Financial Mirror 2014 04 23 ISSUU by Financial Mirror

FinancialMirror ∆he democratic disruption of finance

Vladimir Putin’s perilous course

By Mohamed A. El-Erian - PAGE 6

By Jeffrey D. Sachs - PAGE 21

Issue No. 1079

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∞pril 23 - 29, 2014

Fact-finding or white knights? Foreign funds investigating FDI prospects - PAGE 5SEE PAGE 4

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2 | OPINION | financialmirror.com

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The fly in the ointment

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EDITORIAL

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The arrogance of some developers and the apathy of bankers seem to have no boundaries. During a recent meeting of big developers, all those present were crowing about how they still had the banks eating out of their hands and giving them the red carpet treatment and how there was no way the banks will chase them for their non-performing loans. They seem to regard themselves as untouchable and indeed they have probably been encouraged in this view by the banks’ timidity in pursuing the NPLs. It’s no wonder, then, that the Bank of Cyprus and the Co-op banks are in such dire straits. But will the Troika ever act to force the banks to go for repossession and liquidation? If they don’t, then by this time next year it will probably be Liquidity Crisis II for BoC. Is not a ‘fire sale’ clearance of liquidated unsold property stock preferable to failing to grasp the NPL nettle? We’re pretty sure that the first major recovery action against one of the big developers will suddenly see a miraculous coughing up of unpaid bank debts by the other ‘poor’ developers. Those that won’t, or can’t, should go to the wall. Secondly, the same developers at this meeting were also cock-a-hoop about their next mega project – Varosha’s return to the Republic by the Turks and a new-build bonanza in Famagusta when foreign buyers will come flooding in once again. There are three flies in this ointment: (1) Varosha’s return is pure speculation and, even if it does happen, may still be some way off. (2) Who would be in a position to finance the developers for this? Certainly not the banks in the Republic in their

foreseeable circumstances. It is unlikely that developers here would want to borrow from Turkish banks. And would foreign banks really be daft enough to fund a bunch of developers with such an appalling track record of incompetence, lack of integrity and NPLs? And (3) why on earth would any foreign buyers who for years have been confronted with all the horror stories on the Cyprus Property Scandal on the Internet, TV and newspapers ever give any new Cyprus prospect more than a second’s glance? With the Registrar of Companies recently reporting that one in four construction firms in Cyprus are close to bankruptcy, it’s high time banks took action against the so-called ‘troubled’ developers who have locked up the land’s money supply simply because they are stubborn enough not to want to pay any of the money back. Perhaps parliament should go ahead and nameand-shame all those who have enjoyed privileged loans from the banks, some of which were for personal use and vast amounts were written off, whereas small clients are forced to cough up cash they don’t have for a four- or five-digit amount that the banks was to recover.

THE FINANCIAL MIRROR THIS WEEK 10 YEARS AGO

‘Yes’ vote offers brighter future

It was crunch time for the UN-imposed Annan plan that aimed to reunite the island’s two communities, and the Financial Mirror took the bold decision to support the ‘Yes’ camp on the front page of issue 564, April 21, 2004 on the basis of better prospects for the future. New dynamism: The Financial Mirror editorialised that

20 YEARS AGO

Rising cost of labour

The rising cost of labour was deemed as the main obstacle in the way of competitiveness and growth by the head of the employers association, while union groups insisted to defend the cost of living allowance, despite it being the main component of high costs for Cypriot industry, according to The Cyprus Financial Mirror, issue 56, April 20, 1994. Industry slows: Employers federation chief Michalakis Zivanaris told the OEV annual meeting that the major factor affecting negatively the competitiveness of Cyprus industry was the sudden rise in labour costs. However, he also told members to invest heavily in new and modern technology

the public had been brainwashed into believing that the Annan plan will falter and that Greek Cypriots will shoulder the cost of reunification, but those opposing the plan did not provide a credible alternative. Some of the biggest advantage included the end to insecurity and Cyprus’ reputation as not wanting a solution, benefits to shipping and infrastructure projects, the arrival of regional funds and donor funds and the role a united Cyprus would play and the dominance of the Greek Cypriots in decision making due to experience. Alone in EU: Cyprus got its first taste of what like would be like in the EU without friends when the European Parliament gave a bitter-cold reception to during the

hearings of outgoing Finance minister and Commissionerdesignate Marcos Kyprianou. Property woes: One of the aspects of the Annan plan was how it protected Greek Cypriot ownership of property prior to 1974 and how real estate disputes with current occupiers of refugee land would be dealt with, including allowing those who have lived on that said property for ten years to buy the land at going prices, according to consultant Antonis Loizou. Fallout from No: Analysts were having trouble to explain that as much as the Annan plan seemed unfair to Greek Cypriots with no return to a unitary state, a No vote would be to the benefit of the Turkish Cypriots and would hamper the island’s tourism industry.

and called on the government to offer tax breaks and other benefits to those who were investing their capital to modernise. Labour talks: Trade union officials were exerting pressure on President Clerides to maintain the status quo with the COLA pay system, despite please by employers to renegotiate the terms to help industry become competitive again. Labour minister Andreas Moushouttas suggested a oneyear pay rise of 1.85% on basic wages but neither side accepted the deal. Paneuropean grows: The market cap for Paneuropean Insurance was CYP 9 mln making it one of the largest public companies, according to chairman Nicos Shacolas, following the takeover a week earlier of Euroinvestment and Merchant Finance for CYP 3.2 mln. BOCY profits: Bank of Cyprus announced a ‘satisfactory’ rise in profits with after-tax set at CYP 14.2 mln for 1993, up 29% from CYP 11 mln in 1992. Foreign

branches in the UK and Greece contributed 20% of group revenues, while other changes were well underway, such as the ‘Metamorphosis’ of the branch network, the takeover of the remaining 30% of EuroLife from ManuLife, expanding other operations in Greece, launching an offshore Mutual Fund and a study to list BOCY shares on the Athens Stock Exchange. Emergo in Cyprus: Emergo Group, the equity investment company with a wide range of investments all over the world, set up a regional office in Cyprus and adopted the Kyrenia ship as the emblem for Emergo Cyprus. The company will be serving as a training centre for Canadian Fracmaster and other oil and gas operations Russia. Stock Market: Trading volume reached CYP 1.5 mln, a spectacular 50% rise from the previous week, with activity mostly in non-bank stocks such as Insurance, Hotels and Trading/Real Estate. Bank of Cyprus was down 1c at 195.5c, while Laiki Popular shares were down 3c at 231.5c and

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BOCY concludes Ukraine, Banca Transilvania sale Bank of Cyprus announced on Friday that it had completed the sale of both its Ukrainian business and stake in the Romanian Banca Transilvania as part of its overseas deleveraging process. Both transactions have been achieved ahead of plan, contributing to a further de-risking of the bank’s balance sheet and enhancement of its liquidity position, the bank said in an announcement. The sale of the bank’s loss-making operations in Ukraine to the Russian Alfa Group was completed with the sale consideration revised down by 10% from EUR 225 mln to 202.5 mln. The accounting loss is approximately EUR 153 mln, the bank said, adding that “an amount of EUR 102.5 mln has already been received with the remaining amount of 100 mln due to be received in March 2015. The sale enhances liquidity through the repatriation of funding and has been achieved at a cost of 0.3 percentage points of core tier 1 capital ratio, it said.

In the case of the Romanian Banca Transilvania, the bank sold 9.99% of the total issued share capital for EUR 82 mln achieving a realised gain of 47 mln. The proceeds from the sale will enhance the liquidity of the Group and the transaction will have a positive impact of EUR 55 mln on the core tier 1 capital, with the core tier 1 capital ratio increasing by 0.2 percentage points, the bank announcement said. In a statement regarding both transactions, Group CEO John Hourican said: “We are making good progress with the implementation of our restructuring plan and today’s announcement marks an important milestone in our efforts to return Bank of Cyprus to a position of financial strength and stability where it is capable of supporting the recovery of the Cypriot economy. “I am pleased that both transactions have been completed at a faster pace than

G overnment co nti nues to discriminate betw een unemployed

The Nicosia District Officer announced that the draw took place on Tuesday to select electoral officers and assistants who will man the various polling stations during the European Parliament elections on May 25. The process was limited to unemployed university graduates who will be trained and paid for the day’s work. As was expected, the ruling DISY was quick to praise the government decision, with total disregard for the rest of the unemployed, once again discriminating among the jobless. The election budget is only slightly lower than the cost of the presidential elections held in February 2013, with the bulk of the expense headed for the compensation of civil servants who will be working on that day and to pay for special staff, such as the unemployed university graduates. Previous calls to rotate public servants’ work schedules and to reward them with a holiday on another day were not heeded.

Easter sales down

The earnings of SME’s (Small and Medium Enterprises) in Cyprus were significantly reduced this Easter, compared with previous years with the exception of food and essential consumer goods, according to the organisation of small shop owners (POVEK). The Secretary General of POVEK Stefanos Koursaris told the Cyprus News Agency that even these reduced earnings were channeled to large supermarket chains and department stores, as a result of the decree for extended shop opening hours issued by the Ministry of Labour. “There was a very big drop in sales compared to previous years, with the exception of essential goods, mainly food, where sales were satisfactory. Beyond that there was a great reduction in other sectors, such as clothes, shoes, appliances, gifts and toys,” Koursaris explained. POVEK said the drop in sales was mainly the result of the economic crisis on the island, that led consumers to reduce their needs. Koursaris pointed out that the extended shop opening hours favoured only the supermarket chains and the big stores, thus impeding fair competition. Members of POVEK and other trade unions are planning a series of meetings this week to decide measures, particularly in relation to the extended shopping hours, starting with the first meeting on Friday 25 April. As a first measure of protest, shop owners are expected to decide hanging a black cloth outside their shops. POVEK warns that if the Minister of Labour does not revoke the decree, then they will take more drastic measures.

anticipated and in particular that we completed the sale of our Ukrainian business at an acceptable price despite the country’s current uncertain economic and political environment. “Overall, the bank remains on track in the delivery of its broader strategic objectives, supported by a gradual improvement in the economic and operating conditions in Cyprus.” Earlier this month, that bank had said that “a revised consideration has been offered by the Alfa Group that is viewed positively by the board of directors.” It is believed that the downward revision was related to the crisis in Ukraine and the higher risk of Russian-owned businesses. The Bank of Cyprus had announced on January 31 January that “as part of its deleveraging strategy, the bank has reached an agreement to sell its Ukrainian business to ABH Ukraine Limited, a member of the Alfa Group [of Russia].” The bank had explained at the time that

the sale of the Ukrainian arm falls under the Group’s strategy of focusing on core businesses and markets and disposing operations that are considered as non-core. Already, some key properties in Cyprus have been put on the block with the prospect for a quick sale and recovery of capital investments. Bank officials were in Russia in March to review the operations of the Uniastrum subsidiary, in which it controls a 80% stake, but management had said in earlier comments that it would consider keeping it, if the network started contributing to Group earnings once again. Bank of Cyprus had bought the controlling stake in Uniastrum for 371 mln euros in 2008, which has since seen its deposits and turnover dwindle, with the deal being raised during last year’s investigation into the collapse of the island’s banking system and amounts paid by both Bank of Cyprus and Laiki Popular for their overseas investments that left them exposed.

UCLan to host London workshop on “Greek Shipping Dynasties” The Centre for Entrepreneurial Development, Alliance and Research (CEDAR) of UClan Cyprus, in cooperation with www.allaboutshipping.co.uk and supported by the Hellenic Centre London, are hosting a workshop next week that will focus on “The Development of Greek Shipping Dynasties: Succession across Generations.” The workshop will be held at the Hellenic Centre in London on April 29 at 6.30pm. Dr Loukas Glyptis, Lecturer of Accounting at UCLan Cyprus and descendant of a traditional maritime family from the Greek island of Chios and Dr Panikkos Poutziouris, Professor of Entrepreneurship and Family Business at UCLan Cyprus will lead the workshop. “The role of shipping in fostering the national economies of Greece and Cyprus has been vital, as traditional Greek ship-owners have supported the nation in times of hardship and have been the propagators of inimitable maritime expertise and wealth,” said Dr Loukas Glyptis. “Nevertheless, Greek shipping families, have been distinguished not only for their entrepreneurial resilience, but equally for their ethos in actively

supporting and promoting education, welfare and the Hellenic culture both at home and beyond,” he added. Prof. Poutziouris, co-chairing the workshop, added that “the growth and development of shipping dynasties is emblematic of entrepreneurialism; they have managed to survive and prosper during the rise and fall of empires, during wars. The odyssey of shipping firms are a ‘compass’ for the journey of all family businesses and business families.” The rest of the programme inludes John Faraclas, specialist in maritime affairs, “Building Our Shipping Legacy

across Generations: The Successor’s Perspective” by George Mouskas of Zela Shipping, “The family business continuity plan: 10 commandments” by Prof. Poutziouris and the open and panel discussion with shipping entrepreneurs chaired by Panikkos Poutziouris, Haralambos J. Fafalios (chairman of the London based Greek Shipping Cooperation Committee) and George Mouskas. Although the workshop is an open event, those interested to participate can register via MThomaGeorgiou@uclan.ac.uk .

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Fact-finding or white knights? Foreign funds investigating F DI prospects

The first in a series of potential investors will be in Cyprus this week on a fact-finding mission to investigate the merits of investments in the public and private sector, as promoted by President Nicos Anastasiades during his recent tour of the Middle East. But market experts warn that these are not white knights and are simply exploring the prospects of large-scale projects such as the privatisation of public utilities and services, as well as investments in the oil and gas sectors. A three-member delegation will be arriving on Thursday representing the Kuwait Investment Company and other Gulf funds, who will meet with the president, Finance Minister Haris Georgiades and Energy and Trade Minister Yiorgos Lakkotrypis, as well as officials from the Cyprus Investment Promotion Agency. According to a report on Antenna TV, the visitors are keen to hear about the privatisation process of the six semigovernment organisations (SGOs) that should be completed by the end of 2018, as well as the LNG plant at Vassiliko, investments in aviation and the banking sectors. Communications and Agriculture Ministers Marios Demetriades and Nicos Kouyialis are also expected to discuss investments in new projects, such as the Larnaca marina and port, a leisure development that did not get off the ground due to lack of investors. “Some of the funds are interest in land development, but I think they are more likely to be here to get an understanding of what is available, not that they will be investing immediately,” CIPA chief executive Haris Papacharalambous told the Financial Mirror, confirming media reports that these meetings had been scheduled from last October, when Anastasiades first embarked on a tour of investor-nations. Another delegations from Deutsche bank is also expected on the island on Thursday, who seem interested in the LNG plant, an issue that will probably be discussed during the president’s state visit to Berlin on May 68. Another delegation is also expected in May with fund representatives from Qatar, where Cypriot companies such as construction giants Cybarco have had a long presence, while investors had shown keen interest in Cyprus projects when the president visited the emirate recently. Last week, Anastasiades also concluded a high-level meeting in Abu Dhabi and Dubai and headed a large trade

delegation that took part in investment forum. CIPA MISSIONS CIPA, headed by its chairman Christodoulos Angastiniotis, was at two business meetings as well in recent weeks, taking part in the Global Russia Business Meeting in Spain and the Annual Investment Meeting in Dubai. “Our strategy now is to arrange one-onone meetings with potential investors and fund managers,” Papacharalambous told the Financial Mirror. Another government official said that there were two important messages that come out of these high-level and fact-finding missions to Cyprus. “The first is that these delegations are coming to see and are considering public projects as well. The fact that they are spending time and sending out scouting teams in itself is good news as regards Cyprus’ credibility,” he said, adding that FDI figures could be misleading as they also include investments made through Cyprus companies, but not necessarily in Cyprus. Although the Central Bank has not issued a recent FDI report, a foreign direct investment is determined by “the participation of more than 10% in the share capital of an enterprise resident by an investor resident in another country and implies the existence of a long-term interest

Gov’t to issue retail savings bond with 4% coupon The Ministry of Finance announced it will issue new 6-year savings bonds for retail investors with a 4% coupon rate as of June, replacing previous 3-year and government savings bonds. The bonds will carry an initial rate of 2.75% for the first two years and rising to 5.75% upon maturity, for an average 4.125% over six years. But they will also enjoy a low tax rate of only 3% a year, far from the 30% levy imposed on commercial interest rates at present, resulting in a final average rate of 4.00% over the six year period.

The savings bonds will be listed on the Cyprus Stock Exchange http://www.cse.com.cy and first bids for the June bonds will be accepted for minimum investments of 1,000 euros from May 2 to 20. The ministry did not disclose the ceiling on the bonds, but said these would be issued monthly and redeemable with 30 days notice. It added that the bond issue is one of the steps towards a return to the markets before the end of the bailout programme with the Troika of international investors on March 31, 2016.

on the part of the foreign investor. “The recent investment by U.S. and other fund managers in Hellenic Bank, as well as the invest-for-citizenship plan and the PRPs (permanent residency permit) are issues that most investors are looking at,” the government official said, adding that although Cyprus is still not yet part of the Schengen area of visa-free travel, nonetheless it makes life easier for new investors to travel to the European Union or seek a visa from the relevant embassies in Cyprus.” SLOW DEVELOPMENTS However, investors might be disappointed to see the slow pace of developments and decision-making in Cyprus, such as the delay in concluding a casino license tender, setting up the technological park and the privatisation of SGOs (EAC, Cyta, ports, etc.) “Of course, these large funds are also looking at the timeframe for a return on their

investments and the conditions under which these are made,” the official concluded. Another economist told the Financial Mirror that foreign investors and fund managers “are aware that we are on a steady path of recovery, although not yet fully out of recession. The investment scope is for the mediumto long-term, with a 5-10 years positive outlook, and also if there is a “correct” solution to the Cyprus problem, with regional benefits for Cyprus.” However, experts also believe that the focus should not stray from the steady sectors of the Cyprus economy, such as tourism, shipping and professional services. “What we lack from rival destinations such as Singapore and Dubai are both opposing views: on the one hand, they each have an undisputed leader, which is our disadvantage of a being a democracy, on the other hand, these countries have a clear vision and strategy, which we lack here.”

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EP calls for sanctions against Russian energy firms

MEPs back rules to take harmful “legal highs” off the market faster

The EU must step up sanctions targeting individual Russians and be ready to impose economic sanctions on Russia immediately, MEPs said in a vote on Thursday. They also called for EU measures against Russian firms and their subsidiaries, especially in the energy sector, and Russia’s EU assets, against a background of violence designed to destabilise the east and south of Ukraine. The European Parliament is “gravely concerned” about the fast-deteriorating situation and bloodshed in the east and south of Ukraine and urged Russia immediately to stop supporting violent separatists and armed militias, led by Russian special forces, as well as to remove its troops from the eastern border of Ukraine. MEPs said that Ukraine’s future choices can be made only by the Ukrainian people themselves, through a democratic, inclusive and transparent process. Parliament welcomed, in principle, the idea of holding a nationwide referendum on future status and territorial set-up as suggested by Acting President Turchynov. The EP also called on the OSCE Special Monitoring Mission gathering information on atypical paramilitary activity, provocative actions and human rights situation in Ukraine to be expanded. MEPs stressed that no attacks, intimidations or discriminations of Russian or ethnic Russian citizens or other minorities have been recently reported in Ukraine. The text also called for in-depth missions by the OSCE Office for Democratic Institutions and Human Rights, the European Union and the European Parliament to observe Ukraine’s 25 May Presidential elections and rejected any external pressure to delay them. Finally, Parliament welcomed the Ukrainian government’s intention to hold early parliamentary elections.

Draft rules to ensure that harmful psychoactive substances, known as “legal highs”, are withdrawn rapidly from the EU market were approved by Parliament on Thursday. MEPs sought to protect the health and safety of young people from these drugs, whilst ensuring that trade in lower risk substances for industrial and commercial use is not hindered. Criminals who breach the ban on the most harmful substances could face up to ten years in jail. These rules aim to halt the rapid spread in recreational use of new psychoactive substances that imitate the effects of illicit drugs such as ecstasy and cocaine. These so-called “legal highs” are especially popular with young people. A 2011 Eurobarometer survey found that 5% of the EU’s 15-24 year olds had used such substances at least once, with a peak of 16% in Ireland, and close to 10% in Poland, Latvia and the UK. The time taken to assess and ban harmful substances from the EU market would be cut from the current two years to ten months. In the event of an immediate risk, a temporary one-year ban could be introduced within weeks. This temporary ban would ensure that a substance is no longer available to recreational users whilst the EU Drugs Agency does a full risk assessment. Under current rules, no temporary ban is possible and the European Commission must await a full risk assessment report before proposing to restrict a substance. Substances posing an EU-wide severe risk (those that are life-threatening and can lead to the spread of serious diseases) would be subject to permanent sales restrictions to protect users and commercial markets.

Their use would be authorised only for specified purposes or for scientific research and development (some of these substances have useful legitimate uses, e.g. in the production of medicines and in the chemical or high-tech industries). Like illicit drugs, severe-risk substances would be subject to criminal law. Offences involving them committed by criminal organisations would be punishable by at least ten years’ imprisonment. These criminal law rules are “aimed solely at producers, suppliers and distributors rather than individual consumers”, MEPs stressed, “without prejudice to the right of member states to criminalise the possession of drugs for personal use at national level”. The European Parliament voted on its first reading of the draft legislation, in order to consolidate the work done so far and hand it over to the next parliament. This ensures that the MEPs newly elected in May can build on work done during the current term.

The democratic disruption of finance By Mohamed A. El-Erian Chief Economic Adviser at Allianz, and the author of When Markets Collide There seems to be no limit to the exciting possibilities that come from combining technical innovations, the Internet, and social media. It is a phenomenon that has been revolutionising journalism and entertainment; and, by helping to overcome coordination challenges, it has also had political consequences in a growing number of countries – all of which means an ever-evolving set of opportunities and risks. What is less appreciated, however, is the extent to which a broadly similar phenomenon may be starting to play out in finance, via a democratisation process that could gradually reconfigure a notable part of the institutional landscape, particularly in consumer finance, while challenging regulators to adapt. Bitcoin is the most visible – albeit far from a good – example of this nascent development, having attracted attention from specialists, regulators, and, slowly but surely, the public. But the crypto-currency phenomenon is far from the only example, and it is certainly not the most consequential one. Its impact, both actual and potential, is relatively limited when compared to ongoing attempts to enhance and democratise lending, borrowing, investing, and payments and settlements. The underlying sequence of disruptive technology is historically familiar. A bold innovation suddenly lowers entry barriers for certain activities. Mechanisms emerge to enable a larger part of the population to participate in what is deemed desirable but, until now, had been hard to access. As the disruptive forces gain traction, existing business models face difficult adaptation challenges, and regulators begin to fall behind. The situation is often amplified by a natural human tendency to overproduce and over-consume hitherto restricted goods and services. This, of course, is what has been occurring in media for several years. The result is a proliferation of platforms for

producing, aggregating, disseminating, and consuming content. Falling entry barriers and lower access costs have significantly democratised participation, whether in production or consumption. And, as hard as they try, many traditional media outlets – especially those unable to claim quite distinctive content – find it increasingly difficult to compete. Now something somewhat similar is starting to happen in finance as well, albeit at a less frantic pace and – at least until now – in a less disruptive manner. And, as with media, the main innovations are being spearheaded by those outside the traditional institutional setup. Most consequentially, an emerging cohort of technology entrepreneurs understand the power of online/social media innovation to disrupt components of traditional finance, and are now leading efforts that include behavioral scientists and finance experts. Recall that Bitcoin started in 2009 as an attempt to produce a “better” currency, championed especially by those who mistrust central banks’ management of fiat money. These early adopters were joined by a growing number of financial speculators attracted by highly volatile price movements. But Bitcoin’s success, which remains highly uncertain, ultimately depends on it attaining sufficient stability to perform the most essential function of any currency (as opposed to a speculative commodity) – that of providing a relatively predictable medium of exchange. Fulfilling that function would require a lot to happen. At a minimum, Bitcoin would need a more solid institutional foundation; and broad acceptance of it would require much greater clarity concerning regulatory and supervisory approaches. More promising examples, albeit less well-known, may be found in Internet-driven lending and borrowing clubs or, more generally, the peer-to-peer initiatives in consumer financial services. By seeking to compress net interest margins, including through lower expenses and more efficient data assessments and aggregation, and by targeting an enhanced consumer experience, such empowerment schemes could serve to reduce the cost of financial intermediation while providing for fairer risk-pooling outcomes and better credit underwriting. Likewise, so-called digital wallets and mobile transfers are efforts to improve payments and settlement in a retail financial sector that gets a lot less attention than its institutional peers.

The prospects for each of these democratising developments vary significantly, as do the probable costbenefit equations. Much will depend on whether the underlying technology is stable and secure, trust is established, transparency is convincing, consumer protection is effective, new content is coupled well with strong distribution channels, and broad-based validation and institutional verification boost credibility. Looking ahead, we should expect the underlying forces of innovation to remain strong. Some existing businesses will fend off disruptive threats, including through takeovers; others will adjust (for example, Walmart recently announced an expansion of its financial-services offerings); but many may well prove insufficiently agile. Regulators will also likely lag initially in their response to new structures and activities. The challenges of getting this right in finance are considerably more difficult than they are in media; and the consequences are far more profound, given the centrality of finance to broad swaths of the real economy. Anyone who doubts that should recall how last decade’s securitisation boom and bust – another example of a disruptive financial innovation that was over-produced and over-consumed – contributed to a credit and liquidity crisis that pushed the global economy to the verge of Great Depression II. In their recent book, Google’s Jared Cohen and Eric Schmidt brilliantly remind us of the opportunities and risks afforded by multi-speed developments in the real and virtual worlds. Having redefined media, similar developments are slowly beginning to play out in finance – in a rather isolated way for now, but soon likely to start transforming how capital is mobilised and allocated in support of economic growth and employment. Individuals, companies, and governments would be well advised to devote more time and other resources to comprehending this important and transformative phenomenon. Mohamed A. El-Erian, Chief Economic Adviser at Allianz and a member of its International Executive Committee, is Chairman of President Barack Obama’s Global Development Council. He previously served as CEO and co-Chief Investment Officer of PIMCO. © Project Syndicate, 2014. www.project-syndicate.org

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The oligarchy fallacy Income inequality has received a lot of attention lately, particularly in two arenas where it previously received little: American public debate and the International Monetary Fund. A major reason is concern in the United States that income inequality has returned to Gilded Age extremes; but inequality has increased in many other parts of the world as well, and remains high in Latin America. What have we learned so far? Perhaps what is most interesting about the current discussion is that much of the focus has been on the consequences of inequality beyond its adverse effect on the welfare of the poor. One such avenue of debate starts from the hypothesis that inequality is bad for overall economic growth. Another begins with the view that inequality leads to volatility and instability. Did inequality cause, for example, the subprime mortgage crisis of 2007 and hence the global financial crisis of 2008? A third proposition is that inequality translates into envy and unhappiness: someone who would have been happy at a given income is unhappy if he discovers that others are getting more. A persuasive version of this claim holds that top executives demand and receive outlandish compensation not because they value the money so much, but because they compete with each other for status. A fourth concern appears to trump even the first three. It is the fear that, because there is so much money in politics, the rich succeed in persuading governments to adopt policies that favor them as a class. Whereas the first three sources of concern are amenable to self-correction, at least in a democracy, the concentration of economic and political power in an oligarchy is self-reinforcing. In the US, recent Supreme Court decisions regarding campaign contributions suggest that the influence of money in politics will only grow. But pursuing the anti-oligarchy argument is not the best way to reduce inequality. Rather, we should work from the premise that poverty in particular, and inequality in general, is simply undesirable. Even in the US, most voters care about inequality, and even among the top 1%, approximately two-

thirds believe that income differences are too large and support progressive taxation. Most Americans believe in helping the less fortunate, provided that it can be accomplished without undermining economic efficiency through excessive government intervention or distortion of incentives. The problem is that, despite their economic self-interest, voters often elect, and reelect, politicians who enact laws that are inconsistent with such goals. Ten years ago, for example, America’s elected leaders somehow hoodwinked the median US voter – who is most likely to leave little to his or her heirs – into believing that it was necessary to eliminate taxes on $5 million estates in order to protect small family-owned farms. In other words, the problem is not that the median voter is unwilling to trade off growth in exchange for more equality. The problem is that the political process produces outcomes that deliver both less growth and less equality. For the US, the most sensible measures include expansion of the Earned Income Tax Credit (EITC), elimination of payroll taxes for low-income workers, a cut in deductions for high-income taxpayers, and restoration of higher inheritance taxes. These are policies that reduce inequality efficiently, at relatively low cost to aggregate income. Other policies – including universal pre-school education and universal health care – may even promote overall economic growth while reducing inequality, especially if they are financed by efficiency-enhancing measures such as the elimination of fossil-fuel subsidies (and, preferably, their replacement with a tax). Meanwhile, many government programs that are billed as ways to improve income distribution benefit the poor relatively little and impair economic efficiency. The original rationale for agricultural subsidies was largely to help small farmers, but the main beneficiary has long been agribusiness. Mortgage subsidies contributed to the subprime loan crisis, without even primarily helping lower-income families. And yet many Americans are persuaded to support such policies,

EP votes on banking union, posted workers, aid for natural disasters A reform of Europe’s banking system, quicker aid for member states hit by natural disasters and stricter checks for workers posted abroad... It might have been the last plenary session before the European elections in May, but MEPs managed to approve many new laws that will benefit Europeans for years to come. The EU is one step closer to a banking union after MEPs approved last Tuesday plans for winding down troubled banks and protecting deposits below 100,000 euros. Banks, not tax payers, should bear the cost of propping up failing banks. The EP backed a mandatory “made in” label indicating the country of origin for non-food products to replace the current voluntary system. This would make it easier to trace the origin of potentially dangerous or non-compliant goods. With almost nine out of ten lightweight plastic bags thrown away after being used only once, the EP voted on Wednesday to reduce their use in the EU by 50% by 2017, and by 80% by 2019. All EU residents, even if they are homeless, will be entitled to a bank account, providing access to basic payment services for a small fee or no fee at all, under new rules approved by the Parliament. MEPs also adopted rules to limit highfrequency trading, in which complex computer algorithms carry out huge amounts of trades in fractions of a second. This can cause stock market volatility and

price fluctuations for small investors. Member states hit by flooding or other natural disasters will get aid much faster after MEPs approved new rules for the EU Solidarity Fund last Wednesday. Meanwhile, MEPs warned against the dangers of nationalism and emphasised the importance of a united and strong Europe for peace and stability during a debate to mark the First World War’s centenary. Europeans will be able to take their full pension rights with them when moving to another part of the EU, thanks to a proposal adopted by the Parliament. Small investors would be entitled to receive key information on investment products in a short document to allow easy comparisons with other products, and MEPs approved on Wednesday new laws to protect workers posted abroad and ensure that minimum employment rules are enforced in order to avoid unfair competition in the labour markets.

By Jeffrey Frankel Professor of Capital Formation and Growth at Harvard University not because it is in their interest, but because they do not understand the economics. Other countries have similar programs that are sold as proequality but are inefficient or even undermine their stated goal. In developing countries, distortionary measures that tax, subsidize, or regulate food and energy prices tend to be poor tools for improving income distribution, and frequently have the opposite effect. Of the more than $400 billion that countries spend on fossil fuel subsidies each year, for example, far less than 20% of the benefits go to the poorest 20% of the population. A disproportionately small share of social spending goes to the poorest 40%. Conditional cash transfers, on the other hand, have proven highly effective; they reach the poor while promoting education and health. The anti-oligarchy argument claim is that the rich have too much money, which they use to elect politicians who will enact laws that favor their interests. But it seems better to argue about the best policies to improve income distribution efficiently, and to point out which politicians support them. “Yes” to the EITC and pre-school education; “no” to subsidies for oil, agriculture, and mortgage debt. The alternative to such engagement is a very roundabout strategy that would achieve more enlightened policies by weakening the ability of the rich to buy votes. However important that goal may be, attaining it requires reducing the share of income that goes to the rich by addressing inequality, which requires pursuing pro-equality policies, like the EITC and pre-school education. Is complaining about oligarchy really a more effective strategy for achieving these policies than arguing the case for them directly? Jeffrey Frankel is Professor of Capital Formation and Growth at Harvard University. © Project Syndicate, 2014. www.project-syndicate.org

Αpril 23 - 29, 2014

8 | COMMENT | financialmirror.com

A GOOD BED… GOOD FOOD… GOOD SERVICE… Le Meridien is enjoyed

When my Internet search showed up a good package of UK-Cyprus return flights and 14 nights bed-and-breakfast at Le Meridien, we decided immediately to take it. When we lived in Cyprus we had some good times at the hotel. On one occasion, tired of being ripped off by hotels, restaurants and drivers in Lebanon, we cut short a tour there, flew back to Cyprus and checked in at Le Meridien for a few days. Among occasions we enjoyed were: the famous, but seldom-seen-in-these-recession-days “Gala Dinners” put on by wine importers; the annual “Bichot Beaujolais Bash” to celebrate “Le Beaujolais Nouveau est arrivé”; Sunday lunches; charity fairs and events, and a surprising one-night as the hotel’s guests in the Presidential Suite. Professionally, re-doing the hotel’s wine list some years ago was an assignment I had truly enjoyed, especially because the French theme given to the Le Meridien product at that time was so attractive and would still be today, I think. When thinking about two weeks, though, at a hotel being some distance from “where it’s at” in Limassol we did wonder about “eating in” most nights – would the food become too familiar? Or boring? We need not have worried. Most of the reviews you read of restaurants are based on very few visits, maybe just one. During our stay at Le Meridien in March we ate in La Nautile on seven evenings. On all but one of those occasions we selected from the fourcourse Table d’Hôte menu. One of the meals we judged to be “good”, the other six “very good indeed”. This is very praiseworthy and a tribute to the people in the kitchen. Creating standards like this is difficult and maintaining them more so. I think Le Meriden’s Executive Chef Spyros Elia works wonders. I asked him how he manages to produce a four-course meal such as this without enormous waste. “Every morning”, he told me,”I check with Reservations to see how many guests there are in total, and then, of those, how many are full-board, half-board or on bed and breakfast basis. Later I check how many of guests on half-board have had lunch. Today for example, I know there are 28 guests on full board who will be dining, leaving 150 ‘free’.” Then he makes a guess, which is usually pretty close. Food remaining after service is provided for staff meals. Such attention to daily economic detail is important because the restaurants under Spyros’s direction are profit centres with annual budgets and targets. Sourcing – what is bought, from whom, at what price and in what quantity - is the crux of a catering department’s operation. Get it wrong, one way or the other (“too much, or too little”) and there are serious problems. In the height of the season the hotel is buying and using 200 kilos of oranges a day, and in one month, August, 7000 kilos of water melon. “A lot, true”, says Spyros, “But bear in mind that during the summer we are producing between fifty five and sixty thousand meals a month”. A logistical nightmare it would be for me, but something this executive chef take in his stride.

Spyros heads up a brigade of 67 chefs (specialists, general and assistant) and other staff in the kitchens of the five restaurants open in summer. This is reduced during winter when just two are open every day and three on a few evenings each week. Unusually, he is also responsible for the cleaning and hygiene throughout the property, which may well be the largest in Cyprus at 45,000 square metres. In a mature property like this, after 31 years due for renovation at the end of this year, this, too, is a formidable responsibility. This chef is a true Cypriot, born and bred. After studying at Catering College in Nicosia he cooked professionally in Ayia Napa, and has been at Le Meridien for many years. He lives in Limassol, is married with a daughter of 20 and son of 15. I asked him what he liked to eat on his days off. “Kleftiko or Souvla”, was his reply. In his kitchen, though, his style is international. He is as at home sending out a classic Moussaka, as he is producing dishes with a lightly herbed French flavour, or a distinctly far-eastern feel, such as a ‘Japanese broth with Noodles’ or a main dish of King Prawns Teppanyaki-style. Desserts are generally excellent, with, as the other courses of the Table d’hôte, three or four choices. All are made in the hotel. The meal is not cheap at 41 Euros per person, but it can be highly recommended. Certainly during our stay it was clearly an evening destination for Cypriots, Russians and other local residents. Only one sour note: one evening when we didn’t feel like a full meal, we sat in the bar-lounge area and ordered Spaghetti Bolognese. This was just about the worst I have ever encountered and when we left we informed the two barmen/servers of the fact. They did not apologise and their smiles turned to laughter as we walked away. This was the only disappointment in our two weeks. Generally the politeness, helpfulness and friendliness of the staff were exceptional. Our first night at Le Meridien saw us seated comfortably perusing the menu. “Good evening Mr and Mrs Skinner”, said a voice. We looked up and saw the familiar face (and shining pate) of Miroslav Kalinic, these days the manager of all the hotel’s restaurants. I first met Miroslav in 2005 when I was one of the judges at the first Cyprus Sommeliers’ Competition, which he won. He remembers that occasion with great clarity and every word

Patrick Skinner

we exchanged, not only on that long and testing day but every meeting we have ever had. Before coming to the attention of a wider public as sommelier Miroslav had worked for some years at Le Meridien. He started out as a waiter, leaving for a while to go as Maitre d’ at the Carla Luna Italian restaurant in Limassol, where he also looked after the wine service. Le Meridien head-hunted him back, opening his 5-star hotel sommelier’s career. Now he is restaurants’ manager. This is a job he is clearly good at – he is cool, calm and collected and has the sweeping gaze of the professional as he takes in everything going on in the room he is in. He is unobtrusive, but with a genuine interest in his customers. He enjoys all aspects of his job, but is passionately in love with wine in all its many facets. He is remarkably knowledgeable and he is a very good taster, an imparter of what his palate tells him. Each and every employee is a key figure in a large hotel, because one act of rudeness, incivility or incompetence by any single staff member can ruin a holiday. My summary then of the people at Le Meridien, with just the one exception above, is that they are exemplary in their appearance, courtesy and service. After restoration, when everything is refreshed, renewed, repainted, improved and small things such as quality information for guests is provided in rooms, I think Le Meridien will take its place back among the top of Cyprus hotels. During our visit we ate at a fair cross section of what Cyprus has to offer and more about this next week. See my website www.east-ward-ho.com for my Cyprus files, recipes, reviews and features. And do send me news, pictures and stories for future Cyprus Gourmet pages at editor@eastward-ho.com

Zittis a t th e S te lla Arto is World Drau gh t Mas te rs

Marinos Zittis, national champ for the Stella Artois “World Draught Masters 2014” will represent Cyprus at the international event in Cannes next month, to coincide with the famous film festival on May 17. Marinos was the best among 16 Cypriot contestants who followed the 9-step beer pouring and serving process, a standard set by the world renown Belgian brewers. Once in Cannes, he will compete with the best connoisseurs from around the world, all professional barmen, who will take on the ultimate challenge to conquer all nine steps set by Stella Artois.

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

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∆∂∆∞ƒ∆∏, 23 ∞¶ƒπ§π√À, 2014

«¢ÂÓ ·Ó·ÛÙ‹ıËÎÂ» Ë ·ÁÔÚ¿ ÙÔ ¶¿Û¯· Ιδιαίτερα µειωµένοσ σε σχέση µε άλλεσ χρονιέσ ήταν ο τζίροσ των µικροµεσαίων επιχειρήσεων το Πάσχα, µε εξαίρεση τα είδη πρώτησ ανάγκησ, σύµφωνα µε τον ΓενικÞ Γραµµατέα τησ ΠΟΒΕΚ Στέφανο Κουρσάρη. Παράλληλα, κατήγγειλε Þτι ο έστω µειωµένοσ αυτÞσ τζίροσ, διοχετεύτηκε ωσ αποτέλεσµα του διευρυµένου ωραρίου στισ αλυσίδεσ υπεραγορών και στα µεγάλα καταστήµατα. «Υπήρξε πολύ µεγάλη πτώση σε σχέση µε τα προηγούµενα χρÞνια, δεν κινήθηκε καθÞλου η αγορά, µε εξαίρεση τα είδη πρώτησ ανάγκησ, τα τρÞφιµα, που κινήθηκαν σε ικανοποιητικά επίπεδα. ΑπÞ εκεί και πέρα στουσ υπÞλοιπουσ κλάδουσ, µιλώντασ για ένδυση, υπÞδηση, συσκευέσ, δώρα, παιχνίδια, είναι πολύ µεγάλη η µείωση σε Þ,τι αφορά τισ πωλήσεισ», ανέφερε ο κ. Κουρσάρησ. Η µείωση, σύµφωνα µε την ΠΟΒΕΚ, οφείλεται γενικÞτερα στισ συνέπειεσ τησ οικονοµικήσ κρίσησ, που οδηγούν στον περιορισµÞ των αναγκών στα είδη πρώτη ανάγκησ. «ΑπÞ την άλλη, αυτÞσ ο µειωµένοσ τζίροσ που υπάρχει, δυστυχώσ ελέω ωραρίου διοχετεύεται προσ µια πεντάδα αλυσίδων υπεραγορών και µεγάλων καταστηµάτων. Θεωρούµε Þτι µε αυτÞ τον τρÞπο υπάρχει βιασµÞσ του υγιούσ ανταγωνισµού», ανέφερε ο κ. Κουρσάρησ.

T· Ï¤ÓÂ ÛÙËÓ ∞ı‹Ó· ÁÈ· ÂÓ›Û¯˘ÛË ÙˆÓ ªÌ∂ Με κύριο αντικείµενο στην ατζέντα την ενίσχυση των µικροµεσαίων επιχειρήσεων συνέρχεται στισ 24-25 Απριλίου στην Αθήνα το άτυπο Συµβούλιο Υπουργών αρµοδίων για την Πολιτική Συνοχήσ. Μία απÞ τισ κύριεσ προτεραιÞτητεσ τησ Ελληνικήσ Προεδρίασ είναι «να εκκινήσει ο διάλογοσ για τισ συγκεκριµένεσ εκείνεσ πολιτικέσ που προσφέρουν µεγάλη αναπτυξιακή δυναµική και, ταυτοχρÞνωσ, θέτουν τισ βάσεισ για τη δηµιουργία θέσεων εργασίασ, Þπωσ η καινοτοµία και οι υπηρεσίεσ για τισ επιχειρήσεισ». Η Ελληνική Προεδρία καταβάλλει διαρκείσ προσπάθειεσ για την πρÞοδο των διαπραγµατεύσεων σε τοµείσ που ενισχύουν την οικονοµική, κοινωνική και εδαφική συνοχή, σε πλήρη ευθυγράµµιση µε την Στρατηγική για την Ευρώπη 2020. Το κύριο αντικείµενο τησ ατζέντασ θα είναι «η ενίσχυση των Μικροµεσαίων Επιχειρήσεων». Η συζήτηση θα επικεντρωθεί στο κρίσιµο ζήτηµα τησ ρευστÞτητασ και τησ πρÞσβασησ σε χρηµατοδÞτηση των ΜΜΕ, η απλοποίηση των διαδικασιών πρÞσβασησ σε δηµÞσιουσ πÞρουσ και η βελτίωση του επιχειρηµατικού περιβάλλοντοσ για τισ ΜΜΕ µε την υποστήριξη των ∆ιαρθρωτικών Ταµείων και άλλων χρηµατοδοτικών εργαλείων. Έχουν προσκληθεί να συµµετάσχουν στη συζήτηση η Ευρωπαϊκή Τράπεζα Επενδύσεων (EIB), το ∆ιεθνέσ ΧρηµατοπιστωτικÞ Ινστιτούτο (IIF) καθώσ και εκπρÞσωποι πανευρωπαϊκών ενώσεων Μικροµεσαίων Επιχειρήσεων.

∞Ó·‚Ú·ÛÌfi˜ Την ερχÞµενη Παρασκευή, 25 Απριλίου, στισ 15.00 συνεδριάζουν εκ νέου οι εργοδο-

τικέσ – συνδικαλιστικέσ οργανώσεισ και οι εµπλεκÞµενοι φορείσ, κυρίωσ για το θέµα των διαταγµάτων για το ωράριο των καταστηµάτων. ΑπÞ την ερχÞµενη εβδοµάδα θα

γίνουν επαρχιακέσ συνελεύσεισ, τη ∆ευτέρα στη ΛεµεσÞ, την Τρίτη στη Λάρνακα και Τετάρτη στη Λευκωσία, των µελών τησ ΠΟΒΕΚ και Þλων των εµπλεκοµένων φορέων. Ωσ πρώτο µέτρο διαµαρτυρίασ, αναµένεται να αποφασιστεί η ανάρτηση µαύρων πανιών έξω απÞ τα καταστήµατα σε ηµεροµηνία που θα καθοριστεί, γύρω στα µέσα Μαΐου. Η ΠΟΒΕΚ προειδοποιεί Þτι αν η ΥπουργÞσ Εργασίασ δεν προχωρήσει στην κατάθεση είτε τροποποιητικού νοµοσχεδίου, είτε στην παύση των διαταγµάτων για το ωράριο των καταστηµάτων, τÞτε θα κλιµακωθούν τα µέτρα. Το θέµα έχει εγγραφεί επίσησ και στην Επιτροπή Εργασίασ τησ Βουλήσ προσ συζήτηση. Ο κ. Κουρσάρησ ανέφερε επίσησ Þτι οι µικροµεσαίεσ επιχειρήσεισ εκφράζουν έντονη διαµαρτυρία για το γεγονÞσ Þτι τα µέτρα που αφορούν τη στήριξη των µικροµεσαίων επιχειρήσεων Þπωσ το«ΕπιχειρηµατικÞ Ταµείο» που θα λειτουργήσει ωσ εγγυοδοτικÞσ µηχανισµÞσ, παραµένουν θεωρίεσ και λÞγια, Þπωσ και οι πολιτικέσ των τραπεζών που αφορούν την επαναδιαπραγµάτευση δανείων και επιτοκίων, καθώσ και ο νÞµοσ για την προστασία τησ κύριασ κατοικίασ και τησ επαγγελµατικήσ στέγησ.

™‹ÌÂÚ· Ù· ÛÔ˘‰·›· ÁÈ· ÙÔ ÂÏÏËÓÈÎfi ÚˆÙÔÁÂÓ¤˜ ÏÂfiÓ·ÛÌ· Σήµερα αναµένεται η επίσηµη ανακοίνωση απÞ τη Eurostat σχετικά µε το ύψοσ του ελληνικού πρωτογενούσ πλεονάσµατοσ για το 2013, µία ανακοίνωση που εκτιµάται Þτι θα αποτελέσει την πρώτη θετική είδηση απÞ τισ πολλέσ που αναµένονται το ερχÞµενο διάστηµα για την ελληνική οικονοµία. Σύµφωνα µε τισ τελευταίεσ εκτιµήσεισ, η ευρωπαϊκή στατιστική υπηρεσία µπορεί να ανακοινώσει πλεÞνασµα έωσ και 3,4 δισ ευρώ µε βάση τισ ενδείξεισ και τα δηµοσιονοµικά στοιχεία που τησ κοινοποίησε η Ελληνική Στατιστική Υπηρεσία στισ 14 Απριλίου. Την Πέµπτη είναι προγραµµατισµένη η συνεδρίαση του EuroWorking Group στην οποία θα ανάψει το «πράσινο φωσ» για την εκταµίευση του πρώτου µέρουσ τησ δÞσησ των 8,3 δισ ευρώ, ύψουσ 6,3 δισ ευρώ. ΩστÞσο, αυτÞ που βασικά αναµένει η ελληνική κυβέρνηση απÞ την ανακοίνωση τησ Eurostat είναι να ανοίξει και επίσηµα ο διάλογοσ για την ελάφρυνση του δηµοσίου χρέουσ. Έτσι στη συνεδρίαση του Eurogroup που θα πραγµατοποιηθεί στισ 5 Μαΐου, ο έλληνασ υπουργÞσ Οικονοµικών, Γιάννησ Στουρνάρασ, θα µπορέσει να θέσει το θέµα τησ ελάφρυνσησ του χρέουσ στουσ ευρωπαίουσ εταίρουσ οι οποίοι έχουν δεσµευθεί να εξετάσουν ένα τέτοιο αίτηµα αν έχει επιτευχθεί πρωτογενέσ πλεÞνασµα πιστοποιηµένο απÞ τη Eurostat. ΤαυτÞχρονα, η αναµενÞµενη επιβεβαίωση του πλεονάσµατοσ πιστεύεται πωσ θα λειτουργήσει και ωσ καταλύτησ στο Χρηµατιστήριο Αθηνών (ΧΑΚ), ύστερα απÞ επτά ηµερών συνεχούσ καθοδικήσ του πορείασ, καθώσ οι αγοραστέσ φαίνεται πωσ σήµερα κάνουν ξανά την εµφάνισή τουσ. Το 2010 η Ελλάδα µπήκε σε µηχανισµÞ στήριξησ για να αποφύγει την άτακτη χρεοκοπία. Έλαβε οικονοµική βοήθεια απÞ την Ευρωπαϊκή Ένωση (δηλαδή απÞ τα κράτη που την απαρτίζουν), την Ευρωπαϊκή Κεντρική Τράπεζα (ΕΚΤ) και το ∆ιεθνέσ ΝοµισµατικÞ Ταµείο (∆ΝΤ). Το 2012 έλαβε και δεύτερο πακέτο στήριξησ, µε το συνολικÞ ποσÞ να φτάνει τα 240 δισεκατοµµύρια ευρώ. Η χώρα, µολονÞτι νωρίτερα αυτÞν το µήνα επανήλθε στισ αγορέσ κεφαλαίου για πρώτη φορά απÞ τÞτε, µε την επιτυχή έκδοση 5ετούσ οµολÞγου απÞ το οποίο άντλησε 3 δισ ευρώ µε επιτÞκιο 4,95%, εξακολουθεί να βρίσκεται στην κατηγορία «σκουπίδια» Þσον αφορά τη δανειοληπτική τησ ικανÞτητα, σύµφωνα µε τον οίκο αξιολÞγησησ Moody’s, εννέα κατηγορίεσ κάτω απÞ την «επενδυτική βαθµίδα». Οι

∞ÓÔ›ÁÂÈ Î·È Â›ÛËÌ· Ô ‰È¿ÏÔÁÔ˜ ÁÈ· ÂÏ¿ÊÚ˘ÓÛË ÙÔ˘ ‰ËÌÔÛ›Ô˘ ¯Ú¤Ô˘˜ άλλοι δύο οίκοι, Finch και Standard & Poor’s, την αξιολογούν 6 βαθµούσ πιο κάτω απÞ την Caa3. Η επιβεβαίωση του πλεονάσµατοσ είναι, µία εκ των δύο προϋποθέσεων για την αναδιάρθρωση του χρέουσ. Η άλλη, βεβαίωσ, είναι η εκπλήρωση των προαπαιτούµενων τησ τρÞικασ, που είναι η ολοκλήρωση Þλων των διαρθρωτικών αλλαγών µε τισ ιδιωτικοποιήσεισ, την απελευθέρωση κλειστών επαγγελµάτων, και τη συνέχιση τησ αυστηρήσ δηµοσιονοµικήσ πολιτικήσ. Ο ΓερµανÞσ ΥπουργÞσ Οικονοµικών ΒÞλφγκανγκ ΣÞϊµπλε, σε συνέντευξή του είπε Þτι ο µεγαλύτεροσ κίνδυνοσ για την Ελλάδα απÞ εδώ και στο εξήσ, είναι ο εφησυχασµÞσ. Ο ΠρωθυπουργÞσ Αντώνησ Σαµαράσ, εξέφρασε την αισιοδοξία του Þτι η Ελλάδα µπορεί να ξανασταθεί τώρα στα δυο τησ πÞδια χωρίσ βοήθεια απÞ την Ε.Ε. και το ∆ΝΤ, και τÞνισε Þτι η χώρα θα κάνει προσεκτικά βήµατα και Þτι δεν βιάζεται να εκδώσει και άλλο οµÞλογο. «Πιάσαµε πάτο και τώρα µπορούµε να ανεβούµε, και θα ανεβούµε», είπε, συµπληρώνοντασ Þτι Þταν ξαναβγεί η Ελλάδα στισ αγορέσ, θα ζητήσει και θα πάρει χαµηλÞτερα επιτÞκια.

ΧΡΗΜΑ&ΑΓΟΡΑ

23 ΑΠΡΙΛΙΟΥ, 2014

2 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

ªÂÙ¿ ·fi ¤ÓÙÂ ¯ÚfiÓÈ· Ë ∂ıÓÈÎ‹ ÂÈÛÙÚ¤ÊÂÈ ÛÙÈ˜ ·ÁÔÚ¤˜ Μετά απÞ σχεδÞν πέντε χρÞνια η Εθνική Τράπεζα επιστρέφει στισ αγορέσ. Το βιβλίο προσφορών για το οµÞλογο ύψουσ 750 εκ. ευρώ άνοιξε στο Λονδίνο και αναµένεται να καταγράψει τισ συµµετοχέσ των επενδυτών µέχρι και αύριο Πέµπτη 24 Απριλίου. Το ενδιαφέρον είναι, σύµφωνα µε πληροφορίεσ, ήδη έντονο, ενώ οι πρώτεσ εκτιµήσεισ τοποθετούν το επιτÞκιο τησ πενταετούσ έκδοσησ χαµηλÞτερα απÞ αυτÞ του δηµοσίου (4,95%) και γύρω στο 4,5%. Η Εθνική Τράπεζα αναζητά µέσα σε διάστηµα δύο εβδοµάδων το ποσÞ των 3,25 δισ ευρώ για να ολοκληρώσει µε επιτυχία την αύξηση µετοχικού κεφαλαίου 2,5 δισ ευρώ και την οµολογιακή έκδοση ύψουσ 750 εκ. ευρώ. Σε αυτÞ το πλαίσιο, στελέχη τησ τράπεζασ ξεκινούν και έναν επενδυτικÞ «µαραθώνιο» µε στάσεισ στα µεγαλύτερα χρηµατοοικονοµικά κέντρα του κÞσµου. Το οµÞλογο τησ Εθνικήσ θα είναι «senior unsecured» Þπωσ και τησ Τρ. Πειραιώσ ενώ η διαδικασία υποδεικνύει, σύµφωνα µε αναλυτέσ, Þτι οι ελληνικέσ τράπεζεσ επιστρέφουν δυναµικά στισ αγορέσ κεφαλαίου και έχουν την ευκαιρία να βρουν ακÞµη πιο χαµηλά επιτÞκια στο εγγύσ µέλλον.

Παράλληλα µε την οµολογιακή έκδοση η διοικητική οµάδα τησ τράπεζασ θα πραγµατοποιήσει επαφέσ και για την αύξηση των 2,5 δισ. ευρώ, ενώ µετά το Λονδίνο θα µεταβεί στη Νέα ΥÞρκη και στην Ασία ολοκληρώνοντασ τισ παρουσιάσεισ τησ µέχρι το τέλοσ τησ επÞµενησ εβδοµάδασ. Το βιβλίο προσφορών για την αύξηση µετοχικού κεφαλαίου αναµένεται να ανοίξει την Τρίτη 6 Μαΐου µε την τράπεζα να δέχεται συµµετοχέσ για τρεισ ηµέρεσ. Το Σάββατο 10 Μαΐου θα συγκληθεί η Γενική Συνέλευση των µετÞχων και αµέσωσ µετά θα τρέξουν οι διαδικασίεσ για την ολοκλήρωση τησ ΑΜΚ. Οι εκτιµήσεισ τοποθετούν την έναρξη διαπραγµάτευσησ των νέων µετοχών στισ 21 Μαΐου. Με τα κεφάλαια που θα αντλήσει απÞ την αύξηση και το capital plan (συνολικά 3,54 δισ. ευρώ) η Εθνική επιθυµεί να καλύψει τισ κεφαλαιακέσ ανάγκεσ που προέκυψαν απÞ τα εγχώρια stress tests και θα ενισχυθεί περαιτέρω τÞσο για την αποπληρωµή των προνοµιούχων µετοχών του δηµοσίου ύψουσ 1,35 δισ. ευρώ, Þταν αυτÞ κριθεί απαραίτητο, αλλά και θα δηµιουργήσει ικανÞ απÞθεµα ενÞψει των πανευρωπαϊκών stress tests.

™ÙÚÔÊ‹ ÙˆÓ „ËÊÔÊfiÚˆÓ ÛÙ· ·ÓÙÈÛ˘ÛÙËÌÈÎ¿ ÎfiÌÌ·Ù· “¶ÔÙ¿ÌÈ “ Î·È “∂ÏÈ¿” ·ÏÏ¿˙Ô˘Ó ÙÔ ÔÏÈÙÈÎfi ÛÎËÓÈÎfi ÛÙËÓ ∂ÏÏ¿‰· Ερχονται αλλαγέσ στο πολιτικÞ σκηνικÞ στην Ελλάδα, χάρη κυρίωσ στην εµφάνισησ του “Ποταµιού” και τησ “Ελιάσ” και αυτÞ σε συνδυασµÞ µε την κατάρρευση του παλιού πολιτικού συστήµατοσ. Τη διαπίστωση αυτή κάνει το βρετανικÞ έντυπο The Economist το οποίο σε δηµοσίευµά του σηµειώνει Þτι «δεν είναι περίεργο που το πελατειακÞ πολιτικÞ σύστηµα τησ Ελλάδασ είναι υπÞ κατάρρευση. Κάποτε ήταν ευθύνη του πολιτικού να βρει δουλειά στο δηµÞσιο τοµέα για τουσ ψηφοφÞρουσ. Οι πιο φιλÞδοξοι το επέκτειναν και στον ιδιωτικÞ τοµέα», αναφέρει χαρακτηριστικά το δηµοσίευµα, Þπου επισηµαίνεται πωσ στα µάτια των Ελλήνων η Ν∆ και το ΠΑΣΟΚ έχουν την ευθύνη για την κατάρρευση του συστήµατοσ που εκείνοι δηµιούργησαν εναλλασσÞµενοι στην εξουσία τα τελευταία 30 χρÞνια. «Ορισµένοι ψηφοφÞροι στράφηκαν στα λεγÞµενα αντισυστηµικά κÞµµατα, τα οποία ευαγγελίζονται ριζοσπαστικέσ λύσεισ για τα προβλήµατα τησ Ελλάδασ. Στισ ευρωεκλογέσ του Μαΐου, δύο νέα µετριοπαθή κεντροαριστερά κÞµµατα, η Ελιά µε επικεφαλήσ µία οµάδα ακαδηµαϊκών και πρώην υπουργών και το Ποτάµι του τηλεοπτικού δηµοσιογράφου Σταύρου Θεοδωράκη προσπαθούν να καλύψουν το κενÞ που δηµιουργήθηκε µε την πτώση του ΠΑΣΟΚ», επισηµαίνει το άρθρο. Ειδική αναφορά γίνεται στον «ακροαριστερÞ» ΣΥΡΙΖΑ, Þπωσ τον χαρακτηρίζει το δηµοσίευµα, και τον Αλέξη Τσίπρα «έναν πύρινο 39χρονο που τροµάζει τουσ επιχειρηµατίεσ τησ Ελλάδασ µιλώντασ για την επιβολή φÞρων πλούτου και την αναστολή τησ πληρωµήσ των δανείων». ΑπÞ την άλλη ο

Ευάγγελοσ Βενιζέλοσ αντιµετωπίζει «τισ προσπάθειεσ του Γιώργου Παπανδρέου να επαναβεβαιώσει την εξουσία στο κÞµµα που ίδρυσε ο πατέρασ του», αναφέρει το δηµοσίευµα που προσθέτει πωσ «ο κ. Βενιζέλοσ στηρίζει την Ελιά αλλά ο κ. Παπανδρέου αρνείται να τον ακολουθήσει, ενισχύοντασ τισ υποθέσεισ Þτι αναζητά µία πολιτική επάνοδο για να σταµατήσει την εξαφάνιση του κÞµµατοσ». Σύµφωνα µε την ανάλυση, η Ν∆ έχει αποδειχθεί το πιο ανθεκτικÞ κÞµµα, καθώσ κατάφερε να επιβιώσει µέσα απÞ τισ διαδοχικέσ αλλαγέσ στην ηγεσία. «ΠαρÞλα αυτά, απÞ τουσ ψηφοφÞρουσ τησ έρχεται κατά κύριο λÞγο η υποστήριξη τησ νεοναζιστικήσ Χρυσήσ Αυγήσ, ενÞσ οµοφοβικού, κÞµµατοσ κατά των µεταναστών». Ιδιαίτερη µνεία γίνεται και για το Ποτάµι στην ανάλυση, που περιγράφει τον Σταύρο Θεοδωράκη ωσ τον 50χρονο

ŒÎ‰ÔÛË ÂÍ·ÂÙÔ‡˜ ÔÌÔÏfiÁÔ˘ ÛÂ Ê˘ÛÈÎ¿ ÚfiÛˆ· Σε απρÞσµενη έκδοση εξαετούσ οµολÞγου σε φυσικά πρÞσωπα προχωρεί το υπουργείο Οικονοµικών τησ Κύπρου προσφέροντασ δυνατÞτητα ρευστοποίησησ εντÞσ έξι µηνών και επιτοκιακÞ µπÞνουσ σε Þσουσ το κρατήσουν στη λήξη τουσ. «Ένασ απÞ τουσ σηµαντικÞτερουσ στÞχουσ τησ οικονοµικήσ πολιτικήσ τησ κυβέρνησησ είναι η επάνοδοσ τησ Κυπριακήσ ∆ηµοκρατίασ στισ αγορέσ κεφαλαίων πριν απÞ τη λήξη του Μνηµονίου µε την τρÞικα, δηλ. πριν απÞ την 31 Μαρτίου του 2016», αναφέρει ανακοίνωση του υπουργείου. Με βάση τα πιο πάνω, το υπουργείο Οικονοµικών αποφάσισε να υιοθετήσει ένα πρÞγραµµα έκδοσησ κυβερνητικών οµολÞγων το οποίο θα απευθύνεται σε φυσικά πρÞσωπα. Τα εν λÞγω οµÞλογα θα έχουν 6-ετή διάρκεια αλλά θα είναι ρευστοποιήσιµα οποτεδήποτε, µε προειδοποίηση 30 ηµερών. Θα πωλούνται µÞνο σε φυσικά πρÞσωπα, πολίτεσ τησ Κυπριακήσ ∆ηµοκρατίασ αλλά και σε αλλοδαπούσ. Τα συγκεκριµένα οµÞλογα δεν θα είναι εισηγµένα σε χρηµατιστήριο ενώ και η µεταβίβαση τουσ σε άλλο κάτοχο θα υπÞκειται σε συγκεκριµένουσ περιορισµούσ. Το επιτÞκιο που θα λαµβάνουν τα εν λÞγω οµÞλογα θα είναι κλιµακωτÞ και θα ξεκινά απÞ 2,75% για τα πρώτα δύο χρÞνια και θα αυξάνεται σταδιακά µέχρι 5,75% αν ο επενδυτήσ το διατηρήσει στην κατοχή του µέχρι το τέλοσ τησ διάρκειασ του. Με τον τρÞπο αυτÞ, το µέσο ετήσιο επιτÞκιο το οποίο θα λάβει ένασ επενδυτήσ αν διατηρήσει το εν λÞγω οµÞλογο για

το σύνολο των έξι ετών θα είναι 4,125%. Τα πιο πάνω κυβερνητικά οµÞλογα υπÞκεινται σε ένα ιδιαίτερα ευνοϊκÞ φορολογικÞ καθεστώσ. Συγκεκριµένα επιβάλλεται έκτακτη αµυντική εισφορά στουσ τÞκουσ, µε συντελεστή µÞνο 3%. Έτσι το µέσο ετήσιο επιτÞκιο το οποίο θα λάβει ένασ επενδυτήσ αν διατηρήσει το εν λÞγω οµÞλογο για το σύνολο των έξι ετών, µετά την αποκοπή για φÞρο, είναι 4,00%. Το ελάχιστο ποσÞ κάθε αίτησησ για αγορά οµολÞγων θα είναι 1,000 ευρώ. Θα γίνεται µια έκδοση τέτοιων οµολÞγων, κάθε µήνα. Η πρώτη έκδοση θα γίνει στισ 2 Ιουνίου 2014 και το ΧΑΚ θα δέχεται αιτήσεισ για την έκδοση απÞ τισ 2 έωσ τισ 20 Μαΐου 2014. Οι επÞµενεσ εκδÞσεισ θα γίνονται την πρώτη εργάσιµη ηµέρα κάθε µήνα και οι αιτήσεισ θα υποβάλλονται τισ πρώτεσ είκοσι µέρεσ του προηγούµενου µήνα. Για παράδειγµα, η δεύτερη έκδοση θα γίνει την 1η Ιουλίου 2014 και οι αιτήσεισ θα γίνονται δεκτέσ απÞ 2 µέχρι 20 Ιουνίου 2014. Τα οµÞλογα θα εκδίδονται απÞ το Γραφείο ∆ιαχείρισησ ∆ηµÞσιου Χρέουσ του Υπουργείου Οικονοµικών εκ µέρουσ και για λογαριασµÞ τησ Κυβέρνησησ τησ Κυπριακήσ ∆ηµοκρατίασ και θα διατίθενται στο κοινÞ µέσω του Χρηµατιστηρίου Αξιών Κύπρου.Τα σχετικά έγγραφα που πρέπει να συµπληρωθούν για την αίτηση θα κατατίθενται απÞ τουσ επενδυτέσ είτε προσωπικά είτε ταχυδροµικά στο Χρηµατιστήριο Αξιών Κύπρου. Τα εν λÞγω έγγραφα θα είναι διαθέσιµα απÞ το ΧΑΚ», καταλήγει η ανακοίνωση.

που γυρίζει την Ελλάδα µε T-shirt, αθλητικά και το χαρακτηριστικÞ του σακίδιο, µιλώντασ για την καταπολέµηση τησ φοροδιαφυγήσ, προωθώντασ την αξιοκρατία και τη δηµιουργία θέσεων εργασίασ για τουσ νέουσ Ελληνεσ. Πράγµατα που ακούγονται ευχάριστα στουσ ψηφοφÞρουσ που έχουν βαρεθεί τουσ παραδοσιακούσ πολιτικούσ, Þπωσ αναφέρει ο Economist. «Κάποιοι αναλυτέσ ισχυρίζονται Þτι πίσω απÞ το Ποτάµι βρίσκονται δυνατά επιχειρηµατικά συµφέροντα, µε στÞχο να σταµατήσουν τον ΣΥΡΙΖΑ και ενδεχοµένωσ να οδηγήσουν τον κ. Σαµαρά σε πρÞωρεσ εκλογέσ µέσα στο χρÞνο», αναφέρει ο Economist, που συµπληρώνει πωσ ο κ. Θεοδωράκησ επιµένει Þτι το κÞµµα στηρίζεται σε µικρέσ δωρεέσ, ενώ το δηµοσίευµα κάνει αναφορά και στη διαµάχη του µε τον ∆ηµήτρη ΚρεµαστινÞ για το θέµα

Nokia: “∫ÏÂ›ÓÂÈ” ÙÔ deal ÌÂ Microsoft Οριστικοποίηση τησ συµφωνίασ τησ µε τη Microsoft στισ 25 Απριλίου για την πώληση τησ µονάδασ συσκευών κινητήσ αναµένει η Nokia, έχοντασ λάβει Þλεσ τισ απαιτούµενεσ ρυθµιστικέσ εγκρίσεισ. Το κλείσιµο τησ συµφωνίασ των 5,4 δισ ευρώ, η οποία είχε ανακοινωθεί το Σεπτέµβριο είχε καθυστερήσει επειδή αναµένονταν οι απαιτούµενεσ εγκρίσεισ, ωστÞσο νωρίτερα αυτÞ το µήνα οι δύο εταιρείεσ έλαβαν το πολυπÞθητο “πράσινο φωσ” απÞ τισ κινεζικέσ ρυθµιστικέσ αρχέσ.

£ÂÚÈÓfi ˆÚ¿ÚÈÔ ÛÙÈ˜ ÙÚ¿Â˙Â˜ ·fi 1Ë ª·˝Ô˘ Σε θερινÞ ωράριο µπαίνουν απÞ την 1η Μαΐου µέχρι τισ 30 Σεπτεµβρίου οι τράπεζεσ. Σύµφωνα µε ανακοίνωση του Κυπριακού Εργοδοτικού Συνδέσµου Τραπεζών, το θερινÞ ωράριο εξυπηρέτηση του κοινού θα είναι για την πιο πάνω περίοδο ∆ευτέρα µε Παρασκευή, µεταξύ 8:15 π.µ. και 1.30 µ.µ. Κατά τον Σύνδεσµο «η πιστή τήρηση του ωραρίου αυτού είναι αναγκαία για την οµαλή διεκπεραίωση των τραπεζικών εργασιών» και καλεί το κοινÞ να το τηρήσει.

ΧΡΗΜΑ&ΑΓΟΡΑ

23 ΑΠΡΙΛΙΟΥ, 2014

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¶ÚÔÛÙ·Û›· ÙË˜ ÚÒÙË˜ Î·ÙÔÈÎ›·˜ ∞ÓÙÒÓË˜ §Ô˚˙Ô˘ ∞ÓÙÒÓË˜ §Ô›˙Ô˘ F.R.I.C.S. & ™˘ÓÂÚÁ¿ÙÂ˜ §Ù‰, ∂ÎÙÈÌËÙ¤˜ ∞ÎÈÓ‹ÙˆÓ & ¢È·¯ÂÈÚÈÛÙ¤˜ ŒÚÁˆÓ ∞Ó¿Ù˘ÍË˜

Στην ζωή αυτού του Γραφείου των 35 ετών, το πιο πάνω είναι απÞ τα δυσκολÞτερα τα οποία αντιµετωπίζουµε, πωσ δηλαδή να προσφέρουµε κάποιεσ δικέσ µασ σκέψεισ και εισηγήσεισ επί του θέµατοσ. Μελετούµε τισ διάφορεσ προτάσεισ που γίνονται απÞ καιρού εισ καιρÞ και Þπωσ αναφερθήκαµε και σε προηγούµενο µασ άρθρο, η κάθε εισήγηση αποτελεί ένα «κοµµάτι» του Þλου προβλήµατοσ χωρίσ µια συνολική προσέγγιση. Πρώτη ή Κύρια Κατοικία; Ποιοσ είναι ο ορισµÞσ τησ µιασ ή τησ άλλησ; ∆ηλαδή εάν οφείλεται ένα ποσÞ για την κατοικία του εκ µέρουσ του δανειζÞµενου, αλλά έχει και µια κατοικία στο χωριÞ λÞγω κληρονοµιάσ απÞ τον παππού του, ποια είναι απÞ τισ δύο η πρώτη κατοικία; Θεωρητικά θα πρέπει να υιοθετηθεί η κατοικία εκείνη που ο δανειζÞµενοσ ζει µÞνιµα και επί συνεχούσ βάσησ; Άρα εάν ζει στο εξοχικÞ του/στο χωριÞ ο δανειζÞµενοσ, η κατοικία του στην Λευκωσία θεωρείται Þτι δεν είναι η κύρια κατοικία (για την οποία ασ υποθέσουµε Þτι χρωστά;). Νέα Αγορά και Ενοικιαστέσ Πωσ θεωρείται εκείνο το π.χ. διαµέρισµα το οποίο αγοράστηκε απÞ τουσ γονείσ για προίκα τησ κÞρησ και η κÞρη είτε δεν ζει εκεί (διÞτι βρίσκεται π.χ. υπÞ ανέγερση), ή ενοικιάζεται σε τρίτουσ για εξÞφληση του χρέουσ ή είναι ακÞµη στο σχολείο; Είναι η κύρια κατοικία ή η πρώτη κατοικία τησ κÞρησ και εάν το πωλητήριο έγγραφο είναι στο Þνοµα του ζεύγουσ, ποια θα είναι η ερµηνεία τησ πρώτησ/κύριασ κατοικίασ για την κÞρη; Με και Χωρίσ Τίτλο Ωσ τώρα το θέµα είναι σχετικά απλÞ(!!) εκεί που υπάρχει ο τίτλοσ. Εκεί Þµωσ που είτε δεν υπάρχει και/είτε ο τίτλοσ/έργο είναι αποπερατωµένο απÞ τον developer πωλητή και δεν υπάρχει ακÞµη ο τίτλοσ, πωσ θα ελευθερωθεί το κτήµα προσ Þφελοσ τησ πρώτησ/κύριασ κατοικίασ του αγοραστή; Ανάληψη Χρέουσ απÞ το Κράτοσ Υπάρχει η εισήγηση Þπωσ το Κράτοσ αναλάβει το χρέοσ τησ πρώτησ/µÞνιµησ κατοικίασ

και µετά να το ενοικιάζει στον αγοραστή ή ιδιοκτήτη. Το ερώτηµα είναι που θα εξεύρει τα δισεκατοµµύρια το Κράτοσ για να πληρώσει τισ τράπεζεσ, ίσωσ µε την έκδοση οµολÞγων και εάν ναι πωσ επηρεάζεται το επίπεδο τησ οικονοµίασ µε τουσ διάφορεσ δείκτεσ; Ατέλειωτα Κτίρια Και αφού λοιπÞν πληρώσει το Κράτοσ (µε κάποιου είδουσ µαγικÞ τρÞπο) το χρέοσ και η οικοδοµή είναι ατέλειωτη, ποιοσ θα την αποπερατώσει και ποιοσ θα αναλάβει την Þλη διαδικασία στην έκδοση τίτλων; Ενοικίαση; Υπάρχει η εισήγηση Þπωσ αφού το Κράτοσ αναλάβει το χρέοσ, να ενοικιάσει την κατοικία στον χρεώστη για µακροχρÞνια περίοδο στο τέλοσ τησ οποίασ θα µπορεί να το αγοράσει (το χρέοσ). Ùµωσ δεν θα πρέπει το ενοίκιο να ισούται τουλάχιστον µε τουσ τÞκουσ που χρεώνουν οι δανειστέσ, ή ακÞµη τουσ τÞκουσ που θα επωµιστεί το Κράτοσ; Ο µεν πρώτοσ φέρει τÞκο τουλάχιστον ελάχιστο 6% και ο δεύτεροσ 4%5%. Μα Þταν τα οικιστικά ενοίκια δείχνουν µια απÞδοση 2%3% επί τησ αξίασ, πωσ θα γίνει κατορθωτÞ αυτÞ ? δηλαδή το χρέοσ θα µεγαλώνει ανά έτοσ αντί να µειώνεται. Βουλή και Παρενέργειεσ Έστω λοιπÞν µετά απÞ 15 χρÞνια ο χρεώστησ είτε δεν θα είναι σε θέση να αγοράσει την κατοικία, είτε δεν θα µπορεί να πληρώνει για οποιοδήποτε λÞγο Þλο το ενοίκιο. Τι θα γίνει, θα του κάνει έξωση το Κράτοσ; Είναι ποτέ αυτÞ δυνατÞν (Þχι µÞνο επί ηθικήσ βάσησ), αλλά µε το επίπεδο των βουλευτών µασ και µε τισ µικροπολιτικέσ νοοτροπίεσ δεν το βλέπουµε. ΦÞροι και Ενοίκια Με την ύπαρξη τησ τριπλάσιασ φορολογίασ επί τησ ακίνητησ ιδιοκτησίασ, επιπλέον τα κοινÞχρηστα, επιδιορθώσεισ και συντηρήσεισ, είναι σχεδÞν αδύνατο το ενοίκιο να ισούται (θα είναι πιο κάτω) µε τα έξοδα. Άρα τι θα περισσέψει για δÞση; Ξένοι Αγοραστέσ και Ε.Ε. Η προστασία αφορά ασφαλώσ Þχι µÞνο τουσ ντÞπιουσ αλλά και τουσ ξένουσ αγοραστέσ τησ Ε.Ε. Πωσ ερµηνεύεται τώρα η κύρια/πρώτη κατοικία µε τυχÞν ύπαρξη κάποιου ξένου µε κατοικία στον τÞπο καταγωγήσ του; ∆εν είναι κάτι παρÞµοιο µε τον ντÞπιο ιδιοκτήτη και έχει κατοικία του παππού του στο χωριÞ (ίδε και ερµηνεία για τουσ σκοπούσ κεφαλαιουχικών κερδών). Οικογενειακέσ Εταιρείεσ Θα πρέπει να λάβουµε υπÞψη και την προστασία κατοικιών που ανήκουν σε οικογενειακέσ εταιρείεσ Þπωσ π.χ. η κατοικία ανήκει στην εταιρεία. Πωσ θα χειριστούµε το θέµα σε τέτοιεσ περιπτώσεισ;

ΚÞκκινα ∆άνεια και Περίοδοσ Χάριτοσ Πολύ ορθά το ∆ΗΚΟ εισηγείται Þπωσ επανα-συζητηθεί η περίοδοσ χάριτοσ απÞ 90 ηµέρεσ σε 9 µήνεσ (κατ’ εµάσ) τουλάχιστον. Ναι µεν 3 µήνεσ να είναι το αποδεκτÞ για άλλεσ χώρεσ, στην περίπτωση τησ Κύπρου Þµωσ µε την µοναδική χώρα να τύχει κουρέµατοσ, η περίοδοσ που θα λογίζεται ένα δάνειο µη εξυπηρετούµενο θα πρέπει να διαφοροποιηθεί. Συγχαρητήρια στον ΝικÞλα ΠαπαδÞπουλο για την πρÞταση του και ευελπιστούµε Þτι θα στηριχθεί και απÞ τισ άλλεσ πολιτικέσ δυνάµεισ και το Κράτοσ. Για µασ είναι αυτή η βάση του ξεκινήµατοσ τησ αναδιάρθρωσησ των δανείων και τησ προστασίασ τησ πρώτησ κατοικίασ. Οκέλλεσ Vs ∆ιαµερίσµατα Υπάρχει και η άποψη Þτι η προστασία τισ πρώτησ κατοικίασ θα έχει ένα µέγιστο µέγεθοσ/αξία. Και διερωτÞµαστε για ποιο λÞγο; ∆ηλαδή εάν ο ιδιοκτήτησ τησ «οκέλλασ» που οι δουλειέσ του δικαιολογούσαν µεγάλου µεγέθουσ κατοικία και που τώρα δεν έχει δουλειέσ, αφού του κούρεψαν τισ καταθέσεισ του και αφού τα παιδιά του είναι άνεργα, θα τον τιµωρήσουµε και απÞ πάνω, διÞτι πολύ δικαιολογηµένα την τÞτε εποχή έκτισε κατοικία µεγέθουσ; ∆εν υπάρχει καµία λογική εάν µπορεί ο δανειζÞµενοσ αυτÞσ να ανταπεξέλθει µε τον ίδιο τρÞπο αυτÞ το πρÞβληµα. Μάλιστα είναι οι κατοικίεσ πολυτελείασ που έχουν ζήτηση για ενοικίαση και άρα µε τισ νέεσ διευθετήσεισ να µπορούν να καλύψουν το χρέοσ τουσ. Εάν Þµωσ ενοικιάσει την κατοικία εισ µια προσπάθεια να συνεισφέρει µε το ενοίκιο έναντι του ενοικίου προσ το Κράτοσ/χρέοσ του, θα θεωρείται για τον σκοπÞ αυτÞ η κύρια/πρώτη του κατοικία εάν δεν κατοικεί σε αυτή; Οι κουρεµένοι Πελάτησ µασ λοιπÞν έκτισε µια «οκέλλα» 2 εκ. ευρώ µε υπάρχουσεσ καταθέσεισ 4 εκ. ευρώ οι οποίεσ κουρεύτηκαν στισ 100.000 ευρώ. Το υπολειπÞµενο δάνεια για περίοδο αποπληρωµήσ 15 έτη και µε ένα ενοίκιο 2.000 ευρώ τον µήνα (εφικτÞ) είναι δυνατÞν να εξοφλήσει το χρέοσ του. Θα τον τιµωρήσουµε διÞτι το ίδιο το Κράτοσ και/ή οι τράπεζεσ τον κούρεψαν; ∆εν υπάρχει λογική.

ΧΡΗΜΑ&ΑΓΟΡΑ

23 AΠΡΙΛΙΟΥ, 2014

4 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

¢ÈÔÚÈÛÌfi˜ ÌË ÂÎÙÂÏÂÛÙÈÎÒÓ ∂ÈÙÚfiˆÓ ÛÙ· ™¶π Στο διορισµÞ των µη εκτελεστικών ΕπιτρÞπων για το ΣυνεργατικÞ Ταµιευτήριο Λεµεσού, το ΣυνεργατικÞ Ταµιευτήριο Πάφου, τη ΣΠΕ Λήδρα, τη ΣΠΕ ΣτροβÞλου και την Περιφερειακή ΣΠΕ Λευκωσίασ, µετά απÞ διαδικασία αξιολÞγησησ που συµφωνήθηκε στο Σχέδιο Αναδιάρθρωσησ, ακολουθώντασ εγχώριουσ και ευρωπαϊκούσ κανονισµούσ εταιρικήσ διακυβέρνησησ, προχώρησε η Επιτροπεία τησ Συνεργατικήσ Κεντρικήσ Τράπεζασ. Η διαδικασία αξιολÞγησησ των υποψηφίων βασίζεται σε βαθµολογία που στηρίζεται στα ακαδηµαϊκά τουσ προσÞντα (τα οποία πρέπει να είναι συναφή, Þπωσ λογιστική, χρηµατοπιστωτικά, νοµική κτλ.),

στα επαγγελµατικά τουσ προσÞντα, στην εµπειρία τουσ σε σχετικέσ θέσεισ, σε κριτήρια ανεξαρτησίασ καθώσ και στην προσωπική τουσ συνέντευξη. Οι νέοι Επίτροποι είναι: - ΣυνεργατικÞ Ταµιευτήριο Λεµεσού: Χριστοφήσ Κουφάρησ, Γεώργιοσ Φεραίοσ, ∆ώροσ Λ. Λοΐζίδησ, Τάσοσ Α. Παντελή, Κώστασ Ευαγγέλου. ΣυνεργατικÞ Ταµιευτήριο Πάφου: Γιάννησ Κωνσταντινίδησ, Μαριλένα Νικολάου, Φάνοσ Θεοφάνουσ, Στέφανοσ Στεφάνου, Αντρέασ Ηρακλέουσ. - ΣΠΕ Λήδρα: Νίκοσ Παυλίδησ, ∆ρ. Γιώργοσ ΤσαλακÞσ, Κωνσταντίνοσ Χατζησάββασ.

H Etihad ·˘Í¿ÓÂÈ ÙÈ˜ Ù‹ÛÂÈ˜ ÙË˜ ÚÔ˜ §¿ÚÓ·Î· Î·È ∞ı‹Ó· Στην ενίσχυση του πτητικού τησ προγράµµατοσ προσ τη Λάρνακα και την Αθήνα, προχώρησε η Etihad Airways, ο εθνικÞσ αεροµεταφορέασ των Ηνωµένων Αραβικών Εµιράτων. Συγκεκριµένα, η Etihad Airways θα αυξήσει το βασικÞ τησ δροµολÞγιο απÞ το Άµπου Ντάµπι προσ τη Λάρνακα σε πέντε φορέσ την εβδοµάδα (απÞ 3 που είναι σήµερα), ενώ κατά την καλοκαιρινή περίοδο µεταξύ 1ησ Ιουλίου και 30ησ Σεπτεµβρίου 2014, οι πτήσεισ θα πραγµατοποιούνται καθηµερινά. Για Þλεσ τισ πτήσεισ απÞ και προσ Κύπρο, η Etihad Airways θα χρησιµοποιεί αεροσκάφη τύπου Airbus A320, χωρητικÞτητασ 136 επιβατών, µε 16 διακεκριµένεσ (Pearl Business Class) και 120 οικονοµικέσ θέσεισ (Coral Economy Class). Για την Αθήνα, απÞ 2 Ιουλίου 2014, η Etihad Airways θα αυξήσει τη συχνÞτητα των πτήσεών τησ προσ το Άµπου Ντάµπι απÞ επτά φορέσ την εβδοµάδα σε δέκα, µε την προσθήκη τριών νέων πτήσεων που θα δώσουν στο επιβατικÞ κοινÞ περαιτέρω ευελιξία επιλογών. Οι τρείσ νέεσ πτήσεισ θα προσφέρουν επίσησ περαιτέρω ευκαιρίεσ σύνθεσησ σε συνδυασµÞ µε την απÞφαση τησ Aegean Airlines, µε την οποία υπάρχει συµφωνία για πτήσεισ κοινού κωδικού (code share), για έναρξη απευθείασ πτήσεων απÞ την Αθήνα προσ το Άµπου Ντάµπι, απÞ τισ 28 Μαΐου 2014.

Πέραν τησ Αθήνασ, η Etihad Airways έχει τοποθετήσει τουσ κωδικούσ πτήσεων (EY), σε 16 προορισµούσ του δικτύου τησ Aegean Airlines στην Ελλάδα, µεταξύ των οποίων την Κρήτη, τη ΡÞδο και τη Σαντορίνη, καθώσ και σε επιπλέον δέκα πÞλεισ τησ Ευρώπησ. Σε αντάλλαγµα, η Aegean Airlines προσφέρει πτήσεισ κοινού κωδικού µεταξύ τησ Αθήνασ και επτά προορισµών τησ Etihad Airways στην περιοχή του κÞλπου, στην Αυστραλία και τη ΝÞτια Αφρική.

- ΣΠΕ ΣτροβÞλου: Συµεών Μάτσησ, ΧριστÞδουλοσ Ιωαννίδησ, Σοφοκλήσ Παραπάνοσ, Γιώργοσ Παπαθεοδώρου, ∆ηµήτρησ Τσίγκησ. - Περιφερειακή ΣΠΕ Λευκωσίασ: ∆ρ. Μάριοσ Θεοδοσίου, Χαράλαµποσ Αυγουστή, Μαρίνοσ Χριστοδουλίδησ. Στο µεταξύ, και Þπωσ σηµειώνεται, σύµφωνα µε την κείµενη νοµοθεσία ο διορισµÞσ των νέων µελών των Επιτροπειών των Συνεργατικών Πιστωτικών Ιδρυµάτων υπÞκειται στην αξιολÞγηση και έγκριση τησ Κεντρικήσ Τράπεζασ τησ Κύπρου και στη συνέχεια σε επικύρωση απÞ τη Γενική Συνέλευση των ΣΠΙ.

ª¤¯ÚÈ 31 ª·˚Ô˘ ÔÈ ·ÈÙ‹ÛÂÈ˜ ÁÈ· ÙÔ ªµ∞ ÙÔ˘ ¶·Ó. ∫‡ÚÔ˘ Την ευκαιρία σε ενδιαφερÞµενουσ να διεκδικήσουν επιπλέον µικρÞ αριθµÞ θέσεων στο ΜεταπτυχιακÞ ΠρÞγραµµα MBA για το Σεπτέµβριο 2014 δίνει η Σχολή Οικονοµικών και ∆ιοίκησησ του Πανεπιστηµίου Κύπρου. Οι υποψήφιοι πρέπει να υποβάλουν τισ ηλεκτρονικέσ αιτήσεισ τουσ το αργÞτερο µέχρι τισ 31 Μαΐου 2014, οι οποίεσ πρέπει να συνοδεύονται απÞ - Αντίγραφα ακαδηµαϊκών πτυχίων - ΑξιολÞγηση απÞ το KYΣATΣ (αν είναι απαραίτητη), - Αντίγραφα πιστοποιητικών και άλλων σχετικών εξετάσεων, - ∆ύο συστατικέσ επιστολέσ και - ∆ύο πρÞσφατεσ φωτογραφίεσ Οι υποψήφιοι πρέπει να δηλώσουν την προτίµησή τουσ, για τη γλώσσα διδασκαλίασ, αγγλικά ή ελληνικά και την επιλογή του προγράµµατοσ που τουσ ενδιαφέρει: (α) ΜεταπτυχιακÞ ΠρÞγραµµα στη ∆ιοίκηση Επιχειρήσεων (MBA), πλήρουσ φοίτησησ, διάρκειασ ενÞσ έτουσ και (β) ΕπαγγελµατικÞ ΜεταπτυχιακÞ ΠρÞγραµµα στη ∆ιοίκηση Επιχειρήσεων, µερικήσ φοίτησησ, διάρκειασ δύο ετών. Οι αιτήσεισ για εισδοχή στο ΠρÞγραµµα ΜΒΑ βρίσκονται στην ιστοσελίδα www.mba.ucy.ac.cy. Για περισσÞτερεσ πληροφορίεσ αποτείνεστε στo τηλέφωνο 22-893600 καθηµερινά και στην ιστοσελίδα www.mba.ucy.ac.cy

¶ÚfiÛÎÏËÛË ÂÚÂ˘ÓËÙÈÎÒÓ ÚÔÙ¿ÛÂˆÓ ‡„Ô˘˜ €3 357,000 ·fi ÙÔ π¶∂ Με συνολικÞ προϋπολογισµÞ ύψουσ 357,000 ευρώ θα συµµετάσχει η Κύπροσ στην 1η ΠρÞσκληση Υποβολήσ Προτάσεων του Κοινού Ευρωπαϊκού Προγράµµατοσ Αctive and Assisted Living (ΑΑL2), που έχει στÞχο τη βελτίωση τησ ποιÞτητασ ζωήσ των ατÞµων τησ τρίτησ ηλικίασ. Σύµφωνα µε ανακοίνωση του Ιδρύµατοσ Προώθησησ Έρευνασ (ΙΠΕ), η πρÞσκληση µε τίτλο «CARE FOR THE FUTURE - An Ageing society faces an increasing need for care, how will ICT contribute to sustainable solutions?», στοχεύει στην ανάπτυξη νέων καινοτÞµων λύσεων που βασίζονται στισ Τεχνολογίεσ Πληροφορικήσ και Επικοινωνιών και αφορούν στη χρήση και υποστήριξη αειφÞρων συστηµάτων φροντίδασ για άτοµα τρίτησ ηλικίασ. Το ΙΠΕ καλεί την ερευνητική και επιχειρηµατική κοινÞτητα τησ Κύπρου καθώσ και τελικούσ χρήστεσ (πολυδύναµα κέντρα, οργανισµούσ περίθαλψησ και φροντίδασ ατÞµων 3ησ ηλικίασ), να επισκεφθούν την ιστοσελίδα του Ιδρύµατοσ για τουσ κανονισµούσ συµµετοχήσ των κυπριακών φορέων, ενώ πληροφορεί Þτι η ΠρÞσκληση βρίσκεται αναρτηµένη

στην ιστοσελίδα του Προγράµµατοσ (www.aal-europe.eu/). Κατά την περίοδο 2008-2013, η Κύπροσ συµµετείχε σε τέσσερεισ απÞ τισ έξι συνολικά προσκλήσεισ υποβολήσ προτάσεων που ανακοινώθηκαν στο πλαίσιο του Προγράµµατοσ AAL. Η συµµετοχή τησ ερευνητικήσ κοινÞτητασ στισ Προσκλήσεισ οδήγησε στην εξασφάλιση χρηµατοδÞτησησ για τρία ερευνητικά έργα, µε κυπριακή συµµετοχή συνολικού προϋπολογισµού 580,000 ευρώ ενώ το προσεχέσ διάστηµα αναµένεται η έναρξη άλλων τριών έργων µε κυπριακή συµµετοχή, το ένα µε συντονιστή απÞ Κύπρο, που επιλέγηκαν για χρηµατοδÞτηση µέσα απÞ την τελευταία ΠρÞσκληση του Προγράµµατοσ. Για περισσÞτερεσ πληροφορίεσ και διευκρινήσεισ µπορείτε να επικοινωνείτε µε την αρµÞδια λειτουργÞ του Ιδρύµατοσ, Ίρια Λουκαΐδου (τηλ.: 22205044, E-mail: iloucaidou@research.org.cy). Το Ίδρυµα Προώθησησ Έρευνασ (ΙΠΕ) αποτελεί τον εθνικÞ φορέα, αρµÞδιο για την υποστήριξη και προώθηση τησ έρευνασ, τησ τεχνολογικήσ ανάπτυξησ και τησ καινοτο-

µίασ στην Κύπρο. Η υλοποίηση τησ αποστολήσ του επιτυγχάνεται µέσα απÞ το σχεδιασµÞ και τη διαχείριση προγραµµάτων επιχορήγησησ ερευνητικών έργων και καινοτοµικών δραστηριοτήτων, σε συνδυασµÞ µε την υποστήριξη τησ ένταξησ κυπρίων ερευνητών σε ερευνητικέσ δραστηριÞτητεσ στον ευρωπαϊκÞ και διεθνή χώρο.

∂ÎÛÙÚ·ÙÂ›· Û˘ÏÏÔÁ‹˜ ÚÔ‡¯ˆÓ ÛÙÔÓ ¢‹ÌÔ §Â˘ÎˆÛ›·˜ Νέα εκστρατεία συλλογήσ ρούχων διεξάγεται στη Λευκωσία, τα έσοδα τησ οποίασ θα διατεθούν για τισ ανάγκεσ του Πολυδύναµου ∆ηµοτικού Κέντρου Λευκωσίασ το οποίο λειτουργεί τα προγράµµατα «Κέντρο Ηλικιωµένων Λευκωσίασ», «Κατ΄οίκον Φροντίδα», «ΠολυπολιτισµικÞ Κέντρο Φροντίδασ Παιδιών ΛευκωσίασΟυράνιο ΤÞξο», «∆ιαπολιτισµικÞ Κέντρο», «ΣυµβουλευτικÞ Κέντρο» και «ΑνοικτÞ Σχολείο», «Κοινωνικά προγράµµατα στο δρÞµο» που απευθύνονται σε άτοµα τρίτησ ηλικίασ, παιδιά και ευάλωτουσ ∆ηµÞτεσ τησ πρωτεύουσασ. H εκστρατεία θα έχει πολλαπλά οφέλη, καθώσ τα παλιά ρούχα αποκτούν αξία και γίνονται προσφορά για τον συνάνθρωπο για επανάχρηση και το περιβάλλον. ΑφενÞσ, στα ρούχα που είναι σε καλή κατάσταση θα δοθεί η ευκαιρία να ξαναχρησιµοποιηθούν, αφού θα διατεθούν απÞ τον «Ανάκυκλο» σε άπορεσ οικογένειεσ και αφετέρου τα υπÞλοιπα που δεν βρίσκονται σε καλή κατάσταση θα σταλούν για ανακύκλωση ή µετατροπή τουσ σε ίνεσ για νέα ρούχα κλπ.

Η συλλογή ρούχων γίνεται απÞ ∆ευτέρα µέχρι Παρασκευή, στο Πολυδύναµο ∆ηµοτικÞ Κέντρο, Λεωφ. ΝικηφÞρου Φωκά 40, 1016 Λευκωσία (πλησίον Πύλησ

Αµµοχώστου), τηλ: 22797854-850-856, 08:00 π.µ – 17:00 µ.µ, στο ΠολιτιστικÞ Κέντρο «Μύλοι» Καϊµακλί, ΚωνσταντινουπÞλεωσ 4, Καϊµακλί, τηλ: 22797605, 08:00 π.µ – 15:00 µ.µ., στην Υπεραγορά «Κυριάκοσ Παπαγιάννησ», Αγ. Ιλαρίωνοσ 53, 1026 Καϊµακλί, τηλ: 22436761, Τρίτη 07:00 π.µ – 20:00 µ.µ και Τετάρτη 07:00 π.µ – 13:00 µ.µ, στην Παλιά Αγορά Παλλουριώτισσασ, Αγ. Ανδρέα 7, 1040 Παλλουριώτισσα, τηλ: 22797869, 07:30 π.µ – 12:30 µ.µ, 15:00 – 17:00 µ.µ (εκτÞσ Τετάρτησ απÞγευµα), στο ∆ηµοτικÞ Κολυµβητήριο, Λουκή Ακρίτα (∆ίπλα απÞ Υπουργείο Γεωργίασ), τηλ: 22797649, 08:00 π.µ – 13:00 µ.µ και στο ΠολιτιστικÞ Ίδρυµα ARTOS, Λεωφ. Αγ. Οµολογητών 64, 1080 Λευκωσία, τηλ: 22797869, 09:00 π.µ –17:00 µ.µ Ο ∆ήµοσ Λευκωσίασ ανακοινώνει Þτι συλλέγονται ρούχα και ζευγαρωµένα παπούτσια (ανδρικά, γυναικεία, παιδικά), λευκά είδη (κουρτίνεσ, σεντÞνια κλπ), τσάντεσ, ζώνεσ, ενώ δεν συλλέγονται άπλυτα ή βρεγµένα ρούχα, χαλιά, αποκÞµµατα υφασµάτων και αζευγάρωτα παπούτσια.

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financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 5

ŒÚ¯ÔÓÙ·È ÔÈ ÂÙÈÎ¤ÙÂ˜ «made in» Οι ετικέτεσ «made in» θα πρέπει να καταστούν υποχρεωτικέσ στα µη εδώδιµα προϊÞντα που πωλούνται στην ενιαία αγορά. Τη θέση αυτή υποστήριξαν οι ευρωβουλευτέσ εγκρίνοντασ δύο νοµοσχέδια µε στÞχο να ενισχυθούν τÞσο οι απαιτήσεισ για την ασφάλεια των προϊÞντων Þσο και οι κανÞνεσ εποπτείασ τησ αγοράσ, και να προστατευθούν οι καταναλωτέσ. ΠρÞτειναν επίσησ αυστηρÞτερεσ κυρώσεισ για τισ εταιρείεσ που πωλούν προϊÞντα που εγκυµονούν κινδύνουσ για τουσ καταναλωτέσ. Τα µέλη του Ευρωπαϊκού Κοινοβουλίου πιστεύουν Þτι χάρη στισ ετικέτεσ «made in» τα προϊÞντα θα µπορούν να εντοπίζονται πιο εύκολα, κάτι που θα έχει ωσ αποτέλεσµα να ενισχυθεί η προστασία των καταναλωτών. Υποστηρίζουν, έτσι, την πρÞταση τησ Ευρωπαϊκήσ Επιτροπήσ να γίνει η σήµανση τησ χώρασ προέλευσησ υποχρεωτική αντί για εθελοντική που είναι σήµερα. Επί του παρÞντοσ, το σύστηµα έγκαιρησ προειδοποίησησ τησ Ευρωπαϊκήσ Ένωσησ για µη ασφαλή καταναλωτικά προϊÞντα (RAPEX) δεν µπορεί να εντοπίσει τουσ κατασκευαστέσ περίπου του 10% των εµπορευµάτων. «ΠρÞκειται για µεγάλο βήµα προσ τα εµπρÞσ Þσον αφορά τη διαφάνεια στην αλυσίδα εφοδιασµού προϊÞντων, και αυτÞ είναι καλÞ για τουσ καταναλωτέσ», δήλωσε η Christel

Schaldemose (Σοσιαλιστέσ, ∆ανία). Η εισηγήτρια τησ έκθεσησ σχετικά µε την ασφάλεια των προϊÞντων θεωρεί λυπηρÞ το γεγονÞσ Þτι τα κράτη µέλη τησ ΕΕ δεν καταφέρνουν να συµφωνήσουν µεταξύ τουσ στο θέµα των ετικετών «made in» και εµποδίζουν, ωσ εκ τούτου, τισ διαπραγµατεύσεισ επί του κανονισµού στο σύνολÞ του, γεγονÞσ που αποβαίνει εισ βάροσ τησ ασφάλειασ των καταναλωτών στην Ευρώπη. Οι ετικέτεσ «made in» θα πρέπει να τοποθετούνται σε Þλα σχεδÞν τα προϊÞντα που πωλούνται στην εσωτερική αγορά - µε λίγεσ εξαιρέσεισ, Þπωσ τα φάρµακα. Σύµφωνα µε την πρÞταση, οι κατασκευαστέσ τησ ΕΕ θα µπορούν να επιλέγουν αν θα βάλουν σε ένα συγκεκριµένο προϊÞν την ετικέτα «made in the EU» ή «made in Greece (ή άλλη συγκεκριµένη χώρα τησ ΕΕ)». Για τα εµπορεύµατα που παράγονται σε περισσÞτερα απÞ ένα κράτη, ωσ «χώρα προέλευσησ» θα νοείται αυτή στην οποία το εκάστοτε προϊÞν υπέστη την «τελευταία µεταποίηση ή ουσιαστική επεξεργασία, οικονοµικά δικαιολογηµένη» που «κατέληξε στην κατασκευή ενÞσ νέου προϊÞντοσ ή ενÞσ προϊÞντοσ που αντιπροσωπεύει σηµαντικÞ στάδιο παραγωγήσ». Προκειµένου να διασφαλισθεί η τιµωρία των παραβατών, οι ευρωβουλευτέσ ζητούν οι κυρώσεισ να είναι «αναλογικέσ

και αποτρεπτικέσ» και να «καθορίζονται σε συνάρτηση µε τη σοβαρÞτητα, τη διάρκεια και, κατά περίπτωση, τον εσκεµµένο χαρακτήρα τησ παράβασησ». Επιπλέον, κατά την επιβολή κυρώσεων θα πρέπει να συνεκτιµάται το µέγεθοσ τησ επιχείρησησ και κατά πÞσον ο αντίστοιχοσ οικονοµικÞσ φορέασ έχει διαπράξει στο παρελθÞν παρÞµοια παράβαση. Οι ευρωβουλευτέσ τάσσονται επίσησ υπέρ τησ δηµιουργίασ µιασ πανευρωπαϊκήσ δηµÞσιασ «µαύρησ λίστασ» που θα περιλαµβάνει τουσ οικονοµικούσ φορείσ «που διαπιστώνεται κατ’ επανάληψη Þτι εσκεµµένωσ παραβαίνουν» τουσ κανÞνεσ ασφάλειασ των προϊÞντων. Επιπλέον, προτείνουν την «κατάρτιση πανευρωπαϊκήσ βάσησ δεδοµένων τραυµατισµών η οποία θα καλύπτει Þλουσ τουσ τύπουσ τραυµατισµών, και ιδίωσ αυτούσ που σχετίζονται µε προϊÞντα που χρησιµοποιούνται κατ’ οίκον και σε δραστηριÞτητεσ αναψυχήσ, µεταφοράσ και εργασίασ». «Η νοµοθεσία αυτή αποτελεί ένα σηµαντικÞ βήµα προσ µια πιο ισχυρή και πιο συντονισµένη εποπτεία σε ευρωπαϊκÞ επίπεδο, που θα βασίζεται στη διαχείριση των κινδύνων. Καλύτερη εποπτεία σηµαίνει ασφαλέστερα προϊÞντα για τουσ ευρωπαίουσ πολίτεσ», δήλωσε η Sirpa Pietikäinen (ΕΛΚ, Φιλανδία), εισηγήτρια τησ έκθεσησ του Ευρωπαϊκού Κοινοβουλίου σχετικά µε την εποπτεία τησ αγοράσ προϊÞντων.

ºÚ¤ÓÔ ÛÙËÓ ¯Ú‹ÛË ÙË˜ Ï·ÛÙÈÎ‹˜ Û·ÎÔ‡Ï·˜ Υπέρ τησ δραστικήσ µείωσησ χρήσησ τησ πλαστικήσ σακούλασ και άλλων µη ανακυκλώσιµων πλαστικών αποβλήτων µέσα στα επÞµενα χρÞνια τάχθηκε το ΕυρωπαϊκÞ Κοινοβούλιο στο Στρασβούργο στην τελευταία του συνεδρία. Με βάση στοιχεία µέχρι το 2019 οι πολίτεσ τησ ΕΕ θα πρέπει να µειώσουν κατά 80% την κατανάλωση των πιο λεπτών πλαστικών σακουλών, Þπωσ αναφέρει το ψήφισµα που υιοθετήθηκε. Η σχετική διαδικασία Þµωσ δεν έχει ακÞµη ολοκληρωθεί, καθώσ το ζήτηµα θα αποτελέσει τώρα αντικείµενο διαπραγµάτευσησ µε τισ ευρωπαϊκέσ κυβερνή-

σεισ. Οι σχετικέσ συνοµιλίεσ θα πρέπει να ξεκινήσουν µετά τισ ευρωεκλογέσ του Μαΐου και σε κάθε περίπτωση εντÞσ τησ τρέχουσασ χρονιάσ. «Τα µέτρα αυτά έπρεπε να είχαν ληφθεί ήδη προ πολλού», σχολίασε η γερµανίδα ευρωβουλευτήσ των Σοσιαλδηµοκρατών Γιούτα Χάουγκ. Οι χώρεσ-µέλη θα έχουν το δικαίωµα να επιβάλουν δικούσ τουσ, αυστηρούσ κανÞνεσ για να περιορίσουν τη χρήση τησ πλαστικήσ σακούλασ. ΑυτÞ µπορεί να γίνει µε την επιβολή φÞρων, εισφορών, περιορισµών ή και απαγορεύσεων. ΣτÞχοσ είναι να µειωθεί ο αριθµÞσ των πλαστικών σακουλών που χρησιµοποιεί ετη-

σίωσ ο κάθε Ευρωπαίοσ απÞ 176 σήµερα, στισ 35 σε πέντε χρÞνια. Στη Γερµανία κάθε πολίτησ χρησιµοποιεί κατά µέσο Þρο 71 σακούλεσ ετησίωσ, οι 64 εξ’ αυτών είναι µίασ χρήσησ. Εξαίρεση θα αποτελέσουν Þµωσ οι ιδιαίτερα λεπτέσ σακούλεσ που χρησιµοποιούνται σήµερα, µεταξύ άλλων, για το τύλιγµα ψαριών και γαλακτοκοµικών προϊÞντων. Αξιοσηµείωτο είναι Þτι απÞ τισ συνολικά 100 δισ πλαστικέσ σακούλεσ που χρησιµοποιούνται σήµερα ετησίωσ στην ΕΕ, τα οκτώ δισεκατοµµύρια καταλήγουν στο φυσικÞ περιβάλλον µε καταστροφικέσ συνέπειεσ για τα οικοσυστήµατα.

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23 ΑΠΡΙΛΙΟΥ, 2014

6 | ∆ΙΕΘΝΗ | financialmirror.com

∆· «‰È·Ì¿ÓÙÈ·» ÙÔ˘ Warren Buffett ¶ÔÈÂ˜ ÂÙ·ÈÚ›Â˜ ‰ÂÓ ¤¯ÂÈ Ô˘Ï‹ÛÂÈ ÔÙ¤ Μετά απÞ 5 χρÞνια συνεχÞµενησ ανÞδου λογικÞ είναι να περιµένουµε µια επιβράδυνση τησ πορείασ, αν Þχι υποχώρηση των βασικών χρηµατιστηριακών δεικτών. Τα συσσωρευµένα κέρδη είναι πολλά και ο πειρασµÞσ να ρευστοποιηθούν µεγάλοσ Μια καλή στρατηγική για Þποιον φοβάται (Þπωσ εγώ) πωσ φέτοσ είναι πολύ πιθανÞ να βιώσουµε µια µεγάλησ ή µικρήσ έκτασησ πτώση, είναι να κατέχει µετοχέσ που βρίσκονται κοντά στην αξία που αντιπροσωπεύει ο ισολογισµÞσ τουσ. Αυτέσ που έχουν µια δίκαιη αποτίµηση, βαρετέσ µετοχέσ, χωρίσ πολλέσ συγκινήσεισ. Με αυτÞν τον τρÞπο ο επενδυτήσ ελαχιστοποιεί το ρίσκο, ενώ αντίθετα θα επωφεληθεί απÞ την άνοδο σε περίπτωση που έχει εκτιµήσει λάθοσ ωσ προσ την πιθανÞτητα γενικήσ υποχώρησησ των τιµών. Επιπλέον πλεονέκτηµα αυτήσ τησ στρατηγικήσ είναι το µέρισµα, γιατί συνήθωσ σε αυτέσ τισ εταιρείεσ είναι γενναιÞδωρο και εξασφαλισµένο. Αντίθετα, να αποφεύγει µετοχέσ που είναι υπερτιµηµένεσ σε σχέση µε τα οικονοµικά δεδοµένα τουσ. Πολλέσ φορέσ η υπερτίµηση είναι απολύτωσ δικαιολογηµένη, γιατί εµπεριέχουν την προσδοκία τησ ανάπτυξησ. Για την ακρίβεια, Þταν περιµένουµε ανοδικÞ ράλι, είναι προτιµÞτερο να κατέχουµε τέτοιου είδουσ µετοχέσ. Ùµωσ έχουν το µειονέκτηµα πωσ συνήθωσ διολισθαίνουν πολύ περισσÞτερο απÞ Þσο οι υπÞλοιπεσ, Þταν η τάση είναι πτωτική. Βοήθεια απÞ τον ειδικÞ Πωσ αξιολογούµε την ποιÞτητα µια εταιρείασ; Τα κέρδη, τα περιθώρια και οι ταµειακέσ ροέσ αυξάνονται; Η τιµή τησ αυξάνεται ανάλογα µε τα κέρδη ανά µετοχή; Η απÞδοσησ ιδίων κεφαλαίων αυξάνεται σε σχέση µε τα χρέη; Ο ισολογισµÞσ δικαιολογεί βιώσιµη µερισµατική απÞδοση; Πωσ ένασ αρχάριοσ θα ξεχωρίσει τισ σωστέσ µετοχέσ, ανάµεσα στισ χιλιάδεσ που διαπραγµατεύονται; ∆εν είναι εύκολο, αλλά µια ιδέα απÞ πού να ξεκινήσετε µπορούµε να σασ δώσουµε. Ο Warren Buffett θεωρείται ο µεγαλύτεροσ επενδυτήσ

τησ σύγχρονησ εποχήσ. ∆εν είναι παράξενο που πολλοί µελετάνε τισ κινήσεισ του. Ούτε που τον παρακολουθούν για να µάθουν πÞτε πρÞκειται να κάνει µια µεγάλη εξαγορά ή απλώσ να διαφοροποιήσει το χαρτοφυλάκιο του. Ασ ρίξουµε µια µατιά στισ επιχειρήσεισ που κατέχει για πάρα πολλά χρÞνια και αρνείται να αποχωριστεί η Berkshire Hathaway, η επενδυτική εταιρεία που διευθύνει:

Wells Fargo (WFC) Στην τράπεζα Wells Fargo έχει την µεγαλύτερη θέση τησ η Berkshire Hathaway. Η συνολική αξία τησ συµµετοχήσ τησ ανέρχεται στα 20 δισεκατοµµύρια δολάρια. ΑπÞ το 1995 άρχιζαν να αγοράζουν µετοχέσ τησ, πολύ πριν η Wells Fargo αρχίσει να επεκτείνεται και ξεκινήσει τισ συγχωνεύσεισ, που την έχουν κάνει την µεγαλύτερη τράπεζα των ΗΠΑ. Αξιοσηµείωτο είναι πωσ πρÞκειται για την µοναδική απÞ τισ µεγάλεσ τράπεζεσ που είχε την διορατικÞτητα να ωφεληθεί απÞ την κρίση του 2008. Η Berkshire Hathaway κατέχει το 8,3% των µετοχών τησ και βέβαια είναι ο µεγαλύτεροσ µέτοχοσ.

Coca-Cola (KO) Ο Buffett πίστεψε στην µετοχή τησ Coca-Cola και ξεκίνησε να αγοράζει µετοχέσ τησ απÞ το 1988. Αντίθετα οι περισσÞτεροι αναλυτέσ θεωρούσαν σίγουρο πωσ άλλεσ ανταγωνίστριεσ εταιρείεσ θα αποσπούσαν το µερίδιο αγοράσ τησ. Η συνέχεια είναι γνωστή. Η Coca Cola είναι πλέον ένα παγκÞσµιο µεγαθήριο και ο Buffett σηµείωσε έναν απÞ τουσ µεγαλύτερουσ επενδυτικούσ θριάµβουσ του. Σήµερα είναι ο µεγαλύτεροσ κάτοχοσ µετοχών τησ εταιρείασ µε ποσοστÞ 9%.

American Express (AXP) Η αγορά µετοχών τησ American Express χρονολογείται απÞ το 1960. Ο Buffett αποφάσισε να αγοράσει µετοχέσ τησ εταιρείασ µετά απÞ µια µεγάλη υποχώρηση τησ τιµήσ τησ λÞγω επισφαλών δανείων. Αιτία ήταν η παρατήρηση του Þτι

οι άνθρωποι άρχισαν να χρησιµοποιούν τισ πιστωτικέσ κάρτεσ στισ καθηµερινέσ τουσ συναλλαγέσ. Προέβλεψε τη δυναµική αυτήσ τησ καταναλωτικήσ συνήθειασ και τη δυνατÞτητα τησ εταιρείασ να εξελιχθεί. Η Berkshire Hathaway κατέχει σήµερα το 14% τησ American Express, είναι δηλαδή ο µεγαλύτεροσ µέτοχοσ.

M&T Bank (MTB) Η M & T Bank ιδρύθηκε το 1856 και έχει την έδρα τησ στην Νέα ΥÞρκη. ∆εν είναι απÞ τα λαµπερά ονÞµατα του τραπεζικού κλάδου, αλλά µÞνο χαµένοσ δεν βγήκε ο Buffett που κατέχει µετοχέσ τησ απÞ το ξεκίνηµα σχεδÞν τησ σταδιοδροµίασ του. Στην Berkshire Hathaway ανήκει το 4,1% των µετοχών τησ τράπεζασ.

Procter & Gamble (PG) Το 1989 η Berkshire Hathaway επένδυσε στην Gillette. ∆έκα χρÞνια αργÞτερα, Þταν η P & G ανακοίνωσε την εξαγορά τησ Gillette, ο Buffett χαρακτήρισε ωσ ιδανική την συγχώνευση και αποφάσισε να αυξήσει την συµµετοχή του. Κάποια στιγµή βρέθηκε να κατέχει 96 εκατοµµύρια µετοχέσ, αλλά σήµερα έχει περίπου τισ µισέσ. Είναι απÞ τισ εταιρείεσ που ταιριάζουν στην φιλοσοφία του. Η Berkshire Hathaway είναι η τέταρτη µεγαλύτερη µέτοχοσ τησ, µε ποσοστÞ 2%. Συµπέρασµα Αν θεσ να επενδύσεισ µακροχρÞνια σε µια µεγάλη και σοβαρή εταιρεία, δεν γίνεται να µην ξεκινήσεισ την µελέτη σου απÞ τισ επιλογέσ του κορυφαίου. ∆εν γίνεται να εµπιστεύεσαι περισσÞτερο τισ «πληροφορίεσ» του φίλου, του µπατζανάκη, του περιπτερά τησ γειτονιάσ σου. Ή µάλλον γίνεται να το κάνεισ. ΑυτÞ που δεν γίνεται, είναι να κερδίσεισ χρήµατα µε αυτήν την τακτική. ΜÞνο στην αρχή, και µÞνο αν είσαι τυχερÞσ, θα έχεισ προσωρινά κέρδη. Πρέπει πάντα να έχουµε υπÞψη µασ πωσ η ενασχÞληση µε το χρηµατιστήριο είναι µαραθώνιοσ. ∆εν είναι αγώνισµα ταχύτητασ 100 µέτρων. Σε καµία περίπτωση δεν υποστηρίζω να ακολουθήσει κάποιοσ πιστά τισ επιλογέσ του Buffett. Είναι χαζÞ Þµωσ να τισ προσπεράσει αδιάφορα ή να µην σέβεται την άποψη του. ∆Ô˘ µ·Û›ÏË ¶·˙fiÔ˘ÏÔ˘, √ÈÎÔÓÔÌÔÏfiÁÔ˜, ·Ó·Ï˘Ù‹˜ ¯ÚËÌ·ÙÈÛÙËÚÈ·ÎÒÓ ·ÍÈÒÓ ¶ËÁ‹:www.capital.gr

∂.∂: ¢È·Ê¿ÓÂÈ· ÛÙËÓ ¯ÚËÌ·ÙÔ‰fiÙËÛË ÙˆÓ ÔÏÈÙÈÎÒÓ ÎÔÌÌ¿ÙˆÓ Nοµοσχέδιο για τη µεταρρύθµιση τησ χρηµατοδÞτησησ και του νοµικού καθεστώτοσ των ευρωπαϊκών πολιτικών κοµµάτων και των συναφών ιδρυµάτων ενέκρινε το ΕΚ. Οι νέοι κανÞνεσ, που συµφωνήθηκαν ήδη ανεπίσηµα απÞ το Κοινοβούλιο και το Συµβούλιο, θα αποσαφηνίσουν τα οικονοµικά κοµµάτων και ιδρυµάτων και θα ενισχύσουν την ευρωπαϊκή τουσ ιδιÞτητα. Προβλέπεται και ένα σύστηµα µε το οποίο θα ελέγχεται η συµµÞρφωση µε τουσ νέουσ κανÞνεσ και θα επιβάλλονται κυρώσεισ σε περίπτωση παραβιάσεων. Σύµφωνα µε το νοµοσχέδιο, τα ευρωπαϊκά πολιτικά κÞµµατα και τα συναφή πολιτικά ιδρύµατα πρέπει να συστήνονται σύµφωνα µε τη νοµοθεσία τησ ΕΕ, προκειµένου να ξεπερνιούνται τα εµπÞδια λÞγω των διαφορετικών νοµικών εντύπων ανά χώρα και να διασφαλίζονται υψηλά πρÞτυπα διαφάνειασ και δηµοκρατικήσ λογοδοσίασ. Με τουσ νέουσ κανÞνεσ, τα ευρωπαϊκά κÞµµατα και ιδρύµατα θα µπορούν πιο εύκολα να δηµιουργούν δικούσ τουσ πÞρουσ χάρη στην αύξηση του ανώτατου ορίου για τισ δωρεέσ απÞ τισ 12.000 στισ 18.000 ευρώ ανά έτοσ και ανά δωρητή. Για τισ δωρεέσ άνω των 3.000 ευρώ, τα ονÞµατα των δωρητών και τα αντίστοιχα ποσά θα γνωστοποιούνται στο κοινÞ, ενώ για ποσά απÞ 1.500 έωσ και 3.000 ευρώ θα απαιτείται η συγκατάθεση του δωρητή πριν απÞ τη δηµοσιοποίηση. Το ΕυρωπαϊκÞ Κοινοβούλιο και µια ανεξάρτητη αρχή θα έχουν την ευθύνη τησ αξιολÞγησησ τησ συµµÞρφωσησ µε τουσ νέουσ κανÞνεσ. Η ανεξάρτητη αυτή αρχή, που θα επιλεγεί απÞ τα τρία βασικά θεσµικά Þργανα τησ ΕΕ (Επιτροπή, Κοινοβούλιο, Συµβούλιο), θα είναι η µÞνη υπεύθυνη για την εξακρίβωση τησ συµµÞρφωσησ µε τουσ κανÞνεσ σχετικά µε την καταχώριση αλλά και τη διαγραφή απÞ το Μητρώο των ευρωπαϊκών

πολιτικών κοµµάτων και των ευρωπαϊκών πολιτικών ιδρυµάτων. Θα ασχολείται επίσησ µε άλλεσ απαιτήσεισ που σχετίζονται µε µη κοινοτικά κεφάλαια (π.χ. δωρεέσ και εισφορέσ). Σε περίπτωση παραβίασησ των κανÞνων, η ανεξάρτητη αρχή θα µπορεί να ζητά τη λήψη διορθωτικών µέτρων, ελλείψει των οποίων θα έχει τη δυνατÞτητα να επιβάλει κυρώσεισ µε τη µορφή προστίµων. Θα µπορεί επίσησ να προβεί, ωσ έσχατη λύση, στη διαγραφή κÞµµατοσ απÞ το Μητρώο, η οποία θα συνεπάγεται τον αποκλεισµÞ του απÞ τη χρηµατοδÞτηση. Το Κοινοβούλιο θα επιβάλλει κυρώσεισ για την κατάχρηση των κονδυλίων τησ ΕΕ, π.χ. σε περιπτώσεισ Þπωσ η καταδίκη βάσει δικαστικήσ απÞφασησ ή η µη συµµÞρφωση µε τισ απαιτήσεισ που σχετίζονται µε την υποβολή εκθέσεων και τη διαφάνεια. Ο σεβασµÞσ των αξιών τησ ΕΕ, Þπωσ αυτέσ διατυπώνονται στο άρθρο 2 τησ Συνθήκησ τησ ΕΕ, θα αποτελεί προϋπÞθεση για οποιαδήποτε συµµαχία εθνικών κοµµάτων που επιθυµούν να υποβάλουν αίτηση για τη χορήγηση νοµικού καθεστώτοσ και κονδυλίων απÞ την ΕΕ. Για να αποκτήσει πρÞσβαση σε κονδύλια τησ ΕΕ, το εκάστοτε ευρωπαϊκÞ πολιτικÞ κÞµµα θα πρέπει να διαθέτει τουλάχιστον έναν εκλεγµένο ευρωβουλευτή. Σε περίπτωση αµφιβολίασ για τη συµµÞρφωση µε τισ αξίεσ τησ ΕΕ, η ανεξάρτητη αρχή οφείλει να διενεργήσει έλεγχο και, αφού ζητήσει τη γνώµη τησ «επιτροπήσ ανεξάρτητων διακεκριµένων προσωπικοτήτων», θα έχει τη δυνατÞτητα να ζητήσει τη διαγραφή του εν λÞγω κÞµµατοσ. Η αρχή µπορεί να αποφασίσει να διαγράψει ένα ευρωπαϊκÞ πολιτικÞ κÞµµα µÞνο σε περίπτωση σοβαρήσ παραβίασησ και ποτέ εντÞσ των δύο µηνών που προηγούνται των ευρωεκλογών. Η απÞφαση, που θα ισχύει υπÞ την προϋπÞθεση Þτι το ΕυρωπαϊκÞ Κοινοβούλιο και το Συµβούλιο δεν φέρουν

αντίρρηση, θα µπορεί να αποτελέσει αντικείµενο δικαστικών διαδικασιών ενώπιον του ∆ικαστηρίου τησ Ευρωπαϊκήσ Ένωσησ. Καµία χρηµατοδÞτηση για τισ εκστρατείεσ που αφορούν εθνικέσ εκλογέσ ή δηµοψηφίσµατα Το ευρωπαϊκÞ καθεστώσ δεν θα δίνει το δικαίωµα σε ένα ευρωπαϊκÞ πολιτικÞ κÞµµα να προτείνει υποψηφίουσ για τισ εθνικέσ ή ευρωπαϊκέσ εκλογέσ ή να χρηµατοδοτήσει εκστρατείεσ που αφορούν δηµοψηφίσµατα. Τα θέµατα αυτά εξακολουθούν να εµπίπτουν στην αρµοδιÞτητα των κρατών µελών. Η συµφωνία θα πρέπει στη συνέχεια να εγκριθεί επίσηµα απÞ το Συµβούλιο. Ο εν λÞγω κανονισµÞσ θα τεθεί σε ισχύ την 1η Ιανουαρίου 2017.

ΧΡΗΜΑ&ΑΓΟΡΑ

23 AΠΡΙΛΙΟΥ, 2014

financialmirror.com | ∆ΙΕΘΝΗ | 7

XÚfiÓÈ· ÂÍ¿ÚÙËÛË ÙË˜ √˘ÎÚ·Ó›·˜ ·fi ÙÔ ÚˆÛÈÎfi ·¤ÚÈÔ Μετά την προσάρτηση τησ Κριµαίασ τον Μάρτιο 2014, τρεισ άλλεσ περιοχέσ στην ανατολική Ουκρανία (Χάρκοβο, ΝτÞνετσκ και Λουχάνσκ) απαίτησαν τη διενέργεια δηµοψηφίσµατοσ για την απÞσχιση απÞ την Ουκρανία µέχρι τισ 11 Μαΐου. Αυτέσ οι τέσσερισ περιοχέσ είναι ζωτικήσ σηµασίασ για την οικονοµική ανάπτυξη τησ χώρασ. Μαζί, αντιπροσωπεύουν το ένα τρίτο των συνολικών εισπράξεων απÞ εξαγωγέσ και παράγουν το ένα τέταρτο του ΑΕΠ τησ Ουκρανίασ. Η τρέχουσα πολιτική κατάσταση δηµιούργησε ακÞµα περισσÞτερεσ αµφιβολίεσ σχετικά µε το µέλλον τησ ενέργειασ στην Ουκρανία, το οποίο βασίζεται στισ τεταµένεσ σχέσεισ µεταξύ Ρωσίασ και Ουκρανίασ για το φυσικÞ αέριο.

∏ ÌÂÙ·ÊÔÚ¿ ÚˆÛÈÎÔ‡ ·ÂÚ›Ô˘ ÛÙËÓ ∂˘ÚÒË Η διάλυση τησ Σοβιετικήσ Ένωσησ άλλαξε ριζικά το σύστηµα των ρωσικών εξαγωγών φυσικού αερίου προσ την Ευρώπη. ∆ηµιούργησε σοβαρά προβλήµατα στο εµπÞριο φυσικού αερίου για τη Ρωσία, για τισ δηµοκρατίεσ τησ πρώην Σοβιετικήσ Ένωσησ, καθώσ και για τουσ Ευρωπαίουσ πελάτεσ τησ Ρωσίασ. Πρώτον, το σοβιετικÞ ενιαίο σύστηµα αγωγών χωρίστηκε και τέθηκε υπÞ τον έλεγχο των νέων ανεξάρτητων κρατών. Η Ουκρανία αναδείχθηκε ωσ η πιο σηµαντική χώρα διέλευσησ για τισ ρωσικέσ εξαγωγέσ φυσικού αερίου προσ την Ευρώπη. Μεταξύ του 1991 και του 2000, το 93% (106bcm ανά έτοσ) των ρωσικών εξαγωγών φυσικού αερίου, πραγµατοποιήθηκε µέσω τησ Ουκρανίασ.Η κατάρρευση τησ Σοβιετικήσ Ένωσησ προκάλεσε οικονοµική δυσπραγία στα πρώην Σοβιετικά κράτη. ΑυτÞ προκάλεσε ένα κύκλο µη πληρωµήσ του χρέουσ για το ρωσικÞ φυσικÞ αέριο, που οδήγησε σε διαρκή παζάρια µεταξύ τησ Ρωσίασ και τησ Ουκρανίασ για τον διακανονισµÞ των χρεών, των τιµών και των τελών διέλευσησ. Οι διαφωνίεσ ξεκίνησαν, ήδη απÞ το 1992, και η συνεχήσ επανάληψή τουσ έθετε σε κίνδυνο τον εφοδιασµÞ τησ Ευρώπησ µε φυσικÞ αέριο. Ùταν τον Ιανουάριο του 2009 η Ρωσία και η Ουκρανία συγκρούστηκαν και πάλι, αυτή η σύγκρουση δηµιούργησε τη χειρÞτερη διαταραχή στη διέλευση του φυσικού αερίου απÞ την έναρξη των ρωσικών εξαγωγών φυσικού αερίου προσ την Ευρώπη. Για να ξεπεράσει το πρÞβληµα αυτÞ, η Ρωσία έχει προσπαθήσει να διαφοροποιήσει τισ εξαγωγέσ φυσικού αερίου προσ την Ευρώπη κατασκευάζοντασ αγωγούσ για να παρακάµψει την Ουκρανία. Το 1994 άρχισε την κατασκευή ενÞσ µεγάλου αγωγού εξαγωγήσ ο οποίοσ διέρχεται απÞ την Λευκορωσία και την Πολωνία, προσ την Γερµανία και ο αγωγÞσ αυτÞσ έφτασε στο πλήρεσ δυναµικÞ του το 2006. Το 2003 λειτούργησε ένασ υποθαλάσσιοσ αγωγÞσ προσ την Τουρκία. Πιο πρÞσφατα, ο υποθαλάσσιοσ αγωγÞσ Nord Stream που περνά κάτω απÞ τη Βαλτική Θάλασσα λειτούργησε το 2011 και συνδέει απευθείασ τη Ρωσία µε τη Γερµανία. Μετά τη λειτουργία αυτών των αγωγών, τον Ιανουάριο του 2014 απÞ την Ουκρανία διέρχεται µÞλισ το 49% των εξαγωγών του ρωσικού φυσικού αερίου προσ την Ευρώπη.

¶ÚÔÛÎfiÏÏËÛË ÛÙÔ ÌÔÓÔÒÏÈÔ ÙË˜ ‰È·ÌÂÙ·ÎfiÌÈÛË˜ Η Ρωσία κατάφερε να µειώσει την εξάρτησή τησ απÞ την Ουκρανία ωσ χώρα διαµετακÞµισησ. Αλλά η εξάρτηση τησ Ουκρανίασ απÞ το ρωσικÞ φυσικÞ αέριο παρέµεινε σε υψηλά επίπεδα: το 60% τησ προµήθειασ φυσικού αερίου τησ Ουκρανίασ προέρχεται απÞ εισαγωγέσ απÞ τη Ρωσία. Η Ουκρανία αντιµετωπίζει το µονοπώλιο διαµετακÞµισησ ωσ σηµαντικÞ διαπραγµατευτικÞ χαρτί στισ συζητήσεισ µε τη Ρωσία και πιστεύει Þτι ενεργεί αποτρεπτικά στην αύξηση των τιµών των εισαγωγών. Σε µια πρÞσφατη έρευνα, το 60% των Ουκρανών δήλωσε Þτι δεν θα παραδώσει τουσ στρατηγικούσ αγωγούσ τουσ στη Ρωσία, ακÞµη και αν αυτÞ σήµαινε χαµηλÞτερεσ τιµέσ του φυσικού αερίου. Αλλά στην πραγµατικÞτητα, η εξάρτηση τησ Ρωσίασ απÞ την Ουκρανία ωσ χώρα διαµετακÞµισησ µειώνεται, η «αξία» αυτών των αγωγών για τη Ρωσία έχει µειωθεί δραµατικά. Μετά την ολοκλήρωση του αγωγού παράκαµψησ, South Stream, που θα λειτουργήσει το 2018, η αξία των ουκρανικών αγωγών θα είναι κοντά στο µηδέν. ΩστÞσο, οι Ουκρανοί φαίνεται να διακατέχονται απÞ την ιδέα του να έχουν το µονοπώλιο διαµετακÞµισησ µαζί µε φθηνÞ φυσικÞ αέριο. Μετά τη διαφωνία το 2006 µε τη Ρωσία για το φυσικÞ αέριο, οι Ουκρανοί ρωτήθηκαν για το πώσ θεωρούν Þτι θα πρέπει να αντιδράσει η χώρα τουσ στην απειλή τησ Ρωσίασ να διακÞψει την παροχή φυσικού αερίου στην Ουκρανία. Το 35% των ερωτηθέντων υποστήριξε Þτι η Ουκρανία θα πρέπει να αυξήσει τα τέλη διέλευσησ σε απάντηση στην αύξηση των τιµών του φυσικού αερίου απÞ τη Ρωσία. Το 20% δήλωσε Þτι η Ουκρανία θα πρέπει να έχει ωσ στÞχο να επαναφέρει την παλιά συµφωνία ανταλλαγών µε τη Ρωσία, η οποία προέβλεπε χαµηλά τέλη διέλευσησ ωσ αντάλλαγµα για τισ χαµηλέσ τιµέσ του φυσικού αερίου.Το 11% υποστήριξε την παράδοση των αγωγών διέλευσησ στη Ρωσία σε αντάλλαγµα για χαµηλÞτερεσ τιµέσ. Το 4% πίστευε Þτι η Ουκρανία θα πρέπει να πάρει ποσÞτητα του φυσικού αερίου που προορίζεται για τουσ Ευρωπαίουσ καταναλωτέσ. Το 3% ήθελε η Ουκρανία

να κλείσει Þλουσ τουσ αγωγούσ διαµετακÞµισησ. Το 2008, η εθνική εταιρεία φυσικού αερίου τησ Ουκρανίασ, Naftogaz, προσπάθησε να θέσει ένα τέλοσ διέλευσησ ύψουσ 9 αµερικανικών δολαρίων ανά tcm/100km στο ΡωσικÞ φυσικÞ αέριο. ΑυτÞ το τέλοσ ήταν τρείσ φορέσ µεγαλύτερο απÞ εκείνο που έχει επιβάλλει η Σλοβακία και η Πολωνία και διπλάσιο των τελών που επιβλήθηκαν απÞ τισ περισσÞτερεσ χώρεσ τησ ∆υτικήσ Ευρώπησ. ∆εν αποτελεί έκπληξη το γεγονÞσ Þτι η Ουκρανία είναι εξίσου εξαρτηµένη απÞ το ρωσικÞ φυσικÞ αέριο τώρα, Þπωσ ήταν και πριν απÞ 20 χρÞνια: δεν βλέπει κανέναν λÞγο να προχωρήσει στην αναδιάρθρωση του ενεργειακού τοµέα τησ. Οι σχετικά χαµηλέσ τιµέσ που κατέβαλε µέχρι το 2009 για το φυσικÞ αέριο έχουν κάνει την οικονοµία τησ, ενεργειακά απολύτωσ αναποτελεσµατική. Η οικονοµία τησ Ουκρανίασ είναι περίπου τρεισ φορέσ πιο ενεργοβÞρα απÞ εκείνη τησ Πολωνίασ ή των Ηνωµένων Πολιτειών. ΑκÞµη και η Ρωσία είναι κατά 25% λιγÞτερο ενεργοβÞρα απÞ την Ουκρανία.

¶ÔÏÈÙÈÎfi˜ ‰È¯·ÛÌfi˜ Οι βιοµηχανίεσ µετάλλου και χηµικών στην ανατολική και νÞτια Ουκρανία καταναλώνουν περίπου 16bcm φυσικού αερίου ετησίωσ, δηλαδή περίπου το ήµισυ των συνολικών εισαγωγών φυσικού αερίου τησ Ουκρανίασ απÞ τη Ρωσία. Αυτοί οι δύο τοµείσ αποτελούν τον ακρογωνιαίο λίθο τησ οικονοµίασ τησ Ουκρανίασ: µαζί, παράγουν το 42% του ΑΕΠ και το 48% του συνÞλου των εισπράξεων απÞ εξαγωγέσ. Σε αντίθεση, οι συνολικέσ εισπράξεισ απÞ τα τέλη διέλευσησ καλύπτουν µÞλισ λιγÞτερο απÞ το 2% του ΑΕΠ, εξ αυτών των εσÞδων τα περισσÞτερα χρησιµοποιούνται για τη διατήρηση τησ λειτουργίασ των αγωγών διαµετακÞµισησ. Ωσ εκ τούτου, οι χαµηλÞτερεσ τιµέσ των εισαγωγών είναι πιο σηµαντικέσ για την οικονοµία τησ Ουκρανίασ απÞ τα πλεονεκτήµατα που προέρχονται απÞ τη µεταφορά ρωσικού φυσικού αερίου. Για το λÞγο αυτÞ, οι πολιτικοί τησ Ουκρανίασ, που υποστηρίζονται απÞ τουσ ολιγάρχεσ στουσ οποίουσ ανήκουν οι βιοµηχανίεσ µετάλλου και χηµικών, έχουν διαπραγµατευτεί µε τη Ρωσία για χαµηλέσ τιµέσ εισαγωγών σε αντάλλαγµα για τη διατήρηση των χαµηλών τελών διέλευσησ φυσικού αερίου και κυρίωσ για την ασφάλεια τησ διέλευσησ. Ωσ εκ τούτου, ο πολιτικÞσ διχασµÞσ «Ανατολή-∆ύση» στην Ουκρανία δεν είναι µÞνο θέµα των πολιτιστικών παραγÞντων Þπωσ η γλώσσα και η εθνικÞτητα. Οι διαφορέσ αυτέσ υπογραµµίζονται απÞ το ρωσικÞ φυσικÞ αέριο, το οποίο έχει ισχυρÞ αντίκτυπο στισ οικονοµικέσ και πολιτικέσ επιλογέσ των περιφερειών τησ Ουκρανίασ και στην εσωτερική πολιτική τησ χώρασ. Για παράδειγµα, Þταν η Yuliya Tymoshenko υπέγραψε το 2009 τη συµφωνία για το φυσικÞ αέριο µε τη Ρωσία, η οποία έστειλε τισ τιµέσ εισαγωγήσ του φυσικού αερίου στα ύψη, το έκανε, εν µέρει, για να επιβληθεί µεγαλύτερο οικονοµικÞ κÞσµοσ στισ ανατολικέσ και νÞτιεσ βιοµηχανικέσ περιοχέσ, οι οποίεσ αποτελούσαν την εκλογική βάση του αντιπάλου τησ, Viktor Yanukovych. Σε απάντηση, Þταν ο Viktor Yanukovych ήρθε στην εξουσία το 2010, η κυβέρνησή του υπέγραψε µε τη Ρωσία τισ λεγÞµενεσ «Συµφωνίεσ του Χάρκοβο», οι οποίεσ προέβλεπαν την επέκταση τησ ρωσικήσ µίσθωσησ των ναυτικών εγκαταστάσεων στην Κριµαία µέχρι το 2042, µε αντάλλαγµα µια πολυετή έκπτωση επί τησ τιµήσ εισαγωγήσ του ρωσικού φυσικού αερίου για την Ουκρανία. Ùµωσ, η κατάσταση βελτιώνεται και έχει τη δυνατÞτητα να βελτιωθεί ακÞµη περισσÞτερο. Η εγχώρια κατανάλωση φυσικού αερίου έχει µειωθεί απÞ την πρώτη αύξηση τησ τιµήσ του εισαγÞµενου ρωσικού φυσικού αερίου το 2006. Ωσ αποτέλεσµα, το 2013, η συνολική κατανάλωση φυσικού αερίου για την θέρµανση των τοµέων και των νοικοκυριών ήταν περίπου ίση µε την εγχώρια παραγωγή φυσικού αερίου τησ Ουκρανίασ, η οποία είναι τέσσερισ φορέσ φθηνÞτερη απÞ Þ, τι το ρωσικÞ φυσικÞ αέριο.Υπάρχουν ακÞµη µεγαλύτερεσ δυνατÞτητεσ για εξοικονÞµηση ενέργειασ στισ ενεργοβÞρεσ βιοµηχανίεσ µετάλλου και χηµικών. Η χηµική βιοµηχανία έχει περιορίσει την κατανάλωση ενέργειασ κατά 25% απÞ το 2006 και θεωρητικά θα µπορούσε να µειώσει την κατανάλωση κατά 25% ακÞµη.

∆Ô Ì¤ÏÏÔÓ ÙÔ˘ Ê˘ÛÈÎÔ‡ ·ÂÚ›Ô˘ ÛÙËÓ √˘ÎÚ·Ó›· Η προσάρτηση τησ Κριµαίασ και η πιθανή απÞσχιση των ανατολικών περιοχών απÞ την Ουκρανία θα µπορούσε να έχει σοβαρέσ συνέπειεσ για την οικονοµία και την ενεργειακή κατάσταση τησ Ουκρανίασ. Η ανατολική και νÞτια Ουκρανία µαζί διαθέτουν περίπου 640bcm ή το 93% των συµβατικών εναποµεινάντων αποθεµάτων φυσικού αερίου τησ Ουκρανίασ. Τα αποθέµατα αυτά ισοδυναµούν µε περίπου 11 χρÞνια συνολικήσ κατανάλωσησ φυσικού αερίου ή µε 30 χρÞνια θέρµανσησ των τοµέων και κατανάλωσησ φυσικού αερίου απÞ τα νοικοκυριά. Στισ δύο αυτέσ περιοχέσ βρίσκεται το 90% Þλων των κοιτασµάτων φυσικού αερίου. ΑκÞµα και αν µÞνο το 40% απÞ το σύνολο αυτών των πηγών αποδειχθεί Þτι είναι τεχνικά και οικονοµικά βιώσιµεσ, η Ουκρανία θα µπορούσε να είναι αυτάρκησ σε κατανάλωση φυσικού αερίου για τουλάχιστον 30 χρÞνια. Η Ουκρανία έχει επίσησ τεράστιουσ πÞρουσ του σχιστολιθικού φυσικού αερίου, οι οποίοι θα µπορούσαν να εξασφαλίσουν ενεργειακή ανεξαρτησία στη χώρα για τουλάχιστον 75 χρÞνια. Οι περισσÞτερεσ απÞ αυτέσ τισ πηγέσ βρίσκονται στισ ανατολικέσ, νÞτιεσ και δυτικέσ περιοχέσ. Αν οι ανατολικέσ περιοχέσ αποσχισθούν, η Ουκρανία θα χάσει ένα σηµαντικÞ µέροσ των αποθεµάτων σχιστÞλιθου. ΤαυτÞχρονα, θα χάσει την υπάρχουσα υποδοµή παραγωγήσ φυσικού αερίου, η οποία θα καταστήσει πολύ πιο δύσκολο να αναπτυχθεί το σχιστολιθικÞ φυσικÞ αέριο στην υπÞλοιπη χώρα.

∆È Ú¤ÂÈ Ó· Î¿ÓÂÈ Ë ∂˘ÚÒË; Χωρίσ τισ ανατολικέσ περιοχέσ τησ, η Ουκρανία θα εξαρτηθεί ακÞµη περισσÞτερο απÞ το ΡωσικÞ φυσικÞ αέριο. ΑυτÞ θα αποτελούσε απειλή για την ασφάλεια του φυσικού αερίου τησ Ευρώπησ. Μια βραχυπρÞθεσµη λύση για την Ευρώπη θα είναι να προετοιµαστεί για διακοπή διέλευσησ χρησιµοποιώντασ κάθε δυνατÞ µέσο. ΑυτÞ θα µπορούσε να περιλαµβάνει την ύπαρξη άλλησ καύσιµησ ύλησ για τισ µονάδεσ παραγωγήσ ηλεκτρικήσ ενέργειασ και θέρµανσησ που λειτουργούν µε φυσικÞ αέριο. Επίσησ, η Ευρώπη πρέπει να επικεντρωθεί στη συνεργασία µε την Ουκρανική κυβέρνηση, ώστε να ξεκινήσει η ανάστροφη ροή φυσικού αερίου απÞ τη Σλοβακία. ΑυτÞ θα εξασφαλίσει Þτι σε περίπτωση σύγκρουσησ για το φυσικÞ αέριο µε τη Ρωσία, η Ουκρανία θα µπορούσε να λάβει φυσικÞ αέριο απÞ τη ∆ύση, αντί να αναγκάζεται να λαµβάνει φυσικÞ αέριο που προορίζεται για τουσ Ευρωπαίουσ καταναλωτέσ. ΜακροπρÞθεσµα, η Ευρώπη πρέπει να πείσει την Ουκρανία να υιοθετήσει µια στρατηγική και συνεκτική πολιτική για το φυσικÞ αέριο. Η Ουκρανία πρέπει να ξεχάσει την εκµετάλλευση επί των αγωγών διέλευσησ µε κάθε κÞστοσ και αντ ΄αυτού, να διαπραγµατευτεί µε τη Ρωσία και την Ευρώπη για την απÞ κοινού διαχείριση των αγωγών τησ. ΑυτÞ θα µείωνε την οικονοµική αξία του προτεινÞµενου απÞ τη Ρωσία αγωγού South Stream. Η Ευρώπη πρέπει να στηρίξει πραγµατικά τουσ αγωγούσ παράκαµψησ τησ Ρωσίασ, ωσ έναν τρÞπο για να αναγκάσει την Ουκρανία να προχωρήσει σε µεταρρύθµιση τησ πολιτικήσ τησ στον τοµέα του φυσικού αερίου και να αναζητήσει εναλλακτικέσ πηγέσ εφοδιασµού, συµπεριλαµβανοµένου του φυσικού αερίου απÞ σχιστÞλιθο. Η Ευρώπη πρέπει να ενθαρρύνει την Ουκρανία να αλλάξει την πολιτική ρητορική τησ για το φυσικÞ αέριο. Αντί να βλέπουν τουσ αγωγούσ ωσ στρατηγικÞ Þπλο, οι ηγέτεσ τησ Ουκρανίασ θα πρέπει να επικεντρωθούν στη µεταρρύθµιση και την απελευθέρωση του τοµέα τησ ενέργειασ, έτσι ώστε να εξαλειφθεί η πολιτική δύναµη του Ρωσικού φυσικού αερίου στην Ουκρανία. ∆Ô˘ Chi Kong Chyong, Director of Energy Policy Forum, University of Cambridge ¢Â›ÙÂ ÙÔ Ï‹ÚÂ˜ ÎÂ›ÌÂÓÔ ÛÙËÓ ÈÛÙÔÛÂÏ›‰· http://ecfr.eu/content/entry/commentary_the_role_of_russian_gas_in_ ukraine248

ΧΡΗΜΑ&ΑΓΟΡΑ

23 ΑΠΡΙΛΙΟΥ, 2014

8 | ΑΓΟΡΑ | financialmirror.com °¤ÌÈÛÂ ÛÙËÓ ¶ÂÙÚÔÏ›Ó·… Î·È ¤Ê˘ÁÂ˜ ÁÈ· Ocean Basket

ªÂÁ¿ÏË ÂÈÙ˘¯›· ÁÈ· ÙÔ Ó¤Ô Hyundai i10 ΜÞλισ τέσσερεισ µήνεσ απÞ τη πρώτη µέρα κυκλοφορίασ του, το νέο Hyundai i10 σηµειώνει µεγάλη επιτυχία στισ αγορέσ τησ Ευρώπησ. Οι παραγγελίεσ έφτασαν τισ 58.000 αυτοκίνητα, σε ρυθµÞ που ξεπέρασε κάθε προηγούµενο µοντέλο στην κατηγορία του. ΤαυτÞχρονα, οι βραβεύσεισ διαδέχονται η µια την άλλη, µε πιο πρÞσφατη εκείνη του Red Dot Design Award, που αναγνωρίζει σηµαντικέσ καινοτοµίεσ στο σχεδιασµÞ. Η επιλογή του Hyundai i10 έγινε µεταξύ άλλων 4.600 προϊÞντων γενικά και την κριτική επιτροπή αποτελούσαν σχεδιαστέσ κύρουσ, καθηγητέσ πανεπιστηµίου και δηµοσιογράφοι. Το γαλλικÞ περιοδικÞ L’ Argus ανακήρυξε το Hyundai i10 ωσ το “Καλύτερο Αυτοκίνητο για την ΠÞλη” και αναφέρθηκε στα σχÞλια των κριτών για τον πολύ αποδοτικÞ κινητήρα του, τον πλούσιο εξοπλισµÞ και την 5χρονη εγγύηση τησ Hyundai. Το αντρικÞ περιοδικÞ GQ το ονÞµασε “Το Καλύτερο ΣούπερΜίνι για την ΠÞλη”.

™ÙËÓ ∫‡ÚÔ Ë ·ÓÔÈÍÈ¿ÙÈÎ‹ Û˘ÏÏÔÁ‹ ÙÔ˘ GAP Η ανοιξιάτικη συλλογή του Gap είναι αυθεντική και ανάλαφρη - περιλαµβάνει γυναικεία, αντρικά, παιδικά και βρεφικά είδη, Þλα µε µια νέα παλέτα ξεβαµµένων χρωµάτων και υφασµάτων που φαίνονται και δίνουν την αίσθηση Þτι σασ ανήκαν πάντα. Στυλ που ξεχωρίζουν στη γυναικεία συλλογή περιλαµβάνουν το παντελÞνι ‘Broken-In Straight’ και το σορτάκι ‘Boyfriend Roll Up’, που συνδυάζονται µε το µπουφάν ‘Sunwashed Fleece’ και το πουκάµισο ‘Washed Boyfriend’. Στην ανδρική συλλογή ξεχωρίζουν το δηµοφιλέσ παντελÞνι ‘Lived-In Khaki’ και το σορτάκι ‘Lived-In Cargo’, ένα look που ολοκληρώνεται µε το πουκάµισο ‘Lived-In’, το οποίο είναι διαθέσιµο σε διάφορεσ αποχρώσεισ και σχέδια. Για να δείτε το περιεχÞµενο τησ εκστρατείασ και την ανοιξιάτικη συλλογή, επισκεφθείτε το facebook.com/GapCyprus και λάβετε µέροσ στην ανταλλαγή σχολίων µε το hashtag #LivedIn. Το κατάστηµα Gap στην Κύπρο βρίσκεται στο My Mall Λεµεσού, σε ένα χώρο που καλύπτει 780 τ.µ. µε τη γυναικεία, αντρική και παιδική συλλογή.

™˘ÌÌÂÙÔ¯‹ ÙË˜ BAT ÛÙÔ «Let’s do it Cyprus»

K·ÈÓÔÙÔÌÂ› ÙÔ ·ıÏËÙÈÎfi ÙÌ‹Ì· ÙË˜ Û¯ÔÏ‹˜ ¶∞™∫∞§

Η εταιρία British American Tobacco, Cyprus ήταν ένασ απÞ τουσ κύριουσ χορηγούσ στην παγκύπρια εκστρατεία «Let’s Do it Cyprus», η οποία πραγµατοποιήθηκε µε µεγάλη επιτυχία. Το «Let’s do it Cyprus», οργανώθηκε απÞ το καθαρισµού Γραφείο τησ ΕπιτρÞπου Περιβάλλοντοσ και βασίζεται στην εθελοντική προσπάθεια των συµµετεχÞντων και είναι µέροσ τησ καµπάνιασ «Let’s do it World», µίασ παγκÞσµιασ εκστρατείασ καθαρισµού, που στÞχο έχει να απαλλάξει τισ φυσικέσ περιοχέσ του κÞσµου απÞ σκουπίδια. Είναι το µεγαλύτερο εθελοντικÞ πρÞγραµµα και η µεγαλύτερη κίνηση πολιτών που έχει οργανωθεί ποτέ στον κÞσµο. Εθελοντικά Þλο το προσωπικÞ τησ Εταιρείασ µε τισ οικογένειεσ τουσ συµµετείχαν στην εκστρατεία καθαρισµού επιλέγοντασ το ακριτικÞ σηµείο τησ Πρωτεύουσασ, το οδÞφραγµα του Λήδρα Πάλασ.

™˘ÓÂ¯›˙ÂÙ·È ÙÔ ÚfiÁÚ·ÌÌ· ÀÁÂ›· Î·È ¶ÚfiÏË„Ë ÙË˜ ESSO H κινητή Μονάδα «Υγεία και ΠρÞληψη» τησ EXXONMOBIL/ESSO συνεχίζει και για το 2014 το πρÞγραµµα επισκέψεων τησ στα πρατήρια ESSO σε Þλη την Κύπρο. Το Σάββατο 12 Απριλίου η κινητή µονάδα βρέθηκε στο πρατήριο ESSO στην Λεωφ. ΕυαγÞρα Παλληκαρίδη 53 στην Πάφο, Þπου προσέφερε δωρεάν µετρήσεισ Πίεσησ, Σακχάρου και ΧοληστερÞλησ στο κοινÞ. ΣτÞχοσ του προγράµµατοσ «Υγεία και ΠρÞληψη» παραµένει η ευαισθητοποίηση του κοινού σε θέµατα υγείασ και πρÞληψησ γι’ αυτÞ η EXXONMOBIL/ESSO συνεχίζει και φέτοσ τισ επισκέψεισ τησ Κινητήσ τησ Μονάδασ σε επιλεγµένα πρατήρια ΕSSΟ τα πρωινά του Σαββάτου µεταξύ 8.30-12.30. Το πρÞγραµµα τελεί υπÞ την αιγίδα του Υπουργείου Υγείασ και στηρίζεται επιστηµονικά απÞ το Τµήµα Επιστηµών Υγείασ του Ευρωπαϊκού Πανεπιστηµίου Κύπρου. Το κοινÞ µπορεί να προµηθευτεί τον κατάλογο των επισκέψεων τησ κινητήσ Μονάδασ απÞ Þλα τα πρατήρια ΕSSΟ.

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Την ευκαιρία να απολαύσετε sushi, θαλασσινά και παράλληλα να εξασφαλίσετε το πλύσιµο του αυτοκινήτου σασ, σε ιδιαίτερα ελκυστικέσ τιµέσ, µέσω τησ χρήσησ εκπτωτικών κουπονιών, προσφέρει η νέα προωθητική ενέργεια τησ ΠΕΤΡΟΛΙΝΑ, που πραγµατοποιείται σε συνεργασία µε τα εστιατÞρια Ocean Basket. Με κάθε αγορά καυσίµων κίνησησ 25 ευρώ και άνω, σε επιλεγµένα πρατήρια Petrolina και Agip, θα προσφέρεται ένα εκπτωτικÞ κουπÞνι αξίασ 5 ευρώ για κάθε παραγγελία αξίασ 25 ευρώ µέχρι 49.99 ευρώ στα εστιατÞρια Ocean Basket. Αντίστοιχα, µε κάθε αγορά καυσίµων κίνησησ 50 ευρώ και άνω, θα προσφέρονται δύο εκπτωτικά κουπÞνια το µέγιστο, αξίασ 10 ευρώ, για κάθε παραγγελία αξίασ 50 ευρώ και άνω στα εστιατÞρια Ocean Basket. Παράλληλα, µε κάθε απÞδειξη πληρωµήσ απÞ τα εστιατÞρια Ocean Basket θα προσφέρεται στουσ πελάτεσ ένα κουπÞνι για πλύσιµο αυτοκινήτου σε επιλεγµένα πρατήρια Petrolina και Agip, που διαθέτουν πλυντήριο οχηµάτων. Η προωθητική ενέργεια θα διαρκέσει µέχρι τισ 17 Μαΐου 2014, ενώ η εξαργύρωση των κουπονιών για τα εστιατÞρια Ocean Basket θα ισχύει µέχρι 8/6/14 και για το πλύσιµο αυτοκινήτων µέχρι 5/6/2014.

Την ευκαιρία να γνωρίσουν απÞ κοντά τισ υπερσύγχρονεσ αθλητικέσ εγκαταστάσεισ τησ Ελληνικήσ Σχολήσ ΠΑΣΚΑΛ Λευκωσίασ είχαν εκπρÞσωποι των ΜΜΕ. Οι εγκαταστάσεισ εγκαινιάστηκαν τµηµατικά τα τελευταία 6 χρÞνια, ωστÞσο, φέτοσ αναβαθµίστηκαν περαιτέρω µε την τοποθέτηση συνθετικού πατώµατοσ στα γήπεδα καλαθÞσφαιρασ και βÞλεϊ. Επίσησ, ένα απÞ τα γήπεδα καλαθÞσφαιρασ ενσωµατώνει πλέον και γήπεδο τένισ. Το θερµαινÞµενο κολυµβητήριο καλύφθηκε µε θÞλο, ο οποίοσ τροφοδοτείται µε αέρα απÞ ηλεκτρικÞ ανεµιστήρα συνεχούσ ροήσ (air dome). Επίκειται σύντοµα η επÞµενη φάση αναβάθµισησ, µε την προσθήκη γυµναστηρίου - οι εργασίεσ έχουν ήδη ξεκινήσει, δεύτερου γηπέδου ποδοσφαίρου µε φυσικÞ χλοοτάπητα και εγκαταστάσεων στίβου. Σύµφωνα µε τον ∆ιοικητικÞ Σύµβουλο τησ PASCAL Education, Αλέξη Ανδρέου «ΠρÞκειται για ένα πρÞγραµµα καινοτÞµο, που δίνει τη δυνατÞτητα στουσ µαθητέσ-αθλητέσ να προπονούνται σύµφωνα µε τισ ατοµικέσ τουσ ανάγκεσ, ενώ ταυτÞχρονα τουσ παρέχει εκείνο το επίπεδο εκπαίδευσησ ώστε να διεκδικούν θέση στην ανώτατη και ανώτερη εκπαίδευση, σε Þλο το φάσµα τησ µεταλυκειακήσ εκπαίδευσησ».

Αpril 23 - 29, 2014

financialmirror.com | PROPERTY | 17

Top floors sold at The Oval The top two floors of executive offices of Limassol’s landmark commercial property, aptly named The Oval, have been sold to an unnamed buyer, just two weeks after the official launch by President Nicos Anastasiades. The property’s developer, Cybarco, started the groundbreaking work on the site of the 25 mln euro project last month with engineers and construction workers determined to meet the deadline for delivery by the end of 2016. In his speech, Cybarco chairman Platon Lanitis said that The Oval will become a new landmark for the town’s skyline, just as the Amathus Hotel became a landmark for every visitor to see in the 1970s. He admitted that the project got underway because it had secured funds from foreign investors, thus attracting

the world renown architectural firm of Atkins and Hakim Khennouchi -Armeftis & Associates to undertake the “magnificent” design. Located just off the coastal road and 100m from the sea near the Crowne Plaza traffic lights, the project stands 75m tall and consists of 16 floors each with uninterrupted sea views. Each floor offers a flexible open plan design with a luxury reception area on the ground floor, landscaped gardens and cafeteria, property management and 24-hour security services with private access. Internationally acclaimed architects Atkins, in collaboration with WKK and Armeftis & Associates, have created a landmark project with a distinctive shape that stands out in every sense. With an energy performance certificate of ‘A’ rating, the project is a sustainable

development using geothermal energy to minimise carbon emissions. As also stated by Michalis Hadjipanayiotou, CEO of Cybarco Development, “The selection of the team that has created The Oval guarantees the completion of a worldclass designed building, appealing to companies with a desire to stand out”. The Oval is the creation of Cybarco, Cyprus’ leading luxury property developer. Part of the Lanitis Group, since 1945, Cybarco has earned its reputation for outstanding quality and customer satisfaction delivered to the highest standards. The company is behind many of the island’s landmark projects including Akamas Bay Villas, Sea Gallery Villas and Limassol Marina, the country’s first residential Marina project.

Business travellers miss language, home cooking Aside from missing their families and home, business travellers globally reveal that they can’t do without their home cooking and native idiom, according to the latest survey by Regus, the global flexible workplace provider. A quarter of business people (25%) report that homemade food is among the top three things they miss when travelling for work. When travelling abroad for business, respondents globally reported that after family (68%) and their home (38%), they are most likely to be hit by a bout of nostalgia over home cooking (25%), rather than savouring the delights of a foreign cuisine. One in five respondents (17%) also longs to speak in their own language, highlighting that some home-comforts really are irreplaceable in making people feel they belong.

Unsurprisingly, 20% of Brazilians miss their glorious weather, while 19% of technological Japanese find the standard of living in other countries is not up to scratch and 35% of Mexicans are particularly likely to miss home cooking. Globally, generation X and Baby Boomers are less likely to be willing to travel for work with family commitments taking their toll, while generation X, most likely to have young children, is the most likely to miss their family (73%); A quarter of respondents (26%) are less willing than they were ten years ago to be parted from their home comforts in favour of travelling for business. Analysing the results, Regus explained that “face-to-face meetings have often been a key part of business as people

London’s “Gherkin” tower owner to swap debt for equity

need to see the expressions and body language of those they are talking to, but workers also find that over the years their priorities change. New technologies that allow workers to hold video conferences are becoming more and more common and employees are rightly starting to demand that these be offered as an alternative to travel.” “Reducing unnecessary travel also helps the bottom line: it significantly reduces costs and carbon footprint. By introducing a greater degree of video conferencing, businesses can have their cake and eat it too: they can save money and the environment, as well as helping increase employee satisfaction and improve their work-life balance,” Regus concluded.

Germany’s IVG Immobilien , the co-owner of London’s landmark “Gherkin” tower brought low by debts and cost over-runs, has proposed a debt-for-equity swap that will put the real estate firm in the hands of its creditors. IVG, which owns the Gherkin tower with Evans Randall Ltd, sought protection from creditors last August after failing to reach an agreement over the restructuring of its debt and filed an insolvency plan to a court in Bonn. One of Germany’s best known real estate firms, IVG amassed over 4 bln euros in debt during a rapid expansion when it financed a business and hotel complex located at Frankfurt airport called “The Squaire” that suffered from cost overruns. It was also hit by a growing unwillingness among European banks to provide new loans, a consequence of a continent-wide credit crunch, and new regulations forcing lenders to cut their exposure to property. Under its proposal which must be approved by the court, IVG will reduce its capital to nil and then issue new shares that some of its creditors can take up in exchange for outstanding debt. That way, the creditors will get back at least 60% of their investment, while equity investors will lose their holdings. Following the debt-for-equity swap, IVG will be split into three separate businesses overseeing its real estate operations, its institutional funds unit and its gas storage business.“Management is convinced that it has worked out a concept that enables a complete reorganisation of IVG and creates a sustainable structure,” IVG chief executive Wolfgang Schaefers said in a statement. Under the plan, the creditors of a syndicated loan totalling 1.35 bln euros and a 100-mln-euro loan originally extended by LBBW will end up with 80% of IVG’s stock, and holders of a 400-mln-euro convertible bond will have the remaining 20%. Another syndicated loan worth 1.05 bln euros will be deferred, and the owners of a 400-mln-euro hybrid bond will waive their financial claims. IVG’s stock, which has lost 97% of its value over the past year, will be delisted as a result of the capital reduction.

Cyprus, Croatia see property prices slump in 4Q13

House prices, as measured by the House Price Index (HPI), fell by 1.4% in the euro area and by 0.1% in the EU28 during the fourth quarter of 2013 compared with the same quarter of the previous year, according to data published by Eurostat. Among the EU member states, the largest annual falls in house prices in the fourth quarter of 2013 were recorded in Croatia (-14.4%), Cyprus (-9.4%) and Spain (-6.3%), and the highest increases in Estonia (+15.6%), Latvia (+7.9%) and Sweden (+7.0%). The largest quarterly falls were recorded in Hungary (-1.8%), Spain (-1.3%), Denmark and Italy (both -1.2%), and the highest increases in Latvia (+2.7%), Estonia and Lithuania (both +2.6%) and Ireland (+2.5%). Compared with the third quarter of 2013, house prices fell by 0.7% in the euro area and by 0.3% in the EU in the fourth quarter of 2013. Quarter-on-quarter, Cyprus property prices fell 1.1% in the final quarter, having already receded -0.4%, -3.4% and -4.8% in previous quarters, respectively.

Αpril 23 - 29, 2014

18 | WORLD MARKETS | financialmirror.com

Will China respect U.S. requests? By Oren Laurent President, Banc De Binary

opposed world superpowers, is well known. So what happens when the countries share an economic goal? In its twice-yearly report to policymakers in Congress, the U.S. Treasury pointedly stated that the Chinese yuan is “significantly undervalued” and that a stronger currency would be better for the global economy. Analysts need to question if this would also be good for China, and if so, will they cooperate. Let’s take a look from both sides. Unlike the dollar and euro, the value of the yuan is not determined by the free market but is kept within set limits of other currencies. So far this year the strictly-controlled yuan, also known as the renminbi, has fallen 2.3% against the dollar, making it Asia’s worst performing currency. Last month the central bank doubled the range in which the yuan is allowed to trade. Given the recent concerns about an economic slowdown, this served as a green light to investors to sell the currency. The United States is frustrated that Chinese policy makers are purposefully depreciating the yuan in order to make goods cheaper internationally and gain a trade advantage for

its own exporters over the global competition. Traditionally the Chinese economy has indeed been export driven and a lower currency served that well. However, China’s decision makers have been vocal about their desire to make the economy less dependent on manufacturing exports, and more reliant on local consumers. The U.S. argues that a stronger currency would help on that front, making foreign imports cheaper and more accessible to the population. The Treasury also believes that, “A market-determined exchange rate would… give Chinese authorities greater control over liquidity creation and domestic monetary policy.” Yet China seems in no hurry to act. Despite the currency’s slide this year and their wish to increase domestic consumerism, the country has so far refused to bow down to U.S. pressure. According to an official at the country’s central bank, the People’s Bank of China, “Barring a sharp decline that could destabilize the country’s economy, the PBOC is unlikely to intervene to make it higher.” Why would that be? Analysts in Beijing argue that depreciation is necessary in order to drive out short-term speculators who expect the currency to rise and could put pressure on it and cause it to appreciate unnaturally. China may hope that in allowing the current depreciation, they will create a higher degree of unpredictability and convince traders that the currency could as easily weaken as it could

strengthen. Despite short-term volatility however, there seems to be consensus that the currency will appreciate in the longer-term. Fundamental data does suggest that the economy will improve later in 2014. It is unclear whether Washington would implement congressional action to penalize China and force them into appreciating the currency, or whether mere words and the impending possibility of this would serve the same purpose. Beijing may be acting cool right now, and will be politically loath to be seen immediately obeying Washington, but the Government will

be well aware that a rise in the currency’s value could serve their long-term interests and make the yuan a more important global currency. On balance, a rise seems somewhat inevitable. Will it happen as quickly and substantially as the U.S. would like? Probably not.

www.bancdebinary.com

Yen declines after weak export data The yen declined against the major currencies after data showed Japan’s export growth slowed to its weakest in a year, adding pressure on policy makers to inject more stimulus. China’s weakening currency was also in focus after the central People’s Bank of China set a lower midpoint of the band within which its currency is allowed to trade. The offshore yuan hit a fresh 14-month low of 6.2335 to the dollar on worries over a slowing Chinese economy and following Beijing’s clamp-down on one-direction bets on the yuan’s gains since February. The Chinese currency has lost around 2.84 percent against the dollar since the start of the year. The dollar index was last at 79.957, slightly higher on the day, after touching a session high of 79.988, its loftiest level

since April 8. Against the yen, the greenback was at 102.66 yen, up about 0.1%, after rising as high as 102.73 yen, also its highest since April 8. Recent positioning data suggests

position was $1.17 bln, the first short position in nearly six months, compared with a net long position of $3.09 bln the previous week. At the same time, the number of short contracts on the yen declined to 68,716

FOREX COMMENTARY & TECHNICAL ANALYSIS markets might be wary of extending Tuesday’s modest dollar gains. Data from the Commodity Futures Trading Commission for the latest week through April 15 showed speculators turned bearish on the U.S. dollar for the first time since late October. The value of the dollar’s net short

from net shorts of 87,462, suggesting investors were less bearish on the Japanese currency. The euro, which also scaled a two-week peak of 141.84 yen on Monday, was last at 141.63 yen, up about 0.1%. It dipped to a near two-week low against the greenback at

$1.3787 although trading overnight was light with much of Europe shut, and was last steady on the day at $1.3796. “With ECB President Mario Draghi scheduled to speak later this week, the fresh batch of ECB rhetoric may undermine the bullish sentiment surrounding the single currency,” David Song, analyst at DailyFX in New York told Reuters. “EUR/USD may continue to give back the rebound from earlier this month should the central bank head look to implement more non-standard measures ahead of the second-half of 2014.” Draghi is scheduled to give a keynote speech in Amsterdam on Thursday. He recently made clear the euro’s strength is a possible trigger for the central bank to ease policy.

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 23 - 29, 2014

financialmirror.com | MARKETS | 19

Easy Eurozone trades running out of steam Marcuard’s Market update by GaveKal Dragonomics Investor enthusiasm for government debt from the eurozone’s southern periphery persists unabated. Last week the yield on Spanish 10-year bonds dropped to its lowest level since September 2005. Before too long, however, investors will find themselves bumping up against some hard truths imposed by simple accounting identities. As some of our readers will know we have never been great fans of the national accounting equation: gross domestic product equals consumption plus investment plus government spending plus the net external balance - GDP = C+I+G+(X-M). We never understood why having a bigger government should make us feel richer. Nor, why taking the goods and services in labour to produce and exchange them with a bunch of foreigners in return for their promise to pay us at some point in the future should contribute to our wellbeing. The only people who believe that a current account surplus is the sign of a well managed economy are called “mercantilists”. They confuse the current account with a profit and loss statement and always end up broke. To any simple mind the only thing that matters is the consumption plus investment element of the equation. That’s because consuming today makes us feel good today, while investing facilitates more consumption for our grand children. In this spirit, let’s have a look at consumption plus investment in Spain, always remembering that the results would be much the same for Italy. Since its peak in

2007, consumption in Spain has declined by 12.5% relative to GDP and by -18% in absolute terms. In a depression, the current account always improves since returns on invested capital collapse. Capital flees and because the balance of payments must balance out at zero, a deficit in the capital account has to be offset by a surplus in the current account. As a result, the Spanish current account has moved from a deficit equal to 10% of GDP to a surplus today of 2.5% of GDP, with unemployment going through the roof to more than 25% and government debt soaring from 30% of GDP in 2007 to close to 100% today. Someone has to pay all the unemployment benefit for the 25%. Ultimately it will be children who are not yet born. Meanwhile, today the average Spaniard has a standard of living roughly -20% below the level ten years ago. Bravo for the euro! Now everybody says that Spain has “turned the corner” and that there is “light at the end of the tunnel” (as US general William Westmoreland said about the Vietnam war, just weeks before the Viet Cong’s surprise Tet Offensive). Let’s hope there really is some light, given the beating Spain’s poor citizenry has taken, but we are not confident. Interest rates remain well above the nominal growth rate of the private sector (consumption plus investment), which is around zero. Unemployment remains incredibly high. The budget deficit is still at 6.5% of GDP. Bank lending continues to collapse and the bad debts in the banking sector are constantly being revalued. We are told that young Spanish citizens are leaving “en masse”, that the Spanish population is

falling because of a fertility rate which collapsed ages ago, and that Catalonia is restive and could do a Crimea. In recent years, eurozone investing has been simple. You had to invest in convergence trades when panic reigned and in divergence trades when the International Monetary Fund told you

everything was under control. Over the last three years, we have played the eurozone’s markets either by riding Portuguese debt or by being long Italy and short France. We are not sure there is much mileage left in these two low risk strategies. It may be time to abandon them in favour of Asia.

Will the ECB’s flirtations lead to anything? Marcuard’s Market update by GaveKal Dragonomics The 19th century French statesman Talleyrand once said “in order to avoid being called a flirt, she always yielded easily”. The same cannot be said of the ECB which in recent months has been teasing the market by talking a big game, but delivering relatively little. Like Jurgen Stark in last week’s Financial Times, you could argue that the ECB’s job is mostly done: bond spreads have retreated from crisis levels, equity markets have roared back, the fall in inflation is mostly linked to southern Europe’s productivity improvements and the pullback in commodity prices, PMI surveys are on the up… On the other hand you could just as easily point to the record high number of jobless across the eurozone, the absence of export growth (which usually accompanies recessions) and the dangerous proximity of deflation, to argue that the ECB needs to do a lot more. The new French and Italian prime ministers took the latter approach in their recent maiden speeches, blaming their countries’ struggles on the strong euro and the inactivity of the ECB, and effectively flipping Brussels the finger by announcing plans to cut taxes and increase budget deficits. Hence the current quandary: with the Italian and French governments promising fiscal profligacy—the sort of promise politicians tend to keep—the ECB

talking an ever more dovish game, and with long dated bond yields in Spain and Italy barely above those of the United States, you might have expected the euro-US$ exchange rate to start building some serious downside momentum. Yet this has not happened, suggesting four potential courses for Europe between now and the end of the year: Option 1: With fiscal loosening, growth picks up and the ECB does not need to act. This outcome would make for a continuation of recent trends: a strong euro and the outperformance of “national victims” over “export champions” with the risk mostly in the lowest yielding bonds. Option 2: The ECB does not act and so disappoints markets which have positioned themselves (tighter spreads, big rally in banks) for the ECB to abandon its own historical constraints. This path would be bad news for bank stocks and good news for the euro, while peripheral bonds might still hold their own on the belief that an ECB back-stop still exists. Option 3: The ECB does act, but only by pushing its deposit rate into negative territory. This seems to be the policy flavour of the month. But as we see it, this scenario could be the worst outcome of all. Far from getting stagnant money flowing, a negative deposit rate is more likely to cause that money to disappear (Is this why the Bundesbank likes this form of easing? Because it is not easing at all). The key is to recognise that liquidity in Europe is borrowed from the ECB (not owned outright as in the US). If the ECB

starts charging banks to hold excess liquidity, any LTROs still outstanding will be repaid to the ECB in a hurry. And at the next weekly main refinancing operation, banks will borrow the bare minimum required. Base money will not get multiplied, it will contract. This will only put more upward pressure on interbank rates. The initial result will be more of the same: more upward pressure on the euro. But if the contraction in liquidity starts to hurt bank stocks, it could trigger capital flight. By this roundabout route, the ECB’s action could succeed in weakening the euro, but we’re not sure that’s what people have in mind. And it could come at the cost of re-igniting the weak sovereign-weak banks vicious cycle endured in 2011-12. Option 4: The ECB does act, and in a way that really does boost liquidity. This action could take three forms: 1) The ECB could cut the main refinancing

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.

rate from 25bp to something closer to zero bringing short rates into line with the effective Fed Funds rate, currently under 10bp. 2) The ECB could quit sterilising its Securities Market Program bond purchases, immediately adding 165bn euros of liquidity to the system, which should push short rates down, at least for a little while. 3) The ECB could embrace quantitative easing, hopefully by initiating “smart QE”. That means not simply buying government debt in proportion to gross domestic product, but either buying debt in proportion to population size (which would skew the purchases towards the eurozone’s poorer economies instead of its richer members) or better yet - buying bank loans. This would be good news for periphery debt, terrific news for ‘national victims’ and eurozone financials, and bad news for the euro-US$ exchange rate. So there we have it: four different possible decisions with a broad range of potential outcomes. And it is this wide spread of possibilities which is especially interesting today. Indeed, the unemotional and calculating investor who does not believe in Option 1 (that the ECB doesn’t need to do anything because everything in Europe is back on track) may well feel that anticipating whether, a) the ECB will do anything and, b) what that ‘anything’ will be is simply too challenging (it often seems as if the ECB itself doesn’t know). In that case, European equity or bond markets may find themselves struggling to attract new marginal inflows (especially if, at the same time, the visibility on emerging markets improves). Ironically enough that would, in the end, allow the euro to weaken…

Αpril 23 - 29, 2014

20 | WORLD MARKETS | financialmirror.com Europe non- core loans reach €6 4 b n , €8 0 b n i n 2 0 1 4

2013 was a record year from a transaction perspective with 64 bln euros of Europe’s non-core loans sold as part of portfolio transactions last year, a 40% increase on the previous year, according to PwC’s latest market update. Increased activity levels were mainly driven by the UK and Ireland, along with Spain and Germany. “We expect that 2014 will be another record year for the European non-core loan market, with activity levels expected to reach an all-time high of around EUR 80 bln. We also estimate that loan portfolios with a total face value of more than EUR 30 bln have closed or are in the process of closing already,” said Stelios Constantinou, Banking industry leader at PwC Cyprus. “Transaction activity is fuelled by the continuing need of many European banks to reduce the size of their balance sheet and restructure their operations. Bank restructuring will continue over at least the next five years – with activity likely to be fuelled by the findings of the Eurozone wide Asset Quality Reviews (AQRs) and stress tests currently underway” PwC estimates that banks across Europe are still holding loan assets of EUR 2.4 trln which they regard as non-core. Whilst a large number of banks are taking significant steps to reduce their exposures to these unwanted assets a continual reappraisal of their balance sheets is leading to the identification of additional orphan assets. “Private equity and hedge funds were the most active buyers in 2013,” Constantinou added. “We expect that to continue in 2014 due to the significant amounts of investment funds raised and the availability of debt financing, especially for more established players in the sector. We are in contact with over 150 investment groups looking to invest in the European market. For 2014, we expect property-backed lending to remain the most active asset class.”

Market confused by army of underwriters for China’s WH Group The world’s biggest pork company that expects to list on the Hong Kong stock exchange on April 30 has created confusion among investors as it has deployed 29 banks to market its $5.3 bln IPO in the hopes of getting a better price for its shares in a volatile market. China’s WH Group is pricing its shares this week as it raises funds to help repay loans taken to finance its $4.9 bln acquisition of U.S.-based Smithfield Foods last year. WH Group is looking to price its shares between HK$8.00 and HK$11.25 each. The unusually wide indicative range reflects the uncertain outlook for a market that has fluttered between plus 7% and minus 7% so far this year. To pull in as many investors as possible, WH Group has dispatched a record number of underwriters, but that strategy appears to be creating confusion instead of the expected buzz with too many bankers offering varying degrees and depth of advice, according to fund managers. Issuers sometimes pick large underwriting teams because they have had longstanding business with certain lenders or they are rewarding banks for past deals. The syndicate of banks that lent WH Group, previously known as Shuanghui International Holdings, $4 bln to secure its acquisition of Smithfield Foods included Credit Agricole, DBS, Natixis, Standard Chartered and Rabobank. The five banks were hired as bookrunners of WH Group’s IPO. WH Group has received the backing of many financial institutions in its business, and the resources of those banks

and their continued support would contribute to the success of its IPO, the group said in a reply to an e-mail seeking comment on why it had hired 29 bookrunners. Asian deals in general also tend to have more underwriters. Chinese insurer PICC Group raised $3.1 bln in 2012 with the help of 17 banks. Last year, China Galaxy Securities set a fresh record in Hong Kong, hiring 21 underwriters for its $1.1 bln initial public offering. By contrast, Brazilian insurer BB Seguridade Participacoes SA had just eight joint bookrunners for its $5.7 bln IPO last year in a deal that generated about $57 mln in fees. The trend of unusually large underwriting syndicates has been around for years and is more pronounced in difficult market conditions. Large underwriting teams can increase the chances of success by reaching out to a wider palette of investors. But that strategy turns ineffective when banks try to outdo one another. The WH Group bookrunners stand to get nearly $80 mln in fees in total - but split many ways. Both PICC Group and China Galaxy priced their IPOs near the bottom of their indicative ranges. PICC’s stock has since fallen 10.3%, while China Galaxy’s shares have slipped 5.1%. WH Group tried to avoid potential confusion and conflict among bookrunners by naming just four banks - BOC International, Goldman Sachs, Morgan Stanley and UBS - as “active” bookrunners, putting them in charge of the book - a rare move in Asian IPOs, sources said.

The irrelevant German consumer By Michael Heise With global rebalancing set to be high on the agenda at the next G-7 and G-20 meetings, Germany, with its persistent export surplus, will again come under pressure to boost domestic demand and household consumption. But the German consumer is a sideshow. What is needed is an investment surge in Germany and Europe, and a coordinated exit from ultra-loose monetary policies. Massive external-account imbalances were a major factor behind the global financial and economic crisis that erupted in 2008, as well as in the eurozone instability that followed. Now the world economy is in the process of rebalancing – but not in a way that many people had expected. Asia’s formerly huge external surpluses have declined astonishingly fast, and Japan’s trade balance has even slipped into deficit. China’s current-account surplus has fallen to 2% of GDP, from 10% in 2007. Investment is still the Chinese economy’s main driver, but it has led to soaring debt and a bloated shadow banking sector, which the authorities are trying to rein in. The European Union, however, has built up a large external surplus, owing mainly to positive trade balances in the eurozone. The EU’s current-account surplus in 2014, at around $250 bln, will be even higher than that of emerging Asia. With oil prices still above $100 a barrel, the combined surplus of oilexporting countries is of a similar magnitude. The United States, meanwhile, continues to run a sizeable current-account deficit of around $350-400 bln. The surprise here is the continued growth in the EU’s surplus. The collapse in imports suffered by bailed-out countries – Greece, Ireland, Portugal, and Spain – was entirely predictable, given how sharply their economies declined. But few economists expected that these countries’ exports would improve as quickly as they did, especially in a subdued international environment. While Germany’s current-account surplus is roughly where it was in 2007, the combined external balance of the bailout beneficiaries plus Italy (which has been part of the trade turnaround) has swung from a pre-crisis deficit of more than $300 bln to an expected surplus of around $60 bln this year. Looking ahead, the appreciating euro (another surprise, especially to the many observers who doubted its survival less

than two years ago) will compress the eurozone’s currentaccount surplus to some extent. An exchange rate of close to $1.40 poses a challenge for many European exporters, including German companies. And the euro has revalued even more against the yen and a number of emerging-market currencies. Nonetheless, the European surplus is too large to ignore, and Germany in particular will be asked once more to rebalance its economy toward higher domestic demand, which for many people implies the need for a fiscal boost. But the government is not obliging: Finance Minister Wolfgang Schäuble has just presented a balanced budget for 2015 – the first since 1969. And, while some observers are calling for Germany to “end wage restraint” and thereby encourage higher household spending, this has actually happened already. There is, however, a lot that the government could do about investment, which has fallen by almost four percentage points of GDP since 2000, to just over 17% in 2013 – low by international standards. The government could shift more government spending toward infrastructure investment. But, even more important, it should improve conditions for corporate investment at home, rather than watch German businesses move their capital expenditures abroad. Germany’s attractiveness to investors would rise with simpler and more investment-friendly taxation, improved incentives for business start-ups and R&D, less bureaucracy and red tape, and no further energy-cost increases. Getting

there will take time. But, given the favorable earnings situation and the corporate sector’s large cash balances, a rebalancing of the tax system could have a rapid impact. Investment from retained earnings should be as attractive as debt financing. And some temporary adjustments of depreciation allowances could kick-start capital spending. The need for more investment in transport, telecoms, energy, and education certainly is not only a German issue. Given most European governments’ debt problems, the challenge is to attract more private capital into these areas. Improved regulatory conditions for long-term investments and savings would help. So would expansion of financing instruments for infrastructure investment – for example, by substantially increasing the supply of project bonds supported by the European Investment Bank. Indeed, why not create “European Infrastructure Bonds,” backed by revenues generated by the investments or tax income from the countries that emit EIBs? This would not only spur jobs and long-term growth; it would also stem the rise in Europe’s external surplus. But the challenge of rebalancing the global economy is also closely connected to central banks’ monetary policies. With credit and asset bubbles slowly but surely reappearing, the authorities’ goal should be to keep growth on a balanced and sustainable path – and thus to discouraging excessive risk taking. This justifies the US Federal Reserve’s gradual exit from ultra-loose policies. Somewhat surprisingly, the Fed’s reduction of its monthly asset purchases has been accompanied so far by dollar weakness against the euro, which is fostering external adjustment. Looking forward, however, this may change. If the Fed remains alone in scaling back its monetary stimulus and bond yields rise further, the dollar will almost certainly strengthen. Clearly, a coordinated effort to limit exchange-rate variations is advisable. If all countries try to keep their currencies weak, monetary expansion on a global scale will be over-extended. The fact that inflationary pressure is still low is not a reason to postpone planning an exit from ultra-loose policy; on the contrary, the time for such discussions is when inflation is low and markets are calm. Twenty years ago, markets panicked and bond rates soared as central banks hiked interest rates in the face of rising inflation. They should not repeat that mistake by waiting for inflationary pressures – fueled by rising oil and commodity prices and economic recovery – to return. Michael Heise is Chief Economist at Allianz SE © Project Syndicate, 2014, www.project-syndicate.org

Αpril 23 - 29, 2014

financialmirror.com | WORLD MARKETS | 21

HK stocks slip on co rruption pr obe

Hong Kong shares eased on Tuesday, with a sell-off in China Resource Power Holdings and its subsidiaries weighing on index performance after the parent company’s chairman was snared in a graft investigation. Mainland China shares were also down as investors remained on edge after 18 additional companies gained listing approval on Monday, further stoking fears of funds being diverted from existing companies. The Hang Seng Index was down 0.2% at 22,707.24 points. The China Enterprises Index of the top Chinese listings in Hong Kong dropped 0.8%. The CSI300 index of the largest Shanghai and Shenzhen A-share listings was down 0.1%, while the Shanghai Composite Index was down 0.1% at 2,184.11 points. Shares in state owned energy giant China Resources Power tumbled 10%

in Hong Kong after Chinese authorities said they were probing the head of its parent group for corruption. The sell-off spread to the firm’s subsidiaries, with China Resources Enterprise down 4.4% and China Resources Land losing 3.6% on worries that some acquisitions were not made with a very fair valuation of the assets.Weak earnings were the main drag on H-shares, with Great Wall Motor Co shedding 8.7% after the country’s top maker of SUVs and pickup trucks posted a steep decline in first-quarter earnings growth. The firm’s mainland listed shares were down 1.4%, having already lost 8.6% during Friday and Monday trading. Air China shares lost 6.1% as the company braced itself for a decrease of between 55-65% in first-quarter profits.

Card Factory to raise £90 mln in London IPO Hungry investors chase UK listings The greeting cards chain Card Factory with 700 outlets in the U.K. plans to list its shares on London’s stock market next month, joining a spate of store groups seeking flotations as the outlook for consumer spending improves. UK retailers, including discount retailer Poundland, newsagent McColl’s, petshop Pets at Home and online fashion retailer Boohoo.com, have already listed in 2014. Fat Face and B&M are among other store groups expected to come to market this year. Majority owned by equity group Charterhouse Capital Partners, the Card Factory said it expected to raise GBP 90 mln from an offer of new and existing shares to institutional investors. The company, which focuses on the value and mid-market segments of Britain’s 3 bln pounds-ayear greeting cards market, said at least 25% of its

issued share capital would be freely tradable post flotation. The firm said it sold over 285 mln single cards in the year to Jan. 31 2014. In that year, revenue grew 9.0% to 326.9 mln pounds, while underlying earnings before interest, tax, depreciation and amortisation (EBITDA) rose 9.2% to 80.4 mln pounds at a margin of 24.6%. Card Factory, which has opened about 50 stores a year for the past ten years, expects that rate to continue and has a target of 1,200 stores in Britain and Ireland. The firm said Geoff Cooper, the former chief executive of Travis Perkins and current chairman of Dunelm, would chair the business. It intends to use all of the net proceeds from the share offer to reduce net debt, expected to be about 160 mln pounds on admission.

Putin’s perilous course By Jeffrey D. Sachs The dangers of the crisis in Ukraine cannot be exaggerated. Russian President Vladimir Putin is overtly and covertly inciting separatism in eastern Ukraine, and has declared Russia’s unilateral right to intervene there, in complete contravention of international law. Russia’s provocative policies are putting it on a collision course with the West. Putin explained his point of view in a recent television appearance: Russia’s current international borders are provisional, determined by accidents of history, such as the transfer of Crimea from Russia to Ukraine in 1954, or the transfer of Russian territories to eastern Ukraine in the 1920’s. Putin claims that it is Russia’s right and duty to defend ethnic Russians in neighboring countries, especially in light of the arbitrariness of the existing borders. If ethnic Russians call for a return to Russia, Putin asserts, then Russia must heed their call. Putin pointedly reminded listeners that eastern Ukraine was called “Novorossiya” (New Russia) in Czarist times, clearly implying that it could be Novorossiya again. Evidently, Putin believes that relentless pressure and claims over neighboring states, designed to undermine their sovereignty and force them to accede to Russian demands, will result in a stronger Russia, better able to confront the West. In the recent past, Russia sharply opposed American and NATO military intervention in Libya, Syria, and Serbia on the grounds that the West was violating those countries’ sovereignty. Now Putin claims the right to ignore neighboring countries’ sovereignty on the pretext that Russia is merely defending the rights of ethnic Russians abroad, up to and including their right to secede and join the Russian homeland. Putin no doubt hopes to create facts on the ground – as in Crimea – without provoking a severe Western reaction. Even without an invasion, Russia can use threats, displays of military power, secret operations, and heated rhetoric to destabilize its neighbors. That may be enough to achieve Russian foreign-policy aims, including its neighbors’ docility. But Putin’s adventurism is likely to end very badly for Russia. Though the West is justifiably reticent to be drawn into any military confrontations with Russia beyond NATO’s boundaries, and is even reluctant to apply economic sanctions, Putin’s actions have triggered a strong and growing anti-Russian backlash in the US and Europe. The West’s response will intensify dramatically if Russia deploys forces across its borders, whatever the pretext; should Russia adopt subtler methods of political destabilization, Western

pressure will build more gradually, but build it will. Existing trade, investment, and financial relations between Russia and the West are already becoming severely frayed. New investment projects and joint ventures are being put on hold. Loans from Western investors to Russian entities are being called in. Russian banks and companies will face a growing credit squeeze. In the short term, Russia has ample foreign-exchange reserves to offset capital outflows; but the reversal of capital flows will begin to bite within a matter of months. Following Russia’s forcible takeover of Crimea, it is almost unimaginable that normal economic relations between Russia and the West could survive Russian intervention, subversion, or annexation elsewhere in Ukraine. In other words, if Cold War II sets in, as appears increasingly likely, Russia would be the long-term economic loser. The European Union can certainly survive without imports of Russian natural gas, even with a full cutoff. Russia’s gas exports to Europe constitute less than 10% of the EU’s primary energy consumption. Russia, on the other hand, would suffer a major loss of revenues. Putin seems to believe that Russia can offset any worsening of economic relations with the West by strengthening its economic relations with China. But technologies and business are too globally intertwined to divide the world into economic blocs. China knows that its long-term economic prosperity depends on good economic relations with the US and Europe. Putin seems not to understand this point, or even the fact that the Soviet economy collapsed as a result of its isolation from technologically advanced economies. Russia’s future economic strength depends on its ability to upgrade technologies in key sectors, including aviation, high-speed rail, automobiles, machinery, and heavy industry. That can be achieved only if Russian companies are more closely integrated into global production networks that knit them together with German, Japanese, American, and Chinese firms that rely on cutting-edge technology and advanced engineering. Of course, matters could become much worse. A new cold war could all too easily turn hot. Many in the US are already calling for arming Ukraine as a deterrent to Russia. But, while military deterrence sometimes works, the West should emphasize trade and financial retaliation, rather than military responses to Russian provocations. Military responses could provoke disaster, such as turning Ukraine into a Syria-type battlefield, with untold thousands of deaths. There can be no doubt that NATO will defend its own members if necessary. But Russia’s belligerency and appalling behavior should not permit Western hardliners to gain control of the policy debate. Hardline approaches brought expanded conflicts in Afghanistan, Iraq, Libya, and Syria, leading to plenty of deaths but not to meaningful political or economic solutions in the affected countries. War

is not politics by other means. War is mayhem and suffering. Putin is no doubt acting in Ukraine with domestic politics very much in mind, using his adventurism abroad to shore up his political base at home. The Russian economy is flagging, and the population is weary of repression, not to mention Russia’s pervasive corruption. Russia’s annexation of Crimea and threat to invade eastern Ukraine appear to be hugely popular. It remains a terrifying reality that politicians often perceive war to be an antidote to internal weakness. Both Russia and the West have played fast and loose with international law in recent years. The West violated national sovereignty in Serbia, Afghanistan, Iraq, Libya, and Syria. Russia is now playing the same card with shocking brazenness in its own neighborhood, often justifying its actions by pointing to Western precedents. But Russia’s true long-term interests lie in multilateralism, integration into the world economy, and the international rule of law. Putin’s current path is strewn with grave hazards. He is undermining Russia’s economic prospects, while confronting the world with a growing threat of war. Our only hope is that all sides return to the principles of international law, which they have forsaken for too long. Jeffrey D. Sachs is Professor of Sustainable Development, Professor of Health Policy and Management, and Director of the Earth Institute at Columbia University. He is also Special Adviser to the United Nations Secretary-General on the Millennium Development Goals. © Project Syndicate, 2014. www.project-syndicate.org

Αpril 23 - 29, 2014

22 | WORLD MARKETS | financialmirror.com

The experts’ advantage By Amanda H. Goodall Nearly everyone who sits on Google’s board of directors has at least one computer science or engineering degree or doctorate. There are two university presidents and eminent scholars – Stanford University’s John Hennessy and former Princeton University President Shirley Tilghman – and several members of the National Academy of Engineering and other illustrious organizations. For Google, it pays to have technical expertise at the top. But Google is an unusual corporate giant in promoting those with scientific prowess to the top of the management ladder. Beyond Silicon Valley, few senior corporate executives boast technical expertise in the products that their companies produce. American boardrooms are filled with MBAs, especially from Harvard, while firms in the rest of the developed world (with the possible exception of Germany) seem to prefer professional managers over technical or scientific talent. Nowadays, it seems as anomalous to have knowledge workers serve as professional leaders as it once did to have scientists in the boardroom. It was previously thought that leadership is less necessary in knowledge-intensive organizations, where experts were assumed to be superior because they were motivated by intellectual pleasure rather than such extrinsic motivations as profit growth and cost targets. This difference in attitude is evident in many areas of society, not least in hospitals in the United States and the United Kingdom, where knowledge-intensive medical practitioners operate separately from managers. Hospitals used to be run by doctors; today, only 5% of US hospitals’

CEOs are medical doctors, and even fewer doctors run UK hospitals. “Medicine should be left to the doctors,” according to a common refrain, “and organizational leadership should be left to professional managers.” But this is a mistake. Research shows that higherperforming US hospitals are likely to be led by doctors with outstanding research reputations, not by management professionals. The evidence also suggests that hospitals perform better, and have lower death rates, when more of their managers up to board level are clinically trained. We see similar findings in other fields. My research shows that the world’s best universities, for example, are likely to be led by exceptional scholars whose performance continues to improve over time. Departmental-level analysis supports this. A university economics department, for example, tends to perform better the more widely its head’s own research is cited. With experts in charge, it may not always look like there is an effective reporting structure in place. But, as the academic saying goes: just because you cannot herd cats, does not mean there is not a feline hierarchy. As with cats, academics operate a “relative hierarchy” in which the person in charge changes, depending on the setting. Even in the world of sports, where success is not an obvious preparation for management, we see interesting linkages between experience and organizational performance. The very best NBA basketball players often make top coaches, while former Formula 1 champion drivers are associated with great team performance. Of the 92 soccer clubs in the English football league, club managers played an average of 16 years in senior clubs. Alex Ferguson, arguably Britain’s best manager, scored an average of one goal every two games in his professional career. But where the pattern does occur, especially in the business world, we should take note.

The senior partner of any professional services firm is likely to have been a top performer during a long career with the firm. This might be because experts and professionals in knowledge-intensive organizations prefer a boss who has excelled in their field. The leader’s credibility is vital: if she sets high standards, it seems only right that she should have matched or exceeded them herself. In short, she must lead by example. This sort of leadership arrangement creates a virtuous circle. A leader with prior experience knows how her subordinates feel, how to motivate them, and how to create the right working environment. She probably makes better hiring decisions, too – after all, the best scientist or physician is more likely than a professional manager to know which researchers or doctors have the greatest potential. The problem, however, is not simply that today’s leaders lack technical knowledge; it is that experts are often reluctant to lead. But that can change. By communicating the importance of management and leadership early in a specialist’s career, and by offering tailored, digestible, and jargon-free training, we could bridge the gap. Many medical schools are already considering including management education as part of the curriculum. The trick is to get experts, who are trained to go ever deeper into their specialization, to step back and view the big picture. With the right preparation, there is no reason why a leader cannot specialize and manage. The results could be remarkable. Think of how governments run by scientists with management skills might respond to climate change. Top minds should be put to top use. Amanda H. Goodall is a senior lecturer at Cass Business School, City University London (c) Project Syndicate, 2014. www.project-syndicate.org

Big data for poor students By Jin-Yong Cai Countries need skilled and talented people to generate the innovations that underpin long-term economic growth. This is as true in developed as it is in developing economies. But it will not happen without investment in education and training. If we are to end poverty, reduce unemployment, and stem rising economic inequality, we must find new, better, and cheaper ways to teach – and on a vast scale. This goal may seem to be beyond even wealthier countries’ means; but the intelligent collection, analysis, and use of educational data could make a big difference. And, fortunately, we live in an age in which information technology gives us the right tools to broaden access to high-quality, affordable education. Big data – high-volume, complex data sets that businesses use to analyze and predict consumer behavior – can provide teachers and companies with unprecedented amounts of information about student learning patterns, helping schools to personalize instruction in increasingly sophisticated ways. The World Bank Group and its private-sector lending arm, the International Finance Corporation (IFC), are trying to harness this potential to support national education systems. A recently launched initiative, called the Systems Approach for Better Education Results (SABER), collects and shares comparative data on educational policies and institutions from countries around the world. In the private sector, the ability to collect information about teacher-student interaction, and interaction between students and learning systems, can have a profound impact. In Kenya, for example, Bridge International Academies is using adaptive learning on a large scale. An IFC client founded by three American entrepreneurs, Bridge runs 259 nursery and primary schools, with monthly tuition averaging $6. It is a massive learning laboratory for students and educators alike. Bridge tests different approaches to teaching standard skills and concepts by deploying two versions of a lesson at the same time in a large number of classrooms. The lessons are delivered by teachers from standardized, scripted plans, via tablets that also track how long the teachers spend on each

lesson. Exam results are recorded on the teacher’s tablet, with more than 250,000 scores logged every 21 days. From these data, Bridge’s evaluation team determines which lesson is most effective and distributes that lesson throughout the rest of the Academy’s network. We know that a host of issues can cause a student’s performance to decline – scorching summer heat in classrooms without air conditioning, problems at home, or poor-quality teachers, to name a few. But when one gathers results on a large scale, variables flatten out, and the important differences emerge. That is the great value of big data. Another case is SABIS, a provider of K-12 education in the United States, Europe, Asia, the Middle East, and North Africa. SABIS mines large data sets to ensure high standards and enhance academic performance for more than 63,000 students. Continuous tracking of annual student academic performance yields more than 14 million data points that are used to shape instruction, achieve learning objectives, and ensure consistency across the company’s network of schools in 15 countries. Knewton, an adaptive learning platform that personalizes digital courses using predictive analytics, is another company at the forefront of the data revolution. With tailored content and instruction, even classrooms without private-school resources can provide individual learning. As a result, teachers

spend their time in the most effective way possible – solving problems with students – instead of delivering undifferentiated lessons. These benefits do not come without risk. We are only beginning to grapple with how big data’s tremendous potential for learning can be harnessed while protecting students’ privacy. In some cases, data-collection technology is outpacing our ability to decide how it should be collected, stored, and shared. No matter how rigorously data are secured, there is still a need for a clear licensing structure for its use. In many developing countries, there are no regulations for data privacy at all. The interface between data and education holds the promise of new educational products for improved learning, with large potential benefits, especially for the poor. To realize those benefits – and to do so responsibly – we must ensure that data collection is neither excessive nor inappropriate, and that it supports learning. The private sector, governments, and institutions such as the World Bank Group need to formulate rules for how critical information on student performance is gathered, shared, and used. Parents and students deserve no less. Jin-Yong Cai is Executive Vice President and Chief Executive Officer of the International Finance Corporation, a member of the World Bank Group. © Project Syndicate, 2014, www.project-syndicate.org

Αpril 23 - 29, 2014

financialmirror.com | GREECE | 23

NBG follows peers with capital increase The board of National Bank of Greece’s board (NBG) has decided to call an Extraordinary General Meeting for May 10 to approve a capital increase of up to 2.5 bln euros, the policy and news site MacroPolis reported. NBG was the only Greek bank initially stressing on March 6 – the day Bank of Greece (BoG) disclosed Greek banks’ capital needs - that its capital plan “will address the capital needs without raising new equity capital”. At that time, NBG reiterated its intention to cover a large part of its capital requirements through a minority (up to 40%) stake sale of its Turkish unit Finansbank. Nevertheless, the prevailing unfavourable market conditions and the imminent need to cover its capital shortfall most likely excluded such an option. NBG’s decision to opt for a capital increase is also triggered by the recent strong investor interest for Greek bank stocks particularly via private placements as shown in the Alpha and Piraeus transactions. The bank’s capital increase would be the fourth similar transaction conducted by a Greek bank, following the successful completion of Alpha and Piraeus banks’ capital raisings of 1.2 and 1.75 bln, respectively, at the end of March and Eurobank’s upcoming equity raising of 2.86 bln. In total, the four core banks are seeking to draw 8.31 bln from the market, of which 4.03 has already been covered if we include

Eurobank’s anchor investor offer of 1.33 bln. Likewise the other three Greek banks, NBG’s capital increase will be non preemptive and carried out via a private placement through a book-building process outside of Greece to institutional and other eligible investors. NBG also noted the BoG has already approved other capital actions amounting to 1.04 bln on top of the announced capital increase. This means that, subject to full coverage of the equity raising, NBG will soon enhance its capital base by 3.54 bln euros. Through this combined capital injection, the bank aims to: a) cover the capital needs

of 2.18 bln identified by the BoG as a result of the Blackrock diagnostic exercise under the baseline scenario, and, b) cnhance its capital base in light of the negative impact arising from the Basel II fully loaded rules. That said, NBG also plans to repay “when appropriate” the preference shares worth 1.35 bln granted to the Greek state in 2009. These shares are eligible as Core Tier 1 (CT1) capital under Basel III rules until 2017. NBG said the combined capital enhancement of 3.54 bln is anticipated to improve its pro-forma 2013 EBA CT1 of 11.2% by 7 percentage points to 18.2%. Nevertheless, the respective pro-forma Basel

III fully loaded Common Equity Tier 1 ratio would land at 11.7%. This is broadly in line with the 12.1 and 11.8% announced by Alpha and Piraeus banks respectively following their recent capital increases. Following Eurobank, NBG will be the second bank to issue new shares at a lower price compared to last year’s recapitalisation. Its current share price stands at 2.97 euros implying a 31% discount to last year’s issue price of 4.29 euros. The latter was also the price the Hellenic Financial Stability Fund participated in NBG’s share capital last year now controlling an 84.4% share. If current capital increase is fully covered by private investors, HFSF stake will be trimmed to 62.5%. Local media indicate that the bookbuilding process will start on May 6, a few days before the EGM, and the issue price will be most likely close to the market price. The market has to a large extent discounted the board’s announcement. NBG share has significantly underperformed in the last few days posting losses of 26% compared to 12% for the banking index and 5% for the Greek stock market. Reports also indicate that NBG will soon announce its intention to tap debt markets through a bond issue worth 750 mln. This would be the second issue by a Greek bank after four years, following Piraeus Bank transaction in mid March. The latter’s 3-year 500-mln senior unsecured benchmark note was priced at a fixed rate coupon of 5% and was six times oversubscribed.

Are investors getting a bargain with Eurobank? By Manos Giakoumis The Hellenic Financial Stability Fund (HFSF) has approved the 1.33-bln-euro offer submitted by a consortium of investors for Eurobank’s capital increase. The approval signals the completion of the first (cornerstone investor) phase covering 46.5% of the announced equity raising of 2.86 bln euros. The group of investors includes Fairfax, WLR Funds, Capital Research and Management Funds, Mackenzie Funds, Fidelity Funds and Brookfield. The bulk of the offered amount stems from Capital (557 mln) and Fairfax (400 mln). Fairfax and WLR Funds have committed to a 6-month lock-up period and have also declared their intention to actively participate in Eurobank’ corporate governance.

The capital injection of 1.33 bln euros makes those anchor investors Eurobank’s second largest shareholder, controlling a stake of 29.6%. The next phase involves an international offering via a private placement through a book building process, scheduled for April 25-29, and a public offering in Greece. Both transactions aim to raise the 1.53 bln euros not covered by the anchor investors. According to the new bank recapitalisation legislation, should private investor participation cover 50% or more of the total capital increase, the HFSF will have restricted voting rights on the shares it already owns. The HFSF has also committed to a 6-month lock-up period if this situation arises. The HFSF became Eurobank’s dominant shareholder, controlling a stake of 95.2%, after it fully covered its capital needs of 5.84 bln last year. In case private investors fully cover the capital increase of 2.86 bln, HFSF share will be diluted to 34.7%, remaining

above the critical threshold of 33%. Of more significance, though, is the price of 0.30 euros offered by the anchor investors. This is equal to the nominal share value, also set as the minimum acceptable price for the capital increase. This price implies an 80% discount on the 1.54 euros per share that the HFSF bought the Eurobank shares last year. From a valuation perspective and assuming that (new) private investors fully cover the whole amount of the capital increase at a price of 0.30, this would result in a 28% dilution of the tangible book value per share (TBV) to 0.39 euros from 0.54 in 2013. The former (0.39 euros) incorporates the capital enhancement and the new shares to be issued, while the latter (0.54 euros) takes into account figures reported in 2013. Based on the April 15 closing price - the last before HFSF’s announcement - of 0.406 euros, this means that the stock is trading 1.05x its 2013 pro-forma (for the capital increase) TBV compared to 0.75x its 2013

reported TBV. For new investors that will acquire shares via the capital increase process at a price of 0.30, the respective price-to-book value (P/TBV) stands at 0.77x. If one could argue that a fair value of Eurobank shares would be trading at a 1x TBV, this would translate into a share price of 0.39. That price and valuation implies a 33% theoretical gain for new investors. Although this would signify a significant profit, it is way below the 100% potential gain suggested by some commentators, which was based on the same price assumptions. Note that similar conclusions could be drawn if the previous calculations are based on the BV rather than the TBV. (source: MacroPolis.gr)

L ou is Cr ui ses w ins go ld at Greek Tou ri sm Aw ards Louis Cruises won a total of three awards at the annual Greek Tourism Awards 2014 – one gold and two bronze. The ‘Gold Award’ was in the category of Contribution to Local and Social development, being the only cruise company based in Greece, as every day for six months, four of the ships reach Greek ports, providing support to the local economies by carrying 454,318 passengers during 2013. Louis Cruises also received the ‘Bronze Award’ for the integrated communication campaign promoting Greek destinations in 17 countries throughout the year, while a ‘Bronze Award’ was awarded for its rich and mainly Greek culinary experience offered to its cruisers.

Manos Giakoumis has served as senior bank analyst at ex-P&K Securities and investor relations officer at Eurobank. He has worked as head of equity research at Euroxx Securities, the largest non-banking brokerage firm in Greece.

The annual Tourism Awards are organised by Boussias Communications and the magazine Hotel & Restaurant, under the auspices of the Ministry of Tourism and National Touristic Organisation, aiming to promote excellence and innovation in the field of Travel, Hospitality & Leisure. “All three awards are important and a great honor for us as they prove our contribution in multiple levels, for the sustainable local development, advertising our country around the world as a cruise destination and finally the promotion of Greek hospitality and authentic culinary experience through of the unique flavors of our traditional kitchen,” said Kyriakos Anastasiadis, CEO of Louis Cruises.

Αpril 23 - 29, 2014

24 | BACK PAGE | financialmirror.com

Market movers to report earnings this week WALL ST WEEK AHEAD Earnings season shifts into high gear this week, and with nearly one-third of S&P 500 names set to post results, investors hope the news provides a catalyst to buy stocks and leave the market’s recent weakness in the dust. Several behemoths, including Apple, the largest U.S. company by market value, as well as Microsoft, McDonald’s and AT&T, are due to report earnings. They’ll be accompanied by high fliers like Netflix and Facebook, giving the first real cross-section of the state of corporate America as temperatures rise across the country and investors hope to put the cold weather behind them. Strategists will also be looking for clues on how badly China’s slowdown hits U.S. corporate results. The first batch of earnings came out as equities were working their way through a selloff led by trading-crowd favorites like Netflix and the biotech stocks. With the late-week recovery, the hope is that the recent volatility has ebbed. If poor results dominate next week’s action, that could reignite the selling. “We are still off our highs, but we still remain in an uptrend so it would not surprise me to see sideways action,” said Andre Bakhos, managing director at Janlyn Capital in New Jersey. “If we were to have a set of earnings releases that were well off expectations to the downside, that could create hesitation in the market.” A few themes will dominate this week: The outlook for China, the rotation to slower-growing stocks, and results from high-flying trading favorites. S&P 500 companies’ first-quarter earnings are projected to

have increased 1.7% from a year ago. The forecast is down sharply from the start of the year, when profit growth was estimated at 6.5%, but has climbed from a low of 0.6% reached on Wednesday. That jump occurred despite notable disappointments from IBM and Google. Even with those two lackluster reports, equities still mostly rallied on Thursday. The benchmark S&P index rose 2.7% for the holidayshortened week, helping the index recapture nearly all of the declines suffered in the previous week. THE CHINA CHALLENGE Investors eyeing the impact of China’s troubles on corporate America’s bottom line will have a few spots to pick from, including Apple, Qualcomm and Yum Brands. There have been warning signs, with IBM saying last week that its disappointing quarterly revenue was due to worsening sales in the world’s second-largest economy and other emerging markets. Earlier in the week, China reported growth came in at its slowest pace in 18 months. Qualcomm’s revenue for its fiscal year ended Septemper 29, 2013, showed China accounted for nearly half of the company’s revenue. Options activity in Qualcomm has been defensive in nature, with investors paying more money to hedge against a fall than a rise in the stock’s price. But strategists at Goldman Sachs see this as a buying

opportunity, believing the options data shows investors are overly concerned about the quarter. Apple Inc also derives 13% of its sales from China. The company was once a favorite among momentum investors looking to capitalise on swift price gains, but the stock dropped sharply from all-time highs reached in late 2012. It has been mostly stuck in a range for the last year. StarMine expects Apple to exceed earnings estimates by 1%. Notably, Apple has not benefited from a rotation into older tech stocks like Microsoft has. Its shares are down 6.1% on the year. BIG MO? UH, NO Along with Facebook and Netflix, momentum names such as Gilead Sciences, Biogen Idec and Illumina Inc are set to post results. Investors are gearing up for wild swings in those names this week. Trading in Facebook options expiring on Friday suggest investors expect about a 12% move in the stock’s price by the end of next week. Weekly options are often used in advance of a major event like earnings. Similarly, Netflix options also suggest a 12% move. After a spectacular performance in 2013, the selloff in many of these stocks over the past few weeks has contributed to the market’s volatility. Whether they affect the broader market may determine how well stocks trade this week. The Nasdaq biotech index has dropped nearly 19% from its closing high on February 25 while the Global X Social Media Index ETF has tumbled 18% from its March 6 high. However, both have bounced off drops of more than 20% that had sent each into bear market territory. With the nervousness created by the declines in the momentum names, investors have rotated into more defensive names.

Asia’s giants under new management By Kishore Mahbubani

More than one-third of the world’s population lives in just three countries: China, India, and Indonesia. With all three undergoing significant political transitions – whether electing a new leader or experiencing a recently installed leader’s first key decisions – this is a decisive moment in shaping the global economy’s future. If Narendra Modi and Joko “Jokowi” Widodo win the upcoming elections in India and Indonesia, respectively, they will join Chinese President Xi Jinping in spurring regional economic growth – likely causing Asia’s rise to global economic preeminence to occur faster than the world ever imagined. In the year since Xi assumed the Chinese presidency, he has centralized power to a remarkable degree. Not only has he positioned himself as General Secretary of the Chinese Communist Party and Chairman of the Central Military Commission; he has also neutralized potential rivals, including former Chongqing party boss Bo Xilai and former security chief Zhou Yongkang. Consolidating power in a country as large and messy as China is extremely difficult, making Xi’s accomplishment remarkable, to say the least. After all, it took Xi’s predecessor, Hu Jintao, far longer to achieve a similar degree of authority. But it is only a first step. Xi is now attempting to use this power to push through the difficult reforms that Hu and his prime minister, Wen Jiabao, have been widely criticized for neglecting. Despite the pressure to make up for lost time, Xi knows that he must be pragmatic in his reform efforts. First, he must build a national consensus capable of overcoming the powerful vested interests that oppose changes – including the dissolution of monopolies, improved market regulation, increased transparency, and tax reform – that would level the economic playing field. While Western leaders generally support Xi’s marketoriented reform strategy, they remain puzzled by his devotion to the CCP. To the Western mind, any truly effective reformer must be a closet democrat, like the Soviet

Union’s last president, Mikhail Gorbachev. But Xi has no intention of being the People’s Republic’s last president, and the Soviet Union’s collapse in the wake of Gorbachev’s political reforms taught him the importance of balancing change with stability. For Xi, the CCP’s appeal lies not so much in its ideology as in its capacity to help bolster China’s prosperity. Indeed, China’s current leaders are modernizing nationalists, not communists. They recognize that China’s success over the last three decades is a direct result of its shift toward a more open economy and a freer society – a shift that will continue under Xi. Another modernising nationalist, Narendra Modi, is likely to become India’s prime minister following the elections that started this month. Modi’s pro-business approach is a major theme of his election campaign, and ordinary Indians are hopeful that his policy program will enhance their wellbeing. As Chief Minister of Gujarat, Modi worked to encourage foreign investment, provide around-the-clock electricity, build roads, and engage in intelligent urban planning. Annual economic growth in the state averaged more than 10% from 2006 to 2012, when the Gujarati city of Ahmedabad was short-listed for the Lee Kuan Yew World City Prize. But history haunts Modi’s campaign – namely, the deaths of more than 1,000 people in anti-Muslim riots in Gujarat in 2002. Though the Supreme Court cleared him of all personal wrongdoing, the tragedy’s legacy persists, making it difficult for Modi to win Muslim votes without alienating his Hindu nationalist base.

This has not prevented Modi from taking political risks, beginning with his assertion that India needs toilets more than temples. But his decision to run for Prime Minister is by far his riskiest move, as it will test his national appeal. Of course, even if he wins, Modi will never be able to consolidate power to the degree that Xi has, owing to India’s separation of powers and democratic constitution. At best, he will lead a coalition government, in which his capacity to make compromises and connect with unlikely allies will dictate his success. Jokowi, the governor of Jakarta, will face a similar challenge if he wins Indonesia’s presidential election in July, given that his party, the Indonesian Democratic Party of Struggle, will not have a majority in parliament. Fortunately, he is a skilled politician – popular, but not populist, with tremendous persuasive powers. These qualities enable Jokowi to deliver results, exemplified in his success in convincing Jakarta’s slum dwellers to leave their shanties to allow for urban development. Under his leadership, highway projects that had been blocked for 16 years have been relaunched in the city. Like Xi and Modi, Jokowi is focused mainly on economic development. In this regard, his background as a furniture manufacturer and exporter is a major asset, enabling him to bring a level of hands-on knowledge and experience that past Indonesian presidents have lacked. Given Jokowi’s business acumen, he understands that Indonesia must improve its logistical capabilities if its economy is to engage the world. Perhaps most important, Xi, Modi, and Jokowi are all pragmatists. They know that, in order to achieve rapid economic growth and modernization – a key priority for all of them – they will need to compromise with opposition forces at home and adopt best practices from abroad. Their shared desire to engage the modern world suggests that their leadership will improve the lives of their countries’ citizens. And better lives for one-third of the world’s population will benefit the rest of us as well. Kishore Mahbubani, Dean of the Lee Kuan Yew School of Public Policy at the National University of Singapore, is the author of The Great Convergence: Asia, the West, and the Logic of One World. He was selected as one of Prospect magazine’s top 50 world thinkers in 2014. © Project Syndicate, 2014, www.project-syndicate.org

FinancialMirror Jobs Issue No. 1079, April 23 - 29, 2014 (ONLINE EDITION ONLY)

financialmirror.com | JOBS | 25

Issue No. 1079, April 23 - 29, 2014 (ONLINE EDITION ONLY)

financialmirror.com | JOBS | 26