ελλάδα πριν βγει στισ αγορέσ (Þπωσ και αν βγήκε) προηγήθηκε η έξοδοσ των τραπεζών τισ στισ αγορέσ µε σηµαντική θα λέγαµε επιτυχία. Ενώ οι δικέσ µασ τράπεζεσ Þχι µÞνο δεν έχουν την εµπιστοσύνη των ξένων αλλά ούτε καν την παραµικρή εµπιστοσύνη των δικών µασ. Άρα ασ επικεντρωθούµε πωσ θα επαναφέρουµε την εµπιστοσύνη στο τραπεζικÞ µασ σύστηµα το οποίο παραµένει στον πάτο και θα έρθει και η ώρα εξÞδου στισ αγορέσ. Μια έξοδοσ Þµωσ που εάν και εφÞσον γίνει θα γίνει σαν επιστέγασµα τησ οικονοµικήσ µασ επιτυχίασ και Þχι σαν επιστέγασµα του Γερµανικού «εγκληµατικού» bail-in που έχει οδηγήσει τον τραπεζικÞ µασ τοµέα στην απÞλυτη καταστροφή.

ª¤¯ÚÈ 4 ¯ÚfiÓÈ· Ê˘Ï¿ÎÈÛË ÁÈ· ¯ÂÈÚ·ÁÒÁËÛË ÙˆÓ ·ÁÔÚÒÓ Φυλάκιση µέχρι 4 χρÞνια και επιβολή αυστηρών προστίµων προβλέπει η νέα κοινοτική νοµοθεσία για την αντιµετώπιση σε ευρωπαϊκÞ επίπεδο τησ χειραγώγησησ των αγορών, που υιοθέτησε το Συµβούλιο τησ ΕΕ. Η νέα νοµοθεσία µε τα εκτελεστικά µέτρα που θα εκδώσει η ΚοµισιÞν αναµένεται να τεθεί σε ισχύ περίπου σε µια διετία. Η εισαγωγή ενιαίασ νοµοθεσίασ, που αποτελείται απÞ έναν ΚανονισµÞ και µια Οδηγία, επιταχύνθηκε µετά το σκάνδαλο LIBOR και τισ σοβαρέσ ανησυχίεσ που προκάλεσε Þσον αφορά τα ψευδή στοιχεία που υπέβαλαν οι τράπεζεσ σχετικά µε τα εκτιµώµενα επιτÞκια διατραπεζικού δανεισµού. Οι νέοι κανÞνεσ θα απαγορεύουν ρητά τη χειραγώγηση των στοιχείων αναφοράσ, συµπεριλαµβανοµένων των LIBOR και EURIBOR, ενώ παράλληλα θα καθιστούν κάθε ανάλογη χειραγώγηση ποινικÞ αδίκηµα. Σύµφωνα µε τη νέα νοµοθεσία, πράξη κατÞχου εµπιστευτικών χρηµατιστηριακών πληροφοριών συµβαίνει Þταν ένα άτοµο που κατέχει εµπιστευτικέσ πληροφορίεσ δυνάµενεσ να επηρεάσουν τισ τιµέσ διαπραγµατεύεται επί των συναφών χρηµατοπιστωτικών µέσων. Χειραγώγηση τησ αγοράσ συµβαίνει Þταν ένα άτοµο επηρεάζει τεχνητά τισ τιµέσ χρηµατοπιστωτικών µέσων µέσω πρακτικών Þπωσ η διάδοση ψευδών ή παραπλανητικών πληροφοριών και η διαπραγµάτευση επί των συναφών χρηµατοπιστωτικών µέσων για κερδοσκοπία. Και οι δύο αυτέσ πρακτικέσ είναι γνωστέσ ωσ κατάχρηση αγοράσ. ΕιδικÞτερα η έγκριση του Κανονισµού σηµαίνει Þτι: -Οι υφιστάµενοι κανÞνεσ για την κατάχρηση αγοράσ θα διευρυνθούν προκειµένου να συµπεριλάβουν τισ ηλεκτρονικέσ πλατφÞρµεσ συναλλαγών που έχουν πολλαπλασιαστεί τα

τελευταία έτη, -η κατάχρηση αγοράσ που λαµβάνει χώρα τÞσο στισ αγορέσ εµπορευµάτων Þσο και συναφών παραγώγων προϊÞντων θα απαγορευθεί, ενώ η συνεργασία µεταξύ των ρυθµιστικών αρχών των χρηµαταγορών και αγορών εµπορευµάτων θα ενισχυθεί, -το αποτρεπτικÞ αποτέλεσµα τησ νοµοθεσίασ θα είναι πολύ σηµαντικÞτερο απ’ Þ, τι είναι σήµερα, µε τη δυνατÞτητα επιβολήσ προστίµων τουλάχιστον έωσ τρεισ φορέσ το κέρδοσ απÞ την κατάχρηση αγοράσ, ή τουλάχιστον το 15 % του κύκλου εργασιών για τισ εταιρίεσ. Τα κράτη µέλη µπορούν να υπερβούν αυτÞ το Þριο. Η έγκριση τησ οδηγίασ σηµαίνει Þτι: -Θα υπάρχουν κοινοί ορισµοί σε επίπεδο ΕΕ για τισ αξιÞ-

ποινεσ πράξεισ κατάχρησησ τησ αγοράσ, Þπωσ οι πράξεισ κατÞχων εµπιστευτικών πληροφοριών, η παράνοµη κοινοποίηση πληροφοριών και οι πράξεισ χειραγώγησησ τησ αγοράσ, -θα υπάρχει ένα κοινÞ σύνολο ποινικών κυρώσεων, Þπωσ πρÞστιµα και φυλάκιση τουλάχιστον τεσσάρων ετών για τη διενέργεια πράξεων απÞ κατÞχουσ εµπιστευτικών πληροφοριών/πράξεων χειραγώγησησ τησ αγοράσ, και φυλάκιση δύο ετών για παράνοµη κοινοποίηση εµπιστευτικών πληροφοριών, -τα νοµικά πρÞσωπα (εταιρίεσ) θα φέρουν ευθύνη σε περίπτωση κατάχρησησ τησ αγοράσ, -τα κράτη µέλη πρέπει να καθορίσουν δικαιοδοσία για τα εν λÞγω αδικήµατα που διαπράττονται στην επικράτειά τουσ ή απÞ υπηκÞουσ τουσ, - τα κράτη µέλη πρέπει να µεριµνήσουν για την άρτια κατάρτιση των δικαστικών αρχών και των αρχών επιβολήσ του νÞµου που ασχολούνται µε τισ εξαιρετικά περίπλοκεσ αυτέσ υποθέσεισ. «Η συγκεκριµένα έγκριση στέλνει ισχυρή προειδοποίηση µηδενικήσ ανοχήσ προσ Þσουσ εµπλέκονται σε πράξεισ προσώπων που κατέχουν εµπιστευτικέσ πληροφορίεσ και πράξεισ χειραγώγησησ τησ αγοράσ, ενώ καταδεικνύει τη δέσµευση τησ Ευρώπησ για την προστασία τησ ακεραιÞτητασ των χρηµατοπιστωτικών αγορών και την αποτροπή εγκληµατιών που επιθυµούν να αποκοµίσουν χρήµατα µε σκÞπιµη µεθÞδευση των πληροφοριών», αναφέρουν σε κοινή δήλωσή τουσ, η ΑντιπρÞεδροσ τησ ΚοµισιÞν για θέµατα δικαιοσύνησ και ο επίτροποσ για την ενιαία αγορά και τισ υπηρεσίεσ Μισέλ Μπαρνιέ. Οι δύο αξιωµατούχοι «καλούν τα κράτη µέλη να εφαρµÞσουν τάχιστα τουσ νέουσ αυτούσ κανÞνεσ ούτωσ ώστε να µην υπάρχει καταφύγιο για εγκληµατίεσ στην Ευρώπη».

£ÂÙÈÎ¿ ÂËÚÂ¿˙ÂÙ·È ÙÔ ‰ÔÏ¿ÚÈÔ ∞Ó‰Ú¤·˜ ∆ÛÔÏ¿ÎË˜ Alpha Bank Cyprus Ltd, Treasury Division Το ευρωπαϊκÞ νÞµισµα τύγχανε διαπραγµάτευσησ περί τα 1.3800 έναντι του αµερικανικού δολαρίου νωρίσ χθεσ το απÞγευµα. Θετικά επηρέασαν το δολάριο τα ευνοϊκÞτερα των εκτιµήσεων στοιχεία για τισ λιανικέσ πωλήσεισ µηνÞσ Μαρτίου που ανακοινώθηκαν στισ ΗΠΑ. Συγκεκριµένα, οι λιανικέσ πωλήσεισ κατέγραψαν σε µηνιαία βάση το Μάρτιο τη µεγαλύτερη ενίσχυση (1,1%, εκτίµηση: 0,9%, Φεβρουάριοσ:

0,7%) απÞ το Σεπτέµβριο του 2012 και οι εκτÞσ τοµέα αυτοκινήτων αυξήθηκαν κατά 0,7% (εκτίµηση: 0,5%, Φεβρουάριοσ: 0,3%), συµβαδίζοντασ µε την εκτίµηση Þτι η οικονοµία διατηρεί αναπτυξιακή δυναµική. Επίσησ, ο δείκτησ καταναλωτικήσ εµπιστοσύνησ του Πανεπιστηµίου του Michigan στη χώρα ανήλθε τον Απρίλιο σε υψηλÞ απÞ τον Ιούλιο του 2013, συµβαδίζοντασ µε τη βελτίωση στην αγορά εργασίασ. Η τάση βελτίωσησ στην αγορά εργασίασ ενισχύεται και απÞ τισ αιτήσεισ για επιδÞµατα ανεργίασ οι οποίεσ υποχώρησαν την εβδοµάδα έωσ 5 Απριλίου σε χαµηλÞ (300.000, εκτίµηση: 320.000, προηγούµενη εβδοµάδα: 332.000) απÞ το Μάιο του 2007. Τέλοσ, ο κινητÞσ µέσοσ Þροσ 4 εβδοµάδων των αιτήσεων για επιδÞµατα ανεργίασ υποχώρησε την εβδοµάδα έωσ 5 Απριλίου σε χαµηλÞ (316.250) απÞ το Σεπτέµβριο του 2013.

Σε µια άλλη εξέλιξη, ο ΠρÞεδροσ τησ Ευρωπαϊκήσ Κεντρικήσ Τράπεζασ δήλωσε Þτι η ισχυροποίηση του ευρώ δηµιουργεί την ανάγκη για πρÞσθετα µέτρα επεκτατικήσ νοµισµατικήσ πολιτικήσ. Μέλοσ τησ ΕΚΤ δήλωσε περαιτέρω Þτι η Ευρωπαϊκή Κεντρική Τράπεζα δεν έχει συγκεκριµένο στÞχο για το επίπεδο τησ συναλλαγµατικήσ ισοτιµίασ του ευρώ. ΩστÞσο, σηµείωσε Þτι η ισχυροποίηση του ευρώ ενδεχοµένωσ ενισχύει την ανάγκη άσκησησ επεκτατικήσ νοµισµατικήσ πολιτικήσ απÞ την Κεντρική. Ανέφερε επίσησ, Þτι η ΕΚΤ δεν διαβλέπει κίνδυνο αποπληθωρισµού στην Ευρωζώνη, ωστÞσο αναγνωρίζει Þτι η διαµÞρφωση του πληθωρισµού σε χαµηλÞ επίπεδο για παρατεταµένη χρονική περίοδο ενέχει κινδύνουσ. Θεωρεί τέλοσ Þτι η οικονοµική ανάπτυξη στην Ευρωζώνη θα ενισχυθεί έναντι του χαµηλού επιπέδου στην τρέχουσα περίοδο.

ΧΡΗΜΑ&ΑΓΟΡΑ

16 AΠΡΙΛΙΟΥ, 2014

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18,5 ÂÎ. ÙÔ˘Ú›ÛÙÂ˜ ı· «‚Ô˘ÏÈ¿ÍÔ˘Ó» ÙËÓ ∂ÏÏ¿‰· ∂ÎÙÈÌ‹ÛÂÈ˜ ÛÙÂÏÂ¯ÒÓ ÙÔ˘ ÎÏ¿‰Ô˘ ·ÓÂ‚¿˙Ô˘Ó Ù· ¤ÛÔ‰· ÛÙ· €13 ‰È˜ Νέο ρεκÞρ ετοιµάζεται να καταρρίψει ο ελληνικÞσ τουρισµÞσ το 2014, µε τισ εκτιµήσεισ στελεχών του κλάδου να κάνουν λÞγο για 18,5 εκατοµµύρια αφίξεισ και πάνω απÞ 13 δισ ευρώ έσοδα. Το 2013 η τουριστική κίνηση στην Ελλάδα σηµείωσε αύξηση 15,5%, µε τον αριθµÞ των επισκεπτών να ανέρχεται στα 18 εκατοµµύρια. ΩστÞσο, το 2013, σύµφωνα µε τα στοιχεία τησ Έρευνασ ΣυνÞρων, που διενεργεί η Τράπεζα τησ Ελλάδοσ και δηµοσιοποίησε η ΕΛΣΤΑΤ, την περίοδο Ιανουαρίου ∆εκεµβρίου 2013, οι αφίξεισ κατοίκων απÞ το εξωτερικÞ ανήλθαν σε 17.919.580 άτοµα και αυξήθηκαν κατά 2.401.958 άτοµα σε σύγκριση µε το 2012. Μάλιστα, οι αφίξεισ απÞ την Ευρώπη, στην οποία αναλογεί το µεγαλύτερο µερίδιο των αφίξεων (88,1%), σηµείωσαν αύξηση 13,9%, ενώ απÞ τα κράτη-µέλη τησ Ευρωπαϊκήσ Ένωσησ καταγράφηκε αύξηση 7,5%. Σηµαντική αύξηση των αφίξεων παρατηρείται απÞ τη Ρωσία 54,7% (επιπλέον 478.114 άτοµα), τη Γαλλία 17,9% (επιπλέον 174.841 άτοµα), τη Γερµανία 7,5% (επιπλέον

158.759 άτοµα), τη Σερβία 25,5% (επιπλέον 158.315 άτοµα), την Πολωνία 51,4% (επιπλέον 130.792 άτοµα), την Ιταλία 13,7% (επιπλέον 124.241 άτοµα) και την Ολλανδία 21,4% (επιπλέον 102.384 άτοµα). Στον αντίποδα, σηµαντική µείωση παρατηρήθηκε στισ αφίξεισ απÞ το Ηνωµένο Βασίλειο 3,9% (74.461 άτοµα λιγÞτερα), την Ισπανία 40,9% (63.734 τουρίστεσ λιγÞτεροι), τη Νορβηγία 10% (29.298 άτοµα λιγÞτερα) και την Κύπρο 6,1% (25.819 τουρίστεσ λιγÞτεροι). ΑπÞ τισ υπÞλοιπεσ ηπείρουσ, σηµαντική αύξηση των αφίξεων παρατηρείται απÞ την Ασία 29,5% (επιπλέον 276.098 άτοµα), µε µεγάλη συµβολή απÞ την Τουρκία 38% (επιπλέον 228.807 άτοµα), τισ ΗΠΑ 24,8% (επιπλέον 92.689 άτοµα) και τον Καναδά 81,8% (επιπλέον 84.007 άτοµα). Επίσησ, πολύ υψηλή αύξηση 146,2% σηµείωσαν οι αφίξεισ απÞ το ΜεξικÞ, µε 19.863 τουρίστεσ έναντι 8.067 επισκεπτών το 2013, και απÞ το Λίβανο-Συρία, που οι αφίξεισ σηµείωσαν αύξηση 184,8%. ΑπÞ την Κίνα ήρθαν στην Ελλάδα πέρυσι 28.328 τουρίστεσ (επιπλέον 16.125 άτοµα σε σχέση µε το 2012), καταγράφοντασ αύξηση 132,1%. Αναφορικά µε το µέσο µεταφοράσ και τον σταθµÞ εισÞδου, παρατηρείται Þτι οι περισσÞτερεσ αφίξεισ έγιναν αεροπορικώσ (68,7% του συνÞλου απÞ 70,8% το 2012), ενώ οδικώσ ήρθε το 26,8% του συνÞλου, απÞ 24,1% το 2012. Ùσον αφορά τισ αφίξεισ φέτοσ, υτή τη στιγµή σχεδÞν Þλεσ οι αγορέσ καταγράφουν αυξητικέσ τάσεισ, ενώ σε Þσεσ δεν σηµειώνεται αύξηση φαίνεται πωσ στη χειρÞτερη περίπτωση βρίσκονται στα περσινά επίπεδα. ΕιδικÞτερα, αύξηση καταγράφουν οι προκρατήσεισ απÞ Ρωσία, Βρετανία, Γαλλία, Ολλανδία, Σκανδιναβικέσ Χώρεσ, Αυστρία και ΗΠΑ. Οι περισσÞτεροι τουρίστεσ έρχονται

στην Ελλάδα απÞ τον Μάιο έωσ και τον Σεπτέµβριο. Το 2013, Þµωσ, παρατηρήθηκε πολύ µεγάλη αύξηση Þλο τον χρÞνο και κυρίωσ τον Μάρτιο και τον Οκτώβριο. Σύµφωνα µε τα στοιχεία αφίξεων απÞ την Υπηρεσία Πολιτικήσ Αεροπορίασ, τα περισσÞτερα αεροσκάφη έρχονται στα αεροδρÞµια Αθήνασ, Ηρακλείου, Θεσσαλονίκησ, ΡÞδου και Κω.

¢˘Ó·ÌÈÎfi comeback ÙË˜ ∞ı‹Ó·˜ Την ίδια ώρα η Αθήνα επιστρέφει δυναµικά στη διεθνή τουριστική αγορά, µε αξιώσεισ, νέεσ προτάσεισ, εµπλουτισµένο τουριστικÞ προϊÞν, ενώ ταυτÞχρονα η πÞλη εξελίσσεται και αναβαθµίζεται σε επίπεδο υποδοµών και αναπτυξιακών έργων. ΑυτÞ υπογράµµισε, µεταξύ άλλων, ο δήµαρχοσ Αθηναίων Γιώργοσ Καµίνησ σε συνέντευξη Τύπου που παραχωρήθηκε, σε Eλληνεσ και ξένουσ δηµοσιογράφουσ και Bloggers, µε αφορµή την έναρξη του 2ου ετήσιου Travel

Trade Athens 2014, του επαγγελµατικού workshop που διοργανώνουν ο ∆ήµοσ Αθηναίων, η Εταιρεία Ανάπτυξησ και Τουριστικήσ Προβολήσ του ∆ήµου (ΕΑΤΑ) και το Athens Convention & Visitors Bureau σε συνεργασία µε τον Σύνδεσµο Tour Operators Ευρώπησ (ΕΤΟΑ). Ο δήµαρχοσ Αθηναίων ανέφερε Þτι το πρώτο τρίµηνο του 2014 κατεγράφη µία εντυπωσιακή αύξηση στισ αφίξεισ στην Αθήνα, σε ποσοστÞ 32,2%, και πωσ σύµφωνα µε τισ εκτιµήσεισ των τουριστικών παραγÞντων, φέτοσ, αναµένονται συνολικά 700.000 περισσÞτερεσ αφίξεισ στην πρωτεύουσα. ΑναφερÞµενοσ στο φετινÞ, δεύτερο Travel Trade Athens, που διοργανώνεται στο Μέγαρο ∆ιεθνέσ ΣυνεδριακÞ Κέντρο Αθηνών, υπογράµµισε Þτι έχει σηµαντικά βελτιωµένουσ δείκτεσ έναντι του περσινού, µε 85 ξένουσ επαγγελµατίεσ, απÞ 22 χώρεσ και περίπου 170 ελληνικέσ τουριστικέσ επιχειρήσεισ. Στο πλαίσιο του workshop εκτιµάται Þτι θα πραγµατοποιηθούν περισσÞτερεσ απÞ 2.000 συναντήσεισ µεταξύ των ξένων επαγγελµατιών και εκπροσώπων τησ ελληνικήσ τουριστικήσ αγοράσ.

™ÙÔ˘ÚÓ¿Ú·˜: ¢ÂÓ ¿ˆ Ô˘ıÂÓ¿ Η ελληνική κυβέρνηση θα καταθέσει νέο επικαιροποιηµένο µεσοπρÞθεσµο δήλωσε ο υπουργÞσ Οικονοµικών Γιάννησ Στουρνάρασ. Το µεσοπρÞθεσµο θα πρέπει να ψηφιστεί µέχρι τισ 5 Μαΐου και θα περιλαµβάνει τουσ στÞχουσ του 2015 – 2017. Ο υπουργÞσ Οικονοµικών διευκρίνισε Þτι σε αυτÞ δεν θα περιλαµβάνονται νέα µέτρα, αλλά οι στÞχοι του προγράµµατοσ. Ιδιαίτερη αναφορά πρέπει να γίνει στο γεγονÞσ Þτι ο κ.

«™˘ÁÎÚ·ÙËÌ¤ÓÔÈ» ÔÈ ŒÏÏËÓÂ˜ ÂÂÓ‰˘Ù¤˜ Ικανοποιητικά στοιχεία για την Ελλάδα εµφανίζει διεθνήσ έρευνα τισ Franklin Templenton Invenstments για τισ αγορέσ. Στην Ελλάδα, η επιφυλακτικÞτητα στισ επενδύσεισ ήταν έντονη, µε περίπου το 60% των ερωτηθέντων να σκοπεύουν να υιοθετήσουν συντηρητική προσέγγιση για τισ επενδύσεισ τουσ το 2014. Οι προσδοκίεσ για τισ αποδÞσεισ µάλλον εµφανίζονται «συγκρατηµένεσ» για φέτοσ, καθώσ οι επενδυτέσ αναµένουν µέση απÞδοση 7,5% στο έτοσ, µε αύξηση στο 13,8% την επÞµενη δεκαετία. Ενώ η προοπτική για φέτοσ είναι συγκρατηµένη, εµφανίζεται καλύτερη σε σχέση µε το µέσο Þρο για την Ευρώπη, ο οποίοσ διαµορφώνεται στο 6,8% Η εσφαλµένη αντίληψη των Ελλήνων επενδυτών για την πορεία του Χρηµατιστηρίου Αθηνών το 2013 οδηγεί σε επιφυλακτικÞτητα, αν και οι επενδυτέσ αυτοί εµφανίζονται αισιÞδοξοι για τισ µετοχέσ το 2014. Σε διεθνέσ επίπεδο η έρευνα έδειξε Þτι ο τρÞποσ που αντιλαµβάνονται οι επενδυτέσ την αγορά συχνά αποκλίνει απÞ την πραγµατικÞτητα, γεγονÞσ που µπορεί να επιδράσει αρνητικά στην ικανÞτητά τουσ να λαµβάνουν σωστά τεκµηριωµένεσ επενδυτικέσ αποφάσεισ. ΜÞλισ λίγοι πάνω απÞ τουσ µισούσ (ποσοστÞ 55%) επενδυτέσ πιστεύουν Þτι το χρηµατιστήριο τησ χώρασ τουσ σηµείωσε άνοδο τον προηγούµενο χρÞνο.

Στουρνάρασ απέκλεισε το ενδεχÞµενο αποχώρησήσ του απÞ το υπουργείο Οικονοµικών. Ερωτηθείσ απÞ τουσ δηµοσιογράφουσ αν θα είναι επικεφαλήσ των διαπραγµατεύσεων για το ελληνικÞ χρέοσ, απάντησε: «Ποιοσ θέλετε να είναι; Εγώ θα είµαι». ΑυτÞ σηµαίνει Þτι δεν θα φύγετε απÞ το υπουργείο, επέµειναν οι δηµοσιογράφοι. «Προφανώσ, δεν θα φύγω. Εγώ θα είµαι επικεφαλήσ», συµπλήρωσε ο κ. Στουρνάρασ.

∆¤ÛÛÂÚÈ˜ ÎÏ¿‰ÔÈ ı· Ê¤ÚÔ˘Ó ÙËÓ ·Ó¿Ù˘ÍË ÛÙËÓ ∂ÏÏ¿‰· Ύστερα απÞ τη συµφωνία µε την τρÞικα και τη σταθερο- ανάταξησ τησ οικονοµίασ πρέπει να δοθεί στουσ κλάδουσ ποίηση τησ οικονοµίασ, η οποία έβαλε τέλοσ στην αβεβαιÞτη- εκείνουσ που η χώρα πλεονεκτεί, Þπωσ ο τουρισµÞσ, η ενέρτα για το µέλλον τησ χώρασ, το ενδιαφέρον τώρα εστιάζεται γεια, η αγροτική παραγωγή και η µεταποίηση τροφίµων. Οι συγκεκριµένοι κλάδοι, σύµφωνα µε µελέτη τησ στην επÞµενη ηµέρα και στον τρÞπο που µπορεί να τονωθεί η αγορά και η κατανάλωση. Σύσσωµοσ ο επιχειρηµατικÞσ Mckinsey, µπορούν να προσθέσουν δισεκατοµµύρια ευρώ κÞσµοσ αλλά και κορυφαίοι τραπεζίτεσ µιλούν για την ανά- στο ελληνικÞ ΑΕΠ και το κυριÞτερο να ενισχύσουν την απασχÞληση στη χώρα. Απαραίτητη, ωστÞσο, προϋπÞθεση είναι γκη στήριξησ τησ πραγµατικήσ οικονοµίασ. να διοχετευθούν νέα κεφάλαια, µε «Ή θα αναθερµάνουµε την οικονοστÞχο την αναβάθµιση των υπηρεσιών µία ή θα πάµε µετανάστεσ στο εξωτερι∆Ô˘ÚÈÛÌfi˜, ÂÓ¤ÚÁÂÈ·, και των προϊÞντων που προσφέρουν κÞ», δήλωσε στην «Ηµερισία» ο γνωστÞσ αλλά και την ενίσχυση τησ εξωστρέφειεπιχειρηµατίασ Σπύροσ ·ÁÚÔÙÈÎ‹ ·Ú·ÁˆÁ‹ άσ τουσ. ΘεοδωρÞπουλοσ, τονίζοντασ πωσ η επιΕιδικÞτερα, ο τουρισµÞσ, ο οποίοσ στροφή στην ανάπτυξη είναι µονÞδρο- Î·È ÌÂÙ·Ô›ËÛË ÙÚÔÊ›ÌˆÓ στηρίζει σταθερά τη χώρα και έχει συµµοσ για να παραχθεί νέοσ πλούτοσ και να δηµιουργηθούν νέεσ θέσεισ εργασίασ που τÞσο έχει ανά- βάλει καθοριστικά στην υπέρβαση τησ κρίσησ, µπορεί να συνεισφέρει ακÞµη περισσÞτερα στα δηµÞσια ταµεία. γκη η χώρα. Οι περισσÞτεροι πλέον παραδέχονται πωσ τα µέτρα λιτÞ- Μεγάλεσ δυνατÞτητεσ έχει ο αγροτικÞσ τοµέασ και η µετατητασ δεν αρκούν απÞ µÞνα τουσ για να συνεχίσει να πετυ- ποίηση τροφίµων, οι οποίοι µπορούν να προσφέρουν αθροιχαίνει η χώρα τουσ δηµοσιονοµικούσ τησ στÞχουσ. ΑυτÞ το στικά 11 δισ. ευρώ και 260.000 θέσεισ εργασίασ. Μεγαλύτερη έµφαση, Þπωσ αναφέρουν άνθρωποι τησ γνωρίζει καλά η κυβέρνηση, η οποία σε κάθε ευκαιρία διαβεβαιώνει πωσ δεν θα υπάρξουν πρÞσθετα φορολογικά βάρη αγοράσ, πρέπει να δοθεί και στον κλάδο των logistics, ο οποίγια το 2014. «ΑπÞ εδώ και πέρα, το βάροσ πρέπει να πέσει οσ εξελίσσεται σε βασικÞ «µοχλÞ» για την προσέλκυση στην αύξηση του ΑΕΠ και στην αξιοποίηση των υγιών επιχει- ξένων επενδύσεων, ενώ σύµφωνα µε στοιχεία τησ εταιρείασ ρηµατικών δυνάµεων του τÞπου», σηµειώνουν άνθρωποι τησ Planning µπορεί να φτάσει µεσοπρÞθεσµα σε ετήσιο κύκλο αγοράσ και τονίζουν πωσ προτεραιÞτητα στην προσπάθεια εργασιών, έωσ και 4,5 δισ ευρώ.

ΧΡΗΜΑ&ΑΓΟΡΑ

16 ΑΠΡΙΛΙΟΥ, 2014

8 | ΑΓΟΡΑ | financialmirror.com ∏ USB BANK ÛÙËÚ›˙ÂÈ ÙÔÓ ¶∞™À∫∞º

™ÙËÓ ∫‡ÚÔ o «∆›ÁÚË˜» ÙË˜ Porsche Στην Κύπρο βρίσκεται η ολοκαίνουρια Porsche Macan που αποτελεί το έκτο µοντέλο τησ γκάµασ αλλά και το πρώτο Porsche στην κατηγορία των compact SUV. ΠρÞκειται για το πρώτο καθαρÞαιµο sportscar στην κατηγορία των SUV. Η πρώτη παγκÞσµια του εµφάνιση έγινε πριν απÞ µερικούσ µήνεσ στο ∆ιεθνέσ ΣαλÞνι Αυτοκινήτου του Los Angeles.Τώρα Þµωσ ο Κύπριοσ ενδιαφερÞµενοσ θα µπορεί να το δει απÞ κοντά στουσ εκθεσιακούσ χώρουσ τησ A.I.Motokinisi. Macan σηµαίνει «Τίγρησ» στα Ινδονησιακά και αυτÞ αφού η θρυλική εταιρεία θέλει να τονίζει τισ σπορ καταβολέσ του διατηρώντασ παράλληλα την ταυτÞτητα του γερµανικού εργοστασίου. Μπορεί οπτικά να βασίζεται στη Cayenne αλλά έχει τα δικά τησ µηχανικά µέρη Þπωσ: ειδικά ρυθµισµένουσ ή εντελώσ ξεχωριστούσ κινητήρεσ, νέα κιβώτια ταχυτήτων και µια βελτιωµένη έκδοση του συστήµατοσ τετρακίνησησ τησ Cayenne. Τεχνολογικά η Macan διαθέτει στοιχεία και απÞ άλλα µοντέλα τησ γκάµασ τησ Porsche τÞσο στον εξωτερικÞ σχεδιασµÞ Þσο και στο εσωτερικÞ.

Μέσα στα πλαίσια τησ Εταιρικήσ Κοινωνικήσ Ευθύνησ τησ και µε την ευκαιρία του Πάσχα, η USB Bank προσέφερε σε Þλο το προσωπικÞ τησ, πασχαλινέσ λαµπάδεσ του Παγκύπριου Συνδέσµου Καρκινοπαθών και Φίλων (ΠΑΣΥΚΑΦ). Με αυτή την ενέργεια, η USB Bank στοχεύει στη στήριξη ενεργειών κοινωνικήσ προσφοράσ και συγχρÞνωσ στην καθιέρωση κουλτούρασ αλληλεγγύησ και θετικήσ συνεισφοράσ σε Þλο τον ΟργανισµÞ. Κάθε χρÞνο, η USB Bank συνδράµει στην εκστρατεία διαφώτισησ και Οικονοµικήσ Ενίσχυσησ του Παγκύπριου Συνδέσµου Καρκινοπαθών και Φίλων. Με αυτέσ τισ λαµπάδεσ ενισχύει το δύσκολο και σηµαντικÞ έργο του ΠΑΣΥΚΑΦ, στέλλοντασ ταυτÞχρονα µήνυµα αγάπησ και αλληλεγγύησ στουσ πάσχοντεσ συνανθρώπουσ µασ, αλλά και ελπίδασ για τη θεραπεία του καρκίνου. Ελπίδασ για µια καλύτερη ζωή.

Cyta: ∆Ô Ó¤Ô Samsung Galaxy S5 «Á›ÓÂÙ·È» RED Η Cyta παρουσίασε το τελευταίο δηµιούργηµα τησ Samsung, το Galaxy S5. Το Samsung Galaxy S5, προσφέρεται και µέσω των προγραµµάτων RED τησ Cytamobile Vodafone. Τα προγράµµατα RED τησ Cytamobile-Vodafone, περιλαµβάνουν µεταξύ άλλων mobile internet. Οι πελάτεσ τησ Cytamobile-Vodafone είχαν πρώτοι την ευκαιρία µεταξύ 7-10 Απριλίου να δουν απÞ κοντά το Samsung Galaxy S5 σε συνδυασµÞ µε τα RED. Το Samsung Galaxy S5 διατίθεται χωρίσ αρχικÞ κÞστοσ µε το πρÞγραµµα RED 4 και µε 12 µήνεσ δωρεάν ασφάλιση για ζηµιά απÞ τυχαία πτώση, υγρασία και φθορά τησ µπαταρίασ. Η προσφορά ισχύει για τουσ πελάτεσ που θα συνδεθούν µε RED µέχρι το τέλοσ Μαΐου. Μεταξύ άλλων προσφέρει δωρεάν video γκολ και φάσεισ του Παγκύπριου Πρωταθλήµατοσ Ποδοσφαίρου, του UEFA Champions League και του UEFA Europa League. Επίσησ πλήρη έλεγχο του λογαριασµού τουσ µέσω διαδραστικήσ ενηµέρωσησ. Για περισσÞτερεσ πληροφορίεσ, οι ενδιαφερÞµενοι µπορούν να επισκέπτονται την ιστοσελίδα www.Cytamobile-Vodafone.com

™˘ÓÂÚÁ·Û›· ÌÂÙ·Í‡ Somfy Î·È Handy’s Security Systems Η Somfy, ένα καθιερωµένο Þνοµα στα συστήµατα αυτοµατισµού για το σπίτι. Με αφορµή την έναρξη µιασ νέασ συνεργασίασ µε τη Handy’s Security Systems, κάθε σπίτι στην Κύπρο µπορεί να απολαύσει την προστασία και την άνεση που του προσφέρει η µηχανοκίνητη θύρα τησ Somfy, η οποία διατίθεται αποκλειστικά απÞ τη Handy’s Security Systems µε µÞνο 650 ευρώ, συµπεριλαµβανοµένου του ΦΠΑ και µε 3 χρÞνια εγγύηση. Το αποκλειστικÞ πακέτο περιέχει επιπλέον ένα σύστηµα συναγερµού τελευταίασ τεχνολογίασ απÞ τη Jablotron, ένα απÞ τουσ κορυφαίουσ προµηθευτέσ συναγερµών σε Þλο τον κÞσµο. Το ΟικονοµικÞ Πακέτο είναι ιδανικÞ για οικογένειεσ και είναι διαθέσιµο απÞ τη Handy’s Security Systems µε µÞνο 699 ευρώ συµπεριλαµβανοµένου του ΦΠΑ και µε 2 χρÞνια εγγύηση! Με τισ µηχανοκίνητεσ θύρεσ τησ Somfy, ένα απλÞ πάτηµα του κουµπιού στο χειριστήριο αρκεί για να ανοίξει άµεσα τη θύρα σασ. Για περισσÞτερεσ πληροφορίεσ σχετικά µε το ΟικονοµικÞ Πακέτο, µπορείτε να καλείτε στη Handy’s Security Systems στο τηλέφωνο 77 77 87 87 ή να επισκεφθείτε την ιστοσελίδα www.handysecurity.com

™Ù· Beauty Line ÙÔ Î·ÈÓÔÙfiÌÔ Ì·ÓÈÎÈÔ‡Ú Striplac Τα καταστήµατα Beauty Line, προσφέρουν τώρα στην κυπριακή αγορά το καινοτÞµο µανικιούρ Striplac, το µοναδικÞ βερνίκι νυχιών παγκÞσµια που διατηρείται περισσÞτερο απÞ τα υπÞλοιπα συµβατικά βερνίκια νυχιών, δεν ραγίζει, δεν σπάει και δεν απαιτεί διαλύτεσ ή acetone για την αφαίρεση του. Εάν αποφασίσετε να αλλάξετε το χρώµα των νυχιών σασ το αφαιρείται απλά µε ένα τράβηγµα. Το Striplac αποτελείται απÞ µία ελαστική και εύκαµπτη πλαστική µεµβράνη που δεν σπάει και το διατηρεί αναλλοίωτο. Αφού αποκολληθεί και αφαιρεθεί, το γυµνÞ φυσικÞ νύχι παραµένει υγιέσ και ανέπαφο. Το Striplac απευθύνεται στισ γυναίκεσ, οι οποίεσ δεν θέλουν να χρησιµοποιήσουν νυχογλυπτική ή UV µανικιούρ στα νύχια τουσ αλλά επιθυµούν ένα µακράσ διάρκειασ αποτέλεσµα, µε ένα ανθεκτικÞ µανικιούρ που µπορεί να αφαιρεθεί εύκολα απÞ τισ ίδιεσ. Το Striplac διατίθεται σε 24 αποχρώσεισ. Τα κύρια χαρακτηριστικά του είναι: Γρήγορη αφαίρεση, χωρίσ acetone ή ξεβαφτικÞ νυχιών, ∆ιαρκεί µέχρι 15 ηµέρεσ, ∆εν απαιτείται χρÞνοσ για στέγνωµα/ στεγνώνει σε 60 δευτερÞλεπτα στη συσκευή LED, ΓυαλιστερÞ αποτέλεσµα µέχρι και την τελευταία ηµέρα, ∆εν ξεφλουδίζει, δεν σπάει και δεν ραγίζει, Προστατεύει και ενισχύει το φυσικÞ νύχι και είναι Εύκολο στην εφαρµογή του.

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™Â Ó¤· ÊÈ¿ÏË ÙÔ Johnnie Walker Red Label Στην ανανέωση τησ φιάλησ του Red Label προχώρησε η εταιρεία Johnnie Walker. Μετά απÞ µία δεκαετία η εταιρεία αποφάσισε να επανασχεδιάσει την φιάλη του διάσηµου brand ώστε να συνάδει µε την υπÞλοιπη γκάµα του Johnnie Walker. Η καινούργια φιάλη, εµπνευσµένη απÞ τον σύγχρονο και δυναµικÞ χαρακτήρα του Red Label, διατηρεί το τετραγωνισµένο τησ σχήµα το οποίο βοήθησε το brand να γίνει διάσηµο σε Þλο τον κÞσµο αφού διευκÞλυνε την µεταφορά του ανά το παγκÞσµιο. Η ανανέωση τησ φιάλησ του Red Label ακολούθησε το λανσάρισµα των δύο νέων labels, Gold Label Reserve & Platinum, ολοκληρώνοντασ έτσι την ανανέωση του brand το οποίο παραµένει το πρώτο σε πωλήσεισ Σκοτσέζικο ουίσκι στον κÞσµο. Το Johnnie Walker διανέµεται στην κυπριακή αγορά απÞ την εταιρεία Φώτοσ Φωτιάδησ ∆ιανοµείσ Λτδ.

™ÙËÓ Î˘ÚÈ·Î‹ ·ÁÔÚ¿ ÙÔ ƒÔ˙¤ ∫˘ÂÚÔ‡ÓÙ·˜ ÂÛÔ‰Â›·˜ 2013 ΚυκλοφÞρησε στην κυπριακή αγορά η νέα εσοδεία 2013 του Ροζέ Οινοποιείου Κυπερούντασ. Ένα αυθεντικÞ κρασί απÞ δύο ερυθρέσ ποικιλίεσ, που αλληλοσυµπληρώνονται και µασ χαρίζουν ένα εντυπωσιακÞ κρασί. Η ποικιλία Grenache Rouge δίνει στο κρασί ένα φρουτώδεσ και ιδιαίτερο άρωµα, ενώ η ποικιλία Shiraz του προσφέρει το έντονο, λαµπερÞ χρώµα, τον πλούτο στη γεύση και την αρωµατική, µεγάλησ διάρκειασ επίγευση. Ένα φρέσκο ροζέ που αναδεικνύεται στη θερµοκρασία των 8-10ΓC. Συνδυάζεται µε φρούτα, ζυµαρικά αλλά και πιάτα Κινέζικησ και Πολυνησιακήσ κουζίνασ. Απολαύστε το και µÞνο του σαν απεριτίφ. Το κρασιά του Οινοποιείου Κυπερούντασ διανέµονται στην κυπριακή αγορά απÞ την εταιρία Φώτοσ Φωτιάδησ ∆ιανοµείσ Λτδ . Τηλ. επικοινωνίασ 22 471111. Για περισσÞτερεσ πληροφορίεσ κατεβάστε δωρεάν τo application “PPD wines” για ipad kai iphone.

Αpril 16 - 22, 2014

financialmirror.com | PROPERTY | 17

Hellenic Bank 1st in world with Green Key, 11 Green Offices awards Hellenic Bank has received the coveted Green Key, usually awarded to hotels and restaurants, for its eco-friendly conference centre at its head offices in Nicosia. The bank has also received 11 ‘Green Office’ certificates for operating environment-friendly branches in Cyprus where energy saving plans have resulted in the electricity bills reduced by 30-50%. Subsequently, this meant a Group costsaving of 15-20%. The introduction of paper recycling for non-essential documents, collection of household batteries, cutting down on water

waste, better use lighting and heating has also resulted in real savings of just under 1 mln euros last year, the bank’s CEO Makis Keravnos said. The award and certificates were presented by the government’s Commissioner for the Environment, Ioanna Panayiotou and the local representative for the Foundation for Environmental Education, Dr Michael Iereides. FEE already cooperates with Hellenic Bank with other education and eco awareness programmes in cooperation with the environment agency Cymepa.

Leptos Estates at “Cityscape Egypt 2014”

Leptos Estates continued on its tour of international real estate exhibitions in various Middle East countries as well as the Gulf region, having recently taken part in “Cityscape Egypt 2014”, the biggest real estate exhibition in the country held at the Cairo International Convention Centre. Leptos Estates, represented by Group Marketing Manager Sakis Hadjialexandrou, promoted the property portfolio in Cyprus and Greece, attracting interest from real estate agents, investors and buyers. “We are making a great effort to promote not only our company but our islands as a whole, in a crisis period that has also undertaken the real estate sector internationally. We are trying to rebuild existing markets and create new ones. We are also aware that Paphos and Chania regions recently became one of the most popular destinations for Egyptians attracted to permanent residence or for holidays and investments,” Hadjialexandrou said. Leptos Estates has an international sales network in more than 75 countries. Over the years, Leptos Estates has completed over 325 different home developments, boasting more than 25,000 happy home owners. The company has an extensive land bank, owning prime

The Cypriot Ambassador in Egypt Sotos Liasides (center) at the Leptos Estates, Cityscape – Egypt exhibition booth

locations in Cyprus and Greece, from luxurious beachfront villas to coastal condominium projects and rural properties.

UK housing recovery is not a ‘recovery for all’

The U.K. housing market in the period following the global financial crisis in 2008 is characterised in an analysis by the rating agency DBRS as a series of regional crises. “Each with their own characteristics, the crisis impact on the regions within the U.K. differs widely and has not influenced housing in a homogeneous manner,” the agency said, adding that “the geographic profile of assets backing RMBS (residential mortgage-based securities) transactions may have increasing relevance to the credit worthiness of future transactions.” DBRS said it found a variation in a number of metrics that impact both rating and investment decisions when assessing underlying RMBS transactions. “Regional resilience to house price declines in the crisis differs from region to region. The subsequent recovery has also had an impact to varying degrees. For example, house prices in London returned to pre-crisis levels in the first quarter of 2013 while the bulk of U.K. regions still record average house prices below their 2007/8 peaks, according to data from Nationwide Building Society (NBS).” DBRS added that analysis of loss severity also shows significant regional variation.

Real estate investment to grow 55% to $45 trln by 2020 Rapid urbanisation and demographic changes, especially within emerging markets, will lead to substantial growth in the real estate investment industry over the next six years, according to a new report from PwC. At the same time as the industry’s opportunities grow, so too will assets invested into the sector. The report predicts that the global stock of investable real estate will rise by more than 55% to around $45.3 trln by 2020, from a 2012 total of $29.0 trln and will expand again by a similar proportion by 2030. The expansion will be greatest in emerging economies, where economic development will lead to better tenant quality and, in some countries, clearer property rights and will play out across housing, commercial real estate and infrastructure. Intense competition for prime real estate will force real estate managers and investors to seek out new opportunities for yield. Yet the growing and changing real estate world will present them with a far wider range of risks, which they must be equipped to manage. PwC predicts that total investable real estate in the Euro area will rise by 27% to $8.6 trln by 2020, from a 2012 total of $6.8 trln. “The real estate industry is at the centre of rapid economic and social change, which is transforming the built environment. Already thousands of people migrate from country to city across Asia, the Middle East, Latin America and Africa, attracted by the wealth of these new economies. By 2020, this migration will be firmly established. Cities in these regions will swell and some entirely new ones will spring up,” explained Constantinos Constantinou, Advisory Services

Partner at PwC Cyprus. “The growing middle class and ageing populations in these emerging economies are increasing demand for specific types of real estate such as affordable housing, retirement accommodation, gated communities outside cities for families and smaller urban apartments without kitchens or car parking for young professionals. “As real estate is a business with long development cycles, now is the time to plan for these changes,” Constantinou added. Other changes in real estate by 2020, according to the PwC report, include a huge expansion in cities, with mixed results. By 2020, the 21st century’s great migration to the cities will be well underway. Cities will swell across the fast-growing countries of Asia, Africa, the Middle East and Latin America. Even the developed Western countries will be urbanising, albeit at a slower pace. Come 2020, cities will be competing fiercely with each other. But while some cities will become centres of wealth creation in a multipolar world, others are likely to fail. Those that emerge as their region’s leading cities are likely to provide opportunities for attractive returns. The PwC report added that growth in emerging markets will ratchet up competition for real estate assets and competition between real estate organisations, and that sustainability will transform design of buildings and developments, presenting opportunities and risks for real estate asset managers.

The report also said that technology will disrupt real estate economics: growth in online shopping will continue to reduce the need for retail space but shorter delivery times increase the need for warehouse space close to customers. And as workers increasingly work from home or satellite offices, the need for office space will decrease. For developers, technology advances will make eco-efficient building more practical. Technology even has the potential to transform real estate asset managers’ own operations allowing them to make far more use of telecommuting, while also embracing data management techniques such as data warehousing. Real estate capital will take financial centre stage, the PwC report concluded. Private capital will play a critical role in funding the growing and changing need for real estate and its supporting infrastructure. Just as asset managers, real estate funds and sovereign wealth funds will find the assets under their control swell, so there will be a growing need to finance urbanisation. Private real estate capital will become an important partner of governments. Real estate managers will need to leverage the full range of financing possibilities to take on new types of risk, often with long-term investment horizons. The Real Estate 2020 report is available from www.pwc.com/RE2020

Total investable real estate in the Euro area will rise by 27% to $8.6 trln by 2020

Αpril 16 - 22, 2014

18 | WORLD MARKETS | financialmirror.com

Volatility down under By Oren Laurent President, Banc De Binary

Last week, I speculated why tech stocks, despite a lack of fundamental causes, experienced a temporary decline. This week, the movement of the Aussie dollar provides further proof of the short-term power of investor sentiment over market trends. What is driving this sentiment? And what are the fundamentals telling us? On Thursday, April 10, futures traders went bullish on the Aussie dollar, causing the currency to reach 9% higher than its 3.5 year low experienced in January. The shift was led by better than expected Australian domestic data, with the Australian Bureau of Statistics reporting a total of 18,100 new jobs in March and the unemployment rate falling to 5.8%. In recent months, the Australian dollar has been one of the top-performing G10 currencies. It has rallied more than 5% against its U.S. counterpart this year thanks to a number of weak economic signs from the States combined with the shift of the Reserve Bank of Australia to a neutral monetary policy in February. At first glance, the employment data could be interpreted as another factor driving gains, but a deeper examination reveals that the recent rise goes

against the trend, since a reversal in the currency’s strength is looking increasingly imminent. Consider that the rally occurred despite increased tensions in the Ukraine and concerns about a possible slowdown in the property market in China, Australia’s biggest trade partner. It occurred even though China’s producer price index declined 2.3% in March and exports were down 6.6% compared with one year before. And it occurred in spite of the fall of Australian business confidence in March to the lowest rate since September’s Federal election. Clearly, employment figures do not paint a full picture of the economy. They were simply enough to influence public sentiment and create short-term optimism to further pump up the market. Call me biased, but the power of investor sentiment and the effect that certain fundamental events exert over short-term movements, even when contradictory to larger trends, is precisely why traders should include short-term binary option positions in their portfolio, such as are offered by Banc De Binary. In the long-term though, more likely than not, the bigger-picture fundamentals will reign. Indeed, the employment data was not strong enough to sustain the currency’s extra height and Thursday’s gains were lost the following day. It slipped on April 11 to below U.S. 94c. If U.S. companies perform better in the coming months, as many analysts are now forecasting, this could

further reverse the trend. Steven Englander, Global Head of G10 FX Strategy at Citigroup, made the point that investors have been buying the Australian currency in anticipation of a turnaround in the near future, since “the global environment isn’t going to support much more gains.” I wouldn’t be surprised to see a degree of volatility in the markets as investor sentiment and various fundamentals test their weight and influence. I also wouldn’t be surprised if by the end of the second quarter, the currency has stabilized at a few cents

lower than it stands today. Traders will do well to follow events in China and the U.S., as well as of course local Australian data, before committing to any market positions.

www.bancdebinary.com

US retail sales help dollar recovery Better than expected US retail sales date, which recorded their largest gain in 1-1/2 years in March, helped the dollar stage a strong recovery on Tuesday. The dollar index edged up 0.1 percent to 79.791, holding above Monday’s intraday low of 79.562 while against the yen, the dollar edged up 0.1 percent to 101.91 yen, staying above a three-week low of 101.32 yen set on Friday on trading platform EBS. Investors remained wary of developments in Ukraine, where any escalation might quickly cause risk appetite to evaporate. But Satoshi Okagawa, senior global markets analyst for Sumitomo Mitsui Banking Corporation in Singapore, told Reuters that moves in U.S. 10-year Treasury yields may be a bigger key for dollar/yen now than the tensions in

Ukraine. “Dollar/yen has been showing a strong correlation to U.S. 10-year yields,” Okagawa said. With U.S. 10-year Treasury yields having recently been stuck in a range of roughly 2.6 percent to 2.8 percent, the

also in late March to early April. The yen showed limited reaction after Bank of Japan Governor Haruhiko Kuroda said on Tuesday that Prime Minister Shinzo Abe did not bring up additional monetary easing during one of their

FOREX COMMENTARY & TECHNICAL ANALYSIS dollar has been range-bound against the yen as well, he added. Since early February, the dollar has mostly traded in a range of roughly 101 yen to 103 yen, although it spent some time above 103 yen from early to mid-March and

regular meetings. The euro held steady at $1.3815, staying below a three-week high of $1.3906 touched on Friday. The euro remained under pressure from

weekend comments from European Central Bank officials, including ECB President Mario Draghi, who rekindled speculation about more easing in the euro zone. The Australian dollar slipped 0.4 percent to $0.9389, with the near-term focus on Chinese economic indicators coming up on Wednesday, including data on gross domestic product. The minutes of the Reserve Bank of Australia’s April 1 policy meeting released on Tuesday had limited impact on the Aussie dollar. The RBA said economic developments in the past month had done nothing to sway its resolve to keep interest rates steady for a while, noting there had been further signs that low borrowing costs were supporting growth.

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.

Αpril 16 - 22, 2014

financialmirror.com | MARKETS | 19

Buy the dip, with a 30y UST hedge Marcuard’s Market update by GaveKal Dragonomics Imagine that a colleague has just returned from a onemonth holiday and asks for an update. You start by telling him two things: 1) US consumer discretionary stocks have fallen 5% MoM; and 2) the yield on the 30-year US treasury bond broke below 3.5% last night, re-crossing that threshold for the first time since yields rose during the ‘taper tantrum’ last summer. “So, markets have gone risk-off,” he would assume. “Well, not exactly...” You would then have to explain that while he was away, energy was one of the best performing sectors in the US market, while healthcare did nearly as badly as consumer discretionary stocks. The safe-haven US dollar is down. The euro is up. Oh yes, and emerging markets are outperforming-finally. After failing to determine whether markets were in a riskon or risk-off mode, your colleague would then face a difficult decision about how to position his portfolio. We see no justification for a widespread sell off in equity

markets at this time, and so would suggest buying the dips where appropriate. Equities are not generally expensive. Sure, some equities trade at valuations that still look stretched-with the consumer discretionary sector offering the most obvious examples. But in broad terms, last year’s multiple expansion only saw the US equity market go from extremely cheap to somewhere around fair value. Meanwhile, some of the emerging markets look downright cheap, thanks to the onslaught of bad press and extremely negative sentiment. Valuations do not cry out for a general sell-off; just a rotation of leadership. The growth fundamentals also do not call for a big risk-off move at this point. The US growth data have been OK. Most surveys we read show confidence improving, both among US consumers and businesses. Monetary policy concerns are also settling down. Two-year treasury yields jumped a little in mid-March when the Federal Reserve moved a few dots on its projections and tweaked its wording. In fact, the timing suggests that this might have served as one of the catalysts for the rotation out of extremely over-valued stocks. Anyway, the market appears to have come to the conclusion (rightly) that it over-reacted previously. Two year yields have settled back to levels seen before the March

FOMC meeting. The bottom line is that while the Fed is gradually executing its exit strategy, monetary policy (and short rate policy in particular) is likely to remain very easy for another couple years. This brings us to the long end of the bond market. Isn’t the downward break in the 30-year US treasury yield a worrying sign? In short, no. So far all we have seen is a narrowing of the unusually wide yield spread between the 10 and 30-year treasury bonds. This was to be expected, and as we showed in a report in the middle of last year, there is plenty of room for this spread to narrow further, returning it to normal. The 10 year yield has basically been flat, in a range of 2.62.8% for the last couple of months. If the 10-year were to break below 2.5%, we would get worried that the bond market was starting to price in trouble. But so far this is just a normalisation at the long end of the curve. This all means that we cannot find a good reason for the equity market to enter a bear phase now. So we suggest buying on the dip. Of course there are always risks on the horizon. Therefore we continue to recommend hedging equity exposure. Because of our view that the 30 over 10-year yield spread will narrow further, our preferred hedge remains long positions on the 30-year US treasury.

The French turnaround Marcuard’s Market update by GaveKal Dragonomics As overvalued technology stocks face a severe market comeuppance, it apparently falls to France to offer some good news! Manuel Valls has kicked off his premiership with bold pledges to cut both taxes and spending. In doing so, he has reinforced the more probusiness tone that President Hollande articulated in January. The Spanish-born prime minister has also begun to clarify a reform agenda that should help French companies claw back their lost costcompetitiveness. The measures are clearly positive for both economic growth and financial markets, and especially for those companies whose operations are heavily influenced by public policy - the group we dub the “national victims”. Although French companies have faced a higher profits tax burden in recent years, the adoption of a tax credit linked to wages has effectively lowered overall labour costs (by ?20 bln through 2016). The latest measures will extend this tax break to at least ?30 bln ? a sum

Now here’s the rub. While the government “aims” to reduce France’s fiscal deficit to 3% of GDP next year, this is clearly a secondary objective. Still, we are unlikely to see anything more than soft protest from European policymakers who cannot risk France’s economy continuing to stagnate due to excessive fiscal drag. France’s more rational economic policy orientation, together with commitments to gradually lower the fiscal deficit, should be enough to secure acceptance in Brussels and Berlin. Both investors and eurocrats have come to understand that Europe’s Thatcherite Keynesianism is more effective than the austerity adopted under the leadership of “Merkozy” and Jean Claude Trichet during the 2010-2012 crisis period. The affirmation of a more rational economic policy will also calm fears of “French tail risk”, a concern that I have argued was overstated. In any case, the markets seem to have made their judgment as attested by the shrunken oat-bund spread and outperformance of French equities in the “national victims” camp. Investors should stick with this portfolio orientation as Mr Vall’s initiatives will directly benefit firms with a large French workforce.

equal to 4% of total private sector wage costs in France. Put another way, this has the effect of closing 40% of the gap that has opened between the French and German real effective exchange rates. The new plan is to cut employer-paid taxes on low-wage workers who earn up to 1.6x the minimum wage. In 2016, another category of employer tax will be lowered by 1.8pp for those workers who make up to 3.5x the minimum wage. The “C3S” - a tax of about 0.16% on company turnover above ?760,000 will be phased out over a three year period. Corporate profits tax will be lowered from 2016 with the aim of reducing the headline rate to 28% by 2020. Low paid workers will also get a salaries tax cut, and from next year the self-employed will be granted breaks. This largesse will be financed by almost ?50 bln of spending cuts in the 2015-2017 period ? ?17 bln of this will come from the freeze (in nominal terms) in state outlays; ?10 bln will be sliced out of health-care, and ?10 bln from reduced local government spending. Manuel Valls projects to cut by half, from 22 to 11, the number of administrative regions in 2017, and later on to abolish other layers of local government.

www.marcuardheritage.com

Disclaimer: This information may not be construed as advice and in particular not as investment, legal or tax advice. Depending on your particular circumstances you must obtain advice from your respective professional advisors. Investment involves risk. The value of investments may go down as well as up. Past performance is no guarantee for future performance. Investments in foreign currencies are subject to exchange rate fluctuations. Marcuard Cyprus Ltd is regulated by the Cyprus Securities and Exchange Commission (CySec) under License no. 131/11.

The Financial Markets Interest Rates Base Rates

USD GBP EUR JPY CHF

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

Swap Rates

CCY/Period

1mth

2mth

3mth

6mth

1yr

CCY/Period

2yr

3yr

4yr

5yr

7yr

10yr

USD GBP EUR JPY CHF

0.15 0.49 0.22 0.10 -0.01

0.19 0.51 0.26 0.12 0.01

0.23 0.52 0.29 0.14 0.02

0.32 0.62 0.39 0.19 0.07

0.55 0.90 0.55 0.34 0.19

USD GBP EUR JPY CHF

0.51 1.00 0.45 0.19 0.05

0.93 1.38 0.57 0.21 0.12

1.35 1.68 0.74 0.25 0.24

1.70 1.92 0.93 0.31 0.40

2.26 2.31 1.29 0.48 0.76

2.76 2.70 1.74 0.78 1.18

Exchange Rates Major Cross Rates

CCY1\CCY2 USD EUR GBP CHF JPY

Opening Rates

1 USD 1 EUR 1 GBP 1 CHF 1.3815 0.7239

100 JPY

1.6715

1.1358

0.9815

1.2099

0.8222

0.7105

0.5983

0.8265

0.8804

1.2163

1.4716

0.6795

101.88

140.75

170.29

0.5872 0.8642

115.72

WORLD CURRENCIES PER US DOLLAR CURRENCY

CODE

RATE

EUROPEAN

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

9930 1.6715 1.4154 19.864 5.404 11.325 1.3815 1.747 222.19 0.50869 2.4989 0.3107 13.359 5.9641 3.0241 3.2322 35.9536 6.5648 0.8805 12.9459

AUD CAD HKD INR JPY KRW NZD SGD

0.9387 1.0976 7.7543 60.2675 101.88 1042.1 1.1554 1.2532

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

0.3770 6.9794 24897.00 3.4633 0.7080 0.2812 1512.00 0.3850 3.6402 3.7502 10.5213 3.6730

AZN KZT TRY

0.7832 182.05 2.1209

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

LIBOR rates

CCY

Also, the oat-bund spread is likely to further narrow at the long end of the curve (at the 30year maturity, the spread is 65bps and could fall to 50bps). Plenty will remain unconvinced of France’s willingness and capacity to reform. But the skeptics should not forget a basic market rule: when a country moves from being awfully managed to being run in a merely mediocre fashion, buy it!

Weekly movement of USD

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Today

USD GBP JPY CHF

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GBP EUR JPY CHF

1.6715 1.3815 101.88 0.8804

Last Week %Change 1.6643 1.3763 102.72 0.8857

-0.43 -0.38 -0.82 -0.60

Bahrain Dinar Egyptian Pound Iranian Rial Israeli Shekel Jordanian Dinar Kuwait Dinar Lebanese Pound Omani Rial Qatar Rial Saudi Arabian Riyal South African Rand U.A.E. Dirham ASIA

Azerbaijanian Manat Kazakhstan Tenge Turkish Lira Note:

* USD per National Currency

Αpril 16 - 22, 2014

20 | WORLD MARKETS | financialmirror.com

What to look for in Yahoo! earnings When Yahoo! Inc. reports first-quarter results this week, investors are likely to be paying more attention to what the company says about its current quarter and how it plans to use its windfall from the coming initial public offering (IPO) of Alibaba, a China-based Internet company in which Yahoo owns a 24% stake with a total value estimated at around $36 bln. According to market watchers 247wallst.com, nalysts expect Yahoo! to post earnings per share (EPS) of $0.37 on revenues of $1.08 bln. Both figures are lower sequentially, and EPS is lower than in the same period a year ago though revenues are up slightly from $1.07 bln. Yahoo! shares reached a 12-month peak at $41.72 in January, a gain of about 73% compared with the 52-week low. But about half that gain has evaporated as investors question the company’s video strategy. The share price gains were almost entirely due to $3.3 bln in share buybacks last year, and if Yahoo! hints that it intends to do the same with a large piece of its payoff from the Alibaba IPO, the shares could take off again. However, if CEO Marissa Meyer comes out beating the drum for a full-scale assault on video programming, shareholders could be less enthusiastic. Yahoo! is also believed to be preparing to take a run at YouTube, the Google Inc. unit that absolutely owns

streaming video both on the desktop and mobile devices. To make any kind of dent in any part of the streaming video universe Yahoo! will have to throw big money around. That will not make shareholders happy, especially if the company’s core business is relatively stagnant. The company’s forward price-to-earnings ratio is about 18.9,

while the ratio for the trailing twelve months is about 26.6. Investors have already hinted which way they think the stock price is headed. Yahoo! has to get them to reverse direction again tomorrow. Yahoo! shares were up about 2.2% on Monday at $33.59 in a 52-week range of $22.70 to $41.72.

Is Nasdaq on its way back to 3,000? ANALYSIS By Douglas A. McIntyre, 247wallst.com

It is not very long ago that the Nasdaq was below 3,000 — December 2012, in fact. More important, not very much has changed in terms of the general economy and company earnings since then. In other words, the foundations of Nasdaq at 4,000 are weak. That alone could trigger a huge correction. The Nasdaq made it all the way to 4,336 in March. Since then it has dropped below 4,000. A lot of the fall has been blamed on “overvaluation” of Web 2.0 stocks and biotechs. However, that explanation is too simplistic. By historic measures, the economic recovery is very fragile. A full recovery, traditionally, has moved the national unemployment rate below 5%. The rate was 6.7% in March and may not fall below 6% this year. And, there is the oftmentioned pool of people who have been out of work for half a year or more — and with that the argument that the longer people are out of work, the harder it is for them to find jobs. Another by-product of a weak recovery is that more people are not employed full-time and have no benefits. Economists see this cascading down through the larger economy affecting consumer confidence and spending. The stock market and economy may have become “uncoupled.” That cannot go on forever.

The observation that company earnings will be very weak for the first quarter seems to be talked about and written more and more about as the results start to be released. Weak consumer spending will catch up to public companies which sell to consumers. In turn, businesses which supply consumer-based businesses will be hampered. The sharp cost cuts which happened during the recession cannot be duplicated. Public companies have run out of cost-savings tricks as their revenue improvement falters. However, the best way to look at the Nasdaq’s run up and potential drop are driven is an understanding of how few

stocks actually make up a huge portion of the indexes value. At the top of this list is Apple Inc. Its earnings will come out on April 23, as will its iPhone 6 some time after that. Investors have already moved away from the shares, often because they believe the company has lost its ability to top the consumer electronics sector in innovation. Facebook Inc.’s market cap topped $180 bln when the Nasdaq hit a 14-year peak in early March. Now there is more anxiety that a company which makes a few hundred million each quarter could be worth anything close to that. Amazon.com Inc.’s, which almost no one would argue does not have a very good business, has become a spending machine as its increase efforts to move into consumer electronics and media deliver. While these projects may become successful, Amazon’s margins will be hurt in the meantime. That can help explain why the shares have fallen more than 23% since peaking on January 22. The only very big stock in the Nasdaq that looks relatively undamaged is Google Inc. Its advertising based model, which was once viewed as too narrow, has done particularly well in the last year. But, single product companies will always be vulnerable. Google is the Nasdaq’s champion, which means poor results from the search engine company could be the primary cause for a Nasdaq flat spin. It took 15 months for the Nasdaq to move from 3,000 to 4,000. With the right mix of bad news, it could reset back to the lower level much more quickly.

ABI says banks should stick to lockups on share sales

A group of investors in the U.K. insurance sector, who manage assets worth a quarter of the country’s economy, want investment banks to stick closer to lock-up agreements on sales of company shares after a major transaction, saying it would ensure more stable markets. The Association of British Insurers (ABI) has released a set of ‘best practice’ guidelines demanding bankers are clearer about how much time will pass before they launch further placings of shares. The call comes as frustration mounts among investors over an increasingly common disregard for lock-ups designed to prevent a selling shareholder, such as a private equity group, destabilising the market. The lock-ups are meant to reassure investors buying into a share sale that the seller will not dump more of their stake on the market shortly afterwards, driving down the share price. “It comes down to no more than we think it is important that lock-up agreements frankly do what they say on the tin,” said Robert Hingley, Director of Investment Affairs at the ABI. “This is important because (lock-ups) are designed to regulate the balance between supply and demand and send a signal to the market that if you buy shares now there won’t be a further increase in supply for a given period.”

The ABI does not have a regulator’s powers to set rules but its views are important because of the buying power of its members who represent much of the UK mutual funds market, managing nearly $3 trln of assets. Some investors were angered in 2013 when Lloyds Banking Group, in transactions run by bookrunner Bank of America Merrill Lynch, sold two tranches of shares in wealth manager St James Place in quick succession. The second sale came just over ten weeks after the first, even though Lloyds had said it would not reduce its stake further for at least a year. The ABI wants lock-up agreements to specify an initial “hard” lock-up that cannot be waived after which the terms become more flexible. “You don’t want to necessarily set a cliff edge in the market because otherwise you get funny things happening around that cliff edge. Some discretion is fine. But if you are going to have 180 days, the first 150 days should be hard and then you can waive in the last 30,” Hingley said. He said the ABI had made investment banks aware of its demands and received mixed responses. “We have been in touch with a number of investment banks for a while. Some are sympathetic. Some are less so,” he said.

Αpril 16 - 22, 2014

financialmirror.com | WORLD MARKETS | 21

The German leadership question By Otmar Issing Many in the eurozone’s crisis countries complain that the source of their suffering is a rigid economic-austerity regime – including reductions in wages and pensions, tax increases, and soaring unemployment – imposed on them by Germany. Hostility against Germany has reached a level unseen in Europe since the end of World War II. And yet, despite this antagonism, loud calls for Germany to assume “leadership” in Europe can also be heard. Germany is undoubtedly Europe’s most important economy; and, with low unemployment and relatively sound public finances, it is also the best-performing one – at least for the time being. So Germany is asked to take the lead in saving the eurozone, an outcome that is in the interest not only of the entire European community, but also of Germany, which is widely seen as having gained the greatest advantage from the single currency. Complaints about the imposition of a “teutonic regime” and appeals for German leadership seem to contradict each other – a kind of continent-wide cognitive dissonance. In fact, the complaints and calls for leadership are mutually reinforcing. The implementation of austerity policies in the periphery has caused these countries to ask for help and request that Germany take the lead by putting more money on the European table. Nobody would deny that Germany has an interest in preserving the euro. So why shouldn’t it support its partners with financial help to overcome the crisis? Such support can already be found via the various rescue mechanisms – above all, the European Stability Mechanism and the implicit guarantees of TARGET 2 – that have been erected since the crisis began. But these mechanisms must be distinguished from a regime of more or less automatic, permanent transfers. As long as a fully-fledged political union remains a vision for the future, fiscal transfers must be legitimized by national parliaments. For now – and probably for a long time to come – the eurozone will continue to be a union of sovereign states, with each country responsible for its own policies and for their outcome. The no-bailout clause that was included in the monetary union’s founding treaty is an indispensable corollary. Eurobonds, for example, would not only create moral hazard; “taxation without representation” would also violate a fundamental tenet of democracy and undermine support for the European idea. The creation of a European banking union is another area in which misguided calls for solidarity prevail. Establishing a single supervisory authority and a resolution mechanism are valid proposals. But asking others to pay for the legacy of banks’ past irresponsible practices is hard to justify. What would be the reaction if, say, Italian or Spanish taxpayers were asked to pay for the reckless behavior of the German IKB or HRE banks? Who would not find such a request

inappropriate, to say the least? And yet when the bailout is presented the other way around, with German taxpayers asked to backstop reckless Italian or Spanish banks, somehow it is supposed to be an act of solidarity. Legacy problems in national banking systems should be solved at the national level before the banking union moves forward. Bailing out governments and banks is not the direction in which Germany should lead. If Germany should lead at all, it should do so by providing a model of good economic policies for others to emulate. It should lead by respecting the commitments enshrined in the European treaties. Indeed, Germany set a disgraceful and damaging example when, back in 2003-2004, it undermined the European Union’s Stability and Growth Pact by not adhering to it. Walter Hallstein, the first president of the European Commission, repeatedly stressed that the union is based on the principle of a community of nations under the rule of law (Rechtsgemeinschaft). Today, credibility can only be restored if treaties and rules are respected again. Think of the eurozone as a selective club. Unless its members respect the rules by which it is defined, it will wither. Those who violate the rules must be warned and finally sanctioned – preferably in an automatic fashion. Those who

violate the rules consistently, and even announce that they will continue in their misbehavior, should not be allowed to blackmail the community and should ultimately consider leaving the club. Those who are concerned about permanent German dominance of the European “club” can rest easy. Having emerged from the position of the sick man of Europe only a decade ago, Germany is now willfully, if thoughtlessly, undoing the reforms that had so strengthened its economy. By reinforcing already-strict labor-market regulation, pursuing a misguided energy policy, and reversing pension reform, Germany is undermining its current economic position and will move in the direction of problem countries. This regression will take time, but it will happen. Accordingly, calls for German leadership will disappear and its strained public finances will suppress requests for financial transfers. One wonders how the discussion about “leadership” for Europe will look then? Otmar Issing, former Chief Economist and Member of the Board of the European Central Bank, is President of the Center for Financial Studies at Goethe University, Frankfurt. © Project Syndicate, 2014, www.project-syndicate.org

Most Russian corporates “can refinance risks” over Ukraine crisis The aggregate exposure of rated Russian non-financial corporates to debt denominated in foreign currency is manageable, according to Moody’s Investors Service. The rating agency said that substantial foreign currency cash balances and export revenues help reduce the risk, while financing from local banks could provide a fallback if access to global financial and debt capital markets dried up. “The sectors with the least overall exposure to refinancing risk are the oil & gas, telecoms, utilities and infrastructure sectors, since we estimate that their aggregate cash and deposits would be sufficient to cover most or all of their debt maturities until end-June 2015,” said Artem Frolov, a Moody’s senior analyst and coauthor of the report. “Conversely, the chemicals and mining sectors are the most exposed to refinancing risk as, based on our estimates, their aggregated cash and deposits would only

cover 42% and 25%, respectively, of their debt maturities between 1 January 2014 and 30 June 2015,” continued Frolov. In its report, Moody’s notes that among the 60 rated issuers it analysed, 47 have a total of $64.2 bln of debt maturities denominated in foreign currency, of which more than $14.7 bln is in public debt instruments including Eurobonds. This is a key source of exposure if Russian corporates’ access to global financial and debt capital markets were to become constrained. The remaining 13 rated issuers have either no debt denominated in foreign currency maturing in the 18month period between 1 January 2014 and 30 June 2015 or no debt denominated in foreign currency at all in their total outstanding debt. In addition, Moody’s notes that many rated Russian corporates have large cash balances in foreign currency and generate a proportion of their revenues in “hard”

foreign currency, which mitigates the foreign currencyrelated refinancing risk. Based on end-2013 data, Moody’s estimates that 45% of rated issuers’ total cash is denominated in foreign currency and 50% of their expected operating cash flows during the next 18-month period would be denominated in foreign currency. Moody’s assumes that the Central Bank of the Russian Federation (CBR), which has ample foreign currency reserves (estimated at $435 bln), would look to ensure that there are no foreign currency shortages in the system. Rated Russian corporates have around $63 bln of medium- and long-term available credit facilities, of which around $14 bln is denominated in foreign currency and available under their loan agreements with domestic banks. The foreign currency liquidity of Russia’s banking system depends to a large extent on the foreign currency resources of the CBR.

Αpril 16 - 22, 2014

22 | WORLD MARKETS | financialmirror.com

Eurozone bank provisions may help pass ECB stress tests The provision for loan losses of tens of billions of euros by eurozone banks in their latest annual accounts may have substantially reduced the chance of institutions failing ECB stress tests in the next few months. A total of 71.5 bln euros was set aside in 2013 by the 20 biggest listed banks involved in the exercise, according to market analysts. Many also boosted capital ratios by raising cash and hoarding profits. If replicated across the 128 lenders subject to European Central Bank tests by October, it could mean no bank will fail or be forced to raise large amounts of new capital. Such limited consequences helped discredit previous tests by EU financial watchdog the European Banking Authority (EBA). While some analysts have suggested that a failure by the ECB to force the closure of any euro zone bank after its own tests could again undermine the credibility of the exercise, many see it as more important that the ECB’s scrutiny creates a stronger banking system - something the data suggest is happening. ECB President Mario Draghi himself has highlighted progress already made since they learned of his plans and said this month he was “pretty confident” that the testing regime would “find a stronger banking system than we had before announcing it”. The EBA, which will coordinate this year’s stress tests with the ECB, said investors were interested not just in whether banks pass or fail but their sensitivity to stress and how supervisors deal with the results. “The credibility of the EU-wide stress test rests on transparency; market participants will determine for themselves how supervisors and banks are dealing with remaining pockets of vulnerability.” Back in January, analysts at Keefe, Bruyette & Woods published a report showing 27 of the ECB’s 128 banks failing a simulated stress test, though of these only Commerzbank was among the top 20 listed entities. The German lender has said it is “well prepared” for the exercise.

One senior official at a banking regulatory body in Europe said that he and his peers would not be concerned if the ECB review failed to force significant remedial action at major banks. However, several experts, speaking privately, emphasised that it could throw up surprises and problems. One person who has been involved in bank tests before said large provisions already taken by banks do not mean they are out of the woods. One indicator of that was the ratio to equity of bad loans against which provisions have yet to be made. Non-performing loans not covered by provisions make up about a third of the equity across the 20 banks. In the cases of three banks, however, bad debts not provided for exceeded their total equity. If those banks’ collateral were to prove worthless and no repayments were made on the loans, those banks’ equity would be entirely wiped out. That would be an extreme outcome, however. Nonetheless, such issues highlight uncertainties in the process. The average core tier 1 ratio indicating financial strength rose to 11.85% at endDecember across 20 leading banks, up from 10.77% a year earlier. Using a slightly different tool, the ECB requires banks have a ratio of at least 8%. The 20 banks account for about 60% of the risk-weighted assets held by the 128 banks, and range in size from Spain’s Santander down to Bank of Ireland and Italy’s Mediobanca. The group does not include large banks that do not have listed shares. The ratios that banks themselves disclosed for 2013 were nudged higher as the 20 raised more than 16 bln euros in equity and booked post-tax profits. Excluding a huge 14-bln euro loss announced by UniCredit of Italy, triggered by provisions ahead of the ECB tests, the other 19 posted a total profit of 20 bln euros. Since the turn of the year, the banks have continued to sell assets and raise capital. The main wild card in the ECB’s tests,

and their main enhancement over the EBA’s previous efforts, is an assessment of whether banks have recognised all their impaired loans and set aside enough to cover losses. If the ECB concludes the loans are overvalued, this will push capital ratios down. The 20 banks examined classed 9.1% of their loans as non-performing at the end of 2013, against a non-performing ratio just below 8% a year ago. The 71.5 bln euros the 20 set aside to deal with loan losses last year was down 20% on provisions they took in 2012, when business

was tougher. Collectively, they have now taken enough provisions to cover losing 55% of their bad loans. However, much remains obscure in the detail of how banks state their nonperforming loans. Those uncertainties notwithstanding, investors have piled back into the equity and debt of banks with the highest NPL ratios, with Italian and Spanish banks leading share price gains among European banks and National Bank of Greece making its return to the bond market.

Stronger euro could bring QE, says ECB chief The European Central Bank will ease monetary policy further if the euro keeps strengthening, its president Mario Draghi said in Washington on Saturday as world finance chiefs ramped up pressure on Europe to ward off deflation. In the clearest signal yet that the ECB was prepared to launch a stimulative asset-purchase programme, Draghi said the euro’s exchange rate had become increasingly important to policy and would act as a trigger. “The strengthening of the exchange rate would require further monetary policy accommodation. If you want policy to remain as accommodative as now, a further strengthening of the exchange rate would require further stimulus,” he told a news conference. The issue of weak euro zone inflation took centre stage at meetings of top finance ministers and central bankers, with the IMF’s steering committee urging the ECB to consider acting if low inflation became persistent. “The Fund is recommending more monetary easing to the ECB, and rightly so,” said Guido Mantega, Brazil’s finance minister. Last week, the ECB kept interest rates steady but opened the door to turning on its money-printing presses to boost the weak euro zone economy and inflation. At that time, Draghi said the ECB had achieved unanimity that asset purchases, or so-called quantitative easing, might be needed.

Over the past 12 months, the euro has strengthened by nearly 5.5% against the dollar and by nearly 10% against the yen. In recent weeks, it has reached levels against the dollar not seen since late 2011. It ended last week at just below $1.39. Draghi said on Saturday that euro appreciation over the last year was an important factor in bringing inflation in the currency bloc down to its current low levels, accounting for as much as half a percentage point of the decline in the annual rate, which stood at only 0.5% year-on-year in March.

The ECB aims to keep inflation close to but under 2%. “I have always said that the exchange rate is not a policy target, but it is important for price stability and growth,” Draghi said. “What has happened over the last few months is that it has become more and more important for price stability.” The euro’s recent strength has baffled many players in the global currency market given Europe’s low interest rates, tepid growth prospects and near-zero inflation. In fact, most currency analysts expected an improving outlook for the U.S. economy and the winding down of the U.S. Federal Reserve’s massive stimulus programme to drive the dollar up against the euro this year. Some of the investment flows supporting the euro are reflected in the strong performance of sovereign debt from several of southern Europe’s bailed-out nations, as an auction last week for 3 bln euros of five-year bonds sold by Greece drew more than 20 bln euros in orders. Quantitative easing was something previously considered highly undesirable by some euro zone central bankers, and only to be considered if prices were falling outright. But policymakers in recent weeks publicly broached cutting deposit rates below zero - effectively charging banks that hold excess cash at the ECB - or embarking on bond purchases as have the U.S.

Αpril 16 - 22, 2014

financialmirror.com | GREECE | 23

Bond yields rise after euphoria fades Greek bond yields rose on Friday as investors booked profits on the rally that preceded the country’s return to debt markets, with even its sought-after new fiveyear bond succumbing to selling pressure. Greece received bids seven times the amount in its first sale of a new bond since before its bailout in 2010. The transaction had buoyed other euro zone government bond markets on Thursday, but the new bonds faced a difficult birth as trading started on Friday, with investors losing their stomach for riskier assets. Yields on the new Greek bond traded above 5% on Friday, compared with 4.95% at which it was issued. It had traded at lower yield levels earlier in the day, but that prompted immediate profit taking from Thursday’s buyers. Yields rise as the value of the bond falls. The country’s debts are still 1.7 times its economic output. The IMF said Greece was likely to need more financing help from the euro zone in the next two year despite its market comeback.

Yields on older Greek bonds jumped, with the 10-year yield rising more than a third of a percentage point to 6.32%. In the run-up to the sale, Greek 10-year yields had fallen to four-year lows below 6%. “It’s quite obvious that many of the guys that bought the bond were not the buy-andhold type. They were just fast money,” one trader said. At their peaks following a March 2012 restructuring that imposed losses on private debt holders, Greek bonds yielded above 30%. Other euro zone bond yields rose as well on Friday, while global stock markets tumbled. Given the bigger picture, some market participants said the new Greek bonds were doing well to sell off less than their longer-dated peers. Athens received 20 bln euros of orders for its 3 bln bond sale. Demand was equal to about two thirds of the size of its entire bond market and the volume of more than 100 days of Greek bond trading on electronic platforms. The surprisingly hefty demand led

brokers to mark the new five-year bonds at around 4.8% yield before the deal priced on Thursday, expecting the bonds to rally considerably once secondary market trade began. Friday’s moves caught them on the wrong foot and some analysts said the final pricing was too aggressive, which was part of

the reason Greek bonds sold off. The finance ministry said a third of the bonds were allocated to hedge funds, investors notorious for having short-term trading strategies, leading some in the market to question the wisdom of that high allocation, given such robust demand.

Who benefits from a return to the markets? ANALYSIS By Jens Bastian Politicians from Prime Minister Antonis Samaras’s government were quick to join the chorus of cheerleaders, with impressive support from members of the media and market analysts when the investment community hailed the country’s return to the markets. On the demand side the rush to snap up the new five-year Greek bond was reminiscent of a stampede. In the same week that Pakistan returned to debt markets after an absence of more than seven years, the first Greek bond since 2010 was characterised by a particularly striking mismatch between the demand and supply side. More than 85% of those pension funds, private equity firms, asset managers and hedge funds – primarily from the US and the UK – who placed buy orders in the bookbuilding process were left with portfolios devoid of Greek debt. Clearly, this was not a coincidence. Rather, it speaks volumes of a well-

orchestrated bond placement, where the sale volume was not the primary objective for the Hellenic Public Debt Management Agency (PDMA) and the Finance Ministry. After the issuance of the five-year bond and the offered yield being able to dip under the symbolically important threshold of 5% (4.95%), the interest rate for ten-year Greek debt declined below the 6% benchmark - a first after four years. Moreover, the spread, i.e. the yield difference between ten-year Greek bonds and the benchmark German bund further narrowed to 433 basis points. This spread was the lowest level since February 2010. These short-term developments immediately after the return to markets are significant because they are capable of setting a yield benchmark of their own. With reduced yields on the five-year note, the Finance Ministry will now be in a position to further test bond markets’ renewed interest in Greek debt with even shorter maturities. This primarily concerns its ability to sell T-Bills with a duration of 26 weeks. Only a day before it auctioned its fiveyear bond, the PDMA sold over 1.3 bln euros

worth of T-Bills with a yield of 3.1%. After the success of the five-year bond we can now expect that future T-Bill auctions will see considerable downward pressure on the yield curve, i.e. declining from 3% to levels closer to 2% or lower. This downward yield adjustment was already in evidence in the T-Bill auction that took place this week (April 15). The PDMA sold a total of 1.625 bln euros worth of 13 weeks T-bills for a yield of 2.45%. If this downward trend solidifies - and there is every reason to believe it will – during the next months, it would have major consequences for the Greek government’s capacity to save on interest rate payments. In 2014, Greece must refinance a volume of roughly 14 bln euros worth of T-Bills. Instead of paying a yield of 3%, a decline in the rate closer to 1 or 2% would save the Greek authorities interest payments to T-Bill holders between 350 and 700 mln euros a year. Thus, if we put the return to markets story in a broader context of the authorities’ strategy to improve its short- and mediumterm refinancing conditions, we start to see beyond the trees. It is not so much a story of

increasing sovereign debt levels, but a stepby-step approach to lower its payment obligations on the yield side. Since Greece is fully financed by its international creditors until end-2015 and now has renewed market access, it does not need to sell additional debt. But doing so again in the course of 2014 chiefly serves the purpose to further influence the yield curve on its T-Bills as well as three, five and ten-year bonds. These tangible benefits cannot be ignored and they underline a smart politics approach by the Greek authorities. But the proof of the strategy’s success will now depend on translating these advantages into equal opportunities for the real economy. This primarily concerns lower interest rates offered by banks for credit creation to private households and businesses. The jury on that front is still out. Jens Bastian is an independent economic consultant and investment analyst for southeast Europe. From 2011 to 2013 he was a member of the European Commission Task Force for Greece in Athens. He is a regular contributor to Macropolis. Follow Jens on Twitter: @Jens_Bastian

ELA funding for banks falls to lowest level

Eurosystem funding for Greek banks fell for the third straight month in March, to the lowest level in four years. According to the Bank of Greece, Eurosystem funding dropped by 7.3 bln euros to 60.69 bln, its lowest level since February 2010. The significant drop reflects a decline of the Emergency Liquidity Assistance (ELA) funding by 5.69 bln to just 2.88 bln, the lowest figure since ELA was introduced in August 2011 as a lender of last resort to assist Greek banks’ access to liquidity. ECB funding also fell, by 1.61 bln to 57.81 bln, the lowest since December 2012. March deposit data is due to be released by the BoG at the end of April so it is not yet clear whether the monthly movement reflects deposit inflows and/or higher interbank lending, according to MacroPolis.gr. That said, Piraeus Bank was the first Greek bank to access the international debt markets in mid-March after four years. The 3-year 500 mln euro senior unsecured benchmark note was priced at a fixed rate coupon of 5% and was six times oversubscribed. Following the sharp drop in March, the aggregate amount of Eurosystem funding shows a reduction of 50% (60.5 bln) since the end of 2012 and 55% (74.9 bln) since its peak

(135.60 bln) in June 2012. The year-to-date decrease stands at 12.3 bln. The amount of ELA funding surpassed the 100-bln-euro threshold for the first time in February 2012 and remained steadily above this level in the second half of 2012, when Greek Government Bonds (GGBs) were not accepted as collateral by the ECB. The ECB decision in mid December 2012 to suspend the previously imposed non-eligibility of GGBs, paved the way for the restoration of Greek banks’ access to ECB liquidity. The cost of ELA funding, at 175-200 basis points over the respective ECB funding cost, had burdened Greek banks’ net interest income (NII) in the second half of 2012, when the bulk of their liquidity stemmed almost entirely from the ELA. This had been gradually reversed during the first half of 2013 with a positive impact on banks’ NII in the last three quarters of 2013. The sharp drop of ELA funding in March, reduced its contribution to total Eurosystem funding to just 5% from 1114% in the previous months with positive implications on bank’s interest expense. Another positive impact arises from the ECB’s move to cut its rate by 0.25%age points in midNovember. This is expected to trim Eurosystem funding cost

by 160-180 mln euros on an annualised basis. Latest available bank data (end 2013) indicate that the ratio of Eurosystem funding to total assets ranged from 12% for Piraeus to 22% for Eurobank. The troika of international lenders has set a target for this ratio to be brought down to 15% by 2017.

Αpril 16 - 22, 2014

24 | BACK PAGE | financialmirror.com

US tech, biotech selloff to follow earnings pick-up WALL ST WEEK AHEAD The wrenching selloff in U.S. high-growth technology and biotech shares could leave investors braced for more than a minor pullback when earnings pick up speed this week. First-quarter earnings estimates have fallen sharply as many companies have blamed the brutal winter for weak outlooks. With high-valuation stocks under pressure, earnings could be subjected to even more investor scrutiny than usual. “There’s skepticism among investors about the outlook, and we’re getting into the first-quarter earnings season, so you’re going to see some positioning,” said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. Profit growth for Standard & Poor’s 500 companies now is projected at just 0.9% in the first quarter from a year ago, down from a January 1 forecast for 6.5% growth. This week, 54 S&P 500 companies are scheduled to report first-quarter earnings, compared with 29 last week. Earnings are expected from such high-profile names as General Electric, Johnson & Johnson, Goldman Sachs, Google and IBM. The economic calendar includes retail sales on Monday, the Consumer Price Index on Tuesday, U.S. housing starts and industrial output on Wednesday and the Federal Reserve Bank of Philadelphia’s business activity index on Thursday. The latest weekly initial jobless claims will also come out on Thursday. Wall Street will face this flurry of numbers during a four-day week. The U.S. stock market will be closed for Good Friday. Volume is likely to be lighter than usual with some

participants away for the observance of Passover, which will begin at sundown on Monday. BLUE CHIPS ARE BACK A move into blue chips is one trend emerging after the market’s slide, which pushed the Nasdaq down on Friday to close below 4,000 for the first time since February 3. The Nasdaq Composite Index has fallen 4.7% for April so far. That means the Nasdaq still has a way to go before slipping into correction mode, which Wall Street defines as a drop of 10% from a recent peak. At Friday’s close, the Dow Jones industrial average was down 2.6% for April so far and the S&P 500 was down 3%. “You’ve seen small caps dominate,” Jacobsen said, referring to some of Wall Street’s one-time darlings. “We’re going to begin to see large caps dominate now as people shift more from these high-beta plays to quality.” Despite the selloff, investors are still pouring money into stocks. Investors in U.S.-based funds put $8.9 bln into stock funds in the week ended April 9, the biggest net inflows in four weeks. At the same time, funds that mostly hold U.S. Treasuries reported outflows for the first time in four weeks, according to Lipper. Yet biotechs have been slammed. The Nasdaq biotechnology index fell for the seventh straight week. The biotech index is down about 21% from its record closing high

Sentiment and sensibility in EM Emerging market economies have experienced hard times in recent months. Net capital flows to these economies declined by an estimated $122 bln, or about 9.6% year on year, in 2013, and fell sharply again during the first two months of this year. What is driving the decline, and how long will it continue? Global investors have become more risk-averse in response to expectations of tighter monetary conditions in the United States and Europe, as well as concerns about China’s slowing growth and its negative effects on global demand and commodity prices. And, in keeping with past experience, weak sentiment has reduced capital flows to emerging-market economies in general, especially those like Turkey, Indonesia, and Brazil that have large external financing needs or face upcoming elections with uncertain outcomes. The unexpected Crimea crisis, anxiety about Russia’s intentions in the region, and Western sanctions have further unnerved already skittish investors. From 2002 to 2007, and again after the global financial crisis in 2008-2009, capital flows to emerging economies surged, as global investors searched for yield in conditions of slow growth and recession in developed countries, low interest rates, and ample liquidity. During this period, investors overlooked individual countries’ economic and political risks, lumping very different economies into a single “asset class,” which was viewed as a one-way bet. Flows of foreign direct investment (FDI), portfolio equity, and portfolio debt to emerging markets reached record highs, with portfolio debt, the most volatile and most sensitive to sudden shifts in investor sentiment, growing the fastest. Unfortunately, several emerging economies – with the notable exception of China – relied on these abnormally large capital flows to finance domestic demand, and their current accounts slid into unsustainably large deficits. Their real exchange rates also appreciated, eroding external competitiveness. The emerging economies hit hardest by short-term capital outflows and equity-market declines during the last year had experienced large appreciations in their real exchange rates and large deteriorations in their

current-account positions. In response to heightened sensitivity to risk and unanticipated losses on their emerging-market assets, investors have become more discriminating, differentiating among countries and sectors. Mexico, with its popular and reform-minded government, strong growth, and a currentaccount deficit below 2% of GDP, has gained favor with investors, who have turned away from Brazil, with its political risk, faltering growth, and yawning external deficit. At the sector level, businesses providing consumer goods to the growing middle class in emerging markets have become more attractive to global investors, while capital-intensive and cyclical businesses have lost their luster. Three of the largest emerging markets – India, China, and Russia – confront distinctive challenges. India is suffering from a marked growth slowdown, substantial fiscal and current-account deficits, labor-market rigidities, and uncertainty about economic policy until after its monthlong general election ends in May. The Russian economy was slowing even before the Kremlin’s destabilizing incursion into Crimea. Now Russia is teetering on the brink of recession and expects capital outflows to top $70 bln during the first quarter of this year, exceeding the outflows for all of 2013. With its excess of domestic saving and its maintenance of capital controls, China is comparatively insulated from volatility in short-term flows. But global investors’ sentiment about China manifests itself in a variety of ways, including in the Hong Kong stock market, where many Chinese companies have dual listings, and in the performance of China-tracking exchange-traded funds. Right now, sentiment is decidedly bearish, reflecting concerns about slowing growth, excessive buildup of local-government debt, and possible defaults in the shadow banking sector. Aggregate capital flows to emerging markets are likely to rebound later this year, but not all countries and all sectors will benefit. And there are significant downside risks to the rebound forecast. A sharp slowdown in China would have negative spillover effects on manufacturing exporters like Korea and Taiwan and commodity exporters like Brazil and

on February 25. The last time it slid for seven straight weeks was in the summer of 1998. The price-to-earnings ratio on the Nasdaq biotech index is 34.4. The forward P/E ratio for the S&P 500 is 14.9. Data on sector exchange-traded funds also showed a big move out of tech-related areas, with science and tech ETFs registering outflows in the week ended April 9 after at least five straight weeks of inflows. Healthcare and biotech ETFs also showed outflows for the latest week, according to Lipper data. High-growth companies, mostly in the tech and biotech sectors, led 2013’s rally, leaving them with some of the market’s highest valuations. “Valuations are going to start becoming relevant again, at least for a while,” said Uri Landesman, president of Platinum Partners in New York. In another sign of a move toward less risk, Credit Suisse data showed the long/short ratio among equity long/short hedge funds declined to 46%, the lowest level since last fall. TUNE IN TO FED Part of what’s behind the big momentum selloff may be nervousness surrounding the Federal Reserve’s December decision to scale back its economic stimulus. That’s why all eyes will be on Fed Chair Janet Yellen when she speaks on Wednesday to the Economic Club of New York. “We’ve had basically five years of a market that’s been nannied by the Federal Reserve,” which has driven up market valuations, said Quincy Krosby, market strategist at Prudential Financial, based in Newark, New Jersey. “Now as we get closer and closer to the end of QE, I think traders and hedge funds are being very careful and selective.”

By Laura D. Tyson South Africa. Stronger-than-expected growth could trigger an increase in long-term US interest rates, encouraging investors to shift more of their holdings from emerging market assets to US assets. A more rapid “taper” of quantitative easing by the Federal Reserve in response to signs of incipient inflationary pressure would have a similar effect. And now there are new risks emanating from worsening East-West relations, escalating sanctions on Russia, and possible contagion effects on other emerging-market countries. Over the long term, however, the outlook for investing in emerging-market economies, particularly those with strong macroeconomic fundamentals, stable political environments, and an expanding middle class, is promising. The current wave of industrialization and urbanization – associated with faster productivity growth as resources move to higherproductivity activities – is far from over. With faster population and productivity growth, most emerging-market economies’ relative growth advantage over the developed economies will remain sizeable, albeit smaller than in the last decade. Major emerging-market multinational corporations like Samsung, Tata, and Alibaba will also drive growth in their home countries and foster FDI flows among emerging markets. Stronger interest by institutional investors in emergingmarket assets should also boost future capital flows. As part of long-term portfolio-diversification strategies, many large institutional investors have set targets for the share of their funds in emerging-market assets. When retail investors sold off their holdings of such assets during the summer of 2013, institutional investors kept buying. The next several months are likely to be marked by volatility in capital flows to emerging economies, with significant pressure on vulnerable countries. But a broadbased and sustained withdrawal by global investors from these markets is unlikely. For both retail and institutional investors who distinguish between individual countries’ and sectors’ prospects, emerging markets will remain attractive long-term investment opportunities. 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, and a senior adviser at The Rock Creek Group. © Project Syndicate, 2014. www.project-syndicate.org

FinancialMirror Jobs Issue No. 1078, April 16 - 22, 2014 (ONLINE EDITION ONLY)

financialmirror.com | JOBS | 25

Issue No. 1078, April 16 - 22, 2014 (ONLINE EDITION ONLY)

financialmirror.com | JOBS | 26